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Home My WebLink About931072 /c; (1 . -¡l· ;)U 6010715381 Return To: RECEIVED 7/9/2007 at 4:31 PM RECEIVING # 931072 BOOK: 665 PAGE: '2.3 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY Bank of the West Post Closing 450 Regency Pkwy, 2-W omaha, NE 68114 Prepared By: 00002;j Brenda Nordling 450 Regency· Prkwy omaha, NE 68114 [Space Above This Line FOI" Recol"ding Data] MORTGAGE MITN100104088002071916 DEFlNmONS Words used in multiple sections of this document are defined below and other 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 July 02, 2007 together with all Riders to tllis document. (B) "Borrower" is DAVID POLING and ARLENE POLING, HUSBAND AND WIFE 1 I jð r \./~, i o I Borrower is the mortgagor under tllis Security Instrument. (C) "MERS" is Mortgage Electronic Registration Systems, Inc. MERS is a separate corporation that is acting solely as a nominee for Lender and Lender's successors and assigns. MERS is the mortgagee under this Security Instrument. MERS is organized and existing under the laws of Delaware, and has an address and telephone number of P. O. Box 2026, Flint, MI 48501-2026, tel. (888) 679-MERS. 8800207191 8800207191 WYOMING-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT WITH MERS Form 3051 1/01 . -6A(WY) (0005).03 (!) Page 1 of 15 Inlllals: .D1?dJf VM PM ollgage Solutions, Inc. (D) "Lender" is Bank of the West, A California Corporation OfJ002'4 Lender is a corporation organized and existing under the laws of The state of California Lender's address is 450 Regency Pkwy, NE-REG-01-A, Omaha, NE 68114 (E) "Note" means the promissory note signed by Borrower and dated July 02, 2007 The Note states that Borrower owes Lender One Hundred Seventy Seven Thousand And Zero/100 Dollars (U. S. $177,000.00 ) plus interest. Borrower has promised to pay this debt in regular Periodic Payments and to pay the debt in full not later than July 01, 2022 (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 charges ~U1d late charges due under the Note, and all sums due under this Security Instnlll1ent, plus interest. (II) "Riders" me~U1S all Riders to this Security Instrument that are executed by Borrower. The following Riders are to be executed by Borrower [check box as applicable]: o Adjustable Rate Rider o Balloon Rider o VA Rider o Condominium Rider 0 Second Home Rider o Planned Unit Development Rider 0 1-4 Family Rider o Biweekly Payment Rider 0 Other(s) [specify] (I) "Applicable Law" means all controlling applicable federal, state and local statutes, regulations, ordinances and administrative rules and orders (that have the effect of law) as well as ¡ùl applicable final, non-appealable judicial opinions. (J) "Community Association Dues, Fees, and Assessments" means all dues, fees, assessments and other charges that are imposed on Borrower or the Property by a condominium association, homeowners association or similar 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 as to order, instruct, or authorize a financial institution to debit or credit an account. Such term includes, but is not limited to, point-of-sale transfers, automated teller machine transactions, transfers initiated by telephone, wire tnU1sfers, and automated clearinghouse transfers. (L) "Escrow Items" means those items that are described in Section 3. (M) "Miscellaneous Proceeds" means any compensation, settlement, award of damages, or proceeds paid by any third party (other than insurance proceeds paid lll1der the coverages described in Section 5) for: (i) damage to, or destruction of, the Property; (ii) condenmation or other taking of all or any part of the Property; (iii) conveyance in lieu of condenmation; or (iv) misrepresentations of, or omissions as to, the value and/or condition of the Property. (N) "Mortgage Insurance" means insurance protecting Lender against the 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 wlder Section 3 of this Security Instrument. (P) "RESPA" means the Real Estate Settlement Procedures Act (12 U.S.C. Section 2601 et seq.) and its implementing regulation, Regulation X (24 C.F.R Part 3500), as they might be amended ti'om time to time, or any additional or successor legislation or regulation that governs the same subject matter. As used in this Security Instrument, "RESP A" refers to all requirements and restrictions that are imposed in regard to a "federally related mortgage loan" even if the Loan does not qualify as a "federally related mortgage loan" under RESPA. . -6A(WY) (0005).03 (!) Page 2 of 1 5 InlllalS:QZ ¿11 p~ 8800207191 8800207191 Form 3051 1/01 n·.n.OO?5 ,.~'q..i·..;1 ~~.. (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 Security Instrument. TRANSFER OF RIGIITS IN THE PROPERTY This Security Instrument secures to Lender: (i) the repayment of the Loan, and all renewals, extensions and modifications of the Note; and (ii) the perfonnance of Bon-ower's covenants and agreements under this Secw'ity 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 [ÓlIowing described property located in the County of Lincoln [fype of Recording Jurisdiction] [Nllme of Recording Jurisdiction] LOTS 27, 28, 29, 30, 31 AND 32 OF BLOCK 36 TO THE TOWN OF LABARGE FORMERLY TULSA LINCOLN COUNTY WYOMING AS DESCRIBED ON THE OFFICIAL PLAT THEREOF. Parcel ill Number: 555 S OAK ST La Barge ("Property Address"): which currently has the address of IStreet] [City] , Wyoming 83123 [Zip Code] TOGETHER WITH all the improvements now or hereafter erected on the property, and all easements, appurtenances, and tÏxtures now or hereafter a part of the property. All replacements and additions shall also be covered by this Security Instrument. All of the foregoing is refened to in tlns SecW'ity Instrument as the "Property." Borrower understands and agrees that MERS holds only legal title 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) has tlle right: to exercise any or all of those interests, including, but not linnted 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 tins SecLU'ity Instrument. 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 unencwnbered, except for encumbrances of record. Borrower warrants and will defend generally the title to the Property against all claims and demands, subject to any encumbrances of record. TIllS SECURITY INSTRUMENT combines uniform covenants for national use and non-uniform covenants witil limited variations by jurisdiction to constitute a uniform security instrument covering real property. 