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Home My WebLink About930422 v( "' ',,¡ ¡) IÍ' f'" ' 6/15/2007 at 5:01 PM RECEI ING # 930422 BOOK: 62 PAGE: 295 EANNE WAGNER LINCOLN C UNTY CLERK, KEMMERER, WY Prepared By: Estela Torres First Bank of Idaho, fsb, dba First Bank of the Tetons P.O,Box 12860 / 170 E Broadway Jackson, WY 83002 (307) 733-7000 Return To: First Bank of Idaho, fsb d/b/a First Bank of the Tetons P.O Box 12860 Jackson, WY 83002 [Space Above This Line For Recording Data] MORTGAGE DEFINITIONS Butera Loan #: 494025513 PIN: 12-371829-4-16-020.00 MIN:100174101000133342 Words used in multiple sections of this document are defined below and ther words are defined in Sections 3,11,13, 18,20 and 21. Certain rules regarding the usage of words used in this document are also provided in Section 16. (A) "Security Instrument" means this document, which is dated Ju e 14, 2007, together with all Riders to this document. (B) "BOI'rower" is Timothy John Butera and Cynthia R an tree Butera, husband and wife. Borrower is the mortgagor under this Security Instrument. (C) "MERS" is Mortgage Electronic Registration Systems, Inc. MER is a separate corporation that is acting solely as a nominee for Lender and Lender's successors and assig s, MERS is the mortgagee under this Security Instrument. MERS is organized and existing under the la s of Delaware, and has an address and telephone number of P.O. Box 2026, Flint, MI 48501-2026, tel. (888) 79-MERS, (D) "Lender" is First Bank of Idaho, fsb, dba First B nk of the Tetons. Lender is a Corporation organized and existing under the laws of Idaho, Len er's address is P.O. Box 12860 / 170 E Broadway, Jackson, WY 83002. (E) "Note" means the promissOlY note signed by Borrower and dated J ne 14, 2007, The Note states WYOMING - Single Family - Fannie Mae/Freddie Mae UNIFORM INSTRUMENT <#3> 360.20 Page 1 of 13 Form 3051 1/01 000296' 494025513 that Borrower owes Lender Three Hundred Fifty-Five Theus nd And 00/100 Dollars (U,S. $355, 000 . 00) plus interest BOlTower has promised to pay this debt i regular Periodic Payments and to pay the debt in full not later than July 1, 2037, (F) "Property" means the property that is described below under the eading "Transfer of Rights in the Propelty. " (G) "Loan" means the debt evidenced by the Note, plus interest, any pr payment charges and late charges due under the Note, and all sums due under this Security Instrument, plus interest (H) "Riders" means all Riders to this Security Instrument that are exe uted by Borrower. The following Riders are to be executed by BOlTower [check box as applicable]: o Adjustable Rate Rider o Balloon Rider o 1-4 Family Rider o Condominium Rider o Planned Unit Development Rider o Other(s) [specify] o Second Home Rider o Biweekly Payment Rider (I) "Applicable Law" means all controlling applicable federal, stat and local statutes, regulations, ordinances and administrative 11lles and orders (that have the effect of I w) as well as all applicable final, non-appealable judicial opinions. (J) "Community Association Dues, Fees, and Assessments" means al dues, fees, assessments and other charges that are imposed on Borrower or the Property by a condo ninium association, homeowners association or similar organization. (K) "Electronic Funds Transfer" means any transfer of funds, other tha a transaction originated by check, draft, or similar paper instl1lment, which is initiated through an electron'c terminal, telephonic instl1lment, computer, or magnetic tape so as to order, instl1lct, or authorize a finan ial institution to debit or credit an account Such teon includes, but is not limited to, point-of-sale tr nsfers, automated teller machine transactions, transfers initiated by telephone, wire transfers, and automate clearinghouse transfers. (L) "Escrow Items" means those items that are described in Section 3, (M) "Miscellaneous Proceeds" means any compensation, settlement, a ard of damages, or proceeds paid by any third pa¡1y (other than insurance proceeds paid under the covera res described in Section 5) for: (i) damage to, or destruction of, the Propelty; (ii) condemnation or other taki g of all or any part of the Propel1y; (iii) conveyance in lieu of condenmation; or (iv) misrepresentations of, 0 omissions as to, the value and/or condition ofthe Property, (N) "Mortgage Insurance" means insurance protecting Lender against t1 e nonpayment of, or default on, the Loan. (0) "Periodic Payment" means the regularly scheduled amount due for (i) principal and interest under the Note, plus (ii) any amounts under Section 3 of this Security Instl1lment (P) "RESPA" means the Real Estate Settlement Procedures Act (l U.S.C. ~ 2601 et seq.) and its implementing regulation, Regulation X (24 C.ER. Pa¡1 3500), as they mi ht be amended from time to time, or any additional or successor legislation or regulation that governs the s me subject matter. As used in this Security Instrument, "RESPA" refers to all requirements and restrictiOl s that are imposed in rega¡'d to a "federally related m0l1gage loan" even if the Loan does not qualify as , "federally related mortgage loan" under RESPA. (Q) "Successor in Interest of Borrower" means any party that has taken title to the Property, whether or not that party has assumed Borrower's obligations under the Note and/or this ecurity Instrument TRANSFER OF RIGHTS IN THE PROPERTY This Security Instrument secures to Lender: (i) the repayment of the Loa , and all renewals, extensions and modifications of the Note; and (ii) the perfoollance of BOIl'ower's co en ants and agreements under this Security Instrument and the Note. For this purpose, Borrower does her by mortgage, grant and convey to MERS (solely as nominee for Lender and Lender's successors and assign ) and to the successors and assigns of MERS, with power of sale, the following described property located i the COUNTY (Type of Recording WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT ,§ 360.20 Page 2 of ) 3 Form 3051 1/01 494025513 000297 Jurisdiction) of Lincoln (Name of Recording Jurisdiction): Lot Nine (9) of the Greys River Valley Subdiv'sion, Lincoln County, Wyoming as described on the official plat ther of recorded August 29, 1978 as Map Number 227 and Document Number 5132 5 in the Office of the Clerk, Lincoln County, Wyoming which cUlTently has the address of 341 East Mill, Alpine, Wyomin 83128 ("Property Address"): TOGETHER WITH all the improvements now or hereafter erected on the property, and all easements, appurtenances, and fixtures now or hereafter a part of th propeliy. All replacements and additions shall also be covered by this Security Instrument. All of the fore oing is refelTed to in this Security