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Home My WebLink About924360 'ff~mirfr ¡:;;:;¡,-:¡:f'" .(\.0036 """..,...'..1,' : ' ~::::::::;:;: :;': " :';; c ¡, Recording Requested by & When Recorded Return To: US Recordings, Inc. 2925 Country Drive Ste 201 St. Paul, MN 55117 ~:~~-- i-4-Y7tP~1' RECEIVED 11/13/2006 at 2:39 PM RECEIVING # 924360 BOOK: 640 PAGE: 36 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY ISpaee AhYe nil LIae Jr_ ~ Data. T006-148592 [B8crow!Clo8ing 'J ~JM 00015149955810006 [Doc ID 'J MORTGAGE ~1001337-0001729421-9 DEFINITIONS Wonts used in multiple sections of this document are defined below and other words are defined in Sections 3, 11, 13, 18, 20 and 21. Certain roles regarding the usage of words used in this document are also provided in Section 16. (A) "Secarlty lDstnuaeat" means this documc:nt, which is dated OCTOBER 21, 2006 with aU Riders to this document (B) "Borrower" is JUAN L HERRERA, AND MACARIA HERRERA ,together Borrower is the mortgagor under this Security Instrument. (q "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 fa the mortgagee under thil Security hutnllnent. MERS is organized and existing under the laws of Delawm:, and has an address and telephone nlDDbec of P.O. Box 2026, Flint. MI 48501-2026, tel. (888) 679-MERS. (D) "Lender" is Countrywide Bank, N.A. Lender is a NATL. ASSN. organized and existing under the laws of THE UNITED STATES Lendet's address is 1199 North Fairfax St. Ste.500, Alexandria, VA 22314 (E) "Note" means the promissory note signed by Borrower and dated OCTOBER 21, 2006 . The Note states that Borrower owes Lender ONE HUNDRED SIXTY FIVE THOUSAND SIX HUNDRED and 00/100 Dollars (U.S. $ 165,600.00 ) plus interest. Borrower has promised to pay this debt in regular Periodic Payments and to pay the debt in full not Iatcr than NOVEMBER 01, 2036 (F) "Property" means the property that is described below under the heading "Transfer of Rights in the Property. " WYOMING-Slngle Femily-F....,.. IIHlFNdd.. Mac UNIFORIIINSTRUIIENT WITH IIERS Page 1 of 11 at -IA(WY) (0005) CHL (OIlO5)(d) VMP McIr1gBg8 SolutIons. Inc. (8OO)521-T291 CONVNA Form 3051 1101 111111 . 2 3 991 . .11 . . 151 4 995 5 800 0 0 0 2 0 0 6 A . ,I ,I i ¡ I ! I ¡ i ! " , , , I.. l::::1~:t:'::.~6f. ~:::::::::4'fj(o!Þ.':t fmr'T;:;::;;:~<¡\ i';!;'i>;!!~'f';'! Y ':"1' ~,~1_"T,I!I. ~. ~': \,!,·,:;;~,·jl!~· 0924360 000037 DOC ID #: 00015149955810006 (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. (B) "Riden" means aU Riders to this Security Instrument that are executed by Borrower. The following Riders are to be executed by Borrower [check box as applicable]: ŒJ Adjustable Rate Rider D Condominium Rider D Second Home Rider D Balloon Rider D Planned Unit Development Rider D 1-4 Family Rider D VA Rider D Biweekly Payment Rider DOther(s) [specify] (I) "Applicable Law" means all controlling applicable federal. state and local statutes, regulations, ordinances and administrative rules and orders (that have the effect of law) as well as all applicable final, non-appealable judicial opinions. (J) "Community Auodation Duel, Fees, and AaeumentJ" means all dues, fees, assessments and other charges that are imposed on Borrower or the Property by a condominiwn association, homeowners association or similar organization. (K) "Electronic Fonds Transfer" means any transfer of fimds, 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 term 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 ItelDl" means those items that are desaibed in Section 3. (M) "MùceIlaBeMtl Proceeds" means any compensation, settlement, award of damages. or proceeds paid by any third party (other than insurance proceeds paid under the coverages descnòed in Section 5) for: (i) damage to, or destruction of, the Property; (ü) condemnation or other taking of all or any part of the Property; (ill) conveyance in lieu of condemnation; or (iv) misrepresentations of, or omissions as to, the value and/or condition of the Property. (N) "Mortpge huurance" 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 (ü) any amounts under Section 3 of this Security Instnunent. (P) "RESPA" means the Real Estate Settlement Procedures Act (12 U.S.C. Section 2601 et seq.) and its implementing regulation, Regulation X (24 C.F.R Part 3500), as they might be amended from time to time, or any additional or successor legislation or regulation that governs the same subject matter. As used in this Security Instrument, "RESP A" refers to aU requirements and restrictions that are imposed in regard to a "federally related mortgage loan" even if the Loan does not quaIi1ÿ as a "federally related mortgage loan" under RESP A. (Q) "Successor in Interest of Borrower" means any party that has taken title to the Property, whether or not that party has assumed Borrower's obligations 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 (ü) the pClfonn.oce 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 Lender and Lender's successors and assigns) and to the successors and assigns ofMERS, with power of sale, the fonowing desaibed property located in the COUNTY of LINCOLN (Type ofRecordin& Jurisdiction] [N- ofltecordiD¡ Jurisdiction] SEE EXHIBIT "A" ATTACHED HERETO AND MADE A PART HEREOF. Parcel IDNwnber: 1235183109030 which currently has the address of 234 CEDAR CREEK DR, THAYNE [SIreetICity] Wyoming 83127 ("Property Address"): [Zip Code] flit -IA(WY) (0005) CHL (1IIÐ5) P8ge2of11 Form 3051 1JU1 ... 