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HomeMy WebLinkAbout932188 E ö I-Mi~WI~·lArcher Land Title, LLC. ~ -;, 317-227-2760 Fax 317-246-5776 ~ ~ 777 Beachway Dr. Suite 200 m 8 Indianapolis, IN 46224 ã:1!! Prepared By: RECEIVED 8/16/2007 at 1:21 PM RECEIVING # 932188 BOOK: 669 PAGE: 18 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY Candy Harvey 500 Foreat Point Circle, Charlotte, NC 28273 000018 ---·..-·-/Spøcc Above This Line For Recording Datal ( MORTGAGE MIN 100200104107883197 -; C:. J DEFINITIONS Words used in multip[c sections of this document are defined below and other words arc defined in Sections 3, 11, 13, 18,20 and 21. Certain rules regarding the usage of words used in this document are a[so provided in Section 16. (A) "Security Instrument" means this document, which is datedAugust 9, 2007 together with all Ridcrs to this document. (8) "Borrower" is Lamar S. Perry and Christie M. Perry, husband and wife </ Borrowcr is the mortgagor under this Security Instrument. (C) "MERS" is Mortgage Eh::ctronic 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 alld existing under the [aws of Delaware, and has a11 address and telephone number of P.O. Box 2026, Flint, MI 4850].2026, tel. (888) 679-MERS. 0410788319 WYOMING-Single Family-Fannie Mae/Freddle Mac UNIFORM INSTRUMENT WITH MERS Form 3051 1/01 . -6A(WY) (0005).03 ~ Pogo 1 or 15 YMP Morlgogo Solullo",.ln.. ~ ,nilla,dP 00001.9 (D) "Lender" is EquiFirst Corporation Lender is a Corpora tion organized and existing under the laws of North Carolina Lender's address is 500 Fores t Point Circle Charlotte, NC 28273 (E) "Note" means the promissory note signed by Borrower and datedAugust 9, 2007 TIle Note states that BOITower owes Lender three hundred ninety-six thousand and 00/100 Dollars (U. S. $ 396 I 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 September 1, 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 the Note, plus interest, any prepayment charges and late charges due under the Note, and all sums due under this Security Instrwnent, plus interest. (H) "Riders" means all Riders to this Security InstTument that are executed by Borrower. The following Riders are to be executed by Borrower [check box as applicable]: D Adjustable Rate Rider [X] Balloon Rider D V A Riùer D Condominium Rider D Second Home Rider o Planned Unit Development Rider 0 1-4 Family Rider D Biweekly Payment Rider [X] Other(s) [specify] PrePayment Penalty Rider (I) "Applicable Law" means all controlling applicable federal, state and. local statutes, regulations, ordinances and administrative l1I[es and orders (that have the effect of law) as well as all 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 instrwnent, 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, wirc transfers, and automated clearinghouse transfers. (L) "Escrow Items" means those items that arc described in Section 3. (~) "~iscellaneous Proceeds" means any compensation, settlement, award of damages, or proceeds paid by any third party (othcr than insurancc proceeds paid undcr the coverages describcd in Section 5) for: (i) damage to, or destruction of, the Property; Oi) condemnation or other taking of all or any part of the Property; (iii) conveyance in lieu of condemnation; or (iv) misrepresentations of, or omissions as to, the value and/or condition ofthe 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) a.ny amounts tinder 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 crom time to time, or any additional or successor [egislation or regulation that governs the same subject matter. As used in this Security Instrument, "RESPA" refers to all requirements and restrictions that are imposed in regard to a "federally re[ated mortgage loan" even if the Loan does not qualify as Ii "federally related mortgage loan" under RESP A. 0410788319 <D -6A(WY) (0005).03 0> Pag. 2 or 15 ,n'llalo:df? w- Form 3051 1/01 000020 (Q) "Successor in Interest of Borrower" means any party that has taken title to the Property, whether or not that purty has as&'Umed Borrower's ob[igations under the Note and/or this Security Instl'Ument. TRANSFER OF RIGHTS IN THE PROPERTY This Security Instrument secures to Lender: (i) the repaymcnt of the Loan, and aU renewals, extensions and modifications of the N te; and (ii) the performance of Borrower's covenants and agreements under this Sccurity Instrument d the Note, For this purpose, Borrower does hereby mortgage, grant and convey to MERS (solely as n 'nee for Lender and Lender's successors and assigns) and to the successors and assigns of ME S, with power of sa[e, the following described property located in the ounty of Lincoln [Type of ecording Jurisdiction] [Name of Recording Jurisdiction] See Attached Exhi it A Parcel ID Nwnber: 321 1310023100 421 Griffey Lane Afton ("Property Address"): which currently has the address of [Street] [City] , Wyoming 83110 [Zip Code] TOGETHER WITH aU the improvements now or hereafter erected on the property, and all 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· "Propel1y." Borrower ~Illclcrstands and agrees that MERS holds only lcgal title to the interests granted by Borrower in this Security Instrument, but, if neceSS31Y to comply with [aw or custom, MERS (as nominee for Lender and Lender's successors