HomeMy WebLinkAbout923469
00038:1
After Recording Return To:
1ST BANK
P.O. BOX 1620
AFTON,VVV 83110
RECEIVED 10/17/2006 at 3:00 PM
RECEIVING # 923469
BOOK: 637 PAGE: 381
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER. WY
(Space Above TIúI u.e For Recordia& Datal
MORTGAGE
MIN: 1000157-0007273278-3
DEFINITIONS
Words used in multiple sections of this document 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.
1
(A) "Security Instrument" means this document, which is dated September 19, 2006
Riders to this document
, together with all
\,()(X
(B) "Borrower" is GEORGE HOERNER and BARBARA HOERNER, HUSBAND AND WIFE
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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 tbis Security Instrument. 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 1ST BANK
Lender is a Corporation
the laws of Wyoming
P.O. BOX 1620, AFTON, VVV 83110
organized and existing under
. Lender's address is
(E) "Note" means the promissory note signed by Borrower and dated September 19, 2006 . The Note
states that Borrower owes Lender One Hundred Twenty Thousand and n0/100
Dollars (U.S. $ 120,000.00 ) plus interest Borrower has promised
to pay this debt in regular Periodic Payments and to pay the debt in full not later than October 01, 2036
(F) "Property" means the property that is described below under the heading ''Transfer of Rights in the Property."
WYOMING-Single Family-Faaaie MaelFreddIe Mae UNIFORM INSTRUMENT
Form 3051 1/01
GreaIDaca ....
ITEM 276911 (OOII)-11S1S (Page} of}1 pages) To OrdørCall: 1.a00.&68-5775
NOTE: This serves to correct that certain Mortgage reocrded September 22. 2006
in Book 634PR on page 586 of the records of the Lincoln County Clerk to correct
the zip code.
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(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 under this Security Instrument, plus interest
(II) "Riders" means all Riders to this Security Instrument that are executed by Borrower. The following Riders are to be
executed by Borrower (check box as applicable]: "
o Adjustable Rate Rider
o Balloon Rider
[i] 1-4 Family Rider
ŒJ Condominium Rider
o Planned Unit Development Rider
o Biweeldy Payment Rider
ŒJ Second Home Rider
o Other(s) [specify]
(l) "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 final, non-appealable judicial opinions.
(J) "Commuoity AslOCåation Dues, Fees, and Asses5meDu" 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) "Electrooie 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 terminal, telephonic instrument, 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.
(L) "Escrow ItelD5" means those items that are descnòed in Section 3.
(M) "Miscellaneoll5 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) condenmation or other taking of all or any part of the Property; (üi) conveyance in lieu of condenmation; 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 amount due for (i) principal and interest under the Note, plus
(ii) any amounts under Section 3 of this Security Instrument.
(P) "RESPA" means the Real Estate Settlement Procedures Act (12 U.S.C. §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" under RESPA.
(Q) "Succeuor in Interest 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.
WYOMING-SingJe Family-Faaaie MaelFreddJe Mac UNIFORM INSTRUMENT
ITEM27!1111.2 (OOII}-MER5
(Page 2 of J 2 pages)
Form 30511101
GreaIDøc:a '"
To Order Call: 1..aoo-Q68-5775
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09~34b~
000383
TRANSFER OF RIGHTS IN THE PROPERTY
This Security InstIUment 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 under this Security Instrument and the Note. For
this purpose, Borrower does hereby mortgage, grant and convey to MERS (solely as nominee for Lendèr 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 of
[Type of Recording Jurisdiction] [Name of Recording Jurisdiction]
Unit 2 of Rocky Point Condominiums together with undivided Interest In common elements in accordance
with the Declaration of Covenants, Conditions and Restrictions recorded June 21, 2006 in Book 624PR on
page 34 and the Corrected Declaration of Covenants, Conditions and Restrictions recorded August 24, 2006
in Book 631PR on page 423 and by the official plat filed on June 21, 2006 as Instrument No. 919536 and on
the Corrected Plat filed August 24,2006 as Instrument No. 921671 of the records of the Lincoln County
Clerk.
which currently has the address of
THAYNE
[City]
, Wyoming
FRESIAN CIRCLE #2
[Street]
83127 ("Property Address"):
[Zip Code]
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 understands and agrees
that MERS holds only legal title to the interests granted by Borrower in this Security InstIUment, 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 is unencwnbered. 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-uniform covenants with
limited variations by jurisdiction to constitute a uniform security instIUment 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 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.
