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HomeMy WebLinkAbout932566 Rctmn T~: GMAC Mortgage, LLC 7 Carnegie Plaza, Cherry Hill, NJ 08003 y~l$)O 3d\~ 'dSl/:éD l ~ ~ RECEIVED 8/28/2007 at 3:00 PM RECEIVING # 932566 BOOK: 670 PAGE: 289 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY Prepared By: Taria Bernard 000289 [Space Above Tlús Line For Recording Data] When recorded return to: First American Title Insurance Co., Lenders Advantage 1100 Superior Avenue, Suite 200 Cleveland, Ohio 44114 ATTN: NATIONAL RECORDINGS MORTGAGE MIN 100037506862498418 DEFINITIONS '""l Words used in multiple sections of this document ffi-e defined below ffild other words ffi-e defined in Sections 3, 11, 13, 18, 20 ffild 21. Certain rules regffi-ding the usage of words used in this document ffi-e also provided in Section 16, (A) "Security Instrument" meffilS this document, which is dated 08/08/2007 together with all Riders to this document. (B) "Borrower" is Alaina Shepherd, A Single Woman .-. 1111111111111111111111 SHEPHERD 12958453 WY FIRST AMERICAN LENDERS'ADVH~TAGE MORTGAGE 1111111111111111111111111111111111111111111111111 Borrower is the mortgagor under this Security Instrument. (C) "MERS" is Mortgage Electronic Registration Systems, Inc, MERS is· a sepffi-ate corporation that is acting solely as a nominee for Lender ffild Lender's successors ffild assigns, MERS is the mortgagee under this Security Instrument, MERS is orgffilized ffild existing under the laws of Delawffi-e, ffild has ffil address ffild telephone munber of P, 0, Box 2026, Flint, MI 48501-2026, tel. (888) 679-MERS, 000686249841 WYOMING-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT WITH MERS Form 3061 1/01 . -SA(WY) (0005),02 ~ , Page ~ of 15 Initials: .,JLS 11111111111111111111111111111111111 VMP Mortgage Solutions, Inc. 000290 (D) "Lender" is GMAC Mortgage, LLC Lender is a Residential Mortgage Lender organized and existing under the lavvs of Delaware Lender's address is 7 Carnegie Plaza, Cherry Hill, NJ 08003 (E) ''Note'' means the promissory note signed by Borrower and dated 08/08/2007 The Note states that Borrower owes Lender One Hundred Thirty Two Thousand Dollars (U, S, $132,000.00 ) plus interest. Borrower has promised to pay this debt in regular Periodic Paymcnts and to pay thc debt in full not latcr than September 1, 2037 (F) "Property" means the property that is described below under the heading "Trmlsfer of Rights in the Property, " (G) "Loan" memlS the debt evidenced by the Note, plus interest, any prepayment chm-ges mId late chm-ges due under the Note, and all sums due under this Security Instrument, plus interest. (II) "Riders" means all Riders to this Security Instrument that m-e executed by Borrower. The following Riders m-e to be executed by Borrower [check box as applicable]: D Adjustable Rate Rider D BaÌ100n Rider D VA Rider D Condominium Rider D Second Home Rider D Plmmed Unit Development Rider D 1-4 F mni1y Rider D Biweekly Payment Rider D Other(s) [specify] (1) "Applicable Law" means all controlling applicable federal, state and local statutes, regulations, ordinances mId administrative rules mId 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 m"e imposed on Borrower or the Property by a condominium association, homeowners association or similm- organization, (K) "Electronic Funds Transfer" memlS mIY 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 finmlcial institution to debit or credit an account. Such teml includes, but is not limited to, point-of-sale transfers, automated teller machine trmlsactions, trmlsfers initiated by telephone, wire transfers, and automated clearinghouse transfers, (L) "Escrow Items" memlS those items that are described in Section 3, (M) "Miscellaneous Proceeds" memlS mlY compensation, settlement, awm-d of danlages, or proceeds paid by mlY third pm-ty (other than insurmlce proceeds paid under the coverages described in Section 5) for: (i) dmllage to, or destruction of, the Property; (ìì) condemnation or other taking of all or mlY part of the Property; (iìì) conveyance in lieu of condemnation; or (iv) misrepresentations of, or omissions as to, the value and/or condition of the Property, (N) "Mortgage Insurance" means insurance protecting Lender against the nonpayment of, or default on, the Loml, (0) "Periodic Payment" means the regularly scheduled mnount due for (i) principal and interest under the Note, plus (ìì) mlY mnounts under Section 3 of this Security Instrument. (P) "RESPA" memlS the Real Estate Settlement Procedures Act (12 U, S, C, Section 2601 et seq,) and its implementing regulation, Regulation X (24 C,F,R. Pm-t 3500), as they might be mllended from time to time, or any additional or successor legislation or regulation that govems the smne subject matter. As used in this Security Instrument, "RESP A" refers to all requirements and restrictions that Me imposed in regard to a "federally related mortgage loml" even if the Loan does not qualify as a "federally related mortgage loml" under RESP A. 000686249841 . -6A(WY) (0005),02 ® Page 2 of 15 InitiaIS:~ Form 3061 1/01 000291. (Q) "Successor in Interest of Borrower" means any party that has taken title to the Property, whether or not that party has assumed Borrower's obligations under the Note and/or tllis 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 nominee for Lender and Lender's successors and assigns) and to the successors and assigns of MERS, with power of sale, the following described property located in the County of Lincoln [Type of Recording Jurisdiction] [N lime of Recording Jurisdiction] The Assessor's Parcel Number (Property Tax ID#) for the Real Property is 32192540013200. See Attached Legal Description Parcel ID Number: 32192540013200 408 Lincoln St Aiton (" Property Address II ): which currently has the address of [Street] [City] , Wyoming 83110 [Zip Code] TOGETHER WITH all the improvements now or hereafter erected on the property, alld all easements, appurtenances, alld fixtures now or hereafter a palt of the property, All replacements alld