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HomeMy WebLinkAbout931188 Return To: (}):~ ,¡f) "".'!1"'" '9. .,,' T'.... ~. c.," \\:).' Archer Land Title Agency, LLC 301 W. Warner Rd, Suite 136 Tempe, AZ 85284 Prepared By: SHANNON SMITH, CLOSER 5619 DTC PKWY SUITE 1 020 GREENWOOD VILLAGE, CO 80111 RECEIVED 7/11/2007 at 3:11 PM RECEIVING # 931188 BOOK: 665 PAGE: 369 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY [Space Above Thi,1 Line For Recording Data) LOAN NO.; 40847435 ESCROW NO.: ALT2007D60866 MORTGAGE MIN 100112065747164735 MERS Phone: 1-888-679-6377 , J q DEFINITIONS .Ii \ Words used in multiple sections of this document are defined below and other words are detìned in Sections 3, 11, 13, 18. 20 and 21. Certain rules rcgarding the usage of words used in this document are also provided in Section 16. (A) "Security Instrument" means this document, which is dated together with all Riders to this document (B) "Borrower" is TOM J. ROSY AND FROSTI D. ROSY JUNE 25, 2007 Borrower is the mortgagor under this 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 ofP.a. Box 2026, Flint, MI 48501-2026, tel. (888) 679-MERS. rC7R- Initia/S:~ WYOMING-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT WITH MERS Form 3051 1/01 VM P-6A(WY) (0005).Z Page 1 of 15 L~NDER SUPPORT 5YSTEMS. INC. MERS6AWY.NEW (04/06) ~.~' "......'. ...,.r "':." - ::)10 (D) "Lender" is MORTGAGEIT, INC Lender is a CORPORATION organized and existing under the laws of NEW YORK Lender's address is 33 MAIDEN LANE 6TH FLOOR, NEW YORK, NY 10038- (E) "Note" means the promissory note signed by Borrower and dated JUNE 25, 2007 The Note states that Borrower owes Lender TWO HUNDRED SIXTY FIVE THOUSAND AND NOI1 00 X X X X X X X X X X X X X X X X X X X X X X Dollars (U.S. $ 265.000.00 ) plus interest. Borrower has promised to pay this debt in regular Periodic Payments alld to pay the debt in full not later than JULY 01, 2037 (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 tJle Note, plus interest, any prepayment charges and late charges due under the Note, and all sums due under tltis Security Instrument, plus interest. (H) "Riders" means all Riders to this Security Instnunent that are executed by Borrower. The following Riders are to be executed by Borrower [check box as applicable]: D AcUustable Rate Rider 0 Condominium Rider 0 1-4 Family Rider o Graduated Payment Rider ŒXJ Planned Unit Development Rider D Biweekly Payment Rider o Balloon Rider D Rate hnprovement Rider D Second Home Rider o 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 all applicable final, non-appealable judicial opinions. (1) "Community AssociatiOll Dues, Fees, and Assessments" means all dues, fees, assessments, and olher 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 transfers, and automated clearinghouse transfers. (L) "Escrow Items" means those Hems 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 insura1)ce proceeds paid under the coverages described in Section 5) for: (i) damage to, or destruction of, the Property; (ii) condemnation or other taking of all or any part of the Property; (üi) conveyance in lieu of condemnation; or (iv) misrepresentations of, or omissions as to, the value and/or condition of tile 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 under 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 implementillg regulation, Regulation X (24 C.F.R. Part 3500), as they might be amellded from time to time, 01' any additional or successor legislation or regulation that governs the same subject matter. As used in tJlis Security Instrument, "RESPA" 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. we InlllalS:.:L:::1[ If> Form 3051 1f01 Pago 2 of 15 VMP-6A(WY) (0005).2 t n~f~ ")~'"'1'«ï ... .? - .)1 Q.:~ If f"~ (Q) "Successor in Intcrest of Borrower II means any party that has talœn title to the Property, whether or not that party has assumed Borrower's obligations under the Note and/or this Security Instrument. TRANSFER OF RIGHTS IN THE PROPERTY This Security Instrument secures to Lender: (i) the repayment of the Loan, and all renewals, extensions and modifications of the Note; and (ii) the performance 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 nOl1únee 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 COUNTY of LINCOLN [Type of Recording Jurisdiction) [Name of Recording Jurisdiction] SEE COMPLETE LEGAL DESCRIPTION DESCRIBED IN EXHIBIT" A" ATTACHED HEREro AND MADE A PART HEREOF. Parcel ID Number: 12-3518-31-1-01-001.00 292 GREEN CANYON ROAD THA YNE [City] , Wyoming which currently has tile address of [Slrcet] (Zip Codt!1 83127 ("ProjJerty Address"): TOGETHER WITH aU the improvements now or hereafter erected on the property, and alj easements, appurtenances, and fixtures 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 referred to in this Security 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 the right: to exercise any or all of those interests, including, but not lin1Ìted to, tlw 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 Instrument. BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has tile light 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 demands, subject to any encumbrances of record. THIS SECURITY INSTRUMENT combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. VMP-6A(WY) (0005).2 Page 3 or 15 fp~ Inillals: "'T'7T,a Form 30511ïô1' o f}~j)} ""Þ t",...., . . ., ?:¡ If,r.