Loading...
HomeMy WebLinkAbout929263 - -- --V-.ß ....... "'f ~ ·~·:)·:lf~>~~ . Return To: Zions Bank Construction Loans 430 West Parrish Lane CenterviI1e, UT 84014 , ,:'- . '.:~.' 1-';. ",).,ÎI'\' ;·:,.1Jt ~'~.'~ . Zions Bank Construction Loans 430 West Parrish Lane Centerville, UT 84014 -. ,", " . '. ..... .... , ~.~ . : . ..;'. ... ,'<\ ,,(, .' ':<0;' ::, ..... . '" ,'I, "',·,'7¡p (Space Above This UnlS For Rei:ordlng Data] --. MORTGAGE ...; ·'õ..··:t,..·.: ,(:;;\t ~ .... ........ ..-. . .. :j.~·'''I:'~ ..~..... .. RECEIVED 5/10/2007 at 3:04 PM RECEIVING # 929263 BOOK: 657 PAGE: 605 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY DEFINITIONS Words use4 in mu]tiple sections of this document are defmed be]ow and other words are defmed In Seelions 3, 11, 13, 18,20 and 21. Certain rules regarding the usage of words used in this document are also provided in Seeûon 16. ,,':J.i1~ :"...Ù...;, ' ..' j. .' (A) "Security Instrument" means this document, which is dated May 7, 2007 together with all Riders to this document. (B) "Borrower" is CLAY PEAVLER . .... .... . t'. '" ~= \. . ," . ....J! '. ~ .', , . ':.£,,~ ~:.~. ',i,:,;;, ...... II . : .'~ : '.' ,. ..~ .." ..:.>.:':'::\~~¿. : .: :. i ~ ( I {, ¡I , " ,':';':.4:.. . ~.... i ¡'~'{ '.! Borrower is the mortgagor under this Security InstrumenL (C)"Lender"ìs Zions First National Bank, N.A. .' .·~?tf~~::':~·: Lend~isa Corporation organized and existing under the Jaws of The State of Utah .. ..." '. ,~... ~"". ~ ~ ~'f' .' , ,. 1420169847 WYOMING-Single Family-Fannie Mn/Freddle M8C UNIFORM INSTRUMENT 'Form 3051 1/01 . -6(WY) (0005) <» Pag., 01 15 .,,0 Inlllall:-li- 1~~m~~~JRI.IIII· ,:::.t;.:,: , VMP MORTßAGE FORMS· (800)521-7291 . .i :::.t·: ". '" :,~ ;,; . " .,.~ .'/ .~ ;. ,'. ?:'.~~,\ :';': .;.! . ~. 1. 'if" "~ ....~ ..... . ., , .', :.':i.~.~¡' ¡ i I I I I' I ¡ I ¡ ..' '~:"i ·::..:.~t ,.. _. ..'..' . ~.. ~ .... . ¡. ! ì I ! i I, I I' .... ~-," i I I I I' i \' . ..... '.-. .... '" ..' i I I, I .._---...._...~,_._.. '" ~ :., i Jr : ò~)2926:.-~ ."'. . .:.~.:~:} . ..... .;.;-. .1'", 000606 ::';""~" ..' :":I~ ·/f ~~:~.~;. Lender's address is 255 N Adm I ral Byrd Road Salt lake City, UT 84116 Lender is the mortgagee under this Security Instrument. (D) "Note" means the promissory note signed by Borrower and dated May 7, 20D7 , The Note states that Borrower owes Lender Two Hund red Forty-Seven Thousand and No /1 DO ---------------- Dollius (U,S, $ 247, ODD , 00 ) plus interest. Borrower has promised to pay this debt in regular Periodic Payments and to pay the debt in full not later than May 1, 2038 (E) II Property" means the property that is descnced below under the heading "Transfer of Rights in the Property," , (F) "Loan" means the debt evidenced by the Note. plus interest, any prepayme~t c~ar~~· U1ä:J~te·~&es ' due under the Note, and all sums due under this Security Instrument, plus interest. '. '! '. , : ~.. ,~;: ::' r.. : :.: :' (G) "Riders" means all Riders to this Security Instrument that are executed by Borrower.. Thè following Riders are to be executed by Borrower [check box as applicable]: " , § Adjustable Rate Rider § Condominium Rider E3 Second Home Rider ' Balloon Rider Planned Unit Development Rider 1-4 Family Rider VA Rider Biweekly Payment Rider 0 Other(s) [specify] 1/). ..1.. Ið ' : _" &] c.o"5'bvcl1ont'\~~~t; ~\U~.,:g, (H) "Applicable Law" means all controlling applicable federal, state and local statutes, regulations, ordinances and administrative rules and orders (iliat have the effect of law) as well as all applicable fmal. non-appealable judicial opinions, (I) "Community Association Dues, Fees, and Assessments" means all dues, fees, assessments and other charges that are imposed on BOlTower or the Property by a condominium association, homeowners association or similar organization. (J) "Electronic Funds Transfer" means any transfer of funds, oilier ilian a tr~tion origina~, by check, draft, or similar paper instrument, which is inidated through an electronic tenninal, telephonic mSlrÚment, computer, or magnetic tape so as to order, instruct, or auiliorizc a fmanciaI institution to debit or a:e.<lit an accounL Such tenn includes, but is not limited to, point-of-sale transfers, automated teller machine transactions, transfers initiated by telephone, wire transfers, and aulOmated clearinghouse transfers. (K) "Escrow Items" means those items that are descn'bed in Section 3. ' . , (L) "MisceUaneous Proceeds" means any compensation, settlement, award of damages, otp~ pjI.Ï4 by any third party (other than insurance proceeds paid under the coverages describCd' in'SeS:tiø~f:5); 1,0': (1) , damage 10, or destruction of, the Property; (ü) condemnation or oilier taking of all or any part. of -the Property: (ill) conveyance in lieu of condemnation; or (iv) misrepresentations of, or omissions as tÖ,Ù1c: 'W1üe and/or condition of the Property. (M) "Mortgage Insurance" means insurance protecting Lender against the Donpaymeµt of, or defaull on, the Loan. (N) "Periodic Payment" means the regularly scheduled amount due for (i) principal an~ interest under the Note, plus (ü) any amounts under Section 3 of this Security Instrument. , (0) "RESPA" means the Real Estate Settlement ProcedlD'es Act (12 U.S.C. Section 2601 et seq.) and its implementing regulation, Regulation X (24 C,F,R. Part 3500), as they might be amended from ~e 1!> time, or any additional or successor legislation or regulation that governs the same subject matter, As, used ín iliis Security Instrument, ''RESPA" refers to all requirements and restrictions that are imposed in regard to a "federally related mongage loan" even if the Loan does not qualify as a "federally related mortgage loan" under RESPA. 1420169847 'nllla'I:Æ . -6(WY) (0006) ~ Paga20115 Form ~05:1 1/01 '. :';" . ..."....: . ~ I . .. '. ~ ' . ,'. , , ..: .". ,,' ~~.. '; '. . ~ ~ f'" .: ':':::~'" ,: '," ,ør :........,.. .....,.. ~ '. ", '. , , ". i,n' 1~',: '. , ., · ' .~~ '; · c,.. . ," ··,:..:f~ ' :;.: ' "::'::~"':J> ,....;':,... ~ ¡:. ~ '. . ~', ' . .1. ,', · :·''i·I..... " .. ,,', )".. .' .:: '.~, '.: , ' :¡:,..,. , ,.""1' :-.:.;,y .'. .... ... : "': '. ~¡~~.~' .;.' ;o~ . ,. . , j,t: t. · ,.... ,;', : .: '. ~ ! I. ,:~I ".: · ,'.. , , ". , ..; "'~~:,,:: ': " ' · . "'M' :.'.'/"~' " , , , ':";<:-f:" , " ." . ~ '" ,' . ,'. .; ~ . , 'r" · ~: . t J.' · ",". · : ~'.. 't ..,Ii.i....! " '.-~'::I. .. . p..; .,' . .~.. . ~ .! . " ___.. . ,...·~._w__._. O~29263 0,00607 " (P) "Successor in Interest of Borrower" means any party that has taken title 10 the Property, whether or not that party has assumed Borrower's obligations under the Note and/or this Security Instrument. .' , TRANSFER OF RIGHTS IN THE PROPERTY This Security Instrument secures 10 Lender: (i) the repayment of the Loan, and all renewals, C;Xtensions and modifications of the Note; and (ü) the perfonnance of Borrower's covenants and 8greemen~ under this Security Instrument and the Note. Por this purpose, Borrower does hereby mortgage, gmnt and convey 10 Lender and Lender's successors and assigns, with power of sale, the following described property located in the County of LINCOLN [Type of Recording Jurildiclion) (Name of Recording JurildiclÌOII) TRACT SIX {51 OF PEAVLER FAMILY EXEMPTION SECOND FILING, LINC.OLN COUNTY, WYOMING AS DESCRIBED ON THE OFFICIAL PLAT FILED ON AUGUST 4, 2004 AS INSTRUMENT NO. 901871 OF THE RECORDS OF THE LINCOLN COUNTY CLERK. , , ' .¡". :'. ,'·1· ..... '::1 " .' Parcel ID Number: HARMONY CREEK ROAD AFrON ("Property Address"): which currently has the address of :ISlreet] ICilYI ,Wyommg 83110' [Zip ccidel TOGETIIER WITII all the improvements now or hereafter erected on the property, and all easements, appurtenances, and fIXtures now or hereafter a part of the propeny. All replacements and additions shall also be covered by this Security Instrument, All of the foregoing is referred to in this 'Security Iµstrument as the "Property." . BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has the right 10 mortgage, grant and convey the Property and that the Property Is unencumbered, e~cept for encumbrances of record, Borrower warrants and will defend generally the title 10 the Property against all claims and demands, subject to any encumbrances of record, TIllS SECURITY INSTRUMENT combines unüorm covenants for national use and non-unüorm covenants with limited variations by jurisdiction to constitule 8 uniform security instrument ,coveripg real property, UNIFORM COVENANTS, Borrower and Lender covenant and agree as follows: 1. Payment of Principal, Interest, Escrow Items, Prepayment Charges, and LateCbarges. 