Instrument as the "Property," BOI1'ower understands and agrees that ERS holds only legal title to the interests granted by BOlTower in this Security Instrument, but, if necess ry to comply with law or custom, MERS (as nominee for Lender and Lender's successors and assigns) has the right: to exercise any or all of those interests, including, but not limited to, the right to foreclose and ell the Property; and to take any action required of Lender including, but not limited to, releasing and canc ling this Security Instrument. BORROWER COVENANTS that Borrower is lawfully seised of he estate hereby conveyed and has the right to mortgage, grant and convey the Property and that the Pro erty is unencumbered, except for encumbrances of record. Borrower warrants and will defend generally t le title to the Property against all claims and demands, subject to any encumbrances of record. THIS SECURITY INSTRUMENT combines unifol111 covenant for national use and non-unifol111 covenants with limited vmiations by jurisdiction to constitute a unifol1 security instrument covering real propeliy, UNIFORM COVENANTS. Borrower and Lender covenant and a 'ee as follows: 1. Payment of Principal, Interest, Escrow Items, Prepaym nt Charges, and Late Charges. BOlTower shall pay when due the principal of, and interest on, the de t 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 U.S. currency. However, if any check or other instrument received by Lender as payment under the Note or this Security Instnll11ent is returned to Lender unpaid, Lender may require tl at any or all subsequent payments due under the Note and this Security Instrument be made in one or more f the following f0I111s, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, tr asurer'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. Payments are deemed received by Lender when received at the 1 cation designated in the Note or at such other location as may be designated by Lender in accordance with tle notice provisions in Section 15. Lender may return any payment or partial payment if the payment or miial payments are insufficient to bring the Loan current. Lender may accept any payment or partial paYI ent insufficient to bring the Loan current, without waiver of any rights hereunder or prejudice to its right to refuse such payment or partial payments in the future, but Lender is not obligated to apply such paym nts at the time such payments are accepted. If each Periodic Payment is applied as of its scheduled due dat then Lender need not pay interest on unapplied funds. Lender may hold such unapplied funds until Borrowe makes payment to bring the Loan CUI1·ent. If BOlTower does not do so within a reasonable period of time, L nder shall either apply such funds or return them to Borrower. If not applied earlier, such funds will be a plied to the outstanding principal balance under the Note immediately prior to foreclosure. No offset or clai 1 which BOl1"ower might have now or in the future against Lender shall relieve BOl1"ower from making paYllents due under the Note and this Security Instrument or perfol111ing the covenants and agreements secured y this Security Instrument. 2. Application of Payments or Proceeds. Except as otherwi e described in this Section 2. all payments accepted and applied by Lender shall be applied in the followi g order of priority: (a) interest due WYOMING - Single Family - Fannie Mac/Freddie Mac UNIFORM INSTRUMENT e;.. 360.20 Page 3 of 13 Form 305 I/O o 0298 494025513 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 thi Security Instrument, and then to reduce the principal balance ofthe Note, If Lender receives a payment from Borrower for a delinquent eriodic 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 ma apply any payment received from Borrower to the repayment of the Periodic Payments if, and to the extent that, each payment can be paid in fulL To the extent that any excess exists after the payment is applied t the full payment of one or more Periodic Payments, such excess may be applied to any late charges du , Voluntmy prepayments shall be applied first to any prepayment charges and then as described in the Note, Any application of payments, insurance proceeds, or Miscellane us Proceeds to principal due under the Note shall not extend or postpone the due date, or change the amount, fthe Periodic Payments. 3. Funds for Escrow Items. Bon·ower shall pay to Lender on he day Periodic Payments are due under the Note, until the Note is paid in full, a sum (the "Funds") to provi e for payment of amounts due for: (a) taxes and assessments and other items which can attain priority over t 1is Security Instrument as a lien or encumbrance on the Property; (b) leasehold payments or ground rents on the Property, if any; (c) premiums for any and all insurance required by Lender under Section 5; and (d) M rtgage Insurance premiums, if any, or any sums payable by Borrower to Lender in lieu of the payment 0 Mortgage Insurance premiums in accordance with the provisions of Section 10. These items are called "ESC10W Items." At origination or at any time during the tenn of the Loan, Lender may require that Commu ity Association Dues, Fees, and Assessments, if any, be escrowed by Borrower, and such dues, fees and as 'essments shall be an 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 Borr wer's obligation to pay the Funds for any or all Escrow Items, Lender may waive Borrower's obligation to ay to Lender Funds for any or all Escrow Items at any time. Any such waiver may only be in writing, In t e event of such waiver, Borrower shall pay directly, when and where payable, the amounts due for any E, crow Items for which payment of Funds has been waived by Lender and, if Lender requires, shall furnish 0 Lender receipts evidencing such payment within such time period as Lender may require, BOlTower's obli ation to make such payments and to provide receipts shall for all purposes be deemed to be a covenant and a eement contained in this Security Instrument, as the phrase "covenant and agreement" is used in Section ,If Borrower is obligated to pay Escrow Items directly, pursuant to a waiver, and Borrower fails to pay tl e amount due for an Escrow Item, Lender may exercise its rights under Section 9 and pay such amount an Borrower shall then 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, u on 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 pennit Lender to apply the Funds at the time specified under RESPA, and (b) not to exceed the maximum amount a lender can require under RESPA. Lender shall estimate the amount of Funds du on the basis of current data and reasonable estimates of expenditures of future Escrow Items or otherw se in accordance with Applicable Law, The Funds shall be held in an institution whose deposits re insured by a federal agency, instrumentality, or entity (induding Lender, if Lender is an institution w lose deposits are so insured) or in any Federal Home Loan Bank. Lender shall apply the Funds to pay the scrow 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 Le der pays Borrower 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 n t be required to pay Borrower any interest or earnings on the Funds. Borrower and Lender can agree in wri ing, however, that interest shall be paid on the Funds, Lender shall give to BOlTower, without charge, an nnual accounting of the Funds as required by RESPA. WYOMING - Single Family - Fannie Mac/Freddie Mac UNIFORM INSTRUMENT 'P.