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HomeMy WebLinkAbout920211 ---- [.Jill] 60506 (01) ~ After RecordinïRetum To: FIRST m IONAL BANK WEST ED EOX 3 10 ~~~8~gg~~5 000320 RECEIVED 7/14/2006 at 11 :08 AM RECEIVING # 920211 BOOK: 626 PAGE: 320 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY - - -- - ......- - - - - - - - -. ~ -- - - ,- ,- -. -, - .- - - -, - [~e Þ-OOve This Une fix' ~dng Cata] MORTGAGE MIN: 100015700068984893 DEF1NITlONS Words used in mWtiple sections of this docurrent are defined below and other oords are defined in Sections 3, II, 13, 18, 20 and 21. Certain rules regarding the usage ofoords used in this docurrent are also provided in Section 16. (A) 'SecUlity Instnuœnt"IreanS this docurrent, v.hich is dated JULY 10, 2006 , together \\-Ïth all Riders to this docurrent. (B) "Bon'Ower" is ARIELD SHANE WASEM AND IAURIE WASEM, HUSBAND AND WIFE Borrov.er is the IIDrtgagor uí1der this Security Instrurœnt. (q ''MERS'' is MOrtgage Electronic Registration Systerm, Inc. MERS is a separate corporation that is acting solely as a nominee for Lender and Lender's successors and assigns. l\1ERS is the mOltgagee under this SecUlity Insh'Ument. MERS is organized and existing under the lavvs of Delaware, and has an address and telephone nurrber ofP.o. Box 2026, Flint, MI 48501-2026, tel. (888) 679-MERS. (D) "LendeJ'" is FIRST NATIONAL BANK WEST Lender is a A NATIONAL BANKING ASSCCIATION and existing under the la\\S of WYCMIJ:\K; Lender's address is 100 GREYS RIVER ROAD, ALPINE, WYCMING 83128 organized (E) 'Note"IreanS the prorrissory note signed by Borro\\er and dated . JULY 10, 2006 111e Note states that Borro\\er o~ Lender ONE HUNDRED THOUSAND AND 00/100 llillars (D. S. $ 100, 000.00 ) plus interest. Borro\\er has prorrised to pay this debt in regular Periodic Payrrrnts and to pay the debt in full not later than AUGUST I, 2021 . , (F) "Pl'OpeJiy" IreanS the property that is described below under the heading "Transfer of Rights in the Property. " (G) I 'Loan I' IreanS the debt evi denced by the Note, pI us interest, any prepayrrrnt charges and I ate charges due under the Note, and all Sl.lIll) due under this Security Instrurœnt, plus interest. ßTI~'er tmu.Js: ~ fJ· . w(Qv1IC\G-Snde Fanily-Rmie MaeJFredde Mac LNFŒv1INSTFUv1ENT - Mffi3 Form 3051 1/0r Page 1 of 14 DocMagic ~ 8O()..(j49-1362 WWIIv. cbc:rragc. Can i\Y305I.n11lTI @ ,. O~ZOZ11 000321 (II) ''Riders'' rreans all Riders to this Security Instrum:nt that are executed by Borro\\er. The follo~ng Riders are to be executed by Borro\\er [check box as applicable): o Adjustable Rate Rider o Balloon Rider o 1-4 Family Rider o CondominiumRider o Plarmed Unit Developrœnt Rider o BÏ\\œkly Payrœnt Rider o Second Horre Rider o Other(s) [specify] (I) ''Applicable 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 opmlOns. , (J) ''Connnunity Association Dues, Fees, and Assessnrnts"rreans all dues, fees, assessrœnts and other charges that are irrposed on Borro\\er or the Property by a condominium association, horra:mners association or similar organization. (K) ''Electronic F\mds Transfel'" rreans any transfer offunds, other than a transaction originated by check, draft, or similar paper instrurœnt, \\hich is initiated through an electronic teminal, telephonic instrurœnt, cofil)uter, or magnetic tape so as to order, instruct, or authorize a financial institution to debit or credit an acootmt. Such term includes, but is not limited to, point-of-sale transfers, automrted teller machine transactions, transfers initiated by telephone, ~re transfers, and automrted clearinghouse transfers. (L) "Escrow Iterm" rreans those items that are described in Section 3. (M) ''Miscellaneous Proceeds" rreans any corrpensation, settlerœnt, a\Vclfd of darmges, or proceeds paid by any third party (other than insurance proceeds paid tmder 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 condennation; or (iv) misrepresentations of, or omissions as to, the value and/or condition of the Property. (N) ''Moligage Insw'aDœ" rreans insurance protecting Lender against the nonpayrœnt of, or defaWt on, the Loan. (0) 'Periodic Payrœnt" rreans the regularly scheduled armtmt due for (i) principal and interest tmder the Note, plus (ii) any armtmts tmder Section 3 of this Security Instrum:nt. (P) "RFSPA" rreans the Real Estate Settlerœnt Procedures Act (12 U. S. C. §2601 et seq.) and its ifil)lerœnting regulation, Regulation X (24 C. F. R Part 35(0), as they might be amnded £Tom tirre to tirre, or any additional or successor legislation or regulation that governs the sarre subject mUter. As used in this Security Instrum:nt, "RESP A" refers to all requirerœnts and restrictions that are irrposed in regard to a "federally related rrortgage loan" even if the Loan does not qualify as a "federally related rrortgage loan" tmder RESPA (Q) "Successor in futen~t of Bon"Owel"" rreans any party that has taken title to the Property, \\hether or not that party has assurœd Borro\\ef' s obligations tnlder the Note and/or this Security Instrum:nt. Ibrr""", 1ni1ia1s: ~ jPJ INY'av1IN3-Snae Fanily-Pcmie MaelFredde Mac LNFœv1INSTfUv100 - Mffi3 Form30511/0r Pdge2of14 DocMagic ~ 800-649-1362 www.r:tx:rrngc.can .\ý3051.n1l111 ¡~~u1~i¡i¡~~~iì1i~]~ r"~",,.j'II;I]n:;:~ ~;~:::1~ID;~ ~~m!ff¡~:m~~~~ 7';:::¡~:~~¡i¡j '. :;~ i' .~.,::->~~~: 0920211. TRANSFER OF RIGHTS IN THE PROPERTY 000322 This Security Instrum:nt secures to Lender: (i) the repayrœnt of the Loan, and all rene\V<Ùs, extensions and mxlifications of the Note; and (ii) the perfonmnce of BorroVver' s covenants and agreenmts under this Security Instrum:nt and the Note. For this pur¡x:>se, Borrovær does hereby rmrtgage, grant and convey to MERS (solely as nominee for Lender and Lender's successors and assigns) and to the successors and assigns ofMERS, with povær of sale, the following described property looúed in the COUNTY of LINCOIN _ (T~ ~f Recording Jurisdiction] (Narre of Recording Jurisdiction] LOT 44 NJ1WIC AANCHES DIVISION 00. 4 LINCOLN COUNTY, WYCMING ACCORDÍNG 'IO THAT PIAT RECORDED AUGUST 9.(. ~ ,1994 IN THE OFFICE OF COUNTY CLERK ÞS INSTRŒ1ENr 00. 787903, P.l..i-lT 00. 