Loading...
HomeMy WebLinkAbout921831 ,{;::~~~::~ f~t ~:1;:*~~:~::;:t~::~ /(7<.+ After Recording Return To: FIRST NATIONAL BANK WEST ro rox 3110 ~~~0~~~~~4 [~ MxNe This Une For R!cordng D3ta] . RECEIVED 8/28/2006 at 4:54 PM RECEIVING # 921831 BOOK: 631 PAGE: 860 JEANNE WAGNER I LINCOLN COUNTY CLERK, KEMMERER, W( I I ! MORTGAGE MIN: 100015700071732305 DEFINITIONS Words used in multiple sections of this docurœnt are defined below and other oords are defined in Sections 3, 11, 13, 18, 20 and 21. Certain rules regarding the usageofoords used in this docurœnt are also provided in Section 16. . (A) "Security Instrument"rœans this docurœnt, Mich is dated AUGUST 23, 2006 , together with all Riders to this docurœnt. (B) ''Bon1>wer'' is LEWIS H WIILIAMS AND R07.Rf or ,m E WIILIAMS HUSBAND AND WIEE AS JOINr TENANrS Î I Borro'Wer is the rrortgagor \mder this Security Instnnrent. (q "MERS" is MOrtgage Electronic Registration System;, Inc. MERS is a separate corporation that is acting solely as a norrinæ for Lender and Lender's successors and assigns. MERS is the m0l1gagee under" this Secwity Instnunent. MERS is organized and existing under the lav.s of Delaware, and has an address and telephone nurrÌ:>er of P. 0. Box 2026, Flint, MI 48501-2026, tel. (888) 679-MERS. (0) ''lender'' is FIRST NATIONAL BANK WEST Lender is a A NATIONAL BANKING ASSCCIATION organized and existing under the lav.s of WYCMING Lender's address is 100 GREYS RIVER ROAD, ALPINE, WYCMING 83128 (E) "Note"rœans the prorriS50ry note signed by Borro'Wer and dated AUGUST 23, 2006 . The Note states that Borrov.er o~ Lender Q\JE HUNDRED FIFTY THOUSAND AND 00/100 : Dollars (0. S. $ 150, 000 . 00 ) plus interest. Borro'Wer has prorrised to pay this debt in regular Periodic Paymnts and to pay the debt in full not later than SEPTEMBER 1, 20¿1 . (F) i "Pmperty" rœans the property that is described below under the heading "Transfer of Rights in the Property. " (G) : ''Loan'' rœans the debt evidenced by the Note, plus interest, any prepaymnt charges and late charges due under the Note, and all smn; due under this Security Instnnrent, plus interest. ~ hriüæs¿¿¿ ~ VWO'v1ING-Snde Farrily-Fcmie MaelFi'edde Mac LNFŒv1INSTR.MENT - Mffi3 DocMagic ~ 800--649-1362 Form30511/0r Page 1 of14 ~d:x:tmgc.can \\)0051.tn'I11 000861 (II) ''Riders''rœms all Riders to this Security Instrurœnt that are executed by Borro\\er. The following Riders are to be executed by Borrov.er [check box as applicable]: o Adjustable Rate Rider o Balloon Rider o 1-4 Family Rider o CondominiumRider ŒI Planned Unit Developrœnt Rider o Bi~kly Paynmt Rider o Second Horre Rider o Other(s) [specify] (I) 'i\pplicable Law" rœms all controlling applicable federal, state and local statutes, regulations, ordinances and ~nistrative rules and orders (that have the effect of law) as \\ell as all applicable final, non-appealable judicial OplIllOns. (J) "Connnwùty Association Dues, Fees, and Assessrœnts"rœms all dues, fees, asse5SIœnts and other charges that are irrposed on Borro\\er or the Property by a condominium association, horœoW1ers association or similar organizatiOIl (K) ''Electronic Funds Transfer" rœms any transfer of fimds, other than a transaction originated by check, draft, or similar paper instrurœnt, \\hich is initiated through an electronic terminal, telEphonic Ì11strurœnt, coIIIJuter, or rmgnetic tape so as to order, instruct, or authorize a financial institution to debit or credit an accotmt. Such term includes, but is not limited to, point-of-sale transfers, autormted teller machine transactions, transfers initiated by telEphone, wire transfers, and autormted clearinghouse transfers. (L) ''Escrow Ite~'" rœms those item; that are described in Section 3. (M) ''Miscellaneous Pmœeds" rœms any corrpensation, settlerœnt, award of darrnges, or proceeds paid by any third party (other than insurance proceeds paid tmder the coverages described in Section 5) for: (i) darrnge to, or destruction of, the Property; (ii) condennation or other taking of all or any part of the Property; (iii) conveyance in lieu of conderrnation; or (iv) misrEpresentations of, or omissions as to, the value ancVor condition of the Property. (N) i'Mortgage Insw'3l1œ" rœms insurance protecting Lalder against the nonpaynmt of, or default on, the Lo3l1 (0) r'Per;odic Payrœnt" rœms the regularly scheduled arIDtmt due for (i) principal and interest tmder the Note, plus (ii) any arIDtmts tmder Section 3 of this Security Instrurœnt. (P) rRESPA" rœms the Rem Estate Settlerrent Procedures Act (12 U. S. C. §Z601 et seq.) and its iIIIJlerœnting regulkon, Regu1ation X (24 C.F.R Part 35(0), as they might be amnded from tirre to tirre, or any additional or succeSsor legislation or regulation Ù1at governs the ~ subject matter. As used in this Security Instrurœnt, "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 RESP A (Q) 'Successor in mterest of Borrower" rœms any party that has taken title to the Property, \\hether or not that party has assurœd Borrov.er' s obligations tmder the Note and/or this Security Instrurœnt. funme< Inmms~ Q.,J WfO\1If\G-Snae Fanily-Fænie MaeJFfedde Mac LNFmv1INSTR..MOO - MER:) Form30511/0f Page 2 of 14 DocMagic ~ 8O().ô49-1362 www..cbcrragc.can \\)'3051.= / , 9··>1.i,j"l:l 0.. ',1;", CJù 000862 TRANSFER OF RIGHTS IN THE PROPERTY This Sectnity Instrurrmt secures to Lender: (i) the repayment of the Loan, and all rene'MÙs, extensions and rrndifications of the Note; and (ii) the perfonnance of Borro\\ef' s covenants and agrærrents under this Sectnity Instrurrmt and the Note. For this purpose, Borrov.er does hereby rrortgage, grant and convey to MERS (solely as noninæ for Lender and Lender's successors and assigns) and to the successors and assigns ofMERS, with pov.er of sale, the following described property located in the COUNI'Y of LINCOIN [T of Recording Jurisdiction] [Narre of Recording Jurisdiction] wr 7 IN STAR VALLEY RANCH PLAT ""l~~~INCOIN COUNTY, WYCMING AS DESCRIBED ON THE OFFICIAL PLAT T.t:iN<.tlJF. ¡ I ,I vJllch 6m-ently has the address of , I ¡ I THAYNE I [City] ! ~ (ee\(, 350 CEDAR DRIVE [Street] JBJ ~ , \\yorning 83127 [Zip 0xIe] ("Property Address"): TOGElHER wrrn all the iß1)roverœnts now or hereafter erected on the property, and all easerrents, appurtenances, and fixtures now or hereafter a part of the property. All replaœrœnts and additions shall also be covered by this Sectnity Instrurrmt. All of the foregoing is referred to in this Security Instrurrmt as the "Property. " BorroV\ef understands and agrees that MERS holds only legal title to the interests granted by Borrov.er in this Security Instrurrmt, but, ifnecessary to coß1)ly with law or custom, MERS (as noninæ for Lender and Lender's successors and assigns) has the right: to exercise any or all of those interests, including but not linited to, the right to foreelose and sell the Property; and to take any action required of Lender including but not linited to, releasing and canceling this Sectnity Instrurrmt. BORROWER COVENANTS that BorroV\ef is la\\fully seised of the estate hereby conveyed and has the right to rrortgage, grant and convey the Property and that the Property is unencurrbered, except for encum)fances of record BorroV\ef warrants and will defend generally the title to the Property against all claim; and denmds, subj ect to any encurrbrances of record TIllS SECURITYINSlRUMENf cormines uniform covenants for national me md non-uniform covenants with linited variations by jurisdiction to constitute a uniform security instrum.;nt covering real property. UNIFORM COVENANTS. Borro\\er and Lender covenant and agræ as follo'M: 1. PaYJŒDt of Principal, Interest, Escrow Iterm, Pr-epaYJŒDt Otarges, and late Ouu"ges. Borro\\er shall pay \\hen due