¡., UNIFORM COVENANTS. Borrower and Lender covenant and agrce as follows: 1. Payment of Principal, Interest, Escrow Items, Prepayment Charges, and Late Charges. Borrower shall pay when due the principal of, and interest on, the debt evidenced by tbe Note and any prepayment charges and late charges due under the Note. Borrower shaH also pay funds for Escrow Items pursuant to Section 3. Payments due under the Note and this Security Instrument shall be made in U.S. currency. However, if any check or other instrument received by Lender as payment under the Note or this Security Instrument is returned to Lender unpaid, Lender may require that any or all subsequent payments due under the Note and this Security Instrument be made in one 01' more of the following forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, treasurer's check or cashier's check, provided any such check is drawn upon an institution whose deposits are insured by a federal agency, instrumentality, or entity; or (d) Electronic Funds Transfer. Payments arc deemed received by Lender when rcceived 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 partiai payment insufficient to bring the Loan current, without waiver of any rights hereunder or prejudice to its rights to refuse such payment or partial payments in the future, but Lender is not obligated to apply such payments at the time such payments are accepted. If each Periodic Payment is applied as of its scheduled due date, then Lender need not pay interest on unapplied funds. Lender may hold such unapplied funds until Borrower makes payment to bring the Loan current. If Borrower does not do so wit11in a reasonable period of time, Lender shall either apply such funds or return 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 shalI rclieve Borrower from making payments due under the Note and this Security Instrument or performing the covenants and agreements secured by this Security Instrument. 2. Application of Payments or Proceeds. Except as otherwise 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; (a) principal due under the Note; (c) amounts due under Section 3. Such payments shall be applied to each Periodic Payment in tI1e order in which it became due. Any remaining amounts shall be applied first to late charges, second to any other amOtUlts 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 hI full. To the extent that any excess exists after the payment is applied to the tìllI 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 charges and then as described in the Note. Any application of payments, insllrance proceeds, or Miscellaneous Proceeds to plincipal due under the Note shall not extend or postpone the due date, or change the amount, of the Periodic Payments. 3. Funds for Escrow Items. 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 pl'Ovlde for payment of amounts due for: (a) taxes and assessments and other items which can attain priority over this Security Instrument as a lien or encumbrance on the Property; (b) leasehold payments or ground rents on the Property, if any; (c) premiums for any and all insurance required by Lender under Section 5; and (d) Mortgage Insurance premiums, if any, or any sums payable by Borrower to Lender in lieu of the payment of Mortgage Insurance premiums in accordance with the provisions of Section 10. These items are called "Escrow Items." At origination or at any time during the term of the Loan, Lender may require that Community Association Dues, Fees, and Assessments, if any, be escrowed by Borrower, and such dues, fees and assessments shall be an Escrow Item. Borrower shan promptly furnish to Lender all notices of amounts to be paid under this Section. Borrower shall pay Lender the Funds for Escrow Items unless Lender waives Borrower's obligation to pay the Funds for any or all Escrow Items. Lender may waive Borrower's obligation to pay to Lender Funds for any or ail Escrow Items at any time. Any such waiver may only be in writing. In the event of such waiver, Borrower shall pay directly, when and where payable, the amounts f1:?T<- 1"llIals: / 7,¡f Form 3051 1/01 Page 4 of 15 VM P-6A(WY) {0005).2 fi A'1\ I{). :1 '~' 'I'J' 1;í ;J'1 '., '. .,' .~" ~ ""',i!"- 'f}._,. " ". 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 paynlcnts and to provide receipts shan for all purposes be deemed to be a covenant and agrcement contained in this Sccurity 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 amount due for an Escrow Item, Lender may exercise its lights 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 no lice given in accordance with 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 pertnit Lender to apply the Funds at the time specified under RESPA, and (b) not to exceed the maximum amount a lender can require under RESPA. Lender shall estimate the amount of Funds due on the basis of current dala and reasonable estimales of expenditures of future Escrow Items or othenvise in accordance with Applicable Law. The Funds shall be held in an institution whose deposits are insured by a federal agellcy, instrumentality, ol'entity (inc1udiIlg Lender, if Lender is an institution whose depmits 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. Lender shallllOt charge Borrower for holding and applying the Funds, annually analyzing the escrow account, or verifying the Escrow Items, unless Lender pays Borrower interest on the Funds and Applicable Law permits Lender to make such a charge. Unless an agreement is made in writing or Applicable Law requires interest to be paid on the Funds, Lender shall not be required to pay Borrower any interest or earnings on the Funds. Borrower and Lender can agree in wliting, however, that interest shall be paid on the Funds. Lender shall give to Borrower, without charge, an annual accounting of the Funds as required by RESPA. If there is a surplus of Funds held in escrow I as defined under RESP A, Lender shall account to Borrower for the excess funds in accordance with RESPA. If there is a shortage of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to make up the shorlage in accordance with RESPA, but in no more than 12 monthly payments. If there is a deficiency of Funds held in escrow, as defined under RESPA, Lender shall noUfy Borrower as required by RESP A, and Borrowcr shall pay to Lender the amount necessary to make up the deficiency in accordance with RESPA, but in no more than 12 monthly paymeIlt.