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HomeMy WebLinkAbout923112 ;;!;..f!r~ mE,·' ¡',",'.- .','. ';_:',t'1 I, <-it After Recording Return To: COUNTRYWIDE HOME LOANS, INC. MS SV-79 DOCUMENT PROCESSING P.O. Box 10423 Van Nuys, CA 91410-0423 Prepared By: JILL HOVAT 00006~ RECEIVED 10/5/2006 at 4:25 PM RECEIVING # 923112 BOOK: 636 PAGE: 66 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY [Splice Above TIús Liue For RecordioC Data] 6010616074SMG 00014342424309006 [Doc ID 'J [Escrow/Closing 'J MORTGAGE MrnN1000157-0007347955-8 DEFINITIONS Words used in multiple sections of this document are defmed below and other words are defined in Sections 3, 11, 13, 18, 20 and 21. Certain rules regarding the usage of words used in this document are also provided in Section 16. (A) "Security IDstrument" means this document. which is dated SEPTEMBER 29, 2006 ,together with aU Riders to this document. (B) "Borrower" is JEREMY R JOHNSON, AND ALICIA D JOHNSON Husband and wife /,1 Borrower is the mortgagor under this Security Instrument. (C) "MERS" is Mortgage Electronic Registration Systems, Inc. MERS is a separate corporation that is acting solely as a nominee for Lender and Lender's successors and assigns. MERS is the mortgagee under this Security IDstrument. MERS is organized and existing under the laws of Delaware, and has an address and telephone number of P.O. Box 2026, Flint, MI 48501-2026, tel. (888) 679-MERS. (D) "Lender" is COUNTRYWIDE HOME LOANS, INC. Lender is a CORPORATION organized' and existing under the laws of NEW YORK Lender's address is 4500 Park Granada MSNi SVB-314, Calabasas, CA 91302-1613 (E) "Note" means the promissory note signed by BOD'Ower and dated SEPTEMBER 29, 2006 . The Note states that Borrower owes Lender ONE HUNDRED NINETY SEVEN THOUSAND SIX HUNDRED and 00/100 Dollars (U.S. $ 197, 600.00 ) plus interest. Borrower has proßÚsed to pay this debt in regular Periodic Payments and to pay the debt in full not later than OCTOBER 01, 2036 (F) "Property" means the property that is described below under the heading "Transfer of Rights in the Property. " WYOMING-Single Family-Fannie MaelFreddle Mac UNIFORM INSTRUMENT WITH MERS Page 1 of 11 CIt -8A(WY} (0005) CHL (08/05)(d) VMP Mortgage Solutions, Inc. (800)521-7291 CONVNA Form 3051 1/01 1111111 * 2 3 991 * 111111111111111111111 * 1 434 2 4 243 0 0 0 0 0 2 0 0 6 A * ~)9Z311.Z ;()00067 DOC ID #: 00014342424309006 (G) "Loan" means the debt evidenced by the Note, plus interest, any prepayment charges and late charges due under the Note, and all sums due Wider this Security Instrument, plus interest. ¡, "Riders" means all Riders to this Security Instrument that are executed by Borrower. The following Ri ers are tí executed by Borrower [check box as applicable]: , A~table Rate Rider D Condominium Rider D Second Home Rider Balloon Rider D Planned Unit Development Rider D 1-4 Family Rider D VA Rider D Biweekly Payment Rider D Other(s) [specify] (I) "Applicable Law" means all controlling applicable federal, state and local statutes, regulations, ordinances and administrative rules and orders (that have the effect of law) as well as all applicable fmal, non-appealable judicial opinions. (J) "Community Association Dues, Fees, and Assessments" means all dues, fees, assessments and other charges that are imposed on Borrower or the Property by a condominium association, homeowners association or similar organization. (K) "Electronic Funds Transfer" means any transfer of funds, other than a transaction originated by check, draft, or similar paper instrument, which is initiated through an electronic tenninal, telephonic instrument, computer, or magnetic tape so as to order, instruct, or authorize a financial institution to debit or credit an accoWit. Such tenn includes, but is not limited to, point-of-sale transfers, automated teller machine transactions, transfers initiated by telephone, wire transfers, and automated clearinghouse transfers. . (L) "Escrow Items" means those items that are described in Section 3. (M) "MiscelJaneons Proceeds" means any compensation, settlement, award of damages, or proceeds paid by any third party (other than insurance proceeds paid Wider the coverages described in Section 5) for: (i) damage to, or destruction of, the Property; (ii) condemnation or other taking of all or any part of the Property; (iii) conveyance in lieu of condemnation; or (iv) misrepresentations of, or omissions as to, the value and/or condition of the Property. (N) "Mortgage Insurance" means insurance protecting Lender against the nonpayment of, or default on, the Loan. (0) "Periodic Payment" means the regularly scheduled amoWit due for (i) principal and interest Wider the Note, plus (ii) any aDlOWitS Wider Section 3 of this Security Instrument. (P) "RESPA" means the Real Estate Settlement Procedures Act (12 U.S.C. Section 2601 et seq.) and its implementing regulation, Regulation X (24 C.F.R. Part 35(0), 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 all 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" Wider RESPA. (Q) "Successor in Interest of Borrower" means any party that has taken title to the Property, whether or not that party has assumed Borrower's obligations Wider the Note and/or this Security Instrument. TRANSFER OF RIGHTS IN THE PROPERTY This Security Instrument secures to Lender: (i) the repayment of the Loan, and all renewals, extensions and modifications of the Note; and (ii) the perfonnance of Borrower's covenants and agreements Wider this Security Instrument and the Note. For this purpose, BOlYower does hereby mortgage, grant and convey to MERS (solely as nominee for Lender and Lender's successors and assigns) and to the successors and assigns of MERS, with power of sale, the following described property located in the . COUNTY of LINCOLN (Type of Recording Jurisdiction) [Name of Recording Jurisdiction) SEE EXHIBIT "A" ATTACHED HERETO AND MADE A PART HEREOF. Parcel ID Number: 12 - 2116 -14 -4 - 0 7 - 0 39 . 