Loading...
HomeMy WebLinkAbout928726 SEP-~8Ytygî 6 bCJf åO First Horizon P.40 1\ 000654· Rerum TD: rBBLC - POST CLOS%NQ MAIL ROO~ 1555 W WALNUT HILL LN 1200 xc 6712 ZRVIHQ, TX 75038 Pl'cpared By: I!':J:JlST HOUZON 110MB LOAN C:OUORATION 1315 SoUTa H~GHWAY 89, SU%TB 101 JACKSON, WY 83001 (Space Above Tbi. liD' For Recording Dacal 006'02'7'70'76 MORTGAGE RECEIVED 4/24/2007 at 3:42 PM RECEIVING # 928726 BOOK: 655 PAGE: 654 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY DEFINITIONS Words used In rouldple sections of this document are derIDed below and other words axe dctl11ed in Sections 3, II, 13. 18,20 and 21. Certain rules regarding the usage of words used in this document arc also provided in Section 16. '" (A) "Security Instrument" moans this docwnent, which is dated together with aD Riden 10 this (locumcnt. (ß) "Borrower" is DOUGLAS DEB WOLFLS1', An Unmarried Miu:J. April 20th, 2007 ) i fA ., vJ'I''' .+ / Ii 11 :>', ",i GLDDA SOB SILVA, An Unmarried woman I ì "1 Borrower is the mortgagor under this SecuritY Instrnment (C) "Lender" is PlJI,ST HORIZON HOME LOAN COUORATION Lender is a CORPOJlATION organized and existing under the laws of THE STATZ OJ' J:ANSAS WYOMtNG-Singlo Family-Fannie Mae/Freddie Mile UNIFORM INSTRUMENT cmt-S(WY) (0005).0'0' ) Or Page' 01 '5 Inilial&. 'J 0"" ' .v . VMP Mongag. SOlutions, Ino. I Form 3051 1/01 11111111111111111111111111111111111 SEP-20-2004 10:20 First Horizon P.41 000655 0928726 Lender's address is 4000 Horizon Way, Irving', Texas 75063 Lender is tho mortgagee under this Security Instrument. (D) "Note" means the promissory note signed by Borrower and dated April 20th, 2007 The Note swes that Borrower owes Lender TH1UIB II'DHÐRZI) EIGHTY THiUiIB THOUSAND om HtmDIUm Ii: 00/100 Dollars (U.S. $ 383 , 100 . 00 ) plus inttnst. BOlTower has promiSed to pay this debt in reguJar Periodic Paymen[l and to pay the debt in fun not later thar1 May 18 t , 2038 (E) "Property" means the property that is described below under the heading "Transfer of Rights in the Property. " (F) "Loan" mClUlS the debt evidenced by the Note, plus interest, any prepayment charges and late charges due under the Note, and all sums due under this Security Instrument, plus interesL <G) "Riders" means all Riders to this Security Instrument that are CJÇecuted by BOlTower. The following Riders are to be ex.ecuLed by Borrower [check box as applicable]: D Adjustable Rate Rider D Condominium Rider 0 Second Home Rider D Balloon Rider 0 Planned Unit Development Rider 0 1-4 Family Rider OVA Rider D Biweekly Payment Rider W Other(s) [specify] CONSTRUCTION LOAN RXDKR (H) "AppHcable Law" means all controlling applicable federal, state and local stal11tcs, regulations, ordinances and administrative rules and orders (that have the effect of law) as well as all applicable fmal, non-appealable judlcia1 opinions. (I) "Community AisociatJon Dues, Fees, and Assessments" means all dues. fees, assessments and other charges that are imposed on Borrower or the Property by a condominium association, homeowners association or similar organiuttion. (J) "Electronic Funds Transfer" means any tnmsfer of funds, other than a transaction originated by check. chaft, or similar paper instrument, which Is initiated through an electronic tenninal, telephonic instrument, computer. or (Tlagnetic tape so as to order, instruct, or authorize a financial institution to debit or credit an account. Such term inCludes. but is not limired to, point-of-sale transfers, automauxi teller machine transactions, transfers initiated by telephone, wire transfers, and automated clearinghouse transfers. (K) "Escrow Items" means those i~ that are described in Section 3. (L) "Miscellaneous Proceeds" means any compensation, settlement, award of damages, or proceeds paid by any third party (other than insurance proceeds paid under the coverages described in Section S) for: (i) damage to, or destruction Of, the Property: (ü) condemnation or other taking or an or any part of the Property; (m) conveyance in lieu of condemnation: or (iv) misrepresenratiops of, or omissions as to, the value and/or condilion of the Property. (M) "Mortgage Insurance" means insurance protecting Lender against the nonpayment of, or default on. the Loan. (N) "Periodic Payment" means the regularly scheduled amount due for (i) principal and interest under the Note, plu$ (ü) any amounts under Section 3 of this Security Instrument. (0) "RESPA" means the Real Estate Settlement Procedures Act (12. V.S.C. Section 2601 et seq.) and 1[1 implementing regulation. Regulation X (24 C.P.R. Part 3500), as they might be amended from time to time, or any additional or successor 1egisJation or regulation that governs the same subject matter. As used in this Security Instrument, "RESPA" refers to all requiremenl8 and restrictions that are imposed in regard to a "federally related mortgage loan" even if the Loan does not qualify as a "federally related mortgage loan" under RESP A. 0060277076 CIt-'(WY) (000$).01 PaGe 2 of 15 Initial&; D¿) Û/r:v ð - Ft;lrm 3051 1/01 SEP-20-2004 10:20 First Horizon P.42 O~28726 000656 (P) "Successor in IBttrest of Borrower" means any party that has taken ût1e to the Property, whether or not that party has assumed Borrower's obligations under the Note and/or tlris Security Instrument. 1RANSfER OF l{IGHTS IN THE PROPERTY This SccútÌty Instrument secures to Lender: (i) the repayment of the Loan. aJld all renewals, extensions and modifications of the Note; and. (Ii) the performance of Bonower's covenants and agreements under this Security Instrument and the Note. For this purpose, Borrower does hereby mongage, grant and convey to Lender and Lender's successors and assigns, with power of sale, the following described property located in the County of Li¡¡doln ¡Type of ReQordÛJ¡ Jurisdiction] ¡Name of Recording ¡\In,diction] ~O~S 2 AND 3 OP WESTBRN SUNSBr RANCHBT~ES #3. LINCOLN COUNTY, ~OMXNG AS DESCRIBED ON THE OFFICIAL ~LAT PZLBD ON HOVBKBER " 2006 AS :J:NSTROMEN'l' NO.924142 OJ' THE RECORDS OF THB I.:mCOLN CODNTY CLBRK.. Parcel )D Number: County: R~ cOmrrY :R.OAJ) 148 J'AIJl.VIEW ("Property Address"): 12-3119 -36-1-00-158.00 C;Lt;y: \Dbúò currently has the address of [SIn:CI] [City], Wyoming 83119 ¡z¡.pCodc) TOGETHER WITH aU the improvements now or hereafter erected on the property, and all easements, appurtenances, and fixlmes now or hereafter a part of the property. All replacements and. additions shaU also be covered by this Security Instrument. All of the foregoing is referred to in this Security Instrument as the HProperty." BORROWER COVENANTS that Borrower is Iawfu11y seised of the esuue hereby conveyed and has the right to mortgage, grant and convey the Property and that the Property is unencumbered, except for encumbrances of record. BOtTower warrants and will defend gencra11y the title to the Property ag8Ìnsl all claims and demands, subject to any encumbraoces of record. THIS SECURITY INS1RUMENT combines unifonn covenants for natiOnal use and non-uniform covenanu with limited variations by jurisdiction to constitute a unifonn security instrument covering real property. UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 1. Payment or Principal, Interest, Escrow Items, Prepayment Cha1'les, and Late Charges. Borrower shall pay when due the principal of, and interest on, the debt evidenced by the Note and any prepayment charges and late charges due under the Note. Borrower shall also pay funds for Bscrow Items pursuant to Section 3. PaymcnlS due under the Note and this Security Instrument shall be made in U.S. currency. However, if any check or other instrument received by Lend as payment under the Note or this ."