8800207191 e-6A(WY) {0005).03 (!) Page 3 of 15 Inllla's:E1 ~¡r: 8800207191 Form 3051 1/01 ") CO (I"\? r~ ~¡J .~ _.._ i...i1.~í(.;) UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 1. Payment of Principal, Interest, Escrow Items, Prepnyment Charges, and Late Charges. Borrower shall pay when due the principal of, and interest on, the debt evidenced by the Note and mlY prepayment chm'ges 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 tllis 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 tllis Security Instrument is returned to Lender unpaid, Lender may require tllat any or all subsequent payments due under the Note and tllis Security Instrument be made in one or more of the following forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bmlk check, treasureI" s check or cashier' s check, provided mlY such check is drawn upon an institution whose deposits are insured by a federal agency, instrumentality, or entity; or (d) ElectrOllic Funds Transfer. Payments are deemed received by Lender when received at the location designated in the Note or at such other location as may be designated by Lender in accordance with tlle notice provisions in Section 15. Lender may return any payment or partial payment if the payment or partial payments m'e insufJicient to bring tlle Loan current. Lender may accept mlY payment or pmtial payment insuftïcient to bring tlle Loan current, without waiver of any rights hereunder or pr~iudice to its rights to refuse such payment or pm.tial payments in tlle future, but Lender is not obligated to apply such payments at the time such payments are accepted. If each Periodic Payment is applied as of its scheduled due date, then Lender need not pay interest on wlapplied funds. Lender may hold such unapplied funds until Borrower makes payment to bring the Loml CWTent. If Borrower does not do so within a reasonable period of time, Lender shall either apply such funds or return tllem to Borrower. If not applied earlier, such funds will be applied to the outstanding principal balmlce under the Note immediately prior to foreclosure. No offset or claim which BOlTower nlight have now or in the fi.lture against Lender shall relieve Borrower from making payments due wlder the Note and this Security Instrument or perfornling the covenmlts and agreements secured by this Security Instrument. 2. Application of Payments or Proceeds. Except as othelwise described in this Section 2, all payments accepted and applied by Lender shall be applied in tlle following order of priority: (a) interest due under the Note; (b) principal due under the Note; (c) mnounts due under Section 3. Such payments shall be applied to each Periodic Payment in the order in wllich it becanle due. Any remaining mnounts shall be applied fIrst to late chm'ges, second to mlY otller amowlts due wlder tllÌs Security lnstrwnent, mld tllen to reduce the principal balmlce of the Note. If Lender receives a payment from Borrower for a delinquent Periodic Payment which includes a sufficient anlOunt to pay any late charge due, the payment may be applied to the delinquent payment and tlle late charge. If more thml one Periodic Payment is outstanding, Lender may apply any payment received fì'om Borrower to tlle 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, such excess may be applied to any late charges due. Voluntary prepayments shall be applied first to any prepayment chm'ges and then as described in the Note. Any application of payments, insmance proceeds. or Miscellaneous Proceeds to principal due under the Note shall not extend or postpone the due date, or change tlle mUOlmt, of the Periodic Payments. 3. Funds for Escrow Items. Borrower shall pay to Lender on the day Periodic Payments are due wlder the Note, until tlle Note is paid in full, a sum (the "Funds") to provide for payment of muounts due for: (a) taxes and assessments and other items which Cem attain priority over this Security Instrument as a lien or encumbrance on the Property; (b) leasehold payments or growld rents on the Property, if any; (c) premiwns for any and all insurance required by Lender under Section 5; and (d) Mortgage Insurance premiwns, if any, or any sums payable by Borrower to Lender in lieu of the payment of Mortgage Insw'ance premiums in accordance with the provisions of Section 10. These items are called "Escrow Items." At origination or at any time dming the term of the Loan, Lender may require tllat CommwlÌty Association Dues, Fees, and Assessments, if any, be escrowed by Borrower, and such dues, fees and assessments shall be an Escrow Item. Borrower shall promptly fi.mlÌsh to Lender all notices of muounts to be paid lUlder tllÌs Section. Borrower shall pay Lender the Funds for Escrow Items wùess Lender waives Borrower' s obligation to pay the Funds for any or all Escrow Items. Lender may waive Borrower' s obligation to pay to Lender FlUlds for any or all Escrow Items at any time. Any such waiver may only be in writing. In tlle event of such waiver, Borrower shall pay directly, when and where payable, tlle amounts 8800207191 e-6A(WY) (0005).03 (!) Page 4 of 15 InlllaIS:..IJ.:t 8800207191 (fi.f Form 3051 1/01 nr,/I"'.O·J"IIt'"1 ~¡j1J.....t~! . .~ ( due for any Escrow Items for which payment of FWlds 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 receipts shall for all pmposes be deemed to be a covenant and agreement contained in this Security Instrument, as 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 llinount due for an Escrow Item, Lender may exercise its rights under Section 9 and pay such amount and Borrower shall then be obligated under Section 9 to repay to Lender any such amount. Lender may revoke the waiver as to any or all Escrow Items at any time by a notice given in accordance Witll Section 15 and, upon such revocation, Borrower shall pay to Lender all Funds, and in such amounts, that are then required under this Section 3. Lender may, at any time, collect and hold Funds in an amount (a) sufficient to permit Lender to apply the Funds at the time specified lUlder RESP A, and (b) not to exceed the maximum amount a lender can require under RESP A. Lender shall estimate the amount of Funds