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HomeMy WebLinkAbout923261 · ··;'.~;NS~~~;~:;:i:¡~::';~;:~·::::~1±:~··,~(i~:~~· :.:~;.t;. .::.=:: ", ··~t·:· :;" " ·:-:''\It'.Ç'1:t!i~':.; '. .:.;:::~:::;;:. ¡_:~¡~:~f:;?..:s_~~;< Return To: INDYMAC BANK, F. S. B. 3465 EAST FOOTHILL BL VD./A TIN: DOCUMENT MANAGEMENT PASADENA, CA 91107 Prepared By: INDYMAC BANK, F. S. B. 3465 EAST FOOTHILL BLVD. PASADENA, CA 91107 \, ·~:~;:tJ.;~'[";~'"~H:.r;"¡,;~¡:J;'l"~-¡:~;::·- ~,',·~~:i:!:<~:~.·;~i;.:.;:r,.¡: . +.;. i';·;:~'_:;:::;¡;:ó:':¡:" RECEIVED 1 0/11/2006 at 4;25 PM RECEIVING # 923261 BOOK: 636 PAGE: 558 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY MORTGAGE ISpace Abuve Tbis LiDc Fur Rceurdia \ Datal Loan Nwnber: l2428527l-PERM I; .) ¡ v DEFINITIONS Words used in multiple sections of this docwnent are defined below and other words are defined in Sections 3, II, 13, 18,20 and 21. Certain rules regarding the usage of words used in this document are also provided in Section 16. (A) "Security Instrument" means this docwnent, which is dated October 5, 2006 together with all Riders to this docwnent. (B) "Borrower" is STEPHEN 1. MALVINI, A MARRIED MAN AS HIS SOLE AND SEPARATE PROPERTY AND MIGUEL S. MARTINEZ, A MARRIED MAN AS HIS SOLE AND SEPARATE PROPERTY AS TENANTS IN COMMON c.; Borrower is the mortgagor under this Security Instrument. (C) "Lender" is INDYMAC BANK., F. S. B. Lender is a a federally chartered savings bank organized and existing under the laws of THE UNITED STATES OF AMERICA WYOMING -Single Family- FaMia MaelFreddie Mac UNIFORM INSTRUMENT _ -i(WY) (0005).01 ,- ~ Page 1 of 15 ... ......... \IMP MortgIg8 -, Inc. '1\k.~ V\A.... DDS -WY4 ~;':::::;:.:~.<":] ......' ','. ,.,.....,...'. \;;~l.-'i:.;,.L. i:,:':j:.:I:_:.:':';;:;'; ~~:r::~::< Fonn 3051 1/01 '~~j:~~m~~!!~îti~m¡i'~ I '9, . "'I;j¡t,¡!¡¡¡i''J('''-'' 'tLi!i~,r ~¡ì ~ ~¡¡.11! 2'';'·:':;Þ':::;~~-''--·'·-;:~~'~'.:·::·~~'+;fl~¡:~~~IJ/.i;Wo:t:.:~~,b ':'>~'-~~..'!ðl~.f;',-- "·;¡\:~:àU:.r('·tr/.f¡':~"1";':'~'f 'J; <of: ~,,·:~'i~:!!Þ~~,.~'èf;¡¿':".{;;:üJi"'lr·';;';~k·f.;.:,::..! ji_~'i' '·':M.M~~í:>:!~~ ......; ,'f ". ;'.-..,:~-,'t~~\i~.~.: Lender's address is 155 NORTH LAKE A VENUE PASADENA, CA 91101 Lender is the mortgagee under this Security Instnunent. (D) "Note" means the promissory note signed by Borrower and dated October 5,2006 The Note states that Borrower owes Lender .. Three Hundred Eighty-Five Thousand and 00/100 Dollars (U.S. $ 385,000.00 ) plus interest. Borrower has promised to pay this debt in regular Periodic Payments and to pay the debt in full not later than November 1,2037 (E) "Property" means the property that is described below under the heading "Transfer of Rights in the Property.. (F) "Loan" means the debt evidenced by the Note, plus interest, any prepayment charges and late charges due under the Note, and all sums due under this Security Instnunent, plus interest. (G) "Riders" means all Riders to this Security Instnunent that are executed by Borrower. The following Riders are to be executed by Borrower [check box as applicable): [X] Adjustable Rate Rider D Condominium Rider o Balloon Rider D Planned Unit Development Rider D VA Rider D Biweekly Payment Rider 000559 [X] Second Home Rider o 1-4FamilyRider [X] Other(s) [specify) Construction Rider (H) "AppUcable Law" means all controlling applicable federal, state and local statutes, regulations, ordinances and administrative rules and orders (that have the effect of law) as well as all applicable fInal, non-appealable judicial opinions. (I) "Community Association Dues, Fees, and Assessments" means all dues, fees, assessments. and other charges that are imposed on Borrower or the Property by a condominium association, homeowners association or similar organization. (J) "Electronic Funds Transfer" means any transfer of funds, other than a transaction originated by check, draft, or similar paper instnunent, which is initiated through an electronic termina1, telephonic instnunent, computer, or magnetic tape so as to order, instruct, or authorize a fInancial institution to debit or credit an account. 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. (K) "Escrow Items" means those items that are described in Section 3. (L) "Miscellaneous Proceeds" means any compensation, settlement, award of damages, or proceeds paid by any third party (other than insurance proceeds paid under 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. (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 (ii)any amounts under Section 3 of this Security Instnunent. (0) "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 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 Instnunent, "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" under RESPA. _ -6(WY) (0005).01 DDS -WY4 Page 20115 ~;2 ~ ' 7~ ~tV\. Fonn 3051 1101 / "!~'~4:'\:'~1:':, ,. '.....!.!..,.,!...!¡.....,'.' ··..·.·;·'.!i'r,"· " ,:"..,.,,~, ,"1: ,; ',; :. . '~II:¡~~:"'" ;;, ' . 000560 (P) "Successor in IDterest of Borrower" means any party that has taken title to the Property, whether or not that party has assumed Borrower's obligations under 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 performance of Borrower's covenants and agreements under this Security Instrument 8I¥i the Note. For this purpose, Borrower does hereby mortgage, grant and convey to Lender and Lender's successors and assigns, with power of sale, the following described property located in the County [Type of Recording Jurisdiction) of LINCOLN [Name of Recording Jurisdiction) LEGAL DESCRIPTION ATIACHED HERETO AND MADE A PART HEREOF Parcel ID Number: 34180520313300 PLAT 17 LOT 96 which currently has the address of STAR VALLEY RANCH ("Property Address"): TOGETHER WITH all the improvements now or hereafter erected on the property, and all easements, appurtenances, 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 COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has the right to mortgage, grant and convey the Property and that the Property is 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. [City) ,Wyoming 83127 [Street) [Zip Code) THIS SECURITY INSTRUMENT combines uniform covenants for national use and non-uniform covenants with limited variatioris by jurisdiction to constitute a uniform security instrument covering real property. UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 1. Payment of Principal, Interest, Escrow Items, PrepaymeDt 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 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. ~ J:.IWV) (0005).01 ~ -vtn. DDS -WY4 Pogo 30115 ~ ~~ Fonn 3051 1/01 fli:~'~ .::~::j ' ", .:.:o:~~ i~'1~,:¡:~4¡JJNmiti!8 ~(~~f-~i! ^~jN~\q;i,~J ·,.,.d~~il~~ !1¡liI~m;i.~;j~j;! 1: ~: ~ ;J :::::::'~::*-:::::::;: ::~::~~~:~r~:::; ::·:.::¡i;!l~¡:::·:;:; .' ','f':,,¡·'.:\tjJ}4f ·"i\IIMr.ll':&;:OJ·""''''--~t~~,;ro:iÎt''i.~.1.~~~, '.':;'1¡'; ~MWr" !~'.'!";'" .: "'1,~":" ""I¡-¡·~&m'C¡a,OOWiI(~.d~~~qJN;,Kt!fI'!1~'if:' !'t.'.'ZIi:/" ">·:;.·-t;:~oi!~:tè;=;~·:·· ··,"'Kt:·:~:~:':· OOOSGj. 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 Borrower 1Ì"om making payments due under the Note and this Security Instrument or perfonning 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 Lender receives a payment 1Ì"om 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 1Ì"om 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 payments, insurance proceeds, or Miscellaneous Proceeds to principal due under the Note shall not extend or postpone the due date, or change the amount, of the Periodic Payments. 3. Funds for Escrow Items. Borrower 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 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 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, shaII 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. _ -i(WY) (0005).01 DDS -WY4 PIIgII 401 15 ~ '^^-~~ Form 3051 1101 .':·,,~~t¡!a.