the principal of, and interest on, the debt evidenced by the Note and any prepayment charges and late marges due lIDder the Note. Borro\\er shall also pay ftmds for Escrow Item; plU"suant to Section 3. Payments due lIDder the Note and this Sectnity Instrurrmt shall be made in U. S. currency. Hov.ever, if any meek or other instrurœnt received by Lender as payment under the Note or this SectnityInstrurrmt is returned to Lender lIDpaid, Lender rmy require that any or all subsequent payments due under the Note and this Sectnity Instrurrmt be made in one or rrore of the following form:;, as selected by Lender: (a) cash; (b) rroney order; (c) certified meek, bank meek, treasurer's meek or cashier's meek, provided any sum meek is draM upon an institution \\hose deposits are insured by a federal,agency,instrum.;ntality, or entity; or (d) Electronic Funds Transfer. Payments are dærred received by Lender \\hen received at the location designated in the Note or at sum other location as rmy be designated by Lender in accordance with the notice provisions in Section 15. Í..a1der may return furro\\er Ini~ ~ WfC1v1Il\G--Snde Farrily-Fa1nie Mæ'R-edde Mac LNF<Rv1INSTRJv100 - M~ DocMagic ~ 8OQ-ô49-1362 Form 3051 1/0f Page 3 of 14 www.Wctmgc.cxm \\)'3051.= :7~::~(.::'~:::::::~ :::!,::!i:~:~:~:~;: ;~~~ñ}~~1~1m~ ¡:~~:~::~m t: ::~::~;~~:~;!:.; -:.;, 1}~:'~1~331 000863 ffi1y paynmt or partial paynmt if the paynmt or partial paynmts are insufficient to bring the Loan CillTent. Lender may accept any payrœnt or partial payrœnt insufficient to bring the Loan current, \\'ithout waiver of any rights hereooder or prejudice to its rights to refuse such payrœnt or partial paynmts in the future, but Lender is not obligated to apply such paynmts at the tirœ such paynmts are accepted If each Periodic Paynmt is applied as of its scheduled due date, then Lender need not pay interest on ooapplied fimds. Lender may hold such tmapplied fimds ootil Borro\\er Imkes paynmt to bring the Loan CillTent. IfBorro\\ef does not do so \\'ithin a reasonable period of tirœ, Lender shall either apply such foods or return them to Borro\\ef. If not applied ærlier, such fimds \\'ill be applied to the outstanding principal balance ooder the Note iIl'ID'IDately prior to foreclosure. No offset or claim Wlich Borro\\ef might have now or in the future against Lender shall relieve Borro\\er ITom making paynmts due ooder the Note and this Security I:nstn.nœnt or perfonning the covenants and agreerœnts secured by this Security Instrum;nt. 2. Application of PaynElts 01' Proceeds. Except as otherwise described in this Section 2, all paynmts accepted and applied by Lender shall be applied in the follo\\'ing order of priority: (a) interest due ooder the Note; (b) principal due ooder the Note; (c) arrooots due ooder Section 3. Such paynmts shall be applied to each Periodic Paym:nt in the order in Wlich it becarre due. Any remaining arrooots shall be applied first to late charges, second to any other arrooots due ooder this Security I:nstn.nœnt, and then to reduce the principal balance of the Note. If Lender receives a payrrent ITom Borro\\er for a delinquent Periodic Paynmt Wlich includes a sufficient arrooot to pay any late charge due, the paynmt may be applied to the delinquent paynmt and the late charge.' If rrore than one Periodic Paynmt is outstanding, Lender may apply any payment received ITom Borro\\er to the repaynmt of the Periodic Payrrents if, and to the extent that, each paynmt can be paid in full. To the extent that any excess exists after the paynmt is applied to the full paynmt of one or rrore Periodic Paynmts, such excess may be aPplied to any late charges due. VolootaI)' prepaynmts shall be applied first to any prepaynmt charges and then as described in the Note. i Any application of paynmts, insurance proceeds, or Miscellaneous Proceeds to principal due ooder the Note shallnot extend or postpone the due date, or change the arrooot, of the Periodic Paynmts. 13. Funds for Escrow Iterm. Borro\\er shall pay to Lender on the day Periodic Paynmts are due ooder the Not~, ootil the Note is paid in full, a sum (the "Foods") to provide for paynmt of armunts due for: (a) taxes and assessrœnts and other items Wlich can attain priority over this Security I:nstn.nœnt as a lien or encurrÌ:Jrance on the Property; (b) leasehold payments or groood rents on the Property, if any; (c) premium; for any and all insurance required by Lender ooder Section 5; and (d) Mortgage msurance premium;, if any, or any sum; payable by Borro\\ef to Lender in lieu of the paynmt of Mortgage msurance premium; in accordance \\'ith the provisions of Section 10. These items are called "Escrow Iterm." At origination or at any tirœ during the term of the Loan, Lender may require that Corrmmity Association Dues, Fees, and Assessrrents, if any, be escro~ by Borro\\ef, and such dues, fees and assessrœnts shall be an Escrow Item Borro\\er shall prorrptly furnish to Lender all notices of arrooots to be paid ooder this SectiOIl Borro\\er shall pay Lender the Foods for Escrow Iterm tmless Lender waives Borro\\er's obligation to pay the Foods for any or all Escrow Items. Lender may waive Borro\\er' sobligation to pay to Lender Foods for any or all Escrow Iterm at any tirœ. Any such waiver may only be in Vvriting In the event of such waiver, Borro\\ef shall pay directly, \\hen and \\here payable, the arrooots due for any &crow Items for Wlich paynmt of Foods has been waived by Lender and, if Lender requires, shall furnish to Lender receipts evidencing such payrœnt \\'ithin such tirœ period as Lender may require. BorrO\\ef' s obligation to Imke such paynmts and to provide receipts shall for all purposes be deerœd to be a covenant and agreerœnt contained in this Security I:nstn.nœnt, as the phrase "covenant and agreerœnt" is used in Section 9. If Borro\\ef is obligated to pay &crow Items directly, pursuant to a waiver, and Borro\\ef fails to pay the arrooot due for an Escrow Item, Lender may exercise its rights ooder Section 9 and pay such arrooot and Borro\\ef shall then be obligated ooder Section 9 to repay to Lender any such arrooot. Lender may revoke the waiver as to any or all Escrow Iterm at any tirœ by a notice given in accordance \\'ith Section 15 and, upon such revocation, Borro\\ef shall pay to Lender all Foods, and in such arrooots, that are then required ooder this Section 3. Lender may, at any tirœ, collect and hold Foods in an arrooot (a) sufficient to permit Lender to apply the Foods at the tirœ specified ooder RESP A, and (b) not to exceed the ImXÌmnn arrooot a lender can require ooder RESP A Lender shall estimate the arrooot of Foods due on the basis of current data and reasonable estimates of expenditures of future Escrow Items or otherwise in accordance \\'ith Applicable LaVl. ' Irn= Jruûd1J¿ Qj WfQv1IN3-Snde Fanily-Fænie MaeJR-edde Mac LNFœv1INSTRJv1ß\lT - MER> DocMagic ~ 8lJO.649-1362 Form 3051 1/01" Page 4 of 14 www..d:x:tmgc.can \\)'305I.mm 09:~1831. 