due on the basis of CUlTent data and reasonable estimates of expenditw'es of fhture Escrow Items or otllerwise in accordance with Applicable Law. The Funds shall be held in an institution whose deposits are insured by a federal agency, instrumentality, or entity (including Lender, if Lender is an institution whose deposits are so insured) or in any Federal Home Loan Bank. Lender shall apply the F1Ulds to pay the Escrow Items no later than the time specified under RESP A. Lender shall not charge Borrower for holding and applying the Flmds, annually analyzing the escrow accoUllt, or verifying the Escrow Items, unless Lender pays Borrower interest on the Funds and Applicable Law permits Lender to make such a charge. Ulùess an agreement is made in writing or Applicable Law requires interest to be paid on the Funds, Lender shall not be required to pay Borrower any interest or earnings on the Funds. Borrower and Lender Cllil agree in writing, however, that interest shall be paid on the F1Ulds. Lender shall give to Borrower, without charge, an almual accounting of the Funds as required by RESP A. If there is a surplus of Funds held in escrow, as defined under RESPA, Lender shall account to BOlTower for the excess funds in accordance with RESP A. If there is a shortage of Funds held in escrow, as defined under RESP A, Lender shall notify Borrower as required by RESP A, and Borrower shall pay to Lender the amount necessary to make up the shortage in accordance Witll RESPA, but in no more thllil 12 monthly payments. If there is a deficiency of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as required by RESP A, and Borrower shall pay to Lender tlle amount necessary to make up the deficiency in accordance Witll RESP A, but in no more than 12 monthly payments. Upon payment in full of all SUlns secured by this Security Instnunent, Lender shall promptly refund to Borrower any Funds held by Lender. 4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines, and impositions attributable to the Property which can attain priority over tIlls Security Instrument, leasehold payments or ground rents on tlle Property, if any, alld CommUlllty Association Dues, Fees, and Assessments, if any. To tlle extent that these items are Escrow Items, Borrower shall pay them in the mal111er provided in Section 3. Borrower shall promptly discharge allY lien wlllch has priority over tlllS Secmity Instrument unless Borrower: (a) agrees in writing to the payment of the obligation secmed by the lien in a manner acceptable to Lender, but only so long as Borrower is performing such agreement; (b) contests the lien in good faitll by, or defends against enforcement of the lien in, legal proceedings which in Lender' s opinion operate to prevent the enforcement of the lien wIllIe those proceedings are pending, but only until such proceedings are concluded; or (c) secures from the holder of the lien an agreement satisfactory to Lender subordinating the lien to tllÎs Security Instrument. If Lender determines that any pllit of the Property is subject to a lien which can attain priority over tills Security Instrument, Lender may give Borrower a notice identifying the 8800207191 Page 5 of 15 Inltlals:ß1 dtf 8800207191 . -6A (WY) (0005).03 (!) Form 3051 1/01 aü·· f~O$;7>8· i\! I·· ;Y., ,., ,..".. '1-" 'I'" "." ,.... 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 actions set forth above in this Section 4. Lender may require Borrower to pay a one-time charge for a real estate tax veritication and/or reporting service used by Lender in connection with tl1Ìs Loan. 5. Property msurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by tire, hazards included within the term /I extended coverage, /I and any other hazards including, but not lin1Ìted to, earthquakes and floods, for which Lender requires insurance. This insurance shall be maintained in the amounts (including deductible levels) and for the periods that Lender requires. What Lender requires pmsuant to the preceding sentences can change during the term of the Loan. The insurance carrier providing the insurance shall be chosen by Borrower subject to Lender' s right to disapprove Borrower' s choice, which right shall not be exercised unreasonably, Lender may require Borrower to pay, in connection with this Lo¡m, either: (a) a one-time charge for Hood zone detern1Ìnation, certification and tracking services; or (b) a <me-time charge for flood zone determination and certitication services and subsequent charges each time remappings or sin1Ìlar changes occur which reasonably might atlect 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 tì'om an objection by Borrower. If Borrower fails to maintain any of the coverages described above, Lender may obtain insunu1ce coverage, at Lender' s option and Borrower' s expense. Lender is under no obligation to pmchase any particular type or amount of coverage. Therefore, such coverage shall cover Lender, but n1Ìght or n1Ìght not protect Borrower, Borrower's equity in the Property, or the contents of the Property, against any risk, hazard or liability and n1Ìght provide greater or lesser coverage than was previously in etIect. Borrower acknowledges that the cost of the insurance coverage so obtained n1Ìght signiticantly exceed the cost of insurance that Borrower could have obtained. Any amounts disbursed by Lender under tl1Ìs Section 5 shall become additional debt of Borrower secured by this Secmity Instrument. These an10lU1ts shall bear interest at the Note rate tì'om the date of disbmsement and shall be payable, with such interest, upon notice tì'om Lender to Borrower requesting payment. All insurance policies required by Lender and renewals of such policies shall be subject to Lender's right to disapprove such policies, shall include a standard 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 shall promptly give to Lender all receipts of paid premiums and renewal notices. If Borrower obtains any form of insurance coverage, not othelwise 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 othelwise 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 restoration or repair is econon1Ìcally feasible ¡md Lender' s security is not lessened. During such 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 the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may disburse proceeds for tl1e 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 proceeds. Fees for public adjusters, or other third parties, retained by Borrower shall not be paid out of the insurance proceeds and shall be the sole obligation of Borrower. If the restoration or repair is not econon1Ìcally feasible or Lender' s security would be lessened. the insurance proceeds shall be applied to the sums secured by this Security Instrument, whetl1er or not then due, with Page 6 of 15 InlllaIS:.