~L'1!Ò!!li:;~:···-';¡'L;:' .¡';:':~H'·_'(FA:!.":-"·¡ <:" "'1.0' '·;~'~.·¡.·.'.A.Y~"I.'.'.·,·. ..~-.,.'~, ~:r.r'::~lL~¡,m..: _ ,':~i!:':¡JI\lti,:·, , "';·:;:·~·h~·';'; ~:-~'.. :"-.~.';~'--:O:(.: :'.'. .'. 000562 Lender may, at any time, collect and hold Funds in an amount (a) sufficient to pennit Lender to apply the Fwuls 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 Bånk. 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 pennits Lender to make such a charge. Unless an agreement is made in writing or Applicable Law requires interest to be paid on the Funds, Lender shall not be required to pay Borrower any interest or eamings 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 acCOWlting of the Funds as required by RESP A. 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 RESPA. If there is a shortage of Funds held in escrow, as defined under RESPA, 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 dermed 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 deficiency in accordance with RESPA, 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; UeDs. Borrower shall pay all taxes, assessments, charges, fines, and impositions attributable to the Property which can attain priority over this Security Instrument, 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 shaII promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a) agrees in writing to the paymeµt 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 Instrument, 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. _ -6(WY) (000!i).01 (I) DDS -WY4 Pogo 50115 ,.Ih . - 7~ N...~ O\A Fonn 3051 1101 1::::::::::::::::=.* '~'I'I·~'.i~·"~.:~' ~¡~I~lli~m~,¡:if ¡8¡~::~m~:::: . ~I~'¡':.~I:':':':':":': ">i·:'~~'·l';li!,"·i· i' ,.::. ". '1'.-':.",--::',' ; ,-.' ~..,' :.:. :.;.:.:a:rx.:.:.: -:.; ,.',·""",':,,~,·~-:b,I.;,:'J'iIt.w:¡~·l;;;¡;;I...j~."., . -,-'._ ;,:.:....:.;.;.:;..;1..,.,',....".' ..·;::::.- :1:;:,:1,.:.a~t.....;.¡! 000563 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. S. Property Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured again~t loss by fire, hazards included within the term" 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 Lender requires. What Lender requires pursuant to the preceding 'sentences can change during the term of the Loan. The insurance carrier providing the insurance shall be chosen by BOlTower subject to Lender's right to disapprove Borrower's choice, which right shall not be exercised unreasonably. Lender may require BOlTower to pay, in connection with this Loan, either; (a) a one-time charge for flood zone 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 similar changes occur which reasonably might affect such determination 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 ÍÌ'om 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 or liability and might provide greater or lesser coverage than was previously in effect. Borrower acknowledges that the cost of the insurance coverage so obtained might significantly exceed the cost of insurance that Borrower could have obtained. Any amounts disbursed by Lender under this Section 5 shall become additional debt of Borrower secured by this Security Instrument. These amounts shall bear interest at the Note rate from the date of disbursement and shall be payable, with such interest, upon notice from Lender to BOlTower 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 Borrower obtains 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 and/or as an additional loss payee. In the event of loss, BOlTower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. Unless Lender and Borrower 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 payments 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 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 the insurance proceeds and shall be the sole obligation of BOlTower. 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 Borrower. Such insurance proceeds shall be applied in the order provided for in Section 2. _ -6(WY) (0005).01 DDS -WY4 Pogo 60115 ~ ~"'" Form 3051 1101 '-~',.' , ·~~:';2i~~IG';~ït;~~i~~t¡·;~i:it,~~¡:..¡sft~"~~i.'.1'~'-'L~J¿'';;;- ~o"'~" >.f4!~~t·· ;"! . :.' '~':{':-:~";:~~;:~; j~«V..Q;(Io';'..;~; 0" " :"'ø.i¡~''''~~~};;:~~-;~";N·;':,!~::j~!:fj.-:'':; ::""")':d¡1.f.~;!/¡'.1;~1">;::' ~;;~-'~'';~é-~~';.. 000564 If Borrower abandons the Property, Lender may file, 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) uníb' 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. Borrower shaII 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 tbe 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 Property 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 information or statements to Lender (or failed to provide Lender with material information) in connection with the Loan. Material representations include, but are not limited to, representations concerning Borrower's occupancy of the Property as Borrower's principal residence. 9. Protection of Lender's Interest in the Property and Rigbts Under this Security Instrument. If (a) Borrower fails to perfonn the covenants and agreernents 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, for condemnation or forfeiture, for enforcement of a lien which may attain priority over this Security Instrument or to enforce laws or regulations), or (c) Borrower has abandoned the Property, then Lender may do and pay for whatever is reasonable or appropriate to protect Lender's interest in the Property and rights under this Security Instrument, including protecting and/or assessing the value of the Property, and securing and/or repairing the Property. Lender's actions can include, but are not limited to: (a) paying any sums secured by a lien which has priority over this Security Instrument; (b) appearing in court; and (c) paying reasonable attorneys' fees to protect its interest in the Property and/or rights under this Security Instrument, including its secured position in a bankruptcy proceeding. Securing the Property includes, but is not limited to, entering the Property to make repairs, change locks, replace or board up doors and windows, drain water from pipes, eliminate building or other 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 Section 9. elL -6(WY) (0005).01 DDS -WY4 PIIQI 7 of 15 ~j)/I~ 7~- ~V\....- Form 3051 1101 !(t¡~¡¡:~:,,¡::¡:fi:;;:*f~ ~:,y~:¡¡IN~~~~':~~ ¡~:::ii:~:!I::::1: ·:·å,~~:",·~~ '~~~:~:~i!~:Q;~:~:~;; K :~;. ;~:~.: ;; ;ì: ,:~-:T! .~,\;:;, :;~ ~~ ':~~¿ :.: :'-. ~ , . ~;.~~.:, -~_ ·l~ ." "';.;.;.;.;.:0).:.;.;.:.-.;. :., . ; '-,~~~, ~~:-¡;¡f 1;S-~~ì:I"'; '? ~~: ;?"'~;~;('::: ~;i / .. ',;:·¡ii:·;:t~:!~;~:1.:~;·;·I',"·' .:";.. - .::;, :,' ;; ; ~I. .' ~~:;."4;~~;~;:!>7; 000565 Any amounts disbursed by Lender under this Section 9 shall become additional debt of Borrower secured by this Security Instrument. These amounts shall bear interest at the Note rate fÌ"om the date of disbursement and shall be payable, with such interest, upon notice fÌ"om Lender to Borrower requesting payment. If this Security Instrument is on a leasehold, Borrower shall comply with all the provisions of the lease. If Borrower acquires fee titIe to the Property, the leasehold and the fee titIe shall not merge unless Lender agrees to the merger in writing. 10. Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan, Borrower shall pay the premiwns required to maintain the Mortgage Insurance in effect. If, for any reason, the Mortgage Insurance coverage required by Lender ceases to be available ftom the mortgage insurer that previously provided such insurance and Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiwns required to obtain coverage substantially equivalent to the Mortgage Insurance previously in effect, at a cost substantially equivalent to the cost to Borrower of the Mortgage Insurance previously in effect, ftom 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 coverage ceased to be in effect. Lender will accept, use and retain these payments as a non-refundable loss reserve in lieu of Mortgage Insurance. Such loss reserve shall be non-refundable, notwithstanding the fact that the Loan is ultimately paid in full, and Lender shall not be required to pay Borrower any interest or earnings on such loss reserve. Lender can no longer require loss reserve payments if Mortgage Insurance coverage (in the amount and for the period that Lender requires) provided by an insurer selected by Lender again becomes available, is obtained, and Lender requires separately designated payments toward the premiums for Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan and Borrower was required to make separately designated payments toward the premiwns for Mortgage Insurance, Borrower shall pay the premiums required to maintain Mortgage Insurance in effect, or to provide a non-refundable loss reserve, until Lender's requirement for Mortgage Insurance ends in accordance with any written agreement between Borrower and Lender providing for such tennination or until tennination 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 their total risk on all such insurance in force ftom time to time, and may enter into agreements with other parties that share or modify their risk, or reduce losses. These agreements are on tenns and conditions that are satisfactory to the mortgage insurer and the other party (or parties) to these agreements. These agreements may require the mortgage insurer to make payments using any source of funds that the mortgage insurer may have available (which may include funds obtained ftom Mortgage Insurance premiwns). As a result of these agreements, 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 ftom (or might be characterized as) a portion of Borrower's payments for Mortgage Insurance, in exchange 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 premiwns paid to the insurer, the arrangement 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. _ -4ì(WY) (0005).01 DDS -WY4 P1I II801 15 MioJ/J¡ ~' ~ 1.7~ ~~ Form 3051 1/01 ./ :':'~':«':I):;:;:;;(\;<'~':',';":··" ','_'ü/.?:¡.'. ".1',":,\,l';,C,· ':' '..' '·I'i~.~'~.~~¡~i~I:'~'" i,'! . ,··'í·: ,·~ÞJiGV.:f.¡':!I:1 ".::¡;~i!;:::·I-.:':'i. :i. ',(,,:- . ;- '. . 'I ,.,.:. "::;,:.:.~ ~~:(.;¡;~'o;~,::"" ;....h ';I~;:·:;;~:·:·i··, 000566 (b) Any sucb agreements wiD not affect the rigbts Borrower bas - if any - with respect to tbe Mortgage Insurance under tbe Homeowners Protection Act of 1998 or any otber law. Tbese rigbts may include tbe rigbt to receive certain disclosures, to request and obtain canceDation of the Mortgage Insurance, to bave tbe Mortgage Insurance terminated automatically, and/or to receive a refund of any Mortgage Insurance premiums tbat were unearned at the time of sucb 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 eamings 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 swns 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 swns 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 swns 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 swns 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 ruling 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. _ -6(WY) (OOOó).o1 DDS -WY4 P"llllafl5 .../1/1 ~- ~!~-- ~ Form 3051 1101 rN~':':': N~:':I~'¡ .!::*;:*::~~~~:~; [~!m!îl~t1!mill%1 ;~':':-::~):-.;':¡:;: ::~J~~~1'::::;:~:; ,~.;:-". . ·"·~""4>~.j.:';"¡¿»;I~.7':1~. t:x¡;~~:~ø-'::ó!::;t:"'i~'\.f:.;-:~;· ;.~:";":;)": .:'- '; ¡';;' ,"" "'::~:';:'~s\:':" "~J-:!ì" }'- "'·'!f~'5»:C(J~,¡~:.:-·1: . ~:···-':C:;;"\"'4~~~~('~'l!9Ç~i'r,;;i.:;·:.,):t,'.:'.::;!;¡ '¡:¡~t~';f:(¡~'¡?it..." "~'~'. -. . ..-.....;..:¡~ò';;:.::~!t::.::.;; 000567 12. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or modification of amortization of the swns secw-ed by this Security Instrwnent granted by Lender to Borrower or any Successor in Interest of Borrower 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 swns secw-ed by this Security Instrwnent 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 front 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 Instrwnent but does not execute the Note (a "co-signer"): (a) is co-signing this Security Instrwnent only to mortgage, grant and convey the co-signer's interest in the Property under the terms of this Security Instrwnent; (b) is not personally obligated to pay the sums secw-ed by this Security Instrwnent; 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 Insµument 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 lnstrwnent in writing, and is approved by Lender, shall obtain all of Borrower's rights and benefits under this Security Instrwnent. Borrower shall not be released from Borrower's obligations and liability under this Security Instrwnent unless Lender agrees to such release in writing. The covenants and agreements of this Security lnstrwnent shall bind (except as provided in Section 20) and benefit the successors and assigns of Lender. 14. Loan Cbarges. Lender may charge Borrower fees for services performed in connection with Borrower's default, for the purpose of protecting Lender's interest in the Property and rights under this Security Instrwnent, 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 Instrwnent 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 Instrwnent or by Applicable Law. If the Loan is subject to a law which sets maximum loan charges, and that law is finally interpreted so that the interest or other loan charges collected or to be collected in connection with the Loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to the permitted limit; and (b) any swns 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 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. IS. Notices. All notices given by Borrower or Lender in connection with this Security Instrwnent must be in writing. Any notice to Borrower in connection with this Security Instrwnent 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 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 procedw-e 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 Instrwnent 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 Instrwnent shall not be deemed to have been given to Lender until actually received by Lender. If any notice required by this Security Instrwnent is also required under Applicable Law, the Applicable Law requirement will satisfy the corresponding requirement under this Security Instrwnent. _.e(WY) (0005).01 DDS -WY4 Page 10 0115 ../JA": ~ {~ ~~ Form 3051 1101 R"-"""",,.,.·:' ·~':êi~'"fœ!m;p;!'4&J';!'ft;'\·j:"~~~l~"-,2:?!-~.~.;;:·::¡.,-', '.1,',_.~, ':,'. ',~:, :':'~;;"~""!::?1"þj' ,-' <,·:·;';~:~;~i·;-~~·;Ii'.·;· ..:", '-ì ".>¡.':"'~("\>!¡.k.~;¡~., ~~~~:;.:;::-:_i,~ -' ..:':a:-;t;~M~.M'~.~~~<;~"."";'VI..-\F~':;"';'i"ð..~4:O:';:" 000568 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) words 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 permitted by this Security Instrument without further notice or demand on Borrower. 19. Borrower's Right to Reinstate After Acceleration. If Borrower meets certain conditions, Borrower shall have the right to have enforcement of this Security Instrument discontinued at any time prior to the earliest of: (a) five days before sale of the Property pursuant to any power of sale contained in this Security Instrument; (b) such other period as Applicable Law might specify for the tennination 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 incurred 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 reasonably require to assure that Lender's interest in the Property and rights under this Security Instrument, and Borrower's obligation to pay the sums secured by this Security Instrument, shall continue unchanged. Lender may require that Borrower pay such reinstatement sums and expenses in one or more of the following fonns, 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 occurred. However, this right to reinstate shall not apply in the case of acceleration under Section 18. ~ -6(WY) (0005).01 . DDS -WY4 Pago110115 ü:û:-:- ~ ~ó~ Fonn 3051 1101 F..