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HomeMy WebLinkAbout930138 6010715341 000;2,10 Retum To: ELITE REAL ESTATE SERVICES, LLC 2347 SOUTH 675 WEST Prepared By: SYRACUSE, UTAH 84037 Attn.: SHIPPING DEPT./DOC. CONTROL RECEIVED 6fi/2007 at 4:08 PM RECEIVING # 930138 BOOK: 661 PAGE: 210 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY [Space Above This Line For Recording Data} MORTGAGE DEF1NITIONS 1 J [ ~ ¡ (;\ 'f) \J Words used in multiple sections of this document are defined below and other words are defìned in Sections 3, 11, 13, 18, 20 and 21. Ce¡iain mles regarding the usage of words used in this document are also provided in Section 16, (A) "Security Instrument" means tills document, which is dated June 4, 2007, together WitIl all Riders to this document. (B) "Borrower" is CODY L SELLERShusband and wife as joint tenants with full rights (If survivorship KELLIE A SELLERShusband and wife as joint tenants with full rights of survivorship. Borrower is the mortgagor under tillS SecUlity Instrument. (C) "Lender" is ELITE REAL ESTATE SERVICES, LLC. Lender is a Limited Liability Company organized and existing under the laws of the State of UTAH. Lender's address is 2347 SOUTH 675 WEST, SYRACUSE, UTAH 84037. Lender is the mortgagee under this Security Instrument. (D) "Note" means the promissory note signed by Bon-ower and dated June 4, 2007. The Note states that Borrower owes Lender Seventy Thousand Five Hundred Thirty And 00/100 Dollars (U.S. $ 70,530.00) plus interest. Bon-ower has promised to pay tIlis debt in regular Periodic Payments and to pay the debt in full not later than November 5, 2007. (E) "Property" means tile property tIlat is described below under tile heading "Transfer of Rights in tile Property." (F) "Loan" means the debt evidenced by the Note, plus interest, any prepayment charges and late charges due under tile Note, and all sums due under tillS Security Instrument, plus interest. WYOMING-Single Family- FlIIlIlie Mae/Freddie Mac UNIFORM INSTRUMENT Page 1 of 16 Form 3051 1/01 Initials: ~S i:'s ~ ~ S wycctd O~301JS 0002~1 (G) "Riders" means all Riders to tl1is Security Instrument tllat are executed by Bon-ower. The following Riders are to be executed by BOlTower [check box as applicable]: [ ] Adjustable Rate Rider [ ] Balloon Rider [ ] VA Rider [ ] Condominium Rider [ ] Planned Unit Development Rider [ ] Biweekly Payment Rider [] Second Home Rider [] 1-4 Family Rider [X] Other(s) [specify] Construction Rider (Initials) (II) "Applicable Law" means all controlling applicable federal, state and local statutes, regulations, ordinances and admi11istrative rules and orders (that have tile etIect of law) as well as all applicable tinal, non-appealable judicial opi1lions. (I) "Community Association Dues, Fees, and Assessments" means all dues, fees, assessments and otller charges that are imposed on Bon-ower or the Property by a condominium association, homeowners association or similar organization. (J) "Electronic Funds Transfer" means any transfer of funds, otller than a transaction originated by check, draft, or similar paper instrument, which is Ü1itiated tlll'Ough an electronic tem1inal, telephonic instrument, computer, or magnetic tape so as to order, instruct, or authorize a tinancial institution to debit or credit an account. Such term includes, but is not limited to, point-of-sale transfers, automated teller machine transactions, transfers initiated by telephone, wire transfers, and automated clearinghouse transfers. (K) "Escrow Items" means tll0se items tllat are described in Section 3. (L) "Miscellaneous Proceeds" means any compensation, settlement, award of damages, or proceeds paid by any tl1ird party (otller than insura.nce proceeds paid under tile coverages descIibed in Section 5) for: (i) damage to, or destruction of, tile Property; (ii) condemnation or other taking of all or any part of the Property; (iii) conveyance in lieu of condemnation; or (iv) misrepresentations ot: or omissions as to, the value and/or condition of the Property. (M) "Mortgage Insurance" means insurance protecting Lender against tile nonpayment ot: or detàult on, tile Loan. (N) "Periodic Payment" means the regularly scheduled amount due for (i) principal and interest under the Note, plus (ii) any amounts under Section 3 of this Security Instrument. (0) "RESPA" means the Real Estate Settlement Procedures 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 tì'om time to time, or any additional or successor legislation or regulation tllat govems the same subject matter. As used in tl1Ís Security Instrument, "RESP A" refers to all requirements 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 RESPA. (P) "Successor in Interest of Borrower" means any party that has taken title to the PropeIiy, whether or not tl1at paIiy has assumed Bon-ower's obligations under tile Note and/or this Security Instrument. TRANSFER OF RIGHTS IN THE PROPERTY This SecUlity Instrument secures to Lender: (i) the repayment of the Loan, and all renewals, extensions and modifications of the Note; and (ii) the perfonnance of Bon-ower's covenants and agreements under this Security Instrument and the Note. For this purpose, Bon-ower does hereby Fonn 3051 1/01 Page 2 of 16 Initials: ('S }(s b.réS " ~'-l \"'.' (' ,}r'.' ~"""'VH";'__, 00021.2 mortgage, grant and convey to Lender and Lender's successors and assigns, with power of sale, the following described property located in the County [Type of Recording Jurisdiction] of LINCOLN [Name of Recording Jurisdiction]: SEE EXHIBIT "A" ATTACHED HERETO AND BY THIS REFERENCE MADE A PART HEREOF. Parcel ID Number: 26141120300500 which cun-ently has the address of 1446 BAILEY LOOP [Street] LA BARGE [City] , Wyoming 83123 [Zip Code] ("Property Address"): TOGETIIER WITH all the improvements now or hereafter erected on the propeliy, and all easements, appurtenances, and fixtures now or hereafter a part of the property. All replacements and additions shall also be covered by tlùs Security Instrument. All of the foregoing is refen'ed to in this Security Instrument as the "Property." BORROWER COVENANTS that Bon-ower is lawfully seised of tlle estate hereby conveyed fmd has tlle right to mOligage, grant and convey tlle Property and tllat the Property is unencumbered, except for encumbrances of record. BOlTower wammts and will defend generally the title to the Property against all claims and demands, subject to any encumbrances of record. THIS SECUlUTY INSTRUMENT combines Ulùfonn covenants for national use and non- unifonn covenants Witll limited variations by jurisdiction to constitute a unifOlID security instrument covering real property. UNIFORM COVENANTS. BOlTower and Lender covenant and agree as follows: 1. Payment of Principal, Interest, Escrow Items, Prepayment Charges, and Late Charges. Borrower shall pay when due the principal of: and interest on, the debt evidenced by tlle Note and any prepayment charges and late charges due under tlle Note. BOlTower shall also pay funds for Escrow Items pursuant to Section 3. Payments due under tlle Note and this Security Instnunent shall be made in U.S. CUll'ency. However, if any check or otller instrument received by Lender as payment under the Note or this Security Instrument is retumed to Lender unpaid, Lender may require tllat any or all subsequent payments due under tlle Note and this Security Instrument be made in one or more of the following fonns, as selected by Lender: (a) cash; (b) money order; (c) celiified check, bank check, treasurer's check or cashier's check, provided any such check is drawn upon an institution whose deposits are insured by a federal agency, instrumentality, or entity; or (d) Electronic Funds Transfer. Fonl1 3051 1/01 Page 3 of 16 Initials: és t:s I=y ¿S n ... .) ù~3(ijl.Jð . 