Loading...
HomeMy WebLinkAbout924566 I I ~ After Recording Retum To: LAND TITLE COMPANY 160 EAST BROADWAY JACKSON, WY 83001 RECEIVED 11/20/2006 at 11:11 AM RECEIVING # 924566 BOOK: 640 PAGE: 697 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY 60937A [Space Above This Line For Recording Data] ~IIN:100029500014651107 MORTGAGE (Secondary Lien) 'Ì ,) DEFINITIONS ~¡ Words used in mu]tip]e sections of this document are defined below and other words are defined in Sections 3, 10, 12, 17, 19, and 20. Certain rules regarding the usage of words usedin this document are also provided in Section IS. (A) "Security Instrument" means this document, which is dated November 17, 2006 Riders to this document. , together with alI (B) "Borrower" is DAVID R. DANIEL, a single man 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 beneficiary under this 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 Taylor, Bean & Whitaker Mortgage Corp. Lender is a a Florida Corporation the laws of FL 1417 North Magnolia Ave, Ocala, FL 34475 organized and existing under . Lender's address is (E) "Note" means the promissory note signed by Borrower and dated November 17,2006 . TIle Note states that Bon-ower owes Lender Eighty Three Thousand and no/100 DolIars (U.S. $ 83,000.00 ) plus interest. Borrower has promised to pay this debt in regular Periodic Payments and to pay the debt in fulInot later than December 01, 2036 (F) "Property" means the property that is descIibed below under the heading "Transfer of Rights in the Property." WYOMING MORTGAGE-SingIe Family-Secondary Lien THE COMPLIANCE SOURCE, INC. C> ITEM TB700L1 (0304)-MERS (Page J of 11 pages) GREATLAND . To Order Gall: I-B00-530-9393 0 Fax: 616-791-1131 IIUIII 11111 11111 1111111111 11111 11111 11111 111111111111111 11111 1111111111111 ·0245041465110· ~ ¡ ~ .;~ .··000698 (G) "Loan" means the debt evidenced by the Note, plus interest, any prepayment charges and late charges clue under the Note, if alIowed under Applicable Law, and alI sums due under tins Security Instnllnent, plus interest. (H) "Riders" means alI Riders to this Security Instrunlent tllat are executed by Borrower. The folIowing Riders are to be executed by Borrower [check box as applicable]: D Adjustable Rate Rider D Condominium Ricler D Second Home Rider D BalIoon Rider D Planned Unit Development Rider D Biweekly Payment Rider D Home Improvement Rider D Revocable Trust Rider D Other(s) [specify] (I) "Applicable Law" means alI controlling applicable federal, state and local statutes, regulations, ordinances and administrative rules and orders (that have the effect of law) as welI as alI applicable final, non-appealable judicial opinions. (J) "Conm1Unity Association Dues, Fees, and Assessments" means alI dues, fees, assessments and other charges that are imposed on Borrower or the Property by a condominium association, homeowners association or similar organization. (K) "Electronic Funds Transfer" means any transfer of funds, other than a transaction originated by check, draft, or similar paper instrument, which is initiated through an electronic terminal, telephonic instrument, computer, or magnetic tape so as to order, instruct, or authOlize a financial institution to debit or credit an account. Such tenn includes, but is not limited to, point-of-sale transfers, automated telIer machine transactions, transfers initiated by telephone, wire transfers, and automated clearinghouse transfers. (L) "Escrow Items" means those items that are described in Section 3. (M) "MiscelIaneous Proceeds" means any compensation, settlement, award of damages, or proceeds paid by any third party (otller than insurance proceeds paid under the coverages described in Section 5) for: (i) damage to, or destruction of, the Property; (ii) condemnation or other taking of alI or any part of the Property; (iü) conveyance in lieu of condemnation; or (iv) misrepresentations of, or omissions as to, tile 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 3500), as tlley might be amended from time to time, or any additional or successor legislation or regulation that govems the same subject matter. As used in this Security Instrument, "RESPA" refers to alI requirements and restrictions that are imposed in regard to a "federalIy related mortgage loan" even if the Loan does not qualify as a "federalIy related mortgage loan" under RESP A. (Q) "Successor in Interest of Borrower" means any party that has taken title to tile Property, whether or not that party has assumed Borrower's obligations under tile Note and/or this Security Instrument. WYOMING MORTGAGE--Single Family-Secondary Lien THE COMPLIANCE SOURCE, INC. iC) ITEM T8700L2 (0304}-MERS (Page 2 of 11 pages) GREATLAND. To Ord.r Gall: 1-800-530-93930 Fax: 616-791-1131 ) .. . 