311-C. vJllch currently has the address of 698 SADDIE DRIVE [Street] ETI\JA [City] , Wyoming 83118 ("Property Address"): [Zip Coœ] Tc:x:JETHER wrrn all the irrprovenmts now or hereafter erected on the property, and all easerœnts, appurtenances, and fixtures now or hereafter a part of the property. All replacem:nts and additions shall also be covered by this Security Instrurrent. All of the foregoing is referred to in this Security Instn.uœnt æ the "Property." Borrov.er understands and agrees that MERS holds only legal title to the interests granted by Borrov.er in this Security Instrum:nt, but, if necessary to corrply with law or custom, MERS (as norrinee for Lender and Lender's successors and assigns) hæ the right: to exercise any or all of those interests, including, but not limited to, the right to foreclose and sell the Property; and to take any action required of Lender including, but not limited to, releasing and canceling this Security Instrurrent. BORROWER COVENANTS that Borrov.er is la\\fully seised of the estate hereby conveyed and has the right to rmrtgage, grant and convey the Property and that the Property is unencurrDered, except for enC1.JIIÌ)rances of record Borrov.er VvaITants and will defend generally the title to the Property against all claim; and demands, subj ect to any enC1.JIIÌ)rances of record TIllS SECURITYINSlRUMENT corrbines unifoll11 covenants for national use mdnon-unifoll11 covenants with limited variations by jurisdiction to constitute a unifonn security instrurœnt covering real property. U NI FORM COVENANTS. Borrovær and Lender covenant and agree as follo\\5: 1. Payment ofPIinci pHI, Iriterest, Escrow Iterm, Prep<'1yment Omrges, ood Late 01.1rges. Borrovær shall pay \\hen due the principal of, and interest on, the debt evidenced by the Note and any prepayyœnt charges and late charges due under the Note. Borrov.er shall also pay funds for Escrow Item; pursuant to Section 3. Payyœnts due under the Note and this Security Instrum:nt shall be made in U. S. currency. Ho\\eVer, if any check or other instrurœnt received by Lender æ payyœnt under the Note or this Security Instrum:nt is returned to Lender unpaid, Lender nny require that any or all subsequent payyœnts due under the Note and this Security Instrum:nt be made in one or rmre of the following form;, as selected by Lender: (a) cash; (b) rmney order; (c) certified check, bank check, treasurer's check or cashier's check, provided any such check is draWl upon an institution \\hose deposits are insured by a federal agency, instrurœntality, or entity; or (d) Electronic Funds Transfer. Payyœnts are deemrl received by Lender \\hen received at the location designated in the Note or at such other location as nny be designated by Lender in accordance with the notice provisions in Section IS. Lender nny return furooor huôah ~ ~ VWCMIt>.G-Sn¡le Farily-F.rne M A-e<I1e Mac U\lR:R;\ 1NS1RMNr - MER> Form 3051 1/0 Page 3 of 14 DocMagic ~ 800-649-1362 www:.á:x:tragc.can \\)'3051.l1l1n1 092021.1.· 000323 any payrrent or partial payrrent if the payrrent or partial payrrents are insufficient to bring the Loan current. Lender rœy accept any paym:nt or partial paym:nt insufficient to bring the Loan current, without waiver of any rights hereunder or prejudice to its rights to refuse such payrrmt br partial payrrmts in the future, but Lender is not obligated to apply such paym:nts at the tirre such payrrmts are accepted. If each Periodic Paym:nt is applied as of its scheduled due date, then Lender need not pay interest on unapplied funds. Lender rœy hold such tmapplied funds until Borrovær makes payrœnt to bring the Loan current. IfBorrovær does not do so within a reasonable period of tirre, Lender shall either apply such funds or return them to Borrovær. If not applied earlier, such funds will be applied to the outstanding principal balance under the Note imrœdiately prior to foreclosure. No offset or claim v.hich Borrovær might have now or in the future against Lender shall relieve Borrovær ITom rrnking payrœnts due under the Note and this Security Instrurœnt or performing the covenants and agrærœnts secured by this Security Instrurœnt. 2. Application of Paynrnts 01' Proceeds. Except as otherwise described in this Section 2, all payrrmts accepted and applied by Lender shall be applied in the following order ofpribrity: (a) interest due under the Note; (b) principal due under the Note; (c) armunts due under Section 3. Such payrrmts shall be applied to each Periodic Payrrent in the order in v.hich it becarre due. Any rermÌning armunts shall be applied first to late charges, second to any other armunts due under this Security Instrurœnt, and then to reduce the principal balance of the Note. If Lender receives a payrœnt £Tom Borrovær for a delinquent Periodic Payrrmt v.hich includes a sufficient armunt to pay any late charge due, the payrœnt rœy be applied to the delinquent payrrmt and the late charge, If rmre than one Periodic Payrrent is outstanding, Lender rœy apply any payment received ITom Borrovær to the repayrœnt of the Periodic Payrrents if, and to the extent that, each payrœnt can be paid in full. To the extent that any excess exists after the payrœnt is applied to the full payrœnt of one or rmre Periodic Payrœnts, such excess rœy be applied to any late charges due. Voluntæy prepayrrents shall be applied first to any prepayrrent charges and then as described in the Note. Any application ofpayrœnts, insurance proceeds, or Miscellaneous Proceeds to principal due under the Note shall not extend or postpone the due date, or change the armunt, of the Periodic Payrrmts. 3. Foods fOl' Escrow Items. Borrovær shall pay to Lender on the day Periodic Payrrmts are due under the Note, until the Note is paid in full, a sum(the "Funds") to provide for paym:nt of armunts due for: (a) taxes and assessrœnts and other ítem; v.hich can attain priority over this Security Instrurœnt as a lien or enCl.JIIÌ)rance on the Property; (b) leasehold payments or ground rents on the Property, if any; (c) premium; for any and all insurance required by Lender under Section 5; and (d) Nbrtgage Insurance premi ums, if any, or any sums payable by Borrovær to Lender in lieu of the payrrent of Nbrtgage Insurance premiums in accordance with the provisions of Section 10. These item; are called "Escrow Item;." At origination or at any tirre during the term of the Loan, Lender rœy require that Community Association Dues, Fees, andAssessrœnts, ifany, beescrov.edbyBorrovær, and such dues, fees and assessrœnts shall be an Escrow Item Borrovær shall proll1Jtly furnish to Lender all notices of armunts to be paid under this Section. Borrovær shall pay Lender the Funds for Escrow Item; unless Lender waives Borrovær's obligation to pay the Funds for any or all Escrow Item;. Lender rœy waive Borrovær' s obligation to pay to Lender Funds for any or all Escrow Item; at any tirre. Any such waiver rœy only be in \\fÎtÎng In the event of such waiver, Borrovær shall pay directly, \\hen and \\here payable, the armunts due for any Escrow Item; for v.hich payrœnt of Funds has been waived by Lender and, if Lender requires, shall furnish to Lender receipts evidencing such payrrmt . ' within such tirre period as Lender rœy require. Borro\\eI"' s obligation to make such payrrmts and to provide receipts shall for all plU"pOSes be dærred to be a covenant and agrærœnt contained in this Security Instrurœnt, as the phrase "covenant and agrærœnt" is used in Section 9. IfBorrovær is obligated to pay Escrow Item; directly, pursuant to a waiver, and Borrovær fails to pay the armunt due for an Escrow Item, Lender rœy exercise its rights under Section 9 and pay such armunt and Borrovær shall then be obligated under Section 9 to repay to Lender any such armunt. Lender rœy revoke the waiver as to any or all Escrow Item; at any tirre by a notice given in accordance with Section 15 and, upon such revocation, Borrovær shall pay to Lender all Funds, and in such armunts, that are then required under this Section 3. Lender rœy, at any tirre, collect and hold Funds in an armunt (a) sufficient to permit Lender to apply the Funds at the tirre specified under RESP A, and (b) not to exceed the maxinum armunt a lender can require under RESP A Lender shall estiImte the armunt of Funds due on the basis of current data and reasonable estiImtes of expenditures of futur,e &row IJ othernise in acrordance ,.;th Appliæble lAw. furro~ Initials: .' ~ ' WfOV1I!