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 Escrow Items pursuant to Section 3. Payments due under the Note and this Security Instrument shall be made in V,S. currency, However, if any checlc or other instrument received by Lender as payment under the Note or this 1420169847 InlllaI6:~ . ' e-6(WY) (0006) Page 30115 Form 3051 1/01 ($ ... .f· . , , " '.." , '. " .,.,'.' .' .... ',' '1" , " ,I .. ,r < , ! '" : ~'. '. I I I .. a', .",!.', .., \', ...: Z·· 9·. r"'6' ~".' . ..' ,-" tl ~-) ...... U1 000608 Security InSlrUment 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 one or more of the following fo~, ~ selected by Lender: (a) cash; (b) money order; (c) certified check. bank check, treasurer's ch~ or ~hier's check, provided any such check is drawn upon an institution whose deposits are in~ by a federal agency, instrumentality, or entity; or (d) Electronic Funds Transfer, Payments are deemed received by Lender when received at the loçation designated in, the No~ or at such other location as may be designated by Lender in accordance with the notice provi~qns in".~ec~~nJ15, Lender may return any payment or partial payment if the payment or partial paymenœ are insuflicient to bring the Loan current. Lender may accept any payment or partial payment insufficient to bring the Loan tuirent, without waiver of any rights hereunder or prejudice to its rights to refuse su~ paYment 9.~.parti.al,pa~e~ts. in the future. but Lender is not obligated to apply such payments at the time such paymen~.~; ~1fP~,Jf! each Periodic Payment is applied as of its scheduled due date, then Lender need not,paY.iQ~:~n..~~p'p'~ funds. Lender may hold such unapplied funds until Borrower makes payment to bring t,be.,Loan.. çurrent I,f ' ," Borrower does not do so within a reasonable period of time, Lender shall either apply sucb.f~s or retuµt them to Borrower, If not applied earlier, such funds will be applied to the outstanding princip8I balance under the Note immediately prior to foreclosure, No offset or claim which Borrower might have now or in the future against Lender shall relieve Borrower from making payments due under the Note and this Security Instrument or performing the covenants and agreements secured by this Security Instrument, 2. Application of Payments or Proceeds. Except as otherwise descn'bed in this Sectiòn 2, 'all payments accepted and applied by Lender shall be applied in the following order of priority: (a) interest due under the Note; (b) principal due under the Note: (c) amounts due under Section 3, Such payments shall be applied to each Periodic Payment in the order in which it became due. Any remaining amounts shall be applied 'flTst to late charges, second to any other amounts due under this Security Instrument, and then to reduce the principal balance of the Note. . If Lender receives a payment from Borrower for a delinquent Periodic Payment which includes a sufficient amount to pay any late charge due, the payment may be applied to the delinquent payment' and the late charge, If more than one Periodic Payment is outstanding, Lender may apply any payment received from Borrower to the repayment of the Periodic Payments if, and to the extent that, each payment ~ þe paid in full. To the extent that any excess exists after the payment is applied to the full payment of one Of' mOre Periodic Payments, such excess may be applied to any late charges due. Voluntary pre¡)aymøn:ìs: šh8iI: be applied fIrst to any prepayment charges and then as described in the Note. : . : ',' ,'" ..... Any application of payments, insurance proceeds, or Miscellaneous Proceeds- to prihcip~ due ùnder' the Note shall not extend or postpone the due date, or change the amount, of the Periodic Payinents; '~:, '..,.,.' '. 3. Funds for Escrow Items, Borrower sball pay to Lender on the day Periodic Pa~è'ri~' äté'diJe under the Note, until the Note is paid in full, a sum (the "Funds") to provide for payment of ä#tÇi~fdµe·i¿t (8) taXes and assessments and other items which can attain priority over this Security Instnû11~¡'¡(aS a lie!) ,or encumbrance on the Property; (b) leasehold payments or ground rents on the Property, if·åÏiY';"(c)·premiiims for any and all insurance required by Lender under Section 5; and (d) Mortgage Insurance þi"~iuin8, if any, or any sums payable by Borrower to Lender in lieu of the payment of Mortgage Insúraßce Wemiums in accordance with the provisions of Section 10, These items are called "Escrow ItemS," At origination or at any time during the term of the Loan, Lender may require that Community Association Dues, Fees, and Assessments. if any, be escrowed by Borrower, and such dues, fees and assessments shall be ¡m Escrow' Item, Borrower shall promptly furnish to Lender all notices of amounts to be paid under this Section. Borrower shall pay Lender the Funds for Escrow Items unless Lender waives Borrower's obligation,to p~y. the Funds for any or all Escrow Items, Lender may waive Borrower's obligation to pay to Lender Funds for any or all Escrow Items at any time. Any such waiver may only be in writing. In the event of such waiver, Borrower shall pay directly, when and where payable. the amounts due for any Escrow Ite.ms r~r w~ch p~yment of 1420169847 'nn'a'a:Æ Fo~m ;JD5~ 1/01 :.j 'I," ,1:.... _.6(WY) (0005) Paue4 01 15 ',' . , .. i " f' ;.. . . : I. ..~:' '. i: '~.. .;! . ':~ . . ,. .... .' ~ :" t. . ,: I'~ .... -.,1 , " . ,'. , , ...--- "---.-.-. ò~);G92l)~, ":, 000609 Funds has been waived by Lender and, if Lender requires, shall furnish to Lender receipiS ev~encing such payment within such time period as Lender may require. Borrower's obligation to make südi påYinèßtS and to provide receipts shall for all purposes be deemed to be a covenant and agreement coritained iri' this 'S~Wity Inslrument, as the phrase "covenant and agreement" is used in Section 9, If Borrower is oblig~ied to ,pay Escrow Items directly, pursuant to a waiver. and Borrower fails to pay the amount due for àn ,Escrow Item, Lender may exercise its rights under Section 9 and pay such amount and Borrower shall then be obligated under Section 9 to repay to Lender any such amount. Lender may revoke the waiver as' tÖ âny or all EScrow Items at any time by a notice given in accordance with SeclÌOn 15 and, upon such revocation, BOrrower shall pay to Lender all Funds. and in such amounts, that are then required under this Section 3. ' Lender may, at any time, collect and hold Funds in an amount (a) sufficient to permit Lender to apply the Funds at the time specilled under RESPA, and (b) not to exceed the maximum amount a lendér can require under RESP A. Lender shall estimate the amount of Funds due on the basis of cilrrent data and reasonable estimates 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, insll'Umenfality. or entity (including Lender, if Lender Is an institution whose deposits are so insured) or in any Fedeiaf 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 the Funds, annually analyzing the escrow account, or verifying the Escrow Items. unless Lender pays Borrower interest on thç Funds and Applicable Law pennits Lender to make such a charge. Unless an agreement is made In writing or J).pplicable 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 CWI agree in writing, however, that interest shall be paid on the Funds. Lender shall give to Borrower, without charge, an annual accounting of the FundS as required by RESPA. ", If there is a sUl'plus of Funds held in escrow, as dermed under RESPA, Lender shiíli' ~oûnt'tO Borrower for the excess funds in accordance with RESP A. If there is a shortage of Fuòds'l1b¡~~tsÇMw; as dermed under RESPA, Lender shall notify Borrower as required by RESPA, and Borrówer sfiarI'þ¡iY to Lender the amount necessary to make up the shortage in accordance with RESPA, but in.np 'mar¿ thim 12 monthJy payments. If there is a deficiency of Funds held in escrow, as dermed under ~PA;'~Ì1der shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount n~Sary.to måke up the deficiency in accordance with RESPA, but in no more than 12 monthly payments. ' ' Upon payment in full of all sums secured by this Security Instrument, Lender shall promptly i'efund to Borrower any Funds held by Lender. 4. Charges; Liens. Borrower shall pay all taxes, assessments. charges, fines, and impositions atttiboJable to the Property which can attain priority over this Security Insll'Ument, leasehold pàyments or ground rents on the Property, if any, and Community Association Dues, Fees, and AssessmentS, i,f any. To the extent that these items are Escrow Items, Borrower shall pay them in the manner provided in S~on 3. ',' Borrower shall promptly discharge any lien which has priority over 'this Security Instrument unless Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a manner aCcèptable to Lender. but only so long as Borrower is performing such agreement; (b) contests the lien in g004 faith by, or defends against enforcement of the lien in,legal proceedings which in Lender's opinion operate io prevent the enforcement of the lien while Ihose proceedings are pending, but only until such proceeding's 'are concluded; or (c) secures from the bolder of the lien an agreement satisfactory to Lender subordln~g:t1Í~.1~~,1O; this Security Instrument. If Lender determines that any part of the Property is subject' to alien ,whful ,'¢aii' aitain priority over this Security Instrument, Lender may give Borrower a notice identifying th.