0006'99 TRANSFER OF RIGHTS IN THE PROPERTY This SecUlity Instrument secures to Lender: (i) the repayment of the Loan, and all renewals, extensions arid modifications of the Note; and (ii) the perfol1nance of Bon-ower's covenants and agreements under this Security Instrument and the Note. For tIns 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 of MERS, with power of sale, the following described property located in the County of Lincoln [Type of Recording Jurisdiction] [Name of Recording Jurisdiction] See Attached Exhibit A. which ctllTentIy has the address of 85 HAWTHORNE LANE [Street] ETNA [City] , Wyoming 83118 [Zip Code] ("Property Address"): TOGETHER WITH all the improvements now or hereafter erected on the property, and all easements, appurtenances, and 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 tI1at MERS holds only legal titIe to the interests granted by Borrower in tIns Security Instnllnent, 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 tIús Security Instrument. BORROWER COVENANTS that Bon-ower is lawfully seised of the estate hereby conveyed and has the right to mortgage, grant and convey the Property and that the Property is unencumbered, except for encumbrances of record. BOlTOwer warrants and will defend generally the title to the Property against all claims and demands, subject to any encumbrances of record. THIS SECURITY INSTRUMENT combines uniform covenants for national use and non-unifonn covenants witll limited variations by jurisdiction to constitute a unifonl1 security instrument covering real property. I , I ¡ UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 1. Payment of Principal, Interest and Other Charges. Borrower shall pay when due tlle principal of, and interest on, the debt evidenced by the Note and if allowable under Applicable Law, any prepayment charges and late charges due under the Note. Payments due under the Note and tIns 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 tIns Security Instnunent is retumed 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 fOl1ns, 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. 2. Application of Payments or Proceeds. 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 14 or in such manner or location as required under Applicable Law. Except as otllerwise described in tlús Section 2, and as pennitted under Applicable Law, all payments accepted and applied by Lender shall be applied in the following order of WYOMING MORTGAGE-Single Fsmily-SecoD<lary Lien THE COMPLIANCE SOURCE. INC. C ITEM T87ooL3 (0304)-MERS (Page 3 of J J pages) GREATLAND . To Order Call: 1-800-530-9393 0 Fax: 616-791-1131 ~-------------~- ~;...----' , . . ,-: ' 000700 priority: (a) interest due under the Note; (b) principal due under the Note; (c) amounts due under Section 3. Such payments shall be IlPplied 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 tins Security Instrument, and then to reduce the Plincipal balance of the Note. If Lender receives a payment from Borrower for a delinquent Periodic Payment wInch includes a sufficient amount to pay any late charge due, tl1e 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. To the extent pennitted by Applicable Law, voluntary prepayments shall be applied first to any prepayment charges and then as described in the Note. Any application of payments, insurance proceeds, or Miscellaneous Proceeds to principal due under the Note shall not extend or postpone the due date, or change the amount, of the Peliodic Payments. 3. Funds for Escrow Items. Subject to Applicable Law, 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 Pliority over tIns Security Instrument as a lien or encumbrance on the Property; (b) leasehold payments or ground rents on the Property, if any; (c) prennums for any and all insurance required by Lender under Section 5; and (d) Mortgage h1surance premiums, if any, or any sums payable by Borrower to Lender in lieu of the payment of Mortgage Insurance premiums. 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 fumish to Lender all notices of amounts to be paid under this Section. Borrower shall pay Lender the Funds for Escrow Items mùess 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, tl1e amounts due for any Escrow Items for which payment of Funds has been waived by Lender and, if Lender requires, shall fumish to Lender receipts evidencing such payment witlnn such time peliod 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 Instll.lInent, as the phrase "covenant and agreement" is used in Section 8. If Borrower is obligated to pay Escrow Items directly, pursuant to a waiver, and Borrower fails to pay tl1e amount due for an Escrow Item, Lender may exercise its rights under Section 8 and pay such