ßÎ tl-t~ 8800207191 8800207191 . -6A(WY) (0005).03 (!) Form 3051 1/01 O. ~innO·\i·?9· ~. ~"...~,:. . It""" 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 tile, negotiate and settle any available insurance clainl and related matters. If Borrower does not respond within 30 days to a notice trom Lender that the insurance carrier has offered to settle a claim, then Lender may negotiate and settle the claim. The 30-day period will begin when tlle notice is given. In either event, or if Lender acquires the Property under Section 22 or otherwise, Borrower hereby assigns to Lender (a) Borrower's rights to any insurance proceeds in an amount not to exceed the amounts unpaid under the Note or this Security Instrument, and (b) any other of Borrower' s rights (other than the right to ¡my reti.md of unearned premiums paid by Borrower) under all insurance policies covering the Property, insofar as such rights are applicable to the coverage of the Property. Lender may use the insurance proceeds either to repair or restore the Property or to pay amounts wlpaid under the Note or tl1.Ìs Secw·ity Instrument, whether or not then due. 6. Occupancy. Borrower shall occupy, establish, illld use tile Property as Borrower' s principal residence witllin 60 days after tile execution of this Security Instrument illld shall continue to occupy the Property as Borrower's principal residence for at least one year atter the date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be unreasonably witllheld, or unless extenuating circumstances exist which are beyond Borrower' s control. 7. Preservation, Maintenance and Protection of the Property; Inspections. Borrower shall not destroy, damage or impair the Property, allow the Property to deteriorate or conm1.Ìt waste on the Property. Whetller or not Borrower is residing in tile Property, Borrower shall maintain tile Property in order to prevent the Property trom deteriorating or decreasing in value due to its condition. Unless it is detern1.Ìned pursuant to Section 5 that repair or restoration is not economically feasible, Borrower shall promptly repair the Property if damaged to avoid further deterioration or damage. If insurance or condemnation proceeds are paid in connection with damage to, or the taking ot~ the Property, Borrower shall be responsible for repairing or restoring the Property only if Lender has released proceeds for such purposes. Lender may disburse proceeds for tile repairs and restoration in a single payment or in a series of progress payments as the work is completed. If the insurance or condenmation proceeds are not sutlicient to repair or restore the Property, Borrower is not relieved of BOITower' s obligation for the completion of such repair or restoration. Lender or its agent may make reasonable entries upon illld inspections of the Property. If it has reasonable cause, Lender may inspect tile interior of the improvements on the Property. Lender shall give Borrower notice at the time of or prior to such an interior inspection specifying such reasonable cause. 8. Borrower's Loan ApplicatiolL Borrower shall be in default if, during the Loan application process, Borrower or mlY persons or entities acting at the direction of Borrower or with Borrower' s knowledge or consent gave materially false, n1.Ìsleading, or inaccurate information or statements to Lender (or failed to provide Lender Witll material information) in cOilllection 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 of Lender's Interest in the Property and Rights Under this Security Instrument. If (a) Borrower fails to perform the covenill1ts and agreements contained in this Security Instrument, (b) there is a legal proceeding that might signiticm1tly affect Lender' s interest in the Property and/or rights wlder this Security Instrument (such as a proceeding in bm1kruptcy, probate, for condemnation or forfeiture, for enforcement of a lien which may attain priority over tl1.Ìs Security Instrument or to enforce laws or regulations), or (c) Borrower has abandoned the Property, tllen 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 assessing the value of the Property, and securing and/or repairing the Property. Lender's actions can include, but ill'e not limited to: (a) paying any stllns secured by a lien which has priority over tI1.Ìs Security Instrument; (b) appearing in court; and (c) paying reasonable . -6A (WY) (0005).03 (!) Page 7 of 15 InlliaIS:~ rJJff- 8800207191 8800207191 Form 3051 1/01 'ìl~·no: "0 't!,i. ....iI k . 1'1.) . .6A(WY) (0005).03 (!) attorneys' fees to protect its interest in the Property ¡md! or rights under this Security Instrument, including its secured position in a bankruptcy proceeding. Securing the Property includes, but is not limited to, entering the Property to make repairs, change locks, replace or board up doors and windows, drain water tì'om pipes, eliminate building or other code violations or dangerous conditions, and have utilities turned on or off. Although Lender may take action under this Section 9, Lender does not have to do so and is not under any duty or obligation to do so. It is agreed that Lender incurs no liability for not taking any or all actions authorized under tI1Ìs Section 9. Any amounts disbursed by Lender under tIlÌs Section 9 shall become additional debt of Borrower secured by tIlÌs 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 hom Lender to Borrower requesting payment. If tIÜs Security Instrument is on a leasehold, Borrower shall comply with all the provisions of the lease. 