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HomeMy WebLinkAbout928669 6010715132 c¡y OOOç141 After Recording Retum To: COUNTRYWIDE HOME LOANS, INC. MS SV-79 DOCUMENT PROCESSING P.O.Box 10423 Van NUys, CA 91410-0423 Prepared By: DENISE WATERS RECEIVED 4/23/2007 at 4:08 PM RECEIVING # 928669 BOOK: 655 PAGE: 441 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, wY [Spuce Above This Line For Recording Duln] 6010715132 00016433071903007 {Doc ID I] (Escrow/Closing I] MORTGAGE ~1000157-0007970332-4 / rr- -Lr O· L I l DEFINITIONS Words used in multiple secûons of lhis document are defined below and Olher words are defined in Seclions 3, 11, 13, 18, 20 and 21. Certain rules regarding the usage of words used in this document are also provided in SecLion 16. (A) "Security Instrument" means this document, which is dated MARCH 23, 2007 with nIl Riders to this document (B) "Borrower" is MICHAEL F BURTON, AND JANICE Y BURTON, HUSBAND AND WIFE , togeLher Borrower is the mortgagor under this Security Instrument. (C) "MERS" is Mortgage Electronic Registration Systems, Inc. :MERS is a separate corporation that is acling solely I1S a nominee for Lender and Lender's successors Dnd assigns. MERS is tbe mortgngcc under tbis Securily Instrument. MERS is organized and existing under the laws of Delaware, and has an address and 1elephone number of P,Q. Box 2026, Flint, MI 48501-2026, LeI. (888) 679-:MERS, (D) "Lender" is COUNTRYWIDE HOME LOANS, INC. Lender is a CORPORATION organized Dnd existing under Lhe lows of NEW YORK Lender's address is 4500 Park Granada MSNt SVB-314, Calabasas, CA 91302-1613 (E) "Note" means the promissory nole signed by Borrower and dated MARCH 23, 2007 . The Note slaLes that Borrower owes Lender ONE HUNDRED EIGHTY SEVEN THOUSAND SIX HUNDRED and 00/100 Dollars (U.S. $ 187,600.00 ) plus interest Borrower hus promised to pay this debt in regular Periodic Payments and to pay the debt in [1111 not laLer Lhan APRIL 01, 2037 (F) "Property" means the properLy thnt is described below under the heading "Transfer of Rights in the Property." WYOMING·Slngle Family-Fannie MaelFreddle Mac UNIFORM INSTRUMENT WITH MERS Pago 1 Df 11 ~ .6A(WY) (0005) CHL (OB/05)(d) VMP MorIgage SoluUons, Inc. (800)521-7291 CONVNA Form 3051 1/01 · 2 3 991 · · 164 3 3 071 900 0 002 000'142 tl~28669 DOC ID #: 00016433071903007 (G) uLonn" means the debt evidenced by the Note, plus interest, any prepayment charges and late charges due under the NOle, and all sums due under this Security Instrument, plus inlaresl. (II) "Riders" means all Riders to this Security Inslrument that are executed by BOITower. The following Riders arc to be executed by Borrower [check box as applicable]: D Adjustable Rate Rider D Balloon Rider DVARider D Condominium Rider D Second Home Rider D Planned Unit Development Rider D 1-4 FamiJy Rider D Biweekly Payment Rider DOther(s) [specify] (I) "Applicable Law" means all controlling applicable federal, stn1e and local statutes, regulations, ordinances and administrative rules and orders (that have the effect of law) as well as an applicable final, non-appealable judicial opinions. (J) "Community Association Dues, Fecs, nnd Asscssments" means all dues, fees, assessments and other charges that are imposed on Borrower or the Property by a condominium association, homeowners associn1ion or .t;imilar organization. (K) "Electronic Funds Transfcr" means any lrnnsfer of f1lnds, other than a transaction originated by check, drnf1, or similar paper inslroment, which is initinted through an electronic terminal, telephonic inslrument, computer, or magnelic tape so a.~ lO order, instruct, or authorize n financial institution to debit or credit an accounL Such term includes, but is not limited to, point-of-snle transfers, automated teller machine transactions, transfers initiated by telephone, wire transfers, and nutomnled clearinghouse transfers. (L) "Escrow Items" menns those items that are described in Section 3, (M) "Miscellaneous Proceeds" means any compensation, settlement, award of damages, or proceeds paid by any third party (other than insumnce proceeds paid under the coverages described in Secûon 5) for: (i) damage to, or destruction of, the Property; (ii) condemnation or other laking of aU or any part of the Property; (Hi) conveyance in lieu of condemnation; or (iv) misrepresentations of, or omissions as 10, the value andlor 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 Seltlement Procedures Act (12 U.S.C. Section 2601 et seq.) and its implementing regulation, Regulnlion X (24 C.F.R. Part 3500), as they might be amended from time to ûme, or any additional or successor legislation or regulation that governs the same subject matler. As used in this Security Instrument, "RESPA" refers to all requirementt; and restrictions that are imposed in regard to a "federally related mortgage loan" even if the Loan does noL qualify as a "federally related mortgage loan" under RESP A. (Q) "Successor in Interest of Borrower" means any party that has token title to the Property, whether or not lhat party has assumed Borrower's obligations under the Note and/or this Security Instrument. 'IRANSFER OF RIGHTS IN THE PROPERTY This Security Instrument secures to Lender: (i) the repayment of the Loan, and all renewals, extensions and modificaûons of the Nole; and (ii) the performance of BOITower's covenants and agreements under this Security Instrument and lhe Note. For this purpose, BOITower does hereby mortgage, grant and convey to MERS (solely as nominee for Lender and Lender's successors and assigns) and to the successors nnd assigns ofMERS, with power of sale, the following described property localed in the COUNTY of LINCOLN [Type of R~cording Jurisdiction] [Nnmc of Recording JurisdicliDnl SEE EXHIBIT "A" ATTACHED HERETO AND MADE A PART HEREOF, PW'cel ill Number: 12341032400327 which currently has the address of 142 COUGAR LN., BEDFORD [Stn:cIlCity] Wyoming 83112 ("Property Address"): [Zip Code] ~ -6A(WY) (0005) CHL (08/05) Page ¡[ of 11 Form 3051 1/01 M'\J cf 10143 O~28669 DOC ID #: 00016433071903007 TOGETHER WITH all the improvemenL'! now or hereafter erected on the property, and aU easements, appurtenances, and fix lures now or hereafter a part of lite property. AIl replacements and addiûons shall also be covered by this Security InsLnlment. AIl of the foregoing is referred to in this Security Instrument as the "Property." Borrower understands and agrees that IvIERS holds only legal title to the interests granted by Borrower in this Security Instrument. 