0<4"·1'1'> üO J, tJ Payments are deemed received by Lender when received at the location designated in the Note or at such other location as may be designated by Lender in accordance with the notice provisions in Section 15. Lender may return any payment or partial payment ifthe payment or partial payments are insuftìcient to bring the Loan cun'ent. Lender may accept any payment or partial payment insuftìcient to bring the Loan current, without waiver of any rights hereunder or prejudice to its rights to refuse such payment or partial payments in the future, but Lender is not obligated to apply such payments at the time such payments are accepted. If each Periodic Payment is applied as of its scheduled due date, then Lender need not pay interest on unapplied funds. Lender may hold such unapplied funds until Borrower makes payment to bring the Loan cUITent. If Borrower does not do so within a reasonable period of time, Lender shall either apply such funds or return them to BOlTower. If not applied earlier, such funds will be applied to the outstanding principal balance under the Note immediately prior to foreclosure. No offset or claim which Bon-ower might have now or in the future against Lender shall relieve Borrower fì'om making payments due under the Note and this Security Instrument or perfonning the covenants and agreements secured by this Security Instrument. 2. Application of Payments or Proceeds. Except as othelwise described in this Section 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 first 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 ÍÌ'om BOlTower for a delinquent Periodic Payment which includes a suftìcient 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 it: and to the extent that, each payment can be paid in tull. To the extent that any excess exists after the payment is applied to the full payment of one or more PeIiodic Payments, such excess may be applied to any late charges due. Voluntary prepayments shall be applied fIrst to any prepayment charges and then as described in the Note. Any application of payments, insurance proceeds, or Miscellaneous Proceeds to principal due under the Note shall not extend or postpone the due date, or change the amount, of the Periodic Payments. 3. Funds for Escrow Items. BOlTower shall pay to Lender on the day Periodic Payments are due under the Note, until the Note is paid in full, a sum (the "Funds" ) to provide for payment of amounts due for: (a) taxes and assessments and other items which can attain priority over ti1Ìs Security Instrument as a lien or encumbrance on tile Property; (b) leasehold payments or growld rents on the Property, if any; (c) premiums for any and all insurance required by Lender under Section 5; and (d) Mortgage Insurance premiums, if any, or any sums payable by BOlTower to Lender in lieu of the payment of Mortgage Insurance premiums in accordance with the provisions of Section 10. These items are called "Escrow Items." At origination or at any time during the tenn of the Loan, Lender may require that Community Association Dues, Fees, and Assessments, if any, be escrowed by BOlTower, and such dues, fees and assessments shall be éU1 Escrow Item. Bon"ower shall promptly furnish to Lender all notices of amolmts to be paid under ti1Ìs Section. Borrower shall pay Lender the Funds for Escrow Items unless Lender waives Borrower's obligation to pay the FlUlds for any or all Escrow Items. Lender may waive BOlTower's obligation to pay to Lender Funds for any or all Escrow Items at any tùne. Any such waiver may only be in writing. In tile event of such waiver, BOlTower shall pay directly, when and where payable, the amounts due for any Escrow Items for which payment Page 4 of 16 Form 3051 1101 Initials: (JS f/.s 1::yt".5 O~JrJjl.. ~~u OOO.~14 of Funds has been waived, by Lender and, if Lender requires, shall fumish to Lender receipts evidencing such payment within such time period as Lender may require. BOlTower's obligation to 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 pln'ase " covenant and agreement" is used in Section 9. If BOlTower is obligated to pay Escrow Items directly, pursuant to a waiver, and BOlTower fails to pay the amount due for an Escrow Item, Lender may exercise its rights under Section 9 and pay such amount and BOlTower shall tllen be obligated under Section 9 to repay to Lender any such amount. Lender 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, BOlTower shall pay to Lender all Funds, and in such amoWlts, tlillt are then required Wlder this Section 3. Lender may, at any time, collect and hold Funds in an amount (a) sut1ìcient to pem1Ìt Lender to apply the Funds at the time specified under RESP A, and (b) not to exceed tlle maximum amount a lender can require Wlder RESP A. Lender shall estimate the amount of Flmds due on the basis of ClUTent data and reasonable estimates of expenditures of future Escrow Items or otheIWise 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 are so insured) or in any Federal Home Loan Bank. Lender shall apply the Funds to pay tlle Escrow Items no later tllan the time specitied under RESPA. Lender shall not charge BOlTower for holding and applying tile Funds, annually analyzing tlle escrow account, or verifying the Escrow Items, unless Lender pays BOlTower interest on the Funds 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 eamings on tile Funds. BOlTower and Lender can agree in writing, however, that interest shall be paid on the Funds. Lender shall give to Borrower, without charge, an arumal accounting of the Funds as required by RESP A. If there is a surplus of Funds held in escrow, as defined under RESP A, Lender shall account to BOlTower for tile excess funds in accordance with RESP A. If there is a shortage of Funds held in escrow, as detined under RESPA, Lender shall notify Borrower as required by RESPA, and BOlTower shall pay to Lender the amount necessary to make up tlle shortage in accordance with RESPA , but in no more ti18n 12 montllly payments. If there is a deticiency of Funds held in escrow, as dctined under RESPA, Lender shall notify BOlTower as required by RESPA, and BOlTower shall pay to Lender tile amount necessary to make up tile deticiency in accordance with RESPA, but in no more than 12 monthly paymentso Upon payment in full of all sums secured by tins Security Instrument, Lender shall promptly refund to Bon-ower any Funds held by Lender. 4. Charges; Liens. BOlTower shall pay all taxes, assessments, charges, tines, and impositions attributable to tile Property wInch can attain priority over this Security Instrument, leasehold payments or groWld rents on tile Property, if any, and Community Association Dues, Fees, and Assessments, if any. To tile extent tIlat these items are Escrow Items, BOlTower shall pay tllem in the mamler provided in Section 3. Bonower shall promptly discharge any lien which has pliority over tins Security Instmment unless Bon-ower: (a) agrees in writing to tile payment of the obligation secured by the lien in a mmmer acceptable to Lender, but only so long as Borrower is perfonning such agreement; (b) contests the lien in good faith by, or defends against enforcement of tlle lien in, legal proceedings which in Lender's opinion operate to prevent tile enforcement of tlle lien wlnle those proceedings moe pending, but only until such proceedings are concluded; or (c) secures trom the holder of tile lien an agreement Page 5 of 16 F0l111 3051 1/01 Initials: k5 Þ." é .5 c.s/ tJ~301.:1S 1" I' O'C'?4 c: ~!Jilt, ./I~..L~ satistàctory to Lender subordinating the lien to this Security Instnunent. If Lender detelmines that any pa.rt of the Property is subject to a lien which can attain priority over this Security Instrument, Lender may give Bon-ower a notice identifying the lien. Within 10 days of the date on which