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HomeMy WebLinkAbout930981 ~~ r After Recording Return To: RECEIVED '1-5-01 (,\\-- S:o\ f.(V\. RECEIVING # 930981 BOOK: 664 PAGE: 627 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY FIRST HORIZON HOME LOANS 1555 W, WALNUT HILL LANE, SUITE 200 IRVING, TEXAS 75038 POST CLOSING MAIL CENTBR 671Z ¡;C \ [Space Above This LlDe For Recording Data] Loan Number 0061282992 MERS Number 100085200612829921 c: ( ¡ MORTGAGE t \ DEFINITIONS Words used in multiple sections of this dOCUDJeDt are dcfmed below and other wo.l:~ 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 lnBtnJment" ID.eiUlS this document, which is dated JUNE 25,2007, together with all Riders to this document. (B) "Borrower" is STEVEN B. ALLRED and MARY ANNA G. CLAY AS TRUS}'EES OF THE 199(; ALLRED-CLA Y FAMILY TRUST DATED NOVEMBER 20, 1996, AS AMENDED AND COMPLETELY RESl'A TED MARCH 21, 2006 UNDER TRUST INSTRUMENT DATED NOVEMBER 20, 1996, AS AMENDED AND COMJ'LETELY RESTATJro MARCH 21, ~006, FOR 'I'HE BENEm OF STEVEN B. ALLRED AND MARY ANNA G. CLAY. Borrower is the mortgagor UDder this Security Instrument. (C) "MERS" is Mortgage Electronic Registration Systems, Inc. MERS is a separate coIpOration that is acting solely as a nominee for Lender and Lender's $UCCes80CS and assigns. MERS is tbe mortgagee under tb1s Security Instrument. MERS is organized and existing under the laws of Delaware, and has an address and telephone number of P.O. Sox 2026, FUnt. MI 48501-2026. tel. (888) 679-MERS. (D) IILenderll is FIRST HORIZON HOJ\oŒ LOANS, A DIVISION OF FIRST TENNESSEE BANK NATIONAL ASSOCIATION. Lender is a NATIONAL BANK organized and existing under the laws ofTBE UNITED STATES OF AMERICA. Lender's address is 4000 HORIZON WAY, IRVING, TEXAS 75063. (E) "Notell means the promissory note signed by· Borrower and dated JUNE 25,2007. The Note statcs that Borrower owes Lender ONE HUNDØD TWENTY-N}NE THOUSAND AND OO/10Otbs Dollars (U.S.$129,OOO,OO) plus Interest. BorrQwer has promised to pay thísdebt in regular Periodic Payments and to pay the debt in full nOl1ater than JULY 1, 2017, (F) "Property" means the property that is described below under the heading "Transfer of Rights in the Property." (G) "Loan" means the debt evidenced by the Note, plus interest, any prepayment chatges and late charges due under I~~I_., _, and all sums due under this Security Instrument, plus interest. (H) "Riders" means all Riders to this Security Instnlment that are executed by Borrower. The following Riders are to be eJtecuted by Borrower [cbeck box as appUcable]: o Adjustable Rate Rider 0 Condominium Rider IX) Second Home Rider OB81100n Rider IXIPlannecl Unit Development Rider IXIInter Vivos Revocable Trust Rider 01-4 Family Rider o BiweekJy Payment Rider SIÆ 'ft46 WYOMING--Slngle Famlly..Pannie MaelFreddit Ma~ IJNIFORM INSTRUMENT Form 3051 1/01 (pagø 1 of 11 pages) .JU!'I-¿¿-ZIII I'{ 'l:Ub l'lrst 110rlZOn ".U4 09309~ 000628 (I) "Applicable Law" means aU controllíng applicable federal, state and local statutes, regulations, ordinances and administrative rules and orders (that have the effect of law) as wejl as all app1i~~'fmaJ, ~on·appealable judicial opinions. (J) "Community Association Dues, Fees, and Assessments" means all dues, fees, assessmçp.ts and other charges that are imposed on Borrower or the Property by a condomiIÚum association, homeowners association or similar organization. (K) "Electronic Funds Transfer" means any transfer of funds, other than a transaction originated by check, draft, or similar paper instrument, which is initiated through an electronic terminal, telephonic instrument, computer, or magnetic tape so M to order, instruct, or authorize a fUlaDcial institution to debit or credit an account. Such term includes, but is not limited to, point-of-sale transfers, auto¡nated teller xnachine transactions, transfers initiated by telephone, wire ttansfers, and automated clearingho\1se transfers. (L) "Esçrow Items" means those items that are described in Section 3. (M) "Miscellaneous Proeeeds" means any compensation, sett1etneDt, award of damages, or proceeds paid by any third party (other than insurance proceeds paid W1der the coverages described in Section 5) for: (i) damage to, or destruction of, the Property; (ii) condenmatioD or other taking of all or any part of the Property; (iii) conveyance in liel,1 of condemnation; or (iv) misrepresentatioD$ of, or omissioJ1$ as to, the value and/or condition of the Property. (N) "Mortgage lnBurançe" means insu~ce protecting Lender against the nonpayment of, or default on, the Loan. (0) "Periodic Payment" means the regularly scheduled aIDOW1t due for (i) principal and interest under the Note, plus (ii) any amounts WIder Section 3 of this Security Instrument. (P) "RESPA" means the Real Estate Settlement Procedures Act (12 U.S.C. § 2601 et seq.) and its implementing regulation, Regulation X (24 C.P.R. Part 3500), as they might be amended from time to time, or any additional or successor legislation or regulation that govents the same subject matter. As used in this security Instrument, PRESPA" refers to all requirements and restrictions that are imposed in regard to a "federally related mortgage Joan" even if the Loan does not qualify as a "federally related mortgage Joan" under RESP A. (Q) "Successor in Interest or Borrower!' means any party that has taken title to the Property, whether or Dot that party has assumed Borrower's obligations under the Note andlor this Security Instrument. TRANSFER OF RIGHTS IN THE PROPERTY This Security InStnlmCDt secures to Lender: (ì) the repayment of the Loan, and all renewals, extensions and modifications of the Note; and (ii) the perlormance of Borrower's covenants and agreements under this Security Instrument and the Note. For this purpose, Borrower does hereby mortgage, grant and convey to MERS (solely as nominee for Lender and Lender's successors and assigns) and to the successors and assigns of MERS, with power of sale, the following described property located in the Coun~ of LENCOLN [Type of Recording Jurisdicûon] [Name of Recording 1urisdiction] LEGAL DESCRIPTION AITACIIED HERETO AND MADE A PART HEREOF FOR ALL PURPOSES. which currently has the address of 1792 COUNTY ROAD liS STAR V ALLEY RANCH [City] [Street] ("Property Address"): I Wyoming 83127 [Zip Code] WYOMING..Sing1e Family-Fannie MaelFreddie Mac UNIFORM INSTRUMENT Form JOSl 1/01 (pa¡¡e 2 of J / pagt$) S2'/I... ~ . . fu;: , 0930981 Ä~Z9 . OOvo.. TOGETHER WITH all the improvements now or hereafter erected on the propelty, and all easements, appurtenances, and fIXture¡¡ now or hereafter a pan of the property. All replacements and a4sMtioDS shall also be covered by this Security Instrument. All of the foregoing is referred to in this Security Instrument as the "Property." Borrower understands and agrees that MBRS holds only legal tiùe to the interests granted by Borrower in this Security Instrument. but, if necessary to comply with law or custom, MERS (as nominee for Lender and Lender's successors and assigns) bas the right: to exercise any or all of those interests. including, but not limited to, the right to foreclose and sell the Property; and to take any action required of Lender including, but not limited to, releasing and canceling this Security Instrwnent. BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has the right to mortgage. grant and convey the Property and that the Property is unencumbered, except for encumbrances of record. Borrower warrants and will defend generally the title to the Property against all claims and demamb. subject to any encumbrances of record. THIS SECURITY INSTRUMENT combines unifonn covenants for national use and non-uniform covenants with liInited variations by jurisdiction to constitute a unifonn security instrument covering real property. UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 1. Payment or Principal, Interest, Escrow Items, Prepayment Charges, and Late Charges. Borrower shall pay when due the principal of, and interest on, the debt evíðenced by the Note and any prepayment charges and late charges due under the Note. BoITQwer shall also pay funds for Escrow IteD pursuant to Section 3. Payments due under the Note and this Security Instrument shall be IIlade in U.S. currency. However. if any check or other instrument received by Lendet liS payment under the Note or this Security Instrument is retumed to Lender unpaid, Lender may require that any or all subsequent payments due under the Note and this Security InstIument be made in one or more of the following fonns, as selected by Lender: (a) cash; (b) money oreier; (c) certified check, bank check, treasurer's check. or cashier's check, provided any such check is drawn upon an institution whose deposits are in~d by a federal agency, instrumentality, or entity; !;IT (d) Electrowc Funds Transfer. Payments are deemed received by Lender when receiyed 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 if the payment or partial payments are insufficient to bring the Loan current. Lender may accept any payment or partial payment insufficient to bring the Loan C\UTCDt, 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 pay¡nents are accepted. If each Periodic Payment is lipplled as of its scheduled due date, then Lender need not pay interest on unapplíed funds. Lender may hold such \.Ul8Pplied funds until Borrower make$ payment to bring the Loan current. If Borrower does not do so within a reasonable period of time, Lender shall either apply such funds or returø them to Borrower. 