amount and Borrower shall then be obligated under Section 8 to repay to Lender any such amount. Lender may revoke the waiver as to any or all Escrow Items at any time by a notice given in accordance with Section 14 and, upon such revocation, Borrower shall pay to Lender all Funds, and in such amounts, that are then required under tl1Ís Section 3. Lender may, at any time, collect and hold Funds in an amount (a) sufficient to pem1it 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 otl1erwise in accordance with Applicable Law. 111e Funds shall be held in an institution whose deposits are insured by a federal agency, inst11.1mentality, or entity (including Lender, if Lender is an institution whose deposits are so insured) or in any Federal Home Loan Bank. Lender shall apply the Funds to pay the Escrow Items no later than the time specified under RESP A. Lender shall not charge Borrower for holding and applying the Funds, annually analyzing the escrow account, or verifying the Escrow Items, unless Lender pays Borrower interest on the Funds and Applicable Law permits Lender to make such a charge. Unless an agreement is made in writing or Applicable Law requires interest to be paid on the Funds, Lender shall not be required to pay Borrower any interest or eamings on the Funds. Borrower .and Lender can agree in writing, however, that interest shall be paid on the Funds. Lender shall give to Borrower, without charge, an annual accounting of the Funds as required by RESP A. If there is a surplus of Funds held in escrow, as defined under RESPA, Lender shall account to Borrower for the excess funds in accordance with RESPA. If there is a shortage of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to make up the shortage in accordance witl1 RESPA, 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 RESPA, 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 hlstrument, Lender shall promptly refund to Borrower any Funds held by Lender. Borrower shall not be obligated to make such payments of Funds to Lender to the extent that Borrower makes such payments to the holder of a prior mortgage or deed of tnIst if such holder is an institutional lender. If under Section 21 the Property is sold or the Property is otl1erwise acquired by Lender, Lender shall apply no later than WYOMING MORTGAGE-,Single Family-Secondary Lien THE COMPLIANCE SOURCE. INC. C ITEM T8700L4 (0304)-MERS (Page 4 of 11 pages) GREATLAND . To Order Gall: 1·800-530-93930 Fax: 616-791-1131 / ! I i I' .. 00070S. immediately prior to the sale of the Property or its acquisition by Lender, any Funds held by Lender at the time of application as a credit against the SUIns secured by this Security Instrument. 4. Charges; Liens. Borrower shall perfonn all of Borrower's obligations under any mortgage, deed of trust, or other security agreement with a lien which has priority over this Security hlstrument. Bon-ower shall pay when due, all taxes, assessments, charges, fines, and impositions attributable to the Property which can attain pIiority over tl1Ìs Security Instnllnent, leasehold payments or ground rents on the Property, if any, and Community Association Dues, Fees, and Assessments, if any. To the extent that these items are Escrow Items, Borrower shall pay tllem in the manner provided in Section 3. Borrower shall promptly discharge any lien otller than a lien disclosed to Lender in Bon-ower's application or in any title repOl"t Lender obtained wl1Ìch has priority over this Security Instnllnent unless Bon-ower: (a) agrees in writing to the payment of tile obligation secured by tile lien in a manner acceptable to Lender, but only so long as Borrower is perfom1Ìng such agreement; (b) contests the lien in good faith by, or defends against enforcement of the lien in, legal proceedings wl1Ìch in Lender's opinion operate to prevent the enforcement of the lien wl1Ì1e tllOse proceedings are pending, but OlÙy until such proceedings are concluded; or (c) secures from tile holder of the lien an agreement satisfactory to Lender subordinating tile lien to tl1Ìs Security hlstnllnent. Lender may require Borrower to pay a one-time charge for a real estate tax verification and/or reporting service used by Lender in cOlU1ection with this Loan if allowed under Applicable Law. 5. Property Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included within the term "extended coverage," and any other hazards including, but not limited to, earthquakes and t100ds, for wl1Ìch Lender requires insurance. This insurance shall be maintained in the amounts (including deductible levels) and for the periods tllat Lender requires. What Lender requires pursuant to the preceding sentences can change during the term of the Loan. 111e insurance carrier providing