00 which currently has the address of 301 QUARTZ STREET, KEMMERER [Stn:etlCity) Wyoming 83101- 3 0 51 ("Property Address"): [Zip Code) at -6A(WY) (0005) CHL (08105) Page 2 of 11 Form 3051 1/01 ;:~t~i~~;ili~~~~: œm;Jfi!~till¡illf~'~ ;:'":Î If¡;;~::':'~Nt:",;:, :.:I:.;"i:,:.:,5111,' 09Z3112 00006B DOC 1D #: 00014342424309006 TOGETHER WITH all the improvements now or hereafter erected on the property, and all easemenL~, appurtenance.~, and fIXtures 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 understands and agrees that MERS holds only legal title to the interests granted by Borrower in this Security Instrument, but, if necessary to comply with law or custom, MERS (as nominee for Lender and Lender's successors and assigns) has the right: to exercise any or all of those interests, including, but not limited to, the right to foreclose and sell the Property; and to take any action required of Lender including, but not limited to, releasing and canceling this Security Instrument. BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has the right to mortgage, grant and convey the Property and that the Property îs 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. TIllS SECURITY INSTRUMENT combines unifonn covenants for national use and non-unifonn covenants with limited variations by jurisdiction to constitute a unifonn security instrument covering real property . UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 1. Payment of Principal, Interest, Escrow Items, Prepayment Charges, and Late Charges. Borrower shall pay when due the principal of, and interest on, the debt evidenced by the Note and any prepayment charges and late charges due under the Note. Borrower shall also pay funds for Escrow Items pursuant to Section 3. Payments due under the Note and this Security Instrument shall be made in U.S. currency. However, if any check or other instrument received by Lender as payment under the Note or this. Security Instrument is returned to Lender unpaid, Lender may require that any or all subsequent payments due under the Note and this Security Instrument be made in one or more of the following fonns, as selectèd 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. Payments are deemed received by Lender when received at the location designated in the Note or at such other location as may be designated by Lender in accordance with the notice provisions in Section 15. Lender may return any payment or partial payment if the payment or partial payments are insufficient to bring the Loan current. Lender may accept any payment or partial payment insufficient to bring the Loan current, without waiver of any rights hereunder or prejudice to its rights to refuse such payment or partial payments in the future, but Lender is not obligated to apply such payments at the time such payments 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 bring the Loan current. If Borrower does not do so within a reasonable period of time, Lender shall either apply such funds or return them to Borrower. If not applied earlier, such funds will be applied to the outstanding principal balance under the Note immediately prior to foreclosure. No offset or claim which Borrower might have now or in the future against Lender shall relieve BOITower from making payments due under the Note and this Security Instrument or performing the covenants and agreements secured by this Security Instrument. 2. Application of Payments or Proceeds. Except as otherwise described in this Section 2, all payments accepted and applied by Lender shall be applied in the following order of priority: (a) interest due under the Note; (b) principal due 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 this Security Instrument, and then to reduce the principal balance of the Note. If 4nder receives a payment from Borrower for a delinquent Periodic Payment which includes a sufficient amount to pay any late charge due, the payment may be applied to the delinquent payment and the late charge. If more than one Periodic Payment is outstanding, Lender may apply any payment received from Borrower to the repayment 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 charges and then as described in the Note. Any application of payment~, insurance proceeds, or Miscellaneous Proceed~ to principal due under the Note shall not extend or postpone the due date, or change the amount, of the Periodic Payments. 