~ lie,.n"~~ìin ~O , , i ¡: I I I I 1. ¡. ¡ j i , , .' " '0 ....... . : ~ . .; \ . ~ '. 1420169847 ~.6(WY) (0005) Page 6 0/16 /'.£J InIUIII:.L.::t..-- .: ';. .1.. !", ',' ',For~ 3051, 1101 , " O~)Z9Z63 00061.0 days of the date on which that notice is given, Borrower shall salisfy the lien or take one or more of the actions set forth above in this Section 4, ' ' Lender may require Borrower to pay a ono-time charge for a real estate tax verification and/or reporting service used by Lender in connection with this Loan. ' 5. Property Insurance. Borrower shall keep the improvements now existing or hereafter 'erected on the Property insured against loss by fire, hazards included within the tenn "extended coverake.",and 'any' other hazards including, but not limited to, earthquakes and floods, for which Lender requires insutance, This insurance shall be maintained in the amounts (including deductible levels) and for the periods that Lender requires. What Lender requires pursuant to the preceding sentences can change during the temi 'of the Loan, The insurance canier providing the insurance shall be chosen by Borrower subject to'Lçßder"'s right to disapprove Borrower's choice, which right shall not be exercised unreasonably. Lértdèj',may';,ré<lúire Borrower to pay, in connection with this Loan, either: (a) a ono-time charge' for flood zOne 'ìlereqniriäfion; , certification and tIacldng services; or (b) a one-time charge for flood zone detennination and certification services and subsequent charges each time remappings or similar changes occur which reasonably might affect such detenninatlon or certification, Borrower shall also be responsible for the' payment' of :~y fees imposed by the Federal Emergency Management Agency in connection with the review of any flood zone determinalion resulting from an objection by Borrower, If Borrower fails to maintain any oC the coverages described above, Lender may, obtain insurance coverage, at Lender's option and Borrower's expense, Lender is uneler no obligation' to purchose any particular type or amount of coverage. Therefore, such coverage shall cover Lender, but might'or might not protect Borrower, Borrower's equity in the Property, or the contents of the Property, agaiost,any risk, hazard or liability and might provide greater or lesser coverage than was previously in effecL Borrower acknowledges that the cost of the insurance coverage so obtained might significantly exceed the cost of insurance that Borrower could have obtained. 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 rate from the date of disbursement and shall be payable, with such interest, upon notice from Lender to Borrower requesting paymenL , , All insurance policies required by Lender and renewals of such policies sh'aJI be subject to,Lender's right to disapprove such policies, shall include a standard mortgage clause, and shall nan'le ,~der as mortgagee and/or as an additional loss payee, Lender shall have the right to hold the policies and renewal certificates. If Lender requires, Borrower shall promptly give to Lender all receipts of ~d':premiums and renewal notices, If Borrower obtains any fonn of insurance coverage, not otherwise required by' Lender, for damage to, or destruction of, the Property, such policy shall include a standard ~ortga&e ,cI8qèe'ariif ~/qill name Lender as mortgagee and/or as an additional loss payee, :.: ';",. ',',.- In the event of loss, Borrower shall give prompt notice to the insumnce canier and ~¥, LMð¡;'mäy make proof of loss if not made promptly by Borrower. Unless Lender and BoiTower,pth~~e' a.Y.e6 'in writing, any insurance proceeds, whether or not the underlying insurance was required bY"i.èñacl';'sþi¡il'bê applied to restoration or repair of the Property" if the restoration or repair is econoriii~ålly' f~1~leand Lender's security is not lessened, During such repair and restoration period, Lender shall have tlie right to hold such insurance proceeds until Lender has had an opportunity to inspect such Property to ensure ¥he work has been completed to Lender's satisfaction, provided that such inspection shall be ~eruiken promptly, Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as the work is completed, Unless an agreement is made in writing or Applicabla Law requires interest to be paid on such insurance proceeds, Lender shall not be required to pay Borrower any ¡nœrest or earnings on such proceeds. Fees for public adjusters. or other third parties, retained by Borrower shalll10t 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 sh~ be applied to ,- I I I I J I I Î, 1420169847 . -U(WY) (00081 GÞ Page e 0115 Innlal.:~ " ' , Form 3051' 1/01 ..- ." . I:;' . ·'f.i ~ -', I',' ".,'. . ~. . '. " . , . . . ~ " . O~)29263 ;. ~Ô00611 the sums secured by this Security Instrument, whether or not then due, with the exceSs, if 1U1y; 'paid ,to Borrower. Such insurance proceeds shall be applied in the order provided for in Seclion 2,,' ',' If Borrower abandons the Property, Lender may file, negotiaIC and settle any available ~sunince claim and related matters. If Borrower does not respond within 30 days to a nolice from l.er!der dUlt '\he' jnsurance carrier has offered to settle a claim, then Lender may negotiate and settle the claim. 'I1i~:30.d8y ijerièKl'Wi,II begin when the notice is given. In either event, or if Lender acquires the Property under :'S~tiori' ,22 oi otherwise, Borrower hereby assigns to Lender (a) Borrower's rights to any insurance proèeeds"in' an amount not to exceed the amounts unpaid under the Note or this Security Instrument, and (b) any other ofBorrówer's rights (other than the right to any refund of unearned premiums paid by Borrower)' under all insunuice policies covering the Property, insofar as such rights are applicable to the coverage of the, Prt.>perty:Lender may use the insurance proceeds either to repair or restore the Property or to pay amounts unpaid under the Note or this Security Instrument, whether or not then due, 6. Occupancy. Borrower shall occupy, establish, and use the Property as Borrower's principal residence within 60 days after the execulion of this Security Instrument and shall continue to occripy the Property as Borrower's principal residence for at least one year after the date of occupancy. unless Lender otherwise agrees in writing, which consent shall not be unreasonably withheld. or unless extenuating circumstances exist which are beyond Borrower's conlrol. 7. Preservation, Maintenance and Protection of the Property; Inspections. Borrower shall not desb'OY, damage or impair the Property, allow the Property to deteriorate or commit waste on the ¡>ro¡)erty, Whether or not Borrower is residing in the Property, Borrower shall maintain the Property in order to prevent the Property from deteriorating or decreasing in value due to its condition. Unless it is detennined pursuant to Section 5 that repair or restoration is not economically feasible, Borrower shall promptly repair the Property if damaged to avoid fwtber deteriomtion or damage. If insurance or condemnation proçeeds' are, pai~ in connection with damage 10, or the taking of, the Property, Borrower shall be rCspoi1s¡ble for'r6pairiD'g or restoring the Property only if Lender has released proceeds for such purposes, Lender may disburse proCeeds for the repairs and restomtion in a single payment or in a series of progress paymen~ ,a(,tJi~ work ~ completed, If the insurance or condemnation proceeds are not sufficient to repair or. ~tQ~)i:hè ·~perti1 Borrower is not relieved of Borrower's obligation for the completion of such repair or restotànorf,.: '," . Lender or its agent may make reasonable entries upon and inspections of the Pr¡jp(:èty: 'If it has reasonable cause, Lender may inspect rhe interior of the improvements on the PropertY, :ÙlÍcfer "~hâ1i 8i~~ Borrower notice at the time of or prior to such an interior inspection specifying such reas'<Ìriable,èausè.' " 8. Borrower's Loan Application. Borrower shall be in default if, during the Loan 'applieation process, Borrower or any persons or entities acting at the direction of Borrower or with Borrowc:rikitowledge or consent gave materially false, misleading, or inaccurate infonnation or statements to Lender (or failed 10 provide Lender with material infonnation) in connection with the Loan, Material represen~tions include. but are not limited to, representations concerning Borrower's occupancy of the Property as BOrrower's prfucipal residence. 9. Protection of Lender's Interest in the Property and Rights Under this Security Instrument. If (a) Borrower fails to perfonn the covenants and agreements contained in this Security InStrument, (b) there is a legal proceeding that might significantly affect Lender's interest in the Property and/~rdghts 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 Instniment' Qr to enforce: laws or regulations), or (c) Borrower has abandoned the Property, then Lender may do and pay for vyhatever is reasonable or appropriate to protect Lender's interest in the Property and rightS undèt::.t1\is 'Security Instrument, including protecting and/or assessing the value of the Property, and securlßg ~d/or 'repaging . . ,'. ", ·~·..