Ý 360.20 Page 4 of 13 Form 3051 1/01 tf!¡: 000299 494025513 If there is a surplus of Funds held in escrow, as defined unde RESPA, Lender shall aCCCullt to BOlTower for the excess funds in accordance with RESPA. If there is a s ortage of Funds held in escrow, as defined under RESPA, Lender shall notify BOlTower as required by R SPA, and BOlTower shall pay to Lender the amount necessary to make up the shortage in accordance wi h RESPA, but in no more than 12 monthly payments. If there is a deficiency of Funds held in escrow, as d fined under RESPA, Lender shall notifY BOlTower as required by RESPA, and BOlTower shall pay to Lende the amount necessary to make up the deficiency in accordance with RESPA, but in no more than 12 monthl payments, Upon payment in full of all sums secured by this Security Instrul ent, Lender shall promptly refund to BOlTower any Funds held by Lender, 4. Charges; Liens. Bon'ower shall pay all taxes, assessment, charges, fines, and impositions attributable to the Property which can attain pliority over this Security nstrument, leasehold payments or ground rents on the Property, if any, and Community Association Dues, F es, and Assessments, if any. To the extent that these items are Escrow Items, BOlTower shall pay them in the 1 al1I1er provided in Section 3, BOlTower shall promptly discharge any lien which has priority 0 er this Security Instrument unless Bon'ower: (a) agrees in writing to the payment of the obligation secured b the lien in a manner acceptable to Lender, but only so long as BOlTower is perfonning such agreement; (b) ntests the lien in good faith by, or defends against enforcement of the lien in, legal proceedings which in ender's opinion operate to prevent the enforcement of the lien while those proceedings are pending, bu only until such proceedings are concluded; or (c) secures from the holder of the lien an agreement satis ctory to Lender subordinating the lien to this Security Instrument If Lender detennines that any part of the Property is subject to a lien which can attain pliority over this Security Instrument, Lender may give BOlT wer a notice identifYing the lien, Within 10 days of the date on which that notice is given, BOlTower shall 'atisfY the lien or take one or more of the actions set forth above in this Section 4, Lender may require BOlTower to pay a one-time charge for a real estate tax verification and/or reporting service used by Lender in connection with this Loan. 5. Property Insurance. BOlTower shall keep the improvements ow existing or hereafter erected on the Property insured against loss by fire, hazards included within the tenn 'extended coverage," and any other hazards including, but not limited to, earthquakes and floods, for whi Lender requires insurance, This insurance shall be maintained in the amounts (including deductible leve s) and for the periods that Lender requires. What Lender requires pursuant to the preceding sentences can c mnge during the tem1 of the Loan. The insurance calTier providing the insurance shall be chosen by Bo ower subject to Lender's right to disapprove BOlTower's choice, which right shall not be exercised unreaso ably, Lender may require BOlTower to pay, in connection with this Loan, either: (a) a one-time charge for flo d zone determination, certification and tracking services; or (b) a one-time charge for flood zone detellnin tion and certification services and subsequent charges each time remappings or similar changes occur w ich reasonably might affect such detennination or ce11ification, BOlTower shall also be responsible for the ayment of any fees imposed by the Federal Emergency Management Agency in connection with the revie of any flood zone detennination resulting from an objection by BOlTower. If BOl1"ower fails to maintain any of the coverages described a ove, Lender may obtain insurance coverage, at Lender's option and BOll'ower's expense, Lender is und l' no obligation to purchase any particular type or amount of coverage. Therefore, such coverage shall co er Lender, but might or might not protect BOlTower, BOlTower's equity in the Prope11y, or the contents of th Property, against any risk, hazard or liability and might provide greater or lesser coverage than wa previously in effect BOlTower acknowledges that the cost of the insurance coverage so obtained mig t significantly exceed the cost of insurance that BOlTower could have obtained. Any amounts disbursed b Lender under this Section 5 shall become additional debt of BOlTower secured by this Security Instrument. hese amounts shall bear interest at the Note rate from the date of disbursement and shall be payable, with suc 1 interest, upon notice from Lender to BOlTower requesting payment. All insurance policies required by Lender and renewals of such I olicies shall be subject to Lender's right to disapprove such policies, shall include a standard m0l1gage lause, and shall name Lender as WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT eiI 360.20 Page 5 of 13 Form 3051 1/01 II; 00300 494025513 mortgagee and/or as an additional loss payee. Lender shall have the rig t to hold the policies and renewal certificates. If Lender requires, BOITOwer shall promptly give to Lender all receipts of paid premiums and renewal notices. If Borrower obtains any fonn of insurance coverage, no othelWise required by Lender, for damage to, or destruction of, the Property, such policy shall include a tandard mOligage clause and shall name Lender as mortgagee and/or as an additional loss payee. In the event of loss, Bon'ower shall give prompt notice to the in urance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower, Unless Lend rand Bon'ower othelWise agree in writing, any insurance proceeds, whether or not the underlying insuranc was required by Lender, shall be applied to restoration or repair of the Property, if the restoration or l' pair is economically feasible and Lender's security is