000864 The Foods shall be held in an institution Wlose deposits are insured by a federal agency, . instrurrentali ty, or entity (including Lender, if Lender is an institution WlOse deposits are so insured) or in any Federal HaIre Loan Bank. Lender shall apply the Foods to pay the Escrow Iterm no later than the tiIre specified mder RESP A Lender shall not charge furrov.er for holding and applying the Foods, annually analyzing the escrowaccomt, or verifying the Escrow Iterm, tmless Lender pays furrov.er interest on the Foods and Applicable Lawpennits Lender to rrnke such a charge. Uùess an agreerœnt is made in writing or Applicable Law requires interest to be paid on the Foods, Lender shall not be required to pay furro~r any interest or earning; on the Foods. furro~r and Lender can agree in writing, hO\\eVer, that interest shall be paid on the Fmds. Lender shall give to Borro~r, without charge, an annual accoooting of the Foods as required by RESP A If there is a surplus of Fmds held in escrow, as defined ooder RESP A, Lender shall accooot to furrov.er for the excess fimds in accordance with RESP A If there is a shortage of Foods held in escrow, as defined ooder RESPA, Lender shall notify furrov.er as required by RESP A, and furrov.er shall pay to Lender the arromt necessary to rrnke up the shortage in accordance with RESPA, but in no rrore than 12 rronthly pay¡:œnts. If there is a deficiency of Foods held in escroVt, as defined ooder RESP A, Lender shall notify Borrov.er as required by RESP A, and Borrov.er shall pay to Lender the arrooot necessmy to rrnke up the deficiency in accordance with RESP A, but in no rrore than 12 rronthly pay¡:œnts. Upon pay¡:œnt in full of all sutn5 secured by this Security In.stnurent, Lender shall profI1Jtly refimd to Borro~r any Fmds held by Lender. 4. O1arges; Uens. Borro~r shall pay all taxes, assessrœnts, charges, fines, andilI1JOSÍtions attributable to the Property Mich can attain priority over this Security In.stnurent, leasehold pay¡:œnts or gromd rents on the Property, if any, and Community Association Dues, Fees, and AssessJ:1};Dts, if any. To the extent that these iterm are Escrow Iterm, Borro~r shall pay them in the nmner provided in Section 3. furro~r shall profI1Jtly discharge any lien Mich has priority over this Security Instrurnnt tmless &:>rrov.er: (a) agrees in writing to the pay¡:œnt of the obligation secured by the lien in a nmner acceptable to Lender, but only so long as Borrov.er is performing such agreerœnt; (b) contests the lien in good faith by, or defends against enforcem:nt of the lien in, legal procæding; Mich in Lender's opinion operate to prevent the enforceJ:1};Dt.of the lien Mile those procæding; are pending, but only ootil such procæding; are concluded; or (c) secures ITom the holder of the lien an agreement satisfactory to Lender subordinating the lien to this Security In.stnurent. If Lender detennines that any part of the Property is subject to a lien Mich can attain priority over this Security In.stnurent, Lender nny give Borrov.er a notice identifying the lien. Within 10 days of the date on Mich that notice is given, Borro~r shall satisfy the lien or take one or rrore of the actions set forth above in this Section 4. Lender mty require Borrov.er to pay a one-tiIre charge for a real estate tax verification and/or reporting service used by Lender in connection with this Loan. 5. Pt-operty Insw'3I1ce. Borro~r shall keep the ifI1JroveJ:1};Dts now existing or hereafter erected on the Property insured against loss by fire, hazards included within the term "extended coverage," and any other hazards including, but not limited to, earthquakes and floods, for vJ1ich Lender requires insurance. This insurance shall be rmintained in the arrooots (including deductible levels) and for the periods that Lender requires, \\hat Lender requires pursuant to the preceding sentences can change during the term of the Loan. The insurance carrier provi ding the insUrance shall be chosen by Borro~r subj ect to Lender's right to disapprove furro~r' s choice, vJ1ich right shall not be exercised unreasonably. Lender mty require furrov.er to pay, in connection with this Loan, either: (a) a one- tiIre tharge for flood zone determination, certification and tracking services; or (b) a one-tiIre charge for flood zone deterinination and certification servi ces and subsequent charges each tiIre remapping; or similar changes occur Mich reasonably might affect such detennination or certification. Borrov.er shall also be responsible for the pay¡:œnt of any fees il11JOsed by the Federal Errergency :Managenmt Agency in connection with the review of any flood zone determination resulting ITom an objection by Borrov.er. If Borro~r fails to mùntain any of the coverages described above, Lender mty obtain insurance coverage, at Lender's option and Borro~r' s expense. Lender is mder no obligation to purchase any particular type or arrooot of coverage. Therefore, such coverage shall cover Lender, but might or might not protect furrov.er, furro~r' 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 \VcIS previously in effect. furrov.er acknovJedges that the cost of the insurance coverage so obtained might significantly exceed the cost of insurance that furrov.er could have obtained Any áIromts disbursed furro\\el' Initi~ (JJ VWC1v1ING-Snde Farrily-Fannie MaelFfedde Mac LNFCRv1INSTRJv1S\lT - M~ DocMagic ~ 800--649-1362 Form 3051 1/01' Page 5 of 14 www.d:x:tmgc.can \\)r305I.m'm :m¡~~i!mw.~;~~l¡: 0921831 000865 by Lender lIDder this Section 5 shall becorre additional debt ofBorro\\ef secured by this Security Instrurœnt. These arrolIDts shall bear interest at the Note rate ITom the date of disburserœnt and shall be payable, mth such interest, upon notice ITom Lender to Borro\\er requesting paymnt. 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 lIDrtgage clause, and shall narre Lender as lIDrtgagee ancVor as an additional loss payee. Lender shall have the right to hold the policies and renewal certificates. If Lender requires, Borro\\ef shall prorrptly give to Lender all receipts ofpaid premiUIIE and reneVval notices. IfBorro\\ef obtains any form of insurance coverage, not othernise required by Lender, for damage to, or destruction of, the Property, such policy shall include a standard lIDrtgage clause and shall narre Lender as lIDrtgagee ancVor as an additional loss payee. In the event ofloss, Borro\\er shall give prorrpt notice to the insurance carrier and Lender. Lender may rmke proof of loss if not rmde prorrptly by Borro\\ef. Unless Lender and Borro\\ef otherv.ise agree in writing, any insurance proceeds, \\hether or not the lIDderlying insurance was required by Lender, shall be applied to restoration or repair of the Property, if the restoration or repair is 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 lIDtil Lender has had an opportunity to inspect such Property to ensure the \\Ork has been corrpleted to Lender's satisfaction, provided that such inspection shall be lIDdertaken prorrptly. Lender may disburse proceeds for the repairs and restoration in a single payrœnt or in a series of progress paymnts as the \\Ork is corrpleted. Unless an agreem:nt is rmde in writing or Applicable Law requires interest to be paid on such insurance proceeds, Lender shall not be required to pay Borro\\er any interest or earning; on such proceeds. Fees for public acljusters, or other third parties, retained by Borro\\ef shall not be paid out of the insurance proceeds and shall be the sole obligation of BorrO\\ef. If the restoration or repair is not economically feasible or Lender's security oouId be lessened, the insurance proceeds shall be applied to the SUI1I:) secured by this Security Instrurœnt, \\hether or not then due, mth the excess, if any, paid to Borro\\ef. Such insurance proceeds shall be applied in the order provided for in Section 2. If BorrO\\ef abandons the Property, Lender may file, negotiate and settle any available insurance claim and related matters. IfBorro\\er does not respond mthin 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 mIl begin \\hen the notice is given. In either event, or if Lender acquires the Property lIDder Section 22 or otherv.ise, Borro\\ef hereby assigns to Lender (a) Borro\\er's rights to any insurance proceeds in an arrolIDt not to exceed the arrolIDtS lIDpaid lIDder the Note or this Security Instrurœnt, and (b) any other ofBorro\\ef' s rights (other than the right to any refimd of lIDæmed premiUIIE paid by Borro\\er) lIDder all insurance policies covering the Property, insofar as such rights are applicable to the coverage of the Property. Lender may use the insurance proceeds either to repair or restore the Property or to pay arrolIDts unpaid lIDder the Note or this Security Instrurœnt, \\hether or not then due. 6. Occupancy. Borro\\ef shall occupy, establish, and use the Property as Borrov.er's principal residence m thin 60 days after the execution of this Security Instrurœnt and shall continue to occupy the Property as Borro\\er' s principal residence for at læst one year after the date of occupancy, tnÙ ess Lender otherv.ise agrees in writing, \\hich consent shall not be lIDfeasonably mthheld, or tnÙess extenuating cirC1.IIl1ìtances exist \\hich are beyond Borro\\er' s control. 