the insurance shall be chosen by Bon-ower subject to Lender's right to disapprove Bon-ower's choice, which right shall not be exercised unreasonably. Lender may require Bon-ower to pay, in connection with this Loan, either: (a) a one-time charge for flood zone detennination, certification and tracking services; or (b) a one-time charge for flood zone detem1Ìnation and certification services and subsequent charges each time remappings or similar changes occur which reasonably might affect such determination or certification. Bon-ower 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 detennination resulting frOin 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 Bon·ower'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 tile Property, or tile contents of tile Property, against any risk, hazard or liabìlity and might provide greater or lesser coverage tllan was previously in effect. Borrower acknowledges tllat the cost of tile insurance coverage so obtained might sig¡1Ìficantly exceed the cost of insurance tllat Borrower could have obtained. Any amounts disbursed by Lender under tl1Ìs Section 5, shall be added to the unpaid balance of the loan and interest shall accme at the Note rate, from the time it was added to the unpaid balance until it is paid in full. Subject to Applicable Law, 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 destmction 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 Bon-ower. Unless Lender and Borrower otllerwise agree in writing, any insurance proceeds, whether or not the underlying insurance was required by Lender, shall be applied to restoration or repair of the Property, if the restoration or repair is economically feasible and Lender's security is not lessened. During such repair and restoration period, Lender shall have the right to hold such insurance proceeds until Lender has had an opportunity to inspect such Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as the work is completed. U¡ùess 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 eamings 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 obliga~on of Borrower. If the restoration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be appJied to the sUlns secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Bon-ower. 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 Bon-ower does not respond within 30 days to a notice from Lender that the insurance carrier has offered to settle a WYOMING MORTGAGE-Single Family-Secondary Lien THE COMPLIANCE SOURCE, INC. C> ITEM TB700L5 (0304}-MERS (Page 5 of 11 pages) GREATLAND. To Order Gall: 1·800-530-9393 0 Fax: 616-791-1131 ¡w. OÓ07Óa } claim, then Lender may negotiate and settle the claim. The 30-day pellod will begin when the notice is given. In either event, or if Lender acquires the Property under Section 21 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 SecuritJ Instrument, and (b) any other of Borrower's rights (other than the light to any refund of uneamed premiums paid by Borrower) under all insurance policies covering the Property, insofar as such rights are applicable to the coverage of the Property. Lender may use the insurance proceeds either to repair or restore the Property or to pay amounts unpaid under the Note or this Seculity Instrument, whether or not then due. 6. 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 from deteriorating or decreasing in value due to its condition. Unless it is detennined pursuant to Section 5 that repair or restoration is not economically feasible, Borrower shall promptly repair the Property if damaged to avoid further deterioration or damage. If insurance or condemnation proceeds are paid in connection with damage to, or the taking of, the Property, Borrower shall be responsible for repairing or restoring the Property OlÙY if Lender has released proceeds for such purposes. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as the work is completed. If the insurance or condemnation proceeds are not sufficient to repair or restore the Property, Borrower is not relieved of Borrower's obligation for the completion of such repair or restoration. Lender or its agent may make reasonable entries upon and inspections of the Property. If it has reasonable cause, Lender may inspect the interior of the improvements on the Property. Lender shall give Borrower notice at the time of or prior to such an interior inspection specifying such reasonable cause. 7. 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 information) in connection with the Loan. Material representations include, but are not limited to, representations concerning Borrower's occupancy of the Property as Borrower's principal residence. 