and assigns) has the right: to exercise any or all of those intercsts, including, but not limited to, the right to foreclose and sell the Property; and to take any action required of Lcnd& including, but not limited to, releasing and canceling this Security Instrument. BORROWER COVENANTS that Borrowcr is lawf11l[y seised of the estate hereby conveyed and has the right to mortgage, grant and convey the Property and that the Property is unencumbered, except for encumbrances of record. Borrower warrants and will defend generally thc title to the Property against aU claims and demands, subject to any encumbrances of record, THIS SECURITY INSTRUMENT combines uniform covenants for national use and non-unifonll covenants with limited variations by jurisdiction to constitutc a unifOJm security instrument covering rcal property, 0410788319 Inili'I$~'~'" .-6A(WY) (0005).03 <& Paga 3 of 15 w Fonn 3051 1/01 000021. UNIFORM COVENANTS. BOlTower and Lender covenant and agree as fo\1ows: 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 the Note and any prepayment charges and late charges due under the Note. Borrower shalI 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 lli1d this Security Instrument be made in one or more of the following forms, as seleéted 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 are deemed received by Lender when received at the location designated in the Note or at such other location as may be designated by Lender in accordance with the notice provisions in Section 15. Lender may return any payment or partial payment jf the payment or partial payments are insufficient to bring the Loan current. Lender may accept any payment or partial payment insufficient to bring the Loan 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 sched\lled due date, then Lender need not pay interest on unapplied funds. Lender may hold su.eh unapplied funds until Bon-ower makes payment to bring the Loan current. If BotTower does not do so within a reasonable period of time, Lender shall either apply such funds or return them to Bon-ower. If not applied earlier, such funds will be app[ied to the outstanding principal balance under the Note immediately prior to foreclosure. No offset or claim which Borrower might have now or in theluturc against Lender shall relieve Borrower trom making payments due under the Note and this Security Instrwllent or performing the covenants and agreements secured by this Secw'ity 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; (b) principal due under the Note; (c) amounts due under Section 3. Such payments shall be applied to each Periodic Payment in the order in which it became due. Any remaining amounts shall be applied first to late charges, second to any other amounts ;due under this Security lnstrunlent, and then to reduce the principal ba[ance 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 bç applied to the delinq\lent payment and the late charge. If more than one Periodic Payment is outstanding, Lender may apply any payment received from Borrower to the repayment of the Periodic Payments if: and to the extent that, each payment can be paid in full. To the extent that any excess exists after the payment: is applied to the full p¡¡yment of one or more Periodic Payments, such excess may be applied to any late charges due. VoluntalY prepayments shall be applied first to any prepayment charges and then as described in the Note. Any application of payments, insurance proceeds, or Miscellaneous Proceeds to principal due under the Note shall not extend or postpone the due date, or change the amount, of the Periodic Payments. 3. Funds for Escrow Items. Borrower shall pay to Lender on the day Periodic Payments are due under the Note, until the Note is paid in full, a sum (the "Funds") to provide for payment of amounts due for: (a) 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 teffil 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 shall promptly furnish to Lender all notices of amounts to be paid under this Section. Borrower sball pay Lender the Funds for Escrow Items unless Lender waives Borrower's obligation to pay the Funds for any or all ES(,TOW Items. Lender may waive Borrower's obligation to pay to Lender Funds for any or all 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 0410788319 Inll,o,sdP . ·6A(W Y) (0005).03 (!) Page 4 01 15 &r Form 3051 1/01 ~ '- 000022 due for any ES(,Tow Items for which payment of Funds has becn waived by Lender and, if Lender requires, shall nlmish 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 purposes 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 Hems directly, pursuant to a waiver, and Borrower làils to pay the amount due for an Escrow Item, Lender may exercise its rights under Section 9 and pay such amount and Borrower shall then be obligated under Section 9 to repay to Lender any such amount. Lender may revoke the waiver as to any or all Escrow [terns at any time by a notice given in accordance with Section 15 and, upon such revocation, Borrower sha1l 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 Lcnder 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 shan estimate the amount of Funds due on the basis of currcnt data and reasonable estimates of expenditures of