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, reJeasing and canceling this Security Instrument. BORROWER COVENANTS that Borrower is lawfully seised of the estale hereby conveyed and has the right 10 mortgage, grant and convey the Property and that the Property is unencumbered, except for cncumbronces of record. Borrower warrants and wi]] defend generally the tiLle to the Property against all claims and demands, subject to any encumbrances of record. TInS SECURITY INSTRUMENT combines uniform covenants Cor national use and non-unifonn covenants with limited vnriaûons by jurisdiction to consûlute a uniform security instrument covering real property, UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 1. Payment of Principal, Interest, Escrow Items, Prepayment Chargcs, and Lutc Chargcs. Borrower shall pay when due the principal of, and interest on, the debt evidenced by the Note and any prepnyment charges and late charges due under the Note. Borrower shaJl also pay funds for Escrow Items pursuant to Section 3. PaymenL<; due under the Note and Utis Security Instrument shall be made in U.S, currency. However, if any check or other instrument received by Lender as payment under the Note or this Security InSlrument is returned to Lender unpaid, Lender may require thnt any or all subsequent payments due under the Note and this Security Instrument be mnde in one or more of the following fonns, as selected by Lender: (a) ca<;h; (b) money order; (c) certified check, bank check, treasurer's check or cashier's check. provided any such check is drnwn upon an institution whose deposits are insured by a federal agency. instrumentality, or entity; or (d) Electronic Funds Transfer. PaymenlS are deemed received by Lender when received at the location designated in the Note or at such other locaûon as may be designated by Lender in accordance with the notice provisions in Section 15. Lender may return any payment or partial payment if the payment or partial payments are insufficient to bring the Loan current. Lender may accept nny payment or partial payment insufficient to bring the Loan current, wiU10ut waiver of any rights hereunder or prejudice to its rights to refuse such payment or parlial payments in lhe [ulure. but Lender is noL obligated to apply such paymenL'! at the time such payments are accepted. If each Periodic Payment is applied as of iLq scheduled due date, then Lender need not pay interest on unapplied funds. Lender may hold such unapplied funds unûl Borrower makes payment lO bring the Loan current. rr Borrower does not do so witl1in a reasonable period of ûme, Lender shall either apply such funds or return them to Borrower. Unot applied earlier, such funds will be applied to the outstanding principal balance under the Note immediately prior to foreclosure. No offset or claim which Borrower might have now or in the future Dgainst Lender shall relieve Borrower f!'Om making payments due under the Note and this Security Instrument or performing the covenants Dnd agreements secured by 1his Security InslrUment. 2. Application of Payments or Proceeds. Except as otherwise described in this Section 2, all paymenL'! Dccepted and applied by Lender shall be applied in the following order of priority: (a) interest due under the N01e; (b) principal due under the Note; (c) amounL'! due under Section 3. Such payments shall be applied to each Periodic Payment in the order in which it became due. Any remaining amount'! shall be applied firsL to late charges, second to any other amounts due under this Security Instrument, and then to reduce the principal balance of the Note. If Lender receives a payment from Borrower for a delinquent Periodic Payment which includes a sufficient amount lo pay any late charge due, the payment may be applied 10 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 U1e extent that, each payment can be paid in full. To the ex lent 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 lale charges due. Voluntary prepayments shall be applied first to any prepayment charge.<; and then as described in the Nole. Any applicaûonof payments, insumnce proceeds, or Miscellaneous Proceeds to principal due under the Note shall not extend or postpone the due date, or change the amount, of the Periodic Payments. 3. Funds for Escrow Items. Borrower shaJI pay 10 Lender on the day Periodic Payments are due under the Nole, unûl the Note is paid in full, a sum (the "Fund<¡") to provide for payment of amounts due for: (a) taxes and assessments and other items which can attain priority over !his Security Instrument as a lien or encumbrance on the Properly; (b) leasehold payments or ground rents on the Property, if any; (c) premiums for any and aU insurance required by Lender under Section 5; and (d) Mortgage Insurance premiums, if any, or any sums payable by Borrower to Lender in lieu of the paymenl of Mortg3ge Insurance premiums in accordance with the provisions of Section 10. These Hems are caned "Escrow Items." At origination or at any time during the term of the Loan, Lender may require that Community Association Dues, Fees, and Assessmenls, if any, be escrowed by Borrower, and such dues, fees and assessmenL'! shall be an Escrow Item. Borrower shall promptJy fumish to Lender all notices of amounts to be paid under this Section. Borrower shalJ pay Lender the Funds for Escrow Items unless Lender waives Borrower's obligation to pay the Funds for any or all Escrow Items. Lender may wnivc Borrower's obligation to pay to Lender Fundt¡ for any or all Escrow ~ -6A(WY) (ODDS) CHL (08105) Page 3 of 1 , Form 305 J\~ ct OOO~·{ll O~Z8669 DOC ID #: 00016433071903007 Ilems at any time. Any such waiver may only be in writing. In 1he event of such waiver, Borrower shall pay directly, when ond where payoble, the amounts due for any Escrow Items for which payment of Funds has been waived by Lender and, if Lender requires, shall furnish to Lender receipL~ evidencing such payment within such time period n.c¡ Lender may require. Borrower's obligation to make such paymentc¡ and to provide reccipls shall for aJI purposes be deemed to be a covenant and agreement contained in this Security InSlrUmenl, n.c¡ the phrase "covenant and agreement" is used in Section 9. If Borrower is obligated to pay Escrow !lems directly, pursuant to a waiver, and Borrower fails to pay the amount due for an Escrow Item, Lender may exercise itc¡ righu¡ under Section 9 and pay such amount and Borrower shall then be obligated under Section 9 to repay to Lender any such amount. Lender may revoke 1he waiver as to any or all Escrow Items at any time by a notice given in accordance with Section 15 and, upon such revocation, Borrower