·1 the Property, Lender's 'actions can include, but are not limited to: (a) paying any sums ~ec~ by a,lien wþich has priority over this Security Instrument; (b) appearing in court; and' (c) ',Pâyin,~" ~Q~able I I I j ¡ ,. , . ~ ' . :,' 1420169847 Inlllalo: 4/'/ ': ;'.' :: ~ >.:; ~. .~. ; . .'::. . .: ; , F )rlTl 30&'1 1'/01 .. .S(WY) (00061 Qþ Page 7 0116 , , . ' , " . .; " . -~----- Û~:)2S263 000612 attorneys' fees to protect its interest in the Property and/or rights under this Security Instrument, including its secured position in a bankruplCY proceeding. Securing the Property includes, but is not limiteä ~;ert~g,the Property to make repairs, change locks, replace or board up doors and windows, drain water, from' pipes, eliminate building or other code violations or dangerous conditions, Wid have utilities turned on or off, Although Lender may lake action under this Section 9. Lender does not have to do so and is not under any duty or obligation to do so. It is agreed that Lender incurs no liability for not takingany,...91:.all JiCtions authorized under this Section 9. , ':.,; ..: . ',!;',: . ' Any amounts disbursed by Lender under this Section 9 shall become additional 4C?~~ .0(B~~wer secured by this Security InstrUment These amounts shall bear interest at the Note rate from: the date of disbursement and shall be payable, with such interest, upOI1 notice from Lender to Borrow.er.'reqU!(S1ÍrIg payment. ' ,,:" -: : If this Security InstrUment is on a leasehold, Borrower shall comply with all the prov~~ionÍl of the leasé. If Borrower acquires fee title to the Property, the leasehold and the fee title shall not merge "unl~ Lender agrees to the merger in writing. . '.' . '., . 10. Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan, Borrower shall pay the premiums required to maintain the Mortgage InsU11U1ce m effcct,,µ; for any reason, the Mortgage Insurance coverage required by Lender ceases to be available from the mortgage msurer that previously provided such msurance and Borrower was required to make separately designated payments toward the premiums for Mortgage InsU11U1ce, Borrower shall pay the premiums required to obtain coverage substantially equivalent to the Mortgage Insurance previously m effect, at a cost substantially equivalent to the cost to Borrower of the Mortgage InsU11U1ce previously m effect, from an alternate mortgage insurer selected by Lender, If substantially equivalent Mortgage Insurance coverage is not available, ;Borrower sha1l continue to pay to Lender the amount of the separately designated payments that were due whén the insurance coverage ceased to be m effect. Lender will accept, use and retain these paymenlS as a non·refundable loss reserve in lieu of Mortgage Insurance. Such 108S reserve shall be non-refundable, notwithsœnding ~c façt that the Loan is ultimareJy paid m full, and Lender shall not be required to pay Borrower any interest or eatnmgs on such loss reserve. Lender can no longer require loss reserve payments If Mortgage InSUrance c~v~gb (in the amount and for the period that Lender requires) provided by an insurer selected by Lender agaíri becomes available, is obtained. and Lender requires separalely designated payments toWard the premii.uñs f!Jr ,Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making th~ Loan an.d )3QftOwer was required to make separately designated payments toward the premiums for Mortgage t~èc;" B~rtØwer shall pay the premiums required to maintain Mortgage Insurance in effect, or. to provi~e a. nòi\~réf1\n4a1?lc )os~ reserve, until Lender's requirement for Mortgage InsU11U1ce ends m açcordance with, any \vnttÇn: ~8ri#nent between Borrower and Lender providing for such termmation or until termmatioJÍ is reqQjrpq,py: Apþ'µcable Law, Nothing m this Section 10 affects Borrower's obligation to pay mterest at the rate pr~vided'mtheN'òte: Mortgage InSlJI'aqce reimburses Lender (or any entity that purchases the Note) for c.;loss~:.i~·may incur If Borrower does not repay the Loan as agreed. Borrower is not a party to the Mortgag~ In~ëe. . . ' Mortgage insurers evaluate their total risk on all such insurance in force from time tó !bjiè;'an4 may enter into agreements with other parties that share or modify their risk, or reduce losses, These ~ents are on terms and conditions that are satisfactory to the mortgage msurer 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 the mortgage msurer may have available (which may include funds obtained from Mortgage Insurance premiums). As a result of these agreements, Lender, any purchaser of the Note. another insurer. any re~urer, any other entity, or any affiliate of any of the foregoing, may receive (directly or mdirectly) amounts that derive from (or might be characterized as) a pordon of Borrower's payments for Mortgage Insurance, m exchange for sharing or modifying the mortgage insurer's risk, or reducmg losses. If such !igreement provides that an affiliate of Lender lakes a share of the insurer's risk in exchange for a share of the premhuns paid to the insurer, the arrangement is often termed "captive reinsurance." Further: (a) Any such agreements will Dot affect the amounts that Borrower· has ågreed to pay for Mortgage Insurance, or any other terms of the Loan. Such agreements wiD not increas!! th,C(.IJD.1ount Borrower will owe for Mortgage Insurance, and they will not entitle Borrower to aoy refund~ " 1420169847 Inlllllo: t':/ ," ,./', .. ': ".,... .' ..Fpf~:~O~1' 1/01 . . ::',. ',' . . ~.6(WV) (0006) PaUl B 0116 :\ :,...:. t< ~. ,. ,: .;; : ': ;.' ,',1\) .\j '" . . R . . . . '. -: : ·i';::. .., ~: . ..' þ ~ . . .. . , . I I. I I i I I ! I I i ¡ , ..______.-~__a.._~_" ..,_. - ' 2'-. 9- r....ü·-·' ~ . i"", .., U~) Io.,¡' û ", ", 0, " 0006~3 " " ' (b) Any such agreements will not affect the rights Borrower has . II any - wi~ r~ect to the Mortgage Insurance under the Homeowners Protection Act of 1998 or any other law:. These rights may include the right to receive certain disclosures, to request and obtain cancellation; of tl,1l! 'Mortgage Insurance, to have the Mortgage Insurance terminated ButomaticaUy, and/or to ncelve, a refund of any Mortgage Insurance premiums that were unearned at the time of such cancellation or termination. 11. Assignment of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned to and shall be paid to Lender, , ' If the Property is damaged, such Miscellaneous Proceeds shall be applied to restoration or repair of the Property, if the restoration or repair is economically feasible and Lender's security ~ ~oi les8e1Jed. During such repair and restoration period. Lender shan have the right to hold such Miscellan~us Proceeds until Lender has had an opportunity to inspect such Property to ensure the work has ~n completed tò Lender's satisfaction, provided that such inspection shall be undertaken promptly, Lender may pay forthe:repairs and restoration in a single disbursement or in a series of progress payments as the work is co~pleted, Unl~ an agreement is made in writing or Applicable Law requires interest to be paid on such MisceDaneo!1s '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 or Lender's security would be lessened, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument, whether Of not theri due. with the excess, if any, paid to Borrower. Such Miscellaneous Proceeds shall be applied in the order"þrgviØ~ fQf in Section 2, ' "". , ' In the event of a total taking, destruction, or loss in value of the Property, the Mis~e1i8neous Proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due;, with the' excess, if any, paid to Borrower, ' In the event of a partial taking, destruction, or loss in value of the Property in which ,lIie fair market value of the Property immediately before the partial taking, destruction, or loss in value is eqUal to"orgreater than the amount of the sums secured by this Security Instrument immediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the siJ~ sCcüied by tliis Security Instrument shall be reduced by the amount of the Miscellaneous ProéeOOs' rilUltlþlied by the following fraction: (a) the total amount of the sums secured immediately before the'partial dg;,destruction, or loss in value divided by (b) the fair market value of the Property immediately bèfote' the piìriîâf laking. destruction. or loss in value. Any balance shall be paid to Borrower. ~, . ' In the event of a partial taking, destruction, or loss in value of the Property in which the fair market value of the Property immediately before the partial laking, destruction, or loss in value is less than the amount of the sums secured immediat.ely before the