Loading...
HomeMy WebLinkAbout875993Return To: ~ . PHH Mortgage Services. : O 7 7" rt ~,.,: ~,~., 2001 Bishops ~ate Blvd. " O ~i "5~.~ L~:~ ~j Mount Laurel, NJ 08054 Prepared By: Oary ~ird, PHH Mortgage. Services Laurel, NJ 08054 '' [f{p ~c~ Above Th{{ L{ne For Re~or4{n~ MORTGAGE DEFINITIONS Words used in multiple sections ~:5£ this document are defined below and other words are defined in Sections 3, 11, 13, 18, 20 and 21. :Certain rules regarding the usage of words used in this document are also provided in Section 16. '~ (A) "Security Instrument" means i:his document, which is dated September 17 th, 2 0 01 , together with all Riders to this document. (B) "Borrower" is James W Bi.!~elow, A MARRIED PERSON and Sheri D Bigelow, A MARRIED PERSON ~i Borrower is the mortgagor under tt!!is Security Instrument. (C) "Lender" is PBlt Mortgage.!! Services Lender is a Organization organized and existing under the la,rs of New Jersey WYOMING-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT ;orm 3051 1101 Page 1 of 15 Ir~als: VMP MORTGAGE FORMS - (800)5;}/~-7291 Orizinal Lender's address is 3000 ~lead,mh&ll Road Mount r,&urel, NJ 08054 Lender is the mortgagee under thh Security Instrument. (D) "Note" means the promissory :note signed by Borrower and datedS.pt:maber 17 th, 2 001 The Note states that Borrower ow<::s Lender Sixty-Nine Thou-and ¥iv. liundr.cl Dollars and Zero Cents ': Dollars (U. S. $ 69,500.00 ) Plus interest. Borrower has promised to pay this debt in regular Periodic Payments and to pay the debt in fillI not later than October 1st, 2031 (E) "Property" means the propet!y that is described below under the heading "Transfer of Rights in the Property." (F) "Loan" means the debt evidmi'ced by the Note, plus interest, any prepayment charges and late charges due under the Note, and all sums d.~e under this Security Instrument, plus interest. (G) "Riders" means all Riders to.this Security Instrument that are executed by Borrower. The following Riders are to be executed by B0rr?wer [check box as applicable]:  Adjustable Rate Rider [~ C~.indominium Rider [] Second Home Rider Balloon Rider ['--] Planned Unit Development Rider [] 1-4 Family Rider VA Rider [--] lliSweekly Payment Rider [] Other(s) [specify] (H) "Applicable Law" means all controlling applicable federal, state and local statutes, regulations, ordinances and administrative rules, and orders (that have the effect of law) as well as all applicable final, non-appealable judicial opinions. (I) "Community Association Dues: Fees, and Assessments" means all dues, fees, assessments and other charges that are imposed on Bo~r~0wer or the Property by a condominium association, homeowners association or similar organization. (J) "Electronic Funds Transfer" means any transfer of funds, other than a transaction originated by check, draft, or similar paper im,~'Ument, which is initiated through an electronic terminal, telephonic instrument, computer, or maguetic tape so as to order, instruct, or authorize a financial institution to debit or credit an account. Such term includes, but is not limited to, point-of-sale transfers, automated teller machine transactions, transfers initiated by telephone, wire transfers, and automated clearinghouse transfers. ' (K) "Escrow Items" means those iitems that are described in Section 3. (L) "Miscellaneous Proceeds" means any compensation, settlement, award of damages, or proceeds paid by any third party (ottier than insurance proceeds paid under the coverages described in Section 5) for: (i) damage to, or destruction of, thc Property; (ii) condemnation or other taking of all or any part of the Proper.t)'; (iii) conveyance in lieu of condemnation; or (iv) misrepresentations of, or omissions as to, the value and/or condition of the Property. (M) "Mortgage Insurance" means 5nsurance protecting Lender against the nonpayment of, or default on, the Loan. (N) "Periodic Payment" means tl~:e :~egularly scheduled amount due for (i) principal and interest under the Note, plus (ii) any amounts under 3egtion 3 of this Security Instrument. (O) "RESPA" means the Real Es;ate Settlement Procedures Act (12 U.S.C. Section 2601 et seq.) and its implementing regulation, Regulation X (24 C.F.R. Part 3500), as they might be amended fi.om time to time, or any additional or successori!egislation or regulation that governs the same subject matter. As used in this Security Instrument, "RESii'A" refers to all requirements and restrictions that are imposed in regard to a "federally related mortgage hmn" even if the Loan does not qualify as a "federally related mortgage loan" under RESPA. ~6(WY} (000~) p.s.a o,,s ~~ Form 305t 1/01 (P) "Successor in Interest of Bor!~oWer" means any P~W that has taken title 1o the ProperS, whether or not that p~ has assumed Borro~X'~s obligations under the Note an~or this Security Inst~ment. TRANSFER OF ~GHTS ~ THi? ~ROPERTY This Seourity Ins~ment seoures to l~ender: (i) the repa~ent of th~ Loan, ~d all renewals, extensions and modifications of the Note; and (H)the perfo~ance of Borrower's oovenants and agr=ements ~der this Seouri~ Inst~ment and the Note.'~or this purpose, Bo~ower does hereby mortgage, grant and convey to L~nd~r and Lender' s successors anb assigns, with power of sale, th~ following described property looated in thc CO~Y . of LINCOLN : [Type of Recording 3~fi:;'diction] [Name of Recording Jurisdiction] SEE ATTACHED EXHIBI~.,:A FOR LEGAL DESCRIPTION. Parcel ID Number: ~:: which currently has the address of 1905 DEL RIO DRIVE !:i [Street] KEi,tg~tlilRER ,: [City] , Wyoming 83101 [Zip Code] ("Property Address"): ii, TOGETHER WITH all thi::I improvements now or hereafter erected on the property, and all easements, appurtenances, and fi?rares now or hereafter a part of the property. All replacements and additions shall also be covered bF this Security Instrument. All of the foregoing is referred to in this Security Instrument as the "ProperS." BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has the right to mortgage, grant and convey the Property and that the Property is uneneumbered, except for encumbrances of record. Borrowei warrants and will defend generally, the title to the Property against all claims and demands, subject to any encumbrances of record. THIS SECURITY INSTRUMENT combines uniform covenants for national use and non-uniform covenants with limited variations )y jurisdiction to constitute a uniform security instrument covering real property. UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 1. Payment of Principal, Interest, Escrow Items, Prepayment Charges, and Late Charges. Borrower shall pay when due the. principal of, and interest on, the debt evidenced by the Note