shall pay to Lender nil Funds, and in such amounts, that are then required under this Section 3. Lender may, at any time, collect and hold Funds in an amount (a) sufficient to permit Lender to apply the Funds at the lime specified under RBSPA, and (b) not to exceed the maximum amount a lender can require under RBSPA. Lender sha)) estimate the amount of Funds due on the basis of CUfrent data and reasonable estimates of expenditures of future Escrow Ilems or otherwise in accordance with Applicable Law. The Funds shall be held in an institution whose deposilS are insured by a federal agency, inslrumentaJity, or entity (including Lender, if Lender is an institution whose deposiLC¡ are so insured) or in any Federal Home Loan Bank. Lender shaH apply the Funds to pay the Escrow Items no later than the time specified under RESPA. Lender shall not charge BOlTower for holding and app1ying the Funds, annually analyzing the escrow account, or verifying the Escrow Items, unless Lender pays Borrower interest on the Funds and Applicable Law permiLC¡ Lender to make such a charge. Unless an agreement is made in writing or Applicable Law requires interest to be paid on the Fund~, Lender shall not be required to pay BOlTower any interest or earnings on the Funds. Borrower and Lender can agree in wriûng, however, that interest shall be paid on the Funds, Lender shaH give to Borrower, without charge, an annual accounlÌng of the Funds as required by RESP A. If there is II. surplus of Funds held in escrow. as defined under RESP A, Lender shall account to Borrower for the excess funds in accordance with RBSPA. If there is a shortage of Funds held in escrow. as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to make up the shortage in accordance with RESPA, but in no more than 12 monthly paymenlS. If Ulerc is a deficiency of Funds held in escrow, as defined under RESPA, Lender shaH noûfy Borrower as required by RBSPA. and BOlTower shall pay to Lender the amount necessary to make up the deficiency in accordance with RESPA, but in no more than 12 monthly paymenls. Upon payment in full of 011 sums secured by this Security Instrument, Lender shall promptly refund to Borrower any Funds held by Lender. 4. Charges; Liens. Borrower shilll pay 011 taxes, assessments, charges. fines, and impositions atlÓbutable to the Property which can altain priority over this Security Instrument, leasehold payments or ground rents on the Property, if any, and Community Association Dues, Fees, and Assessmentq, if any. To Ule ex1ent thnt these ilems are Escrow Items, Borrower shall pay them in the manner provided in Section 3. Borrower shnll promptly discharge any lien wltich has priority over this Security Inslrument unless Borrower: (a) ngrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender, but only so long as Borrower is perfonning such agreement; (b) contests the lien in good faith by, or defends against enforcement of the lien in, legal proceedings which in Lender's opinion operale to prevent the enforcement of the lien whHe those proceedings are pending, but only until such proceedings are concluded: or (c) secures from the holder of the lien an agreement satisfnctory to Lender subordinnting the lien to this Security Instrument. If Lender detennines that any part of the Property is subject to a lien which can attain priority over this Security Instrument, Lender may give Borrower a notice identifying the lien. Within 10 days of the date on which that notice is given, Borrower sholl satisfy the lien or talee one or more of the actions set forth above in this SeclÎon 4. Lender may require Borrower to pay a one-ûme charge for {l real estate \roC. verification andlor reporting service used by Lender in connection with this Loan. 5. Property Insurance. Borrower shall keep the improvementc¡ now exisLing 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 floods, for which Lender requires insurance. This insurance shall be maintained in the amounts (including deductible levels)" and for the periods that Lender requires. What Lender requires pursuant to the preceding sentences can change during the tenn of the Loan, The insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's right to disapprove BOlTower's choice, which right shall not be exercised unreasonably. Lender may require Borrower to pay, in connection with this Loan, either: (n) a one-time charge for flood zone detennination, certification and tracking service.c¡; or (b) a one-time charge for flood zone determination and certificaûon services and subsequent charges each time remappings or similar changes occur which reasonably might affect such determination or certification. Borrower shall also be responsible for the payment of any fees imposed by the Federal Emergency Management Agency in connection with the review of any flood zone detemünaûon resulting from an objection by BOlTower. If Borrower fails to maintain any of the coverages described above, Lender may obtain insurance coverage, at Lender's option and BOlTower's expense. Lender is under no obligaûon to purchase any particular type or amount of coverage. Therefore, such coverage shall cover Lender, but might or might not protect Borrower, Borrower's equity in the Property, or 1he contents of the Property, against any risk, hazard ~ -6A(WY) (ODDS) CHL (OS/OS) PagD 4 of 11 Form 3051 1/01 ~~ (uOO'±,15 O~Z866S DOC 1D #: 00016433071903007 or liability and might provide greater or lesser coverage than wa.~ previously in effect. Borrower acknowledges that the cost of the insurance coverage so obtained might significanLly exceed 1he cost of insurance that Borrower could have obtained. Any nmountq disbursed by Lender under this Section 5 shoJI become additional debt of Borrower secured by this Security Instrument These nmoun1s shall bear interest at the Note rate from the dote of disbursement and shall be payable, with such inlerest, upon notice from Lender to Borrower requesting payment. AU insurance policies required by Lender nnd renewals of such policier. shalJ be subject to Lender's right to disapprove such policies, shall include a standard mortgage clause, and shall name Lender as mortgagee andlor os an additional loss payce. 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 form of insurance coverage, not otherwise required by Lender, for damage to, or destrucûon of, the Property, such policy shall include a standard mortgage clause and shall nnme Lender as mortgagee andlor os an additional loss payee. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender mDY make proof of loss if not made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, any insurance proceeds, whether or noL the underlying insurance wa.