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HomeMy WebLinkAbout928660 000397 ReCOrdmg requested by: LSI When recorded return to : Custom Recording Solutions 2550 N. Redhill Ave. : KY2-1606 Santa Ana, CA. 92705 'l'7? 800-756-3524 ext. 5011 ílv:;JJ.bZj) -.... ~ ...... - -- State of Wyomùlg RECEIVED 4/23/2007 at 3:26 PM RECEIVING # 928660 BOOK: 655 PAGE: 397 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY Space Above This Line Fo¡' Recording Data MORTGAGE (With Future Advance Clause) 1. DATE AND PARTIES. The date of this Mortgage (Security Instrument) is . Max-ch. .2.9,. .2.0Q7........................... . The paliies and their addresses are: MORTGAGOR: STEPHEN C PRATT AND KAREN J PRATT, HUSBAND AND WIFE AS TENANTS BY THE ENTIRETIES 1197 VISTA DR THAYNE, Wyoming 83127 1197 VISTA DR, THAYNE, Wyoming 83127 D If checked, refer to the attached Addendum incorporated herein, for additional Mortgagors, their signatures and acknowledgments. 1 a () LENDER: CHASE BANK USA, N. A. 200 White Clay Center Drive Newark, DE 19711 DIRECT CORRESPONDENCE TO: CHASE HOME FINANCE LLC P. O. Box 11606 Lexington, KY 40576-1606 2. CONVEYANCE. For good and valuable consideration, the receipt and sufficiency of which is acknowledged, and to secure the Secured Debt (defined below) and MOligagor's perfol1nance under this Security Instrument, MOligagor grants, bargains, conveys, mortgages and warrants to Lender, with power of sale, the following described propeliy: f-xHlt&)T All that tract or parcel of land as shown on :J.eh...dull!1 nAn attached hex-eto which is incorporated herein and made a part hereof. 35183220100200 The propeliy is located in . .Linco.ln . . . . . . . . . . . . . . . . . . . . . . . . . . . .. at .......................................................... (County) . .119.7.. VISTA. .DRIVE......................... '. .'l'aAYNE..............................' Wyoming.... 8.3127.............. (Address) (City) (ZIP Code) Together with all rights, easements, appwtenances, royalties, mineral rights, oil and gas lights, all water and riparian rights, ditches, and water stock and all existing and future improvements, structures, fixtures, and replacements that may now, or at any time in the future, be part of the real estate described above (all referred to as "Property"). 3. MAXIMUM OBLIGATION LIMIT. The total principal amount secured by this Security Instrument at anyone time shall not exceed $ .......................... .55,.90.0...00...... . This limitation of amount does not include interest and other fees and charges validly made pursuant to this Security Instrument. Also, this limitation does not apply to advances made under the te111lS of this Security Instrument to protect Lender's security and to perform any of the covenants contained in this Security Instrument. 4. SECURED DEBT AND FUTURE ADVANCES. The term "Secured Debt" is defined as follows: A. Debt inclUTed under the terms of all promissory note(s), contract(s), guaranty(ies) or other evidence of debt described below and all their extensions, renewals, modifications or substitutions. (You must spec!fically ident!fy the debt(s) secured and you should include the final maturity date of such debt(s).) The Home Equity Line of Credit Agreement and Promissory Note dated March 29th, 2007 due and payable, if not paid earlier, on April 3rd, 2037. WYOMING - HOME EQUITY LINE OF CREDIT MORTGAGE (NOT FOR FNMA, FHLMC, FHA OR VA USE) ~I!J 01994 Bankers Systems, Inc., 51. Cloud, MN Form OCp·REMTG-WY 5/11/2005 G.C465(WY) (0506) VMP Mortgage Solutlons,lnc. ® ~(X (page JfP :272: PRATT CE680360HH 09Z8660 UUU::');.:.1'C1 I ':2J:IC!. _jlJ'(J B. All future advances from Lender to Mortgagor or other future obligations of MOligagor to Lender under any promissory note, contract, guaranty, or other evidence of debt executed by Mortgagor in favor of Lender after this Security Instrument whether or not this Security Instrument is specifically referenced. If more than one person signs this Security Instrument, each MOligagor agrees that this Security Instrument will secure all future advances and future obligations that are given to or incuned by anyone or more MOligagor, or anyone or more Mortgagor and others. All future advances and other future obligations are secured by this Security Instrument even though all or proi may not yet be advanced. All future advances and other future obligations are secw'ed as if made on the date of this Security Instrument. Nothing in this Security Instrument shall constitute a commitment to make additional or future loans or advances in any amount. Any such commitment must be agreed to in a sepro'ate