8. Protection of Lender's Interest in the Property and Rights Under this Security Instrument If (a) Borrower fails to perronn the covenants and agreements contained in this Security Instnl1nent, (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 forreiture, for enforcement of a lien which has or may attain priority over tIns Security Instmment or to enforce laws or regulations), or (c) Bon'ower has abandoned the Property, then Lender may do and pay for whatever is reasonable or appropriate to protect Lender's interest in the Property and rights under this Security Instnunent, 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 linnted to: (a) paying any sums secured by alien which has or may attain priority over tIns Security Instrument; (b) appearing in court; and (c) paying reasonable attomeys' fees to protect its interest in the Property and/or lights under tIns Security Instrument, including its secured position in a bankl11ptcy 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 tumed on or off. Although Lender may take action under this Section 8, Lender does not have to do so and is not under any duty or obligation to do so. It is agreed tIlat Lender incurs no liability for not taking any or all actions authorized under this Section 8. Any amounts disbursed by Lender under this Section 8 shall become additional debt of Borrower secured by this Seculity Instrument if allowed under Applicable Law. l1lese 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 Bon-ower 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 tIle Property, the leasehold and the fee titIe shaIl not merge unless Lender agrees to the merger in writing. 9. Mortgage Insurance. Mortgage Insurance reimburses Lender (or any entity tlmt 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. If Lender required Mortgage Insurance as a condition of making the Loan, Borrower shaIl pay the premiums required to maintain the Mortgage Insurance in effect. 10. Assignment of Miscellaneous Proceeds; Forfeiture. TIle Miscellaneous Proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender, subject to the terms of any mortgage, deed of trust or otller security agreement Witll a lien which has priority over tins Security Instnl1nent. If the Property is damaged, such MisceIlaneous Proceeds shall be applied to restoration or repair of the Property, if the restoration or repair is economicaIly feasible and Lender's security is not lessened. During such repair and restoration period, WYOMING MORTGAGE-Single Family-Secondary Lien THE COMPLIANCE SOURCE, INC. C ITEM T8700L6 (0304)-MERS (Page 6 of II pages) GREATLAND . To Order Gall: 1-800-530-93930 Fax: 616-791-1131 '. I ¡ :;~ ·i/."OOO;¡.o3 ....~'" ~~' Lender shall have the right to hold such Miscellaneous Proceeds until Lender has had an opportunity to inspect such Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may pay for the repairs and restoration in a single disbursement or in a series of progress payments as the work is completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such Miscellaneous Proceeds, Lender shall not be required to pay Borrower any interest or eamings on such Miscellaneous Proceeds. If the restoration or repair is not economically feasible or Lender's security would be lessened, the Miscellaneous Proceeds shall be applied to the 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 ~rovided for in Section 2. If the Property is abandoned by Borrower, or if, after notit-e by Lender to Borrower that the Opposing Party (as defined in the next sentence) offers to make an award to settle a claim i~r 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 sUlns secured by tl1is Security Instnllnent.. 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 impaill11ent 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 18, 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 tIns Security Instnllnent. The 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 tl1at are not applied to restoration or repair of the Property shall be applied in the order provided for in Section 2. 11. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or modification of amortization of the sUlns secured by this Security Instrument granted by Lender to Borrower or any Successor in Interest of Borrower shall not operate to n;:lease 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 SUlllS 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 m1Y 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. 12. 