7. Preservation, Maintenance and Protection of the Pr'Opel1y; Inspections. Borro\\er shall not destroy, damage or irrpair the Property, allow the Property to deteriorate or corrnnit waste on the Property. Whether or not Borro\\er is residing in the Property, Borro\\er shall maintain the Property in order to prevent the Property ITom deteriorating or decreasing in value due to its conditioIl Unless it is detennined pursuant to Section 5 that repair or restoration is not economically feasible, Borro\\ef shall prorrptly repair the Property if damaged to avoid further deterioration or damage. If insurance or conderrnation proceeds are paid in connection mth damage to, or the taking of, the Property, Borro\\er shall be responsible for repairing or restoring the Property only if Lender has released proceeds for such purposes. Lender may disburse proceeds for the repairs and restoration in a single payrœnt or in a series of progress paymnts as the oork is corrpleted. If the insurance or conderrnation proceeds are not sufficient to repair or restore the Property, Borro\\er is not relieved ofBorro\\ef' s obligation for the corrpletion of such repair or restoration. . I I 1¿¡;j)J I ¡ .. B)ITOV\cr fuiuals: VWav1II\G-Snde Fanily-Pcmie Mae'R'edde Mac LNFæv1INSTRJv1ENT - MER3 Form30511/0í Page 6 of 14 w DocMagic ~ 800--649-1362 www·cIoctrafic.can \\)'3051.= 0921831 000866 Lender or its agent may rmke reasonable entries upon and inspections of the Property. Ifit has reasonable cause, Lender may inspect the interior of the irrproverœnts on the Property. Lender shall give furro\\ef notice at the titre of or prior to such an interior inspection specifying such reasonable cause. 8. Bon-ower's Loan ApplicatioIL furro\\ef shall be in default if, during the Loan application process, furro\\er or any persons or entities acting at the direction offurro\\ef or wi th furro\\er' s knovJedge or consent gave rmterially false, misleading, or inaccurate information or staterœnts to Lender (or failed to provide Lender with rmterial information) in connection with the Loan. Material representations include, but are not limited to, representations concerning furro\\ef's occupancy of the Property as furro\\ef's principal residence. 9. Pr-otection of Lende.·'s Interest in the Pr-operty and Rights Under this Secwity Instnuœnt If (a) furro\\er fails to perfonn the covenants and agreem:nts contained in this Secmity Instrum:nt, (b) there is a legal proceeding that might signifi cantly affect Lender's interest in the Property and! or rights lIDder this Security Instrum:nt (such as a proceeding in bankruptcy, probate, for condermation or forfeiture, for enforcerrmt of a lien vJllch may attain priority over this Security Instrum:nt or to enforce law; or regulations), or (c) furro\\ef has abancbned the Property, then Lender may do and pay for v.hatever is reasonable or appropriate to protect Lender's interest in the Property and rights lIDder this Security Instrum:nt, incl uding 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 sum; secured by a lien vJllch has priority over this Security Instrum:nt; (b) appearing in court; and (c) paying reasonable attorneys' fees to protect its interest in the Property and! or rights lIDder this Secmity Instrum:nt, including its secured position in a bankruptcy proceeding Securing the Property includes, but is not limited to, entering the Property to rmke repairs, change locks, replace or board up doors and winclow;, drain \Vc:1ter ITom 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 cb so. It is agreed that Lender incurs no liability for not taking any or all actions authorized lIDder this Section 9. AnyarrolIDts disbursed by Lender lIDder this Section 9 shall becotre additional debt offurro\\ef secured by this Security Instrum:nt. These arrolIDts shall bear interest at the Note rate ITom the date of disbursenmt and shall be payable, with such interest, upon notice ITom Lender to furro\\ef requesting payImlt.. If this Security Instrum:nt is on a leasehold, furro\\er shall corr:ply with all the provisions of the læse. If furro\\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 Insurance. If Lender required MOrtgage Insurance as a condition of rrnking the Loan, furro\\er shall pay the premium; required to maintain the MOrtgage Insurance in effect. If, for any reason, the MOrtgage Insurance coverage required by Lender cæses to be available ITom the rrortgage insurer that previously provided such insurance and furro\\er was required to rmke separately designated payImlts toward the premium; for Mortgage Insurance, furrov.er shall pay the premium; required to obtain coverage substantially equivalent to the MOrtgage Insurance previously in effect, at a cost substantially equivalent to the cost to furro\\er of the Mortgage Insurance previously in effect, ITom an alternate rrortgage insurer selected by Lender. If substantially equivalent Mortgage Insurance coverage is not available, furro\\er shall continue to pay to Lender the arrolIDt of the separately designated payrrents that \\ere due v.hen the insurance coverage ceased to be in effect. Lender will accept, use and retain these payrrents as anon-refundable loss reserve in lieu of MOrtgage Insurance. Such loss reserve shall be non-refimdable, notwithstanding the fact that the Loan is ultirmtely paid in full, and Lender shall not be required to pay furro\\ef any interest or earning<; on such loss reserve. Lender can no longer require loss reserve payrrents if Mortgage Insurance coverage (in the arrolIDt and for the period that Lender requires) provided by an insurer selected by Lender again becorœs available, is obtained, and Lender requires separately designated payImlts toward the premium; for Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan and furrov.er was required to rmke separately designated payImlts toward the premium; for Mortgage Insurance, furro\\ef shall pay the premium; required to maintain Mortgage Insurance in effect, or to provide a non-refimdable loss reserve, lIDtil Lender's requirerœnt for MOrtgage Insurance ends in accordance with any written agreem:nt bemeen furrov.er and Lender providing for such tennination or lIDtil termination is required by Applicable Law: Nothing in this Section 10 affects Bo,rrov.er's obligation to pay interest at the rate provided in the Note. MOrtgage Insurance reirrburses Lender (or any entity that purchases the Note) for certain losses it may incur if furro\\ef does not repay the Loan as agreed. furrov.er is not a party to the MOrtgage Insuranœ. furro\\cr Jniri~ W VWO\1ll\G-Snde Farrily-Fa1nie MaelR'edde Mac U\lF<Rv1INSTRlv100 - MER) DocMagic ~ 8()().649--1362 Form 3051 1/0 r Page 7 of 14 WHo\v. cbctmgc. can \\)'3051.mm [i~Jm¡;m ~]f~~: I;¡¡:¡:¡¡¡:::i:~!!:¡::: ,,'1"1 'Ii 000867 :Mortgage insurers evaluate their total risk on all such insurance in force fÌom tiIre to tim; and may enter into