·I·.·.·.'.·.·.'.·j·'· ~::r:f~~r:~:l:;::i ~mlli~·· ;;¡~~i¡ C~~ii¡!i:~~; .;:; :'~1i:i~~I!~~.~.:I:'·;;1·1:':- ~¡:;>::1,¡ :¡" :':1;,;'J>:'i"i!;";I:' .' "... ::,'.. .... -. ;~;-r '~:-¡}:=~iN;-~< ':';.' ,.' :~:;,' ;i;~¡~;~4ij!&:~~ì~~~·.';~ .' '- ·"::ili:F~~1iiWI¡f..'{!tt,il:¡;';.·I;; ;lL', ':;,:.:>;;jit: . ·.'.:t:.::~.~~;¡: :¡: ;',:' ::'.:.:.".;.:..:(;.~;~~:~!!:~:.-..; 000569 20. Sale of Note; Change of Loan Servicer; Notice of Grievance. The Note or a partial interest in the Note (together with this Secwity Instrwnent) can be sold one or more times without prior notice to Borrower. A sale might result in a change in the entity (known as the "Loan Servicer") that collects Periodic Payments due under the Note and this Secwity Instrwnent and performs other mortgage loan servicing obligations under the Note, this Secwity Instrument, and Applicable Law. There also might be one or more changes of the Loan Servicer unrelated to a sale of the Note. If there is a change of the Loan Servicer, Borrower will be given written notice of the change which will state the name and address of the new Lolm Servicer. the address to which payments should be made and any other information RESP A requires in connection with a notice of transfer of servicing. If the Note is sold and thereafter the Loan is serviced by a Loan Servicer other than the purchaser of the Note, the mortgage loan servicing obligations to Borrower will remain with the Loan Servicer or be transferred to a successor Loan Servicer and are not asswned by the Note purchaser unless otherwise provided by the Note purchaser. Neither Borrower nor Lender may commence, join, or be joined to any judicial action (as either an individual litigant or the member of a class) that arises from the other party's actions pursuant to this Secwity Instrument or that alleges that the other party has breached any provision of, or any duty owed by reason of, this Secwity Instrument, until such Borrower or Lender has notified the other party (with such notice given in compliance with the requirements of Section 15) of such alleged breach and afforded the other party hereto a reasonable period after the giving of such notice to take corrective action. If Applicable Law provides a time period which must elapse before certain action can be taken, that time period will be deemed to be reasonable for pwposes of this paragraph. The notice of acceleration and opportunity to cure given to Borrower pursuant to Section 22 and the notice of acceleration given to Borrower pursuant to Section 18 shall be deemed to satisfy the notice and opportunity to take corrective action provisions of this Section 20. 21. Hazardous Substances. As used in this Section 21: (a) "Hazardous Substances" are those substances dermed as toxic or hazardous substances, pollutants. or wastes by Environmental Law and the following substances: gasoline, kerosene. other flammable or toxic petrolewn products, toxic pesticides and herbicides, volatile solvents, materials containin~ asbestos or formaldehyde, and radioactive materials; (b) "Environmental Law" means federal laws and laws of the jwisdiction where the Property is located that relate to health, safety or environmental protection; (c) "Environmental Cleanup" includes any response action, remedial action, or removal action, as defined in Environmental Law; and (d) an "Environmental Condition" means a condition that can cause, contribute to, or otherwise trigger an Environmental Cleanup. Borrower shall not cause or permit the presence, use, disposal, storage, or release of any Hazardous Substances, or threaten to release any Hazardous Substances, on or in the Property. Borrower shall not do, nor allow anyone else to do, anything 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 condition that adversely affects the value of the Property. The preceding two sentences shall not apply to the presence, use, or storage on the Property of small quantities of Hazardous Substances that are generally recognized to be appropriate to normal residential uses and to maintenance of the Property (including, but not limited to, hazardous substances in conswner products). Borrower shall promptly give Lender written notice of (a) any investigation. claim, demand, lawsuit or other action by any governmental or regulatory agency or private party involving the Property and any Hazardous Substance or Environmental Law of which Borrower has actual knowledge, (b) any Environmental Condition, including but not limited to, any spilling, leaking, discharge, release or threat of release of any Hazardous Substance, and (c) any condition caused by the presence, use or release of a Hazardous Substance which adversely affects the value of the Property. If Borrower learns, or is notified by any governmental or regulatory authority, or any private party, that any removal or other remediation of any Hazardous Substance affecting the Property is necessary, Borrower shall promptly take all necessary remedial actions in accordance with Environmental Law. Nothing herein shall create any obligation on Lender for an Environmental Cleanup. _.e(WY) (0005).01 DDS -WY4 PII O 12 of 15 ~.IÆ~ ~(~ Nw~ Form 3051 1/01 / ·;::~~~~!I\".P.:~!i·;j ¡!I~k~ ~,!t!~..r~!;~nfi:·; '. 0,;; :æ!~ !1!::~:~ ~iti' ( - ·'1;' :: i~ ::;:~ -;::. ~~';,::!~~1!if4~:~ ' , '::,' "'-:.'; ;:-::;.:.:;:«¡:;¡.;.:-:.:.;, ..' '<'~c·:f'~jt~:';·'·!':;:~\'i:f!j:f'~~·~' ,A~L::;~;;'_..:.:·; . ·>'-~;~~j¡:;>.ii~~i,i~;i:"¡fi;.;;;:¡,::. !: ' < ,-;.~t¡;::;i .!~'ii%:~::~~-- ,':'".. NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as fAaøS70 22. Acceleration; Remedies. Lender shaD give notice to Borrower prior to acceJeration foDowing Borrower's breach of any covenant or agreement in this Security Instrument (but Dot prior to acceleration under Section 18 unless Applicable Law provides otherwise). The notice shaD specify: (a) the default; (b) the action required to cure the default; (c) a date, not less than 30 days from the date the Dotice is given to Borrower, by which the default must be cured; and (d) ,that faDure to cure the default on or before the date specified in the Dotice may result in acceleratioD of the sums secured by this Security InstrumeDt aod sale of the Property. The Dotice shaD further inform Borrower of the right to reinstate after acceleration and the right to bring a court actioD to assert the non-existence of a default or aoy 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 paymeDt in fuD of aD sums secured by this Security Instrument without further demand and may invoke the power of sale and any other remedies permitted by Applicable Law. LeDder shaD be entitied to coDed aD expenses incurred in punuing 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 shaD give ootice of intent to foreclose to Borrower and to the persoD in possession of the Property, if different, in accordance with Applicable Law. Lender shaD give notice of the sale to Borrower in the maDner provided in Section IS. Lender shall publish the notice of sale, aod the Property shaD be sold in the manner prescribed by Applicable Law. Lender or its designee may purchase the Property at aoy sale. The proceeds ofthe sale shaD be applied in the foDowing order: (a) to aD expenses of the sale, including, but not limited to, reasonable attorneys' fees; (b) to aD sums secured by this Security Instrument; and (c) any excess to the penon or penons 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 permitted under Applicable Law. 24. Waiven. Borrower releases and waives all rights under and by virtue of the homestead exemption laws of Wyoming. _ -6(WY) (0005).01 DDS -WY4 Page 13 "'15 ...../À ~ ·7~- Form 3051 1101 d'~::::::::::;::;;:I; :: t··:·Ni:·~;::;1 ~t1;~¡;jW;m;!