and any prepayment charges and late charges due under the Note. Borrower shall also pay funds for Escrow Items pursuant to Section 3. Payments due under the Note and this Security Instrument shall be made in U.S. currency. However, if any check 6r other instrument received by Lender as%~4ment under the Note or this [ 6(WY) 10o05) Page3 0,15 ' / r-, ,"') Form 3051 1101 Security Instrument is returned to L'ender unpaid, Lender may require that any or all subsequent payments due under the Note and this Secu:~ity Instrument be made in one or more of the following forms, as selected by Lender: (a) cash; (b)~money order; (c) certified check, bank check, treasurer's check or cashier's check, provided any such' check is drawn upon an institution whose deposits are insured by a federal agency, instrumentality, or 6atity; or (d) Electronic Funds Transfer. Payments are deemed receiv~:! by Lender when received at the location designated in the Note or at such other location as may be des~::ated by Lender in accordance with the notice provisions in Section 15. Lender may return any payment ~rI ipartial payment if the payment or partial payments are insufficient to bring the Loan current. Lender m.a!i~~ accept any payment or partial payment insufficient to bring the Loan current, without waiver of any righ!s hereunder or prejudice to its rights to refuse such payment or partial payments in the future, but Lende:r'is not obligated to apply such payments at the time such payments are accepted. If each Periodic Paym?~: is ·applied as of its scheduled due date, then Lender need not pay interest on unapplied funds. Lendt:r may hold such unapplied funds until Borrower makes payment to bring the Loan current. If Borrower do(,~ >aot do so within a reasonable period of time, Lender shall either apply such funds or return them to Borr~:?~:~'er If not applied earlier, such funds will be applied to the outstanding principal balance under the Note' immediately prior to foreclosure. No offset or claim which Borrower might have now or in the future ?~.~inst Lender shall relieve Borrower from making payments due under the Note and this Security Instrun:~i.'::~t or performing the covenants and agreements secured by this Security Instrument. 2. Application of Paymem:..:l for 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 under the Note; (b) principal aue under the Note; (c) amounts due under Section 3. Such payments shall be applied to each Periodic Payment in the order in which it became due. Any remaining amounts shall be applied first to late charg~s, second to any other amounts due under this Security Instrument, and then to reduce the principal balance of the Note. If Lender receives a payme~:t from Borrower for a delinquent Periodic Payment which includes a sufficient amount to pay any late' charge due, the payment may be applied to the delinquent payment and the.late charge. If more than one Periodic Payment is outstanding, Lender may apply any payment received from Borrower to the repayment c~f~the Periodic Payments if, and to the extent that, each payment can be paid in full. To the extent that any i~:xeess exists a~er the payment is applied to the full payment of one or more Periodic Payments, such excess may be applied to any late charges due. Voluntary prepayments shall be applied first to any prepayment cilarges and then as described in the Note. Any application of payments~ insurance proceeds, or Miscellaneous Proceeds to principal due under the Note shall not extend or postpone the due date, or change the amount, of the Periodic Payments. 3. Funds for Escrow Items. l~lorrower shall pay to Lender on the day Periodic Payments are due under the Note, until the Note is paid in full, a sum (the "Funds") to provide for payment of amounts due for: (a) taxes and assessment~ and c.ther items which can attain priority over this Security Instrument as a lien or encumbrance on the Propert~i~; (b) leasehold payments or ground rents on the Property, if any; (c) premiums for any and all insurance required by Lender under Section 5; and (d) Mortgage Insurance premiums, if any, or any sums p:-~yable by Borrower to Lender in lieu of the payment of Mortgage Insurance premiums in accordance~with the provisions of Section 10. These items are called "Escrow Items." At origination or at any '-:ime during the term of the Loan, Lender may require that Community Association Dues, Fees, and Asse,~i~sments, if any, be escrowed by Borrower, and such dues, fees and assessments shall be an Escrow It~,n:. Borrower shall promptly furnish to Lender all notices of amounts to be paid under this Section. Borro~'::r shall pay Lender the Funds for Escrow Items unless Lender waives Borrower's obligation to pay th~: ?unds for any or all Escrow Items. Lender may waive Borrower's obligation to pay to Lender Fund~: ~br any or all Escrow Items at any time. Any such waiver may only be in writing. In the event of such w~:iver, Borrower shall pay directly, when and where payable, the amounts ~6(WY) (ooos) ' Page 4 of 15 (~ Form 3051 1/01 due for any Escrow Items for whic?~:'payment of Funds has been waived by Lender and, if Lender requires, shall furnish to Lender receipts evi~rl, encing such payment within such time period as Lender may require. Borrower's obligation to make sue!( !payments and to provide receipts shall for all purposes be deemed to be a covenant and agreement contai:ced in this Security Instrument, as the phrase "covenant and agreement" is used in Section 9. If Borrower 'iS obligated to pay Escrow Items directly, pursuant to a waive[, and Borrower fails to pay the amount rt~e for an Escrow Item, Lender may exercise its rights under Section 9 and pay such amount and Borrowe.( shall then be obligated under Section 9 to repay to Lender any such amount. Lender may revoke the wifiver as to any or all Escrow Items at any time by a notice given in accordance with Section 15 and, 6pon such revocation, Borrower shall pay to Lender all Funds, and in such amounts, that are then require~i under this Section 3. Lender may, at any time, c011~!et and hold Funds in an amount (a) sufficient to permit Lender to apply the Funds at the time specified unl-ier RESPA, and (b) not to exceed the maximum amount a lender can require under RESPA. Lender sha:il estimate the amount of Funds due on the basis of current data and reasonable estimates of expendituri!~s of future Escrow Items or otherwise in accordance with Applicable Law. The Funds shall be held i~ an institution whose deposits are insured by a federal agency, instrumentality, or entity (includin~ 'Lender, if Lender is an institution whose deposits are so insured) or in any Federal Home Loan Bank. Len .