not lessened. During such repair and restoration pe . od, Lender shall have the right to hold such insurance proceeds until Lender has had an opportunity to inspe t such Property to ensure the work has been completed to Lender's satisfaction, provided that such inspec ion shall be undertaken 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 riting or Applicable Law requires interest to be paid on such insurance proceeds, Lender shall not be requi ed to pay Borrower any interest or earnings on such proceeds. Fees for public adjusters, or other third partie , retained by Borrower shall not be paid out of the insurance proceeds and shall be the sole obligation of Bor ower. If the restoration or repair is not economically feasible or Lender's security would be lessened, the ins lrance proceeds shall be applied to the sums secured by this Security Instrument, whether or not then du , with the excess, if any, paid to Borrower. Such insurance proceeds shall be applied in the order provided or in Section 2, If Borrower abandons the Property, Lender may tile, negotiate and settle any available insurance claim and related matters, If BOlTower does not respond within 30 day to a notice from Lender that the insurance carrier has offered to settle a claim, then Lender may negotia e and settle the claim, The 30-day period will begin when the notice is given, In either event, or if Lender cquires the Property under Section 22 or othelwise, Borrower hereby assigns to Lender (a) Borrower's rig ts to any insurance proceeds in an amount not to exceed the amounts unpaid under the Note or this Securi Instrument, and (b) any other of Borrower's rights (other than the right to any refund of unearned pren iums paid by Borrower) under all insurance policies covering the Property, insofar as such rights are applic ble to the coverage of the Propeliy, Lender may use the insurance proceeds either to repair or restore the roperty or to pay amounts unpaid under the Note or this Security Instnunent, whether or not then due, 6. Occupancy. Borrower shall occupy, establish, and use the Property as BOITOwer's principal residence within 60 days after the execution of this Security Instrumen and shall continue to occupy the Property as Borrower's principal residence for at least one year after th date of occupancy, unless Lender othelWise agrees in writing, which consent shall not be unreasonabl withheld, or unless extenuating circumstances exist which are beyond Borrower's control. 7. Preservation, Maintenance and Protection of the Proper ; Inspections. Borrower shall not destroy, damage or impair the Propeliy, allow the Property to deteriorat or commit waste on the Propeliy, Whether or not BOlTower is residing in the Property, Borrower shall main ain 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, Borrowe shall promptly repair the Property if damaged to avoid further deterioration or damage. If insurance or c ndemnation proceeds are paid in connection with damage to, or the taking of, the Property, Borrower s all be responsible for repairing or restoring the Propeliy only if Lender has released proceeds for such purp ses, Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of Jrogress payments as the work is completed. If the insurance or condemnation proceeds are not sufficie t to repair or restore the Property, Borrower is not relieved of Borrower's obligation for the completion of su h repair or restoration. Lender or its agent may make reasonable entries upon and in pections of the Property. If it has reasonable cause, Lender may inspect the interior of the improvements on the Property, Lender shall give Borrower notice at the time of or prior to such an interior inspection speci . ing such reasonable cause, 8. Borrower's Loan Application. BOl1'ower shall be in defa It if, during the Loan application process, Borrower or any persons or entities acting at the direction of BOITower or with Borrower's WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT ,§ 360.20 Page 6 of 13 Form 3051 1101 01.10301 494025513 knowledge or consent gave materially false, misleading, or inaccurate info l11ation or statements to Lender (or failed to provide Lender with material infol111ation) in connection with he Loan. Material representations include, but are not limited to, representations concerning Borrower s occupancy of the Property as Borrower's principal residence. 9. Protection of Lender's Interest in the Property and Rights Under this Security Instrument. If(a) Borrower fails to perfonl1 the covenants and agreements contained il this Security Instrument, (b) there is a legal proceeding that might significantly affect Lender's interest in tl e Property and/or rights under this Security Instl11111ent (such as a proceeding in bankruptcy, probate, fo condemnation or forfeiture, for enforcement of a lien which may attain priority over this Security nstrument or to enforce laws or regulations), or (c) Bon'ower has abandoned the Property, then Lende may do and pay for whatever is reasonable or appropriate to protect Lender's interest in the Propert and rights under this Security Instrument, including protecting and/or assessing the value of the Proper , and securing and/or repairing the Property. Lender's actions can include, but are not limited to: (a) paying any sums secured by a lien which has priority over this Security Instrument; (b) appearing in court; and (c) I aying reasonable attorneys' fees to protect its interest in the Property and/or rights under this Security Instn1l1ent, including its secured position in a bankruptcy proceeding. Securing the Property includes, but is not 1 mited to, entering the Property to make repairs, change locks, replace or board up doors and windows, rain water from pipes, eliminate building or other code violations or dangerous conditions, and have u ilities turned on or off, Although Lender may take action under this Section 9, Lender does not have to 0 so and is not under any duty or obligation to do so. It is agreed that Lender incurs no liability for not t king any or all actions authOlized under this Section 9. Any amounts disbursed by Lender under this Section 9 shall b come 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 fro 11 Lender to BOITower requesting payment. If this Security Instmment is on a leasehold, Bon'ower shall co 1ply with all the provisions of the lease, Borrower shall not surrender the leasehold estate and interests her in conveyed or terminate or cancel the ground lease. BOl1'0wer shall not, without the express written cons nt of Lender, alter or amend the ground lease. If Bon'ower acquires fee title to the Propeliy, the leasehol and the fee title shall not merge unless Lender agrees to the merger in writing. 