~~~8 i."~~~' ..~.' '.' ¡~¡~~i~::l::;:: ~U~¡~~~~~~¡-¡¡~;ili~ f;":~.-·,:'·'.- {o.' -';.; ,-;t¡·i~~"~J;~I~¡·;!<o:¡:.~~t5;i·~~;~~""'~".'~·Sfl1~:~)f...i·1~';¡':..~..>-"'~ ;\~:(... , '";. ". ;~;~,)~\~.~~~. ~ :·<~:,~;~.~2t:~:¡:;':ï.~;~i: < -~':·:·~;-.':'~~JIiIþ'-:·Io~·~()P'''í!l.;{.:Y ·;·;<¡;ø~.-\.:.\;_~. -' .:..-: ~':;~I.;':t.?'j'¡.;!¡;:.,.¡,..' __ ,!:..::--' :('~'¡;'. -;-.:; ".~!~~..;.~ 000571 BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this Security Instrument and in any Rider executed by Borrower and recorded with it. Witnesses: ~L (~J ( - - - - - - -- . -- -Bonvwor Stephen 1. Malvini t'V,-~ ~ ~A'~ (Seal) -Borrower Miguel S. Martinez (Seal) (Seal) -Borrower -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower _~) (0005).01 DDS -WY4 Pogo 140115 Form 3051 1/01 ! / ....... .,: ¡1:j)~;!j)~';I~j:'~I...~¡I;I;I;¡i::J;·;" ì~:f.:¡;·:r...·:3~::¡!~!;!i:r:-::::: ';:.:',:,;:-. .. .-'. ·..,:;;',ùa::;;';"';~'!;;' . ;:;'; :.~; . :.'.~:. :: ;;:1: .!,~«o;t:.:.:.;.; '··\ ':;~~;jiur;J;"';',\:'i,)í¡.!.;p':¡!;~. ';'^~;:;~¡~,,~I~I:~"~;:-; ·;f/i, ~.:'. :,.,~·I~~~;~¡:.:.:.1'!·' t '. 000572 STATE OF Yi/ifiMt~f.; CALIFORNIA MONTEREY County IS: The foregoing instrument was acknowledged before me this ~th day of October, 2006 by StephehJ. Malvini and Miguel S, Martinez My Commission Expires: III Llf 6 q N~~~ J~- - - :~~59~5-~ ï QÀ Nofaly PublIc· CalIfornia f ~ Monterey COIM1Iy - ~ ~ ~ ~ ~~~~~~~~2~1 _ -t(WY) (~).OI DDS -WY4 Pago 15 at 15 ,'rto Fonn 3051 1/01 ~~iimfm!;¡m;[~I;J fillm¡m¡}jm:¡fIff1~ ~~:::~~(1:::~:;~~ ::::::::::~l::::~::: ;t\~~~Imi¡l;~~~:~I~¡ ............,...' Description 000573 Lot 96 in Star Valley Ranch Plat 17. Lincoln County, Wyoming as described on the official plat thereof .. / , ·.I'~':"_;.;t,..~.....;...;.....,.. '"·"'·~'O!''''''··:;·';':I·.' ,'. '''''f'"~'''''-o' ~'..' .""!:1.'i¡.1;¡.; '.'." '. ·¡'~';'''~.''I':41,....t.· " ·'''·~f'Hr.iU''~F.i",-ø;· ;,,;,:;-1;: ~~;:.;:~/:¡:( ;..:'~~:::¡!;:. I:,~¡;,~:,;-:"'I¡·:-X·:~:'··':: ;-:~...~ :.,:,t~~¡.;!~;oi~'~" 000574 Loan #: 124285271-PERM THIS ADJUSTABLE RATE RIDER is made this 5th day of October, 2006 and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust, or Security Deed (the wSecurity Instrument") of the same date given by the undersigned (the wBorrower") to secure Borrower's Adjustable Rate Note (the WNote") to INDYMAC BANK, F. S. B., a federally chartered savings bank (the wLender") of the same date and covering the property described in the Security Instrument and located at: ADJUSTABLE RATE RIDER (1 Year Treasury Index· Rate Caps) PLAT 17 LOT 96 STAR VALLEY RANCH, WY 83127 [Property Address] THE NOTE CONTAINS PROVISIONS ALLOWING FOR CHANGES IN THE INTEREST RATE AND THE MONTHLY PAYMENT. THE NOTE LIMITS THE AMOUNT THE BORROWER'S INTEREST RATE CAN CHANGE AT ANY ONE TIME AND THE MAXIMUM RATE THE BORROWER MUST PAY. ADDITIONAL COVENANTS. In addition to the covenants and agreements made in the Security Instrument. Borrower and Lender further covenant and agree as follows: A. INTEREST RATE AND MONTHLY PAYMENT CHANGES The Note contains the following provisions: This Note, as amended by the attached Residential Construction Loan Addendum Amending Note (the W AddendumW), represents both a construction/home improvement loan and a permanent mortgage loan. During the Construction Period of the loan, the Note Holder will advance funds in ccordance with the Residential Construction Loan Agreement. The wConstruction Periodw is defined as the period beginning on the date of the Note and ending on the first day of the month preceding the due date of the first monthly payment of principal and interest stated in the Note rPermanent Loan Commencement DateW) if Completion (as defined in the Residential Construction Loan Agreement) has occurred before that date in accordance with the Residential Construction Loan Agreement. If Completion has not occurred by that date, I will be in default under the Addendum and under this Note. If Completion has occurred prior to the Permanent Loan Commencement Date, then the loan evidenced by this Note will automatically become a permanent mortgage loan on the Permanent Loan Commencement Date, and the provisions of the Addendum will cease to be in effect and all terms and conditions of the loan will be as set forth in this Note on the Permanent Loan Commencement Date. IndyMac Bank Constructlon-to-Perm Adjustable Rate Rider 1 Vear Treasury . Multlatate Page 1 of 4 VIM' Mottgoge SoIuIiono, Inc. (800) 521-7291 HCL 915 01/02 1480332 (OI12) DDS-CLY ~:::: ~:::'¡j~ :!;:: ;-~ :~~ , . . ! 1i.:'¡.·~' ' It!~~:.ij ":1~~~~;~~ ¡.~., ~ .'l~: :~i',~!t!:I:~1~~ f _~~~~~!ffi¡~~!~Ìit~~1 iI";· ···l";~"It;:r.f6!~tJ:"\:::-:iJ!r:t'.T.va~~f":r;I'1.~~·"'';;.:~·'';;:;'' ;\<~'¡\:Q)""',.~.r'.: . ..";f.';¡; "."~\;''-'' . ",.~,:~.~~!.~~:,:.~<!,~: r.· ::~~~~~~,,!;:'ß~œ:I¡~~~·n:~'-\~'''·;_- . ·_'·'·'·<·-·:;)~;!;(.J'¡:'¡"'·~~:r!:.\· .::-:...:\-~;. ¡:;~~o;'\=:";~I' 000575 . . Interest will be charged on unpaid principal until the full amount of Principal has been paid. I will pay interest beginning on the Permanent Loan Commencement Date at the Initial Interest Rate. The "Initial Interest Rate" will be calculated by adding (i) the Index described in Section 4(B) of this Note that is most recently available as of the day that is 45 days prior to the Permanent Loan Commencement Date, to (ii) the Margin described in Section 4(C), and (iii) Two and Three Quarters percentage points ( 2.750 %), and rounding the result to the nearest one-eighth percentage point (0.125), except that the Initial Interest Rate may not be more than the Maximum Rate shown in Section 4(D) of this Note. The interest rate I will pay will change in accordance with Section 4 of this Note. The interest rate required by this Section 2 and Section 4 of this Note is the rate I will pay both before and after any default described in Section 7(B) of this Note. 4. INTEREST RATE AND MONTHLY PAYMENT CHANGES (A) Change Dates The interest rate I will pay may change on the 1st day of November, 2008 and on that day every 12th month thereafter. Each date on which my interest rate could change is called a "Change Date." (8) The Index Beginning with the first Change Date, my interest rate will be based on an Index. The "Index" is the weekly average yield on United States Treasury securities adjusted to a constant maturity of one year, as made available by the Federal Reserve Board. The most recent Index figure available as of the date 45 days before each Change Date is called the "Current Index." If the Index is no longer available, the Note Holder will choose a new index that is based upon comparable information. The Note Holder will give me notice of this choice. (C) Calculation of Changes Before each Change Date, the Note Holder will calculate my new interest rate by adding Two and Three Quarters percentage points ( 2.750 %) to the Current Index. The Note Holder will then round the result of this addition to the nearest one-eighth of one percentage point (0.125%). Subject to the Umits stated in Section 4(D) below, this rounded amount will be my new interest rate until the next Change Date. The Note Holder will then determine the amount of the monthly payment that would be sufficient to repay the unpaid principal that I am expected to owe at the Change Date in full on the Maturity Date at my new interest rate in substantially equal payments. The result of this calculation will be the new amount of my monthly payment. 