partial laking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the Miscellaneous Proceeds shall be appli~ tó the sums secured by this Security Instrument whether or not the sums are then due, ' If the Property is abandoned by Borrower, or Ü, after 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, norrower fails to respond to Lender within 30 days after the date the notice is given, Lender is authorii.ed to coµect and apply the Miscellaneous Proceeds either to restomlÍon or repair of the Property or to the sums secured by this Security Instrument, whether or not then due, "Opposing Party" means the third party thåt 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 jf any action or proceedlng, whether civil or Criminåi, is' þe&iµlth~ in Lender's judgment, could result in forfeiture of the Property or other material impairment of Lender's interest in the Property or rights under this Security Instrument Borrower can cure sucb a default and, ü'acœleràtion has occurred, reinstate as provided in Section 19, by causing the action or proceeding to:be"âlšmissed;wlth a ruling that, in Lender's judgment, precludes forfeiture of the Property or other material' ,impair,ment of Lender's interest in the Property or rights under this Security Instrument The proceeds of~y"áward'ot'Cliùm for damages that are attributable to the impainnent of Lender's interest in the Propenyår~ hereby ~~ed and shalt be paid to Lender, ' " ,:, ' ,..' All Miscellaneous Proceeds that are not applied to restoration or repair of the PrQRCrty'slíåll be IIPplicd in the order provided for in Section 2. ,': " '. .:, , 1420169847 _.6(WY) (0005) page 9 01 IS Inlll.l8: {/ I i I I I' i I, I ! Form 3061 1/01 , , , ., 000614 (j~J29263 12. Borrower Not Released; Forbearance By Lender Not a Waiver, Extension of the IÌme for payment or modification of amortization of the sums secured by this Security Instrument granted by Lender to Borrower or any Successor in Interest of Borrower shall not operate to release the liability of'BorTOWer or any Successors in Interest of Borrower, Lender sball not be required to commence proceedings ,against, any Successor in Interest of Borrower or to refuse to extend time for payment or otherwise modify.:aµÍoriizlirion of the sums secured by this Security Instrument by reason of any demand made by the:onginal Borrower or any Successors in Interest of BOlTOwer. Any forbearance by Lender in exercising, any' right 'or remedy including, without limitation, Lender's acceptance of payments from third persons, entiti~ or,Successoù'in Interest of Borrower or in amounts less than the amount then due, shall not be a waiver of or..preclude the exercise of any right or remed¥. :: :',:'. '.. 1:",.. 13. Joint and Several Ll8bilityj Co-signer&; Successors and Assigns Bound. BOlTOwer Covenants and agrees that BOlTower's obligations and liability shall be joint and several. However; any Bori9w~ who co-signs this Security Instrument but does not execute the Note (a "co-signer"): (a) is C().sig'fling' this S~urity Instrument on]y to mortgage, grant and convey the co-signer's interest in the Property únc;i!'l'thtftenÌls, of this Security Instrument; (b) is not personally obligated to pay the sums secured by this Sec~ty Instrument; and (c) agrees that Lender and any other Borrower can agree to extend, modify, forbear or malçe any accommodations with regard to the tenns of this Security Instrument or the NOIe without ¡he co-signer's consent. Subject to the provisions of Section 18, any Successor in Interest of BOlTOwer who assumes BOlTower's obligations under this Security Instrument in writing, and is approved by Lender, shall obtain all of Borrower's rights and benefits under this Security Instrument. Borrower shall not be' released from BOlTower's obligations and liability under this Security Instrument unless Lender agrees to such release in writing, The covenants and agreements of this Security Instrument shall bind (except as provided in Seetion 20) and benefit the successors and assigns of Lender, ' 14. Loan Charges. Lender may charge BOlTOwer fees for services performed in conn~tion with BOlTower's default, for the purpose of protecting Lender's interest in Ihe Property and riShts under this Security Instrument, including, but not limited to, attorneys' fees, property inspection and ,valilaJi~n fees. In regard to any other fees, the absence of express authority in this Security Instrument to ch~e..·~ sÞ~iJic fee to Borrower shall not be construed as a prohibition on the charging of such fee. Lender n.i~Y:iiô~ ,~æ:ge ,fees that are expressly prohibited by this Security Instrument or by Appli.cable Law, ..' ":.:: '. , "~' ,'>,', .. If the Loan is subject to a law which sets maximum loan charges, and that law is fmäItÝ!#i'td1>~i&l ŠÖ ¡hat the interest or other loan charges collected or to be collected in connection :with 'tli.e· LOIÎn citcèètl the permitted limits, then: (a) any such loan charge shall be reduced by the amount necessårÿ '.iô ·~g~~;'P.t,~:,c~årgci to the permitted limit; and (b) any sums already collected from BOlTower which ex~ëd 'përlnitte~f limits will be refunded to Borrower, Lender may choose to make this refund by reducing the,'prin~AAi o'w~ pnder the Note or by making a direct payment to Borrower. If a refund reduces principal, th~ ,rèd!Ìçi:iô.Ii'~iir be treated lIS a partial prepayment wilhout any prepayment charge (whether or not a prëpayJÚ,~ñt..ch~ge is provided for under the Note), BOlTower's acceptance of any such refund made by direct pa>1ri:ei'lt tö Borrower will constitute a waiver of any right of acdon Borrower might have arising out of such overcharge,' , 15. Notites. All notices given by Borrower or Lender in connection with this SecQfÍtY InslnÍment must be in writing, Any notice to BOlTower in connection with this Security Instrument shall be deemed tQ have been given to Borrower when mailed by f ]'st class mail or when actually delivered to Borrower's notice address if sent by other means, Notice to anyone Borrower shall constitute notice to all Borrowers unless Applicable Law expressly requires olherwise. The notice address shall be the Property Address unless Borrower has designated a substitute notice address by notice to Lender. Borrower shall promptly nòtüy Lender of BOlTOwer's change of address. If Lender specifies a procedure for reporting Boriowe,'s change of address, then Borrower shall only report a change of address through that specified procedure. There may be only onc designated notice address under Ihis Security Instrument at anyone time,' Any 'notice to Lender shall be given by delivering it or by mailing it by first class mail to Lender's address sqited herein un)ess Lender has designated another address by notice to Borrower. Any notice in connection with this secuíity ¡nstrument shall not be deemed to have been given to Lender until actually received by Lender, If any notice requ~ by this Security Instrument is also required under, Applicab1e Law, the Applicable Law requiremen't'~ill ~1isfy the corresponding requirement under this Security Instrument. " . '.: '.' ,', ..... .: ;~~. ":': ':,1' . 1420169847 1"111111.: e~ . :. ::. ':" . .: :,' ; '. : ';.-: ~:. '. . . ,.: i9~'m~ò,~1' "01 . ,",: .'f.·.· :," : .. . :~;.:~:: , ..' !; '" ':,' '; _ -6(WY) (00061 II> Page 100115 . ,.,. "i" " '. to. .," . '.. t··..·1,.·, , , . ," I· t',·. " ....,. I I ! i I I I ¡ I, ; I !. ! ¡ I ! ' I -~------.....-- .---- .. ' ,~~292£,~~ , ':":':.' ';O~0615 '. . , , 16. Governing Law; Severability¡ Rules or Construction. This Security Instrument,shall ~e governed by federal law and the law of the jurisdiction in which the Property is located. All rights and obligations contained in this Security Instrument are subject to any requirements and limitations of Applicablj;: 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 .~e event that any provision or clause of this Security Instrument or the Note conflicts with Applicable Law, such conIDct shall not affect other provisions of this Security Instrument or the Note which can be given effect without the conflicting provision, . As used In this Security Instrument: (a) words of the masculine gender shall mean an~' include COIreSponding neuter words or words of the feminine gender, (b) words in the singular 'shall mean and include the plural and vice versa; and (c) the word "may" gives sole discretion without any obligation to ,tBke any action, 17. Borrower's Copy. Borrower shall be given one copy of the Note and of this Security lnsirúment. 