that notice is given, BOlTower shall satisfy the lien or take one or more of the actions set forth above in this Section 4. Lender may require Bon-ower to pay a one-time charge for a real estate tax veritication and/or reporting service used by Lender in connection with this Loan. 5. Property Insurance. Bon-ower shall keep the improvements now existing or hereafter erected on the Property insured against loss by tire, hazards included within the tenn "extended coverage," and any other hazards including, but not limited to, earthquakes and t1oods, for which Lender requires insurance. ll1Ïs insurance shall be maintained in the amounts (including deductible levels) and for tile periods tiJat Lender requires. W hat Lender requires pursuant to the preceding sentences can change during the term of the Loan. The insurance can-ier providing tile insurance shall be chosen by BOlTower subject to Lender's right to disapprove BOlTower's choice, which right shall not be exercised unreasonably. Lender may require BOITower to pay, in connection with tI1Ïs Loan, eitiler: (a) a one-time charge for t100d zone determination, certitication and tracking services; or (b) a one-time charge for t100d zone determination and cel1itication services and subsequent charges each time remappings or similar changes occur which reasonably might affect such detem1Ïnation or cel1itìcation. Bon-ower shall also be responsible for the payment of any fees imposed by the Federal Emergency Management Agency in connection with the review of any t100d zone detem1Ínation resulting ti'om an o~jection by BOlTower. If BOlTower tàils to maintain any of the coverages described above, Lender may obtain insurance coverage, at Lender's option and BOlTower's expense. Lender is under no obligation to purchase any pal1icular type or amount of coverage. Therefore, such coverage shall cover Lender, but might or might not protect BOlTower, BOlTower's equity in tile Property, or the contents of the Property, against any risk, hazard or liability and might provide greater or lesser coverage tilan was previously in effect. BOlTower acknowledges that the cost of the insurance coverage so obtained might significantly exceed tile cost of insurance that BOlTower could have obtained. Any amounts disbursed by Lender under this Section 5 shall become additional debt of Bon-ower secured by this Security Instrument. These amounts shall bear interest at the Note rate ti'om tile date of disbursement and shall be payable, with such interest, upon notice tì'om Lender to BOlTower requesting payment. All insurance policies required by Lender and renewals of such policies shall be subject to Lender's right to disapprove such policies, shall include a standard m0l1gage clause, and shall name Lender as m0l1gagee and/or as an additional loss payee. Lender shall have the right to hold the policies and renewal certiticates. If Lender requires, BOl1'0wer shall promptly give to Lender all receipts of paid premiums and renewal notices. If BOITower obtains any form of insurance coverage, not otilelWise required by Lender, for damage to, or destmction of, tile Propel1y, such policy shall include a standard mortgage clause and shall name Lender as m0l1gagee and/or as an additional loss payee. In the event of loss, BOlTower shall give prompt notice to the insurance canier and Lender. Lender may make proof of loss if not made promptly by Bon-ower. Unless Lender and BOlTower othelwise agree in writing, any insurance proceeds, whetiler or not the underlying insurance was required by Lender, shall be applied to restoration or repair of the Property, if tile restoration or repair is economically feasible and Lender's security is not lessened. During such repair and restoration period, Lender shall have tlle right to hold such insurance proceeds until Lender has had an OpportUl1Ïty to inspect such Property to ensure tlle work has been completed to Lender's satisfaction, Page 6 of 16 Fonll 3051 1/01 Initials: [3 r5 b? é...5 0~3Ü1.jS prov.ided that such ~lspe.ction ~hall be undertakel~ prompt~y. L,ender may disburse proceeds fo~::.mO?1S repaIrs and restoration In a smgle payment or 111 a senes of progress payments as the wor1~ l~ . ß. . completed. Unless an agreement is made in writing or Applicab]e Law requires interest to be paid on such insurance proceeds, Lender shall not be required to pay BOITower any interest or eamings on such proceeds. Fees for public adjusters, or other third parties, retained by BOITower shall not be paid out of the insurance proceeds and shall be the sole obligation of BOlTower. If the restoration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be applied to the sums secured by tl1is Security Instrument, whether or not then due, with the excess, if any, paid to BOITower. Such insurance proceeds shall be applied in the order provided for in Section 2. If BOITower abandons the Property, Lender may tile, negotiate and settle any available insurance claim and related matters. If BOlTower does not respond within 30 days to a notice from Lender that the insurance calTier has offered to settle a claim, then Lender may negotiate and settle the claim. TIle 30-day period will begin when the notice is given. In either event, or if Lender acquires the Property under Section 22 or otherwise, BOlTower hereby assigns to Lender (a) Borrower's rights to any insurance proceeds in an amount not to exceed the amounts unpaid under the Note or this Security Instnunent, and (b) any other of BOlTower's rights (other than the right to any refund of unearned premiums paid by BOITower) under all insurance policies covering the Property, insotàr 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 unpaid under the Note or this Security Instl11ment, whether or not then due. 6. Occupancy. Bon'ower shall occupy, establish, and use the Property as BOlTower's principal residence within 60 days after the execution of tl1is Security Instnlluent and shall continue to occupy tile Property as B01TOwer's principal residence for at least one year after the date of occupancy, Ulùess Lender otllerwise agrees in writing, wl1ich consent shall not be Ul1feasonably wiWleld, or unless extenuating circumstances exist which are beyond BOlTower's control. 7. Preservation, Maintenance and Protection of the Property; Inspections. BOlTower shall not destroy, damage or impair the Property, allow the Propeliy to deteriorate or commit waste on tile Property. Whetller or not BOITower is residing in the Propeliy, BOITower shall maintain tile Propeliy in order to prevent tile Property tì'om deteriorating or decreasing in value due to its condition. Unless it is detenuined pursuant to Section 5 that repair or restoration is not economically feasible, BOlTower shall promptly repair the Propeliy if damaged to avoid fUliher deterioration or damage. If insurance or condemnation proceeds are paid in connection witll damage to, or the taking of, the Property, BOITower shall be responsible for repairing or restoring the Propeliy only if Lender has released proceeds for such purposes. Lender may disburse proceeds for tile repairs and restoration in a single payment or in a series of progress payments as the work is completed. If tile insurance or condemnation proceeds are not sufficient to repair or restore the Propeliy, BOITower is not relieved of BOlTower's obligation for tile completion of such repair or restoration. Lender or its agent may make reasonable entries upon and inspections of the Propeliy. If it has reasonable cause, Lender may inspect the interior of the improvements on the Propeliy. Lender shall give BOlTower notice at tile time of or prior to such an interior inspection specifying such reasonable cause. 