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 Borrower might have now or in the future against Lender shall relieve Borrower from making payments due under the Note and this Security Instrument or performing the covenants and agreements secured by this Security Instrument. 2. Application or Payments or Proceeds. Except as otherwise 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 SectiOD 3. Such payments shall be applied to each Periodic Payment in the order in which it became due. AD.y remaining amounts shall be applied first to Jate charges, second to any other amounts due under this Security Instrument, and then to reduce the principal balance of the Note. . If Lender receives a payment from Borrower for a delinquent Periodic Payment which includes a sufficient amount to pay any late charge due, the payment may be applied to the delinquent payment and the late charge. If more than one Periodic Payment is outstanding, Lender may apply any payment received from Borrower to the repayment of the Periodic Payments if, and to the extent that, each payment can be paid in full. To the extent that any excess existS after the payment is applied to the full payment of one or more Periodic Payments. luch excess may be applied to any late charges due. Voluntary prepayments shall be applied fU'St to any prepayment charges and then as described in the Note. Any application of payments, ins\J.1'3nce proceeds, or Misce11aneous Proceeds to principal due under the Note shall not extend or postpone the due date, or change the amount, of the Periodic Payments. 3. FUDds for Escrow Items. Borrower shall pay to Lender on the day Periodic Payments are due under the Note, until the Note Is paid in full, a sum (the "Funds") to provide for payment of amounts due for: (a) tllXes and assessments and other items which can attain priority over this Security Instrwnent as a lien or encumbrance on the Property; (b) leasehold payments or ground rents on the Property, if any; (c) premiwns for any and all insurance required by Lender under Section 5; and (d) Mortgage Insurance premiums, if any, or any sums payable by Borrower to Lender in lieu of the payment of Mortgage Insurance prem.í\l.m$ In accordance with the prQvL$J011$ of Section 10. These Ît=z¡ are called "S$crow Items." At ortsinatlon or at any time during the term of flu:: Loan. Lender may require that Community Aasocíation Dues. Fees. and ASses8µJC nt$, if ¡my, be WYOMING--Siogle family-Fannie MaelFreddie Mac: UNIFORM INSTRUMENT Form 3051 1/01 (page 3 of II pages) S¡t?4 ~ J U.N-;¿;¿-'JI1I1·/ 1 1 : Ub l"irst Horizon .....Ul,t O'~309&1 OOO~30 , escrowed by Borrower, and such dues, fees and assessments shall be an Escrow Item. Bo,nvwer Shall Pl'9.Dlptly furnish to Lender all notices of amounts to be paid under this Section. Borrower shall pa~~er the Fund8 for Escrow Items unless Lender waives Borrower's obligation to pay the Funds for any or all Escrow Items. tender may waive Borrower's obligation to pay to Lender Funds for any or all Escrow Items at any time. Any such waiver may only ~ in writing. In the event of such waiver, Borrower shall pay directly, when and where payable. the amounts due for any Escrow Items for which payment of Funds has been waived by Lender and, if Lender requires, shall furnish to Lender receipts evidencing such payment within such time period as Lender may require. Borrower's obligation to make such payments and to provide receipt$ shall for all purposes be deemed to be a covenant and agreement contained in this Security instrument, , the phrase ~covenant and agreement" is used in Section 9. If Borrower is obligated to pay Escrow Items directly, pursuant to a waiver. and Borrower fails to pay the amount due for an Escrow Item, Lender may exercise its rights under Section 9 and pay such amount and Borrower shall then be obligllted under Section 9 to repay to Lender any such amow1t. Lender may revoke the waiver as to any or all Escrow Items at any ti1ne by a notice given in accordance with Section 15 and, upon such revocation, Borrower shall pay to Lender all Funds. and in such amoun18, that are then required under this Section 3. Lender may, at any time. collect and hold Funds in an amount (a) sufficient to permit Lender to apply the Funds at the ùme specified under RESPA, and (b) not to exceed the maximum amount a lender can require under RESPA. Lender shall estimate the amount of Funds due on the basis of current data and reasonable estimateS of expenditures of future Escrow Items or otherwise in accordance with Applicable Law. The Funds shall be held in an institution whose deposits are insw-ed by a fedeFal 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 the Escrow Items no later than the time specified under RESPA. l,ender shall not charge Borrower for holding and applying the Funds, annually analyzing the escrow account. or verifying the Escrow Items, unless Lender pays narrower interest on the Funds and Applicable Law permits Lender to make such a chafge. Unless an agreement is made in writing or Applicable Law requires interest to be paid on the Funds, Lender shall not be required to pay Borrower any interest or earnings on the Funds. Borrower ¡md Lender can agree ín writing, however, that intere$t shall be paid on the Funds. Lender shall give to Borrower, without charge, an ann\UÙ accounting of the Funds as required by RESPA. If there is a surplus of Punds held in escrow, as dermed Wlder RESPA, Lender shall account to Borrower for the excess funds in accordance with RESP A. If there is a shonage of Funds held in escrow, as defined under RESP A, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to make up the shortage in accordance with RESP A, but in no more than 12 monthly payments. If there is a deficiency of Funds held in escrow, as dermed under RESPA. Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to make up the deficiency in accordance with RBSPA. but in no more than 12 monthly pay¡ntnts. Upon payment in full of all sums secured by this Security Instrument. Lender shall promptly refund to Borrower any Funds held by Lender. 4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fwes, and impositions attributable to the Propeny which can attain priority over this Security Instrument, leasehold payments or ground rents on the Property. if any. and COIDlIl\lDity Association Dues, Pees, and Assessments. if any. To the extent that these items are Escrow Items, Bortower shall pay them in the manner provided in SectiQn 3. Borrower shall promptly discharge any lien which has priority over t1ùs Security Instrument unless Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a numner acceptable to Lender. but only so long as Borrower is perfortning such agreement; (b) contests the lien in good faith by, or defends against enforcement of the lien in, legal proceedings which in Lender's opinion operate to prevent the enforcement of the lien wlùle those 'proceedings are pending, but only until such proceedings are concluded: or (c) secures from the holder of the lien an agreement satlsfactory to Lender subordinating the lien to this Security InstJwnenl. If Lender determines that any part. of the Property is subject to a lien which can attain priority over this Security Instrument, under may give Borrower a notice identifying the lien. Within 10 days of the date on which that notice is given, Borrower shall satisfy the lien or take one or more of the actiODS set forth above in this Section 4. Lender may require Borrower to pay a one-time charge for a real estate tax verification and/or reporting service used by Lender in connection with this Loan. S. Property Insurance. Borrower shall keep the improvements now eximing or hereafter erected on the Property iD$ured against loss by fire, hazards included within the tenn "extended coverage, ~ and any other hazards including. but not limited to, earthquakes and floods. for which Lender requires insurance. This insw-ante shall be maintained in the amounts (including deductible ~eveJB) and for the periods that Lender requires. What Lender requires pursuant to the preced..ing sentences can change: dunng the term of the Loan. The insurance: canier provi(tl.ng the insurance shall be choSIm by Borro~ subject to Lender's right to disapprove Borrower's choice, wruch right shall not be exercised unreasonably. Lender may ~equire BQrrower WYOlWNG--Singlc Family-Fannie Mae/FredcUe Mac ONXFORM INSTRUMENT Form 3051 1/01 (page 4 of I I pages) S~~ ~ \.J. J.,Û '-I oJ U A.. OUUtiJ1 . to pay, in connection with this Loan. either: (a) a one-time charge for flOQ.