future Escrow Items or otherwise in accordance with Applicable Law. The Funds shall be held in an institution whose deposits arc insured by a federal agency, instrumentality, or entity (including Lender, if Lender is an institution whose deposits are so insured) or in any Fedcral Home Loan Bank. Lender shall apply the Funds to pay the Escrow Items no later than the time specified under RESP A. Lender shall not çharge Borrower for holding and applying the Funds, annually ana[yzing the escrow account, or verifying the Escrow Items, unless Lender pays Borrower interest on the Funds and Applicab[e 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 allY interest or earnings on the Funds. Borrowcr and Lender can agree in writing, however, that interest shall be paid on the Funds. Lender shall give to Borrower, without charge, WI annual accounting of the Funds as required by RESPA. If there is a surp[us of Funds held in escrow, as defined under RESP A, Lendcr shall account to Borrower for thc excess funds in accordance with RESP A. If there is a shortage of Funds held in escrow, as defined under RESPA, Lcnder shall notify Borrower as requircd by RESPA, and Borrower shall pay to Lender the amount necessary to make up the shortage 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 RESP A, Lender shall notify Borrower as required by RESP A, and Borrower shall pay to Lender the amount necessary to make up the deficiency in accordance with RESPA, but in no more than 12 month[y payments. Upon payment in full of all sums secured by this Secmity Instrument, Lender shall promptly refund to Borrower any Funds held by Lender. . 4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines, and impositions attributab[e to the Property 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 Secmity Instrument unless Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a mmmer acceptable to Lender, but only so long as Borrower is performing such agreement; (b) contests the lien in good faith by, or defends against enforcement of the lien in, legal proceedings which in Lender's opinion operate to prevent the enforcement of the lien while those proceeùings arc penùing, 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 determines that any part of the Property is subject to a licn which can attain priority over this Security Instrument, Lender may give Borrower a notice identifying the e-6A(WY) (0005).03 ~ Pag" 5 or 15 '''ill"l.b. ~ $- Fonn 3051 1/01 0410788319 000023 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 <me-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 the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards induded within the ternl "extended coverage," and MY other hazards including, but not limited to, earthquakes and floods, for which Lender requires inS1.lrance. This insurance shall be maintained in the amounts (including deductible levels) and for the periods that Lender requires. What Lender requires pursuant 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 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 changes occur which rea~onab[y might affect such determination or certification. Borrower shall also be responsible for the payment of any fees imposed by the Federal Emergency Management Agency in connection with the review of any flood zone determination resulting from an objection by Borrower. If BOl1'0wer fails to maintain any of the coverages described above, Lender may obtain insurance coverage, at Lender's option and Borrower's expense. Lender is under no obligation to purchase any particular type or arnOlUlt 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, haz.ard or liability and might provide greater or [esser 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 shall bc payable, with such interest, upon notice fi·om Lender to Borrower requesting payment. All insurance policies required by Lender IInd 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 shaH promptly give to Lender al! receipts of paid premiums and renewal notices. If Borrower obtains any form of insurance coverage, not otherwise required by Lender, for damage to, or destruction of: the Property, such policy shall include a standard mortgage clause and shaH name Lender as mortgagee and/or as an additional loss payee. In the event of loss, Bon·ower shall give prompt notice to the insunmce carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. Un[ess 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 repair is economically feasible and Lender's security is not [essened. During such repair and restoration period, Lender shall have the right to hold such insurance proceeds lUltil 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 the repairs and restoration in a sing[e 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 Borrowcr shall not be paid out of the insurance proceeds and shall bc the sole obligation of Horrower. If the restoration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be applied to the StU11S securcd by this Security Instrument, whether or not then due, with .