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 Insurance. If Lender required Mortgage Insurance as a condition of making tile 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 tile 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 Insurance previously in effect, at a cost substantially equivalent to the cost to Borrower of tile Mortgage hlsurance previously in effect, tì'om an alternate mortgage insurer selected by Lender. If substantially equivalent Mortgage hlsurance coverage is not available, Borrower shall continue to pay to Lender the amount of the separately designated payments that were due when tile insurance coverage ceased to be in effect. Lender will accept, use and retain tIlese payments as a non-refundable loss reserve in lieu of Mortgage hlsurance. Such loss n:serve shall be non-refundable, notwithstanding the fact that tile Loan is ultimately paid in full, and Lender shall not be required to pay Borrower any interest or earnings on such loss reserve. Lender can no longer require loss reserve payments if Mortgage Insurance coverage (in the amount and for the period that Lender reqtùres) provided by an insurer selected by Lender again becomes available, is obtained, and Lender requires separately designated payments toward the premiums for Mortgage hlsurance. If Lender required Mortgage hlsurance as a condition of making the Loan and Borrower was required to make separately designated payments toward the premiums for Mortgage hlsurance, Borrower shall pay the premiums required to maintain Mortgage h1Surance in effect, or to provide a non-refundable loss reserve, until Lender's requirement for Mortgage hlsunmce ends in accordance with any written agreement between Borrower and Lender providing for such termination or until termination is required by Applicable Law. Nothing in tIlÌs Section 10 affects Borrower' s obligation to pay interest at the rate provided in the Note. Mortgage Insurance reimburses Lender (or any entity that purchases tile Note) for certain losses it may incur if Borrower does not repay the Loan as agreed. Borrower is not a party to the Mortgage hlsurilllce. Mortgage insurers evaluate their total risk on all such insurance in force tì'om time to time, and may enter into agreements WitIl otller parties that share or modify their risk, or reduce losses. These agreements ill'e on terms and conditions that are satisfactory to the mortgage insurer and the other party (or Pill'ties) to these agreements. These agreements may require the mortgage insurer to make payments using illlY source of funds that the mortgage insurer may have available (which may include funds obtained ti·om Mortgage Insurance prenÜums). As a result of these agreements, Lender, any purchaser of the Note, illlotIler insurer, illlY reinslU'er, illlY other entity, or any affiliate of any of the foregoing, may receive (directly or indirectly) amounts that derive trom (or nlÌght be characterized as) a portion of Borrower' s payments for Mortgage Insurilllce, in exchange for sharing or modifying tile mortgage insurer I s risk, or reducing losses. If such agreement provides tIléIt an affiliate of Lender takes a share of the insurer' s risk in exchange for a shill'e of the pren1ÌlUDS paid to the insurer, the arrilllgement is often termed "captive reÎ1lsurilllce." Further: (a) Any such agreements will not affect the amounts that Borrower has agreed to pay for Mortgage Insurance, or any other tenus of the Loan. Such agreements wiII not increase the amount Borrower wiII owe for Mortgage Insurance, and they wiII not entitle Borrower to any refund. 8800207191 Initials B 1 8800207191 1Y Page 8 of 15 Form 3051 1/01 000031. (b) Any such agreements will not affect the rights Borrower has - if any - with respect to the Mortgage Insurance under the Homeowners Protection Act of 1998 or any other law. These rights may include the right to receive certain disclosures, to re(IUest and obtain cancellation of the Mortgage Insurance, to have the Mortgage Insurance tenninated automatically, and/or to receive a refund of any Mortgage Insurance premiums that were unearned at the time of such cancellation or tennination. 11. Assignment of Miscellaneous Proceeds; Forl'eiture. 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 r)'ght to hold such Miscellaneous Proceeds lmtil Lender has had an opportunity to inspect such Property to ensme the work has been completed to Lender's satisfaction, provided that such inspection shall be undeItaken 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. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such Miscellaneous Proceeds, Lender shall not be required to pay Borrower any interest or earnings on such Miscellaneous Proceeds. If the restoration or repair is not economically feasible or Lender's security would be lessened, the Miscelhmeous Proceeds shall be applied to the sums secmed by tllls Security Instrument, whether or not tllen due, with the excess, if any, paid to Borrower. Such Miscellaneous Proceeds shall be applied in the order provided for in Section 2. In the event of a total taking, destruction, or loss in value of the Property, tlle Miscellaneous Proceeds shall be applied to tlle sums secured by this Secmity InstrlUnent, whether or not then due, witll tlle excess, if any, paid to Borrower. In the event of a partial taking, destruction, or loss in value of tlle Property in which the fair market value of the Property immediately before the partial taking, destruction, or loss in value is equal to or greater than tlle amolUlt of the sums secured by tilis Security Instrument immediately before the partial taking, destruction, or loss in value, Ulùess BOlTower and Lender otherwise agree in writing, the SlUns secmed by tllis Security Instrument shall be reduced by tile amolmt of tlle Miscellaneous Proceeds multiplied by tile following fraction: (a) tlle total amount of tlle sums secured immediately before the partial taking, destruction, or loss in value divided by (b) the fair market value of the Property inmlediately before the partial taking, destruction, or loss in value. Any balance shall be paid to Borrower. hI tlle event of a partial taking, destruction, or loss in value of the Property in which the fair market value of the Property immediately before the partial taking, destruction, or loss in value is less than the anloUllt of the sums secured inmlediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otilerwise agree in writing, tlle Miscellaneous Proceeds shall be applied to the sums secmed by tills Secmity hlstrUlnent whetller or not tile SUlIlS are then due. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that tlle Opposing Party (as detined in the next sentence) oilers to make an award to settle a claim for damages, Borrower fails to respond to Lender witllin 30 days atìer tile 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 tlle sums secured by tllis Security IllStrument, whether or not tllen due. "Opposing Party" means the tllird party that owes Borrower Miscellaneous Proceeds or tlle party against whom Borrower has a right of action in regard to Miscellaneous Proceeds. Borrower shall be in default if any action or proceeding, whetller civil or criminal, is begun tllat, in Lender' s judgment, could result in forfeiture of the Property or other material impairment of Lender' s interest in the Property or rights under this Security Instrument. Borrower can cure such a default and, if acceleration has occurred, reÌ1lState as provided in Section 19, by causing the action or proceeding to be disnlissed with a ruling that, in Lender' s judgment, precludes forfeiture of the Property or other material impairment of Lender' s interest in the Property or rights under this Security hlstrument. The proceeds of any award or claim for damages that are attributable to the impairment of Lender's interest in tlle Property are hereby assigned and shall be paid to Lender. All Miscellaneous Proceeds that are not applied to restoration or repair of tlle Property shall be applied in the order provided for in Section 2. 8800207191 . -6A(WY) (0005).03 (!) Page 9 of 15 Initials: fj t d11T 8800207191 Form 3051 1101 fiO Æ"· ,f) ""þ '> ~l,f. ~.i 1,.:! It.l1~,j '" 12. Borrower Not Released; Forbearance By Lender Not Ii Waiver. Extension of the time for payment or moditication of amortization of the sums secured by this Security Instnunent granted by Lender to Borrower or any Successor in hlterest of Borrower shall not operate to release the liability of Borrower or any Successors in hlterest of Borrower. Lender shall not be required to commence proceedings against any Successor in Interest of Borrower or to refuse to extend time for payment or othelwise modify amortization of the sums secured by tins Security hlstJ:ument by reason of any demand made by the original Borrower or any Successors in hlterest of Borrower. Any forbearance by Lender in exercising any right or remedy including, without limitation, Lender' s acceptance of payments tì'om third persons, entities or Successors in Interest of Borrower or in amounts less than the amount then due, shall not be a waiver of or preclude the exercise of any right or 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 who co-signs this Secw'ity hlStrwnent but does not execute the Note (a "co-signer"): (a) is co-signing tins Security hlstrument only to mortgage, grant and convey the co-signer' s interest in the Property under the ternlS of this Security hlstrwnent; (b) is not personally obligated to pay the swns secured by tins Security hlstrument; and (c) agrees that Lender and any other Borrower can agree to extend, modify, forbear or make any accommodations with regard to the terms of this Security Instrument or the Note without tile co-signer's consent. Subject to the provisions of Section 18, any Successor in hlterest of Borrower who assumes Borrower's obligations under tins Security hlstrument in writing, and is approved by Lender, shall obtain all of Borrower' s rights and benefits under tilis Security Instrument. Borrower shall not be released tì'om Borrower' s obligations and liability wIder tilis Security hlstrument unless Lender agrees to such release in writing. The covenants and agreements of tins Security hlstrument shall bind (except as provided in Section 20) and benetit 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 pmpose of protecting Lender' s interest in the Property and rights under tins Security I1lStrument, including, but not limited to, attorneys' fees, property inspection and valuation fees. In regard to any other fees, the absence of express authority in this Secmity Instrument to charge a specitic fee to Borrower shall not be construed as a prohibition on the charging of such fee. Lender may not charge fees that are expressly prolnbited by this Secmity Instrument or by Applicable Law. If tile Loan is subject to a law which sets maximum loan charges, llild tilat law is tinally interpreted so tilat the interest or otiler loan charges collected or to be collected in cOilllection with the Loan exceed the permitted linnts, tilen: (a) any such loan charge shall be reduced by the anlount necessary to reduce tile charge to tile permitted limit; and (b) any sums already collected fi'om Borrower which exceeded permitted limits will be retì.mded to Borrower. Lender may choose to make tIns refund by reducing tile principal owed under the Note or by making a direct payment to Borrower. If a refund reduces principal, tile reduction will be treated as a partial prepayment without any prepayment charge (whetiler or not a prepayment charge is provided for under the Note). Borrower's acceptance of any such retì.1l1d nlade by direct payment to Borrower will constitute a waiver of any right of action Borrower might have (U-ising out of such overcharge. 15. Notices. All notices given by Borrower or Lender in connection with this Security hlstrument must be in writing. Any notice to Borrower in connection with this Security Instnunent shall be deemed to have been given to Borrower when mailed by tirst class mail or when actually delivered to Borrower' s notice address if sent by otiler means. Notice to anyone Borrower shall constitute notice to all Borrowers unless Applicable Law expressly requires otilerwise. The notice 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 chéU1ge of address, If Lender specifies a procedme for reporting Borrower' s change of address, then Borrower shall only report a change of address through tilat specified procedure. There may be only one designated notice address under tins Security hlstrument at anyone time. Any notice to Lender shall be given by delivering it or by mailing it by tirst class mail to Lender' s address stated herein wlless Lender has designated llilother 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 Secmity Instrument is also required under Applicable Law, the Applicable Law requirement will satisfY tile corresponding requirement under ti1Ïs Secmity Instrument. 