writing. C. All other obligations MOligagor owes to Lender, which may later roise, to the extent not prohibited by law, including, but not limited to, liabilities for overdrafts relating to any deposit account agreement between Mortgagor and Lender. D. All additional sums advanced and expenses inclmed by Lender for insuring, preserving or otherwise protecting the Property and its value and any other sums advanced and expenses incuned by Lender under the telms of this Security Instrument. In the event that Lender fails to provide any required notice of the right of rescission, Lender waives any subsequent security interest in the Mortgagor's principal dwelling that is created by this Security Instrument. 5. MORTGAGE COVENANTS. Mortgagor agrees that the covenants in this section ro'e material obligations under the Secured Debt and this Security Instrument. If MOligagor breaches any covenant in this section, Lender may refuse to make additional extensions of credit and reduce the credit limit. By not exercising either remedy on MOligagor's breach, Lender does not waive Lender's right to later consider the event a breach if it happens again. Payments. MOligagor agrees that all payments under the Secured Debt will be paid when due and in accordance with the telms of the Secured Debt and this Security Instrument. Prior Security Interests. With regard to any other mOligage, deed of trust, security agreement or other lien document that created a prior seculity interest or encumbrance on the Property, MOligagor agrees to make all payments when due and to perfOlm or comply with all covenants. Mortgagor also agrees not to allow any modification or extension of, nor to request any future advances under any note or agreement secured by the lien document without Lender's prior written approvaL Claims Against Title. MOligagor will pay all taxes, assessments, liens, encumbrances, lease payments, ground rents, utilities, and other chro'ges relating to the Propeliy when due, Lender may require MOligagor to provide to Lender copies of all notices that such amounts are due and the receipts evidencing MOligagor's payment. MOligagor will defend title to the Property against any claims that would impair the lien of this Security Instrument. MOligagor agrees to assign to Lender, as requested by Lender, any rights, claims or defenses MOligagor may have against pmiies who supply labor or matelials to maintain or improve the Propeliy. Property Condition, Alterations and Inspection. MOligagor will keep the Propeliy in good condition and make all repairs that are reasonably necessary. MOligagor shall not commit or allow any waste, impainnent, or deterioration of the Property. Mortgagor agrees that the nature of the occupancy and use will not substantially change without Lender's prior written consent. MOligagor will not pelmit any change in any license, resnictive covenant or easement without Lender's prior written consent. MOligagor will notify Lender of all demands, proceedings, claims and actions against Mortgagor, and of any loss or damage to the Property. Lender or Lender's agents may, at Lender's option, enter the Property at any reasonable time for the purpose of inspecting the Property. Lender shall give Mortgagor notice at the time of or before an inspection specifying a reasonable purpose for the inspection. Any inspection of the Propeliy shall be entirely for Lender's benefit and Mortgagor will in no way rely on Lender's inspection. Authority to Perform. If MOligagor fails to perfOlm any duty or any of the covenants contained in this Security Instrument, Lender may, without notice, perform or cause them to be performed, MOligagor appoints Lender as attorney in fact to sign MOligagor's nrone or pay any amount necessary for performance. Lender's right to perfOlm for Mortgagor shall not create an obligation to perfOlm, and Lender's failure to perfOlm will not preclude Lender from exercising any of Lender's other rights under the law or this SecUlity Insn'Ument. Leaseholds; Condominiums; Planned Unit Developments. Mortgagor agrees to comply with the provisions of any lease if this Security Instrument is on a leasehold. If the Propeliy includes a unit in a condominium or a planned unit development, MOligagor will perfonn all of MOligagor's duties under the covenants, by-laws, or regulations of the condominium or planned unit development. Condemnation. MOligagor will give Lender prompt notice of any pending or threatened action, by plivate or public entities to purchase or take any or all of the Propeliy through condemnation, eminent domain, or any other means. MOligagor authorizes Lender to