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
WYOMING-Single Family-Fauale MaelFreddJe Mae UNIFORM INSTRUMENT
ITEM 276Sl3 (0011 >-M£RS
(Page 3 of J 2 pages)
Form 30511101
GrealDoc:a 1M
To Order Call: 1-æ0-&68-5T75
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0923469
000384
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 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 Lender 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 descn"bed 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 tenn 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, 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
revolœ 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 pennit 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 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
WYOMING-Single Family-Faaaie MaelFreddle Mae UNIFORM INSTRUMENT
ITEM 276SL4 (0011)-MER&
(Page 4 of J 2 pages)
-
Form 3051 1101
~'"
To Orœr Call: 1-ðOO-968-ó775
09234b9
000385
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 RESPA. If there is a shortage of Funds held in escrow, as defined under RESPA, Lender shall
notify Borrower as required by RESPA, 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
defined 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; Liens. 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 Connnunity 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 Instrument 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 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.
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 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 Lender requires. 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 onc~-time charge for flood zone detennination,
certification and tracking services; or (b) a one-time charge for flood zone detennination 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 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 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 Borrower 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 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, Borrower 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,
WYOMINC--Single Family-Faa.1e MaelFreddle Mac UNIFORM INSTRUMENT
ITEM 276QL5 (0011)-111£R8
(Page j of 11 pages)
Form 3051 1/01
GI'IIaIDocs '"
To Order Call: 1-800-968-6775
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0923469
000386
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 seties 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 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 Borrower. Such insurance proceeds shall be applied in the order provided for in Section 2.
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 amoWIts WIpaid WIder the Note or this Security Instrument, and
(b) any other of Borrower's rights (other than the right to any refund of WIearned premiums paid by Borrower) WIder 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 amoWIts WIpaid WIder the Note or this Security
Instrument, whether or not then due.
6. Oc:cupancy. Borrower 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, WIless Lender otherwise agrees in writing, which consent shall not
be unreasonably withheld, or WIless 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 Property fÌ'om deteriorating or
decreasing in value due to its condition. Unless it is determined 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 condenmation 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 orcondenmation 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 Borrower's principal residence.
9. Protection of Lender's Interest in the Property and Rights Under this Security Instrument. If (a) Borrower
fails to perfonn the covenants and agreements contained in this Security Instrument, (b) there is a legal proceeding that might
significantly affect Lender's interest in the Property and/or rights WIder this Security Instrument (such as a proceeding in
bankruptcy, probate, for condenmation 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 WIder 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 WIder 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
WYOMING-Single Family-F...1e MaelFreddie Mac UNIFORM INSTRUMENT
ITEM 27ØQU (OO11~
(Page 6 of J 2 pages)
Form 30511/01
GnIaIDœa'"
To Order Call: 1-ðOO-E168-5775
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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.
lt is agreed that Lender incurs no liability for not taking any or all actions authorized under this Section 9.
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 from the date of disbursement and shall be payable,
with such interest, upon notice nom 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 title to the Property, the leasehold and the fee title shall not merge unless Lender agrees to the merger in writing.
10. Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan, Borrower shall
pay the premiums 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
premiums 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 premiums 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 nom Mortgage Insurance premiums).
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 premiums 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.
(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 1998 or any other law. 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
UDearned at the time of such cancellation or termination.
11. Assignment of MisceUaneous 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.
WYOMING-Single Family-Foale MaelFreddle Mac UNIFORM INSTRUMENT
ITEM 27SQl7 (OO11)-IIERS
(Page 7 of 12 pages)
Form 30511/01
GnlaIDoca 1M
To Order Call: 1-800-968-5775
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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 shalI 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, pâid to Borrower.
