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HomeMy WebLinkAbout876057~746505 Return To: BLOOMINGTON, MN 55435· -~' Prepared By: 1}19 DOUGLAS,, OMAHa, ~81010000 [Space Above This Line For Recording Dzl~,] MORTGAGE DEFINITIONS Words used in multiple sections of ins document are defined below and oilier words are defined in Sections 3, 1l, 13, lg, 20 and 21. Cc,rain rules regarding the usage of words used in this document are also provided in Section 16. (A) "Security Instrument" means thi'~; document, which is dated s~.pTm, m~a 1_3, :2003. , together with all Riders to this docum;i:nt. (B) "Borrower" is PAUL a. ]P~..TEIi:-SON AND MAR(]O ]PETERSON , BTJ.qBIIkND AND WI~ Borrower is the mortgagor under this: Security Instrument, (C) "Lender" is wgY,L8 FARGO <}l.,,~lV~ blORT(}AGE, INC. Lender is a CORPORATION or~'~u~zed and exis~in~ under {he 15w~ of THE STATE OF CALIFORNIA WYOMING-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 1101 VMP MORTGAGE FORMS - (800)52~-7291 Lender's address is 13.o, BOX S:~?Jr/ , DES MOINEB,, IA 503065137 Lender is the mortgagee under this Secu~rity Instrument. {D) "Note" means the promissory nel'.e :iigned by Borrower and dated S~.i?'I'E~]~R 13, a 00:1. The Note states that Borrower owes Lender ONE BUlq"DRED TWENTY TWO THOUSAIqI) FIVE ! Dollars HUNDRED AND 00,/10§ (U.S, $ ***'122,500,00 ) p.iluslinterest. Borrower has promised to pay this debt in regular Periodic Payments and to pay the debt in full no!later than OCTOSZR 01, ~.031 (E) "Property" means the Property tlmt is described below under the heading "Transfer of Rights in the Property." (13 "Loan" means the debt evidenced i3Y the Note, plus interest, any prepayment charges and late charges due under the Note, and all sums du? u~der this Security Instrument, plus interest. (G) "Riders" means all Riders to t','l:is:.Security Instrument that are executed by Borrower. The following Riders are to be executed by Borro~ier ::icheek box as applicable]: ~ Adjustable Rate Rider ?~ Cond6minium Rider [--] Second Home Rider [] Balloon Rider L_J Pl~nn~d Unit Development Rider [] I-4 Family Rider [---] VA Rider [--] Biweekly Payment Rider ~ Other(s) [specifylTAX-EXEMPT FINANCING RIDER -'- (H) "Applicable Law".means all c°:ntrolling applicable federal, state and local statutes, regulations, ordinances and administrative rules and orders (that have the effect of law) as well as all applicable final, non-appealable judicial opinions. (1) "Community Association Dues, Fees~ and Assessments" means all dues, fees, assessments and other charges that are imposed on Borrower or the Property by a condmninium association, homeowners association or similar organization. : (J) "Electronic Funds Transfer" me~ans any transfer of funds, other than a transaction originated by check, draft, or similar paper instrument, whtch is initiated through an electronic terminal, telephonic instrument, computer, or magnetic tape so as to order, instruct, or authorize a financial insttfution to debit or credit an account. Such term includes, but Is not limited to, point-of-sale transfers, automated teller machine transactions, transfers initimed by telephone, wire transfers, and automated clearinghouse transfers.. (K) "Escrow Items" means those itemrq that are described in Section (I,) "Miscellaneous Proceeds" means any compensation, settlement, award of damages, or proceeds paid by any third party (other than insuranc:e proceeds paid under the coverages described in Section 5) for: (i) damage to, or destruction of, the Prc[?erty; (ii) condemnation or other taking of all or any part of the Property; (iii) conveyance in lieu of C6ndemnation; or (iv) misrepresentations of, or omissions as to, the value and/or condition of the Prope::ty.' · (M) "Mortgage Insurance" means insurance protecting Lender against the nonpayment of, or default'on, the Loan. {N) "Periodic Payment" means the regularly scheduled amount due for (i) principal and interest under the Note; plus (il) any amounts under Sect!,on 3 of this Security Instrument. (O) "RESPA" means the Real Est, re !;ettlement Procedures Act (12 U.S.C~' Section 2601 et seq.) and its implementing regulation, Regutaticn X (24 C.F.R. Part 3500), as they might be amended from time to time,,or any additional or successor;legislation or regulation that governs the same subject matter. As used in this Security Instrument, "RESPA" refers to ali requirements and restrictions that are imposed in regard to a "federally related mortgage loan", even if the Loan does not qualify as a "federally related mortgage loan" under RESPA. (~-6[WYI toms} P.=. 2 .t ~5 Ferm 3051 1/01 (P) "Successor in Interest of Borrow means any parry that has taken title to the Property, whether or not that party has assumed Borrower IS obligations under the Note and/o/this Security Instrument. TRANSFER OF RIGHTS IN THE PROPERTY This Security Instrument secures to i~ender: (i) the repayment of the Loan, and all renewals, extensions and modifications of the Note; and (ii)i [he performance of Borrower's covenants and agreements nnder this Security Instrument and the Note, F0'Y this purpose, Borrower does hereby mortgage, grant and convey to Lender and Lender's successors anc[' assigns with power of sale, the following described proPerty located in the COUNTY of LINCOLN : [Type of Recording Jurisdiction] [Name of Recording Jurisdiction] ,, SEE ATTACHED LEGAL DESCRIPTION: THIS IS A PUl{CHASE MONEY.i:SECURITY INSTRUMEI'Tr. ' TAX STATEME/,¥fS SHOUL, D BI~;~ENT. TO: WF, LL$ FARO0 }IOME PIORT(;AOE, 'ri'q{"., P,O. BOX 5137, DES MOII,IES, IA? 503065137 Parcel ID Number: . which currently has,%he address of 656 CYIOF.~CII~:RRY RD,CO RDJ)13 [Street] ETNA [City] , Wyoming 83118 [Zip Code] ("Property Address"): TOGETHER WITH all the improvements now or hereafter erected on the'property, and all easements, appurtenances, and fixfUres now or hereafter a part of the property. All replacements and additions shall also be covered by this Security Instrument. All of the foregoing is referred to in this Security Instrument as the "Property." BORROWER COVENANTS ilhat Borrower is lawfully seised of the estate hereby conveyed and has the right to mortgage, grant and convey the Property and that the Property is unencumbered, except for encumbrances of record. Borrower warrants and will defend generally the title to the Property against all claims and demands, subject to any encumbrances of record. THIS SECURITY INSTRUMENT combines uniform covenants for national use and non-uniform covenants with limited variations b'.7 jurisdiction to constitute a uniform sd]cUrRy instrument covering real prgperty. UNIFORM COVENANTS. Bi~rroWer and Lender covenant and agree as follows: 1. Payment of Principal, L~terest, Escrow Items, Prepayment Charges~ and Late Charges. Borrower shall pay when due the !:irincipal of, and interest on, thc debt evidenced by thc Note and any prepayment charges and late chargeg-due under the Note. Borrower shall also pay funds for Escrow Items pursuant to Section 3. Payments dii~e under the Note and this Security Instrument shall be made in U.S, currency. However, if any check or other instrument received by Lender as payment trader the Note or this (~)~-6(WY} {ooosl Page 3 ot ~5 Form 3051 1101 Security Instrument is returned to L~:nder unpaid, Lender 'may require .that any or all subsequent payments due under the Note and this Securk:~' Instrument be made in one or more of the following forms, as selected by Lender: (a) cash; (b) !