intervene in Mortgagor's name in any of the above described actions or claims. MOligagor assigns to Lender the proceeds of any awro'd or claim for damages connected with a condemnation or other ta1ång of all or any part of the Property. Such proceeds shall be considered payments and will be applied as provided in this Security Insn'ument. This assignment of proceeds is subject to the telms of any prior mortgage, deed of n'ust, security agreement or other lien document. Insurance. MOligagor shall keep Propeliy insured against loss by fire, flood, theft and other hazro'ds and risks reasonably associated with the Propeliy due to its type and location. This insurance shall be maintained in the amounts and for the periods that Lender requires. What Lender requires pursuant to the preceding two sentences can change during the tenll of the Secured Debt. The insurance canier providing the insurance shall be chosen by MOligagor subject to Lender's approval, which shall not be umeasonably withheld. If Mortgagor fails to maintain the coverage described above, Lender may, at Lender's option, obtain coverage to protect Lender's rights in the Propeliy according to the telms of this Security Instrument. All insurance policies and renewals shall be acceptable to Lender and shall include a standard "mortgage clause" and, where applicable, "loss payee clause." MOligagor shall immediately notify Lender of cancellation or telmination of the insurance. Lender shall have the light to hold the policies and renewals. If Lender requires, MOligagor shall immediately give to Lender all receipts of paid premiums and renewal notices. Upon loss, MOligagor shall give immediate notice to the insurance canier and Lender. Lender may make proof of loss if not made immediately by MOligagor. Unless otherwise agreed in wliting, all insurance proceeds shall be applied to the restoration or repair of the Propeliy or to the Secw'ed Debt, whether or not then due, at Lender's option. Any application of proceeds to principal shall not extend or Ex¡5ërè.q ) 01994 Bankers Systems, Inc., SI. Cloud, MN Form OCp·REMTG-WY 5/11/2005 . ·C465(WY) (0506) ® J.LP. (pageJ;§f :272: PRATT CE680360HH 09~8660 CC0399 postpone the due date of the scheduled payment nor change the amount of any payment. Any excess will be paid to the Mortgagor. If the Property is acquired by Lender, Mortgagor's right to any insurance policies and proceeds resulting from damage to the Property before the acquisition shall pass to Lender to the extent of the Secmed Debt immediately before the acquisition. Financial Reports and Additional Documents. MOligagor will provide to Lender upon request, any financial statement or infOlmation Lender may deem reasonably necessary. Mortgagor agrees to sign, deliver, and file any additional documents or certifications that Lender may consider necessary to perfect, continue, and preserve MOligagor's obligations under this Security Instrument and Lender's lien status on the Property. 6. DUE ON SALE. Lender may, at its option, declare the entire balance of the Secured Debt to be immediately due and payable upon the creation of, or conu.-act for the creation of, a transfer or sale of all or any part of the Property. This right is subject to the restrictions imposed by federal law (12 C.F.R. 591), as applicable. 7. DEFAULT. MOligagor will be in default if any of the following occm: Fraud. Any Consumer B011'0wer engages in fraud or material misrepresentation in connection with the Secmed Debt that is an open end home equity plan. Payments. Any Consumer Bon-ower on any Secured Debt that is an open end home equity plan fails to make a payment when due. Property. Any action or inaction by the Bon-ower or Mortgagor occurs that adversely affects the Property or Lender's lights in the Property. This includes, but is not limited to, the following: (a) MOligagor fails to maintain required insurance on the Property; (b) MOligagor u'ansfers the Propeliy; (c) M01igagor conmuts waste or otherwise desu'uctively uses or fails to maintain the Propeliy such that the action or inaction adversely affects Lender's secmity; (d) MOligagor fails to pay taxes on the Propeliy or otherwise fails to act and thereby causes a lien to be filed against the Propeliy that is senior to the lien of this Security Instrument; (e) a sole M01igagor dies; (f) if more than one M01igagor, any M01igagor dies and Lender's security is adversely affected; (g) the Propeliy is taken through eminent domain; (h) a judgment is filed against MOligagor and subjects Mortgagor and the Property to action that adversely affects Lender's interest; or (i) a prior lienholder forecloses on the Property and as a result, Lender's interest is adversely affected. Executive Officers. Any Bon-ower is an executive officer of Lender or an affiliate and such B011'0wer becomes indebted to Lender or another lender in an aggregate amount greater than the amount pennitted under federal laws and regulations. 