Such Miscellaneous Proceeds shall be applied in the order provided for in Section 2.
In the event of a total taking, destIUction, 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 folIowing 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 shalI 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 ruling that, in Lender's judgment, precludes forfeiture of the
Property or other material impainnent of Lender's interest in the Property or rights under this Security Instrument Tbe
proceeds of any award or claim for damages that are attributable to the impainnent 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 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 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 Instrument only to mortgage, grant and convey
the co-signer's interest in the Property under the terms 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
WYOMING-Single Family--Faaaie MaelFreddJe Mac UNIFORM INSTRUMENT
ITEM 2711Q1..8 (OOII}-MERS
(Page 8 of J 1 pages)
Form 30511101
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this Security Instrument Borrower shall not be released fÌ'Om 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 peñonned in connection with BOTTower's default,
for the purpose of protecting Lender's interest in the Property and rights under this Security Instrument, inèluding, 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 finally interpreted so that the interest
or other loan charges collected or to be collected in connection with the Loan exceed the pennitted limits, 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 fÌ'Om Borrower which exceeded pennitted 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 BoTTower 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 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 BOTTower's change of address. If Lender specifies a procedure for reporting Borrower's change of
address, then BOTTower 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 cOTTesponding 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, instalhnent 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 BOTTower is not a natural
person and a beneficial interest in BOTTower is sold or transferred) without Lender's prior written consent, Lender may
require inunediate 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 BOTTower 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 BOTTower.
19. Borrower's Right to Reinstate After Acceleration. If Borrower meets certain conditions, BOTTower shall have
the right to have enforcement of this Security Instrument discontinued at any time prior to the earliest of: (a) five days before
ITEM 27ðQU/ (0011)-M£RS
WYOMING-Single Family-Faa.1e MaelFreddle Mac UNIFORM INSTRUMENT
Form 3051 1/01
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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 termination of Borrower's right to reinstate; or (c) entry of a judgment enforcing this Security
Instrument. Those conditions are that Borrower: (a) pays Lender all sums which then would be due under this Security
Instrument and the Note as if no acceleration had occurred; (b) cures any default of any other covenants or agreements;
(c) pays all expenses 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.
20. Sale of Note; Change of Loan Servicer; Notice of Grievance. The Note or a partial interest in the Note (together
with this Security Instrument) 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 Security
Instrument and performs other mortgage loan servicing obligations under the Note, this Security Instrument, and Applicable
Law. There also might be one or more changes of the Loan Servicer unrelated to a sale of the Note. If there is a change of the
Loan Servicer, Borrower will be given written notice of the change which will state the name and address of the new Loan
Servicer, the address to which payments should be made and any other infonnation 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 assumed 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 Security Instrument or that alleges that the
other party has breached any provision of, or any duty owed by reason of, this Security 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 purposes 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 defined as
toxic or hazardous substances, pollutants, or wastes by Environmental Law and the following substances: gasoline, kerosene,
other flammable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos
or formaldehyde, and radioactive materials; (b) "Environmental Law" means federa1laws and laws of the jurisdiction where
the Property is located that relate to health, safety or environmental protection; (c) "Environmental Cleanup" includes any
response action, remedial action, or 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 pennit 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 nonnal residential uses and to
maintenance of the Property (including, but not limited to, hazardous substances in consumer 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
WYOMING-Single Family-Fo.ie MaelFreddie Mac UNIFORM INSTRUMENT
ITEM 27t11il10 (0011)-tIERS
(Page 10 of 12 pages)
Form 3051 1101
GnlaIDoc:s ...
To OrdørCalI: 1~5
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0923469
000391.
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.
NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows:
22. Aceeleration; Remedies. Lender shaD give notice to Borrower prior to acceleration following Borrower's
breach of any covenant or agreement in tbis Security Instrument (but not prior to acceleration under Section 18
uoless 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 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 saie of the Property. The notice shaD 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 defell5e of Borrower to acceleration and saie. 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 aD sums secured by this Security Instrument
without further demand and may invoke the power of saie and any other remedies permitted by Applicable Law.