0924360 000038 DOC ID #: 00015149955810006 TOGETIIER 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 Instnnncnt as the "Property." Borrower understands and agrees that MERS holds only legal title to the interests granted by Borrower in this Security Instrument, but. if necess:uy 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, thè right to foreclose and sen 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 bas 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. TIllS SECURITY INSTRUMENT combines uniform coVCllants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. UNIFORM COVENANTS. Bonower and Lender covenant and agree as fonows: 1. Payment of Principal. Interest, ElCI'Ow Items, Prepaymeat Charges, and Late Charges. Bonower shaD pay when due the priDcipaI of: and intm:st 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 shaU be made in U.S. currency. However, if any check or other instrument received by Lender as payment under the Note or this Sècurity 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, treasurers chc:ck or cashier's check, provided any such check is drawn upon an institution whose deposits are insured by a fedcraI agency, instrumentality, or entity; or (d) Electronic Funds Transfer. Payments are deemed received by Lender when received at the location designated in the Note or at such other location as may be designated by Lender in accordance with the notice provisions in Section 15. Lender may return any payment or partial payment if the payment or partial payments are insufficient to bring the Loan current Lender may accept any payment or partial payment insufficient to bring the Loan current, without waiver of any rights hereunder or prejudice to its rights to refuse such payment or partial payments in the future, but Lender is not obligated to apply such payments at the time such payments are accepted. If each Periodic Payment is applied as of its scbeduIed 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 n:asonable period of time, Lender shaD 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 oðiet or claim which Bcmowcr might have now or in the future against Lender sball relieve Borrower &om making payments due under the Note and this Security Instrument or performing the covenants and agreements secured by this Security Instrmnent. Z. Application of Paymenu or Prec:eeda. Except as otherwise described in this Section 2, aU payments accepted and applied by Lender sball be applied in the fonowing 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 shan be applied first to late clwges, second to any other amounts due under this Seauity 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 chsrge. If more than one Periodic Payment is OIrtmlndi"l. Lender may apply any payment received from Borrower to the repayment of the Periodic Payments it: 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. V oluotary prepayments shaD be applied first to any prepayment charges and then as described in the Note. Any application of payments, insurance proceeds, or Miscellaneoua Proceeds to principaI due under the Note shaD not c:xteDd or postpone the due date, 01' change the 8JDOUDt, of the Periodic Payments. 3. Fuds for EIcrow ItelDL Borrower sball pay to Lender on the day Periodic Payments are due under the Note, until the Note is paid in fulI, a sum (the "Funds") to provide for payment of amounts due for: (a) taxes and a.-rnnents 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) Mortpge 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, feca and 8~ts sball be an Escrow Item. Borrower shaD promptly furnish to Lender all notices of amounts to be paid under this Section. Bonower sha11 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 Bonower's obligation to pay to Lender Funds for any or all Escrow 4GIt -M(WY) (0005) CHL (0IIÐ5) "'3af11 Form 3051 1}81 ::-nm~~~~~~ f:~:;;:;:;:;u::~::::" I,·.....·;,,' .. 0324360 ~ 000039 DOC ID #: 00015149955810006 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 payablc, the amounts due for any Escrow Items fur which payment of Funds has been waived by Lender and, if Lender requires, shall furnish to Lender receipts cvidencing such payment within such time period as Lender may require. Borrower's obligation to makc such payments and to providc reccipts 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 tàils 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 aU Escrow Items at any time by a notice given in acconJance 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. conect and hold Funds in an amount (a) sufficient to permit Lender to apply the Funds at the time specified under RESP A. and (b) not to exceed thc maximum amount a Icnder can require under RESP A. Lender sha1l 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 Homc Loan Bank. Lender sha1l apply the FUDds to pay the Escrow Items no later than the time specified under RESP A. Lender shall not charge Borrower for holding and applying the Funds. annually analyzing the escrow account, or verifying the Escrow Items, unless Lender pays Borrower interest on the Funds and Applicable Law permits Lender to make such a charge. Unless an agreement is made in writing or Applicablè Law requires interest to be paid on the Funds, Lender- shall not be required to pay Borrower any interest or earnings on the Funds. Bonower and Lender can agree in writing, however, that interest shall be paid on the Funds. Lender shall givc to Borrower, without cbargc. an annual accounting of the Funds as required by RESPA. If there is a surplus of Funds hcld in csaow, as defined under' RESPA. Lender shall account to Borrower for the excess funds in accordance with RESPA. If there is a shortage of Funds hcld 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 shortage in accordanc:c with RESP A. but in no more than 12 monthly payments. If there is a deficiency of Funds held in escrow, as defined under RESPA. Lender shall notify Borrower as required by RESP A. and Borrower sball pay to Lender the amount necessary to makc up the deficiency in accordance with RESP A. but in no more than 12 monthly payments. Upon payment in full of all smns øccured by this Security Instrument, Lender shall promptly refund to Bonower any Funds held by Lender. 