~er shall apply the Funds to pay the Escrow Items no later than the time specified under RESPA. Lender sh~ll not charge Borrower for holding and applying the Funds, annually analyzing the escrow accOUnt, or verifying the Escrow Items, unless Lender pays Borrower interest on the Funds and Applicable Law permitsi!~ender to make such a charge. Unless an agreement is made in writing or Applicable Law requires interesl~.to be paid on the Funds, Lender shall not be required to pay Borrower any interest or earnings on the Fmlids. Borrower and Lender can agree in writing, however, that interest shall be paid on the Funds. Lende/~ shall give to Borrower, without charge, an annual accounting of the Funds as required by RESPA. ~ :- If there is a surplus of Fundls held in escrow, as defined under RESPA, Lender shall account to Borrower for the excess funds in a~:',~cordance with RESPA. If there is a shortage of Funds held in escrow, as defined under RESPA, Lender S':;xall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to mi!,.:.~e up the shortage in accordance with RESPA, but in no more than 12 monthly payments. If there is a de(.cieney of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to make up the deficiency in accordance wifh RESPA, but in no more than 12 monthly payments. Upon payment i.n full of all s)~ms secured by this Security Instrument, Lender shall promptly refund to Borrower any Funds held by Leliider. 4. Charges; Liens. Borrow::r shall pay all taxes, assessments, charges, fines, and impositions attributable to the Property which iron attain priority over this Security Instrument, leasehold payments or ground rents on the Property, if am;', and Community Association Dues, Fees, and Assessments, if any. To the extent that these items are Escr;:.w Items, Borrower shall pay them in the manner provided in Section 3. Borrower shall promptly discharge any lien which has priority over this Sec_urity Instrument unless Borrower: (a) agrees in writing to i:he payment of the obligation secured by the lien in a manner acceptable to Lender, but only so long as Bor~'ower is performing such agreement; (b) contests the lien in good faith by, or defends against enforcement, of the lien in, legal proceedings which in Lender's opinion operate to prevent the enforcement of the liet;e~ while those proceedings are pending, but only until such proceedings are concluded; or (c) secures from ~he holder of the lien an agreement satisfactory to Lender subordinating the lien to this Security Instrumenl!. If Lender determines that any part of the Property is subject to a lien which can attain priority over this Security Instrument, Lender may give Borrower a notice identifying the Inltfals: lien. Within 10 days of the date on :i~hich that notice is given, Borrower shall satisfy the lien or take one or more of the actions set forth above jn this Section 4. Lender may r~quir~ Borrow.~7 to pay ~ on~-fim= oh~g~ for a r~al estate t~x wrifio~tion ~nWor r~porting s~rvio~ used by L~nd~r in~::onn~mion with this Loan. ~. Prope~ Insurance. Borrower shall keep th~ improvements now ~xisting or h=rea~=r ~r~ct=d on th= Prop~r~ insured against loss b~'~ fir~, hazards included within th~ t~rm "~xt~nd~d coy=rag=," an8 any oth~r h~rds including, but not limited to, ~a~hquak~s and floods, for which Lender r~quires insurance. This insurano~ shall b~ maintaine~in tM amounts (inclUding dedugtibl~ l~wls) and for th~ p~riods that L~nd~r requires. ~at L~nd~r r~qq~r~s pursuant to th~ preceding s~nt~noes can ohang~ during th~ term of th~ Loan. The insurano~ carrier p(~viding th~ insurance shall be chosen by Bo~ow~r subject to L~nder's right to disapprow .Borrower's g?mio~, which right shall not b~ ~x~rcis~d unreasonably. L~nder m~y r~quim Borrower to pay, in conS:etlon with this Loan, either: (a) ~ on~-tim~ charge for flood zon~ d~t~in~tion, certification and tr~.0king s~rvio~s; or (b) a on~-tim~ oMrg~ for flood zon~ d~t~rmin~tion and certification services and sub:iequent charges each time remappings or similar changes occur which reasonably might affect such det[::mination or certification. ~ower shall also be re~onsible for the payment of any fees imposed by' the Federal Emergency M~agement Agency in connection with the review of any flood zone determinaiion resulting ~om an objection by Bo~ower. If ~rrower fails to maintain any of the coverages described above, Lender may obtain insurance coverage, at Lender's option and Borrower's expense. Lender is under no obligation to purchase any particular t~e or amount of cove:;~ge. Therefore, such coverage shall cover Lender, but might or might not protect Borrower, Borrower' s ::.:quity in the ProperS, or the contents of the Property, against ~y risk, hazard or liabiliW and might pro~i, de ~eater or lesser coverage than w~ previously in eff~t. Borrower acknowledges that the cost of the insurance coverage so obtained might significantly exceed the cost of insurance that Borrower could hawv ~btained. Any amounts disbursed by Lender under this Section 5 shall become additional debt of Bo~ow,'..~' secured by this Securi~ Instrument. These amounts shall bear interest at the Note rate fi'om the date of ¢i:sbursement and shall be payable, with such interest, upon notice ~om Lender to Borrower requesting paytl}ent. All insurance policies require,}{ by Lender ~d renewals of such policies shall be subject to Lender' s right to disapprove such policies,,~hall include a standard mortgage clause, and shall name Lender as mortgagee an~or as an additional'J~:}ss pay~. Lender shall have the right to hold the policies ~d renewal certificates. If Lender requires, Bo~:ower shall promptly give to Lender all receipts of paid premiums and renewal notices. If Bo~ower obtair)~ any form of insur~ce coverage, not othe~ise required by Ledder, for damage to, or destruction of, the Prope~y, such policy shall include a standard mortgage clause ~d shall name Lender as mortgagee and~5or as an additional loss payee. In the event of 10ss, Bo~owe~ shall give prompt notice to the insurance career and Lender. Lender may make proof of loss if not made, promptly by Borrower. Unless Lender and ~ower othe~ise a~ee in ~iting, any insurance proceeds} whether or not the underlying insurance was required by Lender, shall be applied to restoration or repair .0T the ProperS, if the restoration or repair is economically feasible and Lender' s secufi~ is not lessened. Daring such repair and restoration period, Lender shall have the right to hold such insurance proceeds until Lender h~ had an opportunity to inspect such Prope~ to ensure the work has been completed to Lee,ser's satisfaction, provided that such inspection shall be undertaken promptly. Lender may disburse pr0~eeds for the repairs and restoration in a single pa~ent or in a series ofpro~ess pa~ents as the work is*/completed. Unless an a~eemem is made in ~iting or Applicable Law r~uires interest to be paid on sucl~:';insurance proceeds, Lender shall not be requir~ to pay Bo~ower any interest or earnings on such pror::eeds. Fees for public adjusters, or other third parties, retained by Borrower shall not be paid 'out of '~:he insurance proceeds and shall be the sole obligation of Bo=ewer. If the restoration or repair is not eco:mmically feasible or Lender' s security would be lessened, the insurance proceeds shall be applied to the sums secured by this ~curi~ Instrument, w~er or not then due, with  6(WY) (coos) ~ Page6 o~is Fo~ 3051 1101 the excess, if any, paid to Borrower.