8. Borrower's Loan Application. BOITower shall be in default if, during the Loan application process, BOlTower or any persons or entities acting at tile direction of BOlTower or witll BOITower's knowledge or consent gave materially false, misleading, or inaccurate infOlmation or statements to Lender (or failed to provide Lender with material information) in connection with tile FOI1Il 3051 1/01 Page 7 of 16 Initials:rS rS b¡t"S O~301,J8 OOO~:1. 7 Loan. Material representations include, but are not limited to, representations conceming Bon-ower's occupancy of the Property as Borrower's principal residence. 9. Protection (If Lender's Interest in the Property and Rights Under this Security Instrument. If (a) Bon-ower fails to perfolTIl the covenants and agreements contained in tillS Security Instmment, (b) tllere is a legal proceeding tllat might signiticantly aflect Lender's interest in the PropeIty and/or rights under tillS Security Instn,unent (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) Bon·ower has abandoned the PropeIty, tllen Lender may do and pay for whatever is reasonable or appropriate to protect Lender's interest in tile Property and rights under this Security Instrument, including protecting and/or assessing the value of the Property, and securing and/or repairing the Propeliy. Lender's actions can include, but are not limited to: (a) paying any sums secured by a lien which has priority over tllis Security Instrument; (b) appearing in court; and (c) paying reasonable attorneys' fees to protect its interest in the Property and/or rights under tillS Security Instrument, including its secured position in a bankmptcy proceeding. Securing the PropeIty includes, but is not limited to, entering the Propeliy to make repairs, change locks, replace or board up doors and windows, drain water tì'om pipes, elin1Ìnate building or otller code violations or dangerous conditions, and have utilities tumed on or ofT. Although Lender may take 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 taking any or all actions autllorized under this Section 9. Any amounts disbursed by Lender under tillS Section 9 shall become additional debt of Bon-ower secured by tl1Ìs Security Instrument. These amounts shall bear interest at tile Note rate tì'om the date of disbursement and shall be payable, witll such interest, upon notice from Lender to BOITower requesting payment. If this Security Instrument is on a leasehold, Bon-ower shall comply Witll all the provisions of tile lease. If BOITower acquires fee title to tile Propeliy, the leasehold and tile fee titIe shall not merge unless Lender agrees to the merger in writing. 10. Mortgage Insurance. If Lender required MoItgage Insurance as a condition of making the Loan, BOITower shall pay tile premiums required to maintain the MOligage Insurance in etlèct. It~ for any reason, the MOligage Insurance coverage required by Lender ceases to be available from the mOligage insurer that previously provided such insurance and Borrower was required to make separately designated payments toward the premiums for MoItgage Insurance, Bon-ower shall pay the premiums required to obtain coverage substantially equivalent to the MOligage Insurance previously in eflect, at a cost substantially equivalent to the cost to Borrower of the Mortgage Insurance previously in etlèct, tì·om an alteOlate mortgage insurer selected by Lender. If substantially equivalent Mortgage Insurance coverage is not available, BOITower shall continue to pay to Lender the amount of the separately designated payments that were due when tile insurance coverage ceased to be in effect. Lender will accept, use and retain these payments as a non-retìmdable loss reserve in lieu of MOligage Insurance. Such loss reserve shall be non-refundable, notwithstanding the fact that the Loan is ultimately paid in full, and Lender shall not be required to pay Borrower any interest or earnings on such loss reserve. Lender can no longer require loss reserve payments if Mortgage Insurance coverage (in tIle amount and for tile period that Lender requires) provided by an insurer selected by Lender again becomes available, is obtained, and Lender requires separately designated payments toward tile premiums for Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making tile Loan and BOITower was required to make separately designated payments toward the premiums for MOIigage Insurance, BOlTower shall pay tIle premiums required to maintain MoItgage Insurance in Page I< of 16 F0I111 3051 1101 Initials: f!.s rs byt'-S O~JO~]~ '. '. ~OO?18 effect, or to provrde a non-refundable loss reseIVe, until Lender's reqUIrement for Mortgage InslU'flllce U. ,. ,'J . ends in accordance with any written agreement between BOlTower and Lender providing for such tennination or until termination is required by Applicable Law. Nothing in this Section 10 afIects BOlTower's obligation to pay interest at the rate provided in the Note. Mortgage Insurance reimburses Lender (or any entity that purchases the Note) tor celifún losses it may incur if BOITower does not repay the Loan as agreed. BOlTower is not a pmiy to the Mortgage Insurmlce. Mortgage insurers evaluate their total risk on all such insurance in force fi'om time to time, and may enter into agreements with other parties that share or modify their risk, or reduce losses. These agreements are on tenns and conditions that are satisfactory to the mOligage insurer and the other paliy (or parties) to these agreements. These agreements may require the mOligage insurer to make payments using any source of tì.ll1ds that the mortgage insurer may have available (which may include funds obtained from MOligage InslU'ance premiums). As a result of these agreements, Lender, any purchaser of the Note, another insurer, any reinsurer, any other entity, or mlY affiliate of any of the foregoing, may receive (directly or indirectly) amounts that derive from (or might be characterized as) a pOliion of BOITower's payments for MOligage Insurance, in exchange for sharing or modifying tlle mortgage insurer's lisk, or reducing losses. If such agreement provides that an affiliate of Lender takes a share of the insurer's risk in exchange tor a share of the premiums paid to the insurer, the amlllgement is otìen tenned "captive reinsurance." FUliher: (a) Any such agreements will not affect the amounts that Borrower has agreed to pay for Mortgage Insurance, or any other terms of the Loan. Such agreements will not increase the amount Borrower will owe for Mortgage Insurance, and they will not entitle Borrower to any refund. (b) Any such agreements will not affect the rights Borrower has - if any _ with respect 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 the Mortgage Insurance, to have the Mortgage Insurance terminated automatically, and/or to receive 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 Miscellmleous 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 is not lessened. During such repair and restoration period, Lender shall have the right to hold such Miscellaneous Proceeds until Lender has had an oppoliunity to inspect such Propeliy 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 mld restoration in a single disbursement or in a series of progress payments as the work is completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such Miscellaneous Proceeds, Lender shall not be required to pay BOITower any interest or eamings 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 Sluns secured by this Security Instrument, whether or not tllen due, Witll the excess, if any, paid to BOITower. Such Miscellaneous Proceeds shall be applied in the order provided for in Section 2. Page 9 of 16 FOI'IIl 3051 1/01 Initials: {l..s ks t.,;)ý(S r i: ',l 1 ")) (,"\)...¡ J,; \0 V......~ 'l..dL 0J (~OO~1. q In the event of a total taking, destruction, or loss in value of the Property, the Miscellaneous ,';.,; . ; I.