18. Transfer or the Property or a Beneficial Interest in Borrower. As used In IbiS. S.ecti\>n 18, "Interest In the Property" means any lega] or beneficia] intereslln the Property, Including, but not limbed to, those beneficial Interests transferred In a bond for deed, contract for deed, instiillment sales con~t ,or escrow agreement, the intent of which is the transfer of title by Borrower at a future date to a pw:c:lu\Sei:" . If all or any pan of the Property or any Interest in the Property is sold or traitsferred:(or if B01TOwer js not a natural person and a beneficial interest in Borrower is sold or transferred) without Lender's prior written consent. Lender may require immediate payment in full of all sums secured by, this SecUrity Inslniment. However, this option shall not be exercised by Lender if such exercise is prohibited by Applicable Law. If Lender exercises this option, Lender shall give Borrower notice of acceleratiQn. 'rhë..notice.ShaIl provide a period of not less than 30 days from the date the notice is given in accordance with'Section 15 within which Borrower must pay all sums secured by this Security Instrument. If Borrowet:,failS to pay these sums prior to the expiration of this period, Lender may invoke any remedies permitted ~y:·this Security Insttument without further notice or demand on Borrower. '. '" ,". '.' '.' 19. Borrower's Rlgbt to Reinstate After Acceleration. If Borrower meetS· Cêrtàiri èoncfitlons; Borrower shall have the right to have enforcem~nt of this Security Instrument discontinued àÙu1Y time prior to the earliest of: (a) five days before sale of the Property pursuant to any power of sale COntåißed in this Security Instrument; (b) such other period as Applicable Law might specify for the termination of Borrower's right to reinstate; or (c) entry of a judgment enforcing this Security Instrument. Those conditions are that Borrower: (a) pays Lender all sums which then would be due under this Security Instrument and the Note as if no acceleration had occurred; (b) cures any default of any other covenants or agreements; (c) pl:tys all expenses incurred in enforcing this Security Instrument, including, but not limited to, reasonable' attorneys' fees, property inspection and valuation fees, and other fees incurred for the purpose of protéëting Lender's interest in the Property and rights under this Security Instrument; and (d) takes such action ås Lènder inay reasonably require to assure that Lender's interest in the Property and rights under this $C;Curity. Instrument. and Borrower's obligation to pay the sums secured by this Security Insttument, shall continue u~.chariged. Lender may require that Borrower pay such reinstatement sums and expenses in one or inor" óì t4eJollOwing fonns, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, ~urçr's check or cashier's check, provided any such check is drawn upon an institution whose deposits are insured'by à federal agency, instrumentality or entity; or (d) Electronic Funds Transfer. Upon reins~ment, by·'~orr~w~.,1his Security Instrument and obligations secured hereby shall remain fully effective as .ü no acèeleratiori had occuned, However, this right to reinstate shall not apply in the case of acceleration under seèµpµ 'lit . .:" 20. Sale or Note; Cbange of Loan Servicer¡ Notice or Grievance. The Note or a p~ in~t 'in the Note (together with this Security Instrument) can be sold one or more times without priot,µoii~tò Borrow~. A sale might result in a change in the entity (known as the "Loan Servicer") that conec~, P~~ëPaY,IPents due under the Note and this Security Instrument and performs other mortgage loan ~erVil<~g 9bligat;ions undc:r the Note, this Security Insttument, and Applicable Law, There also might be one or niQre',chang~ of the Loan Servicer unrelated to a sale of the Note, If there is a change of the Loan ServicCr, B~rrower'will be given written notice of the change which will statè the name and address of the new ~,Servicer; ,the address to which payments should be made and any other infonnation RESPA requires in,.conn.ection with a I I· , i I I I I I I I I I ! i' I 1420169847 In",a'l:d G -6(WY) (0005) ~ Page 11 or 16 Form 3051 1/01 ¡.' .... - ....' . . ---_..~._. ..... ~.-.. --. Ü~Z3Z63 000616 notice of transfer of servicing, If the Note is sold and thereafter the Loan is serviced by a Loan Servicer other than the purchaser of the Note. the mongage loan servicing obligations to Bo~wer will remain willt, tb~ Loan Servicer or be transferred to a successor Loan Servicer and are not assumed by Ibe Note purchaser unless otherwise provided by Ibe Note purchaser. Neither Borrower nor Lender may commence, join, or be joined to any judicial açtion '(~. eitlÎer, an individual litigant or the member of a class) that arises from the other party's actions pursÍ1án~ iò,' t1üs ;$C;Curity Instrument or that alleges that the other party has breached any provision of, or any duty ,óv.i~,bY·feåso~ of, this Security Instrument, until such Borrower or Lender has notified the other party (with ,S!lch DC?ti~.giYCn in compliance with the requirements of Section IS) of such alleged breach and afforded d)e'oiherparty,hcreto a reasonable period after the giving of such notice to take corrective action, If Applicable r.a:Wp~,vi4ès:å tiine period which must elapse before certain action can be taken, that time period will be deem~ to·.~e '~iÍàbie for purposes of this paragraph, The notice of acceleration and opportunity to cure given toBQrró.~~ p~uant to Section 22 and the notice of acceleration given to Borrower pursuant to Section 18, sl1all be" deemed to satisfy the notice and opportunity to take corrective action provisions of this Section 20. " ZI, Hazardous Substances. As used in this Section 21: (a) "Hazardous Substances" are those substances dermed as toxic or hazardous substances, pollutants, or wastes by Environmental Law and the following substances: gasoline, kerosene, other flammable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents. materials containing asbestos or formaldehyde, and radioactive materials; (b) "Environmental Law" means federal laws and laws of the jurisdiction where the Property is located that relate to health, safety or environmental protection; (c) "Environmental Cleanup" includes any response action, remedial action, or removal action, as defined in Environmental Law; and (d) an "Environmental ,Condition" means a condition that can cause, contribute to, or otherwise trigger an Environmental CleaJUJp. Borrower shall not cause or pennit Ibe presence, usc, disposal, storage, or release of any' Hazardous Substances. or threaten to release any Hazardous Substances, on or in the Property, BOlTOwer shåU not do, nor allow anyone else to do. anything affecting the Property (a) that is in violation, of any ,En\'Ù'Onl11ental Law, (b) which creates an Environmental Condition, or (c) which, due to the ~ce, 1,l8.C, 'or rèl~, ,of a . . ., I', .... ..' . Hazardous Substance, creates a condition that adversely affects the value of the Pro~rtY. ,1be ·prèCe.<üIig. Ïy¡o sentences shall not apply to the presence, use, or storage on the Property of small quantitiës'.9f HaZardous . .. ....:. '. I'" Substances that are generally recognized to be appropriate to nannal residential uses ånd' tP: !11.$tenançe of '. ..... J ,',I' '. .' . the Property (including, but not limited to, hazardous substances in consumer products).. ' .'.~, ,.,' ,.,:. ' " .. . ). ,.. .~".." Borrower shall promptly give Lender written notice of (a) any investigation, clairp,.d~rmm(!".~~~uit, Or olber action by any governmental or regulatory agency or private party involving the 'Pfoperty ånd any Hazardous Substance or Environmental Law of which Borrower has actual kn9wledge~' (b), any Environmental Condition, including but not limited to, any spilling, leaking, discharge; release or threat of release of any Hazardous Substance, and (c) any condition caused by the presence, us~ or release of a Hazardous Substance which adversely affects the value of the Propeny. If Borrower learns; or i~ notified b)' any governmental or regulatory authority, or any private party, that any removal or other remediation of any Hazardous Substance affecting the Property is necessary, Borrower shall promptly take all necessary remedial actions in accordance with Environmental Law. Nothing herein shall create any obligation on Lender for an Environmental Cleanup. 1420169847 .. -e(wy) (OOD6) is> Initial.: C/ , " .' ,;o.~~:~b~~..;1"~1 PaUl 120115 . ' .... .' - ~ .. ": ',: :~.:J:">:' :;. ',:.:,: .,'. . . '. ~ ".: '. . ., . " '" ,. :: :' . .... .:. :.