~ Such insurance proceeds shall be applied in tho order provided for in Section 2. . ~ If Borrower abandons the Pr(~rty, Lender may file, negotiate and settle any available insurance claim and related matters. If Borro~,'.)er does not respond within 30 days to a notice from Lender that the insurance carrier has offered to setti~ ia claim, then Lender may negotiate and settle thc claim. The 30-day period will begin when the notice i~ given. In either event, or if Lender acquires the Property under Section 22 or otherwise, BorrowS!' hereby assigns to Lender (a) Borrower's rights to any insurance proceeds in an amount not to excee~t:l: the amounts unpaid under the Note or this Security Instrument, and (b) any other :of Borrower' s right,~i ('other than the right to any refund of unearned premiums paid by Borrower) under all insurance polic,~is covering the Property, insofar as such rights are applicable to the coverage of the Property. Lender m~;y use the insurance proceeds either to repair or restore the Property or to pay amounts unpaid under the N~b or this Security Instrument, whether or not then due. 6. Occupancy. Borrower sh~',.iI occupy, establish, and use the Property as Borrower's principal residence within sixty days after the~ 3xecution of this Security Instrument and shall continue to occupy the Property as Borrower' s principal r¢~!i;~¢nc~ for at least one year after the date of occupancy, unless Lender otherwise agrees in writing, which' consent shall not be unreasonably withheld, or unless extenuating circumstances exist which are beyono Borrower s control. 7. Preservation, Maintenance and Protection of the Property; Inspections. Borrower shall not destroy, damage or impair the Pr~perty, allow the Property to deteriorate or commit waste on the Property. Whether or not BorroWer is residing in the Property, Borrower shall maintain the Property in order to prevent the Property from i:leteriorating or decri:asing in value due to its condition. Unless it is determined pursuant to Section $ fl~at repair or restoration is not economically feasible, Borrower shall promptly repair thc Property if d;~maged to avoid further deterioration or damage. If insurance or condemnation proceeds ar~ paid in'.connection with damage to, or the taking of, the Property, Borrower shall be responsible for repairing ~:~. restoring th~ Property only if Lender has released proceeds for such purposes. Lender may disburs~ pro~:.Ceds for the repairs and restoration in a single payment or in a series of progress payments as the work is ~mpleted. If the insurance or condemnation proceeds are not sufficient to repair or restore the Property, E0rrower is not relieved of Borrower's obligation for th~ completion of such repair or restoration. Lender or its agent may makb reasonable entries upon and inspections of the Property. If it has reasonable cause, Lender may insp,?ct the interior of the improvements on the Property. Lender shall give Borrower notice at the time of or prior to such an interior inspection specifying such reasonable cause. ~ 8. Borrower's Loan Applictltion. Borrower shall be in d~fault if, during the Loan applieatton process, Borrower or' any person:~: or entities acting at the direction of Borrower or with Borrower's knowledge or consent gave matena::ly false, misleading, or inaccurate information or statements to Lender (or failed to provide Lender 'x~::.ith material information) in connection with the Loan. Material representations include, but .ar~ no:~' limited to, representations concerning Borrower's occupancy of the Property as Borrower' s principal re~idence. 9, Protection of Lender's Intertilst in the Property and Rights Under this Security Instrument. If (a) Borrower fails to perform the c,.i:ivenants and agreements contained in this Security Instrument, (b) there is a legal proceeding that might sii~ificantly affect Lender's interest in the Property andJor rights under this Security Instrument (such as ailproceeding in bankruptcy, probate, for condemnation Or forfeiture, for enforcement of a lien which may attain priority over this Security Instrument or to enforce laws or regulations), or (c) Borrower has ,~bandoned the Property, then Lender may do and pay for whatever is reasonable or appropriate to prol~ct Lender's interest in the Property and rights under this Security Instrument, including protecting av~d/or assessing the value of th~ Property, and securing and/or repairing the Property. Lender's actions car~ include, but are not limited to: (a) paying any sums secured by a lien which has priority over this Seqhrity Instrument; (b) appearing in court; and (c) paying reasonable attorneys' fees to protect its interest in the Property and/or rights under this Security Instrument, including its secured position in a bankruptcy proceeding. Securing the Property includes, but is not limited to, entering the Property to make repaii's! change locks, replace or board up doors and windows, drain water from pipes, eliminate building or oi:her code violations or dangerous conditions, and have utilities turned on or off. Although Lender may take ~action under this Section 9, Lender does not have to do so and is not under any duty or obligation to do ~o. It is agreed that Lender incurs no liability for not taking any or all actions authorized under this Sectiofl 9. Any amounts disbursed by Lender under this Section 9 shall become additional debt of Borrower secured by this Security Instrument.: These amounts shall bear interest at the Note rate from the date of disbursement and shall be payable, with such interest, upon notice from Lender to Borrower requesting payment. ' ' If this Security Instrument is ~on a leasehold, Borrower shall comply with all the provisions of the lease. If Borrower acquires fee title'to the Property, the leasehold and the fee title shall not merge unless Lender agrees to the merger in writ/~[)g. 10. Mortgage Insurance. If Eender required Mortgage Insurance as a condition of making the Loan, Borrower shall pay the premiums req!