~ oJ Proceeds shall be applied to the sums secured by this SecUlity 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 the fair market value of the Property immediately before the partial taking, destmction, or loss in value is equal to or greater than the amount of the sums secured by this Security Instrument immediately before the partial taking, destruction, or loss in value, UIÙess Borrower and Lender othelwise agree in writing, the sums secured by tilis Security Instrument shall be reduced by the amount of the Miscellaneous Proceeds multiplied by the following ti-action: (a) the total amount of the SUlns secured immediately before the partial taking, destruction, or loss in value divided by (b) the fair market value of the Property immediately before tile partial taking, destmction, or loss in value. Any balance shall be paid to Borrower. In the event of a partial taking, destmction, or loss in value of tile Property in which the tàir market value of the Property immediately before the partial taking, destruction, or loss in value is less than tile amount of the SUlns secured immediately before tile partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, tile Miscellaneous Proceeds shall be applied to the sums secured by this Security Instmment whether or not the sums are tilen due. If the Property is abandoned by Borrower, or it: after notice by Lender to Borrower that the Opposing Party (as defmed in the next sentence) otJers to make an award to settle a claim for damages, BOl1'0wer tàils to respond to Lender within 30 days after tile date tile notice is given, Lender is authorized to collect and apply the Miscellaneous Proceeds either to restoration or repair of the Property or to the SUlns secured by tilis Security Instmment, whetiler or not tilen due. "Opposing Party" means the third pmiy that owes Borrower Miscellaneous Proceeds or the party against whom Borrower has a right of action in regard to Miscellaneous Proceeds. Bon'ower shall be in default if any action or proceeding, whether civil or criminal, is begun timt, in Lender's judgment, could result in forfeiture of the Propelty or other material impainnent of Lender's interest in the Propeliy or rights lU1der this SecUl'ity Instrument. Borrower can cure such a detàlÙt and, if acceleration has occUlTed, reinstate as provided in Section 19, by causing the action or proceeding to be dismissed with a mling timt, in Lender's judgment, precludes forfeiture of the Property or otiler material impainnent of Lender's interest in the Property or rights lU1der ti1is Security Instrument. TIle proceeds of any award or claim for damages tilat are attributable to tile impainnent of Lender's interest in tile Property are hereby assigned and shall be paid to Lender. All Miscellaneous Proceeds ti1at are not applied to restoration or repair of tile Propeliy shall be applied in tile order provided for in Section 2. 12. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of tile time for payment or moditìcation of amOliization of the sums secured by this Security Instmment granted by Lender to Borrower or any Successor in Interest of Bon-ower shall not operate to release the liability of Borrower or any Successors in Interest of Borrower. Lender shall not be required to commence proceedings against any Successor in Interest of Bon-ower or to refuse to extend time for payment or otilerwise modify amortization of the sums secured by tilis Security Instmment by reason of any demillld made by the original Bon-ower or any Successors in Interest of BOl1'0wer. Any forbearance by Lender in exercising any right or remedy including, Witil0ut limitation, Lender's acceptance of payments from third persons, entities or Successors in Interest of Bon-ower or in amounts less than the amount tilen due, shall not be a waiver of or preclude the exercise of any right or remedy. 1101'111 3051 1/01 Page 10 of 16 Initials: ~ sits by C .s. ".l' \ ~'J' Cj\\~'18 u.~u)~\.. ¿ ¡-i!J 000220 13. Joint and Several Liability; Co-signers; Successur s and Assigns Bound. Bon-ower covenants and agrees that Bon-ower's obligations and liability shall be joint and several. However, any Bon-ower who co-signs this Security Instrument but does not execute the Note (a "co-signer"): (a) is co-signing tI1Ìs Security Instrument only to m0I1gage, grant and convey the co-signer's interest in tile Property under tile tenus of tIlis Security Instrument; (b) is not personally obligated to pay the sums secured by this Security Instrument; and (c) agrees tIlat Lender Imd any other Bon-ower can agree to extend, modify, forbear or make any accommodations with regard to tile tenus of tI1Ìs Security Instrument or the Note without the co-signer's consent. Subject to the provisions of Section 18, any Successor in Interest of Bon-ower who assumes BOl1'0wer's obligations under tIlis Security Instrument in writing, and is approved by Lender, shall obtain all of BOlTower's rights and benetits under this Security Instrument. BOlTower shall not be released from BOlTower's obligations and liability under tl1Ìs Security Instrument unless Lender agrees to such release 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 BOlTower fees for services perfOlmed in connection WitIl Bon-ower's default, for tile purpose of protecting Lender's interest in the Property and rights under tIlis Security Instrument, including, but not limited to, attomeys' fees, property inspection and valuation fees. In regard to any other fees, the absence of express authority in this Security Instrument to charge a specitic fee to Bon-ower shall not be construed as a prohibition on tile charging of such fee. Lender may not charge fees that are expressly prohibited by tllis Security Instrument or by Applicable Law. If the Loan is subject to a law wl1Ìch sets maximum loan charges, and tIlat law is tinally interpreted so tI'lat tile interest or otller loan charges collected or to be collected in connection Witll the Loan exceed the pennitted limits, then: (a) any such loan charge shall be reduced by tile amount necessary to reduce tile charge to the penuitted limit; and (b) any sums already collected tÌ'om BOl1'0wer wl1Ìch exceeded penuitted limits will be refunded to BOl1'0wer. Lender may choose to make tllis refund by reducing the principal owed under tile Note or by making a direct payment to BOlTower. If a refund reduces principal, tile reduction will be treated as a partial prepayment WitllOut any prepayment charge (whether or not a prepayment charge is provided for under the Note). BOlTower's acceptance of any such refund made by direct payment to Bon-ower will constitute a waiver of any right of action BOlTower might have arising out of such overcharge. 