agreerrmts wth other parties that share or rrodify their risk, or reduce losses. These agreerrmts are on term; and conditions that are satisfactory to the rrortgage insurer and the other party (or parties) to these agreenmts. These agreerrmts may require the rrortgage insurer to make paytrents using any source of funds that the rrortgage insurer may have available (\\hich may include funds obtained fÌom Mortgage Insurance premium;). As a result of these agreenmts, 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) armilllts that derive fÌom (or might be characterized as) a portion ofBorro\\ef' s paytrents for Mortgage Insurance, in exchange for sharing or mxlifying the rrortgage insurer's risk, or reducing losses. If such agreerrmt provides that an affiliate of Lender takes a share of the insurer's risk in exchange for a share of the premium; paid to the insurer, the arrangernnt is often tenred "captive reinsurance." Further: (a) Any such agreements will not affect the amOlmts that Bon-ower has agreed to pay fOl" Mortgage Insmance, or any other tel'Im of the Loan. Such agreements will not increase the amount Bon-ower will owe for MOI1:gage Inslll'aI1ce, and they will not entitle Borrower to any refund (b) Any such agreements will not affect the rights Bon-ower has - if any - with respect to the Mortgage Inslll'aI1ce under the Horœowners Protection Act of 1998 or any other law. These rights may include the right to r'eCeÍve certain disclosw-es, to request and obtain cancellation of the Mortgage Insm1U1ce, to have the Mortgage Insw1U1ce terminated automatically, and! or to r'eCeÍve a refund of any Mortgage Insm-ance premimm that were uneamed at the time of such cancellation or" tenninatiolL 11. Assigmœnt of Miscellaneous Pr-oceeds; Forfeitm-e. All Miscellaneous Proceeds are hereby assigned to and shall be paid to Lender. If the Property is damaged, such Miscellaneous Proceeds shall be applied to restoration or repair of the Property, if the restoration or repair is economically feasible and Lender's security is not lessened During such repair and restoration period, Lender shall have the right to hold such Miscellaneous Proceeds illltil Lender has had an opportunity to inspect such Property to ensure the v.orkhas been corrpleted to Lender's satisfaction, provided that such inspection shall be illldertaken prorrptly. Lender may pay for the repairs and restoration in a single disburseIre1t or in a series of progress paytrents as the v.ork is corrpleted Unless an agreenmt 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 emning<> on such Miscellaneous Proceeds. If the restoration or repair is not economically feasible or Lender's security v.ouId be lessened, the Miscellaneous Proceeds shall be applied to the sum; secured by this Security Instnnrent, Wlether or not then due, wth the excess, if any, paid to Borro\\ef. Such Miscellaneous Proceeds shall be applied in the order provided for in Section 2. In the event of a total taking, destruction, or loss in value of the Property, the Miscellaneous Proceeds shall be applied to the sum; secured by this Security Instnnrent, Wlether or not then due, wth 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 imrœdiately before the partial taking, destruction, or loss in value is equal to or greater than the armilllt of the sum; secured by this Security In.strum:nt imrœdiately before the partial taking, destruction, or loss in value, unless Borro\\ef and Lender otherwise agree in writing, the sum; secured by this Security Instrurœnt shall be reduced by the armunt of the Miscellaneous Proceeds rrultiplied by the folloWng fÌaction: (a) the total armunt of the sum; secured imrœdiately before the partial taking, destruction, or loss in value divided by (b) the fair market value of the Property imrœdiately before the partial taking, destruction, or loss in value. Arr¡ 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 imrœdiately before the partial taking, destruction, or loss in value is less than the armunt of the sum; secured imrœdiately before the partial taking, destruction, or loss in value, unless BorrO\\ef and Lender othemise agree in writing, the Miscellaneous Proceeds shall be applied to the sum; secured by this Security Instrurœnt Wlether or not the sum; are then due. If the Property is abandoned by Borro\\er, or if, after noti ce by Lender to Borro\\er that the Opposing Party (as defined in tbe next sentence) offers to make an award to settle a claim for damages, Borro\\er fails to respond to Lender wthin 30 days after the date the notice is given, Lender is authorized to collect and apply the Miscellaneous Procœds eiilier ;;¡:;;¿on or rE1J8ir of the Property or tD the swn; secured by this Security InStrurrrn~ w.elher Ibrro~ Initi : M VWO\1IN3-Sinae Famly-Fænie MaelR"edde Mac LNFCRv1INSTRXv1ENT - M~ DocMagic ~ 800--649-1362 Form 3051 1/0f Page 8 of 14 www.cixtmgc.can \\ý3051.mm / if O~i21831. 000868 .or nat then due. II QJposing Party" rreaI1S the third party that a\\eS Borrav-er Miscellaneous Proceeds .or the party against Mom Borrav-er has a right .of actian in regard ta Miscellaneous Proceeds. Borrav.er shall be in default if any actian .or proceeding, Mether civil .or crininal, is begun that, in Lender's judgrœnt, could result in farfeiture .of the Praperty or other rmterial irrpairrœnt .of Lender' s interest in the Property .or rights under this Security Instrunmt. Borrav.er can cure such a default and, if acceleration has occurred, reinstate as provided in Sectian 19, by causing the actian .or proceeding to be disrrissed with a ruling that, in Lender's judgrœnt, precludes farfeiture .of the Praperty .or ather material iIqJairrœnt .of Lender' s interest in the Property .or rights' under this Security Instrunmt. The proceeds .of any award .or claim far daImges that are attributable ta the irrpaiITIm.t .of Lender' s interest in the Praperty are hereby assigned and shall be paid ta Lender. AIl Miscellaneous Proceeds that are nat applied ta restaration .or repair .of the Praperty shall be applied in the .order 'provided far in Sectian 2. 12. BoITOwer Not Released; Forbearance By Lender Not a Waiver. Extension of the titre for payImlt or rmdification of arrortization of the surm secured by this Security Instrunmt granted by Lender to Borrov-er .or any SUcceSsor in Interest ofBorrov.er shall not operate to release the liability ofBorrov.er or any SUcceSsors in Interest .of Borrov.er. Lender shall not be required to cornrrence proceedings against any SUcceSsor in Interest ofBorrov-er or to refuse to extend titre for payImlt or .otherwise rmdity arrortizatian of the sums secured by this Security Instrunmt by reason of any demmd made by the original Borrov.er .or any SUcceSsors in Interest ofBorrov.er. Any farbearance by Lender in exercising any right or rerredy including, withaut linitation, Lender's acceptance of payImlts ITom third persons, entities .or SUcceSsors in Interest ofBorrov.er or in arrounts less than the arrount then due, shall not be a waiver of or preclude the exercise .of any right ouerœdy. 