10. Mortgage Insurance. If Lender required Mortgage Insur nce as a condition of making the Loan, Borrower shall pay the premiums required to maintain the Mortg ge Insurance in effect. If, for any reason, the Mortgage Insurance coverage required by Lender ceases to be vailable from the mortgage insurer that previously provided such insurance and Borrower was required to m ke separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the pr miums required to obtain coverage substantially equivalent to the Mortgage Insurance previously in effect, . t a cost substantially equivalent to the cost to Borrower of the M0I1gage Insurance previously in effect, 'om an altemate mortgage insurer selected by Lender. If substantially equivalent Mortgage Insurance cover' ge is not available, Borrower shall continue to pay to Lender the amount of the separately designated ayments that were due when the insurance coverage ceased to be in effect. Lender will accept, use an retain these payments as a non- refundable loss reserve in lieu of M0I1gage Insurance, Such loss reserve shall be non-refundable, notwithstanding the fact that the Loan is ultimately paid in full, and L nder shall not be required to pay Borrower any interest or eamings on such loss reserve, Lender can no Ion er require loss reserve payments if Mortgage Insurance coverage (in the amount and for the period that Len er requires) provided by an insurer selected by Lender again becomes available, is obtained, and Lender requ res separately designated payments toward the premiums for Mortgage Insurance, If Lender required MOl gage Insurance as a condition of making the Loan and Bon'ower was required to make separately designa ed payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiums required to ma ntain MOIigage Insurance in effect, or to provide a non-refundable loss reserve, until Lender's requireme t for MOl1gage Insurance ends in accordance with any written agreement between Bon'ower and Lender pr viding for such tel111ination or until tem1ination is required by Applicable Law. Nothing in this Section lOa ects BOITower's obligation to pay WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT ~ 360.20 Page 7 of 13 Form 3051 1101 {[~ ;o,n·~,n.2 ' ~j! ... , )ì 'U 494025513 interest at the rate provided in the Note, Mortgage Insurance reimburses Lender (or any entity that purch ses the Note) for certain losses it may incur if BOITower does not repay the Loan as agreed. BOITower is not a party to the Mortgage Insurance, Mortgage insurers evaluate their total risk on all such insurance it force from time to time, and may enter into agreements with other parties that share or modify their risk, r reduce losses, These agreements are on ten11S and conditions that are satisfactory to the mortgage insurer and the other party (or parties) to these agreements. These agreements may require the mortgage insurer to l1ake payments using any source of fllnds that the mOligage insurer may have available (which may inc\u e funds obtained from Mortgage Insurance premiums). As a result of these agreements, Lender, any purchaser of the N te, another insurer, any reinsurer, any other entity, or any affiliate of any of the foregoing, may receive ( irectly or indirectly) amounts that derive rrom (or might be characterized as) a portion of BOITower's paYllents for MOIigage Insurance, in exchange for sharing or modifying the m011gage insurer's risk, or reducing losses. If such agreement provides that an affiliate of Lender takes a share of the insurer's risk in exchange r a share of the premiums paid to the insurer, the aITangement is often termed "captive reinsurance." Further: (a) Any such agreements will not affect the amounts that orrower has agreed to pay for Mortgage Insurance, or any other terms of the Loan. Such agreeme ts will not increase the amount Borrower will owe for Mortgage Insurance, and they will not entitle B rrower 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 0 any other law. These rights may include the right to receive certain disclosures, to request and obta'n cancellation of the Mortgage Insurance, to have the Mortgage Insurance terminated automatically, ndlor 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 iscellaneous Proceeds are hereby assigned to and shall be paid to Lender. If the Property is damaged, such Miscellaneous Proceeds shall b applied to restoration or repair of the Property, if the restoration or repair is economically feasible and Lend r's security is not lessened, During such repair and restoration period, Lender shall have the right to hold uch Miscellaneous Proceeds until Lender has had an oppOl1unity to inspect such Property to ensure the wo k has been completed to Lender's satisfaction, provided that such inspection shall be undeliaken promptly. ender may pay for the repairs and restoration in a single disbursement or in a series of progress payments a the work is completed, Unless an agreement is made in writing or Applicable Law requires interest to be pai on such Miscellaneous Proceeds, Lender shall not be required to pay BOITower any interest or earnings on s ch Miscellaneous Proceeds. If the restoration or repair is not economically feasible or Lender's security wo ld be lessened, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument whether or not then due, with the excess, if any, paid to Borrower. Such Miscellaneous Proceeds shall be a )plied in the order provided for in Section 2. In the event of a total taking, destruction, or loss in value 0 the Property, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instmment whether or not then due, with the excess, if any, paid to BOITower. In the event of a partial taking, destruction, or loss in value of th Property in which the fair market value of the Property immediately before the partial taking, destruction, 0 loss in value is equal to or greater than the amount of the sums secured by this Security Instl1lment imm diately before the partial taking, destruction, or loss in value, unless BOITower and Lender othelwise agree 'n writing; the sums secured by this Security Instrument shall be reduced by the amount of the Miscella eous Proceeds multiplied by the following fraction: (a) the total amount of the sums secured imme iately before the partial taking, destruction, or loss in value divided by (b) the fair market value of th Property immediately before the partial taking, destruction, or loss in value, Any balance shall be paid to B n·ower. In the event of a partial taking, destmction, or loss in value of th Property in which the fair market value of the Property immediately before the partial taking, destruction