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HomeMy WebLinkAbout928716 6010715134 This Document Prepared By: FINANCIAL FREEDOM SENIOR FUNDING CORPORATION, A SUBSIDIARY OF INDYMAC BANK, F.S.B. 1660 EAST ROSEVILLE PARKWAY, STE 100 ROSEVILLE, CALIFORNIA 95661 0006~v cj<--( When Recorded Mail To: FINANCIAL FREEDOM SENIOR FUNDING CORPORATION, A SUBSIDIARY OF INDYMAC BANK, F.S.B. 500 NORTH RIDGE ROAD STE. 500 ATLANTA, GEORGIA 30350 RECEIVED 4/24/2007 at 1 :35 PM RECEIVING # 928716 BOOK: 655 PAGE: 620 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY [Space Above Tills Line for Recording Data] LOAN NO: 3000085078 WYOIVIING l\10RTGAGE TIllS MORTGAGE SECURES AN OPEN-ENDED (REVOLVING) LINE OF CREDIT WHICH PROVIDES FOR PAYMENTS, FUTURE ADVANCES AND A VARIABLE RATE OF INTEREST AS SET FORTH IN A CASH ACCOUNT ADJUSTABLE RATE REVERSE MORTGAGE LOAN ACCOUNT DISCLOSURE STATEMENT AND AGREEMENT DATED THE SAME DATE AS THIS MORTGAGE ("AGREEMENT"). THE PROVISIONS OF THE AGREEMENT ARE INCORPORATED HEREIN BY TIllS REFERENCE. -¡ ,..) ./ THIS MORTGAGE ("Security Instrument") is made on APRIL 17, 2007 . The Borrower is DENNIS R. FRETAG AND SANDRA L. FRETAG, HUSBAND AND WIFE , ("Borrower") (unless the contex1 indicates othenvise, the tenns "Borrower", "I", "we", "us", "me", "my", "mine" and "our" refer collectively to éùl Borrowers under tIùs Security Instrument). The Lender is FINANCIAL FREEDOM SENIOR FUNDING CORPORATION, A SUBSIDIARY OF INDYMAC BANK, F.S.B. A DELAWARE CORPORATION , whose office address is 1660 EAST ROSEVILLE PAllli.'WAY, STE 100, ROSEVILLE, CALIFORNIA 95661 ("Lender") (mùess the conteÀ1 indicates otherwise, tIle tenns "Lender", "you" and "your" refer to FINANCIAL FREEDOM SENIOR FUNDING CORPORATION, A SUBSIDIARY OF INDYMAC BANK, F.S.B. ). "Loan" and "Account" refer to the loan evidenced by the Agreement. Borrower owes Lender a maximum principal sum of TWO HUNDRED SEVENTY NINE THOUSAND SIX HUNDRED FIFTY AND 00/100 _ _ _ _ _ _ _ _ _ _ _ _ _ _ __ -------------------------------------------------------------------------------- (U.S. $ 279,650.00), plus all interest and other amounts due as set forth below. Tlùs debt is evidenced by the Agreement, wlùch provides for a single payment due and payable in the ordinary course, upon the earliest to occur of any of the Maturity Events as set forth more fully in Section 6 of the Page 1 of 12 38SH: 10/06 vt¡- 1111111111111111 III * F F H 000 6 * ~ 0928716 000621 3000085078 Agreement, wlùch are as follows: (a) the sale, corweyance, transfer or assignment of any part of the Property, as defined below, or any of Borrower's rights in the Property, whether voluntarily or involwltarily, by operation oflaw or otherwise, to a person other than any of the original Borrowers, without Lender's prior written consent, (b) the Borrower's death or, if there is more than one Borrower, the death of the last living Borrower; and (c) all Borrowers ceasing to use the Property as their principal residence. Tlùs Security Instmment secures to you (a) repayment of the debt evidenced by the Agreement, including principal (wlùch includes the l1ùtial Advance (as referred to in the Agreement) and all future Advances made after the date of this Security Instrument), all interest thereon, a charge upon repayment of the Loan, if applicable, all other amounts and charges set forth in the Agreement or 1lùs Security Instrument and all renewals, replacements, extensions and modifications of the Agreement and tIùs Security Instrument; (b) the payment of all other amounts, with interest, advanced under the Agreement or Section 6 of tIùs Security Instmment to protect the security of tIùs Security Instmment; and (c) the perfom1ance of my obligations and agreements under this Security Instrument and the Agreement. For tIùs purpose, I hereby mortgage, grant and convey to Lender, and Lender's successors and assigns, with power of sale, the following described property located in LINCOLN County, Wyonùng: [See Exhibit "A" attached hereto.] wlùch has the address of 390 LINCOLN STREET AFT ON, WYOMING 83110 ("Property Address"); TOGETHER WITH all tI1e improvements now or in the future erected on such property, and all easements, rights, appurtenances, rents, royalties, mineral, oil and gas rights and profits, water rights and stock and all fixtures wlùch are now or in the futme become a part of said property. All replacements and additions shall also be covered by tIùs Security Instmment. All of tI1e property described above and in Exhibit "A" is referred to in tIùs Security Instullnent as the "Property". I COVENANT that I am lawfully seised of the estate hereby conveyed and I have the