~. Upon payment in full of all sums secured by this Security Instrument, Lender shall promptly refund to Boo'ower any Funds held by Lender. 4, Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines, and impositions attributable to the Properly which can attain priority over this Security Instrument, leasehold payments or ground rents on the Property, if any, and Community Association Dues, Fees, and Assessments, if any. To the extent that these items are Escrow Items, Borrower shall pay them in the manner provided in Section 3. Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender, but only so long as Borrower is performing sllch agreement; (b) contests the lien in good faith by, or defends against enforcement of the lien in, legaJ proceedings which in Lender's opinion operate to prevent the enforcement of the lien while 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 this Security Instrument. If Lender delermines that any part of the Property is subject to a lien which can altain pIiority over this Security InstnnIlcnt. Lender may give BotTower a notice identifying the VMP-GA(WY} (0005).7. P"'ge. 5 or 15 pj?L ,n lIalS~f Form 3051 1/01 OOf1J~·... 'i /N 1..)I'? :4. . ~t M:~~ lien. Within 10 days of tbe 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 verification and/or reporting service used by Lender in connection with this Loan. 5. Property Insurance. Borrower shaH keep tbe improvements now existing or hereafter erected on the Property Insured against loss by fire, hazards induded within tbe term "extended coverage," and any other hazards including, but not limited to, earthquakes and floods, for which Lender requires insurance. This insurance shall be maintained in the amounts (including deductible levels) and for tbe periods that Lender requires. What Lender requires pursuant to the preceding sentences can change during the term of tile Loan. The insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's right to disaplJrove Borrower's c1JOice, which right shall not be exercised unreasonably. Lender may require Borrower to pay, in connection with this Loan, either: (a) a one-time charge for flood zone determination. certification and tracking services; or (b) a one-time charge for flood zone determination and certification services and subsequent charges each time remappings or similar cbanges 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 an)' 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 Lender's option and Borrower's expense. Lender is tInder 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 exceed the cost of insurance that Borrower could have obtained. Any amounts disbursed by Lender under this Section 5 shall become additional debt of Borrower secured by this Security Instrument. These amounts shall bear interest at the Note rate from the date of disbursement and shaH be payable, with such interest, upon notice from Lender to Borrower requesting payment. AU 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 otherwise rcqwred by Lender, for damage to, or destruction of, the Property, such policy shaJl 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 restoration or rcpair is economically feasible and Lender's security is not lessened. During such repair and restoration period, Lender sbaJl have the right to hold such insurance proceeds until Lender has had an opportunity to inspect such Property to enSlU"e tbe work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as tbe 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 oilier iliird parties, retained by Borrower shall not be paid out of the insurance proceeds and shall be the sole obligation of Borrower. If tbe restoration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shaJl be applied to the sums securell by this Security Instrument, wheilier or not Û1en due. with fp,¿ Initials: 7 tI if Form 3051 1/01 Pogo 6 or 15 VMP-6A(WY) (0005).2 O,DJI) ""'''''''r''' ,~ 9,,~, Ai··..':1I 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, Own Lender may negotiate and settle the claim. The 30-clay period will begin when the 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 any refund of unearned prenùwns 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 unpaid under the Note or this Security Instrument. whether or not then due. 6. Occupancy. Borrower shaH occupy, establish, and use the Property as Borrower's principal residence within 60 days after the execution of this Security Instrument and shall continue to occupy the Property as Borrower's principal residence for at least one year after the date of occupancy. unless Lender otherwise agrees in writing. which consent shall not be unreasonably withheld, or unless extenuating circumstances exist which are beyond Borrower's 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 commit waste on the Property. Whether or not Borrower is residing in the Property, Borrower shall maintain the Property in order to prevent the Property from deteIiorating or decreasing in value due to its condition. Unless it is determined 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 of, the Property, Borrower shall be responsibJe for repairing or restoring the Property only if Lender has released proceeds for such purposes. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as the work is compleled. If the insural1ce or condemnation proceeds are not sufficient to repair or restore the Property, Borrower is not relieved of Borrower's obligation for the completion of such repair or restoration. 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 Borrower 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. Borl'Ower or any persons or entities acting at the direction of Borrower or with Borrower's knowledge 01' consent gave materially faise, misleading, 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 BotTower's occupancy of the Property as Borrower's principal residence. 9. Protection of Lcnder' $ Interest in the Property and Rights Under this Security Instrument. If (a) Borrower fails tö perform the covenants and agreements contained in this Security Instnunent, (b) there is a legal proceeding that might significantly affect Lender's interest in the Property and/or rights under lItis Security Instrument (such as a proceeding in bankruptcy, probate, for condemnation or forfeiture, for enforcement of a lien which may attain priority over this Security 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 assessing the value of the Property, and securing and/or repairing the Property. Lender's actions can include, but are not Jimited to: (a) paying any sums secured by a lien which has priority over this SecUIity Instrument; (b) appearing in court; and (c) paying reasonable f17~ Inillal.: IKJ: /( Form 3051 1/01 Poge 7 of 15 VMP-6A(WY) (0005).2 On....., !f.,\' \¡J.,t/fitJ t?G attorneys' fees to protect its interest in the Property and/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 from 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 this Section 9. Any amounts disbursed by Lender under tlds Section 9 shall become additional debt of Borrower secured by this Security Instrument. These amounts shan bear interest at the Note rate from the date of disbursement and shall be payable, with such interest, upon notice from Lender to Borrower requesting payment. If this Security Instrument is on a leasehold, Borrower shall comply with aU the provisions of the lease. If Borrower acquires fee title to the Property, the leasehold and tlle 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 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 ÌIlsurance 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 the Mortgage Insurance previously in effect, from an alternate mortgage insurer selected by Lender. If substantially equivalent Mortgage Insurance coverage is not avaHable, Borrower shall continue to pay to Lender the amount of the separately designated payments that were due when the insurance coverage ceased to be in effect. Lender wiII accept, use and retain these payments as a non-refundable loss reserve in lieu of Mortgage Insurance. Such loss reserve shan be non-refundable, notwithstanding the fact that the Loan is ultimately paid in full, and Lender shall not be required to pay Borrower any interest or earnings on such loss reserve. Lender can no longer require loss reserve payments if Mortgage Insurance coverage (in the amount and for the period that Lender requires) provided by an insurer selected by Lender again becomes available, is obtained, and Lender requires separately designated payments toward the premiums for Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan and Borrower was required to make separately designated payments toward tbe pl'Cmiums for Mortgage Insurance, Borrower shall pay the premiums required to maintain Mortgage Insurance in effect. or to provide a non-refundable loss reserve. until Lender's requirement for Mortgage Insurance 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 this Section 10 affects Borrower's obligation 10 pay interest at the rate provided in the Note. Mortgage Insurance reimburses Lender (or any entity that purchases the Note) for certain losses it may incur if Borrower does lIot repay the Loan as 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 modify their risk, or reduce losses. These agreements arc on tenus and conditions that are satisfactory to the mortgage insurer and the other party (or parties) to these agreements. These agreements may require the mortgage insurer to make payments using any source of funds that the mortgage insurer may have available (which may include funds obtained from Mortgage Insurance premiums). As a resnlt of these agreements, Lender, any purchaser of the Note, another insurer, any reinsurer. any other entity, or any affiliate of any of the foregoing, may receive (directly or indirectly) amounts tbat derive from (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 agreemeJJt provides that an atTlliate of Lender takes a share of the insurer's risk in exchange for a share of the premiums paid to the insurer, the arrangement is often termed "captive reinsurance." Further: (a) Any such agreements will not affect the amounts that Borrower has agreed to pay for Mortgage Insurance, oj' any other terms of the Loan. Such agreements will not increase the amount Borrower will o"ve for Mortgage Insurance, and they will not entitle Borrower to any refund. .pþ ~ Inllial':~ Form 3051 1/01 Page B of 15 VMP-6A(WY) (0005),2 of) ..t) If) \1",J,¡.,t #,)"""1I>"'i/ . ' ~',~ it (/' (b) Any such agreements will not affect the rights Borrower has - if any - with respect to the IVrortgage Insurance under the Homeowners Protection A(:t of 1998 or any other law. These rights may include the right to receive certain disclosures, to request and obtain cancellation of the Mortgage Insurance, to have the Mortgage Insurance terminated automatically, and/or to receive a refund of any Mortgage Insurance premiums that were unearned at the time of such cancellation or termination. 