~/Sney order; (c) certified check, bank check, treasurer's check or cashier's check, provided any such check is drawn upon an institution whose deposits are insured by a federal agency, instrumentality, or e.n~ity; or (d) Electronic Funds Transfer. Payments are deemed received,by Lender when received at the location designated in the Note or at such other location asmay be desig~ated by Lender in accordance with the notice provisions in Section 15. Lender may return any payment or,.pv-rlial payment if the payment or partial payments are insufficient to bring the Loan current. Lender ma3'. accept any payment or partial payment insufficient to bring the Loan current, without waiver of any righ!s hereunder or prejudice to its rights to refuse such payment or partial payments In the future, but Lender J~s::not obligated to apply such payments at the time such paymen!s are accepted, If each Periodic Payment,;. is applied as of its scheduled due date, then Lender need not pay interest on unapplied funds. Lender may hold such unapplied funds until Borrower makes payment to brlng the Loan current. If Borrower does not do so within a reasonable period of time, Lender shall either apply such fimds or return them to Borrowe!',, If not applied earlier, such funds will be applied to the outstanding principal balance under the Note i~n~nediately prior to foreclosure. No offset or claim which Borrower might have now or in the future against Lender shall relieve Borrower from making payments due under the Note and this Security Instrumei:411or performing the covenants and agreements secured by this Sedurity h~strument. '2. Application of payments~ or Proceeds. Except as otherwise described in this Section 2, all payments accepted and applied by Leader shall be applied in the following order of prior.ity: (a) interest due under tile Note; (b) principal dm: under the Note; (c) amounts due under Section 3. Such payments shall be applied to each Periodic Payment in the order in Which it became due. Any remaining amounts shall be applied first to late Charges, second to any other amounts due under thts Security Instrument, and then to reduce the principal balance oLthe Note. If Lender receives a payment fi'Om Borrower for a delinquent Periodic Payment which includes a sufficient amount to pay any late cha~ge due, the payment may be applied to the delinquent payment and the late charge. If more than one PeriOdic Payment is outstanding, Lender may apply any payment received from Borrower to the repayment of the Periodic Payments if, and to the extent that, each payment can be paid in full. To the extent that any excess exists after the payment is applied to the full payment of one or more Periodic Payments, such excess may be applied to any late charges due. Voluntary prepayments shall be applied first to any prepayment cha:':ges and then as described in the Note. Any application of payments, :insurance proceeds, or Miscellaneous Proceeds to principal due under the Note shall not extend or postpor~e the due date, or change the amount, of the Periodic Payments. 3. Funds for Escrow Items. Borrower shall pay to Lender on the day Periodic Payments are due under the Note, until the Note is prJd in full, a sum (the "Funds") to provide for payment of amounts due for: (a) taxes and assessments and Other items which can attain priority over this Security Instn~ment as a lien or encumbrance on the Properly; (b) leasehold payments or ground rents on the Property, if any; (c) premiums for any and all insurani:e required by Lender under Section 5; and (d) Mortgage Insurance premiums, if any, or any sums payable by Borrower to Lender in lieu of the payment of Mortgage Insurance premiums in accordance with the provisions of Section 10. These items are called "Escrow Items." At origination or at any ti/ne during the term of the Loan, Lender. may require that Community As)oclaflon Dues, Fees, and Assessments, if any, be escrowed by BorrOwer, and such dues, fees and assessments shall be an Escrow Item. Borrower shall promptly furnish to Lender all notices of amounts to be phifl under this Section. Borrower shall pay Lender the Funds for Escrow Items unless Lender waives Borrower's obligation to pay the 'Funds for any or all Escrow Items. Lender may waive Borrower's obligation to pay to Lender Funds for any or all Escrow Items at anytime. Any such waiver may only be in writing. In the event of such walvec, Borrower shall pay directly, when and where payable, the amounts (~-6(WY) toooa~ Paaa ~ o~ ~S Form 305~ 1 l01 235 due for any Escrow Items for which [ayment of Funds has been waived by Lender and, if Lender requires, shall furnish to Lender receipts evidencing such payment within such time period as Lender may require. Borrower's obligation to make sucl;~ payments and to provide receipts shall for all purposes be deemed to be a covenant and agreement containei.t in this Security Instrument, as the phrase "covenant and agreement" is used in Section 9. If Borrower is obligated to pay Escrow Items directly, pursuant to a waiver, and Borrower fails to pay the amount due for an Escrow Item, Lender may exercise Its rights under Section 9 and pay such amount and Borrower?'3hati then be obligated under Section 9 to repay to Lender any such amount, Lender may revoke the wa!~.'ver as to any or all Escrow Items at any time by a notice given in accordance with Section 15 'and, ul*.::;,n such revocation, Borrower shall pay to Lender all Funds, and in such amounts, that are then required, :~'ander this Section 3. Lender may, at any time, coll}~}t and hold Funds in an amount (a) sufficient to permit Lender to.apply the Funds at the time specified un,~i:r RESPA, and (b) not to exceed the maximum amount a lender can require under RESPA. Lender shall esti~nate the amount of Funds due on the basis of current data and reasonable estimates of expendituri:is' of future Escrow Items or otherwise in accordance with Applicable Law. The Funds shall be held ffi"an institution whose deposits are in~ured by a federal agency, instrumentality, or entity (including Lender, if Lender is an institution whose deposits are so insured) or in any Federal Home Loan Bank. Lender shall apply the Funds to pay the Escrow Items no later than the time specified under RESPA. Lender si:ii, ill not charge Borrower for holding and applying the Funds, annually analyzing the escrow account, or vi::rifying the Escrow Items, unless Lender pays Borrower interest on the Funds and Applicable Law permitsilLender to make such a charge. Unless an agreement iS made in writing or Applicable Law requires interest m be paid on the Funds, Lender shall not be required to pay Borrower any interest or earnings on the Funds. Borrower and Lender can agree in writing, however, that interest shall be paid on the Funds. Lende:c shall give to Borrower, without charge, an annual accounting of the Funds as required by RESPA. . If there is a surplus of Fun&~ held in escrow, as defined under RESPA, Lender shall account to Borrower for the excess funds in ar;c'ordance with RESPA. If there is a shortage of Funds held In escrow, as defined under RESPA, Lender shall notify Borrower as required by RESPA~ and Borrow~er shall pay to Lender the amount necessary to make up the shortage in accordance with RESPA, but in no'more than 12 monthly payments. If there is a def.iciency of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as required by RIr}SPA, and Borrower shall pay to Lender the amount necessary to make up the deficiency in accordance with RESPA, but in no more than 12 monthly payments. Upon payment in full of all stems secured by this Security Instrument, Lender shall promptly refund to Borrower any Funds held by Leander. 4, Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines, and impositions attributable to the Property which ~:.an attain priority over this Security Instrument, leasehold payments or ground rents on the Property, if anT, and Community Association Dues, Fees, and Assessments, if any, To the extent that these items are Escrc ~, Items, Borrower shall pay them in the manner provided in Section Borrower sball promptly disc:large any lien which has priority 'over this Security Instrument unless Borrower: (a) agrees in writing to !he payment of the obligation secured by the lien in a manner acceptable to Lender, but only so long as Borrower is performing such agreement; (b) contests the lien in good faith by, or defends against enforeemeni! of the lien in, legal proceedings which, in Lender's opinion operate to pr?ertl the enl'orcement of the lief; while those proceedings are pending, 'but only until such proceedings are concluded; or (c) secures from ihe holder of the lien an agreement satisfactory to Lender subordinating the lien to this Security Instrumenl. If Lender determines that any part of the Property is subject to a lien which can attain priority over this i!;ecurity Instrument, Lender may give Borrower a notice identifying the (~-6{WYI ~ooo~ ,:i P.~, s o~ ~s Form 3051 1/01 lien. Within I0 days of the da~;e off~,,hich that notice is given, Borrower shall satisfy the lien or take one or more of the actions set forth above i~t this Section 4. Lender may require Borrowe;~; t.o pay a one-time charge t'or' a real estate tax verification and/or reporting service used by Lender in connection with this Loan. 5, Property Insurance. Borrc. wer shall keep the improvements now existing or hereafter erected on thc Property insured against loss b:i, ~ire, hazards included within the term "extended coverage," and any other hazards including, but not lip;,.it~.d to, earthquakes and floods, for which Lender requires insurance. This insurance shall be maintained inithe amounts (including deductible levels) and for the periods that Lender requires. What Lender rcquire~ pursuant to the preceding sentences can change during the term of the Loan. The insurance carrier pr0vi~ling the insurance shall be chosen by Borrower subject to Lender's right to disapprove Borrower s ch,a~ce, wh:ch right shall not be exercised unreasonably. Lender may require Borrower to pay, in conn:~cl~on with this Loan, either: (a) a one-time charge for flood' zone determination, certification and tra~::.ki~g services; or (b) a one-time charge for flood zone determination and certification services and subse:qt3ent charges each time remappings or similar changes occur which reasonably might affect such determi:nation or certification. Borrower shall also be responsible for the payment of any fees imposed by th!::' Federal Emergency Management Agency in connection with the review of any flood zone determina!!.ioc~i resulting from an objection by Borrower. If Borrower fails to maintain any of the coverages described above, Lender may obtain insurance coverage, at Lender's option and Bvrrower's expense. Lender is under no obligation to purchase any particular type or amount of coverage. Therefore, such coverage shall cover Lender, but might or might not protect Borrower, Borrower's equity in the Property, or the contents of the Propertyl against any risk, hazard or liability and might provide greater or lesser coverage than was previously in effect. Borrower acknowledges that the cost of the in~'~,~rance coverage so obtained might signific<tly exceed the cost of insurance that Borrower could have. o~tained. Any amounts disbursed by Lender under this Section 5 shall~ become additional debt of Borrowe~ s,~eured by this Security Instrument. These amounts shall bear interest at the Note rate from the date of disbursement and shall be payable, with such interest, upon notice from Lender to Borrower requesting payineixt. All insurance policies require,:t ~,y Lender and renewals of such'policies shall be subject to Lender's right to disapprove such policies, shall include a standard mortgage clause, and shall name Lender as mortgagee and/or as an additional 3:~ss payee. Lender shall have the right to hold the policies and renewal certificates. If Lender requires, Bo~:roWer shall promptly give to Lender all receipts of paid premiums and renewal notices. If Borrower obtai:t~s any form of insurance coverage, not otherwise required by Lender, for damage to, or destruction of, the Property, such policy shall include a standard mortgage clause and shall name Lender as mortgagee an,~./er as an additional loss payee. In the event of loss, Borrowe~: shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not mad.,:.· promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, any insurance proceeds~ w:aether or not the underlying insurance was required by lender, shall be applied to restoration or repair c!f ~he Property, if the restoration or repair is economically feasible and Lender's security is not lessened. Du!.~ng such repair and restoration period, Lender shall have the right to hold such insurance proceeds until U':!nder has had an opportunity to inspect such Property to ensure the work has been completed to Lende?:'s satisfaction, provided that such inspection shall be undertaken promptly. Lender may disburse pr~)ce,gds for the repairs and restoration in a single payment or in a series of progress payments as the work i~: c':~mpleted. Unless an agreement is made .in writing or Applicable Law re'quires interest to be paid on sucl.l insurance proceeds, Lender shall not be r6quired to pay Borrower any interest or earnings on such proceeds. Fees for public adjusters, or other third parties, retained by Borrower shall not be paid out of Iht insurance proceeds and shall be the sole obligation of Borrower. If the restoration or repair is not econor,:~.ically feasible or Lender's security would be lessened, the insurance proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with (~-6(WY) Iooosl P*;;. e .; la Form 3051 1/01 the excess, if any, paid to Borrower.fSuch insurance proceeds shall be applied in the order provided for in Section 2, ' ': If Borrower abandons the pr6'~ierty, Lender may file, negotiate and settle any available insurance claim and related matters. I[ BorroW'er does not respond within 30 days to a notice from Lender that the insurance carrier has offered to setti~ a claim, lhen Lender may negotiate and settle the claim. The 30-day period will begin when the notice!