8800207191 . -6A (WY) (0005).03 <!> paye 1 0 of 15 Inillals:flÊ d1~ 8800207191 Form 3051 1/01 O·n,no""'''''} . " ~.jl '.\.~' 'ü Û 16. Guveming Law; Severability; Rules of Construction. This Security Instrument shall be governed by federal law and the law of the jurisdiction in which the Property is located. All rights and obligations contained in this Secw'ity Instrument are subject to any requirements and limitations of Applicable Law. Applicable Law might explicitly or implicitly allow the parties to agree by contract or it might be silent, but such silence shall not be construed as a prohibition against agreement by contract. In the event that any provision or clause of this Security hlstrument or the Note conflicts with Applicable Law, such contlictshall not affect otller provisions of tl1Ìs Security Instnunent or tlle Note wl1Ìch can be given effect without tlle conflicting provision. As used in tl1Ìs Security hlstrument: (a) words of the masculine gender shall mean and include corresponding neuter words or words of the fen1Ìnine gender; (b) words in tlle singular shall mean and include the plural and vice versa; and (c) tlle word "may" gives sole discretion WitllOut any obligation to take any action. 17. Borrower's Copy. Borrower shall be given one copy of tlle Note and of this Security Instrument. 18. Transfer of the Property or a Beneficial Interest in Borrower. As used in this Section 18, "Interest in the Property" meilllS any legal or beneficial interest in tlle Property, including, but not lin1Ìted to, those beneficial interests trilllsferred in a bond for deed, contract for deed, installment sales contract or escrow agreement, the intent of wl1Ìch is the transfer of title by Borrower at a future date to a purchaser. If all or illlY part of the Property or any Interest in the Property is sold or transferred (or if Borrower is not a natural person and a beneticial interest in Borrower is sold or transferred) Witll0ut Lender' s prior written consent, Lender may require immediate payment in full of all swns secmed by tl1Ìs Secmity Instrument. However, tllis 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 shall provide a period of not less than 30 days from the date the notice is given in accordance with Section 15 within which Borrower must pay all sums secured by tllis Security Instrument. If Borrower fails to pay these sums prior to the expiration of tl1Ìs period, Lender may invoke illlY remedies pern1Ìtted by tl1Ìs Security Instrwnent without further notice or demand 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 Secmity Instrument discontinued at illlY time prior to tlle earliest of: (a) five days before sale of tlle Property pursuant to any power of sale contained in tllis Security Instrument; (b) such other period as Applicable Law might specify for the termination of Borrower' s right to reinstate; or (c) entry of a judgment enforcing this Security Instrument. Those conditions are tl1at Borrower: (a) pays Lender all sums which then would be due under this Secw.ity hlstnmlel1t illld the Note as if no acceleration had occurred; (b) cures any default of ¡my other covenants or agreements; (c) pays all expenses incurred in enforcing this Security Instrument, including, but not lin1Ìted to, reasonable attorneys' fees, property inspection and valuation fees, and other fees incurred for the purpose of protecting Lender's interest in the Property and rights under tl1Ìs Secw'ity Instrument; and (d) takes such action as Lender may reasonably require to assme that Lender' s interest in the Property and rights under t11Ìs Security Instnunent, and Borrower's obligation to pay the SlUns secmed by tllis Secmity Instrwnent, shall continue W1chilllged. 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, treasmer's check or cashier's check, provided any such check is drawn upon an institution whose deposits ill·e insw'ed by a federal agency, instrumentality or entity; or (d) ElectrOl1Ìc Funds Transfer. Upon reinstatement by Borrower, tl1Ìs Security Instrument and obligations secured hereby shall remain tì.ùly effective as if no acceleration had occurred. However, this right to reinstate shall not apply in tlle case of acceleration under Section 18. 20. Sale of Notej Change of Loan Servicerj Notice of Griennce. The Note or a partial interest in tlle Note (togetller with tllis Security hlstrument) can be sold one or more times Witll0ut prior notice to Borrower. A sale might result in a chilllge in the entity (known as the "Loan Servicer") that collects Periodic Payments due under the Note and this Security hlstrument and performs other mortgage loan servicing obligations under the Note, tl1Ìs Security Instrument, and Applicable Law. There also might be one or more changes of the Loan Servicer unrelated to a sale of the Note. If tllere is a change of the Loan Servicer, Borrower will be given written notice of the chilllge wl1Ìch will state the nillne and address of the new LOilll ServiceI', the address to which payments should be made and any other information RESP A 8800207191 . -6A(WY) (0005).03 (!) Page 11 of 15 '"'?AT 8800207191 Form 3051 1/01 OüÜ034 requires in cOlmection with a notice of transfer of servicing. If the Note is sold and thereafter the Loan is serviced by a Loan Servicer other than the purchaser of the Note, the mortgage loan servicing obligations to Borrower will remain with the LOill1 Servicer or be transferred to a successor Loan ServiceI' and ill'e not assumed by the Note purchaser unless othelwise provided by the Note purchaser. Neither Borrower nor Lender may commence, join, or be joined to any judicial action (as either ill1 individual litigant or the member of a class) that arises from the other party' s actions pursuant to this Security Instrument or that alleges that the other pill·ty has breached any provision of~ or any duty owed by reason of, this Security Instrument, until such Borrower or Lender has notitied the other party (with such notice given in compliance with the requirements of Section 15) of such alleged breach and afforded the other party hereto a reasonable period after the giving of such notice to take corrective action. If Applicable Law provides a time period which must elapse before certain action Cill1 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 pursuill1Ì to Section 22 and the notice of acceleration given to Borrower pursuant to Section 18 shall be deemed to satisfy the notice and opportunity to take corrective action provisions of this Section 20. 