11. Assignment of Miscellaneous Proceeds; Forfeiture. All 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 shaH 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 to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender lIJay pay for the repairs and restoration in a single disbursement or in a series of progress payments as the work is completed. Unless 3n agreement is made in writing or Applicable Law requires interest to be paid on such Misce]]aneous Proceeds, Lender shall not be required to pay Borrower any interest or earnings on such Miscellaneous Proceeds. If the restoration or repair is not economically feasible or Lender's security would be lessened, the Miscellaneous Proceeds shall be applied to the sums secured by iliis Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. Such Miscellaneous Proceeds shall be appJied in the order provided for in Section 2. In the event of a total taking, destruction, or loss in value of tile Property, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with ilie excess, if any, paid to Borrower. In the event of a partial taking, destruction, 01' 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 equal to or greater tllan the amount of the sums secured by this Security Instrument immediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the sums secured by this Securily Instrument shall be reduced by the amount of the Miscellaneous Proceeds multiplied by the following fraction: (a) the total amount of the sums secured immediately before the partial taldng, destruction, or loss in value divided by (b) ilie fair market value of the Property immediately before the partial taking, destruction, or loss in value. Any balance shall be paid to Borrower. In the event of a partial taking, destruction, or loss in value of the Property ill which the fair market value of the Property immediately before the partial taldng, destruction, or loss in value is less than the amount of the sums secured immediately before ilie partial taking, destruction, 01' loss in value, unless Borrower and Lemler otherwise agree in writing, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument whether or not the sums are then due. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the Opposing Party (as defined in the next sentence) offers to make an award to settle a claim for damages, 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 Instrument, whether or not then due. "Opposing Party" means the third party that owes Borrower MisceJlaneous Prot:eeds or the party against whom Borrower has a right of action in regard to Miscellaneous Proceeds. Borrower shall be in default if any action or proceeding, whether civil or crimina}, is begun that, 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 Secmity Instrument. Borrower can cure such a default and, if acceleration has occurred, reinstate as provided in Section 19, by causing the action or proceeding to be dismissed wilh 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 Instn11ncnL The proceeds of any award or claim for damages that are attributable to the impairment of Lender's interest in- the Property are hereby assiglled and shall be paid to Lender. All Miscellaneous Proceeds that are not applied to restoration or repair of the Property shall be applied in the order provided for in Section 2. VMP-6A(WY) (0005),2 Page 9 or 15 f'P~ InitlBls,..::r::;¡:/1 Form 3051 1/01 o (~1) ~1 f-6":18 12. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or modification of amortization of the sums secured by this Security Instrument granted by Lender to Borrower 01' any Successor in Interest of Borrower shall not operate to release the Jiability of Borrower or allY Successors in Interest 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 otherwise modify amortization of the smns secured by this Security Instrument by reason of any demand made by the original Borrower or any Successors in Interest of Borrower. AllY forbearance by Lender in exercising any right or remedy including, without limitation, Lender's acceptance of payments from 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 Security Instrument but does not execute the Note (a "co-signer"): (a) is co-signing this Security Instrument only to mortgage, grant and convey the co-signer's interest in the Property under the terms of this SeclIrity Instrument; (b) is not personally obligated to pay the slims secured by this Security Instrument; and (c) agrees that Lender and any other Borrower can agree to extend, modify, forbear or make any accommodations with regard to the tenus of tllis Security Instrument or the Note without the co-signer's consent. Subject to the provisions of Section 18, any Successor in Interest of Borrower who assumes Borrower's obligations under this Security Instrument in writing, and is approvcd by Lender, shall obtain all of Borrower's rights and benefits under this Security Instrument. Borrower shall not be released from Borrower's obligations and liability under this Security Instrument unless Lender agrees to such release in writing. The covenants and agreements of this Security Instrument shall bind {except as provided in 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 under this Security Instrument, Including, but not limHed to, attorneys' fees, property inspection and valuation fees. In regard to any other fees, the absence of express authority in this Secllrity Instrument to charge a specific fee to Borrower shall not be construed as a prohibition on the charging of such fee. Lender may not charge fees that are expressly prohibited by this Security Instl11ment or by Applicable Law, If the Loan is subject to a law which sets maximum loan charges, and that law is final1y interpreted so that the interest or other loan charges collected or to be collected in connection with the Loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to the permitted limit; and (b) any sums already collected from Borrower which exceeded permitted limits will be refunded to Borrower. Lender may choose to make this refund by reducing the principal owed under tIle Note or by making a direct payment to Borrower. If a refund reduces prindpal, the reduction will be treated as a partial prepayment wit1lOut any prepayment charge (whether or not a prepayment charge is 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. 