~. : . ;,'. ¡" ....., r i I I, ! i I' I i i I I, -'- u~)29263 ," :..' ':~':; ;.:. ;'000617 , i ¡ i I ! i I I I I i i i I I' i ,'. . , . . , NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree åSfollOws;,. . ..... " 22. Acceleration¡ Remedies. Lender shall give notice to Borrower prior to acœler~tfo~',rono~g Borrower's breach of any covenant or agreement in this Seeurity Instrument' (b,ut not, prior to acceleration under Section 18 unless Applicable Law provides othenvJse). The, notice shaD specify: (a) the default; (b) the action required to cure the default: (c) a date, not less than 30 ð8.ys from the date the notice is given to Borrower, by which the default must be cured; and (d) tbat fajlure to ture the default on or before the date specified in the notice may result in acceleration of the sums secured by this Security Instrument and sale of the Property. The notice shaD further inform Borrower of the right to reinstate after acceleration and the right to bring a court action to assert the no~·existence of a default or any other defense of Borrower to acceleration and sale. If the default Is not ciJred' on or before the date specified In the notice, Lender at its option may require immediate payment in full of all sums secured by this Security Instrument without further demand and may invoke tbe power of sale and any other remedies permitted by AppUcable Law. Lender shall be entitled to' collect all expenses incurred in pursuing the remedies provided in thi<¡ Section 22, including. but not JIiuhed to, reasonable attorneys' fees and costs of title evidence. If Lender invokes tbe power of sale, Lender shall give notice of intent to foreclose' io Borrower and to the person in possession of tbe Property. if different, In accordanèe witb, App~c.äbl~, Law. Lender shall give notice of the sale to Borrower in the manner provided in SectJon 15. Lender sbåD publish the notice or sale, and the Property shall be sold In the manner prescribed by Ap'pUcab\èLaw. Lender or its designee may purchase the Property at any sale. The proceeds of the, sale /lbaUbe·appUed in the fallowing order: (a) to all expenses or the sale, including, but Dat limited"tó; reasoqable attorney~' fees; (b) to aU sums secured by this Security Instrument; and (c) any exc~J9.'tli'è 'pers0':10r persons legally entitled to it. ' . .~~. t' I; '. I I ¡ I, I I I ! i I i I I 23. Release. Upan payment .of all sums secured by this Security Insb'ument, Lender:šhaì). re1èaS~'this Security Instrument Barrower shall pay any recordatian costS, Lender may charge Borroy..er' a fee far releasing this Security Instrument, but .only if the fee is paid to a third party far serVices renðéred aÌ1d the charging .of the fee is permitted under Applicable Law. ' , " " 24. Waivers. Barrower releases and waives all rights under and by virtue .of the hameStead exemption laws .of Wyaming. ,,', ' 1420169847 ,n,ll.,":æ ~-6(WY) (0008) P·ue130118 ;", .;'">.;.1 ,'r ~ ,: . .. , " " I. "'. I r. . '. .~: :. .: '.; ~.' ':. ~ "9, ',," .,: ~ '. I -" . I' ~ " '. .' . I " ' .. .. . , " , Farm 3051 . 1/01 ------ Ü~ZS263 000618 BY SIGNING BELOW, Borrower accepts and agrees to the tenns and covenants conlained in this Security Instrument and in any Rider executed by Borrower and recorded with it. Witnesses: ," 'J." .... '.' ,,~, ' ~¡iI14'1J!)(jr\4Vx) , ' /' //" It'? ¡l , ~~, / -<::¿;.~"Ü\. " ',": ,': :': (~eal) CLAY P VtER ' -Borrower (Seal) -Borrower (Seal) (Seal) -Borrower , -Borrower .. I (Seal) (Seal) I -Borrower '-Borrower I l' ì (Seal) -Borrower (Seal) -Borrower I " , ., 1420169847 cm·6(WY) (00051 ~ , paut 140116 Förm 3061 110'1 I, I ü~29Zb:i, 0006~9 STATE OF WYOMING, \''''''''11/ Countyss: LJnLÒ/'Î ~...~\\ ~ara, ~:"'- The foregoing instrument was ac.knowledgèd before me this'l .:e;r tL !rf.'~~l:S./kI '1.U Zðò'7 by ... .·cptfo 'o,"0""~' -It .:',... .' NO <ro" ill .- CLAY PEAVLER : 3'/ 1;.,.... ~ \ 9. : _ 0 I '. '7).. -'J'" - :g.~~~;,. " i· = - ... . ~ Vð/ I'" ~' ..~ "Ie / ~ ~ Q ··..~I J .. ~ ~~g;_ .'.~ 2010.... ^Cb~'" ....~.. ...... :\,...~... '~"I.I)/r; WyO~ \\,.. ~~::~~) Notary Public My Commission Expires: AU9Uof 0, ¿DID 142D169847 Inltlall: é'f Form 3061 1/01 G'6(WY) (0008) . P.II. 150115 i i I I ! ¡ d~~~Z63 ADJUSTABLE RATE RIDER (1-Year USOR Index - Rate Caps) (Assumable after Initial Period) THIS ADJUSTABLE RATE RIDER is made this 7th day of May, 2007 and Is incorporated Into and shall be deemed to amend and supplement the Mortgage, Deed of Trust, or Security Deed (the "Security Instrument") of the same date given by the undersigned (the "Borrower") to secure the Borrower's AcJjustable Rate Note (the "Note" ) to Zions First National Bank, N.A. (the "Lender") of the same date and covering the property described in the Security Instrument and located at: HARMONY CREEK ROAD, AFTON, WY 83110 [Property Address] THE NOTE CONTAINS PROVISIONS ALLOWING FOR CHANGES IN THE INTEREST RA TE AND THE MONTHL Y PAYMENT. THE NOTE LIMITS THE AMOUNT THE BORROWER'S INTEREST RATE CAN CHANGE AT ANY ONE TIME AND THE MAXIMUM RATE THE BORROWER MUST PAY. ADDITIONAL COVENANTS, In addition to the covenants and agreements made in the Security Instrument, Borrower and Lender further covenant and agree as follows: A. INTEREST RATE AND MONTHLY PAYMENT CHANGES The Note provides for an initial interest rate of 6 . 7500 %. The Note provides for changes in the interest rate and the monthly payments as follows: 4. INTEREST RATE AND MONTHLY PAYMENT CHANGES (A) Change Dates The interest rate I will pay may change on the first day of May, 2013 and may change on that day every 12th monu' thereafter, Each date on which my interest rate could change Is called a "Change Date." (B) The Index Beginning with u'e first Change Date, my interest rate will be based on an Index. The "Index" is the one-year London Interbank Offered Rate ("UBOR") which is the average of interbank offered rates for one-year U.S, dollar-denominated deposits In the London market, as published in The Wall Street Journal. The most recent Index figure available as of the date 45 days before each Change Date Is called the "Current Index." If the Index Is no longer available, the Note Holder will choose a new index which is based upon comparable Information. The Note Holder will give me notice of this choice. 1420169847 MUL TISTATE ADJUSTABLE RATE RIDER - 1-Year UBOR Index (Assumable after Initial Period) - Single Family - Freddie Mac UNIFORM INSTRUMENT Form 5131 3/04 ~-856R (0405) d r.~!~~~?~~~ SOlut::~'~~" IIIIII~ ~UIIII ~ 11m 000620 . .. ';. ¡ ! I, I I' (j~~92f5~ 000621 (C) Calculation of Changes Before each Change Date, the Note Holder will calculate my new interest rate by adding Two and One-Quarter percentage polnt(s) ( 2.2500 %) to the Current Index, The Note Holder will then round the result of this addition to the nearest one-eighth of one percentage point (0.125%). Subject to the limits stated in Section 4(D) below, this rounded amount will be my new interest rate until the next Change Date. The Note Holder will then determine the amount of the monthly payment that would be sufficient to repay the unpaid principal that I am expected to owe at the Change Date in full on the maturity date at my new interest rate in substantially equal payments. The result of this calculation will be the new amount of my monthly payment. (D) Limits on Interest Rate Changes The interest rate I am required to pay at the first Change Date will not be greater than 8.7500 % or less than 4.7500 %, Thereafter, my Interest rate will never be increased or decreased on any single Change Date by more than Two percentage point(s) ( 2.0000 %) from the rate of interest I have been paying for the preceding 12 months. My interest rate will never be greater than 16,7500 %. (E) Effective Date of Changes My new interest rate will become effective on each Change Date, I will pay the amount of my new monthly payment beginning on the first monthly payment date after the Change Date until the amount of my monthly payment changes again, (F) Notice of Changes The Note Holder will deliver or mail to me a notice of any changes In my interest rate and the amount of my monthly payment before the effective date of any change, The notice will include information required by law to be given to me and also the title and telephone number of a person who will answer any question I may have regarding the notice. B. TRANSFER OF THE PROPERTY OR A BENEFICIAL iNTEREST IN BORROWER 1. UNTIL BORROWER'S INITIAL INTEREST RATE CHANGES UNDER THE TERMS STATED IN SECTION A ABOVE, UNIFORM COVENANT 18 OF THE SECURITY INSTRUMENT SHALL BE IN EFFECT AS FOLLOWS: Transfer of the Property or a Beneficial Interest in Borrower, As used in this Section 18, "Interest In the Property" means any legal or beneficial interest in the Property, including, but not limited to, those beneficial Interests transferred In a bond for deed, contract for deed, installment sales contract or escrow agreement, the Intent of which is the transfer of title by Borrower at a future date to a purchaser. If all or any part of the Property or any Interest in the Property is sold or transferred (or if Borrower is not a natural person and a beneficial Interest In Borrower is sold or transferred) without Lender's prior written consent, Lender may require immediate payment in full of all sums secured by this Security Instrument, However, this option shall not be exercised by Lender If such exercise Is prohibited by Applicable Law, 1420169847 Initials: êl' ~.856R (0405) Page 2 of 4 Form 5131 3/04 I I I I I ¡ I J i ! I I· I i ; ¡ . I· I Ü~29263 If lender exercises this option, lender shall give Borrower notice of acceleration, The notice shall provide a period of not Jess than 30 days from the date the notice is given In accordance with Section 15 within which Borrower must pay all sums secured by this Security Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies permitted by this Security Instrument without further notice or demand on Borrower. 