<¡ required by Lender. shall be applied to restoration or repIDr of the Property, if the restoration or repair is economicaJIy feasible and Lender's securiLy is not lessened. During such repair and restomûon period, Lender shall have the right to hold such insuronce proceeds unûl Lender has had an opportunity to inspect such Property to ensure Ihe work has been completed to Lender's satisfaction, provided Lhat such inspection shall be undertaken promptly. Lender may disburse proceeds for the repairs and restomtion in a single payment or in a series of progress paymenLq as the work is completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such insurance proceeds. Lender shall not be required 10 pay Borrower any inlerest or earnings on such proceeds. Fees for public adjusters, or other third parties. ret!lined by Borrower shall not be paid out of the insurance proceeds and shall be the sole obligation of Borrower. If'· the restoration or repair is not economicalJy feasible or Lender's security would be lessened, the insurance proceeds shall be applied to the sums secured by this Security Inslrument, whether or notlhen due. with the excess. if any, paid to Borrower. Such insurance proceeds shaH 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 maUers. If Borrower does not respond within 30 days to a notice from Lender that the insurance carrier has offered to settle a claim, then Lender may negotiate and seule the claim, The 3D-day period wi1l begin when the notice is given. In either event, or if Lender acquires the Property under Section 22 or otherwise, Borrower hereby assigns to Lender (0) Borrower's righls to any insurance proceeds in an amount not to exceed the amounts unpaid under the Note or this Security Inslrument, and (b) any other of Borrower's rights (other than the right to any refund of unearned 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 reslore the Property or to pay amounts unpaid under the Note or this Security Instrument, whether or not then due. 6. Occupancy. Borrower shall occupy, establish, and use the Property a.q Borrower's principal residence within 60 days after the execution of this Security Instrument and shall continue to occupy the Property as Borrower's principal residence for at least one year after the dale of occupancy, unless Lender otherwise agrees in writing, which consent shall not be unreasonably withheld, or unless extenuating circumstances exist which are beyond Borrower's control. 7. Presentation, Maintenance und Protedion of the Property; Inspections, Borrower shall not destroy, dnmage or impair the Propert)', 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 dcteriomling or decreasing in value due to its condition, Unless it is determined pursuant to Section 5 that repair or restoralÍon is not economically feasible. Borrower shall promptly repDir the Property if dDffiDged to avoid f1Jrther 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 only if Lender hn.~ released proceeds for such purposes. Lender may disburse proceeds for the repairs and restoration in 11 single payment or in a series of progress payments as the work is completed. If the insurance or condemnalÍon proceeds are not sufficient to repair or restore the Property, Borrower is not relieved of Borrower's obligation for 1he completion of such repair or restoration. Lender or its agent may make reasonable entries upon nnd inspections of the Property. If it has reasonable cause, Lender may inspect the interior of the improvements on the Property. Lender shall give Borrower notice at the time of or prior to such an interior inspection specifying such reasonable cause. 8. Borrower's Lonn AppIicntion. Borrower shaH be in default if, during Lhe Loan application process, Borrower or any persons or entities acting at the direction of Borrower or Wi1h Borrower's knowledge or consent gave materially false. misleading, or inaccurate infonnntion or statements to Lender (or failed 10 provide Lender with material information) in connection willl the Loan. Material representations include, but are not limited to, representations concerning Borrower's occupancy of the Property as Borrower's principal residence. ~ -6A(WY) (0005) CH1. (08/05) Page 5 cl l' Fonn "f\À,~ C¡ff ", OOO'~·~G O~Z866S DOC ID jl: 00016433071903007 9. Protection oC Lcnder's Interest in the Properly and Rights Under tWs Security Instrument. If (11) Borrower fails 10 perform the covenants and agreements conLained in this Security Instrument, (b) there is a legal proceeding that might significantly affect Lender's interest in the Property andlor rights under this Security Instrument (such as a proceeding in bankruptcy, probate, for condemnation or forfeiture, for enforcement of a lien which may attain priority over this Security Instrument or to enforce laws or regulations), or (c) Borrower has abandoned the Property, then Lender may do and pay for whatever is reasonable or appropriate 10 protect Lender's interest in the Property and rights under this Security InstnJment, including protecting Md/or assessing the value of the Property, and securing and/or repairing the Property. Lenders actions can include, but are not limited to: (a) paying any sums secured by a lien which has priority over this Security Instrument: (b) nppearing in court; and (c) paying reasonable attorneys' fees to protect its interest in the Property and/or rights under this Security Instrument, including its secured position in a bankruptcy proceeding. Securing the Property includes, but is not limited to, entering the Property to make repairs, change locks, replace or board up doors and windows, dmin water from pipes, eliminate building or other code violations or dangerous conditions, nnd have utilities turned on or off. Although Lender may take action under this Section 9, Lender does not have to do so Dnd is not under any duty or obligation to do so, It is agreed that Lender incurs no liability for notlalcing any or all actions authorized under this Section 9. Any ll11Iounls disbursed by Lender under this Section 9 shall become additional debt of Borrower secured by this Security Instrument. These amounts shall bear interest at1he Note rate from the date of disbursement and shall be payable, with such interest, upon notice from Lender to Borrower requesting payment. If this Security Instrument is on a leasehold, Borrower shan comply with all the provisions of the lease. If Borrower acquires fee title to the Property, the leasehold and the fee title shall not merge unless Lender agrees to the merger in writing. 10. Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan, Borrower shall pay the premiums required to maintain the Mortgage Insurance in effect. If, for Dny reason, the Mortgage Insurance covemge required by Lender ceases to be avai]able from the mortgage insurer that previously provided such insurance and Borrower was required to make separately designated payments toward the premiums for Mortgage Insumnce, Borrower shaH pay the premiums required to obtain coverage substantial]y 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 alternate mortgage insurer selected by Lender. If substllntially equivalent Mortgage Insurance coverage is not available, Borrower shall continue to pay to Lender the ll11Iount of the separately designated paymenLIJ that were due when the insurance coverage ceased to be in effecL. Lender will accept, use and retain these payments as 'a non-refundable loss reserve in lieu of Mortgage Insurance. Such loss reserve shaJl be non-refundable, notwithstanding the fact thllt the Loan is uJLimately paid in f\lll, and Lender shall not be required to pay Borrower any interest or earnings on such loss reserve. Lender can no longer require loss reserve payments if Mortgage" Insurance coverage (in the amount and for the period Lhat Lender requires) provided by an insurer selected by Lender again becomes available, is obtained, and Lender requires separately designllted payments toward the premiums for Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan and Borrower wa.1J required to mllke sepnrately designated paymenL'; toward the premiums for Mortgage Insurance, Borrower shaH pay the premiums required to maintain Mortgage Insumnce in effect, or to provide a non-refundable loss reserve, until Lender's requirement for Mortgage Insurance ends in accordance with any wrilten agreement between Borrower and Lender providing for such termination or until termination is required by Applicable Law. Nothing in this Section 10 affects Borrower's obligation to pay in1erest at the rate provided in the Note. Mortgage Insurance reimburses Lender (or any entity that purchases the Note) for certain losses it may jncur if Borrower does not repay the Loan as agreed. Borrower is not a party to the Mortgage Insurance. Mortgage insurers evaluate their total risk on all such insurance in force from time to time. and may enter into agreemenLo; with other parties that share or modify their risk. or reduce Josses, These agreements are on terms and conditions thllt are satisfactory to the mortgage insurer and the other party (or parties) to these agreements, These agreements may require the mortgage insurer 10 make paymenL"J using any source of f\lnds that the mortgage insurer may have available (which may include f\lnds obtained from Mortgage Insurance premiums), Ao; a result of these agreements, Lender, any purchaser of the Note, another insurer, any reinsurer. any other entity, or any affiliate of any of the foregoing, mllY receive (direcLly or indirectly) amounts that derive from (or might be characterized as) a portion of Borrower's payments for Mortgage Insurance, in exchange for sharing or modifying the mortgage insurer's risk, or reducing losses. If such agreement provides that an affiliate of Lender takes a share of the insurer's risk in exchange for a share of the premiums paid to the insurer, the arrangement is often termed "cllptive reinsurance," Further: (a) Any such agreements will not affect tbe amounts thnt Borrowcr has agreed to pay for Mortgage Insurance, or any other terms of the Loan. Sucb agreements will not increase OlC amount Borrower will owe for Mortgagc Insurancc, nnd UlCY will Dot entitle Borrower to any rcflJnd. ~ -6A(WY) (0005) CHL (OB/05) Page 6 0111 F.'m~tqy ;....1{)Df~,4þ7 O~Z8669 DOC ID #: 00016433071903007 (b) Any such agreemenl.s will not affect the rights Borrower has - if any - with respect to tbe Mortgage Insurance under tbe Homcowncrs Protcc(ion Ad of 1998 or any other Jaw. These rights may include the right to receive certain disclosures, to request and obtain cancellation of the Mortgage Insurance, to havc UtC Mortgage Insurance terminated automatically, and/or to receive a refund of any Mortgage Insurance premiums tbat were unearned at tbe time of such cancellation or termination. 11. Assignment of Miscellaneous Proceeds; Forfeiture. All MisceJJaneous Proceeds are hereby assigned to and shall be paid to Lender, If the Property is damaged, such Miscellaneous Proceeds shall be applied to res10ration or repair of the Property, if the restoration or repair is economically feasible and Lender's security is not lessened, During such repair nnd restoration period, Lender shall have the right 10 hold such Misce]laneous 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 sha]] be undertaken prompLly. Lender may pay for the repairs and restoraûon 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 shalJ not be required to pay Borrower any interest or earnings on such Miscellaneous Proceeds. If the restoraúon or repair is not economicaJly feasible or Lender's security would be lessened, the Miscellaneous Proceeds shaJl be applied to the sums secured by 1his Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. Such Miscellaneous Proceeds shall be applied in the order provided for in Secúon 2. In the event of a to1a1 laking, destruc1ion, or loss in value of the Property, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. In the event of 11 parûaltaking, destruction, or loss in value of the Property in which the fair market value of the Property immediately before the partial taking, destruction, or Joss in value is equal to or greater than ú1e amount of the sums secured by this Security Inslroment immediately before the parlialtaking, deslrocûon, or loss in value, unless Borrower and Lender otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by the amount of the Miscellaneous Proceeds mulûplied by the following fraction: ea) the totnl amount of the sums secured immediately before the partial taking, destruction, or Joss in value divided by (b) the fair market value of the Property immediately before the partialtnking, destruction, or loss in value. Any balance shall be paid to Borrower. In the event of a partial taking, destruction, or loss in value of the Property in which the fair market value of the Property immediateJy before the partial taking, destruction, or loss in vn.1ue is less than 1he amount of the sums secured immediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the Miscellaneous Proceeds