\G-Snde Fanily-Pcmie Mae/R'edde Mac LNFCRvIINSTR.Xv1ENT - MffiS DocMagic ~ 80().649-1362 Form 3051 1/0 r Page 4 of 14 WW\¥. dx:tmg'c. can \\y305I.nffil i:;:::: :j~i li1ù1 ~\:~I. ~'~ '7';:~~~: i-",:,·¡· ·g·".",." . >:':~:~:.2:!:!::~:' 0920211 00,0324 The Funds shall be held in an institution \\hose deposits are insured by a federal agency, instI1.lI1H1tality, or entity (including Lender, if Lender is an institution \\hose deposits are so insured) or in any Federal Harre Loan Bank. Lender shall apply the Funds to pay the &crow Iterm no later than the tirre specified under RESP A Lender shall not charge furro\\er for holding and applying the Funds, annually analyzing the escrow account, or verifYing the &crow Iterm, unless Lender pays furro\.\ef interest on the Funds and Applicable law permits Lender to make such a charge. Unless an agreeITalt is made in writing or Applicable law requires interest to be paid on the Funds, Lender shall not be required to pay furro\.\ef any interest or earning<> on the Funds. furro\\er and Lender can agree in writing, homwer, that interest shall be paid on the Funds. Lender shall give to Borro\\er, without charge, an annual accounting of the Funds as required by RESP A If there is a stuplus of Funds held in escrow, as defined under RESP A, Lender shall account to furro\.\ef for the excess funds in accordance with RESP A If there is a shortage of Funds held in escrow, as defined under RESP A, Lender shall notify furro\\er as required by RESP A, and furro\\er shall pay to Lender the arrount necessary to make up the shortage in accordance with RESPA, but in no IIDre than 12 IIDnthly payrrents. If there is a deficiency of Funds held in escrovv, as defined under RESP A, Lender shall notify furro\\er as required by RESP A, and furro\.\ef shall pay to Lender the arrount necessary to make up the deficiency in accordance with RESP A, but in no IIDre than 12 IIDnthly payrœnts. Upon payrrent in full of all S\.JlTI) secured by this Security Instrurœnt, Lender shall prorrptly refund to furro\.\ef any Funds held by Lender. 4. Cñm-ges; liens. furro\\er shall pay all taxes, assessITalts, charges, fines, and inµ:>sitions attributable to the Property Wlich can attain priority over this Security Instrurœnt, leasehold payrrents or ground rents on the Property, if any, and Corrmmity Association Dues, Fees, and AssessITalts, if any. To the extent that these iterm are Escrow Iterm, furro\.\ef shall pay them in the manner provided in Section 3. furro\.\ef shall prorrptly discharge any lien Wlich has priority over this Security Instrurœnt unless furro\\er: (a) agrees in writing to the payrrent of the obligation secured by the lien in a rnarmer acceptable to Lender, but only so long as furro\\er is performing such agreeITalt; (b) contests the lien in good faith by, or defends against enforceITalt of the Ii en in, legal proceeding<> Wlich in Lender's opinion operate to prevent the enforcern:nt of the Ii en ",bile those proceeding<> are pending, but only until such proceeding<> are concluded; or (c) secures from the holder of the lien an agreement satisfactory to Lender subordinating the lien to this Security Instrurœnt. If Lender determines that any part of the Property is subject to a lien Wlich can attain priority over this Security Instrurœnt, Lender may give furro\\er a notice identifYing the lien. Within 10 days of the date on Wlich 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 may require furro\\er to pay a one-tirre charge for a real estate tax verification and! or reporting service used by Lender in connection with this Loart 5. Propeliy Insurance. furro\.\ef shall keep the irrproverrents now existing or hereafter erected on the Property insured against loss by fire, hazards included wi thin the term" extended coverage," and any other hazards including, but not limited to, earthquakes and floods, for Wlich Lender requires insurance. This insurance shall be rmintained in the arrounts (including deductible levels) and for the periods that Lender requires. What Lender requires pursuant to the preceding sentences can change during the term of the Loart The insurance carri er providing the insurance shall be chosen by furro\\er subj ect to Lender's right to disapprove furro\.\ef' s choice, Wlich right shall . . not be exercised unreasonably. Lender may requirefurro\\er to pay, in connection with this Loan, either: (a) a one- tirre charge for flood zone determination, certification and tracking services; or (b) a one-tirre charge for flood zone determination and certification services and subsequent charges each titre remapping<> or similar changes occur Wlich reasonably might affect such determination or certification. furro\\er shall also be responsible for the payrrent of any fees inµ:>sed by the Federal Errergency Managerrent Agency in connection with the review of any flood zone determination resulting from an objection by furro\.\ef. Iffurro\\er fails to mñntain any of the coverages described above, Lender may obtain insurance coverage, at Lender's option and furro\\er' s expense, Lender is under no obligation to purchase any particular type or armunt of coverage. Therefore, such coverage shall cover Lender, but might or might not protect furro\\er, furro\\er's equity in the Property, or the contents of the Property, against any risk, hazard or liability and might provide greater or lesser coverage than 'MS previously in effect. furro\\er ackno-wedges that the cost of the insurance coverage so obtained might signifi cantly exceed the cost of insurance that furro\\er coul d have obtained. Any armunts disbursed Ihro=- lnibak ~ \ ~ Wfav1II\G-Snale Fanily-Fænie MaEYR'edde Mac LNFœI.1INSTFUvUNf - MER3 DocMagic ~ 800-649-1362 Form 3051 1/0r Page 5 of 14 ~d:x:tmg"c.can \\Y305I.mm 09202:1.1 000325 by Lender illlder this Section 5 shall becoIre additional debt ofBorrovver secured by this Security Instrurrent. These arIDilllts shall bear interest at the Note rate ITomthe date o[disburserœnt and shall be payable, with such interest, upon notice ITom Lender to Borrovver requesting payrœnt.