-6A(WY) (0005).03 Q!) Pago 6 of 15 Inlll.l.dA 7Jfi Form 3051 1101 0410788319 000024 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 01fcred to sett[e a claim, then Lender may negotiate and settle the claim. TIle 30-day period wì1\ begin when the notice is given. In cither 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 premiums paid by Borrower) under all insurance policies covering the Property, insofar as such rights are applicable to the coverage of the Property. Lcnder 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 shall 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, un[css Lender otherwise agrees in writing, which consent shall not be unreasonab[y withhe[d, or unless eXlenuating cin.:umslances exist which are beyond Borrower's control. 7. Preservation, ~aintenance 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 rcsiding in the Property, Borrower shall maintain the Property in order to prevcnt the Property from deteriorating 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 responsible for repairing or rcstoring the Property only if Lender has released proceeds for such purposes. Lender may disbW'se proceeds for thc repairs and restoration in a single payment or in a series of progress paymcnts as the work is completed. U' the insurance 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 improvemenls 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, Borrower or any persons or entities acting at the direction of Borrower or with Borrower's knowledge or consent gave materially false, rnis[eading, or inaccurate infOlmation or statements to Lender (or failed to provide Lender with material infonl1ation) in connection with the Loan. Materia[ representations include, but are not limited to, representations concerning Borrower's occupancy of tbe Property as Borrower's principal residence. 9. Protection of Lender's Interest in the Property and Rights Under this Security Instrument. If (0) Borrower fails to perform the covenants and agreements contained in this Security Instrument, (b) there is a legal proceeding that might significantly affect Lender's interest in the Property and/or rights under this Security Instrument (such as a proceeding in bankruptcy, probate, for condemnation or forfeiture, for enforcement of a lien which may attain priority ovcr this SeC1.lríty Instnlment 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 va[ue of the Property, and securing and/or repairing the Property. Lender's actions can include, but are not limited to: (a) paying any sums secured by a lien which has priority over this Security In¡,1rument; (b) appearing in court; and (c) paying reasonab[e 0410788319 Inllial.,ð,P . .6A(WY) (0005).03 <!> Page ¡ of 1 Ó ap--. Form 3051 1/01 000025 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, eliminatc building or other code vio[ations or dangerous conditions, and have utilities turned on or off. Although Lender may take action under this Scction 9, Lender does not have to do so and is not under any duty or obligation to do so. It is agreed that Lcndcr incurs no liabiJity for not taking any or all actions authorized. undcr this Section 9. Any amounts disbursed by Lender under this Section 9 shall become additional debt of Borrower secured by this Security Instrument. These anl0unts shall bear interest at the Note rate from the date of disbursemcnt and shall be payab[e, with such interest, upon notice from Lender to Borrower requesting payment. If this Security Instrument is on a leasehold, Bon'ower shall comply with all thc provisions of the lease. If Borrower acquires fec 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 the Loan, Borrower shall pay the premiums required to maintain the Mortgage Insurance in cffect. If, for any reason, the Mortgage Insurance coverage required by Lender ceases to be avaih¡ble from the mortgage insurer that previously provided such insurance and Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrowcr shall pay the premiums required to obtain coverage substantially equivalcnt to tllC Mortgage Insurance previously in effect, at a cost substantially equivalent to the cost to Borrower of the Mortgage Insurance previously in effect, ITom an alternate mortgage insurer selected by Lender. If substantially equivalent Mortgage Insmance coverage is not available, 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 effcct. Lender will accept, use and retain these paymcnts as a non-refundable loss reserve in lieu of Mortgage Insurance. Such loss reserve shall be non-refundable, notwithstanding the fact that the Loan is ultimately paid in full. and Lendcr shull not be required to pay Borrower any interest or earnings on such [oss reserve. Lender can no longer rcquire 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 obtaincd, and Lender requires separalely 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 paymellts toward the premiums for Mortgage [nsurance, Borrower shall pay the premiums required to mainlain Mortgage Insurance in effect, or to provide a non-refundable loss reserve, until Lender's requirement for M0I1gage Insurance ends in accordance with any written agreement between Borrower and Lender providing for such termination or until teJl11ination 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 Insurancc reimburses Lender (or any entity that purchases the Note) for certain [osses it may incur if Borrower does not 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 