shall be applied to Ibe sums secured by Ibis Security Instrument whether or not the sums are then due. If the Property is abandoned by BOlTower, or if, after notice by Lender 10 Borrower that the Opposing Party (as defmed in the next sentence) offers to make an award to settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date the notice is given, Lender is authorized to conect and apply the Miscellaneous Proceeds either to restomtion or repair of the Property or to the sums secured by this Se~uriLY Instrument, whether or not then due. "Opposing Party" means the 1hird party that owes Borrower M~~cellaneous Proceeds or the party against whom Borrower has a right of action in regard to Miscellaneous Proceed.o;. Borrower shall be in default if any nction or proceeding, whe1her civil or criminal, is begun that:, in Lender's judgment, could result in forfeiture of the Property or other material impainnent of Lender's interest in 1he Property or rights under this Security Instroment. Borrower can cure such a defauJt and, if acceleration has occurred, reinstnte as provided in Section 19, by causing Ibe action or proceeding to be dismissed with a ruling that, in Lender's judgment, precludes forfeilure of the Property or other ma1erial impairment of Lender's interest in the Property or riglus under this Security Instrument. The proceeds of any award or claim for damages that are nUribulable to the impairment of Lender's in1erest in the Property are hereby assigned and shall be paid Lo Lender. All Miscellaneous Proceeds that are not applied to restoration or repair of the Property shall be applied in the order provided for in Section 2. 12. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or modification of amortization of the sums secured by this Security Instrument granted by Lender to Borrower or any Successor in Interest of BOlTower shall not operate to relCD.'ie the 1iability of Borrower or any Successors in Interest of BOlTower. Lender shall not be required to commence proceedings against nny Successor in Interest of Borrower or to refuse to extend time for payment or otherwise modify amortization of the sums secured by this Security InSLrument by reason of any demand made by the original Borrower or any Successors in Interest of Borrower. Any forbearance by Lender in exercising any right or remedy including, without Jimitation, Lender's acceptance of payments from third persons, entities or Successors in Interest of Borrower or in nmounLo; less than the amount 1hen due, shall not be a waiver bf or preclude the exercise of any right or remedy. 13, Joint and Severn! Liability; Co-signers; Successors and Assigns Bound. BOlTower covenanLr¡ 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 ~ -6A(WY) (OOOS) CHL (08/05) Pago 7 of 11 FÑ\~/01 OOO/j;.~ t3 O~Z8669 DOC ID #: 00016433071903007 Instrument only 10 mortgage, grant and convey the co-signer's interest in the Property under the terms of this Security Instrument; (b) is not personally obligated to pay the sums secured by 1his Security Instrument; and (c) ngrees thllt Lender and any other Borrower can agree to extend, modify. forbear or make any IIccommodntions with regard to the telms of this Security Instrument or the No1e wi!hout the co-signer's consent. Subject to the provisions of Section 18, Bny 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 righls and benefits under this Security Inslrumenl. Borrower shaH not be released Crom Borrower's obligations and liability under this Security Instrument unless Lender agrees to such releàse in writing. The covenant,; and agreements of this Security Instrument shall bind (except as provided in Section 20) IInd benefit the successors and assigns of Lender. 14. Lonn Charges, Lender may charge BOlTOwer fees for services performed in connection with Borrower's default, for the purpose of protecting Lender's interest in the Property and rights under this Security InsLrumem, including, but not limited to, aUorneys' fees, property inspection and valuation fees, In regard to any other fees, the absence of express authority in this Security InSlrUment to charge a specific fee to Borrower shall not be construed as a prohibition on the charging of such fee. Lender may not charge fees that are expressly prohibited by this Security Instrument or by Applicable Law. If 1he Loan is subject to a law which sets maximum loan charges, and that law is finally interpreted so that the interest or other lonn charges collected or to be collected in connection with the Loan exceed we permilled limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce Ihe charge to the permilted limit; and (b) any sums already collecled from Borrower which exceeded permitted limile; will be refunded 10 Borrower. Lender may choose to make this refund by reducing the principal owed under the Note or by making a direct payment to Borrower, If n refund reduces principaJ, the reduction will be treated as a plltLial prepayment without any prepayment chnrge (whether or not a prepayment charge is provided for under the Note). Borrower's acceptance of any such refund made by direct payment to Borrower will constitute Ii waiver of any right of acLion Borrower might have arising out of such overcharge. 15. Notices. AIl notices given by Borrower or Lender in connection with this Security Instrument must be in writing. Any notice to Borrower in connection with this Security Instrument shall be deemed to have been given to Borrower when mailed by first class mail or when actually delivered to Borrower's notice address if sent by other means. Notice to anyone Borrower shall constitute notice 10 all Borrowers unless Applicable Law expressly requires otherwise. .The notice address shall be the Property Address unless Borrower has designated a subsûtute notice address by notice to Lender. Borrower shaH promptly notify Lender of Borrower's change of address. If Lender specifies a procedure for reporting Borrower's change of address, then Borrower shall only report a change of address through that specified procedure. There may be only one designated notice address under this Security Instrument at anyone time. Any notice to Lender shaJl be given by delivering it or by mailing it by first class mail to Lender's address stated herein unless Lender has designated another address by notice 10 Borrower. Any notice in connection with this Security Instrument shaH not be deemed to have been given 10 Lender unlil actually received by Lender, If any notice required by this Security Instrument is also required under Applicable Law, the Applicable Law requirement will satisfy the corresponding requirement under this Security Instnlment. 