- . All insurance policies required by Lender and renewals of such policies shall be subject to Lender's right to disapprove such policies, shall include a standard rrx:>rtgage clause, and shall narre Lender as rrnrtgagee and/or as an additional loss payee. Lender shall have the right to hold the policies and renewal certificates. If Lender requires, Borrovær shall prorrptly give to Lender all receipts of paid premi urrn and renewal notices. IfBorrovær obtains any fonn of insurance coverage, not othernise required by Lender, for darmge to, or destruction of, the Property, such policy shall include a standard rrnrtgage clause and shall narre Lender as rrnrtgagee and/or as an additional loss payee. In the event of loss, Borrovver shall give prorrpt notice to the insurance carrier and Lender. Lender may make proof of loss if not made prorrptly by Borrovver. Unless Lender and Borrovver otherwise agree in writing, any insurance proceeds, \\hether or not the illlderlying insurance was required by Lender, shall be applied to restoration or repair of the Property, if the restoration or repair is economically feasible and Lender's security is not lessened During such repair and restoration period, Lender shall have the right to hold such insurance proceeds illltil Lender has had an opportunity to inspect such Property to ensure the \\Qrk has been corrpleted to Lender's satisfaction, provided that such inspection shall be illldertaken prorrptly. Lender may disburse proceeds for the repairs and restoration in a single payrœnt or in a series of progress payrœnts as the \\()rk is corrpleted Unless an agreerœnt is made in writing or Applicable Law requires interest to be paid on such insurance proceeds, Lender shall not be required to pay Borrovær any interest or earnings on such proceeds. Fees for public adjusters, or other third parties, retained by Borrovver shall not be paid out of the insurance proceeds and shall be the sole obligation ofBorrovær. If the restoration or repair is not economically feasible or Lender's security \\Quid be lessened, the insurance proceeds shall be applied to the surrn secured by this Security Instrurrent, \\hether or not then due, with the excess, if any, paid to Borrovær. Such insurance proceeds shall be applied in the order provided for in Section 2. If Borrovær abandons the Property, Lender may file, negotiate and settle any available insurance claim and related matters. IfBorrovver does not respond within 30 days to a notice ITomLender that the insurance carrier has offered to settle a claim, then Lender may negotiate and settle the claim The 30-day period will begin \\hen the notice is given. In either event, or if Lender acquires the Property illlder Section 22 or othernise, Borrovver hereby assigns to Lender (a) Borrovver's rights to any insurance proceeds in an arIDilllt not to exceed the arIDillltS illlpaid illlder the Note or this Security Instrurnnt, and (b) any other ofBorrovær' s rights (other than the right to any refimd of illleamed premiurrn paid by Borrovær) illlder all insurance policies covering the Property, insofar as such rights are applicable to the coverage of the Property. Lender may use the insurance proceeds either to repair or restore the Property or to pay arIDillltS illlpaid illlder the Note or this Security Instrurrent, \\hether or not then due. 6. Occup.'U1CY. Borrovær shall occupy, establish, and use the Property as Borrovver's principal residence within 60 days after the execution of this Security Instrurnnt and shall continue to occupy the Property as Borrovver' s principal residence for at least one ye& after the date of occupancy, unless Lender othernise agrees in writing, v.hich consent shall not be lIDfeac;onably withheld, or unless extenuating circumstances exist vJllch are beyond Borrovær' s control. 7. Preservation, J\1..'1Întenance and Protection of the Property; Inspections. Borrovver shall not destroy, . . damage or irrpair the Property, allow the Property to deteriorate or commit waste on the Property. \\hether or not Borrovver is residing in the Property, Borrovær shall maintain the Property in order to prevent the Property ITom deteriorating or decreasing in value due to its conditioll Unless it is detemined pursuant to Section 5 that repair or restoration is not economically feasible, Borrovær shall prorrptly repair the Property if darmged to avoid further deterioration or damage. If insurance or condermation proceeds are paid in connection with darmge to, or the taking of, the Property, Borrovær shall be responsible for repairing or restoring the Property only if Lender has released proceeds for such purposes. Lender may disburse proceeds for the repairs and restoration in a single payrœnt or in a series of progress payrœnts as the \\{)rk is corrpleted If the insurance or condennation proceeds are not sufficient to repair or restore the Property" Borrovær is not relieved ofBorrovær' s obligation for the corrpletion of such repair or restoratioll ~er 1niJi,], _~ _ ~ Wr'av1IN3-Snale Fanily-Fa1nie Mae! edde Mac LNF<Rv1INSTRJv1ENT - MOO Form 3051 1/0r Page 6 of 14 DocMagic ~ 8()().ô49-1362 ~ctx:rragc.can \\)'3051.= ,:i¡mili;mi~~!m~ 0920211 C00326 Lender or its agent may make reasonable entries upon and inspections of the Property. If it has reasonabl e cause, Lender may inspect the interior of the ÌIq)[ovemnts on the Property, Lender shall give Borro~ notice at the tirre of or prior to such an interior inspection specifYing such reasonable cause. 8. Bon'ower's Loan ApplicaôolL Borro~ shall be in default if, during the Loan application process, Borro~ or any persons or entities acting at the direction ofBorro\\er or wi th Borro\\er' s knovJedge or consent gave materially false, mislæding, or inaccurate information or statemnts to Lender (or failed to provide Lender with material information) in connection with the Loan. 'Material representations include, but are not limited to, representations concerning Borro\\er' s occupancy of the Property as Borro~' s principal residence. 9. Protecôon of Lender's Inteœst in the Propeliy and Rights Under this Secwity Instnuœnt. If (a) Borro\\er fails to perform the covenants and agreemnts contained in this Security Instrurœnt, (b) there is a legal proceeding that might significantly affect Lender's interest in the Property and/or rights lIDder this Security Instrurœnt (such as a proceeding in bankruptcy, probate, for conderrnatioh or forfeiture, for enforcerœnt of a lien vJrich may attain priority over this Security Instrurœnt or to enforce law; or regulations), or (c) Borro~ has abancbned the Property, then Lender may cb and pay for \\hatever is reasonable or appropriate to protect Lender's interest in the Property and rights lIDder 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 sums secured by a lien vJrich has priority over this Security Instrurœnt; (b) appearing in court; and (c) paying reasonable attomeys' fees to protect its interest in the Property and/or rights lIDder this Security Instrurœnt, 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 window;, drain Vvater rrom pipes, eliminate building or other code violations or dangerous conditions, and have utilities turned on or off Although Lender may take action lIDder this Section 9, Lender does not have to do so and is not lIDder any duty or obligation to do so. It is agreed that Lender incurs no liability for not taking any or all actions authorized lIDder this