Lender shaD be entitled to collect aD expenses incurred in pursuing the remedies provided in this Section 22,
including, but not Umited to, reasonable attorneys' fees and costs of title evidence.
If Lender invokes the power of saie, Lender shall give notice of intent to foreclose to Borrower and to the person
in possession of the Property, if different. in accordance with Appllcable Law. Lender shail give notice of the saie to
Borrower in the manner provided in Section 15. Lender shaD pubUsh the notice of saie, and the Property shaD be sold
in the manner prescribed by Applicable Law. Lender or its designee may purchase the Property at any saie. The
proceeds of the saie shaD be applied in the following order: (a) to aD expenses of the saie, including, but not limited to,
reasonable attorneys' fees; (b) to aD sums secured by this Security Instrument; and (c) any excess to the person or
persons legaDy 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. Waivers. Borrower releases and waives all rights under and by virtue of the homestead exemption laws of
Wyoming.
WYOMING-Sing1c Family-Faaaie MaelFreddie Mac UNIFORM INSTRUMENT
ITEM 276Sl11 (0011}-MERS
(Page J J of J 2 pages)
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0923469
000392
BY SIGNING BELOW, BoJTOwer accepts and agrees to the tenDs and covenants contained in pages 1 through 12 of
this Security Instrument and in any Rider executed by Borrower and recorded with it.
~~
GEORGE HO NER
(Seal)
-Borrower
/6~~~
BARBARA HOERNER .
(Seal)
-Borrower
(Seal)
-Borrower
(Seal)
-Borrower
(Seal)
-Borrower
(Seal)
-Borrower
Witness:
Witness:
State of 'So ..... 't"- C 1kf!.cJ/; /I ú-
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County of -\..k~
The foregoing instrument was acknowledged before me by GEORGE HOERNER, BARBARA HOERNER
this 13th day of October 2006
Witness my hand and official seal.
My commission expires:
"(ìømm¡ssion Expires
..~ -May 11, 2009
WYOMING-Single Fantily-F....ie MaelFreddfe MK UNIFORM INSTRUMENT
ITEM 2769L 12 (0011 r-eRS
(Page J 1 of J 1 pages)
Form 30511/01
GreatDoca 1M
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1-4 FAMILY RIDER
(Assignment of Rents)
.
.
lHIS 14 F AMll.. Y RIDER is made this 19th day of September 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") to
secure Borrower's Note to 1ST BANK, Corporation
(the "Lender") of the same date and covering the Property described in the Security Instrwnent and located at:
FRESIAN CIRCLE #2
THAYNE, WY 83127
[Property Address]
1-4 FAMILY COVENANTS. In addition to the covenants and agreements made in the Security
Instrument, Borrower and Lender further covenant and agree as follows:
A. ADDITIONAL PROPERTY SUBJECT TO THE SECURITY INSTRUMENT. In
addition to the Property described in Security Instrument, the following items now or hereafter
attached to the Property to the extent they are fixtures are added to the Property description, and
shall also constitute the Property covered by the Security Instrument: building materials,
appliances and goods of every nature whatsoever now or hereafter located in, on, or used, or
intended to be used in connection with the Property, including, but not limited to, those for the
purposes of supplying or distributing heating, cooling, electricity, gas, water, air and light, fire
prevention and extinguishing apparatus, security and access control apparatus, plumbing, bath
tubs, water heaters, water closets, sinks, ranges, stoves, refrigerators, dishwashers, disposals,
washers, dryers, awnings, storm windows, storm doors, screens, blinds, shades, curtains and
curtain rods, attached mirrors, cabinets, paneling and attached floor coverings, all of which,
including replacements and additions thereto, shall be deemed to be and remain a part of the
Property covered by the Security Instrument All of the foregoing together with the Property
described in the Security Instrument (or the leasehold estate if the Security Instrument is on a
leasehold) are referred to in this 14 Family Rider and the Security Instrument as the "Property."