lime, and may enter into agreements with other parties that share or modify their risk, or reduce losses. These agreements are on terms 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 rrom Mortgage Insurance premiums). As a rcsult of thcsc 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 that derive trom (or might be characterized. as) a portion of Borrower's payments for M0I1gage Insurance, in exchange for sharing or modifying the mortgage jnsurer's risk, or reducing losses. If sueh agreement provides that an affiliate of Lender takes a share of the insurer's risk in exchange for a share of the premiums paid to the insurer, the 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, or any other terms of the Loan. Such agreements wiIJ not increase the amount Borrower will owe for Mortgage Insurance, and they will not entitle Borrower to any refund. 0410788319 1"11101....3,-9 S-6A[WY) (0005).03 <& Pog.80115 .Q!J Form 3051 1/01 000026 (b) Any such agreements wiU not affect the rights Borrower has - if any - with respect to the Mortgage Insurance under the Homeowners Protection Act of ]998 or any other law. These rights may include the right to receive certain disclosures, to request and obtain cancellation of the ~ortgage Insurance, to have the Mortgage Insurance terminllted 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. Al1 Miscel1aneous 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 ,md restoration period, Lender shall have (he 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 may pay for the repairs and restoration in a single disbursement or in a series of progress payments as the work is completed. Un[ess 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 Miscellaneous Proceeds shall be applied to the sums secured by this Se.curity Instrument, whether or not then 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, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. In the event of a partia[ 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 [oss in value is equal to or greater than the amount of the stunS secured by this Security Instrument immediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the stunS secured by this Security Instrument shall be reduced by the amount or the Miscellaneous Proceeds multiplied by the following fraction: (a) the total amount of the sums secured immediately before the partial taking, destruction, or loss in value divided by (b) the fair market va[ue 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 in which the fair market value of the Property immediately before the partial taking, destruction, or loss in value is less than the amount of the Sluns secured immediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument whether or not the 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 scntcnce) offers to make an award to settle a claim for damages, Borrower fails to rcspond 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 Miscellaneous Proceeds or the party against whom Borrower has a right of action in regard to Miscellaneolls Proceeds. Borrower shal[ be in default if any action or proceeding, whether civil or criminal, 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 Security Instrument. Borrower can cure such a defilUlt and, if acceleration has occurred, reinstate as provided in Section 19, by causing the action or proceeding to be dismissed with a ru[ing 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 Instrument. The proceeds of any award or claim for damages that are attributable to the impairment of Lender's interest in the Property are hereby assigned and shall be paid to Lender. All Miscellaneous Proceeds that DIe not applied to restoration or repair of the Property shall be applied in the order provided for in Section 2. .-6A(WY) (0005).03 1!1 Pogo 9 of 15 1I1IIi81S:ri. f! Db- Form 3051 1101 0410786319 00002'7 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 or any Successor in Interest of Borrower shall not operate to re[ease the liabiHty of Borrower or any 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 sums scc..'Ured by this Security Instrument by reason of any demand made by the original Borrower or any Successors in Interest of Borrower. Any 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-signcrs; Successors and Assigns Bound. Borrower covenants and agrecs that Borrower's obligations and liability shaH be joint and several. However, any Borrower who co-signs this Security lnstnullent 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 Security Instrument; (b) is not personaJly obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower can agree to extend, modify, forbear or make aoy accommodations with regard to the term.s of this 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 approved by Lender, shall obtain aH of Borrower's rights and benefits under this Security Instrument. Borrower shall not be released ftom BolTower's obligations and [jability 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 benctit the successors and assigns of Lender. 