15. Notices. All notices given by Bon-ower or Lender in connection with this Security Instrument must be in writing. Any notice to Bon-ower in connection WitIl tllis Security Instrument shall be deemed to have been given to Bon-ower when mailed by tirst class mail or when actually delivered to BOl1'0wer's notice address if sent by otller means. Notice to anyone BOlTower shall constitute notice to all BOlTowers unless Applicable Law expressly requires othelWise. The notice address shall be the Property Address unless BOlTower has designated a substitute notice address by notice to Lender. Bon'ower shall promptly notify Lender of BOlTower's change of address. If Lender specities a procedure for reporting Bon-ower's change of address, tllen BOlTower shall only report a change of address through that specitìed procedure. There may be only one designated notice address under tllis 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 stated herein unless Lender has designated anotller address by notice to BOlTower. Any notice in connection with tllis Security Instrument shall not be deemed to l'lave been given to Lender until actually received by Lender. If any notice required by tllis Security Instrument is also required under Applicable Law, tile Applicable Law requirement will satisfy the cOlTesponding requirement under tllis Security Instrument. Fonn 3051 1/01 Page 11 of 16 Initials: ts ts byt' S ¡: ii, J<{',"-}{\\;,1 .j' ",ij " \n~4't'?21 V V \.lI ~t..j .JL ..:....fl __ \\'';4 'lj' ... '.fI '" 16. Governing Law; Severability; Rules of Construction. This Security Instrument shall be governed by federal law and the law of the jurisdiction in which the Property is located. All rights and obligations contained in this Security Instrument are subject to any requirements and limitations 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 Instrument or the Note conflicts with Applicable Law, such cont1ict shall not atIect other provisions of this Security Instrument or the Note which can be given etIect without the cont1icting provision, As used in this Security Instrument: (a) words of the masculine gender shall mean and include conesponding neuter words or words of the feminine gender; (b) words i.n the singular shall mean and include tlle plural and vice versa; and (c) the word "may" gives sole discretion without any obligation to take any action. 17. Borrower's Copy. Bonower shall be given one copy of the Note and of this Security Instrument. 18. Transfer of the Property or a Beneficial Interest in Borrower. As used in this Section 18, "Interest in tlle Property" means any legal or beneficial interest in the Property, including, but not limited to, those beneficial interests transfened in a bond for deed, contract for deed, installment sales contract or escrow agreement, the intent of which is the transfer of title by Bonower at a future date to a purchaser. If all or any part of the Property or any Interest in tlle Property is sold or trallsfened (or if BOlTower is not a natural person and a beneficial interest in BOl1'0wer is sold or transfened) without Lender's prior written consent, Lender may require immediate payment in full of all sums secured by this Security Instrument. However, tillS option shall not be exercised by Lender if such exercise is prolllbited by Applicable Law. If Lender exercises this option, Lender shall give BOl1'0wer notice of acceleration. The notice shall provide a period of not less tllan 30 days from the date the notice is given in accordance with Section 15 within which Bon'ower must pay all Sluns secured by tillS Security Instrument. If BOl1'0wer tàils to pay these sums prior to the expiration of tIlis period, Lender may invoke ¡my remedies pennitted by this Security Instrument Witllout further notice or demand on Borrower. 19. Borrower's Right to Reinstate After Acceleration. If Borrower meets certain conditions, Bon'ower shall have tile right to have enforcement of tills Security Instrument discontinued at any time prior to the earliest of: (a) tive days before sale of tile Property pursuant to any power of sale contained in tillS Security Instmment; (b) such other period as Applicable Law might specify for tile termination of B011'0wer's right to reinstate; or (c) entry of a judgment enforcing tIlis SecUlity Instrument. T hose conditions are tIlat BOlTower: (a) pays Lender all sums which tllen would be due under this Security Instrument and the Note as if no acceleration had occuned; (b) cures any detàult of any otller covenants or agreements; (c) pays all expenses incuned in enforcing tllis Security Instrument, including, but not limited to, reasonable attorneys' fees, property inspection and valuation fees, and otIler fees incurred for tile purpose of protecting Lender's interest in tile Property and rights under tillS Security Instrument; and (d) takes such action as Lender may reasonably require to assure tilat Lender's interest in the Property and rights under tilis Security Instnunent, and BOlTower's obligation to pay tlle SlUns secured by tillS Security Instrument, shall continue uncllanged. Lender may require that B011'0wer pay such reinstatement sums and expenses in one or more of tlle following fonns, as selected by Lender: (a) cash; (b) money order; (c) certitied check, bank check, treasurer's check or cashier's check, provided any such check is drawn upon an institution whose deposits are insured by a federal agency, instrumentality or entity; or (d) ElectrOlllc Funds Transfer. Upon Page 12 of 16 Fonn 3051 1/01 Initials: (5. I( S h¡CS I ~ <-l \ "')11'-, \\.0;:1 ":,f'lq , v.J Ui; 'I'; ¿. ...!Ie.¡ [,~OO?2? ..;;1 ." . ,-:,;1, _ ....Ir.' reinstatement by Bon-ower, this Security Instrument and obligations secured hereby shall remain fully etIective as if no acceleration had occun-ed. However, this right to reinstate shall not apply in the case of acceleration under Section 18. 20. Sale of Note; Change of Loan Servicer¡ Notice of Grievance. The Note or a partial interest in the Note (together with this Security Instrument) can be sold one or more times without prior notice to Bon-ower. A sale might result in a change in the entity (known as the "Loan Servicer" ) that collects Periodic Payments due under the Note and this Security Instrument and perfonns other mortgage loan servicing obligations under the Note, this Security Instrument, and Applicable Law. There also might be one or more changes of the Loan Selvicer umelated to a sale of the Note. If there is a change of the Loan Selvicer, BOlTower will be given written notice of the change which will state the name and address of the new Loan Servicer, the address to which payments should be made and any other infonnation RESP A requires in connection with a notice of transfer of servicing. If the Note is sold and thereafter the Loan is serviced by a Loan Servicer other than the ptU'chaser of the Note, the mortgage loan servicing obligations to BOlTower will remain with the Loan Servicer or be transferred to a successor Loan Selvicer and are not assumed by the Note purchaser unless othetwise provided by the Note purchaser. Neither Bon-ower nor Lender may commence, join, or be joined to any judicial action (as either an individual litigant or the member of a class) that atises tì-om the other party's actions purSUat1t to this Security Instnunent or that alleges that the other party has breached any provision of, or any duty owed by reason of, this Secm-ity Instrument, until such Bon-ower or Lender has notitied the other party (with such notice given in compliance with the requirements of Section 15) of such alleged breach and afforded the other party hereto a reasonable period after the giving of such notice to take cOlTective action. If Applicable Law provides a time period which must elapse before certain action can be taken, that time period will be deemed to be reasonable for purposes of this paragraph. The notice of acceleration and opportunity to cure given to Bon'ower pursuant to Section 22 and the notice of acceleration given to BOlTower pursuant to Section 18 shall be deemed to satisfy the notice and opportunity to take corrective action provisions of this Section 20. 