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HomeMy WebLinkAbout87476581130883 WYFM-0322-1 WHEN RECORDED MAIL TO: /,..~t"l['}Oli. r',.] WELLS FARGO HOME MORTGAGE 87~ 765 gl ,.I~.~l.. 2~ 3601 MINNESOTA DRIVE BLOOMINGTON MN 5~5 ~<~.,;,,,:~;;:~.. ~-'¥ ~ ~7-4 LOAN NUMBER: ~ ~ ~ :BOOK 4~_pR PAGE .... s~t~ ~ w~o~ MORTGAGE [ ~.~ THIS MORTGAGE ("Security Instrument") is given on JULY 23, 2001 The Mortgagor is MICHAEL WAYNE HUTCHISON AND MELISSA DIAt~E HUTCHISON,, HUSBAND WIFE ("Borrower"). Thi~ Security lnstmmeftt is given to hriLLS FARGO HOME MORTgAGe., INC. which is organized and existing under the laws of T~]~ STATE OF CALIFORNIA , alld whose address is p.o. BOX 5137, DES MOINES, IA ~03065137 ("Lender"). Borrower owes Lender the principal sum of 01FE HUNDRED FIFT]/]/N THOT3SA/qD ONE HUNDRED THIRTY A/TD 00/100 Dollars (U.S. $'*~'***'~'115,13 O. 00 ). This debt is evidenced by Borrower's note dated the same date as this Security Instrument ("Note"), which pro¥ide$ for monthly payments, with the full debt, ifno~ paid e~rHer, due and payable on AUGUST 01, 2031 . This Security Instrument secures to Lender: (a) the repayment of the debt evidenced by the Note~ ~vith interest, and all renewals, extensions and modifications of thc Note; (b) the payment of all other sene, with interest, advanced under paragraph 7 to protect the security of this Security Instrument; and (c) the performance of Borrower's covenants and agreements under this Security Instrument and the Note. For this purpose. Borrower does hereby mortgage, grant and convey to the Lender with power of sale, the following described proper~y located in LINCOL~ County, Wyoming: LEGAL DESCRIPTION ATTACHED H"ERETO AND MADE A PART I{ER~OF. IaROVTSTON~ I~I~RTAININ~ TO R~-LRASES AR~ CONTAIhrRD IN THE ILEHABILITATIOR LOAN RIDER WHICH IS ATTACHED TO THIS D~ED OF TRUST AND MADE A PART HEREOF. THIS IS A PURCHASE M01~Y SECURITY INSTRUMENT. TAX STATEMENTS SHOULD BE SENT TO.. WELLS FAR(lO I{OIKE MORTGAGE, INC., P.O. BOX 5137, DES NOINES, IA 50306S137 which has the address of lS0 CEI:X/~ CRI~EK DRIVI~, TI-I~YI~ [$ureet, City], Wyo~ng 83110 [Zip Code] CPropeuy Address"); TOGETHER WITH ~l the improvem~ts now or hereafter erected on ~e property, ~d fll e~ement~, appuu~ces ~d fixture, now or hereatler a p~ of the property. All repla~ents ~d addi6ons shill dso be covered by ~is Sec~i~ Inxt~ent. All of ~e foregoing is refe~ed to in ~is Security Inst~m~t ~ the "Property." BORROWER COVENANTS ~at Borrower is law~lly ~eized of ~e e~tate hereby eonv~yed ~d h~ the fight to mortgage, gr~t ~d ~nv~ the Prope~y ~d that ~e Property is ~enembered, except for'encumbr~ces of record. Bonow~ wa=~t, ~d will defend generally the title to ~e Property ag~nst fll cl~ ~d 'dem~ds ~ubject to ~y encumbr~ce~ of re,ord. ' THIS SECURITY INSTRUMENT combin~s unifo~ coven~ts for n~tion~ use ~ non-unifo~ eoven~ts wi~ l~ted v~iations by jurisdiction to constitute a unifo~ security instrument covering re~ prope~y. Bo~ower ~fl ~nder coven~t ~d agree ~ follows: UNIPORM COVENANTS. 1, Pa~t of ~n~pfl, ~ter~t ~d Late Ch~ge. Borrower sh~l pay when due ~e pr~eip~ of, ~d interest on, ~e debt evidenced by ~e Note ~d ]ate ~gea due ~d~ ~he Note. 2. Monthly Payment of T~m, ~sur~ce and ~her Chugs. Bo~ow~ shMl include in each mon~ly payment, rose,er wi~ ~e prineipfl ~d interest as set lb~ in the Note ~d ~y late chases, a ~m for (a) t~es ~d specifl ~sessments levied or to be levied ag~nst ~e Property, (b) leasehold paints or greed rents on ~e ~opeNy. ~d (c) pre~ for i~r~ce required under p~raph 4. h ~y ye~ in whieN ~e L~der must pay a mortgage insur~ee premium to ~e Secret~ of Housing ~d~Urb~ Development ("Secrel~"), or in ~y ye~ in which such presto wo~d have bern required if Lender still held ~e Security Inst~m~t, each mon~ly payment shill dso include either: (i) a sum for the ~ufl mortgage in,ur~ce pre.urn to be pfid by ~nder to fie Sec~ta~, or (ii) a mon~ly ~ge instead of a mortgage insur~ce pre.urn if ~is S&urity lnst~ment is held by fie Secret~, in a re.enable ~ount to be dete~nefl by ~e Secreta~. Exert for ~e mon~ly ch~ge by the S~ret~. these items ~e c~led "Escrow It.s" ~d ~e su~ p~fl to ~nder ~e c~}e~ "Escrow Fun&" ~nder may, at ~y time, collect ~d hold ~ounts for Escrow lle~ in ~ aggregate ~ount not to ~c~d ~e m~mm ~o~t ~at ~y be required for Bo~ower's escrow aceo~t under the Reft Estate Settlement P~cedure~ Act of 1974, i2 U.S.C. Section 2601 et seq. ~d implanting regulations, 24 CFR Pm 3500, as ~ey may be ~ended from time to time ("RESPA"), except ~at ~e cushion or rescue per~tt~ by RESPA for un~ticipated disb~s~ents or disbursemmt, before ~e Bo~ower's paym~ ~e available in the accoum may not be b~ed on ~o~t~ due for ~e mortgage indurate pr~um. If the amounts held by Lender for Escrow hems exceed the amounts Permitted to be held by RESPA, Lender shall account to Borrower for the excess funds as required by RESPA, If the anaounts of funds held by Lender at any time are not sufficient tO pay the E~crow Items when due, Lender may notify the Borrower and require Borrower to make up the shortage as permitted by RESPA. Thc Escrow Funds are pledged as additional security for all sums secUred by this Security Instrument. If Borrower tenders to Lender the full payment of all such sums, Borrower's account shall be credited with the balance remaining for all instillment items (a), (b)., and (c) and any mortgage insurance premium installment that Lender has not become obligated to pay to the Secretary, and Lender shall promptly refund any excess funds to Borrower. Immediately prior to a foreclosure sale of the Property or its acquisition by Lender, Borrower's account shall be credited with any balance remaining for all installments for items (a), (b), and (e). 3, Application et' Payments, All payments under paragraphs 1 and 2 shall be applied by Lender as follows: Firs.t., to the mortgage insurance premium to be paid by Lender to the Secretary or to the monthly charge by the Secretary instead of the monthly mortgage insurance premium;~ ' Second, to any taxes, special assessments, leasehold payments or ground rents, and fire, floed and other hazard insurance premiums, as required; Third, to interest due under the Note; Fourth, to amortization of the principal of the Note; and Fi .fth, to late charges due under the Note. 4. Fire, Flood and Other Hazard Insurance, Borrower shall insure all improvements on the Property, whether now in existence or subsequently erected, against any hazards, casualties, and contingencies, including fire, for which Lender requires insurance. This insurance shall be maintained in the amounts and for ~0ae periods that Lender requires. Borrower shall also insure all improvements on the Property, whether now in existence or subsequently erected, against loss by floods to the extent required by the Secretary. All insurance shall be carried with companies approved by Lender. The imurance policies and any renewals shall be held by Lender and shall include toss payable clauses in favor of, and in a form acceptable to, Lender. In the event of loss, Borrower shill give Leu ~der immediate notice by mail, Lender maY make proOf of loss tf not made promptly by Borrower. Each.insurance company concerned is hereby authorized and directed to make payment for such loss directly to l~..nder, instead of to Borrower and to Lender jointly. All or any part of the insurance proceeds may be applied by Lender, at its option, either (a) to the reduction of the indebtedness under the Note and this Security Instrument, first to any delinquent amounts applied in the order in paragraph 3, and then to prepayment of principal, or (b) to the restoration or repair of the damaged Property. Any application of the proceeds to the principal shill not extend or postpone the due date of the monthly payments which are referred to in paragraph 2, or change the amount of.such payments. Any excess insurance proceeds over an amount required to pay all outstanding indebtedness under the Note and this Security Instrument shall be paid to the entity legally entitled thereto. In the event of foreclosure of this Security Instrument or other transfer of title to the Property that extinguishes the indebtedness, all right, title and interest of Borrower in and to insurance policies in force shall pass to the purchaser. ~ ~ 5. Occupancy, Preservation, Maintenance and Protection of th.e Property; Borrower's Loan Application; Leaseholds. Borrower shall occupy, establish, and use the Property as Borrower's