~i}is given. In either event, or if Lender acquires the Property under Section 22 or otherwise, Borrowei!! hereby assigns to Lender (a) Borrower's rights to any insurance proceeds in an amount not to exceei.~ the amounts unpaid under the Note or this Security Instrument, and (b) any other of Borrower's right~J.i(other than the right to any refund of unearned premiums paid by Borrower) under all insurance poli~ciies covering the Property, insofar as such rights are applicable to the coverage of the Property. Lender m:(~.y use the insurance proceeds either to repair or restore the Property or to pay mnounts unpaid under the N¢!e or this Security Instrument, whether or not then flue, 6. Occupancy, Borrower sh{~iil occupy, establish, and use the Property as Borrower's principal residence within 60 days after the i~:kecution of this Security Instrument and shall continue to occupy the Property as Borrower's principal r~'idence for at toast one year after the date of occupancy, unless Lender otherwise agrees in writing, whtctiI consent shall not be unreasonably withheld, or unless extenuating circumstances exist which are beyond Borrower's control. 7. Preservation, Maintenam!::~e and Protection of the Property; Inspections. Borrower shall not destroy, damage or impair the P~!operty, allow the Property to deteriorate or commit waste on the Property. Whether or not Borrow~i{ is residing in the Property, Borrower shall maintain the Property in order to prevent the Property fron~iifletedorating or decreasing in value due to its condition. Unless it is delermined pursuant to Section 5 ~hat repair or restoration is not economically feasible, Borrower shall promptly repair' the Property if i'(amaged to avoid further deterioration or damage. If insurance or condemnation proceeds are paid in?(connection with damage to, or the taking of, the Property, Borrower shall be responsible for repairing d't restoring the Property only If Lender has released proceeds for such purposes. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as the work is Completed If the insurance or condemnation proceeds are n~t sufticient to repair or restore the Property, E.brrower is not relieved of Borrower's obligation for the completion of such repair or restoration. Lender or its agent may mai(e reasonable entries upon and inspections of the Property. If it has reasonable cause, Lender may insp!)ct the interior of the improvements on the Property. Lender shall give Borrower notice at the time of or p?ior to such an interior inspection specifying such reasonable cause. 8. Borrower's Loan AppliCation. Borrower shall be in default if, during the Loan application process, Borrower or any person:, or entities acting at the direction of Borrower or with Borrower's knowledge or consent gave materi~'i.!ly false, misleading, or inaccurate information or statements to Lender (or failed to provide Lender with material information) in connection with the Loan. Material representations include, but are n& limited to, representations concerning Borrower's occupancy of the Property as Borrower's principal residence. 9. Protection of Lender's lWlerest In the Property and Rights Under this Security Instrument. If (a) Borrower fails to perform the ci)venants and agreements contained in this Security Instrument, (b) there is a legal proceeding that might significantly affect Lender's interest in the ProPerty and/or rights under this Security Instrument (such as a proceeding in bankruptcy, probate, fo[ condemnation or forfeiture, for enforcement of a lien whidh may attain priority over this Security InstrUment or to enforce laws or regulations), or (c) Borrower has ~}bandoned the Property, then Lender may do and pay for whatever is reasonable or appropriate to pro?~ct Lender's interest in the Property and rights under this Security Instrument, including protecting a::!dlor assessing the value of the Property, and securing and/or repairing the Property. Lender's actions cari ;: include, but are not limited to: (a) paying any sums secured hy a lien which has priority over this Security Instrument; (b) appearing in court; and (c) paying reasonable (~-G(WY) Iooo5) , rao~ ? ot '16 Form 3061 1/01 attorneys' fees to protect i~s.intereiii?in the Property and/or rights under this Security Instrument, including its secured position in a bankrupic~ proceeding. Securing the Property includes, but is not limited to, entering the Property to make repz~ii'g, change locks, replace or board up doors and windows, drain water from pipes, eliminate building or (ii~cr code violations or dangerous conditions, and have utilities turned on or off, Although Lender may take action under this Section 9, Lender does not have to do so and is not under any duty or obligation to do'sO. It is agreed that Lender incurs no liability for not taking any or all actions authorized .under this Sectitmi9. Any amounts disbursed by Lender under this Section 9 shall 'become additional debt of Borrower secured by this Security Instrume~.fI, These amounts shall bear interest at the Note rate from the date of disbursement and shall be payable:,'i'With such interest, upon notice from Lender to Borrower requesting payment. If this Security Instrument i~ On a leasehold, Borrower shall comply with all the provisions of the lease, If Borrower acquires fee title:to the Property, the leasehold and the fee title shall not merge.unless Lender agrees to the merger in writing. 10. Mortgage Insurance. If ~t~:nder required Mortgage Insurance as a condition of making the Eoan, Borrower shall pay the premiums z. ei~uired to maintain the Mortgage Insurance in effect: If, for any reason, the Mortgage Insurance coverage reCruited by Lender ceases to be available from the mortgage insurer that previously provided such insuranceiiand Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiums required to obtain coverage substantially equivalent t° the Mortgage Insurance previously in effect, at a cost substantially equivalent to the cost to Borrower of the Mortgage Insurance previously in effect, from an alternate mortgage insurer selected by Lender. If substantially equivalent Mortgage Insurance coverage is not available, Borrower shall continue tO pay to Lender the amount of the separately designated payments that were due when the insurance cov. erage ceased to be in effect. Lender will accept, use and retain these payments as a non-refundable lo~,s reserve in lieu of Mortgage Insurance. Such loss reserve shall be non-refundable, notwithstanding tLefaet that the Loan is ultimately paid in full, and Lender shall not be required to pay Borrower any int~:'eSt or earnings on such loss reserve. Lender can no longer require loss reserve payments if Mortgage Inst;~.rance coverage (in the amount and for the period that Lender requires) provided by an insurer selected ~y Lender again becomes available, ts obtained, and Lender requires separately designated payments toward the premiums for Mortgage Insurance. If Lender required Mortgage Insurance as a condition of makiiig: the Loan and Borrower was required to make separately designated payments toward the premiums f~)r': Mortgage Insurance, Borrower shall pay the premiums required to maintain Mortgage Insurance in effect, or to provide a non-refundable