21. Hazardous Substances. As used in tins Section 21: (a) "Hazardous Substances" are tllOse substances detined as toxic or hazardous substmlces, pollutants, or wastes by Environmental Law and tile following substances: gasoline, kerosene, other t1ammable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or fOlmaldehyde, and radioactive materials; (b) "Environmental Law" means federal laws mld laws of tile jurisdiction where the Property is located that relate to healtll, safety or enviromnental protection; (c) "Environmental Cleanup" includes any response action, remedial action, or removal action, as detined in Environmental Law; and (d) an "Environmental Condition" memlS a condition tllat can cause, contribute to, or otller\¥ise trigger an Environmental Cleanup. Bon-ower shall not cause or pennit tile presence, use, disposal, storage, or release of any Hazardous Substances, or threaten to release any Hazardous Substances, on or in the Property. Bon-ower shall not do, nor allow anyone else to do, anything affecting tile Property (a) that is in violation of any Environmental Law, (b) winch creates an Environmental Condition, or (c) winch, due to the presence, use, or release of a Hazardous Substance, creates a condition tllat adversely affects the value of tile Property. TIle preceding two sentences shall not apply to the presence, use, or storage on tile Property of small quantities of Hazardous Substances tllat are generally recognized to be appropIiate to nonnal residential uses and to maintenance of the Property (including, but not limited to, hazardous substances in consumer products). Fonl1 3051 1/01 Page 13 of 16 Initials: Cs Î{ S by ("..s tJ~301.j8 (:~ If\¡ In:,'~ "'> ') \;_'1P :~~ 11..11' . <.;(" Q...I Borrower shall promptly give Lender written notice of (a) any investigation, claim, demand, lawsuit or other action by any govemmental or regulatory agency or private party involving the Property and any Hazardous Substance or Environmental Law of which BOlTower has actual knowledge, (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 tlle presence, use or release of a Hazardous Substance which adversely affects the value of the Property. If Borrower leams, or is notified by any govemmental or regulatory authority, or any private party, that any removal or other remediation of any Hazardous Substance affecting the Property is necessary, BOlTower shall promptly take all necessary remedial actions in accordance with Environmental Law. Nothing herein shall create any obligation on Lender for an Environmental Cleanup. NON-UNIFORM COVENANTS. BOlTower and Lender tilrther covenant and agree as follows: 22. Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration following Borrower's breach of any covenant or agreement in this Security Instrument (but not prior to acceleration under Section 18 unless Applicable Law provides otherwise). The notice shall specify: (a) the default; (b) the action required to cure the default; (c) a date, not less than 30 days from the date the notice is given to Borrower, by which the default must be cured; and (d) that failure to cure 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 shall further inform Borrower of the right to reinstate after acceleration and the right to bring a court action to assert the non-existence of a default or any other defense of Borrower to acceleration and sale. If the default is not cured 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 the power of sale and any other remedies permitted by Applicable Law. Lender shall be entitled to collect all expenses incurred in pursuing the remedies provided in this Section 22, including, but not limited to, reasonable attorneys' fees and costs of title evidence. If Lender invokes the power of sale, Lender shall give notice of intent to foreclose to Borrower and to the per son in possession of the Property, if different, in accordance with Applicable Law. Lender shall give notice of the sale to Borrower in the manner provided in Section 15. Lender shall publish the notice of sale, and the Property shall be sold in the manner prescribed by Applicable Law. Lender or its designee may purchase the Property at any sale. The proceeds of the sale shall be applied in the fì.JlIowing order: (a) to all expenses of the sale, including, but not limited to, reasonable attorneys' fees; (b) to all sums secured by this Security Instrument; and (c) any excess to the person or persons legally entitled to it. 23. Release. Upon payment of all sums secured by this Secmity lnstnmlent, Lender shall release tins Security Instrument. Borrower shall pay any recordation costs. Lender may charge Borrower a fee for releasing tIlis Security Instrument, but only if tile fee is paid to a third party for selvices rendered and tile charging of the fee is pennitted under Applicable Law. 24. Waivers. BOlTower releases and waives all rights under and by virtue of the homestead exemption laws of Wyoming. Fonn 3051 1/01 Page 14 of 16 Initials: Cs /t'S by é.5 0~3ü1JU OOO~24 BY SIGNING BELOW, BOl1'ower accepts and agrees to the telms and covenants contained in this Security Instrument and in any Rider executed by Borrower and recorded with it. Witnesses: ~'S ,( /L~s o -YL ELLERS (Seal) -Bon-ower ~ / /r'rÄ y (It' í S ¡<:ELLIE A SELLERS ¿cxJrS£ lIe r S (Seal) -Bon-ower A .f--{o (1'1L '1 ,. fL f q cl- b'j (Seal) -Borrower (Seal) -Bon-ower STA TE OF WYOMING, County ss: The foregoing instrument was acknowledged before me this .,:1'~~ d r?::'è- by CODY L SELLERS antl-IffiLLIE A SELLERS ,{. K. My Commission Expires: ¿Jo'<þ6PtJ// COUNTY OF LINCOLN My COrrnrMSSlon E1pires Feb. 26, 2011 LORI KALAN - NOTARY PUBLIC STATE OF WYOMING 2:i1 ~ // ,.....<. ~ "/.,¡ Notary Public ~ Page 15 of 16 FUl1l1 3051 1/01 {¡'''ÞO?25 ........ 't,. .'j Ii i ;I<~ \ d} (~,,:¡¡ " ,', ""-' V~u)'!.v¿...Itu 1 State of #;11'~ } }ss. Countyof.4;/("(I)t 1-.K. } On this .yff:- day of ,~ .....-¡;/f. & _ ó(tJ/J 7 , before me, a Notary Public in and for said state, personally appeared ' , J;. ~ 1alÓ"VIl or identified to me to be the person(s) whose name(s) subscribed to the Wit11in instmm as Attorney-in-fact of e 0t-~ ,.04, Jé.. ' :.J:' , and acknowledged to me that ~._ subscribed the name of . Jé ' as principal and hislher own name as Attorney-in-fact. IN WITNESS WHEREOF I have hereunto set my hand and affixed my 0 'al seal the d y and year first above written. .,' COUNTY OF LINCOLN STATE OF WYOMING Notary Public for e tate of ¿J ft7/rl/~ Residing at:<1JÚ1,M¿J",~,~ Commission Expires: tJ :</.,26~¿7// LORI KALAN - NOTARY PUBLIC My Commission Expires Feb. 26, 2011 1 /', (~\ ~'1 (I '.\"J '.< ~,~ U.:.JU:~...;1~ ..J.i"-.> LEGAL DESCRIPTION EXIllBIT 'A' (100'~">~ .f-.".~'t~ Order No: 60 I 0715341 Lot 38 of Viola Subdivision, Phase No.1, Lincoln County, Wyoming as described on the official plat filed ou July 3,1983 as iustrumeut No. 600082 of the records of the Liucolu Couuty Clerk. 0~3fB-iJ ~'ilÏ'i Jl. o.i ,-" ((,~ on If1\ <1'") "> 7 '-~"\JI~'.i1~ CONSTRUCTION RIDER TO SECURITY INSTRUMENT THIS MORTGAGE, DEED OF TRUST OR SECURITY DEED IS A "CONSTRUCTION MORTGAGE, DEED OF TRUST OR SECURITY DEED." This Construction Rider to Security Instnllnent (the "Security Instrument Rider") is made this 4th day of June, 2007 and is incorporated into and shall be deemed to amend and supplement the M011gage, Deed of Trust or Security Deed (the "Security Instrument") of even date given by the undersigned (the "Bon-ower") to ELITE REAL ESTATE SERVICES, LLC (the "Lender"), to secure the Note of even date executed by and between Borrower and Lender, which Security Instrument covers the propeIiy therein and located at: SEE EXIllBIT "A" ATTACHED HERETO AND BY THIS REFERENCE MADE A PART HEREOF. In addition to the covenants and agreements made in the Note and Security Instrument, Bon-ower and Lender further covenant and agree as follows: THIS SECURITY INSTRUMENT SECURES FUTURE ADVANCES. Bon-ower has entered into a Construction Loan Agreement with Lender under the terms of which Lender may continue to provide and Bon-ower may obtain, fì'om time to time, advances not to exceed at any time a MAXIMUM PRINCIPAL AMOUNT (EXCLUDING PROTECTIVE ADVANCES) of Seventy Thousand Five Hundred Thirty And 00/100 Dollcu's (U.S. $ 70,530.00). Bon-ower agrees to pay, or cause to be paid and discharged, on or before the last day on which they may be paid without penalty or interest, all such duties, taxes, sewer rents, charges for water, or for conridsi Pag~ lof5 ., .