15. 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 Instnunent shall be deemed to have been given to Borrower when mailed by first class mail or when actually delivered to Borrower's notice address jf sent by other means. Notice to anyone Borrower shall constitute notice to all Borrowers unless Applicable Law expressly requires otherwise. The notice address shall be the Property Address unless Borrower has designated a substitute notice address by notice to Lender. Borrowcr shall promptly notify Lender of Borrower's change of address, If Lender specifies a procedure for reporting Borrower's change of address, then Borrower sha11 only report a change of address through that specified procedure. There may be only one designated notice address under this Security Instnlluent at anyone time. Any notice to Lender shall be given by delivering it or by mailing it by first class mail to Lender's address stated herein unless Lender has designated another addrcss by notice to Borrower. Any notice in connection with this Security Instnullent shall not be deemed to have been given to Lender until actually received by Lender. If any notice required by this Securtty Instrument is also required under Applicable Law, the Applicable Law requirement will satisfy the corresponding requirement under this Security Instrument. fl?Y~ .;..---/J Ini1ials·...LSL-' ( Form 3051 1/01 VMP-6A{WY) (0005).2 Page 10 of 15 ,i·!r~ ,1"\ U__~! \, Ji J,~~ ~I~:r ",,: f~lb. .. '. I! "'''' 16. Governing Law; Severability; Rules of Construction. This Security Instrument shall be governed by federal law and the law of the jurisdiction in which the Property is located. AU rights and obligations contained in this Security Instrument are subject to any requirements and limitations of Applicable Law. Applicable Law might explicitly or implicitly allow the parties to agree by contract or it might be silent. but such silence shall not be construed as a prohibition against agreement by contract. In the event that any provision or clause of this Security Instrument or the Note conflicts with App1icable Law, such conflict shal1 not affect other provisions of this Security Instrument or the Note which can be given effect without the conflicting provision. As used in this Security Instrument: (a) words of the masculine gender shall mean and include corresponding neuter words or words of the feminine gender; (b) words in the singular shall mean and include the plural and vice versa; and (c) the ."ord "may" gives sole discretion without any obligation to take any action. 17. Borrower's Copy. Borrower shall be given one copy of the Note and of this Security Instrument. 18. Transfcr 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 1IIe Property, including, but not limited to, those beneficial interests transferred in a bond for deed. contract for deed, installment sale.s contract or escrow agreement, the intent of which is the transfer of title by Borrower at a future date to a purchaser, If all or any part of the Property or any Interest in the Property is sold or transferred (or if Borrower is not a natural person and a beneficial interest in Borrower is sold or transferred) without Lender's prior written const~nt, Lender may require immediate payment in full of ail 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 shall provide a period of not less than 30 days from the date the notice is given in accordance with Section 15 within which Borrower must pay all sums secured by this Security Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies permitted by this Security Instrument wilhout further notice or demand on Borrower. 19. Borrower's Right to Reinstate After Acceleration. If Borrower meets certain conditions, Borrower shaH have the right to have enforcement of Úlis Security IlIstnunent discontinued at any time prior to the earliest of: (a) five days before sale of the Property pursuant to any power of sale contained in this Security Instrument; (b) such other period as Applicable Law might specify for the termination of Borrower's right to reinstate; or (c) entry of a judgment enforcing this Security Instrument. Those conditions are that Borrower: (a) pays Lender all sums which then would be due under this Security Instrument and the Note as jf no acceleration had occurred; (b) cures any default of any other covenants or agreements; (c) pays all expenses incurred in enforcing this Security Instl'Ument, including. but not limited 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 tl1is Security Instrument; and (d) takes such action as 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, shall 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 check 01' casllier'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, this Security Instl'Ument and obligations secured hereby shall remain fuJly effective as if no acceleration had occurred, However, this right to reinstate shall not apply in the case of acceleration under Section 18. 