loss reserve, until Lender's requirement for Mortgage Insurere ends in accordance with any written agreement between Borrower and Lender providing for such termination or until termination is required by Applicable Law. Nothing in this Section 10 affects Borrower's obligation to pay interest at the rate provided in the Note. Mortgage Insurance reimburses Lender (or any entity that purchases the Note) for certain losses it may incur if Borrower does not repay the Loan as agreed, Borrower is not a party to the Mortgage Insurance, Mortgage insurers evaluate tl:,eir total risk on all such insurance in force from time to time, and may enter into agreements with other p,rdes that share or modify their risk, or reduce losses. These agreements are on terms and conditions that ate satisfactory to the mortgage insurer and the other party (or parties) to these agreements. These agreemen~ may require the mortgage insurer to make payments using any Source of funds that the mortgage insurer ~nay 'have available (which may include funds obtained from Mortgage Insurance premiums). As a result of these agreement,~, 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) amounts that derive from (or might be characterized as) a portion of Borrower's paymfnts for Mortgage Insurance, in eachange for sharing or modifying the mortgage insurer's risk, or reducing losses. If such agreement provides that an affiliate of Lender' takes a share of the insurer's risk in exchange for a share of the premiums paid to the insurer, the z,.r::angement is often termed "captive reinsurance." Further: (a) Any such agreements Will not affect the amounts that Borrower has agreed to pay for Mortgage Insurance, or any other terms of the Loan. Such agreements will not increase the amount Borrower will owe for Mortgage Insurance, and they will not entitle Borrower to any refund, (~-6IWY110o05! ; Page 8 of ~5 Form 3051 1/01 (b) Any such agreements will .not affect the rights Borrower has - if any - with r~pect to the Mortgage Insnrance under the HOmeowners Protection Act of 1998 or any other law. These rights may include the right to receiv;~ certain disclosures, to request and obtain cancellation el' the Mortgage Insurance, to have the'Mortgage Insurance terminated automatically, and/or to receive a refund of any Mortgage Insuran~6 premiums that were unearned at the time of such cancellation or termination. ;; ' 11. Assignment of Miscellakieous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned to and shall be paid to Lemter. If the Property is damaged, s!~ch 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 ~!eriod, Lender shall have the right to hold such Miscellaneous Proc .eeds until Lender has had an opportuni!¥ to inspect such Property to ensure the work has been completed to Lender's satisfaction, provided that' such inspection shall be undertaken promptly. Lender may pay fo; the repairs and restoration in a siagli~'! disbursement or in a series of progress payments as the work is completed. Unless an agreement is ~r, ade in writing or Applicable Law requires interest to be paid on such Miscellaneous Proceeds, Lender sl;)all not be required to pay Borrower any interest or earningson such Miscellaneous Proceeds. If the rest~ration or repair is not economically feasible or Lender's security would be lessened, the Miscellaneous Proi!c:eds shall be applied to the sums secured by this Security Instrument, whether or not then due, with the &...gcess, if any, paid to Borrower. Such Miscellaneous Proceeds shall be applied in the order provided for in Section 2. In the event of a total takingl destruction, or loss in value of the Property, the Miscellaneous Proceeds shall be applied to the suir, s secured by this Security Instrument, whether or not then due, with II~e excess, if any, paid to BOrrower; In the event of a Partial taking, destruction, or loss in value of the Property in which the fair market value of the Property immediately before the partial taking, destruction, or loss in value is equal to or greater than the amount of the sums secured by this Security Instrument immediately before the paJtial taking, destruction, or loss in va/tm', unless Borrower and Lender otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by the amount of the Miscellaneous Proceeds multiplied by the following fracti0a: (a) the total amount of the sums secured immediately before the partial taking, destruction, or loss ih;value divided by (b) the fair market value of the Property immediately before the partial taking, destructmn; or loss in value. Any balance shall be paid to Borrower. In the event of a partial taking, destruction, or loss in value of the Property in which {he fair market value of the Property immediately~i:efore the partial taking, destruction, or loss in value is less than the amount of the sums secured immei:iiately before the partial taking, destruction, or loss tn value, unless Borrower and Lender otherwise agiee In writing, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument: ~¢hether or not the sums are then due. If the Property is abandonei~, by Borrower, or if, after notice by Lender to Borrower that the Opposing Party (as defined in the next sentence) offers to make an award to settle a claim for damages, Borrower fails to respond to Lende~ within 30 days after the date the notice is given, Lender is authorized to collect and apply the Miscellam:aus Proceeds either to restoration or repair of the Property or to the sums secured by this Security Instri~ment, whether or not then due. "Opposing Party" means the third party that owes Borrower Miscellaneous,'Proceeds or the party against whom Borrower has a right of action in regard to Miscellaneous Proceeds. ' " Borrower shall be in default 4:!' any action or proceeding, whether civil or criminal, is begun that, In Lender's judgment, could result i;:~ forfeiture of the Property or other material Impairment of Lender's interest in the Property or rights ur;der this Security Instrument. Borrower can cure such a default and, if acceleration has occurred, reinstat~~ as provided in Section 19, by causing:the action or proceeding to be dismissed with a ruling that,.in Ix~der's judgment, precludes, forfeiture of:ihe Property or other material irhpalrment of Lender's interest in: ':he Property or rights under thts Security Instrument. The proceeds of any award or claim for damages th~,; are attributable to the impairment of Lender's interest in the Property are hereby assigned and shall be pa}.:t to Lender. All Miscellaneous Proceeds i:~t:iat are not applied to restoration or repair of the Property shall be applied in the order provided for in'Section 2. ~e-G{WY) Iooos~ ' Pao, s o~ ~ Form 3051 1101 12. Borrower Not Releasedii Forbearance By Lender Not a Waiver. Extension of the time for payment or modification of amortii:ation of the sums secured by this Security Instrument granted by Lender to Borrower or any Successor in I~:~te'i:~est of Borrower shall, not operate to release the liability of Borrower or any Successors in Interest of Bt:xrower. Lender shall not be required to commence proceedings against any Successor in Interest of Borrower or to refuse to extend time for payment or otherwise modify amortization of the sums secured by t!:fis Security Instrument by reason of any demand made by the original Borrower or any Successors in Intcre:~!t of Borrower. Any forbearance by Lender in exercising any right or remedy including, without limitatio~h Lender's acceptance of payments from third persons, entitles or Successors in Interest of Borrower'or in amounts less than the amount then due, shall not be a waiver of or preclude the exercise of any right or ~emedy. 