." ¡¿,) p 0060277076 CIIt .8(WY) (0006).01 Paga 9 Df 1& Form 3061 1/01 SEP-20-2004 10:20 0928726 First Horizon 00065743 Security Insaument is returned to Lender unpaid, Lender may require that any or all subsequent payments due under the Note and this Security Instrument be made in onc or more of the foUowing fonns, as selected by Lender: (a) cash; (b) money order; (c) ccrtif.Ied cbeck, bank check, treaSW'el'S check or cashier's check, provided any such check Is drawn upon an institution whose deposits are Insured by a federal agency, insaumentaüty, or entity; or (d) Elcctronic Funds Transfer. Payments arc deemed received by Lender when received at the location designated in the Note or at such other loçation as roay be designated by Lender in accordance with the notice provisions in Section 1 S. Lender may return any payment or partial payment if the payment or partial payments arc insufficient ID bring the Loan current Lender may accept any payment or partial payment insuftlcient to bring the Loan current, without waiver or any rights hereunder or prejudice to its rights ID refuse such payment or partial payments in the future, but Lender ~ not obligat.ed to apply such payments 81 the time such payments ~ IICCcpted. If each Periodic Payment is applied as of irs scheduled due date. then Lender need not pay interest on unapplicc1 funds. Lender may hold such unapplied funds until Borrower makes payment to bring the Loan cwrcnt If Borrower docs not do so within a reasonable period of time, Lender shall either apply such funds or return them 10 Borrower. If not applied earlier, such funds wiU be applied to the outsranding principal balance under the Note immediaœly prior to foreclosure. No offset or claim which Bcm:ower might have now or in the future against Lender shall relieve Borrower from making payments due under the Note 81'Id Ih.I.s SecuriIy Ins\tumcnt or performing the covenW1ts and agreements scç~ by this Security InStrum~L 2, Application of Payments or Proceeds. Except as otherwise described in this Section 2, all paymenlS accepted and applied by Lender shall be applied in the foUowing order of priority: (a) interest due under the Note; (b) principal due under tho Note; (c) amounts due under Section 3. Such payments shall be applied to each Periodic Payment in tho order in which it became due. Any remaining amounl3 shaD be applied first ID late charges, second to any other amounrs due under this Security Instrument, and then ID reduce the principal balance of the Note. If lender receives a payment from BOlTOwer ror a delinquent Periodic Payment which includes a sufflclent amount to pay any late charge due, the payment may be applied ID 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 tho Periodic Payments if, and to the extent that. each payment can be paid in full. To the extent that any excess exists after the payment is applied 10 the full payment of One Or mOre Periodic Payments, such excess may be applied ID any late charges due. Volunlmy prepayments shall be applied first ID any prepayment char¡es and thcn as described in the Note. Any application of payments, insurancc proceeds, or Miscclhmeous Proceeds to principal due under the Note shall not extend or postpOne the due date, or change the amoun[, of dIe Periodic Payments. 3. Funda for Estrow IteD1$. Borrower shall pay to Lender on the day Periodic Payments are due under the Note, until the Note is paid in full. a sum (the "Puruls") to provide for payment of amounts due for: (a) taXes and assessments and other items which can attain priority over this Security Instrument as a lien or encumbrance on the Property: (b) leasehold payments or ground rents on the Property, if any; (c) premiwns for any and all insurance required by Lender under Scction 5; and (d) Mortgage Insurance premiums. if any, or any sums payable by BOlTOwer to Lender in lieu of the payment of Mortgage Insunmce premiums in accordance with the provis{o"s of Section 10. These items arc caI1cd "Escrow I1.Cm$." At origination ()t at an1 time during the tenn of the Loan, Lender may require that Community Association Dues, Fees. and Assessments, if any. be escrowed by Bot1'Qwer, and such dues, fees and assessments shall be an Escrow Item. Borrower shall promptly furnish 10 Lender all notices of amounts to be paid under this Section. Borrower shalJ pity Lender the Funds for Escrow Items unless Lender waives Borrower's obligation to pay the Funds Cor any or aU Escrow Items. Lender may waive Borrower's obUgation ID pay to Lender Funds for any or all Escrow Items at any time. Any such waiver may only be in writing. In the cvent of such waiver, Borrower shall pay directly, when and where payable, the amounts due for any Escrow Items for which payment of 0060277076 CIt .&(WY) (0005).01 Paga40115 Inlllala: O¿..) 9 ()-. Form 3051 1/01 SEP-20-~uu~ 10:20 First Horizon P.44 O~28726 000658 Funds has been waived by Lender and, if Lender requires. shall furnish to Lender receipts evidencing such payment within such time period as Lender may require. Borrower's Obligation 10 make such payments and to provide receipts shall for all purposes be deemed to be a covenant and agreement contained in this Security Instrument, as the phrase "covenant and agreement" is used in Scctioß 9. If Borrower is obligated to pay Escrow Items d.irectly. pursuant to a waiver, and Borrower tails to pay the amount due for an Escrow Item, Lender may exercise irs rights under Scction 9 and pay such amount and Borrower shall then be obligated under Section 9 to repay to Lender any such arnount. Lend¢ .' may revoke the 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 aU Funds. and in such amounts, that are then required under this Scction 3. Lender may, at any time, collect and hold Funds in an amount (a) sufficien110 permit. Lender to apply the fUnds at the time specified under RESPA. and (b) not to exceed the maximum amOunt a lender can require under RBSPA. Lender shall estimate the amount of Funds due on the basis of current data and reasonable esÛØlaIeS of expenditures of future Escrow Items or otherwise in accordance with Applicable Law. The Funds shall be held in an institution whose deposits are insured by a federal agency, instrumentality. or entity (including Lender, if Lender Is an institution whose deposits arc SO insured) or in any Federal Home Loan Bank. Lender Shall apply the Funds to pay the Escrow Items no later than the time specified under RESPA. Lender shall not charge Borrower for holding and applying tho FundI, annually analyzing the escrow account, or verifying the Escrow Items, unless Lender pays Borrower interest on the fundI and Applicable Law pennits Lender to make such a charge. Unless an agreement Is made in writing or Applicable Law requires interest to be paid on the Funds, Lender shall not be required to pay Borrower any interest or earnings on the Funds. Borrower and Lender can agree in writing, however, that interest shall be pajd on the Funds. Lender shall give to BOYTOwer, without charge, an 8IlDual accounting of the Funds as required by RESP A. If thoro is a surplus of Funds held in escrow. as defined under RBSP A. Lender shaD accoun1 to Borrower for the excess funds in accordance with RBSPA. If there is a shortage of Funds held in escrow, as defmed under RBSPA, Lender shall notify Borrower as required by RBSPA, 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 payments. If there is a deficiency of Funds held in escrow, as defmed under RESPA, Lender shall notify Bonowcr as roqulred by RESPA. and Borrower shall pay to Lender the amount necessary 10 make up the deficiency in accordance with RESPA, but in no more Ihan 12 monthly paymenrs. Upon payment in full of all sums secured by this Security Instrument. Lender shall promptly refund to Borrower any Funds held by Lender. 4. Charges; LieDs. Borrower shall pay all taxes. assessments, charges, rmes, and imposidons attributable to the Property which can attain priority over this Security InslJUment, leasehold payments or ground rents on tho Property, if any, and Community Association Dues, Fees, and Assessments, if any. To the extent that these items are Escrow Items, Borrower shall pay them in the manner provided in Section 3. Borrow('Jl' sball promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a) aps in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender, but only so IOQg illS Borrower is performing such agreement; (b) contests the lien in good faith by, or defends against enforcement of the lien in, logal proceedings which in Lender's opinion operate to prevent the enforcement of the lien while those proceedings are pending, but only until sucb proceedings are concluded; or (c) secures from the holder of the lien an agreement satisfactory to Lender subordinating the lien to this Security Instrument Xf Lender determines 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 0060277076 flit "tI(WY) (0005).01 / ·0," J !./ Ini.ial.