14. Loan Charges. Lender may charge Borrower fees for services performed in connection with Borrower's detàult, for the purpose of protecting Lender's interest in the Property and rights under this Security Instrument, 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 Security 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 Instrument or by Applicable Law. If the Loan is subject to a law which sets maximum loan charges, and that taw is finally 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 [oan charge shall be reduced by Ihe amount necessary to reduce the charge to the permitted limit; and (b) any SLunS already collected from Borrower which exceeded permitted limits will be refunded to Bon-ower. Lender may choose to make this refund by reducing the principal owed under the Note or by making a direct payment to Borrower. If a refund reduces principal, the reduction will be treated as a partial prepaymcnt without any prepayment charge (whether or not a prepayment charge is provided for under the Note). Borrower's acceptance of any such refllnd made by direct payment to Borrower wiH constitute a waiver of any right of action Borrower might have arising out of such overcharge. J 5. Notices. All notices given by Borrower or Lender in connection with this Security Instrument must be in writing. Any notice to BOlTower in connection with this Security Instrument shall be deemed to have been given to Borrower when mailed by first class mail or when actuaHy delivered to Borrower's notice address if sent by other means. Notice to anyone Borrower shall constitute notice to all Borrowers unless Applici;lble Law expressly requires otherwise. The notice address shall be the Property Address wlless Borrower has designated a substitute notice address by notice to Lender. Borrower shall promptly notify Lender of Borrower's change of address. If Lcnder speçifies a procedurc for reporting Borrower's change of address, then Borrower shall only report a change of address through that specified procedure. Therc may be only one designated notice address under this Security Instrument at anyone time. Any notice to Lender shall be given by delivering it or by mailing it by first class mail to Lender's address stated herein unlcss Lcnder has designated another address by notice to Borrower. Any notice in connection with this Security Instrument shall not be deemed to have been given to Lender until actually received by Lender. If any notice required by this Security Instrument is also required under Applicable Law, the Applicab[e Luw requiremcnt will satisfy thc corresponding requirement undor this Security Instnlment. 0410788319 .'6A(WY) (0005).03 ~ Page'O 01 15 Inillal".d.æ V Form 3051 1/01 000028 16. Governing Law; Severability; Rules c¡f Construction. This Security Instrumcnt shall be governed by federal law and the law of the jurisdiction in which the Property is located. All rights and obligations contained in this Security Instrument are subject to any requirements and !imitations of Applicable Law. Applicable Law might explicitly or impJicitJy allow the parties to agrec by contract or it might be silent, but such silence shall not be construed as u prohibition against agreement by contract. In the event that any provision or clause of this Security Instrument or the Note conflicts with Applicable Law, such conflict shall not affect other provisions of this Security Instrument or the Notc which can be given cffect without the conflil:ting 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 plura[ and vice versa; and (c) the word "may" gives sole discretion without any obligation to take any action. 17. Borrower's Copy. Borrower shall be given one copy ofthe 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" means any legal or beneficial intcrcst in the Property, inchlding, but not limited to, those beneficial interests transferred in a bond for deed, contract for deed, installment sales contract or escrow agreement, the intent of which is the. transfer of title by Borrower at a future date to a purchaser. If all or 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 bcneficia[ interest in BOITower is sold or transferred) without Lender's prior written consent, Lender may require immediate paymcnt in fllll of all Slum secured by this Security lnstrumcnt. 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 notke 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 expiratiòn of this period. Lender may invoke any remedies pelmitted by this Security Instrument without further notice or demand on Borrower. 19. Borrower's Right to Rei.nstate After Acceleration. If Borrower meets ccrtain conditions, Borrower shall have the right to have enforcement of this Security Instrument 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 a.s Applicable Law might specify for the tennination 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 SlUns which then would be due under this Security Instrument an.d the Note as if no acceleration had occurred; (b) l:ures any default of any other covenants or agreements; (c) pays all expenses incurred in enforcing this Security Instrument, 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 this 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 Sun1S 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 or cashier's check, provided any such check is drawn upon an institution whose deposits are insured by a federal agency, instrumentality or entity; or (d) Electronic Funds Transfer. Upon reinstatement by Borrower, this Security Instrument and obligations secured hereby shall remain fully effective as if no acceleration had occurred. However, this right to reinstate shall not app[y in the case of acceleration under Section 18. 