right to mortgage, grant and convey tIle Property and that tIle Property in unencumbered, except for encumbrances of record. I warrant and will defend generally the title to the Property against all claims ~md demands, subject to any encumbrances of record. I HEREBY WARRANT tlmt all of the statements and representations I have made in the Agreement with respect to the Property are true and correct. THIS SECURITY INSTRUMENT combines unifonn covenants for national use and non-Ulùfom1 covenants with linùted variations by jurisdiction to constitute a Ulùforrn security instmment covering real property. UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 1. Pa)'mcnt of Pl"incillal, Interest and Fees. I will promptly pay, or cause to be paid, to Lender when due the principal of the debt evidenced by the Agreement (the "Principal Amount"), all interest thereon, and all fees, charges and other amounts due under the Agreement or l1ùs Security Instrument. 2. Charges; Licns. I will pay prior to delinquency all taxes, assessments, charges, fines and impositions attributable to the Property, and I will pay these obligations directly to the person or entity owed payment. I will, upon your request, promptly funùsh to you all notices of an10unts to be paid under this Section and all receipts evidencing tIlOse payments. Page 2 of 12 39SH : 10/06 ~. 11111111111111111111111 FF"...6~ 092871.6 000622 3000085078 I will promptly discharge any lien on the Property which may attain priority over this Security Instrument (other than as listed in the title insurance policy ("TitIe Policy") issued to you and insuring tlús Security Instrument) Ulùess I (a) agree in writing to pay the obligation secured by the lien in a manner acceptable to you; (b) contest in good faith the lien by, or defend against enforcement of the lien in, legal proceedings which in your opiIúon operate to prevent enforcement of the lien or forfeiture of any part of the Property; or (c) secure from tlle holder of the lien an agreement satisfactory to you subordinating the lien to tIús Security Instnunent. If you detemúne tImt any part of the Property is subject to a lien, you may immediately cease making any further Advances, and give me a notice identifying the lien. I will satisfy the lien or take one or more of tIle actions set forth above witIún ten (10) days of your giving me this notice. 3. Hazard Insu rancc. I will keep the improvements now existing or erected in the future on the Property insured against loss by fire, hazards included witlún the temlS "extended coverage" and "all risk", and any other hazards, including floods or flooding, for which you require insurance, through an insurance company and on temlS satisfactory to you, and wlúch provides you with at least ten (10) days prior written notice before any change or cancellation can be made. I understand that all insurance policies and renewals must be acceptable to you and include a standard mortgagee clause in your favor. You have the right to hold the policies and renewals. If you require, I will promptly give you all receipts for paid prenúums and renewal notices. In tile event of loss, I will give prompt notice to the insurance carrier and to you. You may subrrút proof of loss if I do not do so promptly. I hereby authorize you to contact tlle insurance carrier to verify the coverage and to ensure that you are named as loss payee under a standard mortgagee clause. In the event that you are not so nanled, I authorize you to instmct the insurance carrier to so name you. If I do nol provide you with evidence of insurance satisfactory to you upon your request you nmy, but are not obligated to, in accordance with Section 6, obtain such Ì1lSunmce on your own belmlf or on my behalf, at your option, nanúng you as tIle insured or otllerwise, at your sole option. I acknowledge that insurance you obtain in tlus way may provide less protection to me and nmy be more expensive than insurance I could obtain. Ulùess you and I agree differentIy in writing, insurance proceeds will be applied to restore or repair the damaged Property, if (a) the restoration or repair is econorrúcally feasible witllÌn a reasonable period of time; (b) I am willing and able to repair or restore the Property as necessary witIún a reasonable period of time; and (c) the value of your security would not be lessened. If the foregoing requirements are not all met you may, at your option, use tile insurance proceeds to repair or restore tile Property or to pay sums secured by this Security Instnnnent, whether or not tIley are then due, with any excess paid to me. If I abandon the Property or do not answer witlun 30 days a notice from you 11mt the insurance carrier has offered to settle a claim, you may collect the insurance proceeds and use them to repair or restore the Property or to pay sunlS secured by tlús Security Instmment, whether or not tlley are then due. The tlúrty-day period will begin when the notice is given. If under this Security Instnlluent you acquire the Property, my right to any insurance policies and proceeds resulting from cL'unage to the Property before you acquire it will pass to you to the extent of the amounts secured by tlús Security Instnllnent inmlediately prior to the acqlùsition. 