8480332 (0112) DDS-CL Y Page 2 of 4 HCL 1115 01102 / "', '~I!~~~i' ¡~ '~~":'~'~":' ;0;., ~,:\:.; "~;.:·':':'r,;t:.1U~,;)it:¡¡:~· ¡;,:':' : : '..~.: \.'t::J..';;:.~ :~'';: . . ',¡' ',·,·,·;S!i~'~~!l~I:I:':'~ .,.~.; ·"t:il~·fiJ::;. ':~~';;';.".~~~¡¡'<¥.';_ ;:'~:,hi'-;" ,i'i'", '.~\i'!':~:iJ~¡:.:\:.:i!l::':9N;E ,~. '~~~I.';' "',:¡!"U;¡:~ll!";,::~.:~:~;" 000576 (D) Umits on Interest Rate Changes The interest rate I am required to pay at the first Change Date will not be greater than 12.375% or less than 8.375 %. Thereafter, my interest rate wil never be increased or decreased on any single change Date by more than Two percentage points ( 2.000 %) from the rate of interest I have been paying for the preceding 12 months. My interest rate will never be greater than 16.375%. (E) Effec:tlve Date of Changes My new interest rate will become effective on each Change Date. I will pay the amount of my new monthly payment beginning on the first monthly payment date after the Change Date until the amount of my monthly payment changes again. (F) Notice of Changes The Note Holder will deliver or mail to me a notice of any changes in my interest rate and the amount of my monthly payment before the effective date of any change. The notice will include information required by law to be given to me and also the title and telephone number of a person who will answer any question I may have regarding the notice. B. TRANSFER OF THE PROPERTY OR A BENEFICIAL INTEREST IN BORROWER Section 18 of the Security Instrument is amended to read as follows: 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. Lender also shall not exercise this option if: (a) Borrower causes to be submitted to Lender information required by Lender to evaluate the intended transferee as if a new loan were being made to the transferee; and (b) Lender reasonably determines that Lender's security will not be impaired by the loan assumption and that the risk of a breach of any covenant or agreement in this Security Instrument is acceptable to Lender. To the extent permitted by Applicable Law, Lender may charge a reasonable fee as a condition to Lender's consent to the loan assumption. Lender may also require the transferee to sign an assumption agreement that is acceptable to Lender and that obligates the transferee to 8480332 (0112) DDS-CLY Page 3 of 4 HCL 915 01/02 ~~~}.::~:ra::~';:i: ·;W~ii·i'.·.·~·;~ . ..'¡....,"¡¡:i:I ii.:i·;~;fW}I~~~&1~j :~:~*i~!t.~m~~ ';:~:;~:~;!'i:'¡'~N~¡~·:~:·~·¡~,~:::;'·~\;·~~;;':··:';;l.S~; ,+';::tl~~ '~','i'; ;.-:~~ . ....<.. :;".~~",:.: -" . ·'·-;';·;'¡'_: :';~;~:~S!.~~i~;· ". ::;..¡::¡;~~~ff41k .:~"~; ':;.' t;~¡:\¡i/ ,;.:-¡,~ '., '.'i",:: ·';'~,r~·:¡.;:;t.>:~9:::·;~;:·~·:.:';> ~-:" '._ .,,~: ;;:~~;:~:.:-~.' ... .' oo~S?? keep all the promises and agreements made in the Note and in this Security Instrument. Borrower will continue to be obligated under the Note and this Security Instrument unless Lender releases Borrower in writing. If Lender exercises the option to require immediate payment in full, 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 permitted by this Security Instrument without further notice or demand on Borrower. Borrower accepts and agrees to the terms and covenants contained In this (Seal) -Borrower '^~ SL- ~ ~ ^ L, (Seal) MIGUEL S. ~TINEZ ~ -Borrower , (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Borrower -Borrower HCL 915 8480332 (0112) Page 4 of 4 01102 DDS-CL Y ·ü: ,¡';"._-.:,.:-' ~·__··<\'>':-:;:-ij::g-JlIIIIDJll¡ct;t;t¡1itii:i'It;c.~'W:i~'ì:,~..';':'':;~:·''·~'~:'":'õ-~ --, ::.\:.~'{,"~~'?->, :~".; , - ·~·:~:!;'·!:£~:~:·;·¡ ;'.:~~)':9:;'", --, -Y.· !. ," ~Jí%i···':~~::r';":-;;,'1~å!¡~?i~OO¡;:'1·;1~h-:;~.v::. .,.,'". ·.....·;·;:6~..~.r,.~&.;1t:~:,·+:~~, ~..,.;.;.;..".;~~¡;~~;~~1ö!;I¿..:. '.'_ 000578 . . TO BE RECORDED WITH THE SECURITY INSTRUMENT Loan #: I 2428527 I-PERM Date: October 5, 2006 RESIDENTIAL CONSTRUCTION LOAN RIDER WITH SECURITY AGREEMENT AND FINANCING STATEMENT (Multistate) Words used in this Rider are defined below. Words in the singular mean and include the plural and vice versa. "Agreement" means the Residential Construction Loan Agreement. "Borrower" is Stephen J. MaIvini, Miguel S. Martinez "Borrower's Funds Account" means any and all construction loan accounts established pursuant to the Agreement and held by Lender and used to deposit additional funds provided by Borrower. "Contractor" is STAR VALLEY LOG HOMES and its successors or assigns. "Improvements" are the improvements made to a single family residence or new construction of a single family residence. "Lender" is INDYMAC BANK, F. S. B., a federally chartered savings bank and its successors or assigns. "Note" means the promissory note of even date signed by Borrower in favor of Lender. "Property" means the property commonly known as PLAT 17 LOT 96 STAR VALLEY RANCH, WY 83127 " Security Instrument" means the Deed of TrustIMortgage/Security Deed/Security Instrument of even date signed by Borrower in favor of Lender. THIS RESIDENTIAL CONSTRUCTION LOAN RIDER shall be deemed to amend and supplement the Security Instrwnent of the same date given by the Borrower to secure Borrower's Note to Lender of the same date and covering the Property described in the Security Instrument. IndyMac Bank, F.B. B. Relidentlal Conltructlon Loan Rider to Sec:urlty Instrument . MuItIltate PII III all VIIIi' MorIgage SoIuIiooa. Inc. (IlOO) 521-7291 HCL 911 12/03 8480334 (0311) DDS-CR2 1.' I.'~ll.·,'t!iI'·I·.~ till¡f:::;:t~::::t:~:: i!i;;;',,~ii*¡;~ii};~f; ~~~~mf,1!~iJ~-~' ~.~,,\~.,¡L._~, i.'f,j .l.~: ";' ;~.~';,: 'i;,';;}' j'iVOi9Mñ!ì .........:.:j9~j. :::!:::~:W~t.t.t '..:i:ìlit·~i:.;S~ :I:;!í!:-,; ,'," ';':':-:';':';.:';':';';';'. ': 'I ,,"::;1>" "1,1:, ,. ·';¡'~:i·ïj'i'i': " '," I. ,,::-: .';'.;: ,;.i.¡'!;~¡·i~: 'ò' .:: . 000579 AMENDED AND ADDITIONAL COVENANTS. In addition to the covenants and agreements made in the Security Instrument, Borrower and Lender further covenant and agree as follows: 1. Residential Construction Loan Agreement. Borrower agrees to comply with the covenants and conditions of the Agreement between Borrower, Lender and Contractor, which is incorporated herein by this reference and made a part of this Security Instrument. The Agreement provides for the construction of certain Improvements on the Property. All advances made by Lender pursuant to the Agreement shall be an indebtedness of Borrower secured by this Security Instrument as amended, and such advances may be obligatory under the tenns of the Agreement. The Security Instrument secures the payment of all sums and the performance of all covenants required by Lender in the Agreement. Upon the failure of Borrower to keep and perfonn all the covenants, conditions and agreements of the Agreement, the principal sum and all interest and other charges provided for in the loan documents and secured hereby shall, at the option of the Lender, become due and payable. 2. Security Instrument. This Security Instrument is a "construction mortgage" securing an obligation incurred for the construction of Improvements on the Property including the acquisition cost of the Property, if any, and any notes issued in extension, renewal, or substitution thereof. Borrower affmns, acknowledges and warrants that prior to the recordation of this Security Instrument, as amended, in the appropriate Real Property Records of the State of Wyoming ,no Improvements contemplated by the Loan Agreement have been constructed, no work has been perfonned, and no materials have been ordered or delivered. 