B. USE OF PROPERTY; COMPLIANCE WITH LAW. Borrower shall not seek, agree
to or make a change in the use of the Property or its zoning classification, unless Lender bas
agreed in writing to the change. Borrower shall comply with all laws, ordinances, regulations and
requirements of any governmental body applicable to the Property.
C. SUBORDINATE LIENS. Except as permitted by federal law, Borrower shall not allow
any lien inferior to the Security Instrument to be perfected against the Property without Lender's
prior written permission.
D. RENT LOSS INSURANCE. Borrower shall maintain insurance against rent loss in
addition to the other hazards for which insurance is required by Section 5.
E. "BORROWER'S RIGHT TO REINSTATE" DELETED. Section 19 is deleted.
F. BORROWER'S OCCUPANCY. Unless Lender and Borrower otherwise agree in
writing, Section 6 concerning Borrower's occupancy of the Property is deleted.
G. ASSIGNMENT OF LEASES. Upon Lender's request after default, Borrower shall
assign to Lender all leases of the Property and all security deposits made in connection with leases
ITEM 1711Ol.1 (0411)
09040000006037
(Page J of 3 pages)
MULTlSTATE 1-4 FAMILY RlDER-Faaaie MaelFreddie Mae UNIFORM INSTRUMENT
...
Form 31701101
GnlaIDac5 1M
To Order Call: 1-8JO-116S.6775
131219496
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of the Property. Upon the assignment, Lender shall have the right to modify, extend or tenninate
the existing leases and to execute new leases, in Lender's sole discretion. As used in this
paragraph G, the word "lease" shall mean "sublease" if the Security Instrument is on a leasehold.
H. ASSIGNMENT OF RENTS; APPOINTMENT OF RECEIVER; LENDER IN
POSSESSION. Borrower absolutely and unconditionally assigns and transfers to Lender all the
rents and revenues ("Rents") of the Property, regardless of to whom the Rents of the Property are
payable. Borrower authorizes Lender or Lender's agents to collect the Rents, and agrees that each
tenant of the Property shall pay the Rents to Lender or Lender's agents. However, Borrower shall
receive the Rents until (i) Lender has given Borrower notice of default pursuant to Section 22 of
the Security Instrument and (ii) Lender has given notice to the tenant(s) that the Rents are to be
paid to Lender or Lender's agent. This assignment of Rents constitutes an absolute assignment and
not an assignment for additional security only.
If Lender gives notice of default to Borrower: (i) all Rents received by Borrower shall be
held by Borrower as trustee for the benefit of Lender only, to be applied to the sums secured by
the Security Instrument; (ii) Lender shall be entitled to collect and receive all of the Rents of the
Property; (iii) Borrower agrees that each tenant of the Property shall pay all Rents due and unpaid
to Lender or Lender's agents upon Lender's written demand to the tenant; (iv) unless applicable
law provides otherwise, all Rents collected by Lender or Lender's agents shall be applied first to
the costs of taking control of and managing the Property and collecting the Rents, including, but
not linúted to, attorney's fees, receiver's fees, premiums on receiver's bonds, repair and
maintenance costs, insurance premiums, taxes, assessments and other charges on the Property, and
then to the sums secured by the Security Instrument; (v) Lender, Lender's agents or any judicially
appointed receiver shall be liable to account for only those Rents actually received; and
(vi) Lender shall be entitled to have a receiver appointed to take possession of and manage the
Property and collect the Rents and profits derived from the Property without any showing as to the
inadequacy of the Property as security.
If the Rents of the Property are not sufficient to cover the costs of taking control of and
managing the Property and of collecting the Rents any fimds expended by Lender for such
purposes shall become indebtedness of Borrower to Lender secured by the Security Instrument
pursuant to Section 9.
Borrower represents and warrants that Borrower has not executed any prior assignment of
the Rents and has not performed, and will not perform. any act that would prevent Lender from
exercising its rights under this paragraph.
Lender, or Lender's agents or a judicially appointed receiver, shall not be required to enter
upon, take control of or maintain the Property before or after giving notice of default to Borrower.