8. REMEDIES ON DEFAULT. In addition to any other remedy available under the tenns of this Security Instrument, Lender may accelerate the Secured Debt and foreclose this Secmity Instrument in a manner provided by law if MOligagor is in default. In some instances, federal and state law will require Lender to provide MOligagor with notice of the right to cure, or other notices and may establish time schedules for foreclosme actions. At the option of the Lender, all or any pmi of the agreed fees and chm'ges, accrued interest and principal shall become immediately due and payable, after giving notice if required by law, upon the OCClmence of a default or anytime thereafter. Lender shall be entitled to, without limitation, the power to sell the Property. The acceptance by Lender of any sum in payment or pmiial payment on the Secured Debt after the balance is due or is accelerated or after foreclosure proceedings m'e filed shall not constitute a waiver of Lender's right to require complete cure of any existing default. By not exercising any remedy on M01igagor's default, Lender does not waive Lender's right to later consider the event a default if it happens again. 9, EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; COLLECTION COSTS. If Mortgagor breaches any covenant in this Security Instrument, MOligagor agrees to pay all expenses Lender incurs in performing such covenants or protecting its secmity interest in the Propeliy. Such expenses include, but are not limited to, fees inculTed for inspecting, preserving, or otherwise protecting the Propeliy and Lender's seculity interest. These expenses m'e payable on demand and will bem' interest from the date of payment until paid in full at the highest rate of interest in effect as provided in the terms of the Secured Debt. Mortgagor agrees to pay all costs and expenses incun-ed by Lender in collecting, enforcing or protecting Lender's rights and remedies under this Security Instrument. This amount may include, but is not limited to, reasonable attorneys' fees, comi costs, and other legal expenses. This amount does not include attorneys' fees for a salm"ied employee of the Lender. To the extent pennitted by the United States Bankruptcy Code, M01igagor agrees to pay the reasonable attorneys' fees Lender incurs to collect the Secmed Debt as awm'ded by any comi exercising jmisdiction under the Bankruptcy Code. This Security Instrument shall remain in effect until released. M01igagor agrees to pay for any recordation costs of such release. 10. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES. As used in this section, (1) Environmental Law means, without limitation, the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA, 42 U.S.c. 9601 et seq.), and all other federal, state and local laws, regulations, ordinances, court orders, attorney general opinions or interpretive letters concerning the public health, safety, welfm'e, environment or a hazm'dous substance; and (2) Hazm'dous Substance means any toxic, radioactive or hazardous material, waste, pollutant or contaminant which has characteristics which render the substance dangerous or potentially dangerous to the public health, safety, welfare or environment. The term includes, without limitation, any substances defined as "hazm'dous matelial," "toxic substances," "hazm'dous waste" or "hazardous substance" under any Environmental Law. Mortgagor represents, wm1'ants and agrees that: A. Except as previously disclosed and acknowledged in writing to Lender, no Hazardous Substance is or will be located, stored or released on or in the Propeliy. This restriction does not apply to small quantities of Hazm'dous Substances that are generally recognized to be appropriate for the n01mal use and maintenance of the Property. B. Except as previously disclosed and acknowledged in writing to Lender, Mortgagor and every tenant have been, are, and shall remain in full compliance with any applicable Environmental Law. C. M01igagor shall immediately notify Lender if a release or threatened release of a Hazardous Substance occurs on, under or about the Propeliy or there is a violation of any Environmental Law concerning the Property. In such an event, MOligagor shall take all necessm)' remedial action in accordance with any Environmental Law. D. MOligagor shall immediately notify Lender in writing as soon as MOligagor has reason to believe there is any pending or threatened investigation, claim, or proceeding relating to the release or threatened release of any Hazardous Substance or the violation of any Environmental Law. Ex{5ëi'e.f/!) 