3. Future Advances. This Security Instrument shall secure in addition to the sum evidenced by the Note all funds hereafter advanced by Lender to or for the benefit of Borrower, as contained in the Contract and/or the Agreement for the construction of Improvements on the mortgaged property or for any other purpose. All future advances shall be made within the time limit authorized by the laws of this state. To the extent that moneys advanced by Lender are used to pay for thc costs of acquiring the Property, this mortgage shall be a purchase money security interest. 4. Disbursements to Protect Security. All sums disbursed by Lender prior to completion of the Improvements to protect the security of this Security Instrument, up to the principal amount of the Note and any future advances, shall be treated as disbursements pursuant to the Agreement. All such sums shall bear interest from the date of disbursement at the rate stated in the Note, unless the collection from Borrower of interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest rate which may be collected from Borrower under applicable law and shall be payable upon notice from Lender to Borrower requesting payment therefore. S. Assignment of Rights or Claims. From time to time as Lender deems necessary to protect Lender's interest, Borrower shall, upon request of Lender, execute, acknowledge before a notary, and deliver to Lender, assignments of any and all rights or claims which relate to the construction on the Property. 8480334 (0311) DD!U:R2 Poge 2016 HCL 911 12/03 .. . n~,:¡,.ccïroW.!It'i:'!Z:j~~.~;!£,~·'¡';T.}'~~..T"¡:·~\IiI~~ '(::',': {'\!-;:i",~¡~.'~'~'·.~~:"" "';:..h·:"~"'.._,.~_~.!.I~:":.'.'. .,"',. . ",.',' {:',~~~!-~.'- J":'¡"~~ ·~'~¡;.JfU"¡;·:':. -' ":..; . ·':';::;;';~I:;;·:¡ií·;>:·;~·; .'. . :~:~:~:.:.:.;.:. 000580 . . 6. Breach by Borrower. In case of breach by Borrower of the covenants and conditions of the Agreement, Lender, at Lender's option, with or without entry upon the Property, (a) may invoke any of the rights or remedies provided in the Agreement, or (b) may accelerate the sums secured by this Security Instrument. 7. Termination of Agreement upon Amortization. After the commencement of amortization of the Note, the terms of the Agreement (except to the extent Lender is indemnified therein) shaH be null and void, and there shall be no claim or defense arising out of or in connection with the Agreement against the obligations of the Note and this Security Instrument. 8. Property. The property covered by this Security Instrument includes the property described or referred to in this Security Instrument, together with the following, all of which are referred to as the "Property." The portion of the Property described below which constitutes real property is sometimes referred to as the "Real Property." The portion of the Property which constitutes personal property is sometimes referred to as the "Personal Property," listed as follows: Any and all buildings, improvements (provided in the Agreement or otherwise), and tenements now or hereafter erected on the Property; any and all heretofore and hereafter vacated alleys and streets abutting the Property, easements, rights, appurtenances, rents (subject however to any assignment of rents to Lender), leases, royalties, mineral, oil and gas rights and profits, water, water rights and water stock appurtenant to the Property (to the extent they are included in Borrower's fee simple title); any and all fixtures, machinery, equipment, building materials, appliances, and goods of every nature whatsoever now or hereafter located in, or on, or used, or intended to be used in connection with the Property and all replacements and accessions of them, including, but not limited to those for the purpose of supplying or distributing heating. cooling, electricity, gas, water, air and light; security and access control apparatus; plumbing and plumbing fixtures; refrigerating, cooking and laundry equipment; carpet, floor coverings and interior and exterior window treatments; furniture and cabinets; interior and exterior sprinkler plant and lawn maintenance equipment; fire prevention and extinguishing apparatus and equipment, water tanks, swimming pool, compressor, vacuum cleaning system, disposal, dishwasher, range, and oven, any shrubbery and landscaping; any and all plans and specifications for development of or construction of Improvements upon the Property; any and all contracts and subcontracts relating to the Property; any and all accounts, contract rights, instruments, documents, general intangibles, and chattel paper arising from or by virtue of any transactions related to the Property; any and all permits, licenses, franchises, certifications, and other rights and privileges obtained in connection with the Property; any and all products and proceeds arising from or by virtue of the sale, lease, or other disposition of any of the Property; any and all proceeds payable or to be payable under each policy of insurance relating to the Property; any and all proceeds arising from the taking of all or part of the Property for any public or quasi-public use under any law, or by right of eminent domain, or by private or other purchase in lieu thereof; all building permits, certificates of occupancy, certificates of compliance, any right to use utilities of any kind including water, sewage, drainage and any other utility rights, however arising whether private or public, 8480334 (0311) DDURl Poge 3 at 6 HCL 911 12/03 {;~1irJl!~~1.~ ~1~ffi;~m~f¡;i:~ ;'::~_:tf:~ :. :~::~~~I::::~;'J ~¡I~:¡:;~iliŒ!!m:~~, ,~~ft·~~¡!i!:~~.·,·i~.~;lj·'~·:¡~¿:l!":I:I~;~':¡ ·;~t,f: ~.'",y.,,:,,'¡:,,:~,~':;--f.:,:::::f .' ." '.~, t;""":'~.::~;,!lt.',;I' " ;:.!;~i. "",:.'¡!i&~5'''¿'¡';. . '-:':'¡"~::t~'tr.__":':.::'!, .f.~~;.'~:<~;~:~, ',;, ci:~ " ',",' ;.~~)!o:.~,!.:n ":'i"'; ·,·.··;.:¡,~.:.;·~..:.zr·;..· . 000581 . . present or future, including any reservation, permit, letter, certificate, license, order, contract or otherwise and any other permit, letter, certificate, license, order, contract or other document or approval received from or issued by any governmental entity, quasi-governmental entity conunon carrier, or public utility in any way relating to any part of the Property or the Improvements, fixtures and equipment thereon; all other interests of every kind and character which Borrower now has or at any time hereafter acquires in and to the Property, including all other items of property and rights described elsewhere in this Security Instrument. The Personal Property also includes the Borrower's Funds Account, together with any interest accruing thereon and proceeds thereof. 9. Security Agreement and Financing Statement. This Security Instrument shall be a security agreement granting Lender a first and prior security interest in all of Borrower's right, title and interest in, to and under the Personal Property, under and within the meaning ofapplicable statutes of this state, as well as a Mortgage and/or a Deed of Trust granting a lien upon and against the Real Property. In the event of any foreclosure sale all of the Real and Personal Property may, at the option of Lender, be sold as a whole or in any part. It shall not be necessary to have present at the place of such sale the Personal Property or any part thereof. Lender shall have all the rights, remedies and recourses with respect to the Personal Property afforded to a "Secured Party" by the applicable statutes of this state in addition to and not in limitation of the other rights and recourse afforded Lender under this Security Instrument. Borrower shall, upon demand, pay to Lender the amount of any and all expenses, including the fees and disbursements of Lender's legal counsel and of any experts and agents which Lender may incur in connection with: (i) the making and/or administration of this Security Instrument; (ii)the custody, preservation, use or operation of, or the sale of, collection from, or other realization upon any property, real and/or personal, described in this Security Instrument, (iii) the exercise or enforcement of any of the rights of Lender under this Security Instrument; or (iv) the failure by Borrower to perform or observe any of the provisions or covenants in this Security Instrument; or (v) any actions taken by Lender for any reason whatsoever in any case or proceeding under Chapter 7, II, or 13 of the Bankruptcy Code or any successor statute thereto, including, but not limited to, action taken with respect to issues particular to federal bankruptcy law. Lender may, at its election, at any time after the delivery of this Security Instrument, sign one or more copies of this Security Instrument in order that such copies may be used as a financing statement under the statutes of this state. Lender's signature need not be acknowledged, and is not necessary to the effectiveness hereof as a mortgage, a security agreement, or (unless otherwise required by applicable law) a financing statement. 