\~{ 't II: I u::J;J¡¡(~...iL .jG noory Q ... " .",,2c."J setting or repairing meters, and all other utilities in the Improvements or on the Property or any part thereof, and any assessments and payments, usual or unusual, extraordinary or ordinary, which shall be imposed upon or become due and payable or become a lien upon the Property or any part thereof and the sidewalks or streets in front thereof and any vaults therein by virtue of any present or tuture law of the United States or the State, County or City wherein the Property is located (aU of the foregoing being herein collectively called "Impositions"). BOITower shall appear in and contest any action or proceeding purporting to at1èct the security hereof or the rights or powers of the Lender. If any action or proceeding at1ècting the Property or any part thereof shall be commenced, to which action or proceeding the Lender is made a pmty or in which the right to use the Propelty or any pmt thereof is threatened or in which, in the opinion of the Lender, it becomes necessary to detènd or uphold the lien of this Security Instrument, all sums paid by the Lender in connection therewitll, including reasonable attomeys' fees, shall be paid by the Bon-ower, togetller Witll interest thereon at tlle rate stated in tlle Note or Construction Rider to Note executed on even date herewitll, unless a lesser rate of interest is specitied by state law, then at tlle lesser rate and as extended, amended and renewed from time to time, and any such sum and tlle interest thereon shall be a lien on tlle Propelty, prior to any right or title to, interest in, or claim upon the Propelty, attaching or accruing subsequent or otllelwise subordinate to tlle lien of tlllS Security Instrument mld shall be deemed to be secured by this Security Instrument. BOITower shall pay and promptly discharge, at BOITower's cost and expense, all liens, encumbrances and charges upon the subject Propelty or any part thereof or interest tllerein. Bon-ower shall have the right to contest in good tàitll the validity of any such lien, encumbrances or chm'ge, provided Borrower shall tïrst deposit Witll Lender a bond or other security satisfactory to Lender in such amounl~ as Lender shall reasonably require, but not more than one and one-half (150%) of the amount of such claim, and provided further tllat Bon-ower shall tllereafter diligently proceed to cause such lien, encumbrance or chm'ge to be removed and dischm'ged. BO!Tower will not create, assume, or sutTer to exist in respect of the subject Property, or any part thereof, any security instrument held by a party other than the Lender unless the Bon-ower, plior to the time such security instrument becomes a lien on the Propelty or any part tllereof, shall have delivered to Lender an executed copy of such security instrument which shall provide that such security instrument is junior in lien and subordinate to the lien of the Security instrument for the full amount of tlle Note and any otller sums secured hereby. Bon-ower, for itself and for all tuture owners of the subject Propelty, agrees tlmt the Security Instrument and this Construction Rider to Security Instrument may be modified, varied, extended, renewed or reinstated at any time by agreement between the holder of the Security Instrument and tlle Page 20f'5 ù::J301.3tj ÜOO?<'"), 9 ./'.:1.."{" BOlTower or its successor in interest on the subject Property, without notice to, or the consent ot: any subordinate lienor, and any such moditication, variance, extension, renewal or reinstatement shall be binding upon such subordinate lienor with the same force and effect as if said subordinate lienor had aftìnnatively consented thereto. This clause shall be self-operative, and no further instrument of subordination shall be required from any subordinate lienor. If the Bon-ower tàils to make any payment or to do any act as and in the maImer provided for in the Security Instrument, the Note, or the Construction Loan Agreement, the Lender, in its sole discretion, without obligation to do so and without notice to or demand upon Bon"ower and without releasing BOlTower trom any obligation, may make or do the same in such manner and to such extent as the Lender may deem necessary to protect the security hereof. Bon-ower agrees to pay upon demaIld all expenses incun-ed or paid by the Lender (including, but not limited to, attorneys' fees and court costs) incwTed in the exercise of any of the aforesaid rights or privileges or on account of any litigation which may aI"ise in cOlmection with tins Security Instrument or tile Note on or account of any attempt, Witilout litigation, to enforce tile tenns of the Secw"ity Instrument, the Note or the other Loan documents. In tile event the Property or any part thereof shall be advertised for foreclosure sale and SaIne is not sold, BOlTower shall pay all costs in connection tilerewitil. In the event that the Lender is called upon to pay any sums of money to protect the Security Instrument and the Note secured thereby, all mOines advanced or due thereunder shall become immediately due and payable, togetiler with interest at tile rate stated in the Note or Construction Rider to Note executed on even date herewitil, and as extended, aIl1ended and renewed tì'om time to time, computed trom the date of such advance to tile date of the actual receipt of payment by the Lender. Bon'ower hereby grants to Lender a security interest in tile personal Property located on or at tile Property, including WitilOUt limitation any and all property of similaI' type or kind hereafter located on or at tile Prope11y for tile purpose of securing all obligations of BOlTower set fortil in the Security Instrument. If the lien of the Security Instrument is invalid or unenforceable as to any pa11 of tile debt, or if tile lien is invalid or unenforceable as to any pm1 of the subject Propel1y, the unsecured p011ion of the debt shall be completely paid prior to tile payment of the secured debt, and all payments made on the debt, whether voluntary or othen'lise, shall be considered to have been tìrst paid on and applied to the full payment of that portion of tile debt which is not secured or tlllly secured by tile lien of the Security Instrument. Page 3 of 5 ". ,.(, "'Jr. ·,\,:1 " \. . U~~ 'V J\.. ,..j '-_":' 000;230 By signing below, Borrower accepts and agrees to the tenns and provisions contained in this Construction Rider to Security Instrument. á(i!k~$ (Seal) -Bon-ower (Seal) -BolTower Pngo 4 0£5 h/!c'(Lr'~(/er::" ~ }fEL~IE A SELLERS , . (þd1L)e / fé".5 A.f./of /tQí (Seal) -Bon'ower (:/t (c. cf- (Seal) -BoHower \,j:;31J1L38 ÜOO~31 ACKNOWLEDGMENT STATE OF ) ) SS. COUNTY OF ) . #'1- -¿-- The foregoing instnnnent was acknowledged before me tI1Ís ~ - day of ÄIfL1.t" cf(t:J~ /' by CODY L SELLERS a..nØ KELLlli A ISELLERS..¿' ,,,¡f, MYCO~:::::::;:Þ:II (fæ .~ LORI KAlAN - NOTARY PUBLIC COUNTY OF STATE OF LINCOLN WYOMING My Commission Expires Feb. 26, 2011 Page 5 of5 "{" ,,,:,1 ":.'tJ ,',l \ I., ~ ,J" ,,~ \J .:.J ~ 'I..., .... ...... ' 000232 State of ~ð)'If ~ } J J }ss. County of ,(,/~t'~#t. } On this ~ day of ~b¿.... ó2tJtJ '7 , before me, a Notary Public in and for said state, personally appeared C~ ,L, Jé/k/'f ' kI10wn or identified to me to be the person(s) whose name(s) subscribed to the withhy instmm t as Attorney-in-fact of Æß~ 4 ..6 ~/' ..f" , and acknowledged to me that .If e.- subscribed the name of h/)'/':' ¿í'. .r.;;;i,.;. as principal and hislher own name as Attorney-in-fact. IN WITNESS WHEREOF I have herelmto set my hand and affixed my official seal the day and year first above written. v COUNTY OF ; STATE OF ~. , LINCOLN WYOMING ~, My Commission Expires Feb. 26, 2011 :~ . ~~ LORI KALAN - NOTARY PUBLIC Notary Public for the State of ¿,¡ ~~ Residing at:&ï/4ÞØ~,~' Commission Expires: t?d(Þ6~,1 // 1