~ik0!1e determínation. certification and traCking services: or (b) a one-time charge for nood zone determination and certifiC«tiôn serviceS and subsequent charges each time rernappings or similar changes occur which reasonably might affect such determination or certification. Borrower shall also be responsible for the payment of any fees impOsed by the Federal Emergency Management Agency in connection with the review of any flood zone determination resulting from an objection by Borrower. If Borrower fails to maintain any of the coverages described above. Lender may obtain insurance coverage, at Leader's option and Borrower's expense. Lender is under no obligation to purchase any particular. type or amount of coverage. Therefore. such coverage shall cover Lender. but might or might not protect Borrower, Borrower's equity in the Property, or the contents of the Property, against any risk, hazard or liability and might provide greater or lesser coverage than was previously in effect. Borrower acknowledges that the cost of the insurance coverage so obtained might significantly ellceed the cost of insurance that Borrower could have obtained. Any amounts disbursed by Lender under this Section 5 shall become additional debt of Borrower secured by this Security Instroment. These amounts shall bear interest at the Note rate from the date of disbursement and shaU be payable, with such interest, upon notice from Lender to Borrower requesting payment. Alllnsurance policies :required by Lender and renewals of such policies shall be subject to Lender's right to cUupprove such polìcies, shall include a standard mortgage clause, and shall name Lender as mortgagee and/or as an additional loss payee. Lender shall have the right to hold the policies and renewal certificates. If Lender requires, Borrower sbaH promptly give to Lender all receipts of paid premiums and renewal notices. If Borrower obtains any form of ÌI15Urance coverage, not otherwise required by Lender, for damage to, or destruction of. the Property, such policy shall include a standard mortgage clause and shall name Lender as mortgagee and/or as an additional loss payee. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, any insurance proceeds, whether or not the underlying Insurance was required by Lender, shall be applied to restoration or repair of the Property, if the mtoraúon or tepair is economically feasible and Lender's security is not lessened, During S1Jch repair and restoration period, Lender shall have the right to hold such insurance proceeds until Lender has had an opportunity to inspect such Property to ensure Ule work hllli been completed to Lender's satisfaction, provided that such inspection shall be undet'Ulken promptly. Lender may disb\ll'$e proceeds for the repairs and restoration in a single payment or in a series of progress payments as the work is completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such insurance proceeds, Lender shall not be required to pay Borrower any interest or earnings on such proœeds. Fees for public adjusters, o( other third panies, retained by Borrower shall not be paid out of the insurance proceeds and shall be the sole obligation of Borrower. If the restoration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds 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 insurance proceeds shall be applied in the order provided for in Section 2. If Borrower abandons the Property, Lender may file. negotiate and settle any available insurance claim and related matters. If Borrower does not respond within 30 days to a notice from Lender that the insurance carrier has offered to settle a claim, then Lender may negotiate and settle the claim. Tbe 30-day period. will begÙl when the notice is given. In either event, or if Lendet' acqllires the Property under Section 22 or otherwise, Borrower hereby assigns to Lender (a) Borrower's rigbU to any insurance proceeds in an amount not to exceed the amounts unpaid under the Note or this Security Instrument. and (b) any other of Borrower's rights (other than the right to any refund of unearned premiUII15 paid by Borrower) under aU insurance policies covering the Property, Insofar as such ríghts are applicable to the coverage of the Property, Lender ¡nay use the Insurance proceeds either to repair or restore the Property or to pay amounts unpaid under the Note or tJús Security Instrument, whether or not then due. 6. (kcupanq. Borrower shall occupy, establish, and use the propeny as Borrower's principal residence within 60 days after the execution of this Security Instro.ment and shall continue to occupy the Property as Borrower's principal residence for at least one year after the date of occupancy, wúess Lender otherwise agrees in writing, which consent shall not be unreasonably withheld, or unless extenuating circUIIl5tances exist which are beyond Borrower's control. 7. Preservation I Maintenance and Protection of the Property; Inspections. Borrower shaU not destroy, damage or impair the Property, allow the Property to deteriorate or commit waste on the Property. Whether or not Borrower is residing in the Propeny, Borrower sbaU maintain the Property in order to prevent the Property from deteriorating or decreasing in value due to its condition. Unless it is determined pW"SUBnt to Secúon 5 that repair or restoration is not economically feasible. Borrower shall promptly repair the Property if damaged to avoid further deterioration or daroage. If insurance or condemnation proceeds are paid in connection with damage to, or the taking of, the Property. Borrower shall be responsible for repairing or restoring the Property only if Lender has released proceeds for such PUrp05e5. Let1der may disburse proceeds for the repairs and restoration 1n a single:: payment or in a series of progrc:88 paymC::DL$ as the work is completed. If the: imluraoce 01' condemnation proceeds are Dot sufficient to repair or restore the Property, Borrower is not relieved of Borrower's obligation for the completion of such repair or restoration. WYOMING--Singlc Family-Fannie MaefFredd1e Mac UNIFORM INSTRUMENT F(lrm JOSl 1/01 (page j uf 11 pages) sZ~ 71~ JUN-;¿;¿-·.nII I'f ',1: U'( .r·irst !tori zon ".Ub ~ 093098:1 000632 Lender or its agent may make reasonable entries upon and inspections of the Property. If it has reasonable cause, Lender may inspect the interior of the improvements on the Property. Lender shall give BÓnower notice at the time of or prior to such an interior inspection specifying such reasonable cause. 8. Borrower's Loan Application. Borrower shall be in default if, during the Loan application process, Borrower or any persons or entities acting at the direction of Borrower or with Borrower's knowledge or consent gave materially false, nùsleading, or inaccurate information or statements to Lender (or failed to provide Lender with material information) in connection with the Loan. Material representations include, but are not limited to, representations concerning Borrower's occupancy of the Property as Borrower's principal residence. 9. Protection ot Lender's Interest in tbe Property and Rights Under this Seturity Instrument. If (a) Borrower fails to perfonn the covenants and agreements contained in thís Security Instrument, (b) there is a legal proceeding that might significantly affect Lender's interest in the Property and/or rights under this Security Instrument (such as a proceecl.ing in bankruptcy, probate, for condemnation or forfeiture, for enforcement of a lien which may attain priority over this Security Instrument or to enforce laws or regulations), or (c) Borrower has abandoned the Property, then Lender may do and pay for whatever is reasonable or appropriate to protect Lender's interest in the Property and rights under this Security Instrument, including protecting and/or IIlIsessÍDg the value of the Property, and securing and/or repairing the Propeny. Lender's actions can include, b\lt are not limited to: (a) pa.yUlg any sums secured by a lien which has priority over this Security InstrwJJ.eJlt; (b) appearing in court: and (c) paying reasonable attorneys' fees to protect its interest in the Property and/or rights under this Security InstJUn1eDt, including its secured position in a bankruptcy p1'Oceedin¡, SecûJ'Ù1g the Property includes, but is not limited to, entering the Property to make repairs, change locks, replace or board up doors and windows, drain water from pipes, eliminate building or other code violations or dangerous conditiol1!, and have utilities turned on or off. Although Lender may take action under this Section 9. Under does 110t have to do so and is not under any duty or obligation to do so. It is agreed that Lender incurs no liability for pot talcin¡ any or all actions authorized under this Section 9. Any aII10unts disbursed by Lender under this Section 9 shall become additional debt of Borrower secured by this Security Instrument. These amounts shall bear interest at the Note rate from we date of disbursement and shall be payable, with such interest, upon notice from Lender to Borrower requesting payment. If this Security Instrument Is on a leasehold, Borrower shall comply with all the provisions of the lelllle. If Borrower acquires fee title to the Property, the leasehold and the fee title shall not merge unless Lender agrees to the merger in writing. 