01994 Bankers Systems, Inc., SI. Cloud, MN Fornl OCP-REMTG-WY 5/11/2005 . -C465(WY) (0506) ® dL. P. (pa"f@4(J :272: PRATT CE680360HH O~28660 0)1)'100 11. ESCROW FOR TAXES AND INSURANCE. Unless otherwise provided in a separate agreement, Mortgagor will not be required to pay to Lender funds for taxes and insurance in escrow. 12. JOINT AND INDIVIDUAL LIABILITY; CO-SIGNERS; SUCCESSORS AND ASSIGNS BOUND. All duties under this SecUli1y Instrument are joint and individual. If Mortgagor signs this Seculity Instrument but does not sign an evidence of debt, MOligagor does so only to mOligage Mortgagor's interest in the Property to secure payment of the Secured Debt and M0l1gagor does not agree to be personally liable on the Secured Debt. If this Security Instrument secures a guaranty between Lender and Mortgagor, Mortgagor agrees to waive any lights that may prevent Lender from bringing any action or claim against Mortgagor or any party indebted under the obligation. These rights may include, but are not limited to, any anti-deficiency or one-actiol1laws. The duties and benefits of this Seculity Instrument shall bind and benefit the successors and assigns of M0l1gagor and Lender. 13. SEVERABILITY; INTERPRETATION. This Security Instrument is complete and fully integrated. This Security Instrument may not be amended or modified by oral agreement. Any section in this SecUlity Instrument, attachments, or any agreement related to the Secured Debt that conflicts with applicable law will not be effective, unless that law expressly or impliedly permits the valiations by written agreement. If any section of this Seculity Instrument cannot be enforced according to its tenDs, that section will be severed and will not affect the enforceability of the remainder of this Security Instrument. Whenever used, the singular shall include the plural and the plural the singular. The captions and headings of the sections of this Security Instrument al'e for convenience only and are not to be used to interpret or define the terms of this Security Instrument. Time is of the essence in this Security Instrument. 14. NOTICE. Unless otherwise required by law, any notice shall be given by deliveling it or by mailing it by first class mail to the appropliate pal1y's address on page 1 of this Security Instrument, or to any other address designated in wliting. Notice to one m0l1gagor will be deemed to be notice to all mOligagors. 15. WAIVERS. Except to the extent prohibited by law, MOligagor waives any right regarding the mal'shalling of liens and assets and all homestead exemption lights relating to the Propel1y. 16. LINE OF CREDIT. The Secured Debt includes a revolving line of credit. Although the Secured Debt may be reduced to a zero balance, this Security Instrument will remain in effect until released. 17. APPLICABLE LAW. This Security Instrument is governed by the laws as agreed to in the Secured Debt, except to the extent required by the laws of the jurisdiction where the Property is located, and applicable federal laws and regulations. 18. RIDERS. The covenants and agreements of each of the riders checked below are incorporated into and supplement and amend the terms of this Seculity Instrument. [Check all applicable boxes] D Assignment of Leases and Rents ~ Other A~di.t~o~~.~. .~~r~s. . ~~~~~ . .to. . s.e~u~i.t~. . I.n~~~~e.~~ . . . . . 19. D ADDITIONAL TERMS. SIGNATURES: By signing below, Mortgagor agrees to the terms and covenants contained in this Security Instrument and in any attachments. MOligagor also acknowledges receipt of a copy of this Security Instrument on the date stated on page 1. ......... ~c... .~............ ~':Z'1 ,O}. .1flf}Le/Ylf/ .~.... ¿~OZ... (Signature) (Date) (Signature) (Date) STEPHEN C PRATT KAREN J PRATT VALERIE KITTRELL· NOTARY PUBLIC County 0'. State of UnooIn 19~riWstelT . Inc., 51. Cloud. MN Form OCP-REMTG-WY 5/11/2005 ~ . (0506) MyeomìñJhlon Expires April 19, 2008 ACKNOWLEDGMENT:. ß .~ (Individual) STATEOF.~.s ......... ... ,CO~r·~lOF .~........r........ }ss. I This intme~ ackn~~~~efore me Jhis .t7. I.... . Ii) . day 1-. .~a. r0. . . . .. . . )Po.. .... ~Y!;,;;,;;~i~~~¡;k~ V, ~f~::; 7t.. r'r¡L. .........~........... (Seal) Of J " ....d~....~.. ................ (Notary Public) \Jfq.U~I-b lL-\lTlŒGL (page 4 of 4) . 