20. Sale of Note; Change of Loan SCl'vicer; Notice of Grievance, The Note or a partial interest in the Note (together with this Security Instrument) can be sold one or more times without prior notice to 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 performs other mortgage loan servicing obligations under the Note. this Security Instrument. and Applicable Law. There also might be one or more changes of the Loan ServiceI' unrelated to a sale of the Note. If there is a change of the Loan Serviccr, Borrower wiJ1 be given written llotice of the change which wiII state the name and address of the new Loan Servicer, tile address to wl1icl1 payments should be made and any other infonnalion RESP A ñYrz... VM P-6A(WY) (0005).2 Pogo 11 or 15 InitialS:; T./(' Form 3051 1/01 llì l' ~''1\ #111 ':1:'1 "'!I ~.". It,.· .J}! " .~ ,\. "/) Q if .... .,..... ..... requires in connection with a notice of transfer of servicing. If the Note is sold and thereafter tJJe 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 assumed 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 class) 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 BOlTower 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 reasonable period after the giving of such notice to take corrective action. If Applicable Law provides a time period which must elapse before certain action can be taken, that time period will be deemed to be reasonable for purposes of this paragraph. The notice of acceleration and opportunity to cure given to Borrower pursuant to Section 22 and the notice of acceleration given to Borrower pursuant to Section 18 shaH be deemed to satisfy the notice and opportunity to take corrective action provisions of this Section 20. 21. Hazardous Substances. As used in this Section 21: (a) "Hazardous Substances" are those substances defìned 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 fcdcl'allaws and laws of thc jurisdiction whcre the Property is located that relate to health, safety or environmental protection; (c) "Environmental Cleanup" includes any respollse action, remedial action, or removal action, as defined in Environmental Law; and (d) an "Environmental Condition" means a condition that can cause, contribute to, or otherwise trigger an Environmental Cleanup. Borrower shall not cause or permit the presence, use, disposal, storage, or release of any Hazardous Substances, or threaten to release any Hazardous Substances, on 01' 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, claim, demand, lawsuH or other action by any governmental or regulatory agency or private party involving the Property and any Hazardous Substance or Environmental Law of which Borrower has actual knowledge, (b) any Environmental Condition, including but not limited to, any spìl1ing, 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 which adversely affects the value of the Property. If Borrower learns, or is notified by any governmental or regulatory authority, or any private party, that any removal or other remediation of any Hazardous Substance affecting the Property is necessary, Borrower shall promptly take all necessary remedial actions in acc.ordance with Environmental Law. Nothing herein shall create any obligation on Lender for an Environmental Cleanup. VMP-6A(WY) (0005).2 Page 120f 15 fpyL Inltl. s:~ Form 3051 1/01 ~1) ;r~f') ~"It'! ' ,. .,/, I}",~"..","'j , . <..J.4. 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 Instrument (but not prior to acceleration under Section 18 unless Applicable Law provides otherwise). The notice shall specify: (a) the default; (b) the action required to cure the default; (c) n date, not less than 30 days from the date the notice is given to Borrower, by which the default must be cured; and (d) that failure to cure the default on or before the date specified in the notice may result in acceleration of the sums secured by this Security Instrument and sale of the Property. The notice shaJl further inform Borrower of the right to reinstate after acceleration and the right to bring a court action to assert the non-existence of a default or nny other defense of Borrower to acceleration and sale. If the default is not cured on or before the date specified in thc notice, Lender at its option may require immediate payment in full of all sums secured by this Security Instrument without further demand and may invoke the power of sale and any other remedies perm ¡tted by Applicable Law. Lender shall be entitled to collect all expenses incurred in pursuing the remedies provided in this Section 22, including, but not limited to, reasonable attorneys' fees and costs of title evidence. If Lender invokes the power of sale, Lender shall give notice of intent to foreclose to Borrowcr and to the person in possession of the Property, if different, in accordance with Applicable Law. Lender shall give notice of the sa]e to Borrower in the manner provided in Section 15. Lender shall publish the notice of sale, and the Property shall be sold in the manner prescribed by Applicable Law. Lender or its designee may purchase the Property at any sale. The proceeds of the sale shall be applied in the following orde,r: (a) to all expenses of the sale, including, but not limited to, reasonab Ie attorneys' fees; (b) to all sums securcd by this Security Instrument; and (c) any excess to the person or persons legally entitled to it. 23, Release, Upon payment of all SlUns secured by this Security Instrument, Lender shall release this Security lnstmment. Borrower shall pay any recordation costs. Lender may charge Borrower a fee for releasing this Security Instmment, but only if the fee Is paid to a third party for services rendered and the charging of the fee is permitted under Applic<tblc Law. 24. Waivers. Borrower releases and waives all rights under and by virtue of the homestead exemption laws of Wyoming. fpt2- VM P-6A(WY) (0005),Z Puge 13 or 15 Initials: / T I( Form 3051 1/01 O;f}O<>~~~~:~ , '. ..... ,."", BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in tllis Security Instl1lment and in any Rider executed by Borrower and recorded with it. Witnesses: t!