10. Mortgage Wuranœ. If Lender required Mortgage Insurance as a condition of making the Loan, Borrower shall pay the premiums required to maintain the Mortgage Insurance in effect. If, for any reason, the Mortgage Insurance coverage required by Lender ceases to be available from the mortgage insurer that previously provided such insurance and Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiums required to obtain coverage substantially equivalent to the Mortgage Insuranœ previously in effect, at a cost substantially equivalent to the cost to Borrower of the Mortgage Insurance previously in effect, from U1 alternate mortgage ÌDsurer selected by Lender. If substantially equivalent Mortgage Insurance coverage is rIot available, Borrower shall continue to pay to Lender the amount of the separately designated payments that were due when the iDsurance coverage ceased to be in effect. Lender will accept, use and retain these payments as a non-refundable loss reserve in lieu of Mortgage Insurance. Such loss reserve shall be non-refundable, notwithstanding the fact that the Loan is ulti.n1ately paid in full, U1d Lender shaIloot be required to pay Borrowe~ any interest or e.antlngs on such loss reserve. Lender can no longer require 10s8 reserve payments if Mortgage Insurance coverage (ÌD the amount and for the period that Lender requires) provided by an ÌDsurer selected by Lender again becomes availa.ble, is obtajned, and Lender requires separately designated p~ts toward the premiums for Mortgage Insurance. If Lender requited Mortgage Insurance IIlI a condition of making the Loan and Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance. Borrower shall pay the premiums required to maintain Mortgage Insurance in effect, or to provide a. non-refundable Joss reserve, until Lender's requirement for Mortgage !nsurance ends in accordance with any written agreement between Borrower and Lender providin.g for such tenninatioD Or until tennination is required by Applicable Law. Nothing in this Section 10 affects Borrower's obligation to pay interest at the rate províded. in the Note. Mortgage Insurance reimburses Lender (or any entity that purchases the Note) for certain losses it may incur if Borrower does not repay the Loan DB agreed. Borrower is not a party to the Mortgage Insurance. Mortgage insurers evaluate their total risk on all such insurance in force from time to time, and may enter into agreements with other parties that share or JIlOClify their risk, or reduce losses. These agreements are on terms and conditions that are satisfactory to the mortgage insurer and the other Patty (or parties) to these agreements. These agreements may require the mortgage ÌIl8Ul"Cr to make payments usin& any 80UfÇQ of 1ìmd$ that. the mortgage iDsurer may have available (which may include funds obtained from Mortgage Insurance premiums). Z4- ~ WYOMING-singJe Famlly-FlU1D1e MaelFreddie Mac UNIFORM INSTRUMENT Form 3051 1/01 (page 6 of 11 pages) 0930981 000633 As a result of these agreements, Lender. any purchll$Cr of the Note, another insurer, any reinsurer, any other entity, or any aff1liate of any of the foregoing, may receive (directly or indirecúy) amounts that deri,:efrom.(or might be characterized as) a portion of Borrower's payments for Mortgage Insurance. in exchange for sharing or modifying the mortgage insurer's risk. or reducing losses. If such agreement provides that an affiliate of Lender takes a share of the insurer's risk in exchange for a share of the premiums paid to the insurer, the arrangenleot is often termed "captive reinsurance.· Further: (a) Any such agreements will not affect the amounts that BOlTOwer bas agreed to pay for Mortgage Insurance. or any other terms of tbe Loan. Such agreen1eDts will Dot mcrC8R the amount BOlTOwer will owe for Mortgage Iosurançe. and they will not entitle BOlTOwer to any rtlund. (b) Any such agreements will not atTeet the rights Borrower has - if any - with respect to the Mortgasc Insurance under the Homeowners ProtectioD Act of 1998 or any other law. Tbese rights may include the right to reteive certain dJ.sclO5W"es, to request and obtain cancdlation of the Mortgage Insurance. to have the Mortgage Insurance terminated autoanatic:aUy, and/or to rec:eive a refund or auy Mortgage Insurance preuûums that were unearned at tbe time of such clUlcellation or termination, 11. Assignment of MisœllaueoWi Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned to and shall be paid to Lender. If the Property is damaged, such Miscellaneous Proceeds shall be applied to restoration or repair of the Property, if the restoration or repair is economically feasible and Lender's security is not lessened. During such repair and restoration period, Lender shall have the right to hold such Miscellaneous Proceeds until Lender has had an opportunity to inspect such Property to ensure the work has been completed tQ Lender's satisfaction, provided that sucb inspection shall be undertaken promptly. Lender may pay for the repairs and restoration in a single disbursement or in a series of progress payments as the work is completed. UIÙesS an asreeme.nt is made in writing or Applicable Law requires interest to be paid on such Miscellaneous Proceeds, Lender ! hall not be required to pay Borrower any interest or earnings on such Miscellaneous Proceeds. If the restoration or repair is not economically fcuibie or Lender's security would 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 Mi$cellaneous Proceeds shall be applied in the order provided {or in Section 2. In the event of a total taking, destruction. or 1088 in value of the Property, the Miscellaneous Proceeds ! hall be applied to the sums secured by this Security Instrument. whether or not then due, with the excess, if any, paid to Borrower. In the event of a partial taking, destruction, or loss in value of the Property in which the fair market value of the Propeny immediately before the partial taking. destruction. or loss in value is equal to or greater than the anlount of the SWIIB secured by this Security Instrument immediately before the paniaJ taking, destruction, or Joss in value, unless Borrower and Lender otherwise agree in writing, the SUII)! secured by this Security Instrnme:nt shall be reduced by the amount of the Miscelhweous Proceeds multiplied by the following fraction: (a) the total amount of the sums secured immediately before the partial taking, destruction, or ioss in value divided by (b) the fair market value of the Propeny immediately before the partial taking, destruction, or loss in value. Any balance shall be paid to Borrower. In the event of a partial taking, destn!cûon, or loss in vaJue of the Property in which the fair market value of the Property immediately before the partial taking, destruction, or loss in value is less than the amount of the sums secured iInmediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument whether or not the suxns are then due. If the Property is abandoned by Borrower, or if, after notice by Lender to Bonower that the Opposing Party (as defined in the next sentence) offers to make an award to settle a claim for daroages, Borrower fails to respond to Lender within 30 days after the date the notice is given, Lender is authorized to collect and apply the Miscellaneous Proceeds either to restoration or repair of the Property or to the sums secured by this Security lnstr\lIIJ£nl, whether or not then due. "Opposing Party" means the third party that owes Borrower Miscellaneous Proceeds or the party against whom Borrower has a right of action in regard to Miscellaneous Proceeds. Borrower shall be in default jf any action or proceeding, whether civil or criminal, is begun that, in Lender's judgment, could result in forfeiture of the Property or other tnaterial impairment of Lender's interest in the Property or rights under thi!J Security Instxu.ment. BOlTQwer can cure such a default and, if acceleration ba$ occurred, reinstate as provided in Section 19, by causing the action or proceedin~ to be dismissed with a