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 Instmment only to mortgage, grant and convey the co-signer's interest in the Property under the tenns of tlús Security Instnnnent; (b) is not personally obligated to pay the sums secured by tins Security Instrument; and (c) agrees that Lender and any other Borrower cm1 agree to extend, modify, forbear or make any accommodations with regard to the tenns of this Security Instrument or tl1e Note without tl1e co-signer's consent. Subject to tl1e provisions of Section 17, 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 tlús Security Instmment. Borrower shall not be released from Borrower's obligations and liability under tl1is 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 19) and benefit the successors and assigns of Lender. 13. Loan Charges. Lender may charge Borrower fees for services perfonlled in connection with Borrower's default, for the purpose of protecting Lender's interest in the Property and rights under this Security Instrument, as allowed under Applicable Law. The absence of express authority in this Security Instmment to charge a specific fee to Borrower shall not be construed as a prolnbition on the charging of such fee. Lender may not charge fees that are expressly prohibited by this Security Instrument or by Applicable L'\w. If the Loan is subject to a law wlúch sets maximum loan charges, and tl1at law is finally interpreted so that the interest or other loan charges collected or to be collected in connection with tl1e Loan exceed tl1e pennitted limits, then: (a) any such loan charge shall be reduced by tl1e amount necessary to reduce the charge to the pennitted limit; and (b) any sums already collected from Borrower which exceeded pemúttedlinúts wi11 be refunded to Borrower. Lender may choose to make this refund by reducing tl1e principal owed under the Note or by making a direct payment to Borrower. If a refund reduces principal, the reduction wi11 be treated as a partial prepayment. WYOMING MORTGAGE---<ìing]e Family-Secondary Lien THE COMPLIANCE SOURCE, INC. C) ITEM T8700L7 (0304}-MERS (Page 7 of J J pages) GREATLAND . To Ordor Call: 1-800-530-9393 0 Fax: 616-791-1131 ~-~,_._.- ~-~-~_._- 0007011: 14. 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 tirst c1ass mail or when actually delivered to Bon-ower's notice address if sent by other means. Notice to anyone Borrower shall constitute notice to all Borrowers unless Applicable Law expressly requires otherwise. Ihe notice address shall be the Property Address unless Borrower has designated a substitute notice address by notice to Lender. Borrower shall promptIy notify Lender of Borrower's change of address. If Lender specifies a procedure for reporting Borrower's change of address, then BOlTower shall only report a change of address through that specified procedure. There may be OlÙy one designated notice address under this Security Instmment at anyone time. Any notice to Lender shall be given by delivering it or by mailing it by first c1ass mail to Lender's address stated herein unless Lender has designated anotIler 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 tIlis Security Instmment. 15. Governing Law; Severability; Rules of Construction. This Security Instrument shall be govemed by federal law and the law of the jurisdiction in which the Property is located. All rights and obligations contained in tins 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 tIle Note conflicts WitII Applicable Law, such conflict shall not affect other provisions of tins Security Instrument or the Note which can be given effect without the conflicting provision. As used in this Security Instrument: (a) words of the masculine gender shall mean and include corresponding neuter words or words of the feminine gender; (b) words in the singular shall mean and include the plural and vice versa; and (c) the word "may" gives sole discretion without any obligation to take any action. 16. Borrower's Copy. Borrower shall be given one copy of the Note and of this Security Instrument. 17. Transfer of the Property or a Beneficial Interest in Borrower. As used in tIlis Section 17, "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 BOlTower at a future date to a purchaser. If all or any part of tIle Property or any Interest in the Property is sold or transferred (or if Borrower is not a natural person and a beneficial interest in BOlTower is sold or transferred) witIlout Lender's prior written consent, Lender may require immediate payment in full of all sums secured by this Security Instrument. However, this option shall not be exercised by Lender if such exercise is prolnbited by Applicable Law. If Lender exercises tins option, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days from tIle date the notice is given in accordance witII Section 14 within winch Borrower must pay all sUlns secured by tins Security Instrument. If Borrower fails to pay these sums prior to the expiration of tIns period, Lender may invoke any remedies pennitted by tIns Security Instrument without n.lIther notice or demand on Borrower. 