4. CIIarges; LIeBL Borrower sha1l pay all taxes, --menta, charges. fines. and impositions attributablc 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 A-.........ts. if any. To the extent that these items are Escrow Items, Borrower shall pay them in the manner provided in Section 3. Borrower sbalI 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 tàith by. or defends against enforcement of thc lien in, Icgal ~il1~ which in Lender's opinion operate to prevent the enforcement of the lien whilc those proceedings are pending, but only until such proceedings are concluded; or (c) sccurcs from the holder of the lien an agreement satisfactory to Lender subordinating the lien to this Security Instrument If Lender dct.c:nnincs that any part of the Property is subject to a lien which can attain priority over this Security Instrument, Lender may give Bouower a notice identifying the lien. Within 10 days of the date on which that notice is given, Borrower sbalI satisfy the lien or 1ake one or more of the actions set forth above in this Section 4. Lènder may require Borrower to pay a onc-time charge for a real estate tax verification and/or reporting service used by Lender in connection with this Loan. S. Property 1M......ce. Borrower sball keep the improvements now existing or hereafter erected on the Property insured against loss by fire, baDrds included within the term "extended coverage," and any other hazards including, but not limited to, cuthquaJœs and floods, for which Lender requires insurance. This insurancc shaD be maintained in the amounts (inc1uding deductiblc levels) and for the periods that Lender requires. What Lender requires pursuant to the preceding sentences can change during thc term of the Loan. The insurance carrier providing the inaunmce sbaU be chosen by Borrower subject to Lender's right to disapprove Borrower's choice, which right shall not be exercised unreasonably. Lender may require BOITOwer to pay, in connection with this Loan, either: (a) a onc-time cbargc for flood zone dctemrinat:ion, certification and tracking services; or (b) a one-time charge for flood zone ,wPftninAtion and certification services and subsequent charges each time rcmappings or similar changes 0CC1D' which reasonably might affect such determination or certification. Borrower shall also be responsible for the payment of any fees imposed by thc Federal Emergency Management Age:øcy in cm)ncction with the review of any flood zone determination resulting from an objection by Borrower. If Borrower fails to mamtain any of the coverages descn"bed above, Lender may obtain insurance coverage, at Lender's option and Bonowc:r's cxpcusc. Lender is under no obligation to purchase any particular type or amount of coverage. 1bercfore. 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 tilt -IA(WY) (0005) CHL (0lI05) Page. of 11 Fonn 3051 11Ð1 / ,I .' 0924360 000040 DOC ID #: 00015149955810006 or liability and might provide greater or lesser coverage than was previously in cffect. Borrower acknowledges that the cost of the insurance coveragc 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 shaD bear interest at the Note rate from the date of disbursement and shaD 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. shaD include a standard mortgage clause, and shaD name Lender as mortgagee and/or as an additional loss payce. Lender shaD havc the right to hold the policics and renewal certificates. If Lender æquires, Borrower shaD promptly give to Lender all receipts of paid premiums and renewal notices. If Borrower obtains any form of insurance coveragc, not otherwise required by Lender, for damage to, or destruction ot: the Property, such policy sbaII include a standard mortgage clause and sbaII name Lender as mortgagee and/or as an additional loss payce. In the cvent of loss. Borrower shaD 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, shaD be applied to restoration or repair of the Property. if the restoration or repair is cconomicaUy feasible and Lender's security is not lessened. During such repair and restoration period, Lender sbaII have thc right to hold such insurance proceeds until Lender has had an opportunity to ÏDspect such Property to ensure the work has been completed to Lender's satisfaction. provided that such inspection sbaII be undcrtaJœn promptly. Lender may disburse proceeds for the repairs and restoration in a singlc payment or in a series of progress paylncnts as the work is completed. Unless an agreement is made in writing or Applicablc 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 shaD not be paid out of the insurance proceeds and shaD be the sole obligation of Borrower. If the restoration or repair is not economically feasible or Lendcr's security would be lessened. the insurance proceeds shaD 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 sbaII be applied in the order provided for in Section 2. If Borrower abandons the Property. Lender may filc. ncgotiate and settlc any availablc insurance claim and relatc:d matters. If Borrower does not respond within 30 days to a notice from Lender that thc insurance carrier has offered to settlc a claim. then Lender may negotiate and settle the claim. The 30-day period will begin when the notice is given. In cither 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 ofuncamed premiums paid by Borrower) under aU insurance policies covering the Property, insofar as such rights are applicable to the coveragc of the Property. Lender may use the insurance proceeds cither to repair or restore the Property or to pay amounts unpaid under the Note or this Security Instrumcnt. whether or not then due. 6. Occupancy. Borrower sbaII occupy, establish, and