Section 9. Any armlIDts disbursed by Lender lIDder this Section 9 shall becorre additional debt ofBorro~ secured by this Security Instrurœnt. These armlIDts shall bear interest at the Note rate rrom the date of disbursem::nt and shall be payable, with such interest, upon notice rromLender to Borro~ requesting payrœnt. If this Security Instrurœnt is on a leasehold, Borro\\er shall corrply with all the provisions of the lease, If Borro\\er acquires fee title to the Property, the leasehold and the fee title shall not rrerge unless Lender agrees to the rrerger in writing 10. Mortgage Insw-ance. If Lender required~rtgageInsurance as a condition of making the Loan, Borro\\er shall pay the premill1'Œ required to maintain the ~rtgage Insurance in effect. If, for any reason, the ~rtgage Insurance coverage required by Lender ceases to be available rrom the rmrtgage insurer that previously provided such insurance and Borro\\er was required to make separately designated payrœnts toward the premill1'Œ for Mortgage Insurance, Borro\\er shall pay the premill1'Œ required to obtain coverage substantially equivalent to the Nbrtgage Insurance previously in effect, at a cost substantially equivalent to the cost to Borro~ of the Nbrtgage Insurance previously in effect, rrom an altemate rmrtgage insurer selected by Lender. If substantially equivalent Nbrtgage Insurance coverage is not available, Borro~ shall continue to pay to Lender the armlIDt of the separately designated pa)'ITð1ts that \\ere due \\hen the insurance coverage ceased to be in effect. Lender will accept, use and retain these payrœnts as a non-refundable loss reserve in lieu of~rtgage Insurance. Such loss reserve shall be non-reftmdable, . . notwithstanding the fact that the Loan is ultimately paid in full, and Lender shall not be required to pay Borro\\er any interest or earnings on such loss reserve. Lender can no longer require loss reserve payrœnts if Nbrtgage Insurance coverage (in the an"DlIDt and for the period that Lender requires) provided by an insurer selected by Lender again becoIreS available, is obtained, and Lender requires separately designated payrœnts toward the premill1'Œ for Nbrtgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan and Borro~ was required to make separately designated payrœnts toward the premill1'Œ for ~rtgage Insurance, Borro\\er shall pay the premill1'Œ required to maintain Nbrtgage Insurance in effect, or to provide a non-refundable loss reserve, lIDtil Lender's requirem:nt for ~rtgage Insurance ends in accordance with any written agreem:nt betvæen Borro\\er and Lender providing for such termination or lIDtil termination is required by Applicable Law. Nothing in this Section 10 affects Borro~' s obligation to pay interest at the rate provided in the Note. ~rtgage Insurance reirrourses Lender (or any entity that purchases the Note) for certain losses it may incur ifBorro\\er does not repay the Loan as agreed Borro\\er is not a party to the ~rtgage Insurance. furro\\er hutials: ~ \M'av1I~nc¡le Farrily-Fænie M Fredcie Mac LNFCRv1INSíR1v1ENT - MffiS Form 30511/0í Page 7 of 14 DocMagic emwmm 800-649-1362 www.ÓXI1Ðfic.can \\ý305I.nl'JU 092021.,1 000327 11:>rtgage insurers evaluate their total risk on all such insurance in force rrom tirœ to tim; and rœy enter into agreem:nts with other parties that share or rrodify their risk, or reduce losses. These agreerœnts are on term; and conditions that are satisfactory to the rrortgage insurer and the other party (or parties) to these agreem:nts. These agreerœnts may require the rrortgage inSurer to make payrœnts using any source of ftmds that the rrortgage insurer rœy have available (\\hich rœy include ftmds obtained rrom 11:>rtgage Insurance premiUIn)). As a result of these agreerœnts, Lender, any purchaser of the Note, another insurer, any reinsurer, any other entity, or any affiliate of any of the foregoing, may receive (directly or indirectly) armunts that derive rrom (or might be characterized as) a portion ofBorro\\er' s payrœnts for 11:>rtgage Insurance, in exchange for sharing or rrodifying the rrortgage insurer's risk, or reducing losses, If such agreem:nt provides that an affiliate of Lender takes a share of the insurer's risk in exchange for a share of the premiUIn) paid to the insurer, the arrangem:nt is often termxl "captive reinsurance." Further: (a) Any such agreements will not affect the amounts that Bol1"Ower has agreed to pay for Mortgage Insw-ance, or any other terms of the Loan. Such agreements will not increase the amount Bol1"Ower will owe for" Mor1gage hlSW-ance, and they will not entitle BoI1"Ower' to any refund (b) Any such agreements will not affect the rights BoI1"Ower' has - if any - with r-espect to the Mor1gage Insw-ance under the Horœowners Pl"Otection Act of 1998 OJ" any other law. 1òese lights may include the right to r-eceive cer1ain disclosw-es, to request and obtain cancellation of the Mortgage Insw-ance, to have the Mor1gage Insw-ance terminated automatically, andlor to r-eceive a refund of any Mor1gage Insw-ance premiwm that were uneal11ed at the time of such cancellation or termination. 11. Assignment of Miscellaneous Pr"Oceeds; Forfeitw-e. All Miscellaneous Proceeds are hereby assigned to and shall be paid to Lender. If the Property is damaged, such Miscellaneous Proceeds shall be applied to restoration or repair of the Property, if the restoration or repair is economic<ùly 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 been cofi1)leted to Lender's satisfaction, provided that such inspection shall be undertaken profi1)t1y. Lender rœy pay for the repairs and restoration in a single disbursem:nt or in a series of progress payrœnts as the oork is cofi1)leted. 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 Borro\\ef any interest or earnings on such Miscellaneous Proceeds. If the restoration or repair is not economic<ùly feasible or Lender's security oould be lessened, the Miscellaneous Proceeds shall be applied to the SUIn) secured by this Security Instn.urent, \\bether or not then due, with the excess, if any, paid to Borro\\ef. Such Miscellaneous Proceeds shall be applied in the order provided for in Section 2. In the event of a total taking, destruction, or loss in value of the Property, the Miscellaneous Proceeds shall be applied to the SUIn) secured by this Security Inst:rurrent, \\bether or not then due, with the excess, if any, paid to Borro\\ef. In the event of a partial taking, destruction, or loss in value of the Property in \\hich the fair market value of the Property imrrediately before the partial taking, destruction, or loss in value is equal to or greater than the armmt of the sum; secured by this Security Inst:rurrent imrrediately before the partial taking, destruction, or loss in value, unless Borro\\er and Lender otherwise agree in writing, the sum; secured by this Security Inst:rurrent shall be reduced . by the armunt of the Miscellaneous Proceeds ITUÙtiplied by the following rraction: (a) the total arrolIDt of the sum; secured