4. PrcscnTation and M:lÌntenance of Propcliy. I will at my expense keep the Property in at least the same condition as it exists on the later of tile date of the Security Instmment or the date upon which all repairs, if any, funded by you from the Initial Advance made under tile Agreement are completed. I will not remove or demolish any building on the Property, and I will repair and restore promptly and in good and workmanlike llmnner any building which may be damaged or deslroyed tllereon and will pay, when due, all clainlS for labor perfomled and materials fUnUshed tllerefore. I will comply wilh all laws affecting the Property or requiring any alterations or improvements to be made Page 3 of 12 40SH : 10/06 1111111111111111 II · F F . 000 6 ~ O~~8716 000623 3000085078 thereon. I will not destroy, damage or impair the Property, allow the Property to deteriorate, or commit waste on the Property, nor will I conunit, suffer or permit any act upon the Property in violation of law or any required insurance policy relating to the Property. I will cultivate, irrigate, fertilize, fumigate, prune and do all other acts, which from the character or use of the Property may be reasonably necessary to maintain its condition <IS required by the Agreement and this Security Instrument. I understand that I will be in default under tlùs Security Instrument if any forfeiture action or proceeding, whether civil or crinùmù, is begtUl that in your good faith judgment could result in forfeiture of the Property or otherwise materially impair the lien created by this Security Instrument or your security interest. You may inUllediately cease making any furtller Advances upon tlle conmlencement of any such forfeiture action or proceeding, and give me a notice identifying tlle proceeding. I may cure tIùs default and reinstate, as provided in Section 14, by causing tlle action or proceeding to be dismissed Witll a ruling that, in your good faith detemùmtion, precludes forfeiture of my interest in the Property or other material impainnent of the lien created by tlus Security Instrument or your security interest. I understand that I will also be in default if I give materially false or inaccurate infonnation or statements to you (or failed to provide you with any material infonnation) in cOlmection with the Agreement, including, but not limited to, representations concerning my OCCUPéU1CY of the Property as a principal residence. 5. Hazardous Suhstanccs. I will not cause or pemùt the presence, use, disposal, storage, or release of any Hazardous Substances on, in, or from tlle Property. The preceding sentence does not apply to presence, use, or storage on the Property of small quantities of Hazardous Substances that are genenùly recognized to be appropriate to nornw residential uses, as distinct from commercial uses, and to maintenance of tlle Property. I will not do, nor allow anyone else to do, nor am I aware of, anything affecting tile Property that is in violation of any Environmental Law. I will promptly give you written notice of any investigation, claim, demand, lawsuit or other action by any govenullental or regulatory agency or private party involving the Property and any Hazardous Substance or Enviromllcntal Law of wlùch I have actual knowledge. If I leam, or anl notified by any govenunental or regulatory authority, that mlY removal or other remediation of any Hazardous Substance affecting the Property is necessary, I will promptly take all necessmy remedial actions in accordmlce with Envirolmlental Law. As used in tlus Section and in the Agreement, "Hazardous Substances" memlS hazardous wastes, hazardous substances, toxic substances, hazardous air pollutants, pesticides, conumùnmlts or otller pollutants as those ten1lS are used in any Enviromnental Law, and the following substances: gasoline, diesel fuel, kerosene, other flammable or toxic petroleum products, toxic pesticides and heIbicides, volatile solvents, materials containing asbestos or fonnaldehyde, lead paint, and radioactive materials. As used in this Section and in the Agreement, "EnvirOlunental Law" means federal laws and regulations and laws and regulations of each of the other jurisdictions in wlueh tlle Property is located that relate to health, safety or enviromnental protection, inel uding laws regulating tlle handling, use, storage, disposal or transportation of Hazardous Substances. 