21. Huzardous Substl1l1ccs. As used in this Section 21: (a) "Hazardous Substances" ill'e those substances defined as toxic or hazardous substances, pollutants, or wastes by Environmental Law and the following substances: gasoline, kerosene, other f1ammable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or formaldehyde, and radioactive materials; (b) "Environmental Law" means federal laws and laws of the jurisdiction where the Property is located that relate to health, safety or environmental protection; (c) "Environmental Cleill1Up" includes ill1Y response action, remedial action, or removal action, aB defined in Environmental Law; and (d) an "Environmental Condition" means a condition that can cause, contribute to, or otherwise trigger ill1 Environmental Cleanup. Borrower shall not cause or permit the presence, use, disposal, storage, or release of any Hazill"dous Substances, or threaten to release any Hazardous Substances, on or in the Property. Borrower shall not do, nor allow anyone else to do, anything affecting the Property (a) that is in violation of any Environmental Law, (b) which creates an Environmental Condition, or (c) which, due to the presence, use, or release of a Hazardous Substance, creates a condition that adversely affects the value of the Property. The preceding two sentences shall not apply to the presence, use. or storage on the Property of small quantities of Hazardous Substances that are generally recognized to be appropriate to normal residential uses and to maintenance of the Property (including, but not limited to, hazardous substances in consumer products). Borrower shall promptly give Lender written notice of (a) any investigation, clain1, demand, lawsuit or other action by any governmental or regulatory agency or private pill'ty involving the Property and ill1Y Hazardous Substance or Enviromnental Law of which Borrower has actual knowledge, (b) any Environmental Condition, including but not limited to, ¡my spilling, leaking, discharge, release or threat of release of ill1Y 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. If Borrower leill'ns, or is notified by ¡my governmental or regulatory authority, or any private Pill'ty, that ill1Y removal or other remediation of any Hazardous Substance affecting the Property is necessary, Borrower shall promptly take all necessary remedial actions in accordance witl1 Environmental Law. Nothing herein shall create any obligation on Lender for an Environmental Cleanup. e-6A(WY) (0005).03 (!) Poge12of15 '"'''¿fp 8800207191 8800207191 Form 3051 1101 0,.0 .."" t7Î1 ")5 11. ~ C..~ :U' \.;1~;ð . NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows: 22. Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration following Borrower's breach of any covenant or agreement in this Security Instmment (but not prior to acceleration under Section 18 unless Applicable Law provides otherwise). The notice shall specify: (a) the default; (b) the action required to cure the default; (c) a date, not less than 30 days from the date the notice is given to Borrower, by which the default must be cured; and (d) that failure to cure the default on or before the date specified in the notice may result in aœeleration of the sums secured by this Security Instrument and sale of the Property. The notice shall further infonn Borrower of the right to reinstate after acceleration and the right to bring a court action to assert the nun-existence of a default or any other defense of Borrower to acceleration and sale. If the default is not cured on or before the date specified in the notice, Lender at its option may require immediate payment in full of all sums secured by this Security Instmment without further demand and may involœ the power of sale and any other remedies pennitted by Applicable Law. Lender shall be entitled tu collect all expenses incurred in pursuing the remedies provided in this Section 22, including, but not limited to, reasonable attorneys' fees and costs of title evidence. If Lender invoices the power of sale, Lender shall give notice of intent to foreclose to Borrower and to the person in possession of the Property, if ditJerent, in accordance with Applicable Law. Lender shall give notice uf the sale to Borrower in the manner provided in Section 15. Lender shall publish the notice uf sale, and the Property shall be sold in the manner prescribed by Applicable Law. Lender or its designee may purchase the Property at any sale. The proceeds of the sale shall be applied in the following order: (a) to all expenses of the sale, including, but nut limited to, reasonable attorneys' fees; (b) to all sums secured by tms Security Instrument; and (c) any excess to the person or persons legally entitled to it. 23. Release. Upon payment of all sums secured by this Security Instrument, Lender shall release this Security Instrument. Borrower shall pay any recordation costs. Lender may charge Borrower a fee for releasing tills Security Instrument, but only if tile fee is paid to a third party for services rendered and the chm'ging of tile 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. 8800207191 Inltlels;f) '1 8800207191 .-6A(WY) (0005).03 (!) Pego 13 of 15 dlR Form 3051 1/01 (~r"'·no; ?t.: Ll' 'v ...,1 ..:...:J '"" BY SIGNING BELOW, Borrower accepts and agrees to the terms ill1d covenill1ts contained in this Security Instrument ill1d in ill1Y Rider executed by Borrower ill1d recorded with it. Witnesses; (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower 8800207191 e-6A(WY) (0005).03 (!) iJa~ f ~¿ DAVID POLING (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower Page 14 of 15 8800207191 Form 3051 1/01 00'00 ')t"'j ! 11.iA.) . in..;!! ," STATE OF WYOMING, LINCOLN County ss: The foregoing instrument was acknowledged before me this July 02, 2007 by DAVID POLING and ARLENE POLING My Conm1ission Expires: [),l):¡;;þð/I LORI KALAN - NOTARY PUBLIC ~/~ //....- / .,.,'... ~- / L, --¿þt¿ _~., _~~ N olary Public COUNTY OF LINCOLN STATE OF WYOMING My Commission Expires Feb. 26, 201 ¡ .-6A(WY) (0006).03 (!) Page 15 of 15 Inlllalsß¿iJP 8800207191 Form 3051 1/01 8800207191