ruling tha1, in Lender's Judgment, precludes forfeiture of the Property or other material impairment of Lender's interest in the Property or rights under this Security Instrument. The proceeds of any award or claim for damages that are attributable to the impainnent of Lender's interest in the Property are hereby assigned and shall be paid to Lender, AU Miscellaneous Proceeds that are not applJed to restoration or rçpair of the Property shall bo IIpp1i~ in the order proviùed for in Section 2. WYOMING-5lngle Family-Fannie MaelFreddie Mac: umFORM INSTRUMENT Form 3051 1/01 (page 7 of 11 pages) Sð/f- ~ vun-¿¡¿¡-/.IIIII l! ; U I .I'lrSt 110rlzon "'.Uö O~30~b',:l 0,00634 12. Borrower Not Released; Forbearance By Lender Not D Waiver. Elttension of the time for payment or modification of amortization of the sums secured by this Security Instrument granted by Lender to Borrower or any Successor in Interest of Borrower shall not operate to release the liabiJity of Borrower or any Successor¡¡ in Interest of Borrower. Lender shall not be required to commence proceerlings againlit any Successor in Interest of Borrower or to re1'wie to extend time for pa~~ or otberwise modify amortization of the sums secured by this Security Instrument by reason of any demand made by the onginal Borrower or any Successors in Interest of Borrower. Any forbearance by Lender in exercising any right or renrdy including, without limitation, Lender's acceptance of payments from third persons. entities or SUeçe¡$ors in Intemt of Borrower or in amounts less than the amount then due, shall not be a waiver of or preclude the exercise of any right or remedy. 13, Joint and Several Liability; Co-signers; Successors and Assigns Bound. Borrower covenants and agrees that Borrower's obligations and liability shall be joint and several. However, any .Borrower wbo co-signs this Security Instrument but does not execute the Note (a "ea-signer"): (a) is co-signing this Security Instrument only to n1Ongage, grant and convey the co-signee's interest in the Property under the terms of this Security Inst.rument; (b) is not personaJJy obligated to pay the sums secW'ed by this Security InIItrnmeDt; and (c) agrees tbat Lender and any other Borrower can agree to c;\tend, modify. forbear or make any accommodations witb ~gard to the terms of this Security Instrument or the Note without the co-signee's consent. Subject to the provisions of Section 18, any Successor in Interest of Borrowee who assumes Borrower's obligations under thís Security Instrument in writing, and is approved by Lender, shall obtain all of Borrower's rights and benefits under this Security Instrument. Borrower shall not be released frolD Borrower's obligations and Uabillty IWder this Security Instrument unless lender agrees to such release in writing. The covenants and agreements of thí5 Security Instrument shall bi ld (except as provided in Section 20) and benefit the successors and assigns of Lender, 14, Loan Charges. Lender may charge Borrower fees for services performed in connection with Borrower's default, for the purpose of protecting Lender's interest in the Property and rights Wlder thís Security Instrument, lnc1ud.IDg, but not limited to, attoxneys' fees. property 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 Borrower shall DOL be constnJed as a prohibition on the charging of such fee. Lender may not charge fees that are expressly prohibited by thb Security Instrument or by Applicable Law. If the Loan is subject to a law which sets IDaJÙßlwn loan charges, and that law is fin.ally intetpreted so that the intenl$t or other loan charges collected Ot to be collected in connection with the Loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the &mOWlt necessary to reduce the charge to the permitted liroit; and (b) any sums already collected from Borrower which exceeded permitted IÎJnÍts will be refunded to Borrower. Lender may choose to make this refund by reducing the principal owed under the Note or by making a direct payment to Borrower. If a refund reduces principal, the reduction will be treated as a partial prepayment without any prepayment charge (whether or not a prepayment charge i$ provided for under the Note). Borrower's acceptance of any such refund made by direct payment to Borrower will constitute a waiver of any right of action Borrower might have arising out of such overcharge. IS, Notices. All notices given by Borrower or Lender in connection with this Security Instrument must be in writing. Any notice to Borrower in connection with this Security Instrument shall be deemed to have been given to Borrower when mailed by first class mail or when actually delivered 10 Borrower's notice addre.ss if sent by other means, Notice to anyone Borrower shall constitute notice to all Borrowers unless Applicable Law expressly requires otherwise. The noUce address shall be the Property Address unless Borrower has designated a substitute notice address by notice to Lender. Borrower shall promptly notify Lender of Borrower's chJmge of address. If Lender specifies a procedure for reporting Borrower'l change of address. then Borrower shall only report a change of address through that specified procedW'e. There may be only one designated notice addre$s IWder this Security Instrwnent at anyone time. Any notice to Lender shall be given by deliverin,g it or by mailing it by flJ'St class ~ to Lender's address stated herein unless Lender has designated another address by notice to Borrower. Any notice in connection with this Security Instrument shall not be deemed to have been given to Lender until actually received by Lender. If any notice required by this Security Instrument is also required IWder Applicable Law, the Applicable Law requirement will satisfy the corresponding requirement under this Security InstrUment. 16, Governing LaW¡ Severability; Rules oC 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 e;\plicitly or implicitly aUow the parties to agree by contract or it might be silent, but such silence shall not be construed all 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 coDflict shall not affect other provisions of this Security Instrument or the Note which can be given effect without the conflicting provision. . As use<! in this ~urjty Irn;trumtnt: (a) words of the masculine gende.r shall mean and include corre.sponding neuter words or words of th~ femi.n1ne gender; (b) words in the singular shall mean and include the pturaland vice versa; and (c) 1h~ Wgn;l. "may" gives sole discretion without any obligation to take any action. t7, Borrower's Copy. Borrower shall be given one copy of the Note and of this Security Instrument. #ft WYOMING--SingIe Family..Fannie MaelFreddle Mac UNIFORM INSTRUMENT Form 3051 1101 (page 8 of ¡ ¡ pag~s) lJ.~.jl ~ðJ.. . 000635 18. Transfer of the Property or a Beneficial Interest in Borrower. As used in this Section 18, "Interest in the Property" means any legal or beneficial interest in the Property, including, but not limited to, those beneficial interests transferred in a bond for deed, contract for deed, installment sales contract or escrow agreement, the intent of which is the transfer of title by Borrower at a future date to a purchaser. If all or IIDY part of the Property or any Interest in the Property is sold or transferred (or if Borrower is not a natural person and a beneficial interest in Borrower is sold or transferred) without Lender's prior written consent, Lender may require immediate payment in full of all sums secured by this Security Instrument. However, this option shall not be exercised by Lender if such exercise is prohibited by Applicable law. If Lender exercises this option. Lender shall give Borrower notice of acceleration. The notice sbalJ provide a period of not less than 30 days from the date the notice is given in accordance with Section 15 within which Borrower must pay all S\lIDS secured by this Security Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies permined by this Security Instr\1Dlent without further notice or deIJW1d on Borrower. 