principal residence within sixty days after the execution of this Security Instrument (or within sixty days of a later sale or transfer of the Property) and shall continue to occupy the Property ~ Borrower's principal residence for at least one year after the date or occupancy, unless Lender deternfines that requirement will cause undue hardship for Borrower, or unless extenuating circumstances exist which are beyond Borrower's control. Borrower shall notify Lender oi' any cxtenuating~ circtlrr[stances, Borrower shall not commit waste or destroy, damage or substantially change the Property or allow the Property to deteriorate, reasonable wear and tear excepted. Lender may inspect the Property if the Property is vacant or abandoned or the loan is in default, Lender may take reasonable action to protect and preserve such vacant or abandoned Property. Borrower shall also be in default if Borrower. during the loan application process, gave materially false or inaccurate information or statements to Lender (or failed to provide Lender with any material information) in connection with the loan evidenced by the Note, including, but not limited to, representations concerning Borrower's occupancy of the Property as a principal residence. If this Security Instrument is on a leasehold, Borrower shall comply with the provisions of the Ieee. If Borrower acquires fee title to the Property, th( ~:" leasehold and fee title shall not be merged unless Lender agrees to the merger in writing. fi, Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of any part of the Property, or for conveyance in place of condemnation, are hereby assigned and shall be paid to Lender to the extent of the full amount of the indebtedness that remains unpaid under the Note and this Security Instrument. Lender shall apply such proceeds to the reduction of the indebtedness under the Note and this Security Insmanent, first to any delinquent amounts applied in the order provided in paragraph 3, and then to prepayment of principal. Any application of the proceeds to the principal shall not extend or postpone the due date of the monthly payments, which are refer'ed to in paragraph 2, or'change the amount of such payments. Any excess proceeds ow'r an amount required to pay all outstanding indebtedness under the Note and this Security Instrument shall be paid to the entity legally entitled thereto. ?. Charges to Borrower and Protection of Lender's Rights in the Property. Borrower shall pay ali governmental or municipal charges, fines and impositions that are not included in paragraph 2. Borrower shall pay these obligations on time directly to the entity which is owed ,.he payment. If failure to pay would adversely affect Lender's interest in the Property, upon Lender's request Borrower shall promptly furnish to Lender receipts evidencing these payments. If Borrower fails to make these payments or the payments required by paragraph 2, or fails to perform any other covenants and agreements contained in this Security Instrument, or there is a legal proceedin~ that may significantly affect Lender's rights in the Property (such as a proceeding in bankruptcy, for condemnatidn or to enforce laws or regulations), then Lender may do and pay whatever is necessary to protect the value of the Property and Lender's rights in the Property, including payment of taxes, hazard insurance and other items mentioned in paragraph 2. Any anaounts disbursed by Lender under this paragraph shall become an additional debt of Borrower and be secured by this Security Instrument. These amounts shall bear interest from the date of disbursement, at the Note rate, and at the option of Lender, shall be immediately due and payable. Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a) agrees in writing to the payment.of the obligation secured by the lien in a manner acceptable to Lender; (b) contests in good faith the lien by, or defends against enforcement of the lien in, legal proceedings which in the Lender's opinion operate to prevent the enforcement of the lien; ar (c) secures from the holder of the lien an agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determines that any part of the Property is subject to a lien which may attain priority over this Security Instrument, Lender may give Borrower a notice identifying the lien, Borrower shall satisfy the lien or take one oi' more of the actions set forth above within 10 days of the giving of notice. 