or loss in value is less than the amount of the sums secured immediately before the paI1ial taking, de tmction, or loss in value, unless WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Ð> 360.20 rage 8 of 13 Form 3051 1101 It 494025513 Borrower and Lender othelwise agree in writing, the Miscellaneous Pro eeds shall be applied to the sums secured by this Security Instrument whether or not the sums fre then due, If the Property is abandoned by Borrower, or i~, after notice by Lender to Borrower that the Opposing Party (as defined in the next sentence) offers tol make an aw rd to settle a claim for damages, Bon'ower fails to respond to Lender within 30 days after th5 date the noti e is given, Lender is authorized to collect and apply the Miscellaneous Proceeds either to restpration or rep ir of the Property or to the sums secured by this Security Instrument, whether or not then due. "Opposin Party" means the third party that owes Borrower Miscellaneous Proceeds or the party against whom Borro er has a right of action in regard to Miscellaneous Proceeds. Borrower shall be in default if any action or proceeding, whethe civil or criminal, is begun that, in Lender's judgment, could result in forfeiture of the Property or other mate ial impainuent of Lender's interest in the Property or rights under this Security Instrument. Borrower can cur such a default and, if acceleration has occurred, reinstate as provided in Section 19, by causing the action or proceeding to be dismissed with a ruling that, in Lender's judgment, precludes forfeiture of the Property or other material impainuent of Lender's interest in the Propeliy or rights under this Security Instrument. he proceeds of any award or claim for damages that are attributable to the impainuent of Lender's interest i the Property are hereby assigned and shall be paid to Lender, All Miscellaneous Proceeds that are not applied to restoration l' repair of the Property shall be applied in the order provided for in Section 2. 12. Borrower Not Released; Forbearance By Lender Not a aiver. Extension of the time for payment or modification of amortization of the sums secured by this Sec rity Instrument granted by Lender to Borrower or any Successor in Interest of BOlTower shall not operate to elease the liability of Borrower or any Successors in Interest of BOll'ower, Lender shall not be required to c mmence proceedings against any Successor in Interest of Bon'ower or to refuse to extend time for paymen or othelWise modify amortization of the sums secured by this Security Instrument by reason of any deman made by the original Bon'ower or any Successors in Interest of BOll'ower. Any forbearance by Lender i exercising any right or remedy including, without limitation, Lender's acceptance of payments from thir persons, entities or Successors in Interest of Borrower or in amounts less than the amount then due, shall ot be a waiver of or preclude the exercise of any right or remedy, 13. Joint and Several Liability; Co-signers; Successors and A signs Bound. BOll'ower covenants and agrees that BOll'ower's obligations and liability shall be joint and se era!. However, any BOll'ower who co-signs this Security Instrument but does not execute the Note (a "co-si er"): (a) is co-signing this Security Instrument only to mortgage, grant and convey the co-signer's interest in t le Property under the tenus of this Security Instrument; (b) is not personally obligated to pay the sums secur d by this Security Instrument; and (c) agrees that Lender and any other Borrower can agree to exten , modify, forbear or make any accommodations with regard to the tenus of this Security Instrument 0 the Note without the co-signer's consent. Subject to the provisions of Section 18, any Successor in I terest of Borrower who assumes Bon'ower's obligations under this Security Instrument in writing, and is a proved by Lender, shall obtain all of BOll'ower's rights and benefits under this Security Instrument. Bo ower shall not be released from Bon'ower's obligations and liability under this Security Instrument unles' Lender agrees to such release in writing. The covenants and agreements of this Security Instnuuent shall ind (except as provided in Section 20) and benefit the successors and assigns of Lender. 14, Loan Charges. Lender may charge BOll'ower fees for serv ces perfol111ed in connection with Borrower's default, for the purpose of protecting Lender's interest in t e Property and rights under this SecUlity Instrument, including, but not limited to, attomeys' fees, prope inspection and valuation fees. In regard to any other fees, the absence of express authority in this Security Instrument to charge a specific fee to Bon'ower shall not be constl1led as a prohibition on the charging of su h fee. Lender may not charge fees that are expressly prohibited by this Security Instnunent or by Applicable aw. If the Loan is subject to a law which sets maximum loan charge , and that law is finally interpreted so that the interest or other loan charges collected or to be collected in c nnection with the Loan exceed the WYOMING - Single Family - Fannie Mac/Freddie Mac UNIFORM INSTRUMENT ~ 360.20 Page 9 of 13 Form 3051 1/01 pennitted limits, then: (a) any such loan charge shall be reduced by th amount necessary to reduce the charge to the pennitted limit; and (b) any sums already collected from B rrower which exceeded pennitted limits will be refunded to Borrower. Lender may choose to make this re nd by reducing the principal owed under the Note or by making a direct payment to Borrower. If a refì.md r duces principal, the reduction will be treated as a pm1ial prepayment without any prepayment charge (whe er or not a prepayment charge is provided for under the Note). Borrower's acceptance of any such refund 1 ade by direct payment to Borrower will constitute a waiver of any right of action Borrower might have arising out of such overcharge. 15. Notices. All notices given by BOlTower or Lender in conne tion with this Security Instrument must be in writing, Any notice to BOlTower in connection with this Secu ity Instrument shall be deemed to have been given to Bon'ower when mailed by first class mail or when ac ally delivered to Borrower's notice address if sent by other means. Notice to anyone Borrower shall consti te notice to all BOl1'owers unless Applicable Law expressly requires otherwise. The notice address shal be the Property Address unless BOl1'ower has designated a substitute notice address by notice to Lend r, BOl1'ower shall promptly notify Lender of Borrower's change of address. If Lender specifies a procedure or reporting Borrower's change of address, then Borrower shall only rep0l1 a change of address through that specified procedure. There may be only one designated notice address under this Security Instrument at any 0 e time, Any notice to Lender shall be given by delivering it or by mailing it by first class mail to Lender's ddress stated herein unless Lender has designated another address by notice to Bon"ower. Any notice in conn ction with this Security Instrument shall not be deemed to have been given to Lender until actually received Lender. If any notice required by this Security Instrument is also required under Applicable Law, the Appli able Law requirement will satisfY the corresponding requirement under this Security Instrument. 