3. Funds for Escrow Items. BOlTOwer shall pay to Lender on the day Periodic Payments are due under the Note, until the Note is paid in full, a sum (the "Funds") to provide for payment of amounts due for: (a) taxes and assessments and other items which can attain priority over this Security Instrument as a lien or encumbrance on the Property; (b) leasehold payments or ground rents on the Property, if any; (c) premiums for any and all insurance required by Lender under Section 5; and (d) Mortgage Insurance premiums, if any, or any sums 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 time during the term of the Loan, Lender may require that Community Association 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 paid under this Section. Borrower shall pay Lender the Funds for Escrow Items unless Lender waives BOITower'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 q -6A(WY} (0005) CHL (08/05) Page 3 of 11 Form 3051 1/01 U9231~~ 000069 DOC ID t: 00014342424309006 Items at any time. Any such waiver may only be in writing. In the event of such waiver, Borrower shall pay directly, when and where payable, the amounts due for any Escrow Items for which payment 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 such payments and to provide receipts shall for all purposes be deemed to be a covenant and agreement contained 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 shall then be obligated under Section 9 to repay to Lender any such amount. Lender may revoke the waiver as to any or all Escrow Items at any time by a notice given in accordance with Section 15 and, upon such revocation, Borrower shall pay to Lender all Funds, and in such amounts, that are then required under this Section 3. Lender may, at any time, collect and hold Funds in an amount (a) sufficient to permit Lender to apply the Funds at the time specified under RESP A, and (b) not to exceed the maximum amount a lender can require under RESP A. Lender shall estimate the amount of Funds due on the basis of current data and reasonable estimates of expenditures of future Escrow Items or otherwise in accordance with Applicable Law. The Funds shall be held in an institution whose deposits are insured 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 RESP A. Lender shall not charge Borrower for holding and applying the Funds, annually analyzing the escrow account, or verifying the Escrow Items, unless Lender pays Borrower interest on the Funds and Applicable Law permits Lender to make such a charge. Unless an agreement is made in writing or Applicltble Law requires interest to 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. Lender shall give to Borrower, without charge, an annual accounting of the Funds as required by RESPA. If there is a surplus of Funds held in escrow, as defined under RESPA, Lender shall account to Borrower for the excess funds in accordance with RESP A. If there is a shortage of Funds held in escrow, as defmed under RESP A, Lender shall notify Borrower as required by RESP A, and Borrower 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 deficiency of Funds held in escrow, as defmed under RESPA, Lender shall notify Borrower as required by RESP A, and Borrower shall pay to Lender the amount necessary to make up the deficiency in accordance with RESP A, but in no more than 12 monthly payments. Upon payment in full of all sums secured by this Security Instrument, Lender shall promptly refund to Borrower any Funds held by Lender. 4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fmes, and impositions attributable to the Property which can attain priority over this Security Instmment, leasehold payments or ground rents on the Property, if any, and Community Association Dues, Fees, and Assessments, if any. To the extent that these items are Escrow Items, Borrower shall pay them in the manner provided in Section 3. Borrower shall promptly discharge any lien which has priority over this Security Instmment unless Borrower: (a) agrees in writing to the 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 enforcement of the lien in, legal proceedings which in Lender's opinion operate to prevent the enforcement of the lien while those proceedings are pending, but only until such proceedings are concluded; or (c) secures from the holder of the lien an agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender detennines that any part of the Property is subject to a lien which can attain priority over this Security Instmment, Lender may give Borrower a notice identifying the lien. Within 10 days of the date on which that notice is given, Borrower shall satisfy the lien or take one or more of the actions set forth above in this Section 4. Lender may require Borrower to pay a one-time charge for a real estate tax verification and/or reporting service used by Lender in connection with this Loan. 5. Property Insurance. Borrower shall keep the improvements now existing or· hereafter erected on the Property insured against loss by fire, hazards included within the tenn "extended coverage," and any other hazards including, but not limited to, earthquakes and floods, for which Lender requires insurance. This insurance shall be maintained in the amounts (including deductible levels) and for the periods that Lendererequires. What Lender requires pursuant to the preceding sentences can change