~ired to maintain the Mortgage Insurance in effect. If, for any reason, the Mortgage Insurance coverage r~;ll:[ired by Lender ceases to be available from the mortgage insurer that previously provided such insurance~ and Borrower was required to make separately designated payments toward the premiums for M0rtgage.~ Insurance, Borrower shall pay the premiums required to obtain coverage substantially equivalent to, !:he Mortgage Insurance previously in effect, at a cost substantially equivalent to the cost to Borrower 'of the Mortgage Insurance previously in effect, from an alternate mortgage insurer selected by Len,:e:'?. If substantially equivalent Mortgage Insurance coverage is not available, Borrower shall continue i0 Pay to Lender the amount of the separately designated payments that were due when the insurance cove:~ge ceased to be in effect. Lender will accept, use and retain these payments as a non-refundable loss. reserve in lieu of Mortgage Insurance. Such loss reserve shall be non-refundable, notwithstanding th¢ '~act that the Loan is ultimately paid in full, and Lender shall not be required to pay Borrower any interiist or earnings on such loss reserve. Lender can no longer require loss reserve payments if Mortgage Insur,a:tce coverage (in the amount and for the period that Lender requires) provided by-an insurer selected by'Lender again becomes available, is obtained, and Lender requires separately designated payments tow~yrt the premiums for Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making ~he Loan and Borrower was required to make separately designated payments toward the premiums for "Mortgage Insurance, Borrower shall pay the premiums required to maintain Mortgage Insurance in effect, or to provide a non-refundable loss reserve, until Lender's requirement for Mortgage Insurance/~nds in accordance with any written agreement between Borrower and Lender providing for such termination or until termination is required by Applicable Law. Nothing in this Section 10 affects Borrower's obligat;0n to pay interest at the rate provided in the Note. Mortgage Insurance reimburseS;Lender (or any entity that purchases the Note) for certain losses it may incur if Borrower does not :kepay the Loan as agreed. Borrower is not a party to the Mortgage Insurance. Mortgage insurers evaluate their total risk on all such insurance in force from time to time, and may enter into agreements with other parties that share or modify their risk, or reduce losses. These agreements are on terms and conditions that are Satisfactory to the mortgage insurer and the other party (or parties) to these agreements. These agreements may require the mortgage insurer to make payments using any source of funds that the mortgage insurer may have available (which may include funds obtained from Mortgage Insurance premiums). As a result of these agreeme~!t~i Lender, any purchaser of the Note, another insurer, any reinsurer, any other entity, or any affiliate oP shy of the foregoing, may receive (directly or indirectly) amounts that derive from (or might be characterized as) a portion of Borrower' s payments for Mortgage Insurance, in exchange for sharing or modifyi~g the mortgage insurer's risk, or reducing losses. If such agreement provides that an affiliate of Lender takes a 'share of the insurer's risk in exchange for a share of the premiums paid tO the insurer, the ai'r;mgement is often termed "captive reinsurance." Further: (a) Any such agreements wil~ not affect the amounts that Borrower has agreed to pay fo~' Mortgage Insurance, or any otheic terms of the Loan. Such agreements will not increase the amount Borrower will owe for Mortgage ]nmrance, and they will not entitle Borro~el~to any refund. Page8 of 15 L'.~,~'/ .... Form 3051 1/01 (b) Any such agreements will Ti:~ affect the rights Borrower has - if any - with respect to the Mortgage Insurance under the H~i~meowners Protection Act of 1998 or any other law. These rights may include the right to receiw.~.!certain disclosures, to request and obtain cancellation of the Mortgage Insurance, to have the Mortgage Insurance terminated automatically, and/or to receive a premiums that were unearned at the time of such cancellation or refund of any Mortgage Insuranc)il, termination 11. Assignment of Miscellam~ous~ Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned to and shall be paid to Lender. If the Property is damaged, s~.ich Miscellaneous Proceeds shall be applied to restoration or repair of the Property, if the restoration or:~}'epair is economically feasible and Lender's security is not lessened. During such repair and restoration pi::riod, Lender shall have the right to-hold such Miscellaneous Proceeds until Lender has had an opportuni!;5! to inspect such Property to ensure the work has been completed to Lender' s satisfaction, provided that such inspection shall be undertaken promptly. Lender may pay for the repairs and restoration in a singl(~~: disbursement or in a series of progress payments as the work is completed. Unless an agreement is ?;;riade in writing or Applicable Law requires interest to be paid on such Miscellaneous Proceeds, Lender si]fill not be required to pay Borrower any interest or earnings on such Miscellaneous Proceeds. If the rest¢,~catmn or repair is not economically feasible or Lender's security would be lessened, the Miscellaneous Pro',{eeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with the gxeess, if any, paid to Borrower. Such Miscellaneous Proceeds shall be applied in the order provided for in 'gection 2. In the event of a total taking, destruction, or loss in value of the Property, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower~ In the event of a partial taking, destruction, or loss in value of the Property in which the fair market value of the Property immediately.'