19. Borrower's Right to Reinstate After Acceleration. If Borrower meets certain conditions, Borrower shall have the right to have enforcement of this Security Instrument di$continued at any time prior to the earliest of: (a) five days before sale of me Property pursuant to any power of sale contained in this Security Instrument; (b) such other period as ApplicabJe Law might specify for the tennination of Borrower's right to reinstate; or (c) entry of a judgment enforcing this Security Instrumeut. Those conditions are that Borrower: (a) pays Lender aU sums wbich then would be due under this Security Instrument and the Note as if no acceJeration bad occurred; (b) cures any default of any other covenants or agreements; (c) pays all expen5es incurred in enforcing this Security Instrument. including, but not limited to, reasonable attorneys' fees. property inspection and valuation fees, and other fees incun'ed for the purpose of protecting Lender's interest in the Property and rights under this Security Instrument; and (d) takes such action 88 Lender may reasonably require to assure that Lender's interest in the Property and rights under this Security Instrument, and Borrower's obligation to pay the sums secured by this Security Instrument, sha1l continue unchanged. Lender may require that Borrower pay such reinstatement sums and expenses in one or more of the following forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, treasurer's cbeck 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. Upon reinstatement by Borrower, tb.ia Security 1nstrument alJd obligations secured hereby shall remaín fully effective as if no acceleration had occurred. However, this right to reinstate shall not apply in the cue of acceleration under Section 18. 20. Sale of Note¡ Change of Loan Servicer¡ Notice of Grieyance. The Note or a partial interest in the Note (together with this Security Instrument) can be soid one or more times without prior notice to Borrower. 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 ßÚght be one or more chall8e8 of the Loan Servicer unrelated to a sale of the Note. If there is a change of the Loan Servicer, Borrower 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 information RESP A requires in connection with a notice of transfer of servicing. If the Note is sold and thereaftcr the Loan is serviced by a Loan Servicer other than the purchaser of the Note, the mortgage loan servicing obligations to Borrower will remain with the Loan Servicer or be transferred to a successor Loan Servicer and are not asswned by the Note purchaser unless otherwise provided by the Note purchaser. Neither Borrower nor Lender may commence, join. or be joined to any judicial action (as either an individual litigant or the member of a c18.Sll) that arises from the other party'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 Borrower or Lender has notified 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 J'eaSQnable period after the giving of such notice to take corrective action. If Applicable Law proYides 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 Borrower pW1iuanl to Section 22 and the notice of acceleration given to Borrower pW1iuant to Section 18 shall be deemed to satísfy the notice and opportunity to take corrective action provisions of this Section 20. 21. Hazardous SubstanCaI. As used in this Section 21: (a)" Hazardous Substances" are those substances derIDed as toxic or hazardous substances, pollutants. or wastes by Environmental Law and the following substances: gasoline, kerosene, other flammable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents. materials containing asbestos or formaldehyde, and radioactive materials; (b) "Environmental Law" means federal laws and laws of the jurisdiction where the Pr~perty is located that relate to health, safety or environmental protection; (c) "Environmental Cleanup" inciudes any response acnon, r~medial action, or removal action. as clef"wed in Bnviro~ntal Law; aud (d) an "Environmwtal Conóltion" means a condition that can cause. confribute to, or otherwise: trigger an Environmental Cleanup. WYOMING-Single Family..Fannie Mae/Freddie Mac lINJFORM INSTRUMENT Form J051 1101 (page 9 0111 pages) 57A- '#fA6 U Ul'I-¿:¿:-'/'II( 1'( 11: U'( l"lrst 110rlzon ..... .IV 033098.1. 0006.36 Borrower shall not cause or pennit the presence, use, disposal, storage. or release of any Hazardous Substances. or threaten to release any Hazardous Substances, on or in the Property. Bortower shal1 not do, nor .~Jow anrone else to do, anything affecting the Property (a) that is in violation of any Environmental Law, which creates an En~ironmental Condition, or (c) which, due to the presence, use, or release of a Hazardous Substance, creat a condition that adversely affects the value of the Property. The preceding two senteDces shall Dot apply to the presence. u e, or storage on the Property of sl11a1l quantities of Hazardous Substances that are generally recognized to be appropriate to normal residential uses and to maintenance of the Property (including, bllt not limited to, hazardous substances in consumer pro ucts). Borrower shall pro¡nptly give Lender written notice of (a) any investig 'on, claim. demand,lawsuit or other action by any goveIIllIleDtal or regulatory agency or private party involving the Property and any Hazardous Substance or Environmentat Law of which Borrower has actual knowledge, (b) any Environmental Copdition, including but not limited to, any spilling, leaking, discharge, release or threat of release of any Hazardous Substance, and (c) any condition caused by the presence, use or release of a Hazardous Substance wwch adversely affects we value of the Property. If Bo1Tower learns, or is notified by any governmental or reg\lIatory authority, or any private party, that any removal or other remediation of any Hazardous Substance affecting the Property is nèCe$sary, Borrower shall pro¡nptly 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. Borrower and Lender further covenant and agree as follows: 22. Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration foUowiDg BOlTower's breath of any covenant or agreement in this Security Instrument (but Dot prior to aœeleration UDder Section 18 unless Applicable Law provides otherwise). The notice shall specify~ (8) the default; (b) the actIon requin:d to çure 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 RSUltin acceleration or the SUIII8 secured by tbis S«urity Instrument and sale of tbe Property, The notice shall further inform Borrower of the right to reinstate after acceleration and the right to brÏIqJ a court action to wert the non-exJstence of a default or any other defense of Borrower to acceleration and sale, If the default is Dot 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 in'Voke tbe power ot sale aDd any other remedies permitted by Applicable Law. Lender shall be entitled to coDect aU expenses intUITed in pursuing the remedies provided in this Section ZZ, including, but not limited to, reasonable attorneys' fees and costs of title evidence, If Lender invokes the power of sale, Lender shaD give notice of intent to foreclose to Borrower and to the person in possession of the Property, if different, in accordance with Applicable Law, Lender shall give notice of the sale to Bon-ower in tbe 1WU1Der provided in Section 15. Lender shall publish the notice or sale, and the Property shall be sold in the mBDDe1" prescribed by Applicable Law, Lender or its designee may purchase the Property at any sale. The proceeds of tbe sale shall be applied in the following order: (a) to aU expenses of the sale, including, but Dot limited to, reasonable attorney,' fees¡ (b) to ¡ill sums sewnd by this Security Instrument; and (c) any excess to the person or peJ'SOlIS leeaUy entitled to it, 23, Release. Upon payment of all swns secured by this Security Instrument, Lender shall release this Security Instrument. Borrower shall pay any recordation costs. Lender roay charge Borrower a fee for releasing this Security InsU'UmeDt, but only jf the fee is paid to a t.hini party 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 laws of Wyoming. WYOMlNG..Single Family--Famùe MaelFreddJe Mac UNIFORM INSTRUMENT Form 3051 1/01 (page 100/11 pages) $~ ~ 0930981 OUUtièJ·1' BY SIGNING BELOW. BorroweJ' accepts and agrees to the terms and covanants contained in this Security Instrument and in any Rider executed by Borrower and recorded with it. Witnesses: (Seal) (Seal) -BorrolYW (Seal) ·Borrower (Seal) ·Dorrow~r ·Borrower [Space Below Thi$ Line For ACknowledgment} Stateof~A~~ CO\lJlty of (!.. ,"-. -1'.- Eel _ ~ ~.:N P-f IC--. ) S5 ) The fQregoing instrument was acknowledged before me by STEVEN n. ALLRED and MARY ANNA G. CLAY AS TRUSTEES OF THE 1996 ALLRED-CLAY FAMILY TRUST DATED NOVEMBER 20, 1996, AS AMENDED AND COMPLETELY RESI'ATED MARCH 21, 2006 UNDER TRUST INSTRUMENT DATED NOVEMBER 20,1996, AS AM::Ij:NDED AND COMPLETELY RESTATED MARCH 21,2006, FOR THE BENEFIT OF STEVEN B. Al.LRED AND MARY ANNA G. CLAY this ;;ZS· day of :r 'cV\ e..- °z.-oo 7 Witness 1..1 n (Seal) /~L ,/!-~ Notary ~1ic ,rì ~ý' /I. Y-A..~;~. A- {;-., o?Þ/ (Print or type name) BY SIGNING BELOW, the undersigned Settlors of the 1996 Allred-Clay Family Trust Dated November 20, 1996, As Amended and Completely RestíJted March 21, 2006 under trust instrument dated November 20, 1996, As Amended and Completely Restated March 21, 2006t for the benefit of Steven B. Allred and Mary Anna G. Clay acknowledge all of the terms and covenants contained in this Security Instrument and any rider(s) thereto and agree to be bound thereby. j¿~ Settlor ~(s.al) WYOMlNG--Single Family..Fannie MaelFreddlC! Mac UNIFORM INSTRUMENT Form 3051 1/01 Qxzge / / of / J pages) ORDER NUMBER: NTL-1395 q 30~ß \ ~3~ EXHffiIT "A" LOT NINE (9) OF PRATER CANYON ESTATES UNIT NUMBER FOUR (4), LINCOLN COUNTY, WYOMING AS DESCRIBED ON THE OFFICIAL PLAT THEREOF RECORDED JULY 6, 1976 AS MAP NUMBER 168 AND DOCUMENT NUMBER 423838 IN THE OFFICE OF THB CLERK, LINCOLN COUNTY, WYOMING. 