during the tenn of the Loan. The insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's right to disapprove Borrower's choice, which right shall not be exercised unreasonably. Lender may require Borrower to pay, in connection with this Loan, either: (a) a one-time charge for flood wne determination, certification and tracking services; or (b) a one-time charge for flood zone determination and certification services and subsequent charges each time remappings or sinúlar changes occur which reasonably might affect such detennination or certification. Borrower shall also be responsible for the payment of any fees imposed by the Federal Emergency Management Agency in connection with the review of any flood zone determination 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 Borrower'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 Property, against any risk, hazard Gt -6A(WY) (0005) CHL (08105) Page 4 of 11 Form 3051 1/01 :~mt~~lillili~ f:fi:;;f;W~~fiIW;"fi; ¡~;~:~:::~:~.~:: ~< ~:.:.... ,'t' I 000070 ~192.Jl:i;~ DOC ID i: 00014342424309006 or liability and might provide greater or lesser coverage than was previously in effect. BOD'Ower acknowledges that the cost of the insurance coverage so obtained might significantly exceed the cost of insurance that BOD'Ower could have obtained. Any amounts disbursed by Lender under this Section 5 shall become additional debt of BOD'Ower secured by this Security Instrument. These amounts shall bear interest at the Note rate from the date of disbursement and shall be payable, with such interest, upon notice from Lender to BOD'Ower requesting payment. 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 mortgage clause, and shall name Lender as mortgagee and/or as an additional loss payee. Lender shall have the right to hold the policies and renewal certificates. If Lender requires, Borrower shall promptly give to Lender all receipts of paid premiums and renewal notices. If BOD'Ower obtains any fonn 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 and/or as an additional loss payee. In the event of loss, BOD'Ower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by BOD'Ower. Unless Lender and BOD'Ower otherwise agree in writing, any insurance proceeds, whether or not the underlying 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 until Lender has had an opportunity 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 disburse proceeds for the repairs and restoration in a single payment or in a series of progress nayments as the work is completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such insurance proceeds, Lender shall not be required to pay BOD'Ower any interest or earnings on such proceeds. Fees for public adjusters, or other third parties, retained by BOD'Ower shall not be paid out of the insurance proceeds and shall be the sole obligation of Borrower. If the restoration or repair is not economically 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 the excess, if any, paid to BOD'Ower. Such insurance proceeds shall be applied in the order provided for in Section 2. If Borrower abandons the Property, Lender may me, negotiate and settle any available insurance claim and related matters. If Borrower does not respond within 30 days to a notice from Lender that the insurance carrier has offered to settle a claim, then Lender may negotiate and settle the claim. The 30-day period will begin when the notice is given. In either event, or if Lender acquires the Property under Section 22 or otherwise, Borrower hereby assigns to Lender (a) Borrower's rights to any insurance proceeds in an amount not to exceed the amounts unpaid under the Note or this Security Instrument, and (b) any other of Borrower's rights (other than the right to any refund of unearned premiums paid by Borrower) under 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 amounts unpaid under the Note or this Security Instrument, whether or not then due. 6. Occupancy. BOII'Ower shall occupy, establish, and use the Property as Borrower's principal residence within 60 days after the execution of this Security Instrument and shall continue to occupy the Property as Borrower's principal residence for at least one year after the date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be unreasonably withheld, or unless extenuating circumstances exist which are beyond Borrower's control. 7. Preservation, Maintenance and Protection of the Property; Inspections. Borrower shall not destroy, damage or impair the Property, allow the Property to deteriorate or commit waste on the Property. Whether or not Borrower is residing in the Property, Borrower shall maintain the Property in order to prevent the ProperÌy from deteriorating or decreasing in value due to its condition. Unless it is detennined pursuant to Section 5 that repair or restoration is not economically feasible, Borrower shall promptly repair the Property if damaged 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 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 payment or in a series of progress payments as the work: is completed. If the insurance or condemnation proceeds are not sufficient to repair or restore the Property, Borrower is not relieved of Borrower's obligation for the completion of such repair or restoration. Lender or its agent may make reasonable entries upon and inspections of the Property. If it has reasonable cause, Lender may inspect the interior of the improvements on the Property. Lender shall give Borrower notice at the time of or prior to such an interior inspection specifying such reasonable cause. 