~:before the partial taking, destruction, or loss in value is equal to or greater than the amount of the suim secured by this Security Instrument immediately before the partial taking, destruction, or loss in vali:~e, unless Borrower and Lender otherwise agree in writing, the sums secured, by this Security Instrumimt shall be reduced by the amount of the Miscellaneous Proceeds multiplied by the following fracfic.,n: (a) the total amount of the sums secured immediately before the partial taking, destruction, or lo},,s in value divided by (b) the fair market value of the Property immediately before the partial taki~?g, destruction, or loss in value. Any balance shall be paid to Borrower. In the event of a partial takinlii; destruction, or loss in value of the Property in which the fair market value of the Property immediatelyi,:before the partial taking, destruction, or loss in value is less than the amount of the sums secured imm{~'~:ttiately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise ag!ice in writing, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrumen~i"~)whether or not the sums are then due. If the Property. is abandone~i!i by Borrower, or if, after notice by Lender to Borrower that the Opposing Party (as defined in the::next sentence) offers to make an award to settle a claim for damages, Borrower fails to respond to Lende?.: within 30 days after the date the notice is given, Lender is authorized to collect and apply the Miscellan:iious Proceeds either to restoration or repair of the Property or to the sums secured by this Security Instri?,ment, whether or not then due. "Opposing Party" means the third party that owes Borrower Miscellaneous?Proceeds or the party against whom Borrower has a right of action in regard to Miscellaneous Proceeds.. ~ Borrower shall be in default i~ any action or proceeding, whether civil or criminal, is begun that, in Lender' s judgment, could result i}irt forfeiture of the Property or other material impairment of Lender' s interest in the Property or rights U~tder this Security Instrument. Borrower can cure such'a default: and, if acceleration has occurred, reinstate:: as provided in Section 19, by causing the action or proceeding to be dismissed with a ruling that, in L{.~nder~ s judgment, precludes forfeiture of the Property or other material impairment of Lender's interest inilthe Property or rights under this Security Instrument. The proceeds of any award or claim for damages tt:.~it are attributable to the impairment of Lender's interest in the Property are hereby assigned and shall be p~iid to Lender. All Miscellaneous Proceeds "that are not applied to restoration or repair of the Property shall be applied in the order provided for i:!~: Section 2. [ 6(WY) (coos) i;. PaQo9 of'~5 C~--" ' Form 3051 1101 12, Borrower Not Released; F~;bearance By Lender Not a Waiver. Extension of the time for payment or modification of amortization of the sums secured by this Security Instrument granted by Lender to Borrower or any Successor in Int':est of Borrower shall not operate to release the liability of Borrower or any Successors in Interest of Bor~0wer. Lender shall not be required to commence proceedings against any Successor in Interest of Bo/rower or to refuse to extend time for payment or otherwise modify amortization of the sums secured bythis Security Instrument by reason of any demand made by the original Borrower or any Successors in Intel:cst of Borrower. Any forbearance by Lender in exercising any right or remedy including, without limitation, Lender's acceptance of payments from third persons, entities or Successors in Interest of Borrower ~iil}in amounts less than the amount then due, shall not be a waiver of or preclude the exercise of any right or i:!emedy. 13. Joint and Several LiabilitY?Co-signers; Successors and Assigns Bound. Borrower covenants and agrees that Borrower's obligati~ilfi:s and liability shall be joint and several. However, any Borrower who co-signs this Security Instrument ':,iit does not execute the Note (a "co-signer"): (a) is co-signing this Security Instrument only to mortg~g~, grant and convey the co-signer's interest in the Property under the terms of this Security Instrument; !lb) is not personally obligated to pay the sums secured by this Security Instrument; and (c) agrees that Le.:tder and any other Borrower can agree to extend, modify, forbear or make any acc6mmodations with reg'~rd to the terms of this Security Instrument or the Note without the co-signer' s consent. Subject to the provisions o~?!gection 18, any Successor in Interest of Borrower who assumes Borrower's obligations under this !'~eeurity Instrument in writing, and is approved by Lender, shall obtain all of Borrower's rights and benef,~:~'under this Security Instrument. Borrower shall not be released from Borrower's obligations and liabilig, :[.inder this Security Instrument unless Lender agrees to such release in writing. The covenants and agreements of this Security Instrument shall bind (except as provided in Section 20) and benefit the successor,~ and assigns of Lender. 14. Loan Charges. Lender ~ii~y charge Borrower fees for services performed in connection with Borrower's default, for the purpose?pf protecting Lender's interest in the Property and rights under this Security Instrument, including, bu~I fl!or limited to, attorneys' fees, property inspection and valuation fees. In regard to any other fees, the abs :~ee of express authority in this Security Instrument to charge a specific fee to Borrower shall not be constm~ as a prohibition on the charging of such fee. Lender may not charge fees that are expressly prohibited by ~his Security Instrument or by Applicable Law. If the Loan is subject to a law Which 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 exceed the permitted limits, then: (a) any such' loan charge shall be reduced by the amount necessary to reduce the charge to the permitted limit; and (b)any sums already collected from Borrower which exceeded permitted limits will be refunded to Borrowal Lender may choose to make this refund by reducing the principal owed under the Note or by making a direct payment to Borrower. If a refund reduces principal,, the reduction will be treated as a parlial prepayment without any prepayment charge (whether or not. a prepayment charge is provided for Under the Note). Borrower's acceptance of any such refund made by direct payment to Borrower will constitute a waiver of any right of action Borrower might have arising out of such overcharge· 15. Notices. All notices g~venlby Borrower or Lender in connection with this Security Instrument must be in writing. Any notice to B~*rrower in connection with this Security Instrument shall be deemed to have been given to Borrower whenl/mailed by first class mail or when actually delivered to Borrower's notice address if sent by other meaar;~. Notice to any one Borrower shall constitute notice to all Borrowers unless Applicable Law expressly .!'¢!tuires otherwise. The notice address shall be the Property Address unless Borrower has designated a ~,~r;ii~stitute notice address by notice to Lender. Borrower shall promptly notify Lender of Borrower's chaniiie!of address. If Lender specifies a procedure for reporting Burrower's change of address, then Borrower !