13. Joint and Several liability; Co-signers; Successors and Assigns Bound Borrov-er covenants and agrees that Borrov-er' s obligatians and liability shall bejoint and several. Hov.ever, any Borrov.er Ma co-signs this Security Instrunmt but does not execute the Note (a II co-signer"): (a) is co-signing this Security In.strurm1t only to rrortgage, grant and convey the co-signer's interest in the Property under the term; of this Security Instrurœnt; , (b) is not personally .obligated to pay the surm secured by this Security Instrunmt; and (c) agrees that Lender and any other Borrov.er can agree to extend, rmdity, forbear or tmke any accomrrndations with regard to the term; of this Security Instrunmt or the Note without the co-signer's consent. Subject to the provisians of Section 18, any SUcceSsor in Interest of Borrav.er 00.0 asst.nre5 Borrov.er's .obligations under this Security Instrunmt in Niting, and is approved by Lender, shall .obtain all afBorrav.er' s rights and benefits under this Security Instrunmt. Borrov.er shall not be relæsed ITomBorrav.er' s .obligations and liability under this Security Instrunmt unless Lender agrees to such release in writing. The covenants and agreerœnts of this Security Instrunmt shall bind (except as provided in Section 20) and benefit the succeSsors and assigns of Lender. 14. Loan Ouu-ges. Lender may charge Borrav.er fees far services perfaIl1'1Xl in cormection with Borrov-er's default, for the purpose of protecting Lender's interest in the Property and rights under this Security Instrunmt, including, but nat linited to, attorneys' fees, property inspection and valuation fees. In regard ta any other fees, the absence of express authority in this Security Instrunmt to charge a specific fee to Borrov-er shall not be construed as a prohibition on the charging of such fee. Lender may not charge fees that are expressly prohibi ted by this Securi ty Instrunmt .or by Applicable Law: If the Loan is subject to alawvJllch sets rnaximnnlaan charges, and that law is finally interpreted so that the interest or other laan charges collected or to be collected in cormection with the Loan exceed the permitted linits, then: (a) any such laan charge shall be reduced by the atrount necessary ta reduce the charge to the pemitted linit; and (b) any surm already collected ITam Borrav.er vJllch exceeded pemitted Ii nits Vvill be refunded to Borrav.er. Lender may choose to tmke this refund by reducing the principal 0\\00 under the Note or by making a direct payImlt to Borrov.er. If a refund reduces principal, the reduction will be treated as a partial prepayrnnt Vvithout any prepayImlt charge (Mether or not a prepayImlt charge is provided for under the Note). Borrov-er's acceptance of any such refund made by direct payImlt ta Borrov.er will constitute a waiver of any right .of actian Borrav.er night have arising aut of such .overcharge. 15. Notices. All notices given by Borrov.er or Lender in cormection with this Security Instrunmt must be in Niting.. Any notice to Borrav.er in cormection with this Security Instrunmt shall be deerœd ta have been given to Borrov.er Men mailed by first class mail or Men actually delivered ta Borrov.er's natice address if sent by ather rreaI1S. Notice to any one Borrov.er shall constitute notice to all Borrov.ers unless Appli cable Lawexpressly requires furm= hM~ W Wfavllf\G-Snde Farrily-Fænie MaelFfedde Mac LNFœv1INSTR1v1ENT - MER> DocMagic ~ 800-649-1362 Form 3051 1/01' Page 9 of 14 WW\v.å:x:tmgc.can \\)'3051.= t:~;~¡~~i~tU~~ 1}lmmmf~;¡~~ 000869 otherwise. The notice address shall be the Property Address unless Borrov.er has designated a substitute notice address by notice to Lender. Borrov.er shall prorrptly 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 lIDder this Security Instrurœnt at any one ti~. Any notice to Lender shall be given by delivering it or by mailing it by first class mail to Lender's address stated herein unless Lender has designated another address by notice to Borrov.er. Any notice in connection with this Security Instrurœnt shall not be deerred to have been given to Lender lIDtil actual.ly received by Lender. If any notice required by this Security Instrurœnt is also required lIDder Applicable Law, the Applicable Law requireImlt will satisfY the corresponding requireImlt lIDder this Security Instrurœnt. 16. Governing Law; Sevembility; Rules of Construction. This Security Instrurœnt shall be governed by federal law and the law of the jurisdiction in \\hich the Property is located. All rights and obligations contained in this Security Instrurœnt are subject to any requireIm1ts and limitations of Applicable Law: Applicable Lawrright explicitly or irrplicitly allow the parties to agree by contract or it might be silent, but such silence shall not be construed as a prohibition against agreerœnt by contract. In the event that any provision or clause of this Security Instrurœnt or the Note conflicts with Applicable La\¥, such conflict shall not affect other provisions of this Security Instrurœnt or the Note \\hich can be given effect without the conflicting provision i As used in this Security Instrurœnt: (a) oords of the masculine gender shall rre.an and include corresponding neuter .oords or oords of the feminine gender; (b) oords in the singular shall rre.an and include the plural and vice versa; and (c) the oord "may" gives sole discretion without any obligation to take any action 117. Bon'OWer's Copy. Borrov.er shall be given one copy of the Note and of this Security Instrurœnt. 18. Tmnsfer of the Property or a Beneficial Interest in Bon"Ower. As used in this Section 18, "Interest in the Property" treans 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. installImlt sales contract or escrowagreerœnt, the intent of \\hich 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 sol d or transferred (or if Borrov.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 imrediate paynmt in full of all sum:; secured by this Security Instrurœnt. Hov.ever, this option shall not be exercised by Lender if such exercise is prohibited by Applicable Law: If Lender exercises this option, Lender shall give Borrov.er notice of acceleration The notice shall provide a period of not less than 30 clays rrom the date the notice is given in accordance with Section 15 within \\hi ch Borrov.er must pay all sum:; secured by this Security Instrurœnt. IfBorrov.er fails to pay these sum:; prior to the expiration of this period, Lender may invoke any rerœdies permitted by this Security Instrurœnt without further notice or denmd on Borrov.er. 19. BoITOwer's Right to Reinstate Mter Acceleration. IfBorrov.er rœets certain conditions, Borrov.ershall have the right to have enforceImlt of this Security Instrurœnt discontinued at any ti~ prior to the earliest of: (a) five clays 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) entry of a judgrrent enforcing this Security Instrurœnt. Those conditions are that Borrov.er: (a) pays Lender all sum:; \\hich then ooul d be due lIDder this Security Instrurœnt and the Note as if no accel eration had occurred; (b) cures any default of any other covenants or agreeImlts; (c) pays all expenses incurred in enforcing this Security Instrurœnt, including, but not limited to, reasonable attorneys' fees, property inspection and valuation fees, and other fees incurred for the purpose of protecting Lender's interest in the Property and rights lIDder this Security Instrurœnt; and (d) takes such action as Lender may reasonably require to assure that Lender's interest in the Property and rights lIDder this Security Instrurœnt, and Borrov.er' s obligation to pay the sum:; secured by this Security Instrurœnt, shall continue lIDchanged. Lender may require that Borrov.er pay such reinstateIm1t sum:; and expenses in one or rrore of the following forms, as selected by Lender: (a) cash; (b) rroney order; ( c) certified check, bank check, treasurer's check or cashi er' scheck, provided any such check is draWl upon an institution \\hose deposits are insured by a federal agency, instn.JrraJ.tality or entity; or (d) Electronic FlIDds Transfer. Upon reinstateIm1t by Borrov.er, this Security 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 lIDder Section 18. furro~ fuitials~ ~ \M'OV1ll\G-Snde Farrily-Fænie MaelFredde Mac LNFœv1INSTFUv1ENT - MERS Form 3051 1/0'1' Page 10 of 14 DocMagic ~ 800-649-1362 ~rJ:x:rmgc.can \\ý3051.m>m 0:921831. 