13. Joint and Several Liability; Co-signers; Successors and Assigns Bound. Borrower covenants and agrees that Borrower's obligat~on!s and liability shall be joint and several. However, any Borrower who co-signs this Security Instrument bu~i does not execute the Note (a "co-signer"): (a) is co-signing this Security Instrument only to mortgage:', grant and convey the co-signer's interest in the Property uniter the terms of this Security Instrument (b)is not personally obligated to pay the sums secured by this Security Instrument; and (c) agrees that D::nder and any other Borrower can agree to extend, modify, forbear or make any accommodations with regard to the terms of this Security Instrument or the Note without the co-signer's consent. Subject to the provisions c,f SeCtion 18, any Successor in Interest of Borrower who assumes Borrower's obligations under this .Security Instrument in writing, and is approved by Lender, shall obtain all of Borrower's rights and benet:its under this Security Instrument. Borrower shall not be released from Borrower's obligations and liability under this Security Instrument unless Lender agrees to such release in writing. The covenants and agree;merits of this Security Instrument shall bind (except as provided in Section 20) and benefit, the success,:)r~ and assigns of Lender. 14. Loan Charges. Lender may charge Borrower fees for services performed in connection with Borrower's default, for the purpc~e 0f protecting Lender's interest in the Property and rights under this Security Instrument, including, bt~t not 'limited to, attorneys' fees, property inspection and valuation fees. In regard to any other fees, the ab imi:~e of express authority in this Security Instrument to charge a specific fee to Borrower shall not be const:ued as a prohibition on the charging of such fee. Lender may not charge fees that are expressly prohibited by this Security Instrument or by Applicable Law. If the Loan is subject to a law' w?aich sets maximum loan charges, and that law is finally interpreted so that the interest or other loan charges~ collected or to be collected in connection with the Loan exceed the permitted limits, then: (a) any su~:h :i;oan charge shall be reduced by the amount necessar~ to reduce the charge to the permitted limit; and ~.~b;; any sums already collected from Borrower which exceeded permitted limits will be refunded to Borrower. Lender may choose to make this refund by reducing the principal owed under the Note or by makinl: a direct payment to Borrower. If a refund reduces principal, the reduction will be treated as a part~:al prepayment without any prepayment charge (whether or not a prepayment charge is provided fc:r x;,ndcr the Note). Borrower's acceptance of any such refund made by direct payment to Borrower will cons~'.itute a waiver of any right of action Borrower might have arising out of such overcharge. 15. Notices. All notices given lby Borrower or Lender in connection with this Security Instrument must be in writing. Any notice to Borrower in connection with this Security Instrument shall be deemed to have been given to Borrower when mailed by first class mail or when actually delivered to Borrower's notice address if sent by other meansl Notice to any one Borrower shall constitute notice to all Borrowers unless Applicable Law expressly re:i~uires otherwise. The notice address shall be the Property Address unless Borrower has designated a substitute notice address by notice to Lender. Borrower shall promptly notify Lender of Borrower's change of address. If Lender specifies a procedure for reporting Borrower's change of address, then Borrower shall only report a change of address through that specified procedure. There may be only one designated :totice address under this Security Instrument at any one time, Any tlotice to Lender shall be given ~y (~elivering it or by mailing it by first clfiss mail to Lender's address stat.od herein unless Lender has designated another address by notice to Borrower. Any notice in connection with this Security Instrument shall not be deemed to have been gtven to Lender until actually received by Lender. If any notice required by this Security Instrument is also required under Applicable Law, the Applicable Law requit,:ment will satisfy the corresponding requirement under this Security Instrument. (~-6(WY} (ooo~) Pa~e ~o o~' ~i Form 3051 1101 requires in connection with a notice, o[ transfer of servicing. If the Note is sold and thereafter the Loan is serviced by a Loan Servicer other ihan the purchaser of the Note, the mortgage loan servicing obligations to Borrower will remain with the L~an Servicer or be transferred to a successor Loan Servicer and are not assumed by the Note purchaser unl¢:si otherwise provided by the Note purchaser. Neither Borrower nor Lender~:i[nay commence, join, or be joined to any judicial action (as either an individual litigant or the member~qf a class) that arises from the other party's actions pursuant to this Security Instrument or that alleges ,[~at the other party has breached any provision of, or any duty owed by reason of, this Security Instrument:, ~i~ntil such Borrower or Lender has notified the other party (with such notice given in compliance with th,} requirements of Section 15) of such alleged breach and afforded the other party hereto a reasonable P"e~iod after the giving of such notice to take corrective action. If Applicable Law provides a time p.i3iod which must elapse before certain action can he taken, ~at,tlme. period will be deemed to be rcasi):Sable for purposes of this paragraph. The notice of acceleraUon anti opportunity to cure given to Borr¥iwer pursuant to Section 22 and the notice of acceleration given to Borrower pursuant to Section 18 skall be deemed to sattsfy the notice and opportunity to take corrective action provisions of this Section 20~.. 