6. Protcctio } of Lcndclo's Rights in Prollcrt)7. 6.1 If I fail to perfonn any of my material obligations contained in the Agreement or any of my obligations set forth in tlus Security hlStnllnent, or if legal proceedings are commenced that may significantly affect your rights in tlle Property (such as proceedings in bankmptcy, probate, for condemnation or to enforce laws or regulations), then you may, but are not obligated to, do or pay for whatever is necessmy to protect the value of the Property and your rights in tlle Property. Tlus may include, for exanlple, paying tlle cost of maintaining the Property during my absence; paying all taxes, assessments, charges, filles and impositiollS attributable to tlle Property; discharging liellS, appearing in court éU1d paying reasonable attorneys' fees; paying insurance Page .¡ of 12 41SH: 10/06 1111111111111111 II F F " . U . 6~ O~2871.6 000624 3000085078 prenùums or paying the cost of repair or to prevent deterioration or waste to the Property; all as provided in the Agreement or in tIús Security Instrument. Any payments you make will not create an obligation on your part to make any further payment. 6.2 If you do make such payments, you may at your option add any amounts paid to the balance of my ACCOlUlt owed under the Agreement and reduce my Advance Limit by an equal amount. Any amounts so paid and added to the balance of my Account will be secured by tills Security Instrument and have priority as if made on the date of tlús Security Instrument. These amounts will bear interest from the date of disbursement at the interest rate provided under the Agreement and will be payable at the same time as other debt is payable under the Agreement or tlús Security Instrument. 7. Insllcction. I will pemùt you or your representative to visit and walk through the Property on reasonable prior notice (at least 24 hours). 8. Condcmnation of thc Pro}lcrt)/. I hereby assign to you the proceeds of any award or claim for damages, direct or consequential, in connection with any condenm3tion or other taking of any part of the Property, or for conveyance in lieu of condemnation, and the same arc to be paid to you. In the event of a total taking of the Property or a conveyance in lieu of condemnation, the proceeds will be applied to tllC sums secured by tlùs Security Instrument, whether or not then due, with any excess paid to me. If tlle Property is partially taken and the fair market value of the Property (as detennined pursuant to Section 8a below) immediately before tlle taking is equal to or greater than the sums secured by tlùs Security Instrument immediately before tlle taking, mùess you and I otherwise agree in writing, the sums tIùs Security Instrument secures will be reduced by applying tllereto a portion of the proceeds equal to tIle anlOunt of the proceeds multiplied by tlle following fraction: (a) the total amount of the sums secured immediately before the taking, divided by (b) the fair market value of the Property immediately before the taking as so detemùned. Any balance will be paid to me. If tlle Property is partially taken and the fair market value of the Property (as detemùned pursuant to Section 8a below) immediately before the taking is less than the amounts secured inunediately before the taking, uilless you and I agree otherwise in writing or uilless applicable law otherwise provides, the proceeds will be applied to tlle sums secured by tlùs Security Instrument, whether or not they arc tllen due. If I abandon tile Property or if, after you notify me tllat the condemnor has offered to make an award or settle a clailU for damages, I fail to respond to you wiUún tlúrty (30) days after the date the notice is given, you are 3UtllOrizcd to collect and apply the proceeds, at your option, either to restore or repair the Property or to the al110unts secured by this Security Instnunent, whetIler or not tlley are then due. a. In the event of a partÌ<ù taking, the Property's fair market value shall be detemùned by one or two real estate appraisers certified eiUler as a Selùor Residential Appraiser of tIle Society of Real Estate Appraisers or a Residential Member of tlle American Institute of Real Estate Appraisers in accordance witll the following procedure. Lender shall select an