16, Governing Law; Severability; Rules of Construction. his Security Instrument shall be governed by federal law and the law of the jurisdiction in which the roperty 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 th parties to agree by contract or it might be silent, but such silence shall not be construed as a prohibition a ainst agreement by contract. In the event that any provision or clause of this Security Instrument or the Note onflicts with Applicable Law, such conflict shall not affect other provisions of this Security Instrument or t e Note which can be given effect without the conflicting provision, As used in this Security Instrument: (a) words of the masculi e gender shall mean and include cOlTesponding neuter words or words of the feminine gender; (b) wor s in the singular shall mean and include the plural and vice versa; and (c) the word "may" gives sole discr tion without any obligation to take any action, 17. Borrower's Copy. Borrower shall be given one copy f the Note and of this Security Instrument. 18. Transfer of the Property or a Beneficial Interest in Bor ower, As used in this Section 18, "Interest in the Property" means any legal or beneficial interest in the Pro erty, including, but not limited to, those beneficial interests transferred in a bond for deed, contract for eed, installment sales contract or escrow agreement, the intent of which is the transfer of title by Borrower t a future date to a purchaser. If all or any pm1 of the Property or any Interest in the Property i sold or transferred (or if BOITower is not a natural person and a beneticial interest in Borrower is sold or ransfelTed) without Lender's prior written consent, Lender may require immediate payment in full of 11 sums secured by this Security Instrument. However, this option shall not be exercised by Lender f such exercise is prohibited by Applicable Law. If Lender exercises this option, Lender shall give BOl1'ower noti e of acceleration. The notice shall provide a period of not less than 30 days from the date the notice is gi en in accordance with Section 15 within which Borrower must pay all sums secured by this Security Instrul ent. If Borrower fails to pay these sUlns prior to the expiration of this period, Lender may invoke any re nedies permitted by this Security Instrument without further notice or demand on Borrower. 19, Borrower's Right to Reinstate After Acceleration, If orrower meets certain conditions, Borrower shall have the right to have enforcement of this Security Instnu1ent discontinued at any time prior 494025513 WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT ~b 360.20 Page 10 of 13 Form 3051 1/01 ~ OO~t10S 494025513 to the earliest of (a) five days before sale of the Property pursuant to aJ y power of sale contained in this Security Instrument; (b) such other period as Applicable Law might speci for the tenuination of Borrower's right to reinstate; or (c) entry of a judgment enforcing this Security Ins rument Those conditions are that Borrower: (a) pays Lender all sums which then would be due under this ecurity Instrument and the Note as if no acceleration had occurred; (b) cures any default of any other cov nants or agreements; (c) pays all expenses incurred in enforcing this Security Instl111Uent, including, but n t limited to, reasonable attorneys' fees, property inspection and valuation fees, and other fees incurred for he purpose of protecting Lender's interest in the Property and rights under this Security Instrument; and (d takes such action as Lender may reasonably require to assure that Lender's interest in the Propeliy and rig 1ts under this Security Instrument, and Borrower's obligation to pay the sums secured by this Security Inst -ument, shall continue unchanged. Lender may require that BOITower pay such reinstatement sums and expen es in one or more of the following fOl1us, as selected by Lender: (a) cash; (b) money order; (c) certified chec , bank check, treasurer's check or cashier's check, provided any such check is drawn upon an institution who e deposits are insured by a federal agency, instrumentality or entity; or (d) Electronic Funds Transfer, Up n reinstatement by Borrower, this Security Instrument and obligations secured hereby shall remain fully ffective as if no acceleration had occUlTed. However, this right to reinstate shall not apply in the case of acc leration under Section 18. 20. Sale of Note; Change of Loan Servicer; Notice of Grievan e. The Note or a partial interest in the Note (together with this SecUlity Instrument) can be sold one or I ore times without prior notice to Borrower, A sale might result in a change in the entity (known as the "Lo n Servicer") that collects Periodic Payments due under the Note and this Security Instrument and perfo s other mOl1gage loan servicing obligations under the Note, this Security Instrument, and Applicable La . There also might be one or more changes of the Loan ServiceI' unrelated to a sale of the Note, If there's a change of the Loan Servicer, BOlTower wi!! be given written notice of the change which will state the ame and address of the new Loan Servicer, the address to which payments should be made and any oth l' infol1uation RESPA requires in connection with a notice of transfer of servicing. If the Note is sold and t ereafter the Loan is serviced by a Loan Servicer other than the purchaser of the Note, the mortgage loan sel icing obligations to Borrower will remain with the Loan Servicer or be transfelTed to a successor Loan Se icer and are not assumed by the Note purchaser unless otherwise provided by the Note purchaser. Neither BOlTower nor Lender may commence, join, or be joined to any judicial action (as either an individual litigant or the member of a class) that arises fi'om the other pa 's actions pursuant to this Security Instrument or that alleges that the other party has breached any provision of, or any duty owed by reason of, this Security Instrument, until such BOlTower or Lender has notified the ot er party (with such notice given in