~t~all only report a change of address through that specified procedure. There may be only one designate:.:ti':hotice address under this Security Instrument at any one time. 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 C.~signated another address by notice to Borrower. Any notice in connection with this Security Instrnnent shall not be deemed to have been given to Lender until actually received by Lender. If any notice :r~:~quired by this Security Instrument is also required under Applicable Law, the Applicable Law requir;mient will satisfy the corresponding requ~ent under this Security Instrument. [6(WY) (ooos) i~ parle lo of ~s Form 3051 1101 16. Governing Law; Seve;~'~bility; Rules of Construction. This Security Instrument shall be governed by federal law and the !;aw of the jurisdiction in which the Property is located. All rights and obligations contained in this Security Instrument are subject to any requirements and limitations of Applicable Law. Applicable Law !kight explicitly or implicitly allow the parties to agree by contract or it might be silent, but such silence Ui'all not be construed as a prohibition against agreement by contract. In the event that any provision or c~use of this Security Instrument or the Note conflicts with Applicable Law, such conflict shall not affect "other provisions of this Security Instrument or the Note which can be given effect without the confl~ct~n~ ?rovislon. As used in this Security Ini;.tmment: (a) words of the masculine gender shall mean and include corresponding neuter words or w~i~ds of the feminine gender; (b) words in the singular shall mean and include the plural and vice versa; ~nd (c) the word "may" gives sole discretion without any obligation to take any action. ::~ . 17. Borrower's Copy. Borrdwer shall be given one copy of the Note and of this Security Instrument. 18. Transfer of the Proper~i'Y or a Beneficial Interest in Borrower. As used in this Section 18, "Interest in the Property" means ~'ay legal or beneficial interest in the Property, including, but not limited to, those beneficial interests trans~',~,rred in a bond for deed, contract for deed, installment sales contract or escrow agreement, the intent of wh".ch is the transfer of title by Borrower at a future date to a purchaser. If all or any part of the Prop!i~ty or any Interest in the Property is sold or transferred (or if Borrower is not a natural person and a beneficial interest in Borrower is sold or transferred) without Lender's prior written consent, Lender may req,4ire immediate payment in full of all sums secured by this Security Instrument. However, this optio~i!ishall not be exercised by Lender if such exercise is prohibited by Applicable Law. If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less than 3-0 days from the date the notice is given in accordance with Section 15 within which Borrower must paYi'311 sums secured by this Security Instrument. If Borrower fails to pay these sums prior to the expiratidfi~ of this period, Lender may invoke any remedies permitted by this Security Instrument without furthe:t;inotice or demand on Borrower. 19. Borrower's Right to R~instate After Acceleration. If Borrower meets certain conditions, Borrower shall have the right to :~liiave enforcement of this Security Instrument discontinued at any time prior to the earliest of: (a) five da~"S before sale of the Property pursuant to any power of sale contained in this Security Instrument; (b) sucl~ii.!other period as Applicable Law might specify for the termination of Borrower's right to reinstate; mi:.~ (c) entry of a judgment enforcing this Security Instrument. Those conditions are that Borrower: (ai./'ipays Lender all sums which then would be due under this Security Instrument and the Note as if no ~i'~eleration had occurred; (b) cures any default of any other covenants or agreements; (e) pays all expenses ~/~!~eurred in enforcing this Security Instrument, including, but not limited to, reasonable attorneys' fees, property inspection and valuation fees, and other fees incurred for~ the ' purpose of protecting Lender' s inii.'~rest in the Property and rights under this Security Instrument; and (d) takes such action as Lender may .iieasonably require to assure that Lender's interest in the Property and rights under this Security Instrumil, iint, and Borrower's obligation to pay the sums secured by this Securi~ Instrument, shall continue unchaffi;~ed. Lender may require that Borrower pay such reinstatement sums and expenses in one or more of the t. lillowing forms, as selected by Lender: (a) cash; (b) money order; (e) certified check, bank check, treas!iirer' s check or cashier's check, provided any such check is drawn upon an institution whose deposits are insured by a federal agency, instrumentality or entity; or (d) Electronic Funds Transfer. Upon reinstatem~lt by Borrower, this Security Instrument and obligations secured hereby shall remain fully effective as if no acceleration had occurred. However, this right to reinstate shall not apply in the case of acceleration m:!~der Section 18. 20. Sale of Note; Change of:Loan Servicer; Notice of Grievance. The Note or a partial interest in the Note (together with this Secu?.:ity Instrument) can be sold one or more times without prior notice to Borrower. A sale might result in' a change in the entity (known as the "Loan Servicer") that collects Periodic Payments due under the ~Note and this Security Instrument and performs other mortgage loan servicing obligations under the Ni,~te, this Security Instrument, and Applicable Law. There also might be one or more changes of the Loan Servicer unrelated to a sale of the Note. If there is a change of the Loan Servicer, Borrower will be given t~ritten notice of the change which will state the name and address of the new Loan Servicer, the address '?i~ which payments should be made and any other information RESPA [6(WY) (ooos) ~i ~ ~ o~' is ~ ~ Form 3051 1101 requires in ¢ormection with a noti;~;! of transfer of servicing. If the Note'is sold and thereafter the Loan is servfced by a Loan Servicer other t:;:~an the purchaser of the Note, the mortgage loan servicing obligations to Borrower will remain with the L,;~an. Servicer or be transferred to a successor Loan Servicer and are not assumed by the Note purchaser unle:ss otherwise provided by the Note purchaser. Neither Borrower nor ender :nay commence, join, or be joined to any judicial action (as either an individual litigant or the member !.