21. ltazardous Substanees.:iAs used tn this Section 21: (a) "Hazardous Substances" are those substances defined as toxic or hazar'dous substances, pollutants, or wastes by Environmental Law and the following substances: gasoline, ke~Osene, other flammable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, n3~terials containing asbestos or formaldehyde, and radioactive materials; (b) "Environmental Law'` means fe~deral laws and laws of the jurisdiction where the Property is located that relate to health, safety or environmental protection; (c) "Environmental Cleanup" includes any response action, remedial action, or remov~::il action, as defined in Environmental Law; and (d) an "Envn'onmental Condition" means a condition tk!at can cause, contribute to, or otherwise trigger an Environmental Cle,mup. ;; Borrower shall not cause or r'ermit the presence, use, disposal, storage, or release of any Hazardous Substances, or threaten to release ~hy Hazardous Substances, on or in the Property. Borrower shall not do, nor allow anyone else to do, anyt!!ing affecting the Property (a) that is in violation of any Environmental Law, (b) which creates an Environmental Condition, or (c) which, due to the presence, use, or release of a Hazardous Substance, creates a cc,:adttion that adversely affects the value of the Property. The preceding two sentences shall not apply to~ihe presence, use, or storage on the Property of small quanlitles of Hazardous Substances that are generally recognized to be appropriate to normal residential uses and to maintenance of the Property (inclu'(iing, but not limited to, hazardous substances in consumer products). Borrower shall promptly giwi Lender written notice of (a) any investigation, claim, demand, lawsuit or other action by any governt~en!al or regulatory agency or private party involving the Property and any Hazardous Substance or Enviro~unental Law of which Borrower has actual knowledge, (b) any Environmental Condition, includlz'g hut not limited to, any spilling, leaking, discharge, release or threat of release of any Hazardous Substar.::e, and (c) any condition caused by the presence, use or release of a Hazardous Substance which adver~ely affects the value of the Property. If Borrower learns, or is notified by any governmental or regulator;i authority, or any private party, that aiiy removal or other remediation oT any ltazardous Substance affect;?ng the Property is necessary, Borrower shall promptly take all necessary remedial actions in accordance W~th Environmental Law. Nothing herein shall create any obligation on Lender for an Environmental Cleanup. (~:~)~-6tWY) Iooos} : Pag~ ll o~ 15 Form 3051 1/01 ¸,7 16. Governing Law; Severnb!{ity; Rules of Construction. This Security Instrument shall be governed by federal law and the law 'of the jurisdiction in which' the Property is located. All rights and obligations contained in this Sccui'ity Instrument are subject to any requirements and limitations of Applicable Law, Applicable Law might explicitly or implicitly allow the parties to agree by contract or it might be silent, but such silence shall not be construed as a prohibition against agreement by contract. In the event that any provision or claOse of this Security Instrument or the Note conflicts with Applicable Law, such conflict shall not affect Other provisions of this Security Instrument or the Note which can be given effect without the conflicting prqvision. As used in this Security Instz'ument (a) words of the masculine gender shall mean and include corresponding neuter words or wordg of the feminine gender; (b) words in the singular shall mean and include the plural and vice versa; a;a~d'?(c) the word "may" gives sole discretion without any obligation to 'take any action. ':" ' 17. Borrower's Copy. BorroW, ret ;shall be given one copy of the Note and of this Security Instrument. lB, Transfer of the Property or a Beneficial Interest in Borrower. As used in this Section 18, "Interest in the Property" means an~ !~gal or beneficial interest in the Property, including, but not limiied to, those beneficial interests transferred in abond for deed, contract for deed, installment sales contract or escrow agreement, the intent of whi!ih'is the transfer of title by Borrower at a future date to a purchaser. Ii~ all or any part of the Propcr.,?or any Interest in the Property is sold or transferred (or if Borrower is not a natural person and a benefi?:i~l interest in Borrower is sold or transferred) without Lender's prior written consent, Lender may requlirg~i immediate payment in full of all sums secured by 'this Security Instrument. However, this option.ihill not be exercised by Lender if such exercise is prohibited by Applicable Law. ':: If Lender exercises this optto~., !Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less than 30 Clays from the date the notice is given in accordance with Section 15 within which Borrower must pay ~.i1.1 sums secured by this Security Instrument. If Borrower fails to pay these sums prior to the expiration.a~f this period, Lender may invoke any remedies permitted by this Security Instrument without further:',notice or demand on Borrower, 19. Borrower's Right to R?.instate After Acceleration. If Borrower meets certain conditions, Borrower shall have the right to h'ave enforcement of this Security Instrument discontinued at any time prior to the earliest of: (a) five days b~fore sale of the Property pursuant to any power of sale contained in this Security Instrument; (b) such GL!let period as Applicable Law might specify for the termination of Borrower's right to reinstate; or (c) entry of a judgment enforcing this Security Instrument. Those conditions are that Borrower: (a):pays Lender all sums which then would be due under this Security Instrument and the Note as if no acceleration had occurred; (b) cures any default of any other covenants or agreements; (c) pays all expenses' i~,curred in enforcing this Security Instrument, including, but not limited to, reasonable attorneys' fees, property inspection and valuation fees, and other fees incurred for the purpose of protecting Lender's interest in the Property and rights under this Security Instrument; and (d) takes such action as Lender may rea~;onably require to assure that Lender's interest in the Property and rights under this S CUrlty Instrument, and Borrower s obhga{tgn to pay the sums secured by this Security Inslrument, shall continue unchanged. Lender may require that Borrower pay such reinstatement sums and expenses in one or more of the following forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, treasurer's check or cashier's check, provided any such check is drawn upon an institution whose deposits are insured by a federal agency, instrumentality or entity; or (d) Electronic Funds Transfer. Upon reinstatement by Borrower, this Security Instrument and obligations secured hereby shall remain fully effective as if nO acceleration had oceuzred. However, this right to reinstate shall not apply in the case of acceleration undo[; Section 18. 20, Sale of Note; Change of :Loan Servicer; Notice of Grievance. The Note or a partial interest in the Note (together with this Securilty?Instrument) can be sold one or more' times without prior notice to Borrower. A sale might result in ia change in the entity (known as the'"Loan Servicer") that collects Periodic Payments due under the Nnlte and this Security Instrument and performs other mortgage loan servl~cing obligations under the No'!:e, :this Security Instrument, and Applicable Law. There also might be one or more changes of the Loan SerVicer unrelated to a sale of the Note. If there is a chauge of the Loan Servicer, Borrower will be given w)'itten notice of the change which will state the name and address of the new Loan Servicer, the address tO, which payments should be made and any other information RESPA (~-6[W¥) {00051 Paga 11 ~{ 15 Form 3051 =1/01 ;. NON-UNIFORM cOvENANT~· Borrower and Lender further covenant and agree as follows: 22. Acceleration; Remedies. Lender shall give notice to BorroWer prior to acceleration following Borrower's breach of any cover~ant or agreement in this Security