2. AFTER BORROWER'S INITIAL INTEREST RATE CHANGES UNDER THE TERMS STATED IN SECTION A ABOVE, UNIFORM COVENANT 18 OF THE SECURITY INSTRUMENT DESCRIBED IN SECTION B1 ABOVE SHALL THEN CEASE TO BE IN EFFECT, AND THE PROVISIONS OF UNIFORM COVENANT 18 OF THE SECURITY INSTRUMENT SHALL BE AMENDED TO READ AS FOLLOWS: Transfer of the Property or a Beneficial Interest in Borrower. As used In this Section 18, "Interest in the Property" means any legal or beneficial Interest In the Property, including, but not limited to, those beneficial interests transferred In a bond for deed, contract for deed, installment sales contract or escrow agreement, the intent of which is the transfer of title by Borrower at a future date to a purchaser. If all or any part of the Property or any Interest in the Property is sold or transferred (or if Borrower is not a natural person and a beneficial interest in Borrower is sold or transferred) without Lender's prior written consent, Lender may require immediate payment in full of all sums secured by this Security Instrument. However, this option shall not be exercised by Lender if such exercise is prohibited by Applicable Law. Lender also shall not exercise this option if: (a) Borrower causes to be submitted to Lender information required by Lender to evaluate the intended transferee as if a new loan were being made to the transferee; and (b) Lender reasonably determines that Lender's security will not be impaired by the loan assumption and that the risk of a breach of any covenant or agreement in this Security Instrument is acceptable to Lender. To the extent permitted by Applicable law, Lender may charge a reasonable fee as a condition to lender's consent to the loan assumption. Lender may also require the transferee to sign an assumption agreement that is acceptable to Lender and that obligates the transferee to keep all the promises and agreements made In the Note and in this Security Instrument. Borrower will continue to be obligated under the Note and this Security Instrument unless Lender releases Borrower in writing. If Lender exercises the option to require immediate payment In full, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days from the date the notice is given in accordance with Section 15 within which Borrower must pay all sums secured by this Security Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies permitted by this Security Instrument without further notice or demand on Borrower. 1420169847 Gt-856R (0405) Initials: C¡::> Page 3 of 4 Form 5131 3/04 000622 i ì , i I I I i i i I ! ' i i I r I /' / Ü~29;~£~ OOOG2~ BY SIGNING BELOW. Borrower accepts and agrees to the terms and covenants contained in this Adjustable Rate Rider. 4(412~ CLAY l' hER (Seal) -Borrower (Seal) ~Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) - Borrower (Seal) -Borrower (Seal) -Borrower 1420169847 "'856R (0405) QP Page 4 of 4 Form 5131 3/04 ~"~~ , .. .(. ,~.JIf0t2;,u~ \.j ....ß Ñ '-:J 000624 PREPAYMENT RIDER (Multi-state) This Prepayment Rider is made this 7th day of Mav. 2007 and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust or Security Deed (the "Security Instrument") of the same date ~ven oy the undersigned (the "Borrower") to secure Borrower's Note (the "Note, I which includes any alterations made to the Original Note by means of a "Note Modification") to zions First National Bank. N .A, (the "Lender") of the same date and covering the property described in the Security Instrument and located at HARMONY CREEK ROAD I AFTON I WY 83110 (the "Property"). Additional Covenants. Notwithstanding anything to the contrary set forth in the Note or Security Instrument. Borrower and Lender further covenant and agree as follows: Borrower has the right to make payments of principal at any time before they are due, A payment of principal only is known as a "prepayment." A "full prepayment" is the prepa}'11lent of the entire unpaid principal due under the Note, A payment of only part of the unpaid principal is known as a "partial prepayment." If, within the first 90 days beginning with the First Payment Date on the Note (the "Penalty Period"), you make a full prepayment you will incur a prepayment char ge as considerations for the Note Holder's acceptance of such prepayment. The prepayment charge will equal the amount of interest that would accrue during a six (6) month period on the amount prepaid, unless otherwise prohibited by applicable law or regulation. No prepayment penalty will be assessed for any prepayment made after the Penalty Period, By signing below. Borrower accepts and agrees to the terms and covenants contained in this Prepayment Rider, L~£~ CIA Y P '~Î..ER (Seal) (Seal) (Seal) (Seal) 11581 1420169847 PREPAY· 04105 , I I , ' ! I /. I I I- I I , /. I I I I I I I I I I ",,' Z"· ," "'b ~'" '" 'ß "') '''-1.1, "". ' \'...]... ..J -... !J "lOlJ CONSTRUCTION MORTGAGE RIDER 0006~S" '",'i~' . ...~.II' This CONSTRUCTION MORTGAGE RIDER Is attached to and by this referencø Is made a part of the Deød of Trust, dated May 7. 2007. and)~:., _, executød in connection with a loan or other financial accommodations bøtween 'ZIONS FIRST NATIONAL BANK' ønd CLAY PEAVLER, ,~::};:~ Loan No; 395-8302731-01-001 The following provisions are hereby addød to thø Deød of Trust and shall be efføctive as if fully set forth therein: 1, Construction of Improvements, The loan secured hereby Is being obtained for the purpose of constructing improvements on the PrQpe~,,:'.' Trustor agrees, notwithstanding anything in this Mortgage to the contrary. to carry out and complete such improvements In eccorcl¡incø ',., with the terms of the loan agreement ("Loan Agrøøment" executed in connection herewith, and this Mortgage shall be deemød a . ' Construction Loan Trust Deed. Any default of Trustor under the tørms, covenants. conditions and provisions of any documents or ,-:: ., instruments relating to the Indebtedness hereby secured. Including. without limitation. tha Loan Agreement and this Mortgage. shall':': ~" ':~: constitute a default under each and all said document& and instruments. ' ".., X,, ¡'Ii, Ü.I· . 'f' 2. Security Interest, Trustor hereby assigns and grants to Beneficiary a security Interest in the following personal property: ,'~,"!' ' a. All Trustor's right. title and Interest. now owned or hereafter acquired. in all goods, fixtures, equipment inventory, IncludIng without limitations, materials, furnishings and supplies, whether stored on or off the Property, or delivered to the Property for the incorporation or use in any construction or remuneration of the Property, and " b. All Trustor's right, title and Interest In proceeds of the loan, evidenced by the Note, made by Beneficiary to Trustor for construction',òf ' Improvements on the Property, which proceeds are held by Benøficiary, whether or not disbursed, '. '.. c. This Mortgage constitutes II security agreement with respect to the foregoing personal property. and Beneficiary shall hllve all of t~e ',' rights and remedies of II secured Pllrty under the Loan Agreement Note. related documents. and the Utah Uniform Commercial t;o!l!,'as well liS all other rights and remedies IIVllllllb'e at law or In equity, ' , 3. Trustor agrees that a portion of such loan proceeds may be disbursed for land acquisition costs or for the payment of encumbranclIs previously existing on the Property. 4. Escrow. Taxes and Insurance. On the first IInniversary of this Construction Loan Mortgage Rider. approprIate accruals will be established for tax and insurance which will be based upon the value of the completed improvøments. Agreed to IInd accepted this -Ì day of 1YV1, 1 ,200') ~~.-ß~ CtÄy EÁJLŒR '" ~\({ : "1~:'~; , . ..:i"! ';l \ .' ·~T~~;.':'~~·~ r':" ....' STATE OHfflWiLcy('ry\Î~ County ofU"nLd n t 66. On this '1 day of fyvu 1 . 2(Í.~. per60nally appeared before me (Borrower(s) Name), c..\.c.u.t /-:Vaoi.er the signer of the foregoing instrument. who duly acknowledgeed to ma that he/S\ exe My Commision Expires: AL\~U.~~ 3, WID Notary Public , ReSidingin;~UVy1i~ THIS CONSTRUCTION MORTGAGE RIDER IS EXECUTED ON MAY 7. ;0~7. . - . .~-~ } \\,,'III"'tll.,' , ,,::' ,\ <far'" """~'" ,:",' ..' ".. 13 -..¡' ,', ~i /.é~i~;'~·;7~O}~~,~'~"" :0: ,11 ~i = 2. £:..,() .,"J.. , :: ';) ~ v~' , :v." " "..ç;.. '1.1.0 ' . ill.. ~'-' ...., ',I, ~ Q ·..oJ ..0 0 ',- ~ ..~ 1 :A&"..;'f' . Ã';o; '"'h,. -- :...:.ã......' : "", ""'6: Wy~ ~.,'f '. .,','.."....' :' ,:~:. ' ..·~1tl ::~! J GRANTO~,: I X é'/Jr,¡"il4.{';-{} I-- CLA PEA V. ER i ,. .;::."'. ,'... . ,.' ", . .: ~:. i;" " ',.1 LASM PRO b....... Vw. '.34.00.003 C.... H.-_4 n....... 5.lklnl...... 1117, XI07. All f\Ivh" fho_wct. . WYIUT C:\COMML\ØnU'UG01.FÇ "'.'H'I PR-CI'fRM ,,:~.:·'·.';5::· ',," " .., ':,'<,~.~ \. " '.. . ·t,.. ',If' ., ¡'I' ' . ~'.