compliance with the requirements of Section 15) of such alleged breach a d afforded the other party hereto a reasonable period after the giving of such notice to take corrective action. If Applicable Law provides a time period which must elapse before certain action can be taken, that time peri d will be deemed to be reasonable for purposes of this paragraph, The notice of acceleration and opp0l1unity to cure given to BOlTower pursuant to Section 22 and the notice of acceleration given to Borrower pursuan to Section 18 shall be deemed to satisfy the notice and opportunity to take corrective action provisions of th s Section 20, 21. Hazardous Substances. As used in this Section 21: (a) "Hazardous Substances" are those substances defined as toxic or hazardous substances, pollutants, or wast s by Environmental Law and the following substances: gasoline, kerosene, other flammable or toxic petrol um products, toxic pesticides and herbicides, volatile solvents, matelials containing asbestos or fonualdeh de, and radioactive materials; (b) "Environmental Law" means federal laws and laws of the jurisdiction whe 'e the Propeliy is located that relate to health, safety or environmental protection; (c) "Environmental Clea up" includes any response action, remedial action, or removal action, as defined in Environmental Law; an (d) an "Environmental Condition" means a condition that can cause, contribute to, or otherwise trigger an En ironmental Cleanup. Borrower shall not cause or penuit the presence, use, disposal, s rage, or release of any Hazardous Substances, or threaten to release any Hazardous Substances, on or in tl e Property, Borrower shall not do, nor allow anyone else to do, anything affecting the Property (a) that is in v olation of any Environmental Law, (b) which creates an Environmental Condition, or (c) which, due to he presence, use, or release of a Hazardous Substance, creates a condition that adversely affects the value f the Propeliy, The preceding two WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT ~j¡ 360.20 Page II of 13 Form 3051 1101 000106 494025513 sentences shall not apply to the presence, use, or storage on the Prope of small quantities of Hazardous Substances that are generally recognized to be appropriate to nonnal resi ential uses and to maintenance of the Property (including, but not limited to, hazardous substances in consUl er products). Borrower shall promptly give Lender written notice of (a) any in estigation, claim, demand, lawsuit or other action by any governmental or regulatory agency or private pa involving the Property and any Hazardous Substance or Environmental Law of which Bon"ower las actual knowledge, (b) any Environmental Condition, including but not limited to, any spilling, leak ng, discharge, release or threat of release of any Hazardous Substance, and (c) any condition caused by the presence, use or release of a Hazardous Substance which adversely affects the value of the Property, I Borrower learns, or is notified by any governmental or regulatory authority, or any private party, that any re nova I or other remediation of any Hazardous Substance affecting the Property is necessary, Borrower shall p omptly take all necessmy remedial actions in accordance with Environmental Law, Nothing herein shall crea e any obligation on Lender for an Environmental Cleanup" NON-UNIFORM COVENANTS. Borrower and Lender fUliher c venant and agree as follows: 22. Acceleration; Remedies. Lender shall give notice to orrower prior to acceleration following Borrower's breach of any covenant or agreement in this Se urity Instrument (but not prior to acceleration under Section 18 unless Applicable Law provides oth rwise). The notice shall specify: (a) the default; (b) the action required to cure the default; (c) a dat , not less than 30 days from the date the notice is given to Borrower, by which the default must be c red; and (d) that failure to CUl"e the default on or before the date specified in the notice may result in cceleration of the sums secured by this Security Instrument and sale of the Property. The notice shal further inform Borrower of the right to reinstate after acceleration and the right to bl"ing a court acti n to assert the non-existence of a default or any other defense of Borrower to acceleration and sale, f the default is not cured on or before the date specified in the notice, Lender at its option may requ re immediate payment in full of all sums secured by this Security Instrument without further dema d and may invoke the power of sale and any other remedies permitted by Applicable Law. Lende shall be entitled to collect all expenses incurred in pursuing the remedies provided in this Section 2, including, but not limited to, reasonable attorneys' fees and costs of title evidence. If Lender invokes the power of sale, Lender shall give notice f intent to foreclose to Borrower and to the person in possession of the Property, if different, in a cordance with Applicable Law. Lender shall give notice of the sale to Borrower in the manner pro ided in Section 15. Lender shall publish the notice of sale, and the Property shall be sold in the mann I' prescribed by Applicable Law. Lender or its designee may purchase the Property at any sale, The pI' ceeds of the sale shall be applied in the following 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) an excess to the person or persons legally entitled to it. 23. Release. Upon payment of all sums secured by this Securit Instrument, Lender shall release this Security Instrument Borrower shall pay any recordation costs, Len er may charge Borrower a fee for releasing this Security Instrument, but only if the fee is paid to a third arty for services rendered and the charging of the fee is permitted under Applicable Law, 24. Waivers. Borrower releases and waives all rights under and by virtue of the homestead exemption taws of Wyoming. WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT (~ 360.20 Page 12 of 13 Form 305 t tIO t '~ On,'~07 494025513 BY SIGNING BELOW, Borrower accepts and agrees to the tenns and covenants contained in this nstrument and in any Rider executed orrower and recorded wit it. C? y John Butera - DATE - ~~e bv\Qef\- Cj/l~ ER - Cynthia Roantree Butera - DATE - State of Wyoming County of (Space Below This Line for Acknowledgment) The foregoing instrument was acknowledged before me by Timothy J hn Butera and Cynthia Roantree Butera, this 14th day of June, 2007. /Jvt - tT3( dól 0 MARK B. HASSLER· NOTARY PUBUO County of ... State of , ,,~\, :,' Wu,,,nlnn Teton '" ,. "...... œ-o)-ddn~ My Commtss1on expires WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT iF.....Þ 360.20 Page 13 of 13 Form 3051 1/01