8. Borrower's Loan Application. Borrower shall be in default if, during the Loan application process, Borrower or any persons or entities acting at the direction of Borrower or with Borrower's knowledge or consent gave materially false, misleading, or inaccurate infonnation or statements to Lender (or failed to provide Lender with material infonnation) in connection with the Loan. Material representations include, but are not limited to, representations concerning Borrower's occupancy of the Property as BOII'Ower's principal residence. CIt -6A(WY) (0005) CHL (08105) Page 5 of 11 Form 3051 1/01 [~"""'';'':2' '..·,,,,·,'N',~>;"i!"~\ ~~~;1~;;k~~;¡:~r.::r:~: -'.: (f)9Z311iqp07.~ DOC 1D t: 00014342424309006 (b) Any such agreements will not affect the rights Borrower has - if any - with respect to the Mortgage Insurance under the Homeowners Protection Act of 199fJ or any other Jaw. These rights may include the right to receive certain disclosures, to request and obtain cancellation of the Mortgage Insurance, to have the Mortgage Insurance terminated automatically, and/or to receive a refund of any Mortgage Insurance premiums that were unearned at the time of such cancellation or termination. 11. Assignment of Miscellaneous Proceeds; Foñeiture. 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 until Lender has had an opportunity to inspect such Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may pay for the repairs and restoration in a single disbursement or in a series of progress payments as the work is completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such Miscellaneous Proceeds, Lender shall not be required to pay Borrower any interest or earnings on such Miscellaneous Proceeds. If the restoration or repair is not economically feasible or Lender's security would be lessened, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. 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 sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. . In the event of a partial taking, destruction, or loss in value of the Property in which the fair market value of the Property immediately before the partial taking, destruction, or loss in value is equal to or greater than the amount of the sums secured by this Security Instrument immediately before the partial taking, destruction, or loss in value, 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 fraction: (a) the total amount of the sums secured immediately before the partial taking, destruction, or loss in value divided by (b) the fair market value of the Property immediately before the partial taking, destruction, 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 the fair market value of the Property immediately before the partial taking, destruction, or loss in value is less than the amount of the sums secured immediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument whether or not the sums are then due. If the Property is abandoned 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 Lender within 30 days after the date the notice is given, Lender is authorized to collect and apply the Miscellaneous Proceeds either to restoration or repair of the Property or to the sums secured by this Security Instrument, 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 if any action or proceeding, whether civil or criminal, is begun that, in Lender's judgment, could result in forfeiture of the Property or other material impainnent of Lender's interest in the Property or rights under this Security Instrument. Borrower can cure such a default and, if acceleration has occurred, reinstate as provided in Section 19, by causing the action or proceeding to be dismissed with a mling that, in Lender's judgment, precludes forfeiture of the Property or other material impairment of Lender's interest in' the Property or rights under this Security Instrument. The proceeds of any award or claim for damages that are attributable to the impairment of Lender's interest in the Property are hereby assigned and shall be paid to Lender. All Miscellaneous Proceeds that are not applied to restoration or repair of the Property shall be applied in the order provided for in Section 2. 12. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or modification of amortization of the sums secured by this Security Instrument granted by Lender to Borrower or any Successor in Interest of BOlTOwer shall not operate to release the liability of Borrower or any Successors in Interest of Borrower. 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 this Security Instrument by reason of any demand made by the original Borrower or any Successors in Interest of Borrower. Any forbearance by Lender in exercising any right or remedy including, without limitation, Lender's acceptance of payments from third persons, entities or Successors in Interest of Borrower or in amounts less than the amount then due, shall not be a waiver of or preclude the exercise of any right or remedy. 