03:109S1 000639 Loan Number 0061282992 PLANNED UNIT DEVELOPMENT RIDER THIS PLANNED UNIT DEVELOPMENT RIDER is made tÞis25TH day of JUNE, 2007, and Í$ incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust, or Security Deed (the "Security Instrument") of the same date, given by the undersigned (me "Borrower") to secure Borrower's Note to FI)(ST HORJZON HOME WANS, A DIVJSION OF FIRST TENNESSEE BANK NATIONAL ASSOCIATION (the "Lender") of the same date and covering the Property described in the Security Instrument and located at: 1792 COUNTY ROAD 11.5, STAR VALLEY RANCH, WfOMING 83127 {Property Addl'e$s] The Property includes, but is not liInited to, a parcel of land Î.IIlproved with a dweUing, togecher with other such parcels and certain common area$ and facnities, as described in :DECLARATION OF COVENANTS. CONDmONS AND RESTRICTIONS OF RECORD (the "Declaration"). The Property is a part of a planned. unit development known as STAR VALLEY RANCH [Name of Planned Unit Development] (the "~PUDlO). The Property also includes Borrower's interest in the homeowners association or equivalent entity owning or managing the common areas and facilities of the PUD (the "Owners Association") and the uses. benefits and proceeds of Borrower's interest, PUJ> COVENANTS. In addition to the covenants and agreenlenœ made in me Security Instrument, Borrower and Lender further covenant and agree as follows: A. PUD ObUgations. Borrower sball perform aU of Borrower's obligations under the PUD's Constiment Documents. The "Constiment Documents" are the; (i) Declaration; (ii) anicles of incoxporation, tl:U$t instrument or any equivalent document which creates the Owners Association: and (iii) any by-laws or other rules or regulations of the Owners Association. Borrower shall promptly pay, when duct all ducs and assessments imposed pursuant to the Constiment Documents. B, Property 11JiUI" U1ce. So long as the Owners Association maintains, with a generally accepted insurance carrier, a "master" or "blanket" policy insuring me Property which is satisfactory to Lender and which provides insurance coverage in the 8IDountß (including deductible levels), for the periods. and against loss by fue, hazards included within the term "extended coveJ'llge, If and any other hazards, including, but not limited to, earthquakes and floods, for wbich Lender requires insurance, then: (i) Lender waives the provision in Section 3 for the Periodic Payment to Lender of the yearly premium installments for property insurance on the Property; and (ii) Borrower's obligation under Section 5 to maintain property insurance coverage on the Property is deemed satisfied to the extent that the required coverage is provided by the Owners Association policy. What Lender requires as a condition of this waiver can change during the term of the loan. Borrower shall give Lender prompt notice of any lapse in required property insurance coverage provided by the master or blanket policy. In the event of a distribution of property insurance proceeds in lieu of restoration or repair following a loss to the Property I or to conunon areas and facilities of the PUD, any proceeds payable to Borrower are hereby "signed and shall be paid to Lender. Lender shall apply the proceeds to the sums secured by the Security Instrwnent, whether or not then due, with the excess, if any, paid to Borrower. MOLTISTATE PUD RlDER-Single Family-Fa:mIÌ8 MaelFreddle Mile UNIFORM INm'RUMENT Fonn 31501101 (page. I 0/2 pOg6S) ..s~ /l# .JUr¡-;6;6-ZllIlf 1.1 :U·( .I'lrSt tlOrlzon t"' . 1" OS30981 000640 C. Public Liability Insurance. Borrower shall take such actions as ß1ay be reasonable to insure that the Owners Association maintains a public liability insurance Policy acceptable in form, amount, and extent of coverage to Lender. . D. Condemnation. The proceeds of any award or claim for damages, direct or consequential. payable to Borrower in cOIUJecùon with any condemnation or other taking of all or any part of the Property or the common areas and faciliùes of the PUP, or for any conveyance in lieu of condemnation, are hereby assigned anct shall be pniq to U:nder. Such proceeds shall be applied by Lender to the sums secured by the Security Instroment as provided in Section 11. E. Lender's Prior Consent. Borrower shall not, except after notice to Lender and with Lender's prior written consent. either panition or subdivide the Property or consent to: (i) the abandorunent or termination of the PUD. except for abandorunent or termination required by law in the case of substantial destruction by rite or other casualty or in the case of a taking by condemnation or eminent domain; (ii) any amendment to any provision of the "Constituent Documents" if the provision is for the ex.press benefit of Lender; (iii) tennination of professional management and ass\lffiptlon of self-management of tbe Owners Association: or (iv) any action which would have the effect of rendering the public Uability insurance coverage maintained by the Owners Association unacceptable to Lender. F. Remedies. If Borrower does not pay PUD duC$ and assessments when due, then Lender may pay them. Any aIIlounts disbursed by Lender under this paragraph F shall become additiona.l debt of Borrower secured by the Security Instrument, Urness Borrower and Lender agree to other terms of payment, these amounts shall bear interest from the date of disbursement at the Note rate and shall be payable, with interest, upon notice from Lender to Borrower requesting payment. BY SlGNING BELOW. Borrower accepts and agrees to the terms and covenants contained in tbis PUD Rider . if~1S tlI/~ YEN B. ALLRED _(Seal) -BottOwer ~r~~~~ (~) MARY ANN . CLAY ·Borrower BY SIGNING BELOW, the undersigned Settlors of the 1996 Allred-Clay Family Trust Dated November 20, 1996, As Amended and Completely Restated March 21, 2006 under trust instrument dated November 20, 1996. As Amended and Completely Restated March 21,2006, for the benefit of Steven B. Allred and Mary Anna G. Clay acknowledge all of the terms and covenants contained in this Security Instrument and any rider(s) thereto and ngree to be bound thereby. FOI"IJI :H50 1101 (page Z of 2 pages) Settlor M1JLTlSTATE PUD RIDEa-5ingle f'amily-FaJlllÌl! Mae/Freddie Mac O~309S1 000641 SECOND HOME RIDER LtIII.D Number 0061282992 THIS SECOND HOME RIDER is made this 25TH day of JUNE, 2007, and is incorporated imo and shall be deemed to amend and supplement the Mongage, Deed of Trust, or Security Deed (the "Security Instrument") of the same date given by the undersigned (the "Borrower,· whewer there are one or more persons undersigned) to secure Borrower's Note to FIRST HORIZON HOME LOANS, A DIVISION OF FIRST TENNESSEE BANK NATIONAL ASSOCIATION (the "Lenðer") of the same date and covering the Property described in the Security Instrument (the "Property"). which is located at: 1792 COUNTY ROAD 115. STAR VALLEY RANCH. WYOMING 83127 [Property Address] In addition to the covenants and agreements n1tde in the Security Instrument. Borrower and Lender further cayenant and agree that Sections 6 and 8 of the Security Instrument are deleted and are replaced by the following: 6. Occupancy, Borrower shall occupy, and shall only use, the Property as Borrower's second home. Borrower shall keep the Property available for Borrower's exclusive use and enjoyment at all times, and shall not subject the Property to any timesharing or other shared ownership arrangement or to any rental pool or agreement that requires Borrower either to rent the Property or give a management firm or any other person any control over the occupancy or use of the Property. 