8. Fees. Lender may collect fees and charges authorized b~ the Secretary. 9. Grounds for Acceleration of Debt. ~ (a) Default. Lender may, except as limited by regulations issued by the Secretary, in the case of payment defaults, require immediate payment in full of all sums secured by this Security Instrument if: (i) Borrower defaults by failing to pay in full any monthty payment required by this Security Instrument prior to or on the due date of the next monthly payment, or ' (ii) Borrower defaults by failing, for a period of thirty days, to perform any other obligations contained ~ in this Security Instrument. (b) Sale Without Credit Approval. Lender shall, ii' permitted by applicable law (including Section 341(d) of the darn-St. Gennain Depository Institutions Act of 1982, 12 U.S.C. 1701j-3(d)) and with the prior approval of the Secretory, require immediate payment in full of all sums secured by this Security Instrument if: (0 All or pan of ~he Property, or a beneficial interest in a trust owning all or part of the Property, is sold or otherwise transferred (other than by devise or descent), and (ii) The Property is not occupied by the purchazer or grantee as his or her princip~I residence, or the purchaser or grantee does so occupy the Property but his or her credit has not been approved in accordance with the requirements of the Secretary. (c) No Waiver. If circumstances occur that would permit Lender to require immediate payment in. full, but Lender does not require suer, payments, Lender does not waive its rights with respect to subsequent events. (d) Regulations of ]~UD Secretary. In many circumstances regulations issued by the Secretary will limit Lender's fights, in the ease of payment defaults, to require immediate payment in full and foreclose if not paid. This Security Instrument does not authorize acceleranon or foreclosure if not permitted by regulations of the Secretary, (e) Mortgage Not Insured, Borrower agrees that if this Security Instrument and the Note are not determined to be eligible for insurance under the National Hous.ing Act within 60 days from the date hereof, Lender may, at its option, require immediate payment in full of all sums secured by this Security Instrmnent. A writlen statement of any authorized agent of the Secretary dated subsequent to 60 days from the date hereof, declining to insure this Security Instrument and the Note. shall be deemed conclusive proof of such ineligibility. Notwithstanding the foregoing, this option may not be exercised by Lender when the unavailability of insurance is solely due to Lender's failure to re~t a mortgage insurance premium to the Secretary. 10. Reinstatement. Borrower has a right to he reinstated if Lender has required immediate payment in full because of Borrower's failure to pay an amount due under the Note or this Security Instrument. This right applies even after foreclosure proceedings are instituted. To reinstate the Security Instrument, Borrower sh~l tender in a lump sum ali amounts required to bring Borrower's account current including, to the extent they are obligations of Borrower under this Security Instrument, foreclosure costs and reasonable and customary attorneys' fees and expenses properly associated with the foreclosure proceeding. Upon reinstatement by Borrower, this Security Instrument and the obligations that it secures shall remain in effect as if Lender had not required immediate payment in full. However, Lender is not required to permit reinstatement if: (i) Lender has accepted reinstatement after the commencement of foreclosure proceedings within two years immediately preceding the commencement of a current foreclosure proceeding, (ii) reinstatement will preclude foreclosure on different grounds in the future, or (iii) reinstatement will adversely affect the priority of the lien created by this Security Instrument, 11. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time of payment or modification of amortization of the sums secured by this Security Instrument granted by Lender to any successor in interest of Borrower shall not operate to release the liability of the ori~inal Borrower or Borrower's successor in · interest. Lender shill not be required to commence proceedings against any successor in interest or refuse to extend time for payment or otherwise modify amortization of the sums secured by this Security Instrument by reason of any demand made by the original Borrower or Borrower's successors in interest. Any forbearance by Lender in exercising any right or remedy shall not be a waiver of or preclude the exescise of any right or remedy. lZ. Successors and Assigns Bound; ,loint and Several ~Eiahillty; Co-Signers. The covenants and agreements of this Security Instrument shill bind and benefit the successors and assigns of Lender and Borrower, subject to the provisions of paragraph 9(b). Borrower's covenants and agreements shall be joint and several. Any Borrower who co-signs this Security Instrument but does not execute the Note: (a) is co-signing this Security Instrument only to mortgage, grant and convey that Borrower's interest in the Property under the terr~ of this Security Instrument; (b) is not personally obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any other, B, orrower may agree to extend, modify, forbear or make any accommodations with regard to the ~erms of this Security Instrument or the Note without that Borrower's consent. 13. Notices. Any notice to Borrower provided for in this Security Instrument shall be given by delivering it or by mailing it by first class mail unless applicable law requires use of another method. The notice shall be directed to the Property Address or any other address ]Borrower designates by notice to Lender. Any notice to Lender shall be given by first class mail to Lender's address stated herein or any address Lender designates by notice to Borrowerc Any notice provided for in this Security Instrument shall be deemed to have been given to Borrower or Lender when given as provided in this paragraph. 14. Governing Law; Severability, This Security Instrument shall be governed by Federal law and the law of the jurisdiction in which the Property is located. In the event that any provision or clause of this Security Instrument or the Note conflicts with applicable law, such conflict shall not affect other provisions of this Security Instrument or the Note which can be lliven effect without the conflicting provision. To this end the provisions of this Security In, tremont and th,. Note are declared to be severable. 15. Borrower's Copy. Borrower shall be given one conformed copy .of the Note and of this Security lr~trument. ~, 16. Hazardous Substance;. Borrower shall not cause oi: permit the presence, use, disposal, storage, or release of any Ha22rdous Substances on or in the Property. Borrower shall not do, nor allow anyon, else to do, anything affecting the Property that is in violation of any Environmental Law. The preceding two sentences shall not apply to the presence, use, or storage on the Property of small quantities of Hazardous Substances that are generally recognized to be appropriate to normal residential uses and to maintenance of the Property. Borrower shall promptly give Lender written notice of any investigation, claim, demand, lawsuit or other action by any governmental or regulatory agency or private party involving the Propetny and any Hazardous Substance or Environmental Law of which Borrower has actual knowledge. If Borrower learns, or is notified by any governmental or regulatory authority, that any removal or other remediation of any Hazardous Substances a'ffecting the Property is necessary, Borrower shall promptly take all necessary remedial actions in accordance with Environmental Law. As used in this paragraph 16, "Hazardous Substances" are those substances defined as toxic or hazardous substances by Environmental Law and the following substances: gasoline, kerosene, other fiammable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or formaldehyde. and radioactive materials. As used in this paragraph 16, "Environmental Law" means federal laws and laws of the jurisdiction where the Property is located that relate to health, safety or environment~l protection. NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as