13. Joint and Several Liability; Co-signers; Successors and Assigns Bound. Borrower covenants and agrees that Borrower's obligations and liability shall be joint and several. However, any Borrower who co-signs this Security Instrument but does not execute the Note (a "co-signer"): (a) is co-signing this Security GIlt -tlA(WY) (0005) CHL (08/05) Page 7 of 11 Form 3051 1/01 Ü.9Z.]11.~;' 00007,'1 ',,,,,". DOC ID #: 00014342424309006 Instrument only to mortgage, grant and convey the co-signer's interest in the Property under the tenns of this Security Instrument; (b) is not personally obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender 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 of 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 benefits 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 agreements of this Security Instrument shall bind (except as provided in Section 20) and benefit the successors and assigns of Lender. 14. Loan Charges. Lender may charge Borrower fees for services perfonned in connection with Borrower's default, for the purpose of protecting Lender's interest in the Property and rights under this Security Instrument, including, but not limited to, attorneys' fees, property inspection and valuation fees. In regard to any other fees, the absence of express authority in this Security Instrument to charge a specific fee to Borrower shall not be construed as a prohibition on the charging of such fee. Lender may not charge fees that are expressly prohibited by this Security Instrument or by Applicable Law. If the Loan is subject to a law which sets maximum loan charges, and that law is fmally interpreted so that the interest or other loan charges collected or to be collected in connection with the Loan exceed the pennitted limito¡, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to the pennitted limit; and (b) any sums already collected from Borrower which exceeded pennitted lilDÌts will be refunded to Borrower. Lender may choose to make this refund by reducing the principal owed under the Note or by making a direct payment to Borrower. If a refund reduces principal, the reduction will be treated as a partial prepayment without any prepayment charge (whether or not a prepayment charge is provided for under the Note). Borrower's acceptance of any such refund made by direct payment to Borrower will constitute a waiver of any right of action Borrower might have arising out of such overcharge. 15. Notices. All notices given by 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 fll'st class mail or when actually delivered to Borrower's notice address if sent by other means. Notice to anyone Borrower shall constitute notice to all Borrowers unless Applicable Law expressly requires 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 notice address under this Security Instrument at anyone time. Any notice to Lender shall be given by delivering it or by mailing it by first class mail to Lender's address stated herein unless Lender has designated another address by notice to Borrower. Any notice in connection with this Security Instrument shall not be deemed to have been given to Lender until actually received by Lender. If any notice required by this Security Instrument is also required under Applicable Law, the Applicable Law requirement will satisfy the corresponding requirement under this Security Instrument. 16. Governing Law; Severability; 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 Security 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 clause 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 provision. As used in this Security Instrument: (a) words of the masculine gender shall mean and include corresponding neuter words or words of the feminine gender; (b) wordo¡ in the singular shall mean and include the plural and vice versa; and (c) the word "may" gives sole discretion without any obligation to take any action. 17. Borrower's Copy. Borrower shall be given one copy of the Note and of this Security Instrument. 18. Transfer of the Property or a Beneficial Interest in Borrower. As used in this Section 18, "Interest in the Property" means 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, installment sales contract or escrow agreement, the intent of which is the transfer of title by Borrower at a future date to a purchaser. If all or any part of the Property or any Interest in the Property is sold or transferred (or if Borrower is not a natural person and a beneficial interest in Borrower is sold or transferred) without Lender's prior written consent, Lender may require immediate payment in full of all sums secured by this Security Instrument. However, this option shall not be exercised by Lender if such exercise is prohibited by Applicable Law. If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days from the date the notice is given in accordance with Section 15 within which Borrower must pay all sums secured by this Security Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies pennitted by this Security Instrument without further notice or demand on Borrower. CIt -8A(WY) (0005) CHL (08/05) Page 8 of 11 Form 3051 1/01 'i:{~~!mili~lf ili:;mr:i~m~mlf~~~lj !::.:.:t:'.'