8. Borrower's Loan Application. Borrower shaH be in default if, during the Loan application procestl. Borrower or any pc:r&OI1$ or c:ntÌlies actina lIt the dirccllQII of Bonvwet or with Borrower's knowledge or consent gave ntaterially false. misleading. or inaccunUe information or statements to Lender (or failed to provide Lender with material information) in connection with the Loan. Material representations include. but are not lißÚted to, representations concerning Borrower's occupancy of the Propeny as Borrower's second home. By SIONING BELOW. Borrower accepts and agrees to the termS and covenants contained in this Second Home Rider. (Seal) ·Borrow.;r BY SIGNING BELOW, the undersigned Settlors of the 1996 Allred-Clay Family Trust Dated November 20, 1996, As Amended and Completely Restated March 21 2006 under trust instrument dated November 20, 1996, As Amended Ilnd Completely Re~tated March 21, 2006, for the benefit of Steven B. Allred and Mary Anna G. Clay acknowledge all of the tenns and covenants contained in this Security Instrument and any rider(s) thereto and agree to b. bound thereby. _ 11L __ 7J~1 Settlor (Seal) -Borrower (Sea!) ·Borrower Settlor MULTISTATE SECONl> HOME RIDER-Single Family-Flbwc MaclFrelldi FonD 3890 1/0 I (pagt J of 1 pngt J UV!1-¿;¿;-/·1I1I1 ll; U r rlrS¡; .t10rlZOn .... . l!) O~~ì09S11 000642 RIDER TO SECURITY INSTRUMENT Loan Nwnber 0061282992 BY SIGNtNG BELOW. the undersigned Trustor(s) of the 1996 ALLRED-CLAY FAMILY TRUST under trust instrument dated NOVEMBER 20,1996, AS AMENDED AND COMPLETELY RlSTATED MARCH 21, 2006. for the benefit of STEVEN B. ALLRED AND MARY ANNA G. CLAY acknowledge(s) all of the terms and covenants contained in this Security Instrument and any rider(s) thereto and agree to be bound thereby. , ¿}¡~ ß ¡lJU tnYEN B. ALLRED (Seal) (Seal) BY SIGNING BELOW. the undersigned Settlors of the 1996 Allred-Clay Family Trust Dated November 20, 1996, As Amended and Completely Restated March 21 2006 under trust instrument dated November 20, 1996, As Amended and Completely Re;tated March 21,2006, for the benefit of Steven B. Allred and Mary Anna G. Clay acknowledge all of the terms and covenants contained in this Security Instrument and any rider(s) thereto and agree to be bound thereby. ~_ ~ f]. efÆ¡ (Seal) ~I) Settlor TOTAL P.15 0930381. 000643 INTER VIVOS REVOCABLE TRUST RIDER DEFINITIONS USED IN THIS RIDER. Loan Number 0061282992 (A) "Revocable Trust." The 1996 ALLRED-CLAY FAMILY TRUST Trust created under trust instrument dated NOVEMBER 20,1996, AS AMENDED AND COMPLETELY RESTATED MARCH 21,2006, for the benefit of STEVEN B. ALLRED AND MARY ANNA G. CLAY (B) "Revocable Trust Trustee(s). " STEVEN B. ALLRED and MARY ANNA G. CLAY, trustee(s) of the Revocable Trust. (C) "Revocable Trust Settlor(s)." STEVEN B. ALLRED and MARY ANNA G. CLAY, settlor(s) of the Revocable Trust signing below. (D) "Lender." FIRST HORIZON HOME LOANS, A DIVISION OF FIRST TENNESSEE BANK NATIONAL ASSOCIATION (E) "Security Instrument." The Deed of Trust, Mortgage or Security Deed and any riders thereto of the same date as this Rider given to secure the Note to the Lender of the same date made by the Revocable Trust, the Revocable Trust Trustee(s) and the Revocable Trust Settlor(s) and any other natural person signing such Note and covering the Property (as defined below). (F) "Property." The property described in the Security Instrument and located at: 1792 COUNTY ROAD 115, STAR VALLEY RANCH, WYOMING 83127 [Property Address] THIS INTER VIVOS REVOCABLE TRUST RIDER is made this 25TH day of JUNE, 2007, and is incorporated into and shall be deemed to amend and supplement the Security Instrument. ADDffiONAL COVENANTS. In addition to the covenants and agreements made in the Security Instrument, the Revocable Trust Trustee(s), and the Revocable Trust Settlor(s) and the Lender further covenant and agree as follows: A. INTER VIVOS REVOCABLE TRUST. 1. CERTIFICATION AND WARRANTIES OF REVOCABLE TRUST TRUSTEE(S). The Revocable Trust Trustee(s) certify to the Lender that the Revocable Trust is an inter vivos revocable trust for which the Revocable Trust Trustee(s) are holding full title to the Property as trustee(s). !fIÞ Page 1 of 3 09J"...,~1 000644 The Revocable Trust Trustee(s) warrants to the Lender that (i) the Revocable Trust is validly created under the laws of the State of ; (ii) the trust instrument creatípg the Revocable Trust is in full force and effect and there are no amendments or other modifications to the trust instrument affecting the revocability of the Revocable Trust; (iii) the Property is located in the State of WYOMING; (iv) the Revocable Trust Trustee(s) have full power and authority as trustee(s) under the trust instrument creating the Revocable Trust and under applicable law to execute the Security Instrument, including this Rider; (v) the Revocable Trust Trustee(s) have exectued the Security Instrument, including this Rider, on behalf of the Revocable Trust; (vi) the Revocable Trust Settlor(s) have executed the Security Instrument, including this Rider, acknowledging all of the terms and conditions contained therein and agreeing to be bound thereby; (vii) only the Revocable Trust Settlor(s) and the Revocable Trust Trustee(s) may hold any power of direction over the Revocable Trust; (viii) only the Revocable Trust Settlor(s) hold the power to direct the Trustee(s) in the management of the Property; (ix) only the Revocable Trust Settlor(s) hold the power of revocation over the Revocable Trust; and (x) the Revocable Trust Trustee(s) have not been notified of the existence or assertion of any lien, encumbrance or claim against any beneficial interest in, or transfer of all or any portion of any beneficial interest in or powers of direction over the Revocable Trust Trustee(s) or the Revocable Trust, as the case may be, or power of revocation over the Revocable Trust. 2. NOTICE OF CHANGES TO REVOCABLE TRUST AND TRANSFER OF POWERS OVER REVOCABLE TRUST TRUSTEE(S) OR REVOCABLE TRUST OR BOTH; NOTICE OF CHANGE OF REVOCABLE TRUST TRUSTEE(S); NOTICE OF CHANGE OF OCCUPANCY OF TIlE PROPERTY; NOTICE OF TRANSFER OF BENEFICIAL INTEREST IN REVOCABLE TRUST. The Revocable Trust Trustee(s) shall provide timely notice to the Lender promptly upon notice or knowledge of any revocation or termination of the Revocable Trust, or of any change in the holders of the powers of direction over the Revocable Trust Trustee(s) or the Revocable Trust, as the case may be, or of any change in the holders of the power of revocation over the Revocable Trust, or both, or of any change in the trustee(s) of the Revocable Trust (whether such change is temporary or permanent), or of any change in the occupancy of the Property, or of any sale, transfer, assignment or other disposition (whether by operation of law or otherwise) of any beneficial interest in the Revocable Trust. B. ADDITIONAL BORROWER(S). The term "Borrower" when used in the Security Instrument shall refer to the Revocable Trust, the Revocable Trust Trustee(s) and the Revocable Trust Settlor(s), jointly and severally. Each party signing this Rider below (whether by accepting and agreeing to the terms and covenants. contained herein or by acknowledging all of the terms and covenants contained herein and agreeing to be bound thereby, or both) covenants and agrees that, whether or not such party is named as "Borrower" on the first page of the Security Instrument, each covenant and agreement and undertaking of the "Borrower" in the Security Instrument shall be such party's covenant and agreement and undertaking as "Borrower" and shall be enforceable by the Lender as if such party were named as "Borrower" in the Security Instrument. C. TRANSFER OF TIlE PROPERTY OR A BENEFICIAL INTEREST IN TIlE REVOCABLE TRUST. Uniform Covenant 18 of the Security Instrument is amended to read as follows: Transfer of Beneficial Interest; Transfer of the Property. If, without the Lender's prior written consent, (i) all or any part of the Property or any interest in the Property is sold or transferred or (ii) there is a sale, transfer, assignment or other disposition of any beneficial interest in the Revocable Trust, the Lender may, at its option, require immediate payment in full of all sums secured by the Security Instrument. However, this option shall not be exercised by the Lender if exercise is prohibited by federal law as of the date of the Security Instrument. Page 2 of 3 J¡Þ 09309b:l 000645 If the Lender exercises this option, the Lender shall give the Borrower notice of acceleration. The notice shall provide a period of not less than 30 days from the date the notice is delivered or mailed within which the Borrower must pay all sums secured by the Security Instrument. If the Borrower fails to pay all sums secured prior to the expiration of this period, the Lender may invoke any and all remedies permitted by the Security Instrument without further notice or demand on the Borrower. BY SIGNING BELOW, the Revocable Trust Trustee(s) accepts and agrees to the terms and covenants contained in this Inter Vivos Revocable Trust Rider. x ~k~ I> (Jlt~ Trustee of the 1996 ALLRED-CLAY FAMILY TRUST Trust under trust instrument dated NOVEMBER 20, 1996, AS AMENDED AND COMPLETELY RESTATED MARCH 21, 2006 for the benefit of STEVEN B. ALLRED AND MARY ANNA G. CLAY X Trustee of the UST Trust under st instrument dated NO ER 20, 1996, AS AMENDED AND COMPLETELY RESTATED MARCH 21, 2006 for the benefit of STEVEN B. ALLRED AND MARY ANNA G. CLAY STEVEN B. ALLRED -Borrower MARY ANNA G. CLAY -Borrower BY SIGNING BELOW, the undersigned Revocable Trust Settlor(s) acknowledges all of the terms and covenants contained in this Inter Vivos Revocable Trust Rider and agrees to be bound thereby. x -J;L.~ . ¡J. ~¡ (Seal) X . -Revocable Trust Settlor MARY ANN STEVEN B. ALLRED Page 3 of 3