use thc Property as Borrower's principal residence within 60 days after the execution of this Security Instrument and sbaII continue to occupy thc Property as Borrower's principal residence for at least one year after the date of occupancy, unless Lender otherwise agrees in writing, which consent sbaII not be unreasonably withheld. or unless extenuating circumstances cxist which are beyond Borrower's control 7. Preservation, Maintenance and Protedion of tbe Property; bupectioDL Borrower shaD not destroy, damage or impair thc Property. aUow the Property to deteriorate or commit waste on the Property. Whctber or not Bœrower is residing in the Property. Borrower sbaII maintain the Property in order to prevent the Property ftom 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 condemnation proceeds are paid in conuection with damage to, or the taking ot: the Property, Borrower sbaII 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 C(JIIlL.mnation proceeds are not sufficient to repair or restore the Property. Borrower is not relieved ofBorrower's obligation for the completion of such repair or restoration. Lender or its agent may make reasonablc 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. S. Borrower'. Len AppIicatiOL Borrower sbaII 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 IIhIh.rnents to Lender (or failed to provide Lender with material information) in coonection with the Loan. Mat.cri.aI rept~tatiOllS include; but are not limited to. ...I"'....œtations conccming Borrowa's occupaocy of the Property as Borrower's principal residence. GIt -M(WY) (0005) CHl (0Mt5) P.geSot11 Form 3051 1101 ·I~~;ililgm~~ 1:;:1:';.:':-:',.:..... ,"t!tl't!.'I~·I·I·I·. li;.t,'.'i"··I'.',',' \ 0924360 000041 DOC ID #: 00015149955810006 9. Protection of LeDder's Interest in the Property and RlghtJ UDder thia Security Instnunent. If (a) Borrower fails to perform the covenants and agreements contained in this Secmity 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 Secmity 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 obligatiOD to do so. It is agreed that Lender incurs no liability for not taking any or aU actions authorized under this Section 9. Any amounts disbursed by Lender undec this Section 9 sbaIl become additional debt of Borrower secured by this Security Instrument. These amounts shaI1 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. If this Security Instrument is on a leasehold, Borrower shaU comply with aU the provisions of the lease. If Borrower acquires fee title to the Property, the leasehold and the fee title sbaIl not merge unless Lender agrees to the JJlCI'geI' in writing. 10. Mortgage InllU'1Ince. If Lender required Mortgage Insurance as a condition of making the Loan, Borrower shaD 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 from the mortgage insurer that previously provided such insurance and Borrower was requiIcd to make sepamtely designated payments toward the premiums for Mortgage Insurance, Borrower shaD pay the premiwns required to obtain coverage substantially equivalent to the Mortgage Insurance previously in effect, at a cost substantiaUy equivalent to the cost to Borrower of the Mortgage Insurance previously in effect, from an alternate mortgage insurer selected by Lender. If substantially equivalent Mortgage Insunmce coverage is not available, Borrower shaD continue to pay to Lender the amount of the sepamtely designated payments that were due when the insmance coverage ceased to be in effect. Lender will accept, use and n:tain these payments as a non-refundable loss reserve in lieu of Mortgage Insurance. Such loss reserve sbaU be noo-refundable, notwithstanding the fact that the Loan is ultimately paid in full, and Lender sbaIl 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 requùes) provided by an insurer selected by Lender again becomes available, is obtained, and Lender requùes 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 sepamtely designated payments toward the premiwns for Mortgage Insurance, Borrower shall pay the premiwns 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 aU such insurance in force from time to time, and may enter into agreements with other parties that share or modi1ÿ their risk, or reduce losses. These agreements are on terms ånd 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 from 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 (din:cdy or indirectly) amounts that derive from (or might be characterized as) a portion ofBorrower's payments for Mortgage Insurance, in exchange for sharing or moditÿing the mortgage ÌDS1.Jrcr'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 tenned -captive reinswance." Further: (a) Ally ... agreemeDtJ will aot affect tile ....1IIItJ tht Borrower hu agreed to pay for Mortgage Inmrance, or ..yother te...... of the Loan. Sllch agreementJ will DOt iDereale the amount Borrower wßl owe for Mortgage Insarance, and they will DOt entide Borrower ... any refuel. ~ -IA(WY) (0005) CHL (0lI05) PageS of 11 Form 3051 1101 ~ 0924360 000042 DOC ID #: 00015149955810006 (b) Any luch agreementa will not affect the righta Borrower hu - If any - with respect to the Mortgage IDmrance ander the HomeoWDen Protection Ad of 1998 or any other Jaw. Theile rights may Include the right to receive certain dilclolures. to request aDd obtain cancellation of the Mortgage Inlurance, to have the Mortgage IDmrance terminated a.tomatlcaDy, and/or to reeeive a refwtd of any Mortgage Inslll'ance premiama that were aneaned at the time of IIICb ClUlCellatlon or termination. ll. Aalgnment of Mlscellaneou Proceeds; Foñeiture. All Miscenaneous Proceeds are hereby assigned to and shaD be paid to Lender. If the Property is damaged. such MisceUancous Proceeds shaD be applied to restoration or repair of the