~ \, Form 3051 1/01 P_VD 5 0115 tr- SEP-20-2004 10:20 First Horizon .. P.45 O~Z8726 000659 days of the date on which that notice is given, Borrower shall satisfy the lien or take one or more of \he actions set fonh above in this SecLion 4. Lender may require Borrower to pay a on~time charge for a real estate taX verificalÍon and/or reporting service used by Lender in connection with this Loan. S. Property Insurance. Borrower sJu1ll keep the improvements now existing or hereafter creç\Cd on the Property insumi against loss by f1re, hazards included within the term "ex.tended coverage,N and any other hazards including, but not limited to, earthquakes and floods, for which Lender requjres insurance. This insumlce sha1J be maintained in the amounts (including deductible levels) and for the periods that Lender requJres. What Lender requires pursuant to the preceding sentences can change during the term of the Loan. The insurance· carrier providing the insurance !lhall be chosen by Borrower subject to Lender's rigbt to disapprove Borrower's choice, which right shall not be exercised unreasonably_ Lender may require Borrower to pay, in connection with this Loan, either: (a) a one-time charge for flood zone determination. cerüflCation and tracking services; or (b) a one-time charge for flood zone determination and certification services and subsequent charges each time remappings or similar changes occur which reasonably might affect such determination or cenification. 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 det.ennination resulting from an objection by Borrower. It Borrower falls to mainrain any of the coverages described above, Lender may obtain insurance coverage, at Lender's option and Borrower's expense. Lender is under no obligation to purchase any particular type or amount of coverage. Therefore. such coverage shall cover Lender, but might or might not protect Borrower, Borrower's equIty In the Propeny, or the contents of the Property, against any risk, hazard Or liability and might vrovide greater or 1es$e1' coverage than was previously in effect. BoIt'Ower acknowledges that the cost of the insurance coverage so obtained might significantly exceed the cost of insurance that Borrower could have obtiined. Any amounts disbursed by Lender under this Section 5 shall become additional debt of Borrower secured by this Security Instrument. These amounts shall bear interest at the Note rare from the date of disbmsement and shaJl be payable, with such interest, upon notice from Lender to Borrower requesting payment. All insurance policies required by Lender and renewals of SuCh policies shall be subject 10 Lender's right to disapprove such policios. sball include a standard mortgage clause, and snail name Lender as mortgagee and/or as an additional loss payee. Lender shaD have the right 10 hold the policies and renewal certificates. If Lender requires, Bonower shalt promptly give to Lender all receiprs of paid premiums and renewáJ notices. If Borrower obtains any form of insurance covera¡e, not otherwise required by Lender, for damage 10, or destruction of, the Property, such poücy shall include a standard mOrtgage clause and shall name Lender as mongagee and/or as an additional loss payee. In the event of loss, Borrower shall give prompt notice to the insurance camer and Lender. Lender may make proof of loss if not made promptly by Borrower. Unless Lender and Borrower otherwise agree In writing, any insurance proceeds, whether or not the underlying insurance was required by LendloV, shall be applied to restoration or repair of the Propelty. if the restoration or repair is economically feasible and Lender's security is not lessened. During such repair and restoration period, Lender shall bave the right to bold such i.nsurance proceeds until Lender has had an opportùnity 10 inspect sl1ch Property to ensure the work has been completed to Lender's satisfaction. provided that such inspection sha1l be undertaken prompUy. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progre.ss payments 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 to pay Borrower any interest or clU11Íngs on such pr0cce4s. Fcc.CI for pubtlc adjusters, or other third parties, retained 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 economically feasible or Lender's security would be lessened, the insurance proceeds shalt be applied 10 0060277076 '" -S(WY) (D005).DI Page. 01 15 Inlllall: /) /¡; Cf~ FQrln 3051 1/01 SEP-20-~uu~ 10:20 First Horizon . P.46 O~28726 000660 the sums secured by this Security InstrUment, whether or not then duc, with the excess, if any, paid to Borrower. Such insorancc proceeds shall be applied in the order provided for in Section 2. If Borrower abandons the Property, Lender may fLle, negotiate and settle any available insurance c1aim and related matters. If Borrower does not respond within 30 days to a notice from Lender that the insurance camer has offered to selUe a Claim, then Lender may negotiate and settle the cJaim. The 30-day period will b¢gin when the notice Is given. In either event, or ü Lender acquires the Property WIder Section 22 or otherwise, Borrower hereby assigns to Lender (a) Borrower's rights to any insumnce proceeds in an amount not to exceed the amounts unpaid under the Note or this Security Instrument, 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 restore the Property or to pay amounts unpaic1 under the Note or this Secwity Instrument, whether or not then due. 6. Occ:upa~cy. Borrower shall occupy, establish, and use the Property as Borrower's principal residence within 60 days after the execution of this Security Instrument and shall continue to occupy the Property as Bonower's principal residence for at least one year after the date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be umea.~nably withheld, or unless extenuating cin;umstances e tjst which are beyond Borrower's control. 7. Preservation, Maintenance and Protection of the Property¡ Inspections. Borrowct sha11 not destroy. damage or impair the Property I allow the Property to deteriorate or commit waste on the Property. Whether or Dot Borrower is residing in the Property, Borrower shall maintain the Property in order w prevent the Propeny from deteriorating or decreasing in value due to its condition. Unless it is detennined pursuant to Section S that repair or restoration is not economically feasible, Borrower shall promptly repair the PropertY If damaged to avoid further deterioration or damage. If insurance or condemnation proceeds are paid in connection with damage to. or the taking of, the Property, Borrower shall be responsible for repairing or restoring the Property only If Lender has released proceeds for such purposes. Lender may disburse proceeds for the repaiI$ anc1 restoration in a single payment or in a series of progrœs payments as the work is complctod.. If the insurance or condemnation proceeds are not sufficient to repair or restore rhe Property, Borrower is not relieved of Borrower's obligation for the completion of such repair or restoration. Lender or Its agent may make reasonable entries upon and inspections of the Property. If it has reasonable cause, Lender may inspect the interior of the improvements on the Property. Lender shall give Borrower notice at the Lime of or prior to such an interior inspection specifying such reasonable cause. 8. Borrower's Loan Application. Borrower shall be in default if. during the Loan application process, Borrower or any persons or entities acting at the direction of Borrower or with Borrower's knowledge or consent gave matcriaJly false, misleading, or inaccwate infonnation or statements to Lender (or failed to provide Lender with material information) in connection with the Loan. Marerial representations include, but are not limi1.ed to, representations concerning Borrower's occupancy of the Property as Borrower's principal residence. 