However, Lender, or Lender's agents or a judicially appointed receiver, may do so at any time
when a default occurs. Any application of Rents shall not cure or waive any default or invalidate
any other right or remedy of Lender. This assignment of Rents of the Property shall tenninate
when all the sums secured by the Security Instrument are paid in full.
I. CROSS-DEFAULT PROVISION. Borrower's default or breach under any note or
agreement in which Lender has an interest shall be a breach under the Security Instrument and
Lender may invoke any of the remedies permitted by the Security Instrument.
MULTlSTATE 1-4 FAMILY RIDER-Faaaie MaelFreddJe Mac UNIFORM INSTRUMENT
ITEM 17QOl2 (0411)
09040000006037
(Page 2 of 3 pages)
Form 3170 1101
GreatDœa '"
To Order Call: 1-aJO-II68-5775
131219496
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BY SIGNING BELOW, Borrower accepts and agrees to the tenns and covenants contained in pages
1 through 3 oftbis 1-4 Family Rider.
G~~
(Seal)
-Borrower
~ ø~-'-l__ ~(Seal)
SARA HOERNER -Borrower
(Seal)
-Borrower
(Seal)
-Borrower
(Seal)
-Borrower
(Seal)
-Borrower
MULTISTATE 1-4 FAMILY RlDER-FIllUlIe MaeJFreddie Mac UNIFORM INSTRUMENT
ITEM 1711Ol3 (0411)
09040000006037
(Page 3 of 3 pages)
Form 31701101
GreaIOaA'"
To Order c¡¡ ; 1..f1OO-968-6775
131219496
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0923469
000396
CONDOMINIUM RIDER
1HIS CONDOMINIUM RIDER is made this 19th day of September 2006
and is incorporated into and sball 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") to
secure Borrower's Note to 1ST BANK, Corporation
(the "Lender") of the same date and covering the Property described in the Security Instrwnent and located at:
FRESIAN CIRCLE #2
THAYNE, WY 83127
[Property Address]
111
'The Property includes a unit in, together with an undivided interest in the common elements of, a
condominium project known as:
ROCKY POINT CONDOMINIUM
[Name of Condominium Project]
(the ·'Condominium Project"). If the owners association or other entity which acts for the Condominium
Project (the "Owners Association") holds title to property for the benefit or use of its members or
shareholders, the Property also includes Borrower's interest in the Owners Association and the uses,
proceeds and benefits of Borrower's interest.
CONDOMINIUM COVENANTS. In addition to the covenants and agreements made in the Security
Instrument, Borrower and Lender further covenant and agree as follows:
A. CODdominium Obligations. Borrower shall peñonn all of Borrower's obligations under
the Condominium Project's Constituent Documents. The "Constituent Documents" are the:
(i) Declaration or any other document which creates the Condominium Project; (ii) by-laws;
(iii) code of regulations; and (iv) other equivalent documents. Borrower shall promptly pay, wben
due, all dues and assessments imposed pursuant to the Constituent Documents.
B. Property Insurance. So long as the Owners Association maintains, with a generally
accepted insurance carrier, a .'master" or ·~lanket" policy on the Condominium Project which is
satisfactory to Lender and wbich provides insurance coverage in the amounts (including
deductible levels), for the periods, and against loss by fire, hazards included within the tenn
··extended coverage," and any other hazards, including, but not limited to, earthquakes and floods,
from which Lender requires insurance, then: (i) Lender waives the provision in Section 3 for the
Periodic Payment to Lender of the yearly premium installments for property insurance on the
Property; and (ii) Borrower's obligation under Section 5 to maintain property insurance coverage
on the Property is deemed satisfied to the extent that the required coverage is provided by the
Owners Association policy.
What Lender requires as a condition of this waiver can change during the tenn of the loan.
Borrower shall give Lender prompt notice of any lapse in required property insurance
coverage provided by the master or blanket policy.
In the event of a distribution of property insurance proceeds in lieu of restoration or repair
following a loss to the Property, whether to the unit or to common elements, any proceeds payable
to Borrower are hereby assigned and shall be paid to Lender for application to the sums secured by
the Security Instrument, wbether or not then due, with the excess, if any, paid to Borrower.