Property, if the restoration or repair is economically feasible and Lc:ndcr's security is not lessened. During such repair and restoration period, Lender shaD have 1hc right to hold such Miscellaneous Proceeds 1IDtiI Lender has had an opportunity to inspect such Property to ensure the wort bas been completed to Lender's satisfaction, provided that such inspection sball be undertaken promptly. Lender may pay for the repairs and restoration in a single disbursement or in a series of progress payments as the wode: is completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such Miscenaneous Proceeds, Lender shaD not be required to pay Borrower any interest or earnings on such Miscellaneous Proceeds. If the restoration or repair is not economically feasible or Lendcr's security would be Icsscncd. the Miscellaneous Proceeds sbaIl be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. Such Miscellaneous Proceeds shall be applied in the order provided for in Section 2. In the event of a total taking, destruction, or loss in value of the Property, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if an~paidto~. ' In the evcot 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 vaIuc is equal to or greater than the amount of the sums secured by this Security Instrument iml1'V'iliAtely 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 MisceUancous Proceeds multiplied by the fonowing fraction: (a) the total amount of the sums secured immediately before the partial. taking, destruction, or loss in value divided by (b) the fair market value of the Property immediately before the partial taking, destruction, or loss in value. Any balance shall be paid to Borrower. In the event of a partial taking, destruction, or loss in value of the Property in which the fair market value of the Property immediately before the partial taking, destruction, or loss in value is less than the amount of the sums secured immediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the MisceUancous Proceeds shall be applied to the sums secured by this Security Instrument whether or not the sums are thco 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) offCl'S 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 coned and apply the Miscellaneous Proceeds either to restoration or repair of the Property or to the sums secured by this Security Instnnncnt, whether or not then due. "Opposing Party" means the third party that owes Borrower Miscellaneous Proceeds or the party against whom Borrower has II right of action in regard to Miscellaneous Proceeds. Borrower shall be in default if any action or ~ whether civil or criminal, is begun that, in Lcndet's judgment, could result in forfeiture of the Property or other material impairment of Lender's interest in the Property or rights under this Security Instrument. Borrower can cure such a default and, if acceleration has occum:d, reinstate as provided in Section 19, by causing the action or proceeding to be dimniqeð with a ruIing that, in Lender's judgment, precludes forfeiture of the Property or other material impairment of Lcndet's interest in the Property or rights under this Security Instnuncnt. The proceeds of any award or claim for damagts that are attributable to the impairment of Lender's interest in the Property are hereby assigned and sbaIl be paid to Lender. All Miscellaneous Proceeds that are not applied to restoration or repair of the Property sbaIl be applied in the oIder provided for in Section 2. 12. Borrower Not Releued; Forbearaaœ By Leuder Not a Waiver. Extension of the time for payment or modification of amortization of the sums secured by this Sccmity Instrument granted by Lender to Bonower or any Successor in Interest of Borrower shall not operate to release the liability ofBonowcr or any Successors in Interest of Borrower. Lender shaD not be required to commence proceedings against any Successor in Interest: of Borrower or to refuse to cxtcnd 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 Bonower. Any forbearance by Lender in exercising any right or remedy including, without limitation, Lender's acceptance of payments ftom 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. .Joiat aad SevenlUabDity; C8-IIipen; SlKculOn ad Aaips Botmd. Borrower covenants and agrees that Borrower's obligations and liability shaD be joint and several. However, any Borrower who co-signs this Sccmity InstnJmcnt but docs not execute the Note (a "co-signer"): (a) is co-signing this Security ~ -IA(WY) (0005) CHL (0lI05) Pllge7of11 Fonn 3051 1101 ;&jlml~~ ~:Þ~f~WJP7¡ ;:~;:;~i:' t:tJ." ~::;:::::~ ._J: :;, 0024360 000043" DOC ID #: 00015149955810006 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 Secmity 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 Instrumc:nt 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 Borrowers rights and benefits under this Security Instrument. Borrower shall not be released from Borrower's obligations and liability under this Security Instrument unless Lender agrees to such release in writing. The covenan1S 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 performed in connection with Borrower's default, for the pwpose of protecting Lender's interest in the Property and rights under this Security Instrument, including, but not Iimitcd to. attorneys' fees. property inspection and valuation fees. In regard to any other fees. the absence of express authority in this Security Instnnnent to charge a specific fee to Borrower shall not be constJued 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 maximmn 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 limi1S, then: (a) any such loan charge shall be reduced by the amount DCCeSSIIIy to reduce the charge to the permitted limit; and (b) any sums already conected from Borrower which exceeded permitted limits wiD 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 refimd reduces principal, the reduction will be treated as a partial prepayment without any prepayment charge (whetbt:c or not a prepayment charge is provided for under the Note). Borrower's acceptance of any such refund made by direct payment to Borrower will constitute a waiver of any right of action Borrower might have arising out of such overcharge. 