9. Protedion uf Lender'S Interest in tbe Property aDd Rigbts Under this Security Instrument. If (a) Borrower fails to perfOn1l the covenants and agreements contained in this Security InsbUment, (b) there is a legal proceeding that might significantly àffect Lender's interest In the Property and/or 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 to protect Lender's interest in the Property and rights under this Security Instrument, including protecting and/or MSeSSÎßg the value of the Property, and securing and/or repairing the Property. Lender's actions can include, but are not limited to: (a) paying any sums secured by a lien which has priority over this Security Instrument; (b) appearing in court; and (c) paying reasonable attorneys' fees to 0060277076 fZIt·6(WY) (0006).01 (), i " / InRlalø: ,j tí./ Form 3051 1/01 Pagllr70116 c¡v SEP-20-2004 10:20 O~28726 First Horizon P.47 000661 protect its interest in the Property and/or rights under this Security Instnunent, includlng ilS 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, drain water from pipes, eliminate building or other codo violations or dangerous conditions, and bave utilities turned on or off. Although Lender may take action under this Section 9, Lender does DOL have 10 do so and is not Wlder any duty or obligation to do so. It is agreed that Lender incurs no liability for not taking any or all actions authorized under this Section 9. Any amounts disbursed by Lendor under this Section 9 shall become additional debt of Borrower secured by this Security Instrument. These amounts shall bear interest at the Note mte from the date of disburseznent and shall be payable, with such interest, upon notice hom Lender to Borrower requesting payment. If this Security InslrUment is on a leasehold, Borrower shall comply with all the provisions of the lease. If Borrower acquires fee title 10 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 1n8intain the Mortgage Insurance in effect. If. for any reason. the Mongage Insurance coverage required by Lender ceases 10 be available from the mortgage msurer that previously provided such insurance and Borrower was required to make separately designated payments IOward the premiums for Mortgage Insurance, Borrower shaU pay the premiums required to obtain coverage substantially equivalent to the Mortgage Insurance previously in effect, at a cost substantially equivalent to the cost to Borrower of the Mortgage Insurance previously in effect. from an alternate mortpge insurer selected by Lender. 1£ substantiaUy equivalent Mortgage Insurance coverage is not available, Borrower shall continue 10 pay toLend<::r tho amount of the separately designated payments that were due when the Insurance coverage ceased to be in effect. Lender will accept.. use and retain these payments as a non-refundable loss reserve In lieu of Mortgage Insurance. Such loss reserve shall be non-refundable, notwi1hstanding the fact that the Loan is ultimately paid in full, and Lender shall not be required 10 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 an<! for the period that Lender requires) provided by an insurer selected by Len<!er again bccomCII available, is obtained, and Lender requires separately de8ignattd payments IOward the premiums for Mortgage Insurance. 1f Lender required Mortgage Insurance as a condition of making the Loan and Borrower W8!J required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiums required to msintBin Mortgage Insurance in effect, or to provide a non-refundable loss reserve, unill Lender's requirement for Mongage Insurance ends in accordance with any written agreement between Borrower and Lender providing for such tennination or until tennination is required by Applicable Law. Nothing in this Section 10 affects BOITower's obligation to pay interest at the rate provided in the Note. Mortgage Insurance reimburses Lender (or any entlty that purchases the Noœ) for certain losses it may incur if Borrower does not repay the Loan as agreed. Borrower is not a party 10 the Mortgage Insunmce, Mongage insurers evaluate their total risk On all such insurance in force from lime to lime, and may enter into agreements with other parties that share or modify their risk, or reduce losses. These agreements are on t.crtn8 and conditions that are satisfactory 10 the mortgage insurer and the other party (or parties) to these agreements. These agreements may require the mortgage inSurer to make: payments using any source of funds that tho mortgage insurer lImY have available (which may include funds obtained from Morrgage Insurance premiums). As a resu1t of these agreements, Lender, any purchaser of the Note, another insurer, any reinsurer, any other entity, or any affùiate of any of the foregoing, may rccei"e (direcdy 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 æducing losses. If such agreement provides that an sff'aliate 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 tenned "captive reinsurance." Further: (a) Any such agreements wiD not affect the amounts that Borrower has agreed to pay for Mortgage IJ1surance, or any other terms of the Loan. Sudt agreements wiJI not Increase the amOunt Borrower wiD owe for Mortgage Insurance, and they will not entitle Borrower to any refund. /11 / 1~llIal.! I....-LL./ 0060277076 CI\ -6(WY) (0006).01 p;ag. 8 0115 Form 3051 1/01 r SEP-20-~uu~ 10:20 First Horizon P.48 O~~87~6 000662 (b) Any such agreements will not affect the rights Borrower has· it any· with respect to the Mortgage IhSurance under the Homeowners Protection Act of 1998 or any other law. These rights may Include the right to receive certain disclosures. to request and obtaiD cancellation of the Mortgage Insurance, to have the Mortgage Insurance terminated automatically, and/or to receive a refund of any Mortgaee Insurance premiums that were unwned at the time ot sucb cancellatiOD or terminatioD. 11. Assignment of MJsceUaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned to and shaD be paid to Lender. If the Propeny is damaged. such Misce11ancous Proceeds shall be applied to restoration or repair of the Property, if the restoratiOn or repair is economically feasible and Lender's security is not lessened. During such repair and rcstoralion period, Lender shall have the right to hold such Miscellaneous Proceeds until Lender has had an opponunity to inspect such Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may pay for the repairs and restoration in a single disbursement or in a series of progress payments as the work is completed. Unles& an agreement is made in writing or Applicable Law requires interest to be paid on such Miscellaneous Proceeds, Lender shall not be required to pay Borrower any interest or earnings on such Miscellaneous Proceeds. If the restoration or repair is not economically feasible 01' Lendec's security would be lessened, the Miscellaneous Proceeds shall be applied La the sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid LO Borrower. Such Mi...cellaneous Proceeds shall be applied. in the order provided for in Section 2. In the event of a total taking, deslrUction, or loss in value of the Property, the Miscetlaneous Proceeds shall be applied to the sums secured by this Security Instrument, whether or DOt then due, with the excess, it any, paid to Borrower. In the event of a partial talcing, destruction, or loss in value of the Property in which the fair market value of the Property immediately before the partial taking, destruction, or loss in value is equal to or greater thlll1 the amount of the sums secured by this Security Instrument immediaœly before the partial œJdng, destruction, 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 multiplied by the following fraction: (a) the total amount ot the sums secured immediately before the partial taking, destruction, or loss in value divided by (b) the fair market value of the Property immediately before the partial taking, destruction, OJ loss in value. Any balance shall be paid to Borrower. In the event of a partial laking, destruction, or loss in value of the Property in which the fair market value of the Property immediately before the partial taking, destruction, or loss in value is less than the amounl of the sums secured immediately before the partial taking, destruction, or loss in value. un1ess Borrower and Lender otherwise agree in writing, the Misce1Janeous Proceeds shall be applied La the sums secured by this Security Instrument whether or not the sums are then due. I! the Property is abandoned by Borrower, or if, afler notice by Lender to Borrower that the OppOsing Party (as defined 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 collect and apply the Miscellaneous Proceeds either tD restoration or repair of the Property or to the sums secured by this Security InstnIment, whether or not then due. "Opposing Party" means the third party that owes Borrower Miscellaneous Proceeds or the party against whom Borrower has a right of action in regard to Miscellaneous Proceeds. Borrower shall be in default if any action or proceeding, whether civil or criminal, is begun that, in Lender's judgment, could result in forfeiture of the Property or oUto( Material impairment of Lender's interest in the Property or rights under this Security Instrumenl Borrower can cure such a default and, if acceleration has occurred, reinstate as provided in Section 19, by causing the action or proceeding to be dismissed with a ruling that, in Lender's judgment, precludes forfeiture of the Property or other material impairment of Lender's interest in the Property or rights under this Security Instrument. The proceeds of any award or claim for damages that are attributable to the impairment of Lender's interest in the Property are hereby assigned and shall be paid to Lender. All MisceUaneous Proceeds lhat are not applied to restoration or repair of the Property shall be applied in the Order provided for in Section 2. 