lbllows: 17, Assignmmt of Rents. Borrower unconditionally assigns and transfers to Lender all the rents and revenues of the Property. Borrower authorizes Lender or Lender's agents to collect the rents and revenues and hereby directs each tenant of the Property to pay the rents to Lender or Lender's agents. However. prior to Lender's notice to Borrower of Borrower's breach of any covenant or agreement in the Security Instrument, Borrower shall collect and receive all rents and revenues of the Property as trustee for the benefit of Lender and Borrower. This assignment of rents constitutes an absolute assignment and not an assignment for additional security only. If Lender gives notice of breach to Borrower: (a) all rents received by Borrower shall be held by Borrower as trustee for benefit of Lender only, to be applied to the sums secured by the Security Instrument: (b) Lender shall be entitled to collect and receive all of the rents of the Property; ~and (c) each tenant of the Property shall pay all rents due and unpaid to Lender or Lender's agent on Lender's written demand to the tenant. Borrower has not executed any prior assignment of the rents and has not and will not perlbrm any act that would prevent Lender from exercising its rights under this paragraph 17. Lender shall not be required to enter upon, take control of or maintain the Property before or after giving notice of breach to Borrower. However, Lender or a judicially appointed receiver may do So at any time there is a breach. Any a.¢plication of rents shall not cure or waive any default or invalidate any other right or remedy of Lender. This assignment of rents of the Property shall terminate when the debt secured by the Security Instrument is paid in full. 18. Foreclosure Procedure. I1~ Lender requires immediate payment in full under paragraph 9, Lender may invoke the power of sale and any other remedies permitted by applicable law. Lender shall be entitled to collect ali ~xpenses incurred in pursuing the remedies provided In this paragraph 18, including, but not limited to, reasonable attorneys' fees and costs of title evidence. If Lender invokes the power of sale, Leader shall give notice of intent to foreclose to Borrower and to the person in possession of the Property, if different, in accordance ~th applicable law. Lender shall give notice of the sale to Borrower in the manner provided in paragraph 13. Lender shall publish the notice of sale, and the Property shall be sold in the manner prescribed by applicable law. Lender or its designee may purchase the Property at any sale. The proceeds of thc 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 all sums secured by this Security Instrument; and (c) any excess to the person or persons legally entitled to it. If the Lender's interest in this Security Instrument is held by the Secretary and the Secretary requires immediate payment in full under Paragraph 9, the Secretary may invoke the nonjudicial power of sale provided in the Single Family NIor~gage Foreclosure Act of 1994 ("Act"} (12 U.S.C. 3751 et seq.) by requesting a foreclosure commissioner designated under the Act to commence foreclosure and to sell the Property as provided in the Act. Nothing in the preceding sentence shall deprive the Secretary of any rights otherwise available to a Lender under this Paragraph 18 or applicable law. 19. Release. Upon payment of all sums secured by this Security Instrument, Lender shall rele~e this Security Instrument without charge to Borrower, Borrower shall pay any recordation costs, 20'. Waivers. Borrower waives all rights of homestead exemption in the Property and'/elinquishes all rights of curtesy and dower in the Property, 21. Riders to this Security Instrument. If one or more riders are executed by Borrower and recorded together with this Security Instrument, the covenants of each such rider shall be incorporated into and shall amend and supplement the covenanc~ and agreements oI' this Security Instrument as if the rider(s) were a part of this Security InsrlB~ent, [Check applicable box(es)]. t--~ Condominium Rider [~ Growing Equity Rider ['~ Other [specify] ['-3 Planned Unit Development Rider ~ Graduated Payment Rider /.