15. Notices. AU notiees 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 any one Borrower shall constitute notice to all Borrowers unless Applicable Law expressly requires otherwise. The notice address shall be the Property Address unless Borrower has designated a substitute notice address by notice to Lender. Borrower shall promptly notify Lender of Borrower's change of address. If Lender specifies a procedure for reporting Borrower's change of address, then Borrower shall only report a change of address through that specified procedure. There may be only one designated notice address under this Security Instrwnent at any one 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; Rnle:I of CODJtnctiOL This Security Instrument shall be governed by fedenl law and the law of the jurisdiction in which the Property is located. AU 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 consttued as a proln'bition against agreement by contract. In the event that any provision or clause of this Security InabUIIII3Á or the Note conßicts 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 shaD mean and include corresponding neuter words or words of the feminine gender; (b) words in the singular shaD mean and include the pima! 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. Trusler of the Property or a BeJleftdal 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 transfeøed) without Lender's prior written consent, Lender may require imnv-ñillte payment in full of all sums secured by this Security Instrument. However, this option shall not be exercised by Lender if such exercise is proIn'bited by Applicable Law. If Lender exercises this option, Lender shall give Borrower notice of aœcleration. 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 invoice any remedies pemútted by this Security Instrument without further notice or demand on Borrower. flit -M(WY) (0005) CHL (0lI05) PIIge II of 11 Fonn 3051 1111 ., 000044 , ~ 09Z4360 DOC ID #: 00015149955810006 19. Borrower'. Right to Relnatate After Acceleration. If Borrower meets certain conditions, Borrower shall have the right to have enfon:ement 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 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 aU 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 Instnunent. including, but not limited to, reasonable attorneys' fees, property inspection and valuation fees, and other fees incurred for the pmpose 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 øecured by this Security Instrument, shall continue unchanged. Lender may require that Borrower pay such reinstatement sums and expenses in one or more of the fonowing forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, treasurer's check or cashier's check, provided any such check is drawn upon an institution whose deposits are insured by a federal agency, instrumentality or entity; or (d) Electronic Funds Transfer. Upon wDRhltement 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 ofacccleration under Section 18. 20. Sale of Note; Chaage of Loan Servker; 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 Payblents due under the Note and this Security InsthulJr;;ut and performs other mortgage loan servicing obligations under the Note, this Security Instrument. and Applicable Law. Then: also might be one or more changes of the Loan Servicer UDl'elated 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 addn:ss to which payments should be made and any other infonnation RESPA 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 Runrned 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 bas breached any provision of: or any duty owed by reason of: this Security Instrument, until such Borrower or Lender bas notified the other party (with such notice given in compliance with the requirc:ments of Section 15) of such aUeged 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. 21.1Iazudo... Subatucea. As used in this Section 21: (a) "Hazardous Substances" are those substances defined as toxic or ba7Judous substances, ponutants, or wastes by Environmental Law and the following substances: gasoline, kerosene, other flammable or toxic petrolewn products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or fonnaldehyde, and radioactive materials; (b) "Environmental Law" means federal laws and laws of the jurisdiction where the Property is located that relate to health, safety or environmental protection; (c) "Environmental Cleanup" includes any response action, remedial action, or 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 H87JUdous 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 sball not apply to the presence, use, or storage on the Property of small quantities of Hazardous Substances that are generally recognized to be appiupr* to normal residential uses and to maintenance of the Property (including, but not limited to, ba7Judous 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, disclwge, 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 Bonower 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 sbaU promptly take aU necessæy remedial actions in accordance with Environmental Law. Nothing herein shall create any obligation on Lender for an Environmental Cleanup. _ -M(WY) (0005) CHL (11185) PIIge 9 of 11 Form 3051 1101 u. : :~t~!mlli}~~j ,,'.;:' ::;:0:;~'::Ni:¡:( ..,..~~.I~I:?,' ',., . ~ . 