MULTISTATE CONDOMINIUM RIDER-Single Family-Faaaie MaelFreddle MK UNIFORM INSTRUMENT
For1ll3140 1101
ITEM 1623L 1 (0411)
09040000006037
(Page / of 2 pages)
GreatDoca ...
To Order Call: 1~776
131219496
.,
0923469
000397
C. Public Liability Insurance. Borrower shall take such actions as may be reasonable to
insure that the Owners Association maintains a public liability insurance policy acceptable in
fonn, amount, and extent of coverage to Lender.
D. Condemnation. The proceeds of any award or claim for damages, direct "or
consequential, payable to Borrower in connection with any condemnation or other taking of all or
any part of the Property, whether of the unit or of the common elements, or for any conveyance in
lieu of condemnation, are hereby assigned and shall be paid to Lender. Such proceeds shall be
applied by Lender to the sums secured by the Security Instrument as provided in Section 11.
E. Lender's Prior Consent. Borrower shall not, except after notice to Lender and with
Lender's prior written consent, either partition or subdivide the Property or consent to: (i) the
abandonment or tennination of the Condominium Project, except for abandonment or tennination
required by law in the case of substantial destruction by fire or other casualty or in the case of a
taking by condemnation or eminent domain; (ii) any amendment to any provision of the
Constituent Documents if the provision is for the express benefit of Lender; (iii) tennination of
professional management and assumption of self-management of the Owners Association; or
(iv) any action which would have the effect of rendering the public liability insurance coverage
maintained by the Owners Association unacceptable to Lender.
F. Remedies. If Borrower does not pay condominium dues and assessments when due, then
Lender may pay them. Any amounts disbursed by Lender under this paragraph F shall become
additional debt of Borrower secured by the Security Instrument Unless Borrower and Lender
agree to other teIms of payment, these amounts shall bear interest from the date of disbursement at
the Note rate and shall be payable, with interest, upon notice from Lender to Borrower requesting
payment.
BY SIGNING BELOW, Borrower accepts and agrees to the tenns and covenants contained in pages
1 and 2 of this Condominium Rider.
~~-.~2
~~44~eal)
BARBARA HOERNER ~mrow~
(Seal)
-Borrower
(Seal)
-Borrow~
(Seal)
-Borrower
(Seal)
-Borrow~
MULTISTATE CONDOMINIUM RIDER-Single Family-Faa1Üe MaelFreddie Mac UNIFORM INSTRUMENT
Form 3140 1/01
ITEM 1623L2 (0411)
09040000006037
(Page 1 ofl pages)
GrIIaIDoce 1M
To Order Call: 1-«10-II6II-6775
131219496
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SECOND HOME RIDER
11llS SECOND HOME RIDER is made this 19th day of September 2006 "
and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of TIllSt, or
Secmity Deed (the "Secmity Instmment'') of the same date given by the undersigned (the "Borrower,"
whether there are one or more persons undersigned) to secure Borrower's Note to 1ST BANK, Corporation
(the "Lender") of the same date and covering the Property descn"bed in the Security Instrument (the
"Property"), which is located at:
FRESIAN CIRCLE tI2
THAYNE, WY 83127
[Property Addreu]
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 Secmity Instrument are deleted and are replaced by
the following:
I' ~,.
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
ail times, and sba1I 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 fun¡ or any other person any control over the occupancy or use of the
Property.
8. Borrower's ~an Applieatio~ Borrower sba1I 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 second home.
BY SIGNING BELOW, Borrower accepts and agrees to the terms and provisions
of this Second Home Rider.
Á~~
GEORGE ERNER
(Seal) ~~~~(Sea1)
-Borrower BARBARA HOERNER -Borrower
MULTISTATE SECOND HOME RIDER-Single Family-F....ie Mae/Fredd1e Mac UNIFORM INSTRUMENT ,
Form 3890 1/01
1TEM70811l1 (0411)
09040000006037
GrøaIDoca ...
To Order eau: 1-!1()()..Q68.õ'S
131219496
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