imrrediateIy before the partial taking, destruction, or loss in value divided by (b) the fair market value of the Property irrm:xliately before the partial taking, destruction, or loss in value. Any balance shall be paid to Borro\\ef. In the event of a partial taking, destruction, or loss in value of the Property in \\hich the fair market value of the Property imrrediately before the partial taking, destruction, or loss in value is less than the armmt of the sum; secured imrrediateIy before the partial taking, destruction, or loss in value, unless Borro\\er and Lender otherwise agree in writing, the Miscellaneous Proceeds shall be applied to the sum; secured by this Security Inst:rurrent \\bether or not the SUIn) are then due. If the Property is abandoned by Borro\\ef, or if, after notice by Lender to Borro\\ef that the Q:>posing Party (as defined in the next sentence) offers to make an a\Wfd to settle a claim for damages, Borro\\ef fails to respond to Lender within 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 Inst:rurrent, \\bether ~ !nib,),: -JJ J £ VWCMING-Snde Fanily-Rffle M .. odde Mac LNFŒ<>A INSTR.MINf. MIR3 Form 3051 1/0r Page 8 of 14 DocMagic ~ 13()(M49-1362 wwvv.ckxtmgc.can \\y305I.nvm !tmt¡!~Ûtmill¡iliill 1:;*::M::I::1~::: ti:~~~;:::~~ ;'é;:-:-;-:¡~;:;~ :'~~::i:f;!~~l~;I~ 0920211 000328 or not then due. "OpJX>sing Party" treaI1S the third party that 0\\eS Borrovær Miscellanoous Proceeds or the party against \\horn Borrovær has a right of action in regard to Miscellanoous Proceeds. Borrovær shall be in default if any action or proceeding, \\hether civil or criminal, is begun that, in Lender's j udgrœnt, coul d result in forfeiture of the Property or other material irrpairm:nt of Lender' s interest in the Property or rights tmder this Security Instrum:nt. Borrovær Œ1 cure such a default and, if acceleration has occurr~ reinstate as provided in Section 19, by causing the action or proceeding to be dismissed with a ruling that, in Lender's judgrœnt, precludes forfeiture of the Property or other material irrpairm:nt of Lender' s interest in the Property or rights tmder this Security Instrum:nt. The proceeds of any a\VcU'd or claim for daImges that are attributable to the irrpairm:nt of Lender' s interest in the Property are hereby assigned and shall be paid to Lender. All Miscellanoous 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; Fo"')(~aranœ By Lender Not a Waiver. Extension of the tirre for payrœnt or rrodification of arrortÎzatÎon of the sum; secured by this Security Instrum:nt granted by Lender to Borrovær or any Successor in Interest ofBorrovær shall not operate to release the liability ofBorrovær or any Successors in Interest of Borrovær, Lender shall not be required to COJ11[1'):'J1ce proceedin~ against any Successor in Interest ofBorrovær or to refuse to extffid tirre for payrœnt or otherwise rrodifY arrortÎzatÎon of the SUII1S secured by this Security Instrum:nt by reason of any demand made by the original Borrovær or any Successors in Interest ofBorrovær. Any forbearance by Lender in exercising any right or rerœdy including, without limitation, Lender's acceptance of payrœnts from third persons, ffitities or Successors in Interest ofBorrovær or in arrotmts less than the arrotmt thffi due, shall not be a waiver of or preclude the exercise of any right or rerœdy. 13. Joint and Several liability; Co-signel'S; SuCcessOl'S and Assigns BoW1d Borrovær covffiants and agrees that Borrovær' s obligations and liability shall be j oint and several. Hov.ever, any Borrovær \\ho co-signs this Security Instrum:nt but does not execute the Note (a " co-signer"): (a) is co-signing this Security Instrum:nt oruy to rmrtgage, grant and convey the co-signer's interest in the Property tmder the term:; of this Security Instrumnt; (b) is not personally obligated to pay the SlIIŒ secured by this Security Instrumnt; and (c) agrees that Lender and any other Borrovær Œ1 agree to extffid, rrodifY, forbear or make any accomrrodations with regard to the term:; of this Security Instrunmt or the Note without the co-signer' s consent. Subject to the provisions of Section 18, any Successor in Interest of Borrovær \\ho assurœs Borrovær's obligations tmder this Security Instrumnt in writing, and is approved by Lender, shall obtain all ofBorrovær' s rights and benefits tmder this Security Instrum:nt. Borrovær shall not be released fromBorrovær' s obligations and liability tmder this Security Instrum:nt unless Lender agrees to such release in writing. The covenants and agreern;nts of this Security Instrunmt shall bind (except as provided in Section 20) and benefit the successors and assigns of Lender. 14. Loan Omrges. Lender may charge Borrovær fees for services perfonred in connection with Borrovær' s default, for the purpose of protecting Lender's interest in the Property and rights tmder this Security Instrum:nt, including, but not limited to, attomeys' fees, property inspection and valuation fees. In regard to any other fees, the absffice of express authority in this Security Instrurœnt to charge a specific fee to Borrovær shall not be construed as a prohibition on the charging of such fee. Lender may not charge fees that are expressly prohibited by this Security Instrurrmt or by Applicable Law If the Loan is subj ect to a law Wrich sets rrnximum 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 arrotmt necessa¡y to reduce the charge to the permitted limit; and (b) any sum; already collected fróm Borrovær Wrich exceeded permitted limits will be refunded to Borrovær. Lender may choose to make this refund by reducing the principal ovæd tmder the Note or by making a direct payrœnt to Borrovær. If a refund reduces principal, the reduction will be treated as a partial prepayrœnt without any prepayrœnt charge (\\hether or not a prepayrœnt charge is provided for tmder the Note). Borrovær's acceptance of any such refund made by direct payrœnt to Borrovær will constitute a waiver of any right of action Borrovær night have arising out of such overcharge. 15. Notices. All notices givffi by Borrovær or Lender in connection with this Security Instrurœnt must be in writing. Any notice to llirrovær in connection with this Security Instrurœnt shall be deerred to have been givffi to llirrovær \\hen mailed by first class mail or \\hffi actually delivered to llirrovær's notice address if sent by other treaI1S. Notice to anyone llirrovær shall constitute notice to allllirroværs unless Applicable Law expressly requires Immw< Ioinw. Jkl ~ VWCMt\G-Sn~e Fanily-Rmie Moo' - edde Mac LNR:FM INSlR.MENT - MERS Form 3051 1/0 Page 9 of 14 DocMagic ~ BO<J.<349-1362 WW\v.cbcrrBgc.can \\y305I.nl1111 {}9")'O?4 1 ,~"" ~3~,. 