0924360 000045 DOC ID #: 00015149955810006 NON-UNIFORM COVENANTS. BoIrOwer and Lender further covenant and agree as fonows: 11. Acceleration; Remedies. Lender daall give uotice to Borrower prior to acceleration fonowing Borrower'l breach of any covenant or agreement in tbII Security IDltnlment (bat not prior to acceleration under Section 18 __ AppHcable Law provides otllerwile). The notice shall specify: (a) the defanIt; (b) the action req1lired to care tile defalllt; (c) a date, not lea tIIaD 30 days from the date the uotice is given te Borrower, by wldcb tile defamt malt be C1II"ed; and (d) that faiIare to care the defanIt on or before the date specified in the aotice may result in acceleration of the IUlDI secured by this Security InItnunent aDd sale of the Property. T1te IIOtiœ lball futIIer infona Borrower of the right to reInJtate after acceleration and the right to briD& a COIII1 action to auert the non-eDltence of a default or any other deCeIue of Borrower to acceleratin aDd ale. If the defamt is not cared on or before the date spedfIed in the notice, Lender at its option may reqaIre inunediate payment in full of all IBIOI secured by thit Security IutnoneIIt witltOllt fIn1IIer denaaad aad ..y iIIvoke the power of ale and aDY other remedies permitted by Applicable Law. Lender ahaII be entitled to collect all apeues incarred ill pIInIIiBg tile reIBedies provided ill tills Section n. bIcIadbag. btIt IIOt 1bmted to, reasonable attorneyl' fees and COlts of tit1e evidence. If Lender lavoka the power of ale, Leader ...... &We IIOtiœ .f illte8t te foreclote to Borrower and to the penon Ia poaeaion of the Property, If dlfl'ereøt, in accordance with AppBcab1e Law. Lender abaII give Mtice .f the ale to BoI'I"8Wer ia the IUIIIIeI' pnnrIded .. Section IS. Lender lball pablilh the notice of ale, and the Property lball be ..ad in tile IDaDller pracribed by AppUcable Law. Lender or its designee may p1ll'Cbue the Property at any ale. T1te pnceeds of tile ale lhall be applied Ia the fonowing order: (a) to all eIpeDIa of tile ale, iadudiag. bat not Hmited to, reuoaable attonaeys' fees; (b) to all .....1eCID'ed by tills Secarity L..t.- flit; and (c) ..y exeea to the perl8n or peneDllegally entitled te it. 13. Re1eue. Upon payment of all sums IICCIIR:d by this Security Instrument, Lender sball release this Security Instrument. Borrower sball pay any recordation costs. Lmder may cIwge Borrower a fee for n:1easing this Security 1œtJwuwut, but only if the fee is paid to a third party for services n:ndered and the clwging of the fee is permitted under Applicable Law. 14. Waive.... Borrower releases and waives all rights under and by virtue of the homestead exemption laws of Wyoming. BY SIGNING BELOW, Borrower accepIB and agrees to the tenns and covenants contained in this Security Instrument and in any Rider exeeutcd by Borrower and m:orded with it. ~ ~ L. HBRRBRA ~ì-lb~L~ (Seal) -Borrower MCARIA 1IBRRDA (Seal) -Bonowcr (Seal) -Borrower (Seal) -Bonower CIt -IA(WY) (0005) CHL (0lI05) PIIge 10 at 11 Form 3051 1101 ... 0924360 000046 by DOC ID #: 00015149955810006 STATE OF WYOMING, -r~(1 C08.Dty IS: The foregoing instrument was acknowledged before me this Dú-t-o ~ ;).1 J :>0 0 (, J lAlht') CJ;k,rruï- fA,r\ do IV\ eLf J~ !.'T;"" ~~ My Commission Expires: ~J 1/D1 N_~ YYì ~ DIANA M. JOY - NOTARY PUBUC County 01 . State of Teton W..rorrúng My Commission ExpI,. - ~-l J...lJ7 4IIt -IA(WY) (0005) CHL (01105) PIIge 11 d 11 Form 3051 1J81 jt~~~mI~ ~m~Ìf:r~'.:~:~rt 1~Y:¡¡!~:1~~g~a 000047 0924360 (Space Allen nil Llae Fer a-.u.a 0.", FIXED/ADIDSTABLE RATE RIDER (LIBOR Twelve Month lodes: - Rate Caps) , m Prepared By: HOLLY SCOTT T006-148592 [Escrow/Closing #] 00015149955810006 [Doc ID #] TInS FIXEDIADJUSTABLE RATE RIDER is made this TWENTY-FIRST day of OCTOBER, 2006 , and is incorporated into and sbalI be deemed to amend and supplement the Mortgage, Deed of Trust, or Security Deed (the "Security InsIrume:nt") of the same date given by the undersigned ("Borrower") to secure Borrower's Fixed/Adjustable Rate Note (the "Note") to Countrywide Bank, N.A. ("Lender") of the same date and covering the property described in the Security Instroment and located at: 234 CEDAR CREEK DR THAYNE, WY 83127 (Propc:ny Address] CONV · ARM Fixed Period UBOR Rider 2U652-XX (08I06)(dIi) Page 1 of4 IrùtiaIa: :JtJJ- tJ\~ III1111 *23991* 11111.11 * 1 5 1 4 9 9 5 5 8 0 0 0 0 0 2 U 8 5 2 . ,I 0324360 000048 DOC ID #: 00015149955810006 THE NOTE PROVIDES FOR A CHANGE IN BORROWER'S FIXED INTEREST RATE TO AN ADJUSTABLE INTEREST RATE. THE NOTE UMITS THE AMOUNT BORROWER'S ADJUSTABLE INTEREST RATE CAN CHANGE AT ANY ONE TIME AND THE MAXIMUM RATE BORROWER MUST PAY. ADDmONAL COVENANTS. In addition to the covenants and agreements made in the Security Instrument, Borrower and Lender foJ1ber covenant and agree as follows: A. ADJUSTABLE RATE AND MONTHLY PAYMENT CHANGES The Note provides for an initial fixed interest rate of 5 . 875 %. The Note also provides for change in the initial fixed mte to an adjustable interest rate, as fonows: 4. ADJUSTABLE INTEREST RATE AND MONTHLY PAYMENT CHANGES (A) Change Dates The initial fixed interest rate I will pay will change to an adjustable interest mte on the first day of NOVEMBER, 2011 ,and the adjustable interest mte I wiD pay may change on that day every 12th month t:bereaftcr. The date on which my initial fixed interest rate changes to an adjustable interest rate, and each date on which my adjustable interest rate could change, is called a "Change Date." (B) ne Index Beginning with the first Change Date, my adjuslable interest rate will be based on an Index. The "Index" is the average of interbank offered mtes for twelve month U.s. dollar-denominated deposits in the London market, as publisbed in the The Wall Street JoumaI. The most recent Index figure available as of the date 45 days before each change date is called the "Cwrent Index". If the Index is no longer available, the Note Holder will choose a new index that is based upon compam.ble information. The Note Holder will give me notice of this choice. (C) CalnlaUon of Chuges Before each Change Date, the Note Holder will calculate my new interest mte by adding TWO & ONE - QUARTER percentage points ( 2 . 