appraiser who will detennine the fair market value of the Property as of the Maturity Event in accordance with tIle general practice of tlle Society of Real Estate Appraisers or the Amcrican Institute of Real Estate Appraisers, as the case may be, and provide a written appraisal reflecting tlús detemùnation to Lender (the "Lender Appraisal"). Lender shall subnút to me a copy of the Lender Appraisal along Witll notice of my right to dispute the appraiser's detennination of the fair market value of the Property which will include a list of no less than tIrree (3) additional appraisers approved by Lender ('Notice of Right to Object"), The detemùnation of fair market value of the Property reflected in the Lender Appraisal shall be conclusive unless I provide to Lender a Notice of Objection & Selection of Appraiser, as defined below, witlún fourtecn (14) calendar days of the date Lender sends me the Lender Appraisal and Notice of Right to Object. Page 5 of 12 42SH : 10/06 t%~ 1111111111111111 II 6 ft ~ ft F F ! o o o Ü~28716 000625 3000085078 If I wish to contest the fair market value detem1Ínation reflected in the Lender Appraisal, I will provide Lender both (i) a written statement of my objection to the Lender Appraisal, and (ii) my written selection of one of the appraisers approved by Lender and listed in the Notice of Right to Object (collectively referred to herein as the "Notice of Objection & Selection of Appraiser"). If my Notice of Objection & Selection of Appraiser does not clearly state my selection of an appraiser listed in the Notice of Right to Object, you may elect to select an appraiser from such list. If the appraiser I select or you select is unable to complete the appraisal of the Property, a replacement appraiser shall be selected by you from the list of approved appraisers in the Notice of Right to Object. The appraiser selected shall independently detennine the fair market value of the Property as of the Maturity Event in accordance Witll the general practice of the Society of Real Estate Appraisers or the American Institute of Real Estate Appraisers, as the case may be. The appr¡úser shall promptly submit the written appraisal of the fair marlœt value of tile Property to Lender. Lender shall average the two appraisals and tlús average shall be the fair market va1ue of the Property as of the Maturi ty Event. Lender shall provide me a copy of tI1C second appraisal and notice of its calculation of the average of the two appraisals. The appraisal procedure of detem1Íl1Íng tIle fair market value of tIle Property set forth above is referred to in tIús Addendum as the "Standard Appraisal Method" and shall be used whenever an appraisal is necessary to detennine the amount I owe you under the Agreement. I agree that tile detemlination of the Property's fair market value pursuant to the Standard Appraisal Procedure will be fair and shall be final and binding on me. I sllall pay all costs associated with any appraisal of the Property pursuant to the Standard Appmisal MetIlod and shall reimbursc you for any amounts you spend in cOilllection with such an appraisal, except to the extent prolúbited by law. Amounts you spend shall become additional indebtedness under the Agreement and shall be secured by the Security Instmment, sh¡ùl be deemed an Advance and shall be due and payable by me upon your demand. 9. BOITower Not Released; Forbearancc by Lcnder Not a Waivcr. I understand that any extension of the time for payment of the anlounts secured by this Security Instmment which you grant to me or to any of my successors in interest will not operate to release my liability or that of my SllCceSSOrs in interest. You will not be required to start proceedings against any successor in interest or refuse to extend time for payment of tile amounts secured by tins Security Instmment by reason of any demand made by me or any of my successors in interest Any forbeamnce by you in exercising any of your rights or remedies will not constitute a waiver, or preclude the exercise, of any of your other rights or remedies. 10. Successors and Assigns Bound; Joint and Scveral Liability. The w~anties and agreemcnts of this Secmity Instrument and the Agreement shall bind and benefit you and your successors and assigns, and me and my executors, adnlinistrators, heirs, successors and assigns. BorrO\,ver's warranties and agreements are and will be joint and several. Anyone who co-signs tins Security Instnunent as a Borrower but does not execute the Agreement (i) is co-signing this Security Instmment omy to mortgage, grant, warrant and convey that Borrower's interest in the Property under tile teffilS of tins Security Instmment; (ii) is not personally obligated to pay the amounts secured by this Security Instmment; and (ill) agrees that Lender and any other Borrower may agree, subject to applicable law, to extend, modify, forbear or make any accommodations with regard to tile temlS of tI1Ìs Security Instrument or the Agreement without that Borrower's consent. Page 6 of 12 43SH : 10/06 ¡ 1111111111111111 II F F . 