0060277076 <Irt -8(WV) (0005).01 Page 9 of 16 11. I Inlllall: J~'/ 'L,/ fj~- Form 3051 1/01 SEP-20-2004 10:21 O~Z87Z6 First Horizon P.4S 000SS3 12.. Borrower Not Released; Forbearance By Lender Not a Waiver. Exltnsion of the 1.ime for payment Or ¡nodif'lCation of amonization of the sums secured by this Security Instrument granted by Lender to Borrower or any Successor in Interest of Borrower shall not operate to release the liability of Borrower or any SUCCCSSOI1 in Interest of Borrower. Lender shall not be required to commence proccedin¡s a¡a.mst any SuccesSOr in Interest of Borrower or to refuse to extend time for payment or otherwise modify amortization of !he swns secured by this Security Instrument by reason of any demand made by the original Borrower or any Successors in Interest of BoJtower. Any forbearance by Lender in exercising any right or remedy including, without limitation, Lender's acceptance of payments from third persons, entities or Successors in Interest of BOIJ'ower or in amounts less than the amount then due, shall not be a waiver of or preclude the excrcJsc of any right or remedy. 13, Joint and Several Liability; Co-signers; Successors and AssignB Bound. Borrower covenants and agrees that Borrower's obligations and liability shall be joint and several. However, any Borrower who co-signs this Security Instrument but does not execute the Note (a "co· signer"); (8) is co-signing this Secwi1y Instrument only to mortgage, grant and convey the co-signer's interest m Ihe Property under the tmms of this Security Instrument; (b) is not personally obligated 10 pay the sums secured by this Security Instrument: and (c) agrees mat Lender and any other Borrower can agree to extend, modify, forbear or make IJJY accommodations with regard 10 the terms of this Security Instrument or the Note without the co-signer's consent. Subject to the provisions of Section 18, any Successor in Interest of Borrower who assumes Borrower's obligations under Ibis Security Instrument in writing, and is approved by Lender, shall obtain all of Borrower's rights and benefits under this Security InSlrument. Borrower shall not be released from Borrower's obligations and liability under this Security InSlrUmenl unless Lender flgrees to such reJcasc in writing. The covenants and agreements of this Security Instrument shall bind (except as provided in Section 20) and benefit the successors and assigns of Lender. . 14. Loan Charges. Lender may charge Borrow¡er fees for services perfonned in connection with Borrower's default, for the purpose of protecting Lender's interest in the Propcny and rights under this Security Instrument, including, but riot limited to, a~eys' fees, property inspection and valuation fees. In regard to any other fees, the absence of express authori~ in this Security Instrument 10 charge a spccittC fco to Borrower shall not be construed as a prohibition on thbC charging of such fee. Lender may not charge fees that are expressly prohibited by this Security Instrument t by Applicable Law. If the Loan is subject to a law which sets max.im~ loan charges, and that law is ruuilly interpreted so that the interest or other loan charges collected or to ~ collected in connection with the Loan eltceed the p~u.ed limits, then: (a) any such loan charge shall be ~educed by the amount necesSAly to reduce the charge to the penniued 11m!!; and (b) any sums already collect.c:d from Borrower which exceeded permitted limits wiIJ be refunded to Borrower. Lender may choose to mhe this refund by reducing the principal owed under the Note or by making a direct payment to Borrower. I If a refund reduces principal, the reduction will be treated as a partial prepayment without any prepayment charge (whether or not a prepayment charge is provided for under the Note). Borrower's acceptance of Imy such refund made by direct payment to Borrower will constitute a waiver of any right of aclÌon Borrower rtrlght have arising out of such overcharge. 15. Notices. All notices given by Borrower or Len'der .in connection with this Security Instrument must be in writing. Any notice 10 Borrower in connection with. this Security Instrument shall be deemed to have been given to Borrower when mailed by rust class mlw or when actually delivered to Borrower's notice address if sent by orber means. Notice to anyone Bortower shall constitute notice ID all Borrowers unless Applicable Law expressly requires otherwise. The ndûce address shall be the Property Address unless Borrower has designated a substitute notice address b~ notice to Lender. Borrower shall promptly notify Lender of BOTTower's change of address. If Lender ~iflcs a procedure for reporting Borrower's change of address, then Borrower shall only repon a change of address through that specified procedure. There may be only one designated notice address under this Security Irtstrument at anyone time. Any notice to Lender shall be given by delivering it or by mailing it by fJI'St class mailID Lender's address stated herein unless Lender has designated another address by notice to Borrower. fJØy notice in connection with this Security Instrument shall not be deemed to have been given 10 Lender until actually received by Lender. If any notice required by this Security Instrument is also required under App1icatilc Law, the Applicable Law requirement will satisfy the corresponding requirement under this Security Instrufent. I /1/ ) 006'0277076 I Inlll.la:~ 4111t.I(WV) 1""1." P... "j'" ~ Form 3051 1/01 SEP-20-2004 10:21 First Horizon P.oO O~28726 OA u06S4 I I 16. Governing Law; Severability; Rules or CODS,truction, This Security InstrUment shall be governed by federal law and the law of Ùle jurisdiction in which the Property is located. All rights and obligations contained in this Secwity Instrument are subject to My requirements and limitadons of Applicable Law. Applicable Law might explicitly or implicitly allow the parties to agree by contract or it might be silent, but such silence shall not be construed as a prOhibition against agreement by contract In the event that any provision or clause of this Security InS1lument or the N~te conflicts wi1h Applicable Law, such conflict stWl nOl affect other provisions of this Security Instrument lor the Note which can be given effect without the conflicting provìsion. As used in this Security Instrument: (a) words I of the masculine gender shall mean and include correspondin¡ neuter words or words of the ferninin~ gender: (b) words in the singular shall mean and include. Ùle plwal and vice vena; and (c) th¡: word IlmaYiI" gives sole discretion without any obligation to take any action. 17. Borrower's Copy. Borrower shall be given on~ copy of the Note and of this Security Instrument 18, Transfer of the Property or a Beneficial ~terest in Borrower. As used in this Section 18, "Interest in the Property" means any ie¡al or beneficial interest in Ùle Property, including, but not limited to. those beneficial interests uansfeued m II bond for deed, Contract for deed, instalhncnt sales contract or escrow agreement, the intent of which is the transfer of title by *rrower at a future date to a purchaser. If all or any part of the Property or any Interest in ¡the Property is sold or transferred (or if Bonower is not a natUral person and a beneficial interest in BoJTOw~ is sold or ttansferred) without Lender's prior written consent, tender may require immediate payment in fun of all sums secured by this Security Instrument. However. this option shall not be cx.erclsed by Lender if ~uch exercise is prohibited by Applicable Law. If Lender exerciSes this option, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less r.han 30 days from the datþ the notice is given in accordance with Section 15 within which Borrower must pay all sums secured by this Security Instmment If Borrower taUs to pay these sums prior to the expiration of this period, Lender may involc.c any remedies permitted by this Security InsttUment without further notice or demand on BorroWEir. . 