250 %) to the Cwrent 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 limits stated in Section4(D) below, this rounded amount will be my new interest mte until the next Change Date. The Note Holder will then detcnnine the amount of the monthly payment that would be sufficient to repay the unpaid principal that I am expected to owe at the Cbangc Date in full on the Matmity Date at my new interest rate in SJlhtmmtially equal payments. The result of this calculation will be the new amount of my monthly payment. (D) IJmJts on Interat Rate CIumgea The interest rate I am required to pay at the first Cbangc Date will not be greater than 10 . 875 % or less than 2 . 250 %. Thereafter, my adjustable interest rate will never be increased or decreased on any single Change Date by more than two percentage points fiom the rate of interest I have been paying for the preceding 12 months. My interest rate will never be greater than 10.875 t. (E) Effective Date of Clwages 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 Clwages The Note Holder will deliver or mail to me a notice of any changes in my initial fixed interest mte to an adjustable interest rate and of any changes in my adjuslable ink:.rest rate before the effective date of any change. The notice will include the amount of my monthly paymc:nt, any 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. CONV -ARM Fixed Period UBOR RIder 2U652-XX (08106) Page 2 of4 mmms:W ii;~~~~i~~~~I~m ~ r: R"..,.;T.;¡¡.". ;'."1'.,1..,...,',..:, " ;~~::~¡:~:;:1¡¡;>:, Ü{ ¡;'.·,O¡','t.',I,',",',';I ~_::::;:::::>.~~:::~ '. 0924360 000049 DOC ID #: 00015149955810006 B. TRANSFER OF THE PROPERTY OR A BENEFICIAL INTEREST IN BORROWER 1. Until Borrowet's initial fixed interest rate changes to an adjustable interest rate Wlder the terms stated in Section A above, Uniform Covenant 18 of the Security Instrument shall read as follows: Transfer of the Property or a BeneftdaJ blterat .. Berrewer. As used in this Section 18, "Interest in the Property" means any legal or bc:neficial interest in the Property, including, but not limited to, those beneficial interests transferred in a bond for deed. contract fOl' 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 natmaI person and a beneficial interest in Borrower is sold 01' transferred) without Lender's prior written consent, Lender may require immediate payment in full of all swns secured by this Security Instrument However, this option sba11 not be exercised by Lender if such exercise is prohibited by Applicable Law. If Lender exercises this optioo, Lender shall give Borrower notice of acceleration. The notice' shall provide a period of not less than 30 days fiom the date the notice is given in accordance with Section 15 within which Borrower IDUBt pay all sums secured by this Security Instnnnent If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies pennitted by this Security Instnnnent without further notice 01' demand on Borrower. 2. When Borrower's initial fixed interest rate changes to an adjustable interest rate Wlder the terms stated in Section A above, Uniform Covenant 18 of the Security Instrument described in Section B I above shall then cease to be in effect, and the provisions of Uniform Covenant 18 of the Sccurity Instrument shall be amended to read as follows: Transfer of the Property or a Benefidal blterat.. BelTOwer. 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, COIItract 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 (01' if Borrower is not a natmaI 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 swns secured by this Security Instrument However, this option shall not be exercised by Lender if such exercise is prohibited by Applicable Law. Lender also sba11 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 pennitted by Applicable Law, Lender may charge a reasonable fee as a condition to Lender's consent to the loan assumption. Lender also may require the transferee to sign an assumption agreement that is acceptable to Lender and that obligates the transferee to keep all die 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 fiom the date the notice is given in accordance with Section 15 within which Borrower must pay aU sums secured by this Security Instrument. If Borrower fàils to pay these sums prior to the expiration of this period, Lender may invoke any n:medies pennitted by this Security Instrument without further notice or demand on Borrower. CONY · ARM Fixed Period UBOR RIder 2U652-XX (08106) Page 3 of4 I~:*tf- / 0924360 000050 DOC ID #: 00015149955810006 BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this Fixed/Adjustable Rate Rider. JUAN ~ (Seal) - Borrower 1'J1nn.prt~éj) 4,-....,<, J MACARIA HERRERA (Seal) -Borrower (Seal) - Borrower (Seal) -Borrower CONV . ARM FIxed Period UBOR RIder 2U652-XX (08106) Page. of. ImtiM:~cJ- :~:~j~ill~ili¡t I '. r:" 0924360 000051 Fonn No. 3301 (6/00) Short Fonn Commitment, EAGLE ASP ORDER NO: 4395831 FILE NO: 4395831 LENDER REF: TOO6-148592 Exhibit "A" The land referred to in this policy is situated in the STATE OF WYOMING, COUNTY OF LINCOLN, CITY OF THAYNE, and described as follows: LOT 3, STAR VALLEY RANCH PLAT 16, ACCORDING TO THAT PLAT OF RECORD IN THE OFFICE OF COUNTY CLERK, LINCOLN COUNTY, WYOMING. APN: 12-3518-31-2-09-030.00 III!!!!!!~!!!!III" I'IORTGAG£ lOANt T886-148592 lIS Recordinge R. _... ~1;~lli~i~,i~¡1!L ~ ;~~';;¡¡~iIflf¡W:¡m~~