72: PRATT CE680360HH 0"101 O~Z8660 Additional Terms Rider to Security Instrument THIS RIDER is made this 29th day of March , 2007 , and is incorporated into and shall be deemed to amend and supplement the Security Instrument of the same date given by the undersigned (the "Borrower") to secure Borrower's Home Equity Line of Credit Agreement and Promissory Note (the "Agreement") to CHASE BANK USA, N. A . (the "Lender") dated March 29th, 2007 and coveling the Propeliy described in the Security Instrument and located at: 1197 VISTA DRIVE THAYNE, Wyoming 83127 [Property Address] ADDITIONAL COVENANTS. In the case of any conflict with the Security Instrument, this Rider controls. In addition to the covenants and agreements made in the Security Instrument, Borrower and Lender fmiher covenant and agree as checked below: [!] A. PRIOR MORTGAGES AND DEEDS OF TRUST. This Security Instnul1ent is subordinate to the following described first mortgage or deed of trust ("Prior Mortgage"): Prior Mortgage Original Principal Amount: Prior Mortgage Original Lender: CHASE Note Date: Recording Datc: Recorded in Book: Page: Property Records of: Lincoln Borrower warrants and represents that the granting of this Security Instrument is not a default of an event of default under the Prior Mortgage and that any required consents thereunder have been obtained and delivered to Lender. If Borrower fails to make any payment when so due under such loan, or otherwise defaults thereunder, Lender shall have the right, but not the obligation, to malœ such payment directly to the holder of the loan secured by the Prior Mortgage, to cure such default or to pay in full, the entire indebtedness secured by the Prior Mortgage. All costs and expenses inculTed by Lender to cure such default or to pay the entire indebtedness secured by the Prior Mortgage: (i) shall bear interest from the date advanced until paid at the interest rate in effect under the Agreement from tim e to tim e; (H) shall be immediately due and payable by Borrower to Lender without notice or demand for payment; and (Hi) shall be and become a pali of the indebtedness secured by this Security Instnul1ent up to the amount of the Credit Limit. The curing by Lender of any default under the Prior MOligage, or the payment by Lender of the entire indebtedness secured thereby, shall not constitute a curing or waiver of the default under this Security Instrument caused by Borrower's default under the Prior Mortgage, and Lender shall remain entitled to exercise all of the rights and remedies available to it by virtue of such default. A06D341 Page 1 of3 , cf %/1 ¡J Borrowers Initials: -:Þl. -.---::¥ _ :272: PRATT CE680360HH O~Z8660· 000-102 Any act or omission by Bon-ower which would constitute a default or an event of default under the Prior Mortgage, shall constitute a default hereunder, without the necessity of giving any notice to Bon-ower or affording Borrower any time in which to cure such act or omission. Borrower shall notify Lender within five (5) days after receipt by Borrower of any notice from the holder of, or trustee named in the Prior Mortgage, noting or claiming the occurrence of any default, non-payment or non-performance by Borrower or notice of acceleration under the Prior Mortgage. Bormwer and Lender hereby request the holder of the Prior Mortgage or of any other mortgage, deed of trust or othel' encumbrance ,,,ith a lien which has priority over this Security Instrument, to give notice to Lendel', at Lender's address set forth on page one of this Security Instrument, of any default under the Prior Mortgage or any other superior encumbrance and of any sale or other foreclosure action. D B. FUNDS FOR TAXES AND INSURANCE. Subject to applicable law, Borrower shall pay to Lender on the day monthly payments aTe due under the Agreement, until the Agreement is paid in full, a sum ("Funds") for: (i) yearly taxes and assessments which may attain priority over this Security Inst11lment as a lien on the Propeliy; (ii) yeaTly leasehold payment or ground rents on the Property, if any; (iii) yearly hazard or property insurance premiums; (iv) yearly flood insurance premiums, if any; and (v) yearly mortgage insurance premiums, if any. These items are called "Escrow Items." Lender may, at any time, collect and hold Funds, including reserves in excess of the amounts actually needed, using such methods of calculation as may be authorized or not prohibited, and in an amount not to exceed the maximum amount a lender for a federally related mortgage loan may require for the Borrower's escrow account under the federal Real Estate Settlement Procedures Act of 1974, as amended from time to time, 12 U.S.C. Section 2601 et seq. ("RESPA"), unless another