0 006 ~ * O~Z8716 000626 3000085078 11. Loan Ch:¡rges. If the loan secured by tIus Security Instnllnent is subject to a law wluch sets maximum loan charges, and that law is finally interpreted so that the interest or other loan charges collected or to be collected in connection with the loan exceed the permitted linuts, then: (a) any such loan charge shall be reduced by the an10unt necessary to reduce Ole charge to tIle pemutted linut; and (b) any sums already collected from me which exceeded pemutted Ii nuts will be refunded to me by reducing the principal owed under the Note. 12. Notices. Any notice to me described in the Agreement or in tIús Security Instrument will be given by private delivery service or by nuuling it by first class mail, postage prepaid, mùess applicable law or tile terms of tIus Security Instmment or the Agreemcnt require using another method. The notice will be directed to the Property Address or mw oOler address all Borrowers designate to you in writing. I understand that any notice to you must be given by private delivelY sen'¡ce or by first class mail, postage prepaid, to your address stated in this Security Instnllnent or any otIler address you designate to me in writing, mùess applicable law or the terms of tIus Security Instmmcnt or the Agreement require using another method. Any notice given by private delivery service in tIus way will be considered to have been given when delivered, and any notice given by mail in tIus way will be considercd to have been given five (5) business days after being deposited in the mail. 13. Governing Law; Severability. Tlús Security Instnllnent will be govemed by tile laws of the state in which the Property is located (without regard to its mles pertaining to conflict of laws) and by applicable federal law, including the Federal Arbitration Act as it applies to Section 20 of tIús Security Instmment, and its provisions are severable, as provided in SecLio n 17.8 of the Agreement. 14. Borrowel"s Rig1lt to Reinstate. If, upon the occurrence of an Event of Defmùt as described in Section 13 of the Agreement and, after demanding mandatory prepayment of tile Lom1, you seek enforcement of this Security Instmment by conunencing foreclosure, whetIler pursuant to any power of sale contained in this Security Instnlment or by filing an action in a court of law, if I meet certain conditions, I will have the right to have enforcement of this Security Instnllnent discontinued at any time before the earlier of (i) five (5) business days (or such otIler period as applicable Jaw may specify for reinstatement) before sale of the Property pursuant to any power of sale contained in Hus Security Instmment; or (ii) entry of a judgment elûorcing tIus Security Instmment. Those conditions are that I (a) pay you all amounts which then would be due under tIus Security Instmment and the Agreement had you not required mandatory prepayment; (b) cure any breach or default in the perfonnance of mlY other warranty or agreement; (c) pay all expenses incurred in enforcing tIus Security Instnllnenl, including, but not limited to, reasonable attomeys' fees; and (d) take any action you may reasonably require to ensure tIlat the lien of tIús Security Instmment, your rights in tIle Property and my obligation to pay the amounts secured by tIús Security Instmment continue unchanged. Upon my reinstatement, tlus Security Instmment and tIle obligations it secures will rem:ún fully effective as if you had not required mandatOl'Y prepayment. Page 7 oJ 11 44SH : 10/06 , 1111111111111111 II F F " U U U 6 ~ O~28716 000627 3000085078 15. Non-Recourse Liability. Lender may enforce the obligations under the Note, this Security Instrument and the Loan Agreement solely against the Property. I shall have no personal liability for payment of the amounts due under the Note, tlns Security Instrument and the Loan A!:,'Teement. This paragraph shall not impair in any way the lien of this Security Instrument or the right of Lender to collect all sums due under the Note, the Loan Agreement and this Security Instrument or prejudice tile right of Lender as to any covenants or conditions of the Note, the Loan Agreement and tIús Security Instrument. 