000870 20. Sale of Note; Oumge of Loan Service.; Notice of Grievance. The Note or a partial interest in the Note (together with this Security lnstrum;nt) can be sol d one or rmre tiIres without priornoti ce to Borro\\ef. A sal e night result in a change in the entity (knOWl as the "loan Servicer") that collects Periodic Payments due under the Note and this Security lnstrum;nt and perfonns other rmrtgage loan servicing obligations under the Note, this Security lnstrum;nt, 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, Borro\\ef will be given written notice of the change Wrich will state the narre and address of the new loan Servicer, the address to Wrich payments should be made and any other information RESP A require$ in connection with a notice of transfer of servicing. If the Note is sold and thereafter the loan is servi ced by a loan Servicer other than the purchaser of the Note, the rmrtgage loan servi cing obligations to Borro\\er will rem:rin with the loan Servicer or be transferred to a successor loan Servicer and are not assurœd by the Note purchaser unless otherwise provided by the Note purchaser. Neither Borro\\er nor Lender mty COIIllJÐ1ce, join, or be joined to any judicial action (as either an individual litigant or the rrerrber of a class) that arises flum the other party's actions pursuant to this Security lnstrum;nt or that alleges that the other party has breached any provision of, or any duty ovæd by reæon of, this Security lnstrum;nt, until such Borro\\ef or Lender has notified the other party (with such notice given in coI11Jliance with the requirerœnts of Section 15) of such alleged breach and afforded the other party hereto a reasonable period after the giving of such notice to take corrective actioIl If Applicable Law provides a tirre period Wrich must elapse before certain action can be taken, that tirre period will be deerœd to be reasonable for purposes of this paragraph The notice of acceleration and opportunity to cure given to Borro\\ef pursuant to Section 22 and the notice of acceleration given to Borro\\ef pursuant to Section 18 shall be dærre.d to satisfy the notice and opportunity to take corrective action provisions of this Section 20. 21. Hazardous Substances. As used in this Section 21: (a) "Hazardous Substances" are those substances defined as toxic or hazârdous substances, pollutants, or wastes by Environmental Law and the following substances: gasoline, kerosene, other flarnrrnble or toxic petroleum products, toxic pesticides and herbicide$, volatile solvents, materials containing asbestos or fOImÙdehyde, and radioactive materials; (b) "Environmental Law' rreans federal lav.s and lav.s of the jurisdiction v.here the Property is located that relate to hælth, safety or environmental protection; (c) "Environmental Oeæ.up" includes any response action, rerredial action, or rermval action, as defined in Environmental Law; and (d) an "Environmental Condition" rreans a condition that can cause, contribute to, or otherwise trigger an Environmental Oeæ.up. . . Borro\\ef shall not cause or pennit the presence, use, disposal, storage, or release of any Hazardous Substances, or threaten to release any Hazardous Substances, on or in the Property. Borro\\ef shall not do, nor allow anyone else to do, anything affecting the Property (a) that is in violation of any Environmental LaW; (b) Wrich creates an Environmental Condition, or (c) Wrich, due to the presence, use, or release of a Hazardous Substance, creates a condition that adversely affects the value of the Property. The preceding too sentences shall not apply to the presence, use, or storage on the Property of small quantitie$ of Hazardous Substances that are generally recognized to be appropriate to noImÙ residential uses and to maintenance of the Property (including, but not limited to, hazardous substances in C011S11l'1"U products). !Borro\\er shall proI11Jtly give Lender written notice of (a) any investigation, claim, demand, lawt or other action by any goveI1ll!I:21tal or regulatory agency or private party involving the Property and any Hazardous Substance or Environmental Law of Wrich Borro\\er has actual knmMedge, (b) any Environrœntal Condition, including but not limited to, any spilling, leaking, discharge, release or threat of release of any Hazardous Substance, and (c) any condition caused by the presence, use or release of a Hazardous Substance Wrich adversely affects the value of the Property. IfBorro\\ef learns, or is notified by any governrœntal or regulatory authority, or any private party, that any rermval or other rerœdiation of any Hazardous Substance affecting the Property is necessary, Borro\\ef shall proI11Jtly take all necessary rerœdial actions in accordance with Environrœntal Law Nothing herein shall create any obligation on Lender for an Environrœntal Oeæ.up. ~ IniÛalcæ QJ VWav1ll\G-Snde Farrily-Falnie MaelR'edde Mac LNFæv1II\1STR..MOO - MffiS Form30511/0r Page 11 of14 DocMagic eJ'1wurœ lJOO.649-1362 www..rk:x:rmgc.can \\ý3051.= ¡*i~:i*~:i:;ii:ktj :;:!:~~::~J;::;ili1I; O~i~1.831. 000871. NON-UNIFORM COVENANTS. Borrov,er and Lender fin-ther covenant and agree as follow;: 22. Acceleration; ReIœdies. Lender shall give notice to Bon"Ower plioI' to acceleration following Bon"OWer's breach of any covenant 01' agreetœl1t in this Secwity Instrument (but not prior to acceleration under Section 18 unless Applicable Law pl"Ovides otherwise). The notice shall specify: (a) the default; (b) the action required to CW"e the default; (c) a date, not less than 30 days fl"Om the date the notice is given to Bon"Ower, by which the default nmst be CWWj and (d) that failw"e to cure the default on or befOl"e the date specified in the notice may result in acceleration of the sums secured by this Secwity Instnnœnt and sale of the Propel1y. 1be notice shall fw1her infOlm Bol1"Ower of the tight to l-einstate after acceleration and the right to bting a court action to asseti the non-existence of a default or any other defense of Bon"Ower to acceleration and sale. H the default is not wred on or before the date specified in the notice, l.endel· at its option may require inuœdiate paynrnt in full of all sums secured by this Secwity Instrwœnt without further demand and may invoke the power of sale and any other l"emedies permitted by Applicable Law. Lender shall be entitled to collect all expenses incw1w in pW'SUÎng the reIœdies pl"Ovided in this Section 22, including, but not limited to, reasonable attorneys' fees and costs of title evidence. H Lender invokes the power of sale, Lender shall give notice of intent to foreclose to Bol1"Ower and to the person in possession of the Property, if different, in accordance with Applicable Law. Lender shall give notice of the sale to BoI1"Owel' in the manner pl"Ovided in Section 15. Lendershall publish the notice of sale, and the Pl"Opel1y shall be sold in the manner prescribed by Applicable Law. Lender or its designee may PWÙ1aSe the Pl"Opel1y at any sale. The pl"Oceeds of the sale shall be applied in the following order: (a) to all expenses of the sale, including, but not limited to, reasonable attorneys' fees; (b) to all sums secww by this Secwity Instrument; and (c) any excess to the person or persons legally entitled to it. 23. Release. Upon paynmt of all sum; secured by this Security Instrurrent, Lender shall relt>æe this Security Instrurrent. Borrov,er shall pay any recordation costs. Lender may charge Borro\\er a fee for releasing this Security Instrurrent, but only if the fee is paid to a third party for serviœ5 rendered and the charging of the fee is pennitted under Applicable La\v. 24. Waivel"S. Borrov,er releases and \VcÚves all rights under and by virtue of the horœstead exerI1JtÎon law; of\\ýoming -= hUúW~ Q VWav1It\G-Snde Fanily-Fannie MaelR'edde Mac LNF(R.A INSTRJv1ENT - Mffi3 Form 3051 1/0'1' Page 12 of 14 DocMagic ~ 800-649-1362 WW\v. clcx:trsgc. can \\y305Lmm / O~-}2183:l 000872 BY SIœING BELO\v, Borrov.er accepts and agrees to the tellTE and covenants contained in this Security Instrurrent and in any Rider executed by Borrov.er and recorded Vvith it. ~(Seäl) LEWIS H WIILIAMS .,Borrov.er RO~~~ (Sæl) -Borrov.er (Sæl) - Borrov.er (Sæl) -Borrov.er (Sæl) -Borrov.er (Sæl) -Borrov.er -.