law that applies to the Funds sets a lesser amount. If so, Lender may, at any time, collect and hold Funds in an amount not to exceed the lesser amount. Lender may estimate the amount of Funds due on the basis of CW1"ent data and reasonable estimates of expenditures of further 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, inst11lmentality, or entity (including Lender, if Lender is such an institution) or in any Federal Home Loan Bank. Subject to applicable law, Lender may require Borrower to pay a one-time charge for a real estate tax repOliing service or flood certification service used by Lender in connection with this loan, unless applicable law provides otherwise. Lender shall not be requiTed to pay Borrower any interest or earnings on the Funds, unless expressly required by law to do so. Lender shall give to Borrower, without charge, an annual accounting of the Funds, showing credits and debits to the Funds and the purpose for which each debit to the Funds was made. The Funds are pledged as additional security for all sums secured by this Security Inst11lment. If the Funds held by Lender exceed the amounts penllitted to be held by applicable law, Lender shall notify Borrower that BOlTower may elect to receive either a direct refund of such excess amounts, or a credit on BOlTower's future monthly installment of Funds. If Borrower fails to make such election within thirty (30) days after notice has been mailed by Lender to BOlTower, the Lender, in its sole discretion, may elect one of the foregoing options, and notify Borrower of such election. If the amount of the Funds held by Lender at any time is not sufficient to pay the Escrow Items when due, Lender may so notify Bonower in writing, and, in such case Borrower shall pay to Lender the amount necessary to make up the deficiency. Borrower shall make up the deficiency in no more than twelve monthly payments, at Lender's sole discretion. Upon payment in full of all sums secured by this Security Inst11lment, Lender shall promptly refund to Bonower any Funds held by Lender. If pursuant to the Remedies on Default as defined within this Security Inst11lment, Lender shall acquire or sell the Propeliy, Lender, prior to the acquisition or sß.le of the Property, shall apply any Funds held by Lender at the time of acquisition or sale as a credit against the sums secured by this Security Instrument. Page 2 of 3 Borrowers Initials: ¥i--4;P~ A06D342 :272: PRATT CE680360HH O~28660 000/10,3 o C. MORTGAGE INSURANCE. If Lender required mortgage insurance as a condition of making the loan secured by this Security Instrument, Borrower shall pay the premiums required to maintain the mortgage insurance in effect. If, for any reason, the mortgage insurance coverage required by Lender lapses or ceases to be in effect, Borrower shall pay the premiums required to obtain coverage substantially equivalent to the mortgage insurance previously in effect, at a cost substantially equivalent to the cost to Borrower of the mortgage insurance previously in effect, from an altemate mortgage insurer approved by Lender. If substantially equivalent mortgage insurance coverage is not available, BOITower shall pay to Lender each month a sum equal to one-twelfth of the yearly mortgage insurance premium paid by Borrower when the insurance coverage lapsed or ceased to be in effect. Lender will accept, use and retain these payments as a loss reserve in lieu of mortgage insurance payments. Loss reserve payments may no longer be required, at the option of Lender, if mortgage insurance coverage (in the amount and for the period that Lender requires) provided by an approved by Lender again becomes available and is obtained. BOITower shall pay the premiums required to maintain insurance in effect, or to provide a loss reserve, unless and until the requirement for mortgage insurance ends in accordance with any written agreement between Borrower and Lender or applicable law. Rider. BY SIGNING BELOW, BOlTower accepts and agrees to the tenus and covenants contained in this ST~PRAS; \ì ~ (Seal) -Borrower ~ tktr N J PP.A¡¡; (Seal) -Borrower (Seal) - BOITower (Seal) -Borrower A06D343 Page 3 of3 :272: PP.ATT CE680360HH ~ A? -4-. \ . ti;F UOO'104 O~Z8660 APN: 35183220100200 Order ID: 3332530 Loan No.: CE680360HH EXHIBIT A LEGAL DESCRIPTION The land referred to in this policy is situated in the State of WY, County of LINCOLN, City of THAYNE and described as follows: Lot Seven (7) in Star Valley Ranch Plat Thirteen (13) as platted and recorded in the Official Records of Lincoln County, Wyoming. APN 35183220100200 WITH THE APPURTENANCES THERETO. APN:35183220100200