>,~~':':'; :::::::::::~:::::I:::I ..U9Z·:J1.1Z .000074 ".--\ DOC ID #: 00014342424309006 19. Borrower's Right to Reinstate After Acceleration. If Bo.rrower meets certain conditio.ns, Bo.rrower shall have the right to. have enfo.rcement o.f this Security Instnunent disco.ntinued at any time prio.r to. the earliest o.f: (a) five days befo.re sale o.f the Property pursuant to. any power o.f sale co.ntained in this Security Instnunent; (b) such o.ther period as Applicable Law might specify fo.r the tenninatio.n o.f Bo.rrower's right to. reinstate; o.r (c) entry o.f a judgment enfo.rcing this Security Instrument. Tho.se co.nditio.ns are that Bo.rrower: (a) pays Lender all sums which then wo.uld be due under this Security Instnunent and the No.te as if no. accelemtio.n had occurred; (b) cures any default o.f any o.ther co.venantli o.r agreements; (c) pays all expenses incurred in enfo.rcing this Security Instnunent, including, but no.t limited to., reaso.nable atto.rneys· fees, property inspectio.n and valuatio.n fees, and o.ther fees incurred fo.r the purpose o.f protecting Lender's interest in the Property and rights under this Security Instnunent; and (d) takes such actio.n as Lender may reaso.nably require to. assure that Lender's interest in the Property and rights under this Security Instrument, and Bo.rrower's o.bligatio.n to pay the sums secured by this Security Instrument, shall co.ntinue unchanged. Lender may require that Bo.rrower pay such reinstatement sums and expenses in o.ne o.r mo.re o.f the fo.llo.wing fo.nns, as selected by Lender: (a) cash; (b) mo.ney o.rder; (c) certified check, bank check, treasurer's check o.r cashier's check, pro.vided any such check is drawn upon an institutio.n who.se deposits are insured by a federal agency, instnunentality o.r entity; o.r (d) Electronic Funds Transfer. Upon reinstatement by Bo.rro.wer, this Security Instnunent and o.bligatio.ns secured hereby shall remain fully effective as if no. acceleratio.n had occurred. Ho.wever, this right to. reinstate shall no.t apply in the case o.f accelemtio.n under Sectio.n 18. 20. Sale of Note; Change of Loan Servicer; Notice of Grievance. The No.te o.r a partial intere.lit in the No.te (to.gether with this Security Instnunent) can be so.ld o.ne o.r mo.re times witho.ut prio.r no.tice to. Bo.rrower. A sale might result in a change in the entity (kno.wn as the "Lo.an Servicer") that co.llects Periodic ~ayments due under the No.te and this Security Instrument and perfo.nns o.ther mo.rtgage lo.an servicing o.bligatio.ns under the No.te, this Security Instnunent, and Applicable Law. There alSo. might be o.ne o.r mo.re changes o.f the Loan Servicer unrelated to. a sale o.f the No.te. If there is a change o.f the Lo.an Servicer, Bo.rrower will be given written no.tice o.f the change which will state the name and address o.f the new Loan Servicer, the address to. which payments sho.uld be made and any o.ther info.rmatio.n RESP A requires in co.nnectio.n with a no.tice o.f transfer o.f servicing. If the No.te is so.ld and thereafter the Loan is serviced by a Lo.an Servicer o.ther than the purchaser o.f the No.te, the mortgage lo.an servicing o.bligatio.ns to. Bo.rrower will remain with the Loan Servicer o.r be transferred to. a successo.r Lo.an Servicer and are no.t assumed by the No.te purchaser unless o.therwise provided by the No.te purchaser. Neither Bo.rro.wer no.r Lender may co.mmence, jo.in, o.r be jo.ined to. any judicial actio.n (as either an individual litigant o.r the member o.f a class) that arises from the o.ther party's actio.ns pursuant to. this Security Instnunent o.r that allege.Ii that the o.ther party has breached any provisio.n o.f, o.r any duty o.wed by reaso.n o.f, this Security Instrument, until such Bo.rrower o.r Lender has no.tified the o.ther party (with such no.tice given in co.mpliance with the requirements o.f Sectio.n 15) o.f such alleged breach and affo.rded the o.ther party hereto. a reaso.nable period after the giving o.f such no.tice to. take co.rrective actio.n. If Applicable Law provides a time period which must elapse befo.re certain actio.n can be taken, that time period will be deemed to. be reaso.nable fo.r purposes o.f this paragraph. The no.tice o.f acceleratio.n and o.pportunity to. cure given to. Bo.rrower pursuant to. Sectio.n 22 and the no.tice o.f acceleratio.n given to. Bo.rrower pursuant to. Sectio.n 18 shall be deemed to. satisfy the no.tice and o.pportunity to take co.rrective actio.n provisio.ns o.f this Sectio.n 20. 