20. Sale of Note; Change of Loan Servlcer; 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 resu[t in a change in the entity (known as the "Loan Servicer") that collects Periodic Payments due under the Note and this Security Instrumcnt 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 Servicer, Borrower will be given written notice of the change which will state the name and address of the new Loan Servicer, the address to which payments should be made and any other information RESPA 0410788319 Iflltials:¿g . -6A(WY) (0005).03 <!> Page 11 or 15 cÐ- Form 3051 1/01 00002;9 requires in connection with a notice of transfer of servicing. If the Note is sold and thereafter the Loan is serviced by a Loan Serviccr other than the purchaser of the Note, the mortgage loan servicing obligations to Borrower will remain with the Loan ServiceI' or be transferred to a successor Loan ServiceI' and are not assumed by the Note purchaser unless otherwise provided by thc Note purchaser. Neither Borrower nor Lcndcr may commence, join, or be joined to any judicial action (as either an individual liLigant or the member of a class) that arises from the other party's actions pursuant to this Security Instrument or that alleges that thc other party has breached any provision of, or any duty owed by reason 01; this Security Instrument, until such Borrower or Lender has notified the other party (with such notice given in compliance with the requirements of Section 15) of such alleged breach and afforded the other party hereto a reasonable pcriod after the giving of such notice to take corrective action. If Applicable Law provides a lime 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 curc given to Borrower pursuant 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. Hazardous Substances. As used in this Section 2 J: (0) "Hazardous Sllbstances" are those substances defined as toxic or hazardous substances, pollutants, or w~tes by Environmental Law and the following substa.nces: gasoline, kerosene, other flammable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or forma[dchyde, and radioactive materials; (b) "EnvirOluncntal Law" means fcdcrallaws Rnd laws of the jurisdiction where the Property is located that relate to health, safety or environmental protection; (c) "Environmental Cleanup" includes any response 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 HazardOlls 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 norma[ residential uses and to maintcnance of thc Propcrty (including, but not limited to, hazardous substances jn consumer products). Borrower shall promptly give Lender written notice of (a) any investigation, claim. demand, lawsuit or other action by any governmental or regulatory agency or private party involving the Propert)' and any Hazardous Substance or Environmental Law of which Borrower has actual knowledge, (b) any Environmental Condition, including but not limited to, any spilling, leaking, discharge, release or threat of release of any Ha7..ardOllS Substance, and (c) any condition caused by the presence, use or release of a Hazardous Substance which advl.'l'sely affects the value of the Property. If Bon'ower learns, or is notified by any governmental or regu[atory authority, or any private party, that any removal or other remediation of any Hazardous Substance affecting the Property is necessary, Borrower shall promptly toke all necessary remedial actions in accordance with Environmental Law. Nothing herein shall create any obligation on Lcnder for an Environmental Cleanup. . -6A(WY) (0005).03 @ Page 1 Z of 15 Inlll.,o:_dR ~ Form 3051 1/01 0410788319 00003'0 NON-UNIFORM COVENANTS. Borrower and Lender further covenant IInd agree as follows: 22. Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration following Borrower's breach of any covenant or agreement in this Security Instrument (but not prior to acceleration under Section 18 unless Applicable Law provides otherwise). The notice shall specify: (a) the default; (b) the action required to cure the default; (c) a date, not less than 30 days from the date the notice is given to Borrower, by which the default must be cured; and (d) that failure to cure the default on or before the date specified in the notice may result in Itccelel-atìon of the sums secured by this Security Instrument and sale of the Property. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to bring a court action to assert the non-existence of a default or any other defense of Borrower to acceleration and sale. If the default is not cured on or before the date specified in the notice, Lender at its option may require immediate payment in full of all sums secured by this Security Instrument without further demand and may invoke the power of sale and any other remedies permitted by Applicable Law. Lender shall be entitled to collect all expenses incurred in pursuing the remedies provided in this Section 22, including, but not limited to, reasonab.le attorneys' fees and costs of title evidence. If Lender invokes the power of sale, Lender shall gin notice of intent to foreclose to Borrower and to the person in possession of the Property, if different, in accordance with Applicable Law. Lender shall give notice of the sale to 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 order: (It) to nIl expenses of the sale, Including, but not limited to, reasonable attorneys' fees; (b) to all sums secured by this Security Instrument; and (c) any excess to the person or persons legally entitled to it. 23_ Release. Upon payment of all sums sccured by this Security Instrument, Lender shall rc[ease this Security Instrument. Borrower shall pay any recordation costs. Lender may charge Borrower a fee for releasing this Security Instrumenl, but only if thc fee is paid to a third party for services rcndered and the charging of the fee is permitted undcr App!icab[e. Law. 24. Waivers. Borrower releases and waives all rights under and by virtue of the homestead exemption laws of Wyoming. 0410788319 ,nll,8IdP e-6A{WY) (0005),03 \!) Form 3051 1/01 Pogo 13 0' 1 5 $- 000031. BY SIGNING BELOW, Borrower accepts and agrees to the tenns and covenants contained in this Security lnstrwnent and in any Rider executcd by Borrowcr and recordcd with it. Witnesses: (Seal) ·Borrower (Seal) -Borrower (Sea[) -Borrower 0410788319 .-6A(WY) (0005).03 (!) i~ ~~;:~ "- '·(S~ . orrower ',--/ (Seal) -13orrower (Seal) ·13orrower (Seal) -Borrower Pogo 14 01 15 Form 3051 1/01 STATE OF WYOMING, d~ The foregoing instrument was acknowledged before me this by Lamar S. Perry & Christie M. Perry My Commission Expires: JILL H. LARSON County of' Lincoln 'b~J-o-dOII NOTARY PUBLIC Stateo! Wyoming My Commission C:xpirt1$ June 20, 2011 0410788319 S·6A{WY) (0005).03 @ Pago 15 0' 1 5 County ss: 000032 9 ~ cf ~/;J/)Oì ","", "bl;, ~ /d. ~ ~ , '01111"& O~ Form 3051 1/01 Exhibit A 000033 THE FOLLOWING DESCRIBED PREMISES, TO-WIT: LOT 5 OF CYNOV A ACRES THIRD FILING, LINCOLN COUNTY, WYOMING AS DESCRIBED ON THE OFFICIAL PLAT NO. 10 I-F FILED JANUARY 8, 2004 AS INSTRUMENT NO. 896490 OF THE RECORDS OF THE LINCOLN COUNTY CLERK. Commonly known as 421 Griffey Lane Afton, WY 83110 However, by showing this address no additional coverage is provided. Balloon Payment Rider to Security Instrument (To Be Recorded Together with Security Instrument) 000034 This BALLOON PAYMENT RIDER (the "Rider") is made this 9th day of August, 2007 and amends the Mortgage, Deed of Trust or Security Deed (the "Security Instrument") dated the same date· and given by the pcrson(s) who sign below (the "Borrower(s)") to EquiFirst Corporation (the "Lender") to secure repayment of a Note in the amount of U.S. $ 396,000.00. In addition to the agreemenls and provisions made in the Note and the Security Instrument, both the Borrower(s) and the Lender further agree as follows: I) THE TERM OF THE LOAN IS 30 YEARS. AS A RESULT, YOU \VlLL BE REQUIRED TO REPA Y THE ENTIRE PRINCIPLE BALANCE AND ANY ACCRUED INTEREST THEN OWING 30 YEARS FROM TI-IB DATE ON WHICH THE LOAN IS MADE. THE LENDER HAS NO OBLIGATION TO REFINANCE THIS LOAN AT THE END OF ITS TERM. THEREFORE, YOU MAY BE REQUIRED TO REPAY THE LOAN OUT OF ASSETS YOU OWN OR MA Y HAVE TO FIND ANOTHER LENDER WILLING TO REFINANCE THE LOAN, ASSUMING THIS LENDER OR ANOTHER LENDER REFINANCES THIS LOAN AT MATUIUTY, YOU WILL PROBABL Y BE CHARGED INTEREST AT MARKET RATES PRE V AIUNG A T THAT TIME AND SUCH RATES MAY BE HIGHER THAN THE INTEREST RATE PAID ON THIS LOAN. YOU MAY ALSO HAVE TO PA Y SOME OR ALL OF THE CLOSING COSTS NORMALLY ASSOCIATED WITH A NEW MORTGAGE LOAN. 2) AT LEAST NINETY (90), BUT NOT MORE THAN ONE HUNDRED TWENTY (120) DAYS PRIOR TO THE MATURITY DATE, THE LENDER MUST SEND THE BORROWER(S) A NOTICE WHICH STATES THE MA TURlTY DATE AND THE AMOUNT OF THE "BALLOON PAYMENT" WHICH WILL BE DUE ON THE MATURITY DATE (ASSUMING ALL SCHEDULED PAYMENTS DUE BETWEEN THE DATE OF THE NOTICE AND THE MATURITY DA TE ARE MADE ON TIME). ~/?/~ á Lamar S. Perry *tJ rfilf·1 ~ ~ ~1f100 Ch 'stie M. Perry " ---. 0410788319 EF033NY (4/06) 000035 Prepayment Penalty Rider to Security Instrument (To Be Recorded Together with Security Instrument) This PREPA Yl\1ENT PENALTY RIDER (the "Rider") is made this 9th day of August, 2007 and amends the Mortgage, Deed of Trust or Security Deed (the "Security Instrument") dated the same date and given by the person(s) who sign below (the "BoITowcr(s)") to EquiFirst Corporation (the "Lender") to secure repayment of a Note in the amount of U.S. $ 396,000.00 In addition to the agreements and provisions made in the Note and the Security Instrument, both the Borrower(s) and the Lender further agree as follows PREPAYMENT PENALTY In the event, during the first 3 years after the execution of this Note, I make a prepayment and the prepayment exceeds twenty percent (20%) of the original principIIl amount of the loan in any twelve (12) month period, I will pay a prepayment charge in an amount equal to six (6) months' advance interest on the amount prepaid which is in excess of twenty percent (20%) of the original prindpal amount of the loan within the twelve (12) month period. The Note Ho[der will not assess a prepayment penalty after the 3rd anniversary of the date of execution of this Note. _._T'·· .~ 0410788319 EF032 (05/02)