000329 otherwise. The notice address shall be the Property Address mess Borrov..er has designated a substitute notice address by notice to Lender. Borrov..er shall proIi1Jtly 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 may be only one designated notice address under this Security Instrurœnt at anyone tiIre. Any notice to Lender shall be given by delivering it or by mailing it by first class mail to Lender's address stated herein mess Lender has designated another address by notice to Borrov..er. Any notice in connection v.ith this Security Instn.un:nt shall not be deerred to have been given to Lender until actually received by Lender. If any notice required by this Security Instn.un:nt is also required under Applicable La\¥, the Applicable Law requirerrent will satisfy the corresponding requirerrent under this Security Instrurœnt. 16. Governing Law; Severability; Rules of ConstmctÎolL This Security Instrurœnt shall be govemed by federal law and the law of the jurisdiction in Wlich the Property is located. All rights and obligations contained in this Security Instn.un:nt are subject to any requirerrents and limitations of Applicable La\V, Applicable Law rright explicitly or if11)licitly allow the parties to agree by contract or it might be silent, but such silence shall not be construed as a prohibition against agreernnt by contract. In the event that any provision or clause of this Security Instn.un:nt or the Note conflicts with Applicable La\¥, such conflict shall not affect other provisions of this Security Instrurœnt or the Note Wlich can be given effect v.ithout the conflicting provisioIl As used in this Security Instrurœnt (a) oords of the rmsculine gender shall rœan and include corresponding neuter oords or oords of the ferrinine gender; (b) oords in the singular shall rœan and include the plural and vice versa; and (c) the oord "may" gives sole discretion without any obligation to take any actiOIl 17. Bon'Ower's Copy. Borrov..er shall be givm one copy of the Note and of this Security Instrurœnt. 18. Transfer of the Pt'Opetiy or a Beneficiallntel'est in Bon'Owet·. As used in this Section 18, "Interest in the Property" rreans any legal or beneficial interest in the Property, including, but not limited to, those beneficial interests transferred in a bond for deed, contract for deed, ,installrrent sales contract or escrowagreernnt, the intmt of Wlich is the transfer of title by Borrov..er at a future date to a purchaser. If all or any part of the Property or any Interest in the Property is sold or transferred (or ifBorrov..er is not a natural person and a beneficial interest in Borrov..er is sold or transferred) without Lender's prior written consent, Lender may require irnrrediate paym:nt in full of all SUIn) secured by this Security Instrurœnt. Hov..ever, this option shall not be exercised by Lender if such exercise is prohibited by Applicable La\V, If Lender exercises this option, Lender shall give Borrov..er notice of acceleratioIl The notice shall provide a period of not less than 30 days rrorn the date the notice is givm in accordance with Section 15 within Wlich Borrov..er must pay all StJI113 secured by this Security Instrurœnt. IfBorrov..er fails to pay these SUIn) prior to the expiration of this period, Lender may invoke any reIredÏes permitted by this Security Instrurœnt v.ithout further notice or demand on Borrov..er. 19. Bon'Owet" s Right to Reinstate Afte." AcceleratiolL IfBorrov..er rœets certain conditions, Borrov..er shall have the right to have enforcerrent of this Security Instrurœnt discontinued at any tiIre prior to the earliest 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 termination of Borrov..er' s right to reinstate; or (c) mtIy of a judgrœnt enforcing this Security Instn.un:nt. Those conditions are that Borrov..er: (a) pays Lender all SUIn) Wlich thm ooul d be due under this Security Instrurrent and the Note as if no accel eration had OCClUTed; (b) cures any default . of any other covenants or agreerrents; (c) pays all expenses incurred in enforcing this Security Instrurrent, including, but not limited to, reasonable attorneys' fees, property inspection and valuation fees, and other fees inclUTed for the purpose of protecting Lender's interest in the Property and rights under this Security Instrurœnt; and (d) takes such action as Lender may reasonably require to assure that Lender's interest in the Property and rights under this Security Instn.un:nt, and Borrov..er' s obligation to pay the SUIn) secured by this Security Instrurœnt, shall continue unchanged. Lender may require that Borrov..er pay such reinstaterrent SUIn) and expenses in one or lIme of the following fOl11E, as sel ected by Lender: (a) cash; (b) rroney order; (c) certifi ed check, bank check, treasurer's check or cashier's check, provided any such check is drav.n upon an institution v.hose deposits are insured by a federal agmcy, instruIœntality or mtity; or ( d) Electroni c Funds Transfer. Upon reinstaterœnt by Borrov..er, this Securi ty Instrurœnt and obligations secured hereby shall remain 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. ßJmma- hurials: ~~ ~ VWctv1II\G-Snale Farrily-Pcmie M Ffedde Mac LNFCRv1INSTRJv100 - MERS Form30511/0r Page10of14 DocMagic ~ 800-649-1362 ~cJocrragc.can \\ý3051.mzm ¡:T:~:n~~~ :1~~!m~t~i*~~~*~~ ?:~1!fmffi¡~¡¡§ 092021,1 000330 20. Sale of Note; Ü1ange of Loan Selvicel; Notice of Gtievance. The Note or a partial interest in the Note (together Vvith this Security Instn.uTent) can be sold one or rmretirœsVvithout prior notice to Borrov.er. A sale night result in a change in the entity (knO\\f1 as the "Loan Servicer") that collects Periodic Pay¡rents due tn1der the Note and this Security Instn.uTent and performs other m)ftgage loan servicing obligations tn1der the Note, this Security Instrurœnt, and Applicable Law There also might 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, Borrovær Vvill be given \\fÎ tten noti ce of the change \\hich Vvill state the narre and address of the new Loan Servicer, the address to \\hich pay¡rents should be rrnde and any other information RFSP A requires in connection Vvith 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 Borrovær Vvill rerrnin Vvith the Loan Servicer or be transferred to a successor Loan Servicer and are not assum:xl by the Note purchaser unless otherVvise provided by the Note purchaser. Neither Borrovær nor Lender rmy cornrrence, join, or be joined to any judicial action (as either an individual litigant or the IrenDer of a class) that arises from the other party's actions pursuant to this Security Instn.uTent or that alleges that the other party has breached any provision of, or any duty ov.ed by reason of, this Security Instn.uTent, tn1til such Borrovær or Lender has notified the other party (Vvi th such noti ce given in corrpliance Vvi th the requirerrents of Section 15) of such alleged breach and afforded the other party hereto a reasonable period after the giving of such notice to take corrective action. If Applicable Law provides a tiIre period Wùch must elapse before certain action can be taken, that tiIre period Vvill be deeIred to be reasonable for purposes of this paragraph. The notice of acceleration and opporturúty to cure given to Borrovær pursuant to Section 22 and the notice of acceleration given to Borrovær pursuant to Section 18 shall be deeIred to satisfy the notice and opporturúty to take corrective action provisions of this Section 20. 