21. Hazardous Substances. As used in this Sectio.n 21: (a) "Hazardo.us Substances" are tho.se substances defined as toxic o.r hazardo.us substances, pollutants, o.r wastes by Environmental Law and the fo.llo.wing substances: gaso.line, kerosene, o.ther flammable o.r to.xic petroleum products, toxic pesticides and herbicides, vo.latile so.lvents, materials co.ntaining 8.libesto.s o.r fo.nnaldehyde, and radio.active materials; (b) "Enviro.nmental Law" means federal laws and laws o.f the jurisdictio.n where the Pro.perty is located that relate to. health, safety o.r environmental protectio.n; (c) "Environmental Cleanup" includes any response actio.n, remedial áctio.n, o.r removal actio.n, as defmed in Environmental Law; and (d) an "Environmental Co.nditio.n" means a co.nditio.n that can cause, co.ntribute to., o.r o.therwise trigger an Environmental Cleanup. Bo.rrower shall no.t cause o.r pennit the presence, use, disposal, stomge, o.r release o.f any Hazardo.us Substances, o.r threaten to. release any Hazardo.us Substances, o.n o.r in the Property. Bo.rrower shall no.t do., no.r allo.w anyo.ne else to. do., anything affecting the Property (a) that is in vio.latio.n o.f any Environmental Law, (b) which creates an Enviro.nmental Co.nditio.n, o.r (c) which, due to the presence, use, o.r release o.f a Hazardo.us Substance, creates a conditio.n that adversely affects the value o.f the Property. The preceding two. sentences shall no.t apply to. the presence, use, o.r sto.mge o.n the Property o.f small quantities o.f Hazardo.us Substances that are generally recognized to. be appropriate to. no.nnal residential uses and to. maintenance o.f the Property (including, but no.t limited to., hazardo.us substances in co.nsumer products). Bo.rrower shall promptly give Lender written no.tice o.f (a) any investigatio.n, claim, demand, lawsuit o.r o.ther actio.n by any go.vernmental o.r regulatory agency o.r private party invo.lving the Pro.perty and any Hazardo.us Substance o.r Environmental Law o.f which Bo.rrower has actual kno.wledge, (b) any Environmental Co.nditio.n, including but no.t limited to., any spilling, leaking, discharge, release o.r threat o.f release o.f any Hazardo.us Substance, and (c) any co.nditio.n caused by the presence, use o.r release o.f a Hazardo.us Substance which adversely affects the value o.f the Property. If Bo.rro.wer learns, o.r is no.tified by any go.vernmental o.r regulatory autho.rity, o.r any private party, that any remo.val o.r o.ther remediatio.n o.f any Hazardo.us Substance affecting the Property is necessary, Bo.rrower shall promptly take all necessary remedial actio.ns in accordance with Environmental Law. No.thing herein shall create any o.bligatio.n o.n Lender fo.r an Environmental Cleanup. CIt -8A(WY) (0005) CHL (08105) Page 9 of 11 Form 3051 1/01 ,j;lln~.:J¡....!"'i <.P·..7~·_.¥4.1 ;;, ·00007,S DOC ID t: 00014342424309006 NON-UNIFORM COVENANTS. 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 covenant or agreement in this Security Instroment (but not prior to acceleration under Section 18 unless AppJicable Law provides otherwise). The notice shall specify: (a) the default; (b) the action required 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 specified in the notice may result in acceleration of the sums secured by this Security Instrument and sale of the Property. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to bring a court action to assert the non-existence of a default or any other defense of Borrower to acceleration and sale. If the default is not cured on or before the date specified in the notice, Lender at its option may require immediate payment in full of all sums secured by this Security Instroment 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 title evidence. If Lender invokes the power of sale, Lender shall give notice of intent to foreclose to Borrower and to the person in possession of the Property, if different, 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 the Property shall be sold in the manner prescribed by Applicable Law. Lender or its designee may purchase the Property at any sale. The proceeds of the sale sball 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 secured by this Security Instrument; and (c) any excess to the person or persons legally entitled to it. 23. Release. Upon payment of 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 rendered and the charging of the fee is pennitted under Applicable Law. 24. Waivers. Borrower releases and waives all rights under and by virtue of the homestead exemption laws of Wyoming. BY SIGNING BELOW, Borrower accepts and agrees to the tenns and covenants contained in this Security Instrument and in any Rider executed by Borrower and recorded with it. ~;#Ji7~ I¥~L\"- O. ~SW) , (Seal) - BOII'Ower (Seal) ALICIA D. JOHNSON -BollOwer (Seal) -Borrower (Seal) -Borrower at -8A(WY) (0005) CHL (08/05) Page10of11 Fonn 3051 1/01 ;3~;~¡~¡~ti1~: ~::;!:i:~:~~:::;i¡¡i ~ . 1":~i':';I; ~;I '" !i' i!" l' .'",;,~!·-,"H-',~,~ '000076 '~19Z;j11Z STATE OF WYOMING, dtJOf" by My Commission Expires: ID~:J-()1 -t10S~ Notary Public NANC'i STAFfCRD.- NOTAR't' :: : WIaIG \If~~- - ~ -8A(WY) (0005) CHL (08105) Page" of" Fonn 3051 1/01 I - I 000077 Prepared by: JILL HOVAT COUNTRYWIDE HOME LOANS, INC. 'CP!J~.3tl;; DATE: CASE #: DOC ID #: 00014342424309006 BORROWER: JEREMY R. JOHNSON PROPERTY ADDRESS: 301 QUARTZ STREET KEMMERER, WY 83101-3051 09/29/2006 Branch t: 0000671 5295 COMMERCE DRIVE STE #400 MURRAY, UT 84107 Phone: (801) 287-8610 Br Fax No.: (801) 287-9252 LEGAL DESCRIPTION EXlßBIT A Lot 12 in Block 25 in the First Addition to the City of Kemmerer, Lincoln County, Wyoming as described on the official plat thereof, together with all buildings, improvements and appurtenances thereon situate or in anywise appertaining thereto. FHAIV AlCONV Legal Descrlptton exhibit A 2C404-XX (04I03)(d) 1111111 · 2 3 991 · 111111111111111111111 . 1 4 3 4 2 4 243 0 0 0 0 0 2 0 0 6 A · ~}ili~i~~:!