~.f a class) that arises from the other party°s actions pursuant to this Security Instrument or that alleges' that the other party has breached any provision of, or any duty owed by reason of, this Security Instrument; .until such Borrower or Lender has notified the other party (with such notice given in compliance with thi}i requirements of Section 15) of such alleged breach and afforded the other party hereto a reasonable ~¢eriod after the giving of such notice to take corrective action. If Applicable Law provides a time i?~::~riod which must elapse before certain action can be taken, that time period will be deemed to be reasgaable for purposes of this paragraph. The notice of acceleration and opportunity to cure given to Bo~l:"i::3wer pursuant to Section 22 and the notice of acceleration given to Borrower pursuant to Section 18. ~il!i~ll be deemed to satisl~' the notice and opportunity to take corrective action provisions of this Section 21. Hazardous Substances. As used in this Section 21: (a) "Hazardous Substances" are those substances defined as toxic or haz~xdous substances, pollutants, or wastes by Environmental Law and th6 following substances: gasoline, ki'~rosene, other flammable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, {;:?'terials containing asbestos or formaldehyde, and radioactive materials; (b) "Environmental Law" means federal laws and laws of the jurisdiction where the Property is located that relate to health, safety or environmental protection; (c) "Environmental Cleanup" includes any response action, remedial action, or removid,, action, as defined in Environmental Law; and (d) an "Environmental Condition" means a condition t[~a~ can cause, contribute to, or otherwise trigger an Environmental Cleanup. . Borrower shall not cause or l:,e:(mit the presence, use, disposal, storage, or release of any Hazardous Substances, or threaten to release ~:.ay Hazardous Substances, on or in the Property. Borrower shall not do, nor allow anyone else to do, anythii~g affecting the Property (a) that is in violation of any Environmental Law, (b) which creates an Environmental Condition, or (c) which, due to the presence, use, or release of a Hazardous Substance, creates a can~ition that adversely affects the value of the Property. The prece~ling two sentences shall not apply to t~.ie presence, use, or storage on the Property of small quantities *of Hazardous Substances. that are gen?~ally recognized to be appropriate to normal residential uses and to maintenance of the Property (includ!f~g, but not limited to, hazardous substances in consumer products). Borrower shall promptly give Lender written notice of (a) any investigation, claim, demand, lawsuit or other action by any governmenta? or regulatory agency or private party involving the Property and any Hazardous Substance or Environii!~ental. Law of which Borrower has actual knowledge, (b) any Environmental Condition, including' but not limited to, any spilling, leaking, diSCharge, release or threat of release of any Hazardous Substancg'i and (c) any condition caused by the presence, use or release of a Hazardous Substance which adversely affects the value of the Property. If Borrower learns; or is notified by any governmental or regulato~, iiuthority, or any private party, that any removal or other remediation of any Hazardous Substance affeeti:t~'i~ the Property is necessary, Borrower shall promptly take all necessary remedial actions in accordance w',,th Environmental Law. Nothing herein shall create any obligation on Lender for an Environmental Cleandp. [~6(WY) (coos) Peg,, 12 of 15 ]'~~ Form 3051 1/01 ,. C/.J t./ NON-UNIFORM COVENA}i'~S. Borrower and Lender further covenant and a~ as follows: B~rr~w~r'~ br~h of ~n~ ~w~mnt ~r ~gr~m~nt in thi~ fi~u~ I~lrum~nt (but n~t p~r ~ the notice is given to Borrower, t.~:~ which the default must be cured; and (d) that fa~ure to cure the default on or before the date specified in the notice may result in acceleration of the sums secured by this Security Instrument aad sali~ of the ProperS. The notice shall fu~her inform Borrower of the ~ght to reinstate after acceleratim~ and the right to bring a court action to assert the non-existence of a default or any other defense of Borrower to acceleration and sale. If the default is not cured on or before the date specified in the n~ice, Lender at its option may require immediate payment in full of all sums secured by this SecuritY~Instrument without fu~her demand and may invoke the power of sale and any other remedies permitted by Applicable Law. Lender shall be entitled to collect all expenses incurred in pursuing th~:~remedies prodded in this Section 22, including, but not limited to, reasonable attorneys' fees and co~::s of rifle evidence. If Lender invokes the power or'sale, Lender shall give notice of intent to foreclose to Borrower and to the person in possession .:~f the ProperS, if different, in accordance with Applicable Law. Lender shah give notice 0f the s~e to Borrower in the manner prodded in Section 15. Lender shaB publish the notice of sale, and thee Prope~y shall be sold in the manner prescribed by Applicable Law. Lender or its designee may ~urchase the Proper~ at any sale. The proceeds of the sale shall be applied in the following orderS: (a) to all expenses of the sale, including, but not limited to, reasonable attorneys' fees; (b) to ~all sums secured by this Securi~ Instrument; and (c) any excess to the person or persons legally enti~ed to it. 23. Release. Upon pa~ent ~:~ all sums secured by this SecuriW Ins~ument, Lender shall release this SccuriW Ins~ment. Borrower sh~ll pay any recordation costs. Lender may charge Borrower a f~ for releasing this SecuriW Instrument?but only if the fee is paid to a third parW for services rendered and the charging of the fee is peri(ted under Applicable Law. 24. Waivers. Bo~ower ret':':ases and waives all rights under ~d by virtue of the homestead exemption laws of Wyoming. [~6(WY) (0005) . Page 13 of 15 1 '('-')/2 Form 3051 BY SIGNING BELOW, Borrower accepts and agrees to the terms, and covenants contained in this Security Instrument and in any Rid~!r executed by Borrower and recorded with it. Witnesses: ;/"'""' .~ ~"', ,'/~ ~ (Seal) (~ ....flames, ~ Bigelf~ -Borrower // (Seal) Sheri D Btgelow l;')'' -Borrower ,. (Seal) (Seal) ' -Borrower -Borrower i= (Seal) (Seal) =} =. -Borrower -Borrower (Seal) (Seal) -Borrower -Borrower [t(WY) (ooo~) t: Page 14 os 1= Form 3051 1101 STATE OF WYOMING, LINCOLN County ss: The foregoing instrument was i:tcknowledged before me this Sept ember 17 th, 2 0 01 by , James W Bi~elow, Sheri D Bigelow [6(WY) (ooo5),o~ . /i Page lS of'~,~ Form 3051 1101 "'! 08~. 087,.~,~.1 ' ~ "' EXHIBIT A Legal Description for James ,'~¥. Bigelow and Sheri D. Bigelow Lot 3 of Block 4 of the Lincoln 'i!~Ieights 5th Addition, First Filing, to the City of Kemmerer, Lincoln County, Wyoming as de,~Cribed on the official plat thereof.