18. Borrower's Right to Reinstate After Acceleration. If Borrower meets certain conditions, BOlTower shall have the right to have enforcement of this Security Instrument discontinued at any time prior to the earliest of: (a) five days before sale of the Property pursuant to any power of sale contained in tins Security hlstnllnent; (b) such other period as Applicable Law nùght specify for the tennination of Borrower's right to reinstate; or (c) entry of a judgment enforcing tIlis Security Instmment. TIlOse conditions are tIlat Borrower: (a) pays Lender all sUlns which tIlen 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 tins Security Instrument, as allowed under Applicable Law; and (d) takes such action as Lender may reasonably require to assure that Lender's interest in the Property and rights under this Security Instmment, and Borrower's obligation to pay tIle SUlns secured by tIlis Security Instrument, shall continue unchanged. Lender may require that Borrower pay such reinstatement SUlns and expenses in one or more of the following fomIs, 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, instnunentality or entity; or (d) Electronic Funds Transfer. Upon reinstatement by Borrower, tIns 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 17. 19. Sale of Note; Change of Loan Servicer; Notice of Grievance. TIle 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 tIle Note and this Security Instnunent and perfonns other mortgage loan servicing obligations under the Note, this Security Instrument, and Applicable Law. TIlere also might be one or more changes of tIle Loan Servicer unrelated to a sale of the Note. If there is a change of the WYOMING MORTGAGE-Single Family-Secondary Lien THE COMPLIANCE SOURCE. INC. C> ITEM TB700LB (0304)-MERS (Page 8 of 11 pages) GREATLAND. To Order Gall: 1-80()'53()'9393 0 Fax: 616-791-1131 I \ I / .000705 Loan Servicer, if required under Applicable Law, 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 infomlation 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 BOlTower 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 Instnunent 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 14) 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 peliod which n1Ust elapse before certain action can be taken, that time period will be deemed to be reasonable for purposes of this section. The notice of acceleration and opportunity to cure given to Borrower pursuant to Section 21 and the notice of acceleration given to BOlTower pursuant to Section 17 shall be deemed to satisfy the notice and opportunity to take cOlTective action provisions of this Section 19. 20. Hazardous Substances. As used in tins Section 20: (a) "Hazffi"dous Substances" ffi'e tll0se 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 fonnaldehyde, and radioactive materials; (b) "Environmental Law" means federal laws and laws of the jurisdiction where the Propelty is located that relate to healt1l, 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 tllat can cause, conttibute to, or otherwise trigger an Environmental Cleanup. Borrower shal1 not cause or penl1it tile 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 al10w anyone else to do, ffilything affecting tile Property (a) that is in violation of any Environmental Law, (b) which creates ffil Environmental Condition, or (c) which, due to the presence, use, or release of a Hazardous Substance, creates a condition tllat adversely affects the value of tile Property. The preceding two sentences shal1not apply to the presence, use, or storage on tile Property of small quantities of Hazardous Substances that are general1y recognized to be appropriate to nonnal residential uses and to maintenance of tile Property (including, but not limited to, hazardous substances in consumer products). Borrower shal1 promptly give Lender written notice of (a) any investigation, claim, demffild, lawsuit or other action by any govemmental or regulatory agency or private party involving the Property ffild any Hazardous Substffilce or Environmental Law of wInch Borrower has actual knowledge, (b) any Environmental Condition, including but not limited to, ffilY spilling, leaking, discharge, release or threat of release of any Hazardous Substance, and (c) any condition caused by the presence, use or release of a Hazardous Substance which adversely affects the value of the Property. If Borrower leams, or is notified by any govemmental or regulatory authority, or any ptivate party, that any removal or other remediation' of any Hazardous Substance affecting the Property is necessary, BOlTower shall promptly take all necessary remedial actions in accordance with Environmental Law. Notlnng herein shall create any obligation on Lender for an Environmental Cleanup. NON-UNIFORM COVENANTS. BOlTower and Lender further covenant ffild agree as fol1ows: 21. Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration following Borrower's breach of any covenant or agreement in tWs Security Instrument (but not prior to acceleration under Section 17 unless Applicable Law provides otherwise), The notice shall specüy: (a) the default; (b) the action required to cure the default; (c) a date, not less than 30 days from the date the notice is given to Borrower, by which the default must be cured; and (d) that failure to cure the default on or before the date specified in the notice may result in acceleration of the sums secured by this Security Instrument and sale of the Property. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to bring a court action to assert the non-existence of a default or any other defense of Borrower to acceleration and sale. If the default is not cured on or before the date specified in the notice, Lender at its option may require immediate payment in full of all sums secured by this Security Instrument without further demand and may invoke the power of sale and any other remedies permitted by Applicable Law. Lender shall be entitled to collect all expenses incurred in pursuing the remedies provided in this Section 21, including, but not limited to, reasonable attorneys' fees and costs of title evidence. If Lender invokes the power of sale, Lender shall give notice of intent to foreclose to Borrower and to the person in possession of the Property, if different, in accordance with Applicable Law. Lender shall give notice of the sale to Borrower in the manner provided in Section 14. Lender shall publish the notice of sale, and the Property shall be sold WYOMING MORTGAGE-Single Family-Secondary Lien THE COMPLIANCE SOURCE, INC. C> ITEM T8700L9 (0304}-MERS (Page 9 of J I pages) GREATLAND. To Order can: 1-BOO-53D-9393 0 Fax: 616-791-1131 _.~-_.,- - 0706' in the manner prescribed by Applicable Law. Lender or its designee may purchase the Property at any sale. The proceeds of the sale shall be applied in the following order: (a) to all expenses of the sale, including, but not limited to, reasonable attorneys' fees; (b) to aU sums secured by this Security Instrument; and (c) any excess to the person or persons legally entitled to it 22. Release. Upon payment of all sUlns secured by tillS Seclllity Instrument, Lender shall release tIlls Security Instrument. Borrower shall pay any recordation costs. Lender may charge BOlTower a fee for releasing tl1is Security Instrument, but only if the fee is paid to a tl1ird party for services rendered and tlw charging of tl1e fee is pennitted under Applicable Law. 23. Waivers. Borrower releases and waives all rights under and by virtue of the homestead exemption laws of Wyoming. REQUEST FOR NOTICE OF DEFAULT AND FORECLOSURE UNDER SUPERIOR MORTGAGES OR DEEDS OF TRUST Bon'ower and Lender request the holder of any mortgage, deed of trust or other encumbrance with a lien which has priotity over this Secutity Instrument to give notice to Lender, at Lender's address set forth on page one of tlÜs Mortgage, of any default under the supetior encumbrance and of any sale or other foreclosure action. BY SIGNING BELOW, Bon-ower accepts and agrees to the tenns and covenants contained in pages 1 through 11 of tins Secutity Instrument and in any Rider executed by Bon-ower and recorded witl1 it. ~ ~ DAVID R. DANIEL (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (S eal) -Borrower (Seal) -Borrower (Seal) -Borrower Witness: Witness: WYOMING MORTGAGE-Single Family-Secondary Lien THE COMPLIANCE SOURCE, INC. iC> ITEM T8700L10 (0304)-MERS (Page 10 of 1 1 page.,) GREATLAND . To Order Call: 1-BO()'530-9393 0 Fax: 616-791-1131 / / "OOÓ7()~ . State of \jJYI ~ì ~ ) ) ss County of -1Í~ ) TIle foregoing instrument was acknowledged before me by ytvvìA- 1---. Ya)It ~« tins t1~~ day of N ~\jUv\1(¡¡f, ~Ìl Witness my hand ¡mcl official seal. Æ\aO,~ My commission expires: 5)-¡µ ) \) 1 Notary Public Tasha C. Curry - Notary Public County of ~ State of Teton ~ Wyomin M C " g Y ommlSSlOn Expires 5/26/2009 WYOMING MOR TGAGE-Single Fanùly-Secondary Lien THE COMPLIANCE SOURCE. INC. iC> ITEM T8700l11 (0304)-MERS (Page 11 of 11 page.,) GREATlAND. TD Order Call: 1-800-530-9393 0 Fax: 616-791-1131 ~- ,..,.. .000708' Exhibit "A" Lot 30 of the Broken Wheel Ranch Subdivision, said subdivision being the SW1I4NEl/4 of Section 15, Township 36 North, Range 119 West, 6th P.M., Wyoming, in accordance with the official plat of said subdivision as filed for record in the Office of the County Clerk and Ex-Officio Recorder of Deeds, Lincoln County, Wyoming on the 2nd day of February 1972