Instrument (but not prior to acceleration under Section 18 untess Applicable Law provides otherwise). The notice shall specify: (a) the default; fu) the action require6 to cure the default; (c) a date, not less than 30 days from the date the notice is given to Borrower, by which the default must be cured; and (d) that failure to cure the default on or before the date spec:if led in the notice may result in acceleration of the sums secured by this Security Instrument' and sale :0t~ the Property. The notice shall further inform Borrower of the right to reinstate after accelerati(~n' and the right to bring a court action to assert the non-existence of a defatflt or'any other defense of Borrower to acceleration and sale. If the default is not cured on or before the date specified in the not:ice, Lender at its option may require immediate payment In fu)! of all sums secured by this Security ?instrument without further demand and may invoke the power of sale and any other remedies permitted by Applicable Law. Lender shall be entitled to collect all expenses incurred in pursuing the remedies provided in this Section 22, including, but not limited to, reasonable attorneys' fees and costs of litle evidence. If Lender invokes the power Of sale, Lendex shall give notice of intent to foreclose to Borrower and to the person in possesslon 61' the Property, if dil%rent, In accordance with Applicable Law. Lender shall give notice of the sale to Borrower in the manner provided in Section 15. Lender shall publish the notice of sale, and t~e Property shall be sold in the manner prescrilfied by Applicable Law. Lender or its deSignee may purchase the Property at any sale. The proceeds of the sale shall be applied in the following order~ .i (a) to all expenseS of the sale, including, but not limited to, reasonable attorneys' fees;' (h) te~ all sums secured by this Security Instrument; and (c) any' exceSs to the person or persons legally entitled to it. 23. Release. Upon payment 0f~ all sums secured by this Security Instrument, Lender shall release this Security Instrument. Borrower shall pay any recordation costs. Lender may charge Borrower a fee for releasing this Security InStrument, 'but only if the fee is paid to a third party for services r~ndered and the charging of the fee is permitted un,:fer APplicable l.aw. 24. Waivers. Borrower releases and waives all rights under and by virtue of the homestead exemption laws of wyoming, (~6{WY) {ooqS) Page '13 o~ 15 Form 3051 1101 BY SIGNING BELOW, .Borrower accepts and agrees to the terms and covenants contained in Security Instrument and in any Ridei' executed by Borrower and recorded with it. Witnesses: [ PAUL J. PETERSON -Borrower '; (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Borrower -Bo.ow:l' (Seal) (Seal) -Borrower -Borrower (~6(WYI 1ooo51 P~g. 14 of ~s Form 3051 1/01 STATE OF WYOMING, LINCOL~r County ss: The foregoing instrument was ~:~cknowledged before me this SEPTEMBER 13, 2001 by PAUL J. PETERSON AND MARGO PETERSON Alq'D i · Inhials: (~II~-6G{WY) {ooo5) I~a~ ~5 011~ Form 3051 TEFR-0233 TAX-EXEMPT FINANCING RIDER FHA Case No, THIS TAX-EXEMPT FINANCING RIDER is made this13TH day of I~EPTEMBER 2001 , and is incorporated ~to ~d shall be deemed to ~end ~d supplement the Mortgage, Deed of Tn~st or Security Deed . ("Security Instrument') of the same date given by the undersigned CBorrower') to secure Bo~rower's.N0te CNote') to~hB~ ~OO ~O~ ~OR~O~, I~C. C~nder") of the s~e date and covering the Property described in the Security Instrument and located at: g56 CHOKECHERRY RD,CO RDll3, ETNA, ~ 83118 [Property Address] ADDITIONAl, COVENANTS. In addition to the covenants and agreements made in the Security Instrument, Borrower and Lender further covenant and agree to amend Paragraph 9 of the Security Instrument, entitled "Grounds for Acceleration of Debt," by adding additional grounds for acceleration as follows: Lender, or such of its successors, or assigns as may by separate instrument assume respbnsibility for assuring compliance by thc Borrower with the provisions of this Tax-Exempt Financing Rider, may require immediate p~.yment in full o'l' all sums secured by this Security Instrument if: (a) All or part of the Property is sold or otherwise transferred by Borrower to a purchaser or other transferee: (i) Who cannoi., r,~.asonably be expected to occupy the Property as a principal reffWence within a reasonable time after the sale or transfer, all as provided in Sectioe~ la3(c) and (i)(2) of the Internal Revenue Code; or (ii) Who has. hMa present ownership interest in a principal residence during any part of the three-year period ending on the date of the sale or transfer, all as provided in Section 143(d) and (i)(2) of the Internal Revenue Code (e×ce~t that '100 percent" shall be substituted for "95 percent or more" whe:'e the latter appears in Section 143(d)(1)); or FtIA Multi.state Tax-Exempt Financing l~de~ - 10195 (iii) At an acqui:sition cost which is greater than 90 percent of the average area purchase price (greater than 110 percent for targeted area residences); all as l.!rovided in Section 143(e) and (i)(2) of the Internal Revenue Code: or (iv) Who has a geoss family income in excess of the applicable median family income as ~!rovided in Section 143(0 and 0)(2) of the Internal Revenue Code; or (b) Borrower fails to o,:cupy the Property described in the Security Instrument without prior written cor;.sent of Lender or its successors or assigns described at the beginning of this Tax-Ex!;mpt Financing Rider. or (c) Borrower omits or misrepresents a fact that is material with respect to the provisions of Section 143of the Internal Revenue Code in an application for the loan secured by this Security I.;3strument. References are to the Internal ;~evenue Code as amended and in effect on the date of issuance of bonds, thc proceeds of which ,))ill be used to finance the purchase of the Security Instrument and are deemed to include the implementing regulations. BY SIGNING BELOW. Borf'~3wer accepts and agrees to the terms and covenantS'contained tn this Tax-Exempt Financing Rider. ~'__ (Seal) (Seal) PAUL J. ~:ET~ERSO~ -Borrower MAR~0 P~ERSON -Borrower -Borrower -Borrower (~SBIU (970§) Page 2 of 2 LEGAL DESCRIPTION A PORTION OF TI'IF, PROPERTY REFERRED TO IN THE DEED RECORDE IN BOOK 77PR ON PAGE 6~1 WITHIN TltE NWI/4NEI/4 OF SECTION 23, T35N RIIgW OF THE 6TM P.M., LINCOLN COUNTY, WYOMING BEING MORE PARTICUALRLY DESCRIBED AS FOLLOWS: BEGINNING AT AN iIRON PIPE SET ATA POINT IN TIlE NORTtt LINE OF SAID NWI/4NEI/4 SAID POINT BEING 782.45 FEET, S 89 DEGREE 04'23" E ALONG SAID NORTII LINE FROM TIlE BLM TYPE MONUMENT MARKING TIlE MARLOWE A. SCHERBEL PLS 5368 1992 LOCATION FOR THE ~A CORNER . BETWEEN SECTIONS 14 AN, D SECTION 23 (I/4Si4/23); TItENCE S 89 DEGREES 04'23" E, CONTINUING ALONG SAID NORTH LINE, 313.07 FEET TO A COTTON GIN SPIKE SET AT A POINT IN THE CENTER LINE OF EAST SIDE CANAL; T[IENCE SOUTIIEASTERL¥, ALONG SAID CENTER LINE, TO SPIKE SET TIlE FOLLOWING: S 02 DEGREES 29'0~'i? E, 14,86 FEET; S 14 DEGREES 05'40" E, 45.42 FEEl'; S 06 DEGREES 22'3'/!~' E, 120.65 FEET; S 02 DEGREES 42'39" E, 82,01 FEET; ri'HENCE WEST 342.15 FEIZ~? TO AN IRON PIPE SET; TIIENCE NORTIt 265.74 FE~i:iT TO THE POINT OF BEGINNING,