19, Borrower's Rlgbt to Remstate After ACf:eleratlon. If Borrower meets certain conditions, Borrower shall have the right to have enforcement of this Security Insaument discontinued at any time prior to the earliest of: (a) five days before sale of the Pro~ pursuant to any power of sale contained in this Seewily Instrument; (b) such other period as APplicab~LaW might specify for the termination of Borrower's right to reinstate; or (c) entry of a judgment enforcin~1 this Security Instrument Those conditions are thaL Borrower: (a) pays Lender all surns which then would be due under this Seewily Instrument and the Note as if no accelemtion had occUlTed: (b) cures any default-Iof any other covenanlS or agreements; (c) pays all expenses incUIred in enforcing this Security InstI\1men~ including, but not limited 10. .reasonZIble attorneys' fees, 'property inspection and valuaûon fees, and other fees incurred for the purpose of protecting Lender's interest in the Propeny and rights under this Security :fusttument; and (d) takes such action as Lender may reasonably require to assure that Lender's interest in thé Property and rights under this Security Instrument, and Borrower's obligation to pay the sums secured by Ithis Security Inst:rUmenr. shall continue unchanged. Lender may require that Borrower pay such reinslRlemertt sums and expenses in one or more of the following fonns. as selected by Lend=-: (a) cash; (b) money order~ (c) certified check, bank: check, treasurer's check or cashier's check, provided any such check is drawn upon an institution whose deposits are insured by II federal agency, instnJrnentality or entity; or (d) Electronic Furids Transfer. Upon reinstatement by Borrower, this Security Instrument and obligations secured hereby shan remain fully effective as if no acceleration had occurred. However, this right to reinstate shall not apply in the case of acceleration under Section 18. 20. Sale or Note; Change of Loan Servicer¡ Notiþe of Grievance. The Note or a partial intc.rcst in the Note (together with this Secwity Instrument) can be sold one or more times without prior notice to Borrower. A sale might result in a change in the entity (known as ~e "Loan Servicer") that coJlecIS Periodic Payments due under the Note and this Security Instrument and peñonns other mort¡age loan servicing obligadons under the Note, this Security Instrument, and Applicable Law. There also might be one or more changes of the Loan Servicer unrelated to a sale of the Note. If th~ is a change of the Loan Servicer, Borrower will be given written notice of the change which will state the name and address of tlIe new Loan Servicer, the lid-dress 10 which payments should be made and any othbr information RESPA require$ in connection wilh a 0060277076 «It .G(WY) (000&).01 Page' I of IS ¡Ju Inlllal¡: '.- ~ Form 3D51 1/D1 SEP-20-2004 10:21 First Horizon O~Z87~6 P.ol 000665 notice of transfer of servicing. If the Note is sold and th1rcafter the Loan is serviced by a Loan Servicer other than the purchaser of the Note, the mortgage loan servicing obligations to :BoJJúwer will remain with the Loan Servicer or be transferred to a successor Loan Sbrvicer and are not assumed by the Note purchaser unless otherwise provided by the Note purchaser. I' Neither Borrower nor Lender ¡nay commence, join, or be joined to any judicial action (as either an individual litigant or the member of a class) that arises ûbm the other party's actions pursuant 10 this Security Instrument or rbat alleges that !he orber party has breac~ed any provision of, or any duty owed by reason of, this Secwity InSlIUment. until such Borrower or Lender ~ notif1Cd the other party (with such notice given in compliance with therequiTemcnts of Section IS) of sucn alleged breach and afforded the othcs party hereto a reasonable peri~ after the giving of such notice to take corrective action. If Applicable Law provides a time period which must etapse before certain action ean be taken, that time period will be deemed to be reasonabte for purposes of this para¡raph. The notice of acce1eratioq and opportunity to cure given to Borrower pursuant to Section 22 and the notice of acceleration given 10 Borrower pursuant to Section 18 shall be deemed to satisfy the notice and opportunity 10 take corrective aetiob provisions of this Section 20. I 11. Hazardou.s Substances. As used in this Section 21: (a) "Hazardous Subs1Bnces" are those substances def'med as toxic or hazardous sub$tQßces, ¡Uutants, or wastes by Environmental Law 1Illd the following substances: gasoline, kerosene, other flwnm;Me or toxic perroleum products, IOxic peslicides and herbicides. volatile sOlvents, materials containing asbes1tos or formaldehyde, and radioactive matetiaIs; (b) . "Environmental Law" means federal laws and laws of thb jurisdiction where the Property is located that relarc to heatth, safety or environmental protection; (c) "EnJU:Onmental Cleanup" includes any response action, remedial action, or removal action, as defined in Envirobmental Law; and (d) an "Environmental Condition" means 8 coDliition that can cause, contribute 10, or othervhse trlsger an Environmental Cleanup. Borrower shall not cause or permit the presence,luse, disposal, storage, or release oC any Hazardous Substances, or threaœn 10 release any Hazardous Substances, on or In the Property. Borrower shall not do, nor aJJow anyone else to do. anything affecting the Prbperty (a) that is in violation of any Environmental Law, (b) which creates an Environmental COnditiOn,~(c) which, due to the presence, use, or release of a Hazardous Substance, creates 8 conWrlon that ødvcrscIy ccts the value of the Property. The preceding two sentences shall not apply to the presence, use, or sto e on the Property of small quantities of Hazardous Substances that are generally recognized to be apprOpritte to normal residential. uses and to maintenance of the Property (including. but not limited to. hazardous sù~tances in consumer products). Borrower shall promptly give Lender written noti of (a) any investigation, claim, demand, lawsuit or other action by any governmental or regulatory agenc or private party involving the Property and any Hazardous Substance or Environmental Law of hich Borrower has actual knowledge, (b) any Environmental Condition, including but not limited 10, any spilling, leaking, discharge, release or Ihreat of release of any Hazardous Substance, and (c) any condition caused. by !he presence, use or release of a Hazardous Substance which adversely affects the value bf the Property. If Borrower learns, or Is notified by any governmental or regulatory authority, or any prlVjl party, that any removal or other remediation of any Hazardous Substance afi'ecting the Property 1$ necessary Borrower shall promptly t.ake aU necessary remedial selÍons in accordance with Environmental Law. Notbing herein shall create any obligadon on Lender for an Environmental Cleanup. 0060277076 czt-e(WY) (0006).01 Page 12 r 15 û¡;) Inlllall: Form 3051 1/01 r SEP-20-~uu~ 10:21 First Horizon O~Z87Z6 P.62 000666 NON-UNIFORM COVENANTS. Borrower and Lender further covenant and a,gree as follows: 22. Acceleration; Remedies. Lender sbaU give ~Iotice to Borrower prior to acceleration foUoWÙlg Borrower's breach of any covenant or agreement in thil Security Instrument (but not prior to acceleration under Section 18 unless Applicable Law provides otherwise). The notice shaU specify: (a) the default; (b) the action required to cure the defau ti (c) a date, not less than 30 days from the date the notice is given to Borrower, by which the derau~t must be curedi and (d) that failure to cure the default on or before the date specified in the notice a¡nay result in acceleration of the sums secured by this Security Instrument and sale of the Property. The notice shall forther inrorm Borrower of the right to reinstate after acceleration and the rAgbt to b~iDg a court action to 88Sert the nOD-abtence of a default or any other defense of Borrower to accelertioD and sale. If the default is not cured on or before the date 8pedned in the notice, Lender at Its ~ption may require immediate payment in fuU of aUsurns secured by tbia Seeurity IDstrument without furtber demand and may invoke tbe power or sale and any other remedies permitted by Applic~ble Law. Lender shaD be entitled to coUect aU expenøe& incurred iD pursuing the remedies provided in this Section Z2, including, but not limited to, reasonable attorneys' fees and costs Df title evidence. If Lender Invokes the power of sale, Lender sbaD give notice of intent to foreclose to Borrower and to the person in possession or the Property, It diJTerent, ID aa:ordance with Applicable Law. Lender sball gIve notice or the sale to Borrower in the MaDner provided in Section IS. Lender shall publish the notice of sale, and the Property shaD be +ld In the manner prescribed by Applicable Law. Lender or Its designee may purchase the Property at ny sale. The proceeds of the sale shaD be appUed in the foUowing order: (a) to all expenses of the sale, including, but not limited to, reasonable attorneys' fees; (b) to aU sums secured by this Securi y Instrument; and (c) any excess to the pel'liOn 01' persons legaDy entitled to it. D. Release. Upon payment of all SWD5 secured b this Security Instrument, Lender shall release this Security Instrument. Borrower shall pay any recor~~on costs. Lender may charge Borrower a feo for releasing this Security Instrument, but only if the fee is paid to a third party for services rendered and the charging of the fee is pennined under Applicable Law. I 24. Waivers. Borrower releases and waives all rlg.!lts under and by virtue of the homestead exemption laws of Wyoming. . 