21. lL'lZardous Substances. As used in this Section 21: (a) "Hazardous Substances" are those substances defined as toxic or hawdous substances, pollutants, or wastes by Environrrental Law and the folloVving substances: gasoline, kerosene, other flammable or toxic petroletun products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or formaldehyde, and radioactive materials; (b) "Environrrental Law' Ire3l1S federal laws and laws of the jurisdiction \\here the Property is located that relate to health, safety or environrrental protection; (c) "Environmental Oeanup" includes any response action, rerœdial action, or rermval action, as defined in Environrrental Law; and (d) an "Environrrental Condition" Ire3l1S a condition that can cause, contribute to, or otherVvise trigger an Environrrental Oeanup. Borrovær shall not cause or permit the presence, use, disposal, storage, or release of any Hazardous Substances, or threaten to release any Hazardous Substances, on or in the Property. Borrovær shall not do, nor allow anyone else to do, anything affecting the Property (a) that is in violation of any Environrrental Law, (b) Wùch creates an Environrrental Condition, or (c) Wùch, due to the presence, use, or release of a Hazardous Substance, creates a condition that adversely affects the value of the Property. The preceding Í\\O sentences shall not apply to the presence, use, or storage on the Property of small quantities of Hazardous Substances that are generally recognized to be appropriate to normal residential uses and to mri.ntenance of the Property (including, but not limited to, hawdous substances in consurrer products). Borrov.er shall prorrptly give Lender \\fÎtten notice of (a) any investigation, claim, demmd, lawsuit or other action by any goverrurental or regulatory agency or private party involving the Property and any Hazardous Substance . or Environrrental Law of \\hi ch Borrovær has actual kno'A-ledge, (b) any Enviromœntal Condition, including but not limited to, any spilling, leaking, discharge, release or threat of release of any Hazardous Substance, and (c) any condition callSed by the presence, use or release of a Hazardous Substance Wùch adversely affects the value of the Property. IfBorrovær learns, or is notified by any gOVernrœIltal or regulatory authority, or any private party, that any rermval or other rerœdiation of any Hazardorn Substance affecting the Property is necessary, Borrov.er shall prorrptly take all necessary rerœdial actions in accordance Vvith Enviromœntal Law Nothing herein shall create any obligation on Lender for an Enviromœntal Oeanup. furro\\cr fuitiWs ~ ~ WYCMI~1e Fanily-Farie M -;.;¡; e Mac LN~ INSlRMENT . MER; Form 3051 1/0 Page 11 of 14 DocMagic ~ 800-649-1362 www.cbcrmgc.can \\ý305J.nlll11 .11\O'')'O-:~'11 ' ~., ":1 "',,~ ¡'¡',J", 000331 NON-UNIFORM COV8\JANTS. furro\\er and Lender further covenant and agree as follov.s: 22. Acceleration; Rerœdies. Lendel' shall give notice to Bon-ower paiOl' to acceleration following Bon-ower's bœach of any covenant 01' agreeIœl1t in this Secwity Instnuœnt (but not paior to acceleration undel' Section 18 unless Applicable L'lW pl-ovides othelwise). The notice shall specify: (a) the default; (b) the action required to cuœ the defauJt; (c) a date, not less than 30 d..'lys from the d..'lte the notice is given to Bon-ower, by which the defauJt must be cw-ed; and (d) that failw'e to cW'e the defauJt on or befoœthe date specified in the notice may resuJt in acceleration of the swns secw-ed by this Secwity Instnuœnt and s.'lle of the Pmpeliy. 'The notice shall fw1hel' infolm Bon'Owel' of the aight to reinstate aftel' acceleration and the light to baing a cow1 action to assel1 the non-existence of a defauJt or any other defense of Bon'Ower to acceleration and sale. If the default is not cw-ed on 01' befoœ the date specified in the notice, Lender at its option may œquiœ inuœdiate paYJœl1t in full of all swns secw-ed by this Secwity Instrument without fw1hel' demand and may invoke the power of sale and any other l'emedies pennitted by Applicable Ùlw. Lendel' shall be enptled to collect all expenses incw1-ed in pw'Suing the œrœdies pmvided in tins Section 22, including, but not limited to, reasonable attomeys' fees and costs of title evidence. If Lendel' invokes the power of sale, Lender shall give notice of intent to fonrlose to Bon'Owel' and to the pel'Son in possession of the Pmpeliy, if different, in acconlance with Applicable Law. Lender shall give notice of the sale to Bon-ower in the mannet pmvided in Section 15. Lender shall publish the notice of sale, and the Pmpeliy shall be sold in the manner pl'escaibed by Applicable L'lw. Lender or its designee may pw'Chase the Pmpeliy at any sale. The pmceeds of the sale shall be applied in the following order: (a) to all expenses of the sale, including, but not limited to, reasonable attomeys' fees; (b) to all swns secuœd by this Secwity Instnuœnt; and (c) any excess to the pel'Son or pel'SOns legally entitled to it. 23. RelC41Se. UIX)ß paym:nt of all sums secured by this Security Instrurœnt, Lender shall release this Security Instrurœnt. furro\\er shall pay any recordation costs. Lender may charge furro\\ef a fee for releasing this Seeuri ty Instrurœnt, but only if the fee is paid to a third party for services rendered and the charging of the fee is permitted under Applicable Law. 24. Waivel'S. furro\\er releases and \V<Úves all rights under and by virtue of the horœst:ead exerrption lav.s of \\ýoming. furooer hUbills ,cµ\ _ ~ w(CMl\G-Sn~e Fanily-falnie M Fredáe Mac LN~ 1NSTR..MENf - Me<¡ Form 3051 1/0 . Page 12 of 14 DocMagic ~ 8()().ô49-1362 www..cbctragc.can \\y305I.rrml ~ilií¡!j;!~¡¡¡1W¡~ d).G··"O~~ V~J¡t;" "'J..fi.l !~j~ij!~~~~mf;~m 000332 BY SIGNJNG BELOW, furrov.er accepts and agrees to the term; and covenants contained in this Security Instrurrent and in any Rider executed by furrov.er and recorded with it. µLJ~(&&) ARIELD SHANE WASEM -furrov.er (Se3l ) -furrov.er (Se3l ) -furrov.er VWavll/'IG-Snale Farrily-Fannie Mae/R'eddie Mac LNFœv1INSTRJv1ENf - Mffi3 Form30511/0r Page 13 of 14 \\ý305!.nl21u (Se3l ) -furrov.er (Se3l ) -furrov.er (Se3l ) -furrov.er DocMagic ~ 800-649-1362 WWW.å:x:rraIjc.can . 09202:1.1 State of \\ýomng COtmty of LINCOLN ) . ) ss. ) 000333 The foregoing instrurrent was ackno\\oiedged before Ire by ARIEI.D SHANE WASEM, lAURIE WASEM this 10th day of JULY ·2006 Witness my hand and official se{ù. DOREnA WEBB NOTA~, PUBLIC ¡ COUNT" OF ~ STATE OF LlNÇULI~ t~ WYOMING i On1l1115510n E. ¡res Februar ·20 2010 ¡ . ~ (Seal) ~ ~ORETTA WE~B -=- Notary Public Print or Type Narnð M¥ cormission expires: 02/20/10 VWav1If\.G--Snale Farrily-Fannie MaeJR'~e Mac LNFœv1INSTR.1\11ENf - MERS Form 3051 1/0r 'Page 14 of 14 \\Y3051.1111111 t~;il~;¡;ìii¡t~¡àf;iå , ~J...t,~,~¡ "':'Hj DocMagic ~ 800-649-1362 W\o\oW. ckx:rragc. can P¡;~;'¡::~::mi::j::;;:~1 ~;;;,'jl¡~ j¡'!'Þ'~iii t j' Slli!~ó~ö!t1!M!!....