¿A~ ·ít¿L£r~~~) -Witness -Wjln~~ ( ~IJ. bfF ~ID. ROSY , (Seal) -Borrower ---- I~ J~~ TOM J ROSY (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower ...jSeal) -Borrower (Seal) -Borrower (Seal) -Borrower VMP·6A(WY) (0005).2 Page 14 "r15 fÞ~ / Jt//? Form 3051 1/01 000.083 STATE OF WYOMING County ss: þy{~,pf}__,/ The foregoing instrument was acknowledged before me this ¿J S J~/1/..( C)..()u Î by FROSTI D. ROSY, TOM J ROBY /- My Commission Expires: tJ¡.1./0/ /7. '2-00 P/ , . ¿k/ /1 Z·· ( ~ _/ 1/j;...-1.-.('/:'-"'<~ ~ ...-/¿¿;c.¿LA __--=- Notary Public VALERIE KITTRELL - NOTARY PUBLIC County of Lincoln State of Wyoming My Commission Expires April 19, 2008 VM P-6A(WY) (0005).2 Page 15 of 15 fpr<.- Initials: 7 ÇT (( Form 3051 1/01 3 <:{ t\ Exhibit A THE FOLLOWING DESCRIBED TRACT OF LAND IN LINCOLN COUNTY, STATE OF WYOMING, TO-WIT: LOT 51, STAR VALLEY RANCH PLAT 9, AS PLATTED AND RECORDED IN THE OFFICIAL RECORDS OF LINCOLN COUNTY, WYOMING. Commonly known as 292 Green Canyon Thayne, WY 83127 However, by showing this address no additional coverage is provided. n¡ f"fì¡ .,." ~) 8;'" ..'Ii.';',.J.,,''f.:':..JJ PLANNED UNIT DEVELOPMENT RIDER LOAN NO.: 40847435 MIN: 100112065747164735 MERS Phone: 1-888-679-6377 THIS PLANNED UNIT DEVELOPMENT RIDER is made this 25th day of JUNE, 2007 , and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust, or Security Deed (the "Security Instrument") of the same date, given by the undersigned (the "Borrower") to secure Borrower's Note to MORTGAGEIT, INC (the "Lender") of the same date and covering the Property described in the Security Instrument and located at: 292 GREEN CANYON ROAD, THAYNE, WY 83127 [Property Address] The Property includes, but is not limited to, a parcel of land improved with a dwelling, together with other such parcels and certain common areas and facilities, as described in COVENANTS, CONDITIONS AND RESTRICTIONS. (the "Declaration"). The Property is a part of a planned unit development known as $T AR VALLEY RANCH [Name of Planned Unit Development] (the "PUD"). 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. PUD COVENANTS. In addition to the covenants and agreements made in the Security Instrument, Borrower and Lender further covenant and agree as follows: A. PUD Obligations. Borrower shall perform all of Borrower's obligations under the PUD's Constituent Documents. The "Constituent Documents" are the (i) Declaration; (ii) articles of incorporation, trust 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 due, all dues and assessments imposed pursuant to the Constituent Documents. MUL TISTA TE PUD RIDER - Single Family - Form 3150 1/01 V-7R(0411),01 WK Inil'als:.z0'? Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Page 1 of 3 LENDER SUPPORT SYSTEMS INC. 7R.NEW (07/06) O,O~ oC·n .¡1\l.þ,I;\,~~·6b B. Property Insurance. So long as the Owners Association maintains, with a generally accepted insurance carrier, a "master" or "blanket" policy insuring the Property which is satisfactory to Lender and which provides insurance coverage in the amounts (including deductib.le levels), for the periods, and against loss by fire, hazards included within the term "extended coverage," and any other hazards, including, but not limited to, earthquakes and floods, for which 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 OJ) 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, or to common areas and facilities of the PUD, any proceeds payable to Borrower are hereby assigned and shall be paid to Lender. lender shall apply the proceeds to the sums secured by the Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. C. Public Liability Insurance. Borrower shall take such actions as may 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, payaqle to Borrower in connection with any condemnation or other taking of all or any part of the Property or the common areas and facilities of the PUD, or for any conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. Such proceeds shall be applied by lender to the sums secured by the Security Instrument as provided in Section 11. E. lender' 5 Prior Consent. Borrower shall not, except after notice to lender and with Lender's prior written consent, either partition or subdivide the Property or consent to: (i) the abandonment or termination of the PUD, except for abandonment or termination required by law in the case of substantial destruction by fire 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 express benefit of lender; (iii) termination of professional management and assumption of self-management of the Owners Assoc:iation; or (iv) any action which would have the effect of rendering the publíc liability insurance coverage maintained by the Owners Association unacceptable to lender. F. Remedies. If Borrower does not pay PUD dues and assessments when due, then lender may pay them. Any amounts disbursed by Lender under this paragraph F shall beft?~ V-7R (0411).01 Page 2 of 3 Form 31;it;~~~t( .n, ,('), ,n-. "'" \':'J ~'''J ~..~\1. ~ ".~'þ ~.~ â":.1r if additional debt of Borrower secured by tile Security Instrument. Unless 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 SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this PUD Rider. ( .. _:..12._ A}///r (Seal) ._ T~ FROs 10. RO'Y '~""W" T~-'!/ ~ (Seal) ·Borrower (Seal) ·Borrower (Seal) ·Borrower (Seal) -Borrower (Seal) ·Borrower (Seal) ·Borrower ------- (Seal) -Borrower V-7R (04'11).01 Page 3 of 3 Form 3150 1/01 Fp~ -¡g(