0060277076 _-G(WY) (00051.01 I Page 139' 15 Initlall: /1;) Form 3051 1'01 ~ SEP-20-2004 10:21 First Horizon O~~8726 P.53 0006St7 BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in thi.~ Security Instrument and in any Rider executed by Borrower and recorded with it. Wibtesses: (Seal) -BOrTOWDr (Seal) ·BOITDWDr 0060277076 _.,(WV) (00051.01 (Seal) -Bonowe.r (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -BOrrDWDr Pas. 14.115 Form 3051 1/01 SEP-20-~UU4 10:21 First Horizon P.64 000668 O~Z87Z6 STATE OF WYOMING, LINCOLN COUDty IS: ;;J.,Oth ~ I 2007 Th~ foregoing instrument was acknowledged before me this by DOUGLAS DEB WOLrLBY GLENDA St1E SILVA My Commission Expires: 9 - / G - 0 7 N~ k ß--y~ GLORIA K. BYERS - NOTARY PUBLIC e' . State of c~unty of ',/, . ~.;~ Wyoming Lincoln "'.L/ My CommIssion Expires Sept. 15, 2007 0060277076 CIIIt-6(WY) (0005).01 Page 1& 011& I"hllls: tt/ éJa Form 10&1 1/01 SEP-20-2004 10:21 First Horizon P.55 O~28726 000669 TO BE RECORDED WITH THE SECURITY INSTRUMENT LENDER: PIRST HOR'IZON HOD LOAN CORPORATION 0060277076 BORROWER: DOUGLAS DEB WOLli'LBY Çt.tm1>A SUB SILVA PROPERTY: RPD COmr.ry ROAD 148 PAIRVXBW, Wyoming 83119 RESIDENTIAL CONSTRUCTION LOAN RIDER INCLUDING SECtIRITY AG~NT TO THE DEED OF TRU5I'1M0RTGAGE THJS USIDENTlAL CONSTRUCTION LOAN RIDER shall be deemed to amend and supplement the Deed of Trust/Mortgage (the ·Securlty fustrmnent"), of the swe date given by the undersigned (the "Bon-ower") to secure Borrower's Note ("Note") and Addendum to Note to Lender of the same date and covering the property ("Property") described in the Security Instrument. All tenns dermed in the Note and elsewhere in the Security Instrument .shall have the same meaning in this Rider. AMENDED AND ADDmONAL COVENANTS. In addition to the covenants and agreements made in the Security Instrument, Borrower and Lender further covenant and agree as follows: 1. Residential Construction Loan Agreement. Bofl"Ower agrees to comply with the covenants and conditions of the Residential Construction Loan Agreement ("Loan Agreement") between BOlTOwcr and Lender, which is incorporated herein by this reference and made a part of this Security Instrument. The Loan Agreement provides for the construction of certain Improvements ("Improvements") on the Property. All advances made by Lender pursuant to the Loan Agreement shall be an indebtedness of Borrower secured by this Security Instrument as amended and such adv8Dée.S may be obligatory under the terms of the Loan Agrœment. The Security Instrument secures the payment of all sums and the performance of all covenants required by the Lender in the Loan Agreement. Upon the failure of BOlTower to keep and perfonn all the covenants, conditiolU and agreements of the Loan Agreement, the principal sum and ali interest and other charges provided for in the loan documents and secured hereby shall, at the option of the Lender, become due and payable. 2. Conatmction Loan Deed of Trust/Mortgage. This Security Instrument is a 'construction mongage" securing an obligation incurred for the construction of the Improvement On the Property including the acquisition cost of the Property, if any, and any notes issued in extension, renewal, or .substitution thereof. Borrower affums, acknowledges and warrants that prior 10 the recordation of this RCLA Rider 10 Securll)l J:nstromeftl Pa¡c:1 of 5 8/2003 FH6DI6X SEP-20-~UU4 10:21 First Horizon P.56 O~28726 000670 Security Instrument. as amended, in the Real Property Records of the county or counties where the Property is located, no Improvements contemplated by the Loan Agreement have been constructed. no work: has been performed, and no materials have been ordered or delivered. 3. Future Advances. This Security Instrument shall secure in addition to the sum evidenced by the Note all funds hereafter advanced by Lender to or for the benefit of Borrower, as contained in the Contract ~dIor due under the Loan Agreement and a11 indebtedness or obligations presently or hereafter owed by Borrower to Lender, however arising, whether by note, contract, ton. guaranty. operation of law or otherwise; whether or not the advances or events creating such debts or obligations are presently foreseen; and regardless of the class of debts or other obligations, be they secured or wuecured. or arising from commercial, credit card or consumer transactions; or for any other purpOSe. All futUJe advances shall be made within the time limit authorized by the laws of the State of Wyoming' 4. DiSbursements to Protect Security. All sums disbursed by Lender prior to completion of the Improvements to protect the security of this Security Instrument, up to the principal amount of the Note and any future advances, shall be treated as disbursements pursuant to the Loan Agreem.ent, All such sums shall bear tnt.erest from the date of disbursement at the rate stated in the Note and the Addendum to the Note, unless the collection from Borrower of interest at such rate would be contrary to applicable law, În which event such amounts shall bear interest at the highest rate which may be collected from Borrower under applicable law and shall be payable upon notice from Lender to Borrower requesting payment therefore. 5, Assignment DC Rights or Claims. From time to time as Lender deems necessary to protect Lender's interest, Borrower shall, upon request of Lender, execute, acknowled.ge before a notary, and deliver to Lender, assignments of any and all rights or claims which relate to the construction on the Property. 6. Breach by Borrower. In case of breach by .Borrower of the covenants IIDd conditions of the Loan Agreement, Lender. at Lender's option, with or without entry upon the Pl'operty, (a) may invoke any of the rights or remedies provided in the Loan Agreement, or (b) may accelerate the sums secured by this Security Xnstrument and invoke any of those remedies provided for in this Security Instrument, or (c) may do both although failure to exercise any of its rights and remedies at any One time does not constitute a waiver or modification of any conditions, rigbts or remedies in the future. 7 . Amortization and Loan Agreement. After the commencement of amonization of the Note, the terms of the Loan Agreement shall be deemed to have been satisfied. There shall be no claim or defense arising out of or in connection with the Loan Agreement against the obligations of the Note and this Security Instrument. 