----. ¡ I II II , I WiavllN3-Snale Fanily-Falnie Mae/Freddie Mac LNFœv1INSTR.Xv1ENf - MER> Form 3051 1/0r Page 13 of 14 I ! , , DocMagic ~ 800-649-1362 www.cbctragc.can i I , ' :;::::::~~*~!:~;: : t:·:~(:::1::~::if.:,~:: fJ ~f~}'1f~¡1ìf8i~31 ;:;::1~:~::I:fflI:;¡1 :;:;::~:~~;:~::::~j 000873 State ofW)roming ) ) ss. ) County of LINCOIN The foregoing instruIrent \\æ acknowedged before Ire by LEWIS H WIILIAMS ( R07.F.T IT 1m E WILLIAMS this 23rd day of AUGUST 2006 Witness my hand and official seal. PENNY JONES .NOTARY PUBI.IC COUN1Y OF STATE 01' LINCOLN WYOMING MY COMMISSION EXPIRES SEPTEMBER 18. 2007' 0'C7)~ ¿ -- -- Nctæy ~llc PENNY JONES (Seßl) My commission expires: Print or Type Narre I i 09/18/07 I Wfav1It\G-Snde Farrily-Fcmie MaelR-edde Mac LNFæv1INSTRJv1ENr - MOO Form 30511/0f Page 14 of 14 DocMagic ~ 800-649-1362 www.cJoc:rmfic.can \\ý305 Lm'.I11 / I U~J21S31. 000874 Loan Number: 130549204 PLANNED UNIT DEVB..OPMENT RIDER TIllS PLANNED UNIT DEVELOPMENT RIDER is made this 23rd day of AUGUST, 2006 , and is incorporated into and shall be deerred to mœnd and ¡ supplerœnt the M)ftgage, Deed of Trust, or Security Deed (the "Security Instrurrent") of the sarre date, , given by the illldersigned (the "BorroY\er") to secure BorroY\er' s Note to FIRST NATIONAL BANK WEST, A NATIONAL BANKING ASSCCIATION : (the "Lender") of the saIre date and covering the Property de;cribed in the Security Instrurm1t and locatoo at: 350 CEDAR DRIVE, THAYNE, WYCMING 83127 (Pro¡:erty Address] The Property includes, but is not limited to, a parcel ofland iII1Jroved with a dY\elling, together with other such parcels and certain comrron areas and facilities, as described in COVEI:\JANTS, CONDITIONS AND RESTRICTIONS OF RECORD (the "Declaration"). The Property is a part of a planned unit developrrent knOWl as STAR VALLEY RANŒ [Narre ofP1anned llit Thvelo¡m:nt] (the "PUD"). The Property also includes Borrov-er's interest in the hOITWWlers association or equivalent entity o\M1Íng or rrnnaging the comrron areas and facilities of the PUD (the" Û\.\ners Association") and the uses, benefits and proceeds of Borrov.er' s interest. PUD COVENANIS. In addition to the covenants and agreerœnts made in the Security Instrurrent, BorroY\er and Lender further covenant and agree as follow;: A. PUD· Obligations. Borrov.er shall perform all of furroY\er' s obligations illlder the PID s Constituent fuurrents. The" Constituent fuurrents" are the (i) Declaration; (ii) articles of incorporation, trust instnnrent or any equivalent docurœnt \\hich creates the Û\.\ners Association; and (iii) any by-law; or other rules or regulations of the Û\.\ners Association. Borrov.er shall proII1Jtly pay, \\hen due, all dues and assessIrents inµ>sed pursuant to the Constituent Docurrents. B Property Insurance. So long as the Û\.\ners Association maintains, with a generally accepted insurance carrier, a "master" or "blanket" policy insuring the Property \\hich is satisfactory to Lender and \\hich provides insurance coverage in the arroilllts (including deductible levels), for the periods, and against loss by fire, hazards includoo within the term "extended coverage," and any other hazards, including, but not limited to, earthquakes and floods, for \\hich Lender requires insurance, then: (i) Lender \\aÌves the provision in Section 3 for the Periodic Paytœnt to Lender of the yearly premium installrrmts for property insurance on the Property; and (ii) BorroY\er's obligation \IDder Section 5 to maintain property insurance coverage on the Property is deenm satisfied to the extent that the requiroo coverage is provided by the Û\.\ners Association policy. Borro~r Initials:~ Q.uJ MULTlST'ATEFlD RŒR-Snde Fatril'L .. . Pcrlnie MaelR-edde Mac LNFŒv1INSTR..MENf Form 3150 1/01 Page 1 of 3 , DocMaglc ~ BO<M49-1362 ~ckx:rrsdc.can lk31:{),rid ;::~?~§~r:~:~~:i:~ ~1Z:m'_~~> e:·,;:···:·;:;;!·:::·::: '.¡'I'.·I'·O,I,'.I,.,.tll. ·"··..·..·..875 \\hat Lender requires as a condition of this \Wiver can change duririg the tenn of the loan. Borrov.er shall give Lender profilJt notice of any lapse in required property insurance coverage provided by the rrnster or blanket policy. j ¡ In the event of a distribution of property insurance proceeds in lieu of restoration or repair follo\\illg a loss to the Property, or to comrmn areas and facilities of the PUD, any proceeds payable to Borrov.er are hereby assigned and shall be paid to Lender. Lender shall apply the proceeds to the sum; secured by the Security Instrurœnt, Mether or not then due, with the excess, if any, paid to Borrov.er. II C. Public Uability Insurance. Borro'y\er shall take such actions as may be reasonable to insure that the Owners Association maintains a public liability insurance policy acceptable in form, arrnunt, and extent of coverage to Lender. I ,I D. CondelTVlation. The proceeds of any award or claim for darmges, direct or consequential, payable to Borro\\er in connection with any condeIrnation or other taking of all or any part of the Property or the comrmn areas and facilities of the PUD, or for any conveyance in lieu of condennation, are hereby assigned and shall be paid to Lender. Such proceeds shall be applied by Lender to the sum; secured by the Security Instrurœnt as provided in Section 11. E Lender' 5 Prior Consent. Borrov.er shall not, except after notice to Lender and with Lender's prior written consent, either partition or subdivide the Property or consent to: (i) the abandonrœnt or temination of the PUD, except for abandonrœnt or termination required by law in the case of substantial destruction by fire or other cæualty or in the case of a taking by condermation or eminent domain; (ii) any arœndrrent to any provision of the "Constituent DoclIIIH1ts" if the provision is for the express benefit of Lender; (iii) termination of professional managerrent and 8SSIJII1'tion of self-managerrent of the Owners Association; or (iv) any action \\hich oould have the effect of rendering the public liability insurance coverage maintained by the Owners Association unacceptable to Lender. F. Remedies. IfBorro\\er does not pay PUD dues and a5SeSSl'œl1ts Men due, then Lender may pay them Any arrnunts disbursed by Lender under this paragraph F shall becorre additional debt ofBorrov.er secured by the Security Instrurœnt. Urness Borrov.er and Lender agree to other terrrn ofpaymnt, these arrnunts shall bær interest ITom the date of disburserrent at the Note rate and shall be payable, with interest, upon notice ITom Lender to Borrov.er requesting paymnt. &rro~ Inirials4 <kJ MULTlSfATEFtD ~ŒR-Snde Farril'L _ . Fmnie MaeJR"edde Mac LNFœ\IIINSTR..MM Form 3150 1/01 Page 2 of 3 DocMsgfc ~ 800--649-1362 www;ckx:rmgc.~ lš3150,rid ,/ O~121831., 000876 BY SIGNING BELO\v, BJrrO\\ef accepts and agree; to the term; and covenants contained in this PUD Rider. ~~~Fd) · lliWIS H WILUÞMS -llirro= (Sæl) - BJrrO\\ef (Sæl) - BJrro\\ef tJ~ E WILLIAMS (Sæl) -BJrrO\\ef (Sæl) -BJrrO\\ef (Sæl) -BJrrO\\ef MLlTlSTATER.D RŒR-Snde Fan:ilL.. _ Fcnnie MaetFfedde Mac LNF<Rv1INSTR1111ENf Form 31501/01 Page 3 of 3 illlSO.rid ~lliji~~~!1ili: ;¡mfJr:~~;~j:m;: '!I~·,!.!t""!I!t::!; DocMaglc ~ EJOO.649-1362 www.cbctrsgc.can