10. Completion. Lender shall not be responsible for the completion of the Improvements, and shall not in any way be considered a guarantor or surety of performance by Borrower. In the event the Improvements are not completed according to the plans and specifications approved by Lender, and it is determined for whatever reason the Lender does not have a lien arising by or through Borrower, then Lender shall have a valid lien for its loan amount, less the amount reasonably necessary to complete the Improvements, or in such event Lender, at its option, shall have the right to complete the Improvements, and the lien shall be valid for the loan amount. 8480334 (0311) DDS-CR2 p",," .01. HCL 911 12/03 .I . ···.~.:4i~t.~Ó:.:.··~:, ,.., . . '<';'- I . ;·;';·;'i~~!~~·~~~·;·.·.· '·''-:-:'~¡;~,'''{.'Î!J;~:. J,'~_1:7;,,; ;,' .', '., ,.;,.,¡~.~-,.,. .~¡:,'- :n;r.'!·. ,~. .:-',.;' .'" ':.::t,.~~;'.:.;.~;.. 000582 . . 11. Invalid Provisions. If any provision of this Security Instrument is declared invalid, illegal, or unenforceable by a court of competent jurisdiction, then such invalid, illegal or .unenforceable provision shall be severed from this Security Instrument and the remainder enforced as if such invalid, illegal or unenforceable provision is not a part of this Security Instrument. 12. Address. The name and address of the Borrower/Debtor during construction of the Improvements is: Stephen 1. Malvini, Miguel S. Martinez 24220 PHEASANT COURT SALINAS, CA 93908 The name and address of the Lender/Secw-ed Party is: INDYMAC BANK., F. S. B., a federally chartered savings bank 155 NORTH LAKE A VENUE PASADENA, CA 91101 13. Other Provisions. The following notice is required by law: IMPORTANT NOTICE: YOU ARE HEREBY NOTIFIED THAT ANY PERSON PERFORMING LABOR ON YOUR PROPERTY OR FURNISHING MATERIALS FOR THE CONSTRUCTION, REPAIR, OR IMPROVEMENT OF YOUR PROPERTY WILL BE ENTITLED TO A LIEN AGAINST YOUR PROPERTY IF HE IS NOT PAID IN FULL, EVEN THOUGH YOU MAY HAVE PAID THE FULL CONTRACT PRICE TO YOUR CONTRACTOR. THIS COULD RESULT IN YOUR PAYING FOR LABOR AND MATERIALS TWICE, THIS LIEN CAN BE ENFORCED BY THE SALE OF YOUR PROPERTY, TO A VOID THIS RESULT, YOU MAY DEMAND FROM YOUR CONTRACTOR LIEN WAIVERS FROM ALL PERSONS PERFORMING LABOR OR FURNISHING MATERIALS FOR THE WORK ON YOUR PROPERTY. YOU MAY WITHHOLD PAYMENT TO THE CONTRACTOR IN THE AMOUNT OF ANY UNPAID CLAIMS FOR LABOR OR MATERIALS. YOU ALSO HAVE THE RIGHT TO DEMAND FROM YOUR CONTRACTOR A COMPLETE LIST OF ALL LABORERS AND MATERIAL SUPPLIERS UNDER YOUR CONTRACT, AND THE RIGHT TO DETERMINE FROM THEM IF THEY HAVE BEEN PAID FOR LABOR PERFORMED AND MATERIALS FURNISHED. 1480334 (0311) DDS-CR2 Poge 5,,18 HCL 911 12/03 I""" I', .... 't.,.~ ;.,1.4.·.·.','.·,"·'·1' ,.:,:~!>..~~~:'::~ J!)~i!~I~i~ffi~l~ ,4~ .:~;:;:i:~:~~:ì:;~;, ."'.If'.N..~b·i ii'·t ...I..'.·Ä..·...·...' ¡;:';¡: ;;~¡~;!~¡ml1;!~f~ ,;:.' '-·:-:···~'··;"í.~~~.ID~~~~~~-"'~!'~;!<·Z~;·:i~:':Y:~~4b'faiMÌ!X· ·'i:~~;:;·:~:·:·,::.;;tj~~rt~...~ ,., ".~':" ,."':;;:'~:..:~~..:;~'-t-«~J:t:i!t!:t:'~~~,;. / - :;~·~:~i~¡h~,:~~t1>;l~":\;.:f:, 'fi,;:;' ::...., ';~., ""-~..r,~,!o,~: 000583 . . and agrees to the terms and covenants contained in this " (Seal) -Borrower \l\v~ß-~ Miguel S. Martinez ~^ ~ (SoaI) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower A mNTION OFFICIAL RECORDER OF INSTRUMENTS: This instrument covers goods that are or are to become fixtures on the described Property herein and is to be filed for record in the District Recorder's records where mortgages on real estate are recorded. Additionally, this instrument should be appropriately indexed, not only as a mortgage but as a financing statement covering goods that are or are to become fixtures on the described Property herein. The mailing address of tbe Borrower (Debtor) and Lender (Secured Party) are set forth in this instrument. (Pl.... s.. Attach.d Acknowledgm.nt(I)] 8480334 (0311) DDS-CR2 Pegaliutli HCL 911 12/03 / :i~'~;~";'~:if':¡~¡:¡~if.~¡~¡~;':'¡~~;;Î~i;i··:;F ;~;¡'{"t,,':);;:w:-a.Jii.~! ,.- '7" :'-~'" /:i'L'!H'~::~Ú. . i:;:¡:·5=";:;:;:;:~:·:;: ~::~?¿~,"~~f~f{~1~.;i~;':~tr~t;~;:~·.:¡i!.;::;':·,:;;, :;' : '::;¡;'X~:~:~Y~l~j¡'::i'_;,_~;:¡:: ':-.,::.' t:::·.~;....:~:~~::2~~ 000584 , . SECOND HOME RIDER Loan Number: 124285271-PERM THIS SECOND HOME RIDER is made this 5th day of October, 2006 and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust. or Security Deed (the "Security Instrument") of the same date given by the undersigned (the "Borrower" whether there are one or more persons undersigned) to secure Borrower's Note to INDYMAC BANK, F. S. B., a federally chartered savings bank (the "Lender") of the same date and covering the Property described in the Security Instrument (the "Property"), which is located at: PLAT 17 LOT 96 STAR VALLEY RANCH, WY 83127 [Property Address] In addition to the covenants and agreements made in the Security Instrument, Borrower and Lender further covenant and agree that Sections 6 and 8 of the Security Instrument are deleted and are replaced by the following: 6. Occupancy. Borrower shall occupy, and shall only use, the Property as Borrower's second home. Borrower shall keep the Property available for Borrower's exclusive use and enjoyment at all times. and shall not subject the Property to any timesharing or other shared ownership arrangement or to any rental pool or agreement that requires Borrower either to rent the Property or give a management firm or any other person any control over the occupancy or use of the Property. 8. Borrower's Loan Application. Borrower shall be in default it, 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 information or statements to Lender (or failed to provide Lender with material information) in connection with the Loan. Material representations include, but are not limited to, representations concerning Borrower's occupancy of the Property as Borrower's second home. MULTlSTATE INSTRUMENT Form 3890 1101 ~-365R (0411) DDS-HRS SECOND HOME RIDER - Single Family . Fannie Mae/Freddie Page 1 of 2 VMP Mortgage Solutions, Inc. (800)521-7291 Mac UNIFORM £).. , Initial.~ I ~c..~ ;- ~>'NI z:*:::~ ¡'ó'~~~':':I,t:.:~ ii'L;ili¡l~~~i~lJ ~ili~~lf:t~~~~~~ ?:f:B!f:j"',:::·:: I~:..:r. . ~.~,:. ',',1... ,...... ::'mi~t!~1I;~~1 . >i;'i'>j~t):'i·i~::i·;':4:~~~~i';¡;':;::,~·:-i;:' Y.>,..' ;:;';h.;;;''¡'':,'''~,";.? ·:\~!'r:' . :.H:··:-·:·':~;:~(.;·~:·: : :~':s!:;)~¡~.:~:~.x.~J;'':'; " ',~.: i·~J.:,.~6i;!~~;;;'Uti·.¡.J!jj;;~:;-:;ili::..;'.··:' ';j~·'~:;:·:'~::~:¡;"NC:·;I4:;;:;'.:'~:,:- .·.~:~:;,.=.~.!:;:~:-:li~...;~:~¡:i;¡·, . 000585 . . BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this Second Home Rider. L(seal) - Borrower \1\ 1'\ ~ _ ::, r~ (Seal) - Borrower Miguel S. Martinez (Seal) - Borrower (Seal) - Borrower (Seal) (Seal) - Borrower - Borrower (Seal) (Seal) - Borrower - Borrower _-365R (0411) DDS-HRS Page 2 of 2 Form 3890 1/01 /'