8. Property. The propeny covered by this Security Instrument includes the property described or referred to in this Security Instrument, together with the foIlowin.g. all of which are referred to 8$ the "Property". The portion of the Property described below which constitutes teal property is sometimes referred to as the "Real Property". The portion of the Property which constitutes personal property is sometimes referred to as the "Personal Propertytl, listed as follows: Any and all buildings, Improvements (provided in the Loan Agreement or otherwise), and tenements now or hereafter erected on the Property; any and all heretofore and hereafter vacated alleys 0060277076 RCLA ÎUdet to Secwity 1n,trUlDCnI Page 2 of 5 812003 FH6D 16Y SEP-20-2004 10:21 First Horizon P.!57 O~Z87Z6 000671 and streets abutting the Property, easements. rights, appurtenances, rents (subject however to any assIgnment of rents to Lender), leases, royalties, mineral, oj] and gas rights and profits, water. water rights and water stock appurtenant to the Property (to the extent they are included in Borrower's fee simple title); any and all fixtures, machinery, equipment, building materials, appliances, and goods ot every nature whatsoever now or hereafter located in, or on, or used, or intended to be used in connection with the Property and all replacements and accessions of them, including, but not limited to. the following items, which are hereby recognized by the parties to this instrument as flXtures: appliances for the pwpose of supplying or distribuling heating, cooling, electricity, gas, water. air and light: seçurily and access control apparatus; plumbing and plumbing nxtures; refrigerating, cooking and laundry equipment; carpet, floor coverings and interior and exterior window treatments; furniture and cabinets; interior and exterior sprinkler plant and lawn maintenance equipment; rU'e prevention and extingulshing apparatus and equipment, water tanks, swimming pool, compressor, vacuum cleaning system, disposal, dishwasher, range, anå oven, any shrubbery and landscaping; any and all plans and specifications for development of or construction of Improvements upon the Property; any and all contracts and subcontracts relating to the Property; any and all èCCOunts, contract rights. instruments, documents, general Intangibles, and chattel paper arising from or by virtue of any transactions related to the Property: any and all permits, licenses. franchises, certifications, and other rights and privileges obtained in connaction with the Property; any and all products and proceeds arising from or by virtue of the sale, lease, or other disposition of any of the Property; any and all proceeds payable or to be payable µnder each policy of insurance relating to the Property; any and all proceeds arising fTom the taking of all or part of the Property for any public or quasi-public use under any law, or by right of eminent domain, or by private or other purchase in lieu thereof; all building permits, certificates of occupancy, certificates of compliance, any right to use utUlties of any kind including water, sewage, drainage and any other utility rights, however arising whether private or public, present or future, including any reservation, permit, lener. certificate. license, order, contract or otherwise and any other permit. lener, certificate, license, order, contract or other document or approval received from or issued by any governmental entit}', quasi·governmental entity common carrier, or public utility in any way relating to any part of the Property or the Improvements, fixtures and equipment thereon¡ all other intc!rests of every kind and character which Borrower now has or at any time hereafter acquires in $Jld to the Property, including all other items of property and rights described elsewhere in this Security Instrument. 9. Security Instrument. This Security Instrument shall be a security agreement granting LéDder a first and prior security interest in all of Borrower's right, title and intefe$t in. 10 and under the J;Je~onal Property, under and within the meaning of applicable statues of this state, located on or acquired for installation on or used in the operation of the real property , including, but not limited to, all construction materials, goods, equipment and fixtures. and all accessions, additions and replacements thereof. As well as a mortsage granting a lien upon and against the Real Property. In the event of any foreclosure sale aU of the ReaJ and Personal Property may, at the option of Lender, be sold as a whole or in any part. It shall not be necessary to have present at the place of such sale the Personal Property or any part thereof. Lender shall have all the rights, remedies and recourses wIth respect to the Pei'sonal Property afforded to a ·Secured Party· by the applicable statutes of this state in e.ddition to and not in limitation of the other rights and recourse afforded Lender under this Security Instrument. Borrower shall, upon demand, pay to Lender the amount of any and all expens8.$, including the fees and disbursements of Lender's legal counsel and of any experts and agents which Lender may incur in connection with: (i) the making and/or administration of this Security Instrument; (ll) the custody, preservation, use or operation of, or Ihe sale of. collection from, or other realization upon any property, real and/or personal, described in this Security Instrument. (iii) the exercise or enforcement of any of 0060277076 RCLA Rider 10 Security wlrUmenl Page ;I of S 81200~ FH6DI6Z SEP-20-2004 10:21 First Horizon P.58 000672 O~2S726 the rights of Lender under this Security Instrument; or (iv) the failure by Borrower to perform or observe any of the provisions or covenants in this Security Instrument. 10. Completion. Lender shall not be responsible for the completion of the Improvements. and shall not in any way be considered a ¡uarantor or surety of performance by Borrower. In the event the Improvements are not completed according to the Plans and Specifications apPTQved by Lender, and it is determined for whatever reason the Lender does not have a lien arisin¡ by or through Borrower, then Lender shall have a valid lien for its loan amount, less the amount reasonably necessary to complete the Improvements, or in such event Lender, at its option, shall have the right to complete the Improvements, and tbe Hen shall be valid for the loan amount. Paragraph () of the Security Imtrument. The lirst sentence of paragrapb (i of the Security Instrument is hereby modified to read as follows: Borrower shall occupy, establish and use the Property as Borrower's principal residence within sixty (60) days from the execution of the Modification Agreement and shall continue to occupy the Property as Borrower'li principal residence for at least one (1) year after the date of occupancy, unless Lender otherwise agrees In writing, which consent shall not be unreasonably withheld, or unless extenuating circumstances exisr which are beyond Borrower's control. All other provisions in Paragraph 6 of the Security Instmment remain unchanged. 11. Invalid ProViliioDs. If any provision of this Security Instrument is declared invalid. illegal, or unenforceable by a court of competent Jurisdiction, then such invalid, illegal or unenforceable provision shall be severed from this Security wtrument and the témamder enforced as if such invalid, iHegal or unenforceable provision is not 8 part of this Séëurity Instrument. 12. Address. The name and addte.9S of the Borrower/Debtor during construction of the Improvements is: DOUQLAS Þ~B WOLPLEY 632 LANCASTBR LANE CO RÞ 147 AFTON, wyoming 83110 The name and address of the LenderlSecured Party is: VIRST HORIZON BOMa LOAN CORPORATION 1315 SOOTH HIGHWAY 89, SUITE 101 JACXSO~, WY 83001 13. Other Provisions. The following notice is required by law: IMPORTANT NOTICE: YOU ARE HEREBY NOTIFIED TIlAT ANY PERSON PERFORMING LABOR ON YOUR PROPERTY OR FURNISHING MATERIALS FOR '11m CONSTRUCTION, REPAIR, OR IMPRO'VEl\ŒNT OF YOUR PROPERTY WD..L BE ENTITLED TO A LŒN AGA1NST YOW PROPERTY IF HE IS NOT PAID IN F1JLL, :EVEN TIiOUGH YOU MAY HAVE PAID TIlE FULL CONTRACT PRICE TO YOUR CONTRACTOR. TJDS COULD lUi:SULT IN YOUR PA'fING FOR LABOR AND MATERIALS TWICE. T1DS LIEN CAN BE ENFURCED BY THE SALE OF YOUR PROPERTY. TO AVOID TlßS RESULT, YOU MAY DEMAND FROM YOUR CONTRACTOR LIEN WAIVERS FROM ALL PERSONS PERFORMING LABOR OR FURNISHING MATERIALS FOR THE WORK ON YOUR. P.ROPERTY. YOU MAY WITHHOLD PAYMENT TO THE CONI'RACTOR IN THE AMOUNT OF ANY UNPAID CLAIMS FOR LABOR 006'02'77076 R CLA Rider to Security Instrument Page 4 of S 811003 FH6D17A SEP-20-2004 10:21 First Horizon P.59 O~28726 000673 FOR MATERIALS. YOU ALSO HAVE TIlE RIGlß' TO DEMAND FROM YOUR CONTRACTOR A COMPLETE LIST OF ALL LA80RERS AND MATERIAL SUPPLIERS UNDER YOUR CONTRACT, AND TfIE RlGHr TO DETERMINE FROM 11ŒM IF TIlEY HAVE BEEN PAID FOR LABOR PERFORMED AND MATERIALS FVRNISlŒD. By signing below, Borrower accepts and agrees to the terms and covenants contained in this Residential Construction Loan Rider. / Borrower Borrower Borrower Acknowledgments Attached Please anach the Appropriate CoUnlyïState Specific Noiäiÿ'Äclåiowlèdgment 006'0277076 RCLA Rider to Securll}' lluttument Page S or S 8/2003 FH6D 178 O~6i,?~~ming County of Lincoln ) ) ) 000674 The foregoing instrument was acknowledged before me by Douglas Deb Wolfley and Glenda Sue Silva this 20th day of April, 2007. ~~k~ Notary Public My Commission Expires: 9-l5-07 --" GLORIA K. BYERS· NOTARY PUBLIC County of State of Lincoln Wyoming My CommissIon Expires Sept. 15, 2007