16. Governing Lnw; Severability; Rules of Construction. This Security Instrument shall be governed by federal law and the law of the jurisdiction in which the Property is located. All rights and obligations conlained in this Security Instrument are subject to any requiremenl'; and limitations of Applicable Law. Applicable Law might explicitly or impliciLly allow the parties to agree by contractor it might be silent, but such silence shall not be construed as II prohibition against agreement by conLrnct. In the event Ihat any provision or clause of this Security InSlTUment or the Note conflicts with Applicable Law, such conflict shalJ not affect other provisions of 1his 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 plurol and vice versa; and (c) the word "may" gives sole discretion without any obligation to take any action. 17. Borrower's Copy. Borrower shaH be given one copy of the Note and of this Security Instrument. 18. Transfer of the Property or a Beneficial Interest in Borrower. As used in this Section 18, "Interest in the Properly" means any legal or beneficial inlerest in the Property, including, but nol limited to, those beneficial interests Lmnsferred in a bond for deed, contract for deed, instnllment sales contract or escrow agreement, the intent of which is the transfer of title by Borrower at a future date to a purchaser. If all or any part of the ProperlY or any Interest in the Property is sold or transferred (or if Borrower is not a natural person and a beneficinl interest in Borrower is sold or transferred) without Lender's prior wrillen consent, Lender may require immediate paymen1 in f1dl of all sums secured by this Security Instrument. However, this option shall not be exercised by Lender if such exercise is prohibited by Applicable Law. If Lender exercises this option, Lender shaH give Borrower nOlice of acceleration. The notice shall provide a period of not less than 30 days from the date the notice is given in accordance with Section 15 within which Borrower must pay all sums secured by this Security Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies permitted by this Security Instrument without further notice or demand on Borrower. G -BA(WV) (0005) CHL (OB/05) (! Paga B Df 11 FDfJ\~ ".;'í:.$O.t~·19 O~Z8669 DOC ID #: 00016433071903007 19. Borrower's Right to Reinstate Aftcr Accclcration. If Borrower meets certain conditions, Borrower shall have the right to have enforcement of this Security Instrument discontinued at nny time prior to the earliest of: (n) five days before snle of the Property pursUoot to any power of saJe conlllÎned in this Security Instrument; (b) such other period as Applicable Law might specify for the terminnûon of Borrower's right to reinstate; or (c) entry of a judgment enforcing this Security Instrument, Those conditions are that Borrower: (n) pays Lender all sums which then would be due under this Security Instrument and the Note as if no accelerotion had occurred; (b) cures nny default of nny other covenants or agreements; (c) pays all expenses incurred in enforcing this Security Instrument, including, but not Jimited to, reasonable attorneys' fees, properly inspection and valuation fees, and other fees incurred for the purpose of pro1ecLÎng Lender's interest in the ProperLy and rights under this Security Instrument; and (d) takes such action as Lender may rea.c¡onably require to nssure that Lender's interest in the Property and rights under this Security Ins Lrument, and Borrower's obligation to pay the sums secured by this Security Instrument, shall continue unchanged. Lender may require that Borrower pay such reinstatement sums and expenses in one or more of Úle folJowing forms, as selec1ed by Lender: (0) 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 II. federnl agency. instrumentality or entity; or (d) ElecLronic Funds Transfer. Upon reinsUltement by Borrower, this Security Instrument and obligations secured hereby shall remain fully effective as if no nccelerntion had occurred. However, this right to reinstate sballl10t apply in the Case of accelerntion under Section 18. 20, Snle of Notc; Cbange of Loun Scrviccr¡ Notice or Grievance. The No1e or n partial inlercst in the Note (together with this Security Instrument) can be sold one or more limes without prior notice to Borrower. A sale might result in a change in the entity (known as Úle "Loan Servicer") that collects Periodic Payments due under the Note nnd this Security Instrument and performs other mortgage loan servicing obligations under the Note, this Security Instrument, and Applicable Law. There also mighL be one or more changes of the Loan Servicer unrelated to a sale of the Note. If there is a change of the Looo Servicer, Borrower will be given wrillen notice of the change which will state the name and address of the new LORn Servicer, the address to wbich payments should be mode and any other informotion RESPA require.,> in connection with a notice of Lrnnsfer of servicing. If the Note is sold and Úlereafter the Loan is serviced by a Loan Servieer other Úloo the purchaser of the Note, the mortgage loan servicing obligations to Borrower wi11 remain with the Loan Servicer or be transferred to a successor Lonn Servicer and are not a.,>sumed by the Note purchaser unless otherwise provided by the Note purchaser. Neither Borrower nor Lender may commence, join, or be joined to ooy judiciaJ action (as either an individual litignnl or the member of a class) Lhat arises from the other party's actions pursuant to this Security Instrument or that nIleges that the other party hll.'> breached any provision of, or any duty owed by reason of, this Security Instrument, until such B01rower 01' Lender has notified the othet party (wilh such notice given in compliance WiÛ1 the requiremenL,> of SecHon 15) of such alleged breach and afforded the oÛ1er party hereto a reasonable period after the giving of such notice to take corrective action. If Applicable Law provides a lime period which musl elupse before certain aclion can be taleen, that time period will be deemed to be reasonable for purposes of 1his paragraph. The notice of accelcration and opportunity to cure given to Borrower pursuanl to Seclion 22 nnd the nOlke of acceleralion given to Borrower pursuant to Section 18 shall be deemed to satisfy the notice and opportunity to lake corrective action provisions of this Section 20. 