~/~:~:~ Renoxtat:l. on Loan R±der BY SIGNING BELOW, Borrower accepts and agrees to the terms contained in this Security Instrument aud in any rider(s) executed by Borrower and recorded with it. Witnesses: ~fELISSA DIA~ HIr~CHISON -Borrower (Seal) , (Seal) -Borrowgr -Borrower (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Borrower -Borrower STATE OF VqY'OMING~ LINCOLN County ss: Th~. foregoing instrument was acknowledged betbre mc this o'tm¥ 23Vd), 2ooi (date) by MICHAEL WATN~ HUTCHISON A/qD HELISflA DIAI~ I{UTCEISON 8830883 RLNR-3~93 282 REHABILITATION LOAN RIDER FHA C~ No, ' ' 591-0~6753 702 THIS REHABILITATION LOAN RIDER is made this21RD day of JULY , and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust or Security Deed ("Security Instrument") of the same date given by the undersigned ("Borrower") to secure Borrower's Note ("Note") to WELLS F/mOO I101~ MORTG.kI~Iq., INC. ("Lender") of the same date and covering the Property described in the Security Instrument and located at: 150 CEDAR CP. EEK DRIVE, THAYNE, WY ~3110 [Property Address] ADDITIONAL COVENANTS. In addition to the covenants and agreements in the Smurity Instrument, Borrower and Lender further covenant and agree as follows: A. Loan proce6ds are to be a~vanced for the premises in accordance with the Rehabilitation Loan A§memenr dated ,,.j/..( / ~ oQ"~t ~ / , between Borrower and Lender, This agreement is incorporated by reference and made a part of this Security Insmmmm. No advances shall be made unless approved by the Secretary of l-lousing and Urban Development or a Direct Endorsement Underwriter. B. If the rehabilitation is not properly completed, performed with reasonable diligence, or is discontinued at any time except for strikes or lockouts, the Lender ~ vested with full auflmrity to take the necessary st~s to protect the rehabilitation improvements and property from harm, continue existing contracts or enter into necessary contracts to compline the rehabilitation. All FItA Multlstate Rehabilitation io~n Rider - 10/9~; 588U (9705} ~g0 1 o! 2 Initials: VMPMORTGAGEFORMS. (B00~l ' sums expended for such protection, exclusive of the advances of the principal indebtedness, shall be added to the prknmpal indebtedness, and secured by the Security Instrument and be due and payable on demand with interest as set out in the Note. C. If Borrower fails to perform any obligation under the loan, including the commencement, progress and completion provisions of the Rehabilitation Loan Agreement, and such failure continues for a period of 30 days, the loan shall, at the option of Lender, be in default. D. The Property covered by this Security Instrument shall include all of Borrower's interest in funds held by Lender in escrow under the Rehabilitation Loan Agreement. BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this Rehabilitation Loan Rider. -Borrower ~ · -Borrower MELIg-~A DIANE IIIIT£HIgON -gormwcr (Seal) (Seal) -Borrower -Borrower .(Seal) (Seal) ,Borrowcr -Borrower i~,~688U (97051 Page 2 of ~. That part of the NW¼ of Section 31, T35N, R118W, Lincoln County, Wyoming, being part of that tract of record in the Office of the Clerk of Lincoln County in ~ook 133 of Photostatic Records on page 174, described as follows: Beginning at the northeast corner of Lot 1, as shown on that plat~ of record in the Office of the Clerk of Lincoln County titled "STAR VALLEY RANCH PLAT 16 IN PART.OF SEC. 31, T.35N., R.118W., 6TH P.M., LINCOLN COUNTY, WYOMING", N28032'45,,E, 3529.21 feet from the southwest corner of said Section 31; thence N30°00,00,,W, 178.82 feet, along the westerly right-of- way line of Cedar Creek Drive of record on said Plat 16, to a point at the beginning of a circular curve to the right; h' thence nort westerly 145.96 feet, along the arc of said curve, through a central angle of 13020'07'', with a radius of 627.13 feet and a chord bearing N23°19,57,,W, 145.63 feet to a point; thence S60°01,06,,W, 268.11 feet to the centerline of Hardman Canal; thence coursing said cenEerline as follows: S24°24'08"E, 263.43 feet; S26°38'25"E, 61.39 feet, to an intersection with the southwesterly extension of the north line of said Lot 1; thence N60°01'06,,E, 280.49 feet, along said extension and said north line, to the point of beginning