16. Obligatory Loan Advances. Lender's responsibility to make Loan Advances under tlle tenus of the Loan Agreement, including Loan Advances of principal to me as well as Loan Advances for interest, servicing fees, and other charges, shall be obligatoI)'. 17. Remedies Cumulative. All of your remedies under this Security Instnullent are cumulative to any other right or remedy under this Security Instnuuent or the Agreement, or wInch is afforded by law or equity, and may be exercised concurrently, independently or successively. 18. Request for Notices. I request that a copy of any notice of default and a copy of any notice of sale thereunder be mailed to me at my address, wlúch is the Property Address. 19. LO¡1O Advances. TIns Security Instrument secures future advances. All advances and indebtedness arising and accruing from time to time under the Agreement or under tins Security Instrument shall be secured by this Security Instrument. Advances shall be made and indebtedness shall be incurred from time to time on and after the date of tins Security Instrument under the Agreement, but each such advance or indebtedness shall be secured by tins Security Instnullent ¡Uld have priority as if made on the date of this Security Instrument. 20. AI"IJitratjon. Any controversy or claim arising out of or relating to this Security Instrument, the Agreement or any other documcnt relating to the Account, the breach of any of them or the default under any of them, otIler tlKlll an action or proceeding to foreclose on the Property pursuant to this Security Instrument, will be settled by binding arbitration under the jurisdiction of the American Arbitration Association in accordance with its Conilllercial Arbitration Rules. The arbitration will be conducted in tlle county in wInch the Property is located, mùess you and I agree in writing on a different 10catioIt Judgment upon any award rendered by tile arbitrator may be entered in any appropriate court. Such arbitration may not, however, without your consent, delay or adversely affect your ability to exercise any of the remedies available to you under tllis Security Instn1l11ent or tlle Agreement. Your pursuit of such remedies will not constitute a waiver by you of your rights to subnnt any controversy or claim to arbitration. No arbitration conducted hereunder shall be consolidated or combined with any other arbitration absent Lender's ex ress written consent. Notwithstanding anyUung that may be contained in this Section to tile contraI)', tlns Section does not limit your right to foreclose against the Property (whether judicially or non-judicially by exercising your right of sale or otherwise), 10 exercise self-help remedies such as set-off, or to obtain injunctive relief for the appointment of a receiver from any appropriate court, whether before, during or after arbitration. 21. COllntel")Jal1 Execution. TIns Security Instrument may be executed by one or more of the parties hereto on any number of separate counterpaJ1s and all of said counterparts taken together shall be deemed to constitute one and the same document. One set of copies of tIns Security Instrument signed by all the parties shall be submitted for recordation. Page 8 of12 45SH : 10/06 {þJ. 1111111111111111 II F F . . . . 6 ~ O~28?16 000628 3000085078 NON-UNIFORM COVENANTS, Borrower and Lender further covenant and agree as follows: 22. Evcnts of' Default; Mandatory Prcpayment and Other Remedies. I understand that if an Evcnt of' Default occurs, as described in Section 13 of the Agreement (including but not limited to the sale, conveyance, transfer or assignment of all or any pal1 of the Properly, or any of my rigl¡ts in the Property, whethcr volunt:uily or involuntarily, by operation of law or othenvise, to a person othcr than any of the oliginal Borrowers, without your IJrior writtcn consent), and is continuing, you lUay immcdiately stop maldng any fUl1her Advances, and that if I do not cure that default within the pcriod spccificd in the notice of Event of Default desclibed in this Section, you lUay require mandatory prClla)'lUent of the Loan togcthcr with all other amounts owed under the Agreement and this Sccm·ity Instmmcnt. You will notif)' me, following the occurrcnce of an Event of Default, before requiring mandatory prepayment, specifying: (a) the Event of Default; (b) the action required to cure thc Evcnt of Dcfault; (c) a datc, not less than 30 days from the date the notice is given to me, by which the Event of Dcfault must be cured; and (d) that failure to cure the Event of Default on or before the datc spccified in the noticc may result in acceleration of the sums secured by this Security