21. Hazardous Substßnccs. As used in this Section 21: (a) "Hazardous Substances" are those substooces defined as toxic or hazardous substances, pollutants, or wastes by EnvironmentnI Law and the following substances: gll.,>oline, kerosene, other flammable or tox.ic petroleum products, toxic pesticides nnd herbicides, volaLile solvents, materials containing asbestos or formaldehyde, and mdioactive materials; (b) "Environmental Law" means federa] laws nnd laws of the jurisdiction where the ProperlY is located that relale to health, safety Or environmental protection; (c) "Environmental Cleanup" includes any response action, remedial aclion, or remova] action, a.,> defined in Environmental Law; and (d) an "EnvjronmentnI Condition" means a condition that can cause, contribute to, or otherwise Lrigger an Environmental Cleanup. Borrower shall not cause or permit the presence. use, dispo1!a], storage, or release of any Hazardous Substances, or threaten to release any Hazardous Substances, on or in the Property, Borrower shnII not do, nor allow anyone else Lo do, anything affecting the Properly (a) that is in violation of ooy Environmental Law, (b) which creates an Environmental Condition, or (c) which, due to the presence, use, or release of a Hazardous Substance, creates a condition that adverse]y affects the value of the Property. The preceding two sentences shall not apply to the presence, use, or storage on the Property of smnIl quantities of Hazardous Substances that are genernIly recognized to be appropriate to normal residential uses and to maintenance of the Property (including, but not Jimited to, hazardourl substooces in consumer products), Borrower shaH promptly give Lender written notice of (£I) any invesLigation, claim, demand, lawsuit or other action by any governmental or regulatory agency or private party involving the Property and any Hazardous Substance or Environmental Lnw of which Borrower has actual knowledge, (b) any Environmental Condition, including but nol IimiLed 10, any spilling, leàking, discharge, release or threat of release of any Hazardous Substance, and (c) any condition caused by U1e presence, use or release of a Hazardous Substance which adversely affects the value of the Property. If Borrower leams, or is notified by any governmental or regulalory authoriLy, or any private party. thal any rcmovnI or other remediation of any Hazardous Substance affecting the Properly is necessary, Borrower shall promptly take a]] necessary remedial actions in accordance with Environmental Law. Nothing herein shall crente any obligaûon on Lender for an Environmental Cleanup. q -OA(WY) (0005) CHL (OBI05) Page 9 Df 11 F01J\~D1 err ~lÞ ~J' ~ J' ':.~ ;:".$ r:!._, O~Z8669 DOC ID *: 00016433071903007 NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree lIS follows: 22. Acceleration; Remedies. Lender shall give notice to norrower prior to acceleration Collowing Borrower's breach of any covenant or agreement in this Security Instrwnent (but not prior to acceleration under Section 18 unless Applicable Law provides otherwise). The notice shall specify: (n) the default; (b) the action reqlÚred to cure the defauU; (c) a date, not less tllan 30 days from the date tile notice is given to norrower, by which the defuult must be cured; and (d) that failure to cure the default on or before tile date specified in tlte notice may result in acceleration oC tile sums secured by this Security hlstrument and sale of tile Property. The notice shall further inCorm Borrower oC the right to reinstate aCter acceleration and the right to bring a court action to nssert the non-existence of a default or any other defense of Borrower to acceleration nnd sale. If the defauJt is not cured on or before Ule date specified in the notice, Lender at its option may require immediate payment in Cull of all sums secured by this Security Instrument ,vithollt further demand nnd may involœ the power of sale and any otlter remedies permitted by Applicable Law. Lender shall be entitled to collect all expenses incurred in purslÚng tllC remedies provided in tllis Section 22, including, but not limited to, reasonable attorneys' fees and costs of title evidence. If Lender invokes the power of sale, Lender shnD give notice of intent to Coreclose to Borrower and to the person in possession of !he Property, if different, in lIccordnnce with Applicable Law. Lender shall give notice oC tllC sale to Borrower in Ule manner provided in Section 1S.Lender shaH publish the notice of sale, and the Property shall bc sold in the manner prescribed by Applicable Law. Lender or its designce may purchasc the Property at any sale. The procceds of tllC sale shall be applied in tile following order: (a) to all expcnscs of the saIe, including, but not limited to, reasonable attorneys' Cees; (b) to all swns secllrcd by tlûs Security Instrument; and (c) any excess to the person or persons legally entitled to it. 23. Release. Upon payment of all sums secured by this Security Instrument, Lender shall release this Security Instrument. Borrower shall pay any recordation costs. Lender may charge Borrower a fee for releasing this Security InslrUment, but only if the fee is paid to Ii third party for services rendered and the charging of the recis penniLled under Applicable Law. 24. Waivers. Borrower releases and waives all right~ under and by virtue of the homestead exemption laws of Wyoming. BY SIGNING BELOW, Borrower accepts and agrees to tbe tenns and covenanll¡ conlained in this Security InsLrument and in any Rider executed by Borrower and recorded with it. ~ t.~~-.:. ~-%,a¡ MICHAEL F. BURTON -BolTowcr ~~ \ ICE Y. B TON ~ ð ,;tõ ~ (Seal) -BolTOwcr (Seal) -DDlTowcr (Seal) -Borrower ~ -6A(WY) (0005) CHL (08/05) Page 10 0/11 Form 3051 1/01 tUlu\!;J/~5~t O<J..·,) :i~ r,' C Cà u;........; 't) u oJ STATE OF WYOMINGt DOC ID t: 00016433071903007 ~ County 55: by tJ~ ? My Commission Expires: ¿,. ~- :lt1d7 JILL H. LARSON - NOTARY PUBLIC STro"E OF WYOMING N~ dd~ COUNTY OF UNCOLN MY COMMISSION EXPIRES JUNE 20, 2007 ,. q -6A(WV} (OOOS) CHL (08105) Page 110111 Form 3051 1/01 000,152 Prepared by: DENISE WATERS O€ Z¿~669 COUNTRYWIDE HOME LOANS, INC. DATE: 03/23/2007 CASE #: DOC I D #: 0 0 0 16433 07 1903007 BORROWER: MICHAEL F. BURTON PROPERTY ADDRESS: 142 COUGAR LN. BEDFORD, WY 83112 Branch ~: 0000844 2375 N GLENVILLE DR RGV-BB44-4 RICHARDSON, TX 75082 Phone: (B88) 973-8383 Br Fax No.: (972) 781-36B3 LEGAL DESCRIPTION EXHIBIT A FHNVNCONV LegDI Descrlpllon exhibit A 2C404·XX (04/03)(d) . 2 3 9 9 1 * 000453 O~28669 EXHIBIT "A" LEGAL DESCRIPTION Lot 3 of Coyote Hills Subdivision, Lincoln County, Wyoming as described on the official plat filed on August 16, 2001 as instl'ument No. 875323 ofthe records ofthe Lincoln County Clerk.