Instrument and sale of thc PropcI1)'. The notice shaH fUl1her inronn me of my light to reinstate after acceleration and thc right to l)ling a coul1 action to assel1 the non-existence of a default or any other defense I have to accclcration and salc. If the Evcnt of Dcfault is not cured on 01· beforc the date SIJecif'ied in the notice, )'OU at your OIJtion may require immcdiatc IJa)'mcnt in full of all sums sccured by this Securit)' Instrument without furlher dcmand and may involœ tI1C powcr of salc and any other remedies pcrmitted by Applicable Law. Lcndcl· shall be cntitlcd to collect all eX lcnscs incurred in lJUrsuing the remedies IJrovided in this Section 22, including, but not limited to, rcasonable attorneys' fces and costs of title evidence. 23. Sale Procedurcs. If )'OU innllœ the lowcr of sale, )'oU shall givc notice of intcnt to foreclose to me and to the person in posscssion of thc ProlJcl1y, if diffcrcnt, in accordance with ApIJlicable Law. You shall give notice of the sale to mc in the manncr provided in Scction 12. You shall publish the notice of sale, and the Propel1y shall he sold in the manner lu·escribed by ApIJlicable Law. You or your designee may purchase the Pro)Jcl1y at any sale. The procceds of the sale shall be apI)lied in the following order: (a) to all expenses of thc salc, including, lmt not limited to, reasonable attorneys' fees; (b) to all sums secured by this Security Instrument; and (c) any excess to the l)erson or IJerSons legally entitled to it. 24. ReI case. Upon payment of all sums secured by this Security Instrument, you shall release tlùs Security Instrument. I agree to pay any recordation costs. You may charge me a fee for releasing t1ùs Security Instrument, but only if the fee is paid to a thi I'd party for services rendered and the charging of tlle fee is pennitted under Applicable La,,". 25. Waivcl's. I hereby release and waive all rights under and by virtue of the homestead exemption laws ofWyonùng. 26. Ridc.·s to this Sccurity Jnstmmcnt. If I execute one or more riders and they are recorded together with tlùs Security Instrument, the warranties and agreements of each such rider shall be incorporated into and shall amend and supplement the warranties and agreements of tlús Security Instnllnent as if the rider(s) were part of this Security Instrument. [Check applicable box(es)]: Condonùnium Rider Platmed Unit Development Rider 1-4 Family Rider Otller: Page 9 of 12 46SH : 10/06 ~' . 1111111111111111 II FF'0006~ O~28716 000629 3000085078 BY SIGNING BELOW, I hereby accept and agree to the tenus and agreements contained in this Security InstIUment and in any rider(s) I execute and which are recorded with it. ~-~ (Borrower) . ~ ~--17-67 Date ~4c7~ (B wer) SANDRA L. FRETA 1--//?-c7 Date Page 10 of11 47SH : 10/06 1111111111111111 II F F H 000 6 * O~28716 000630 3000085078 STATE OF WYOMING COUNTY OF LINCOLN . ûnJlrd n~befOre nœ, .~Ï:3~;~ lÁ~IY appeared personally known to me (or proved to me on tlle basis of satisfactory evidence) to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me tllat he/she/they executed the same in his/ller/tllcir authorized capacity(ies), and that by his/her/their signature(s) on tile instrument the person(s), or tile entity upon behalf of which the person(s) acted, executed the instrument. My conunission expires on: DONNA BOOTH - NOTARY PUBLIC COUNTY OF STATE OF LINCOLN WYOMING MY COMMISSION EXPIRES SEPT. 20, 2007 Page 11 of 12 48SH : 10/06 {/;¡, 1111111111111111 II F F " · · · · "-7 * O~Z8716 000631 3....85.7. Exhibit "A" Legal description of Property: SEE ATTACHED EXHIBIT "A" :;:;1~~~2 111111111111111111111111111111111111111111 ~ F F H 000 6 O~~ -6 Exhibit A File 6010715134 Description 000632 The land referred to in this document is situated in the State of Wyoming, County of Lincoln, and is described as follows: A portion ofthe property referred to in the Warranty Deed recorded January 4,1994 in Book 343PR on page 485 ofthe records of the Clerk of Lincoln County within the NW1/4SEl/4 of Section 25, Township 32 North Range 119 West ofthe 6th P.M., Lincoln County, Wyoming, the metes and bounds being more particularly described as follows: Beginning at the BLM type monument marking the Paul N. Scherbel RLS 164, 1982 Southeast corner of said NWl/4SE1/4; thence North 89°51 '30" West, along the South line of said NWl/4SE1/4, 804.15 feet; thence North 551.68 feet to a point in the North line of said property; thence South 89°51 '30" East, along said North line, 409.44 feet; thence South 0°19'17" West, 510.30 feet; thence South 89°51 '30" East, 397.81 feet; thence South 0°19'17" West, 41.37 feet to the point of beginning.