additions shall also be covered by this Security Instrument. All of the foregoing is referred to in this Security Instnlment as tlle II Property, II Borrower understands alld agrees tllat MERS holds only legal title to the interests granted by Borrower in this Security Instrument, but, if neceSSal)' to comply with law or custom, MERS (as nominee for Lender alld Lender's successors and assigns) has tlle right: to exercise allY or all of those interests; including, but not limited to, the right to foreclose alld sell the Property; and to take any action required of Lender including, but not limited to, releasing and canceling this Security Instrument. BORRO\VER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has the right to mortgage, grant alld convey the Property alld that the Property is unencumbered, except for enCUmbrallCeS of record, Borrower WalTallts alld will defend generally the title to the Property against all claims alld demallds, subject to any enCUmbrallCeS of record, THIS SECURITY INSTRUMENT combines uniform COVenallts for national use and non-uniform COVenallts with limited val-iations by jurisdiction to constitute a uniform security instrument covering real property, 000686249841 . -6A(WY) (0005).02 ® Page 3 of 15 Initials:-J5 Fonn 3061 1/01 000292· UNIFORM COVENANTS, Borrower and Lender covenant and agree 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 the Note and any prepayment charges and late charges due under the Note, Borrower shall also pay funds for Escrow Items pursuant to Section 3, Payments due under the Note and this Security Instrument shall be made in U,S, currency, However, if any check or other instrument received by Lender as payment under the Note or this Security 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 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, instTIllnentality, 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 if the payment or partial payments are insufficient to bring the Loan current. Lender may accept any payment or partial payment insufficient to bring the Loan 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 ~leed not pay interest on unapplied funds, Lender may hold such unapplied funds until Bon-ower makes payment to bring the Loan current. If Borrower does not do so within a reasonable period of time, Lender shall either apply such tùnds 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 shall relieve Bon'ower 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; (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 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 tì-om Borrower to the repayment of the Periodic Payments if, and to the extent that, each payment can be paid In full. To the extent that any excess exists after the payment is applied to the full payment of one or more Periodic Payments, 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, 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 illll01U1ts due for: (a) taxes illld 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 illld all insunmce required by Lender under Section 5; illld (d) Mortgage Insurilllce premiums, if illlY, orilllY sums payable by Bon-ower to Lender in lieu of the payment of Mortgage Insurilllce premiums in accordance with the provisions of Section 10, These items ill-e called "Escrow Items," At origination or at any time during the term of the LOilll, Lender may require that Conllimnity Association Dues, Fees, and Assessments, if any, be escrowed by Borrower, and such dues, fees and assessments shall be illl Escrow Item, Bon-ower shall promptly furnish to Lender all notices of illnounts 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 all Escrovv Items at illlY time, Any such waiver may only be in writing, In the event of such waiver, Borrower shall pay directly, when illld where payable, the amounts 000686249841 . -6A(WY) (0005),02 (!> Page 4 of 1 5 InitiaIS:~ Form 3061 1/01 000293 due for any Escrow Items for which payment of Funds has been waived by Lender and, if Lender requires, shall furnish to Lender receipts evidencing such payment within such time period as Lender may require, Borrower's obligation to make such payments and to provide 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 Items directly, pursuant to a waiver, and Borrower fails to pay the amolU1t due for an Escrow Item, Lender may exercise its rights under Section 9 and pay such anlount and Borrower shall then be obligated under Section 9 to repay to Lender any such amount. Lender may revoke the waiver as to any or all Escrow Items at any time by a notice given in accordance 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, Lcndcr may, at any timc, collcct mld hold Funds in an anlount (a) sufficicnt to pcrmit Lcndcr to apply the Funds at the time specified under RESP A, and (b) not to exceed tlle maximum amount a lender can require under RESP A. Lender shall estimate the anlount of Funds due on the basis of current data mld reasonable estimates of expenditures of future Escrow Items or otherwise in accordance with Applicable Law, The Funds shall be held in ml institution whose deposits moe insured by a federal agency, instrumentality, or entity (including Lender, if Lender is an institution whose deposits moe 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 RESP A. Lender shall not chm-ge 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 chm-ge, 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 emilings on the Funds, Borrower and Lender cml agree in writing, however, that interest shall be paid on the Funds, Lender shall give to Borrower, without chm-ge, an mmual accounting of the Funds as required by RESP A. If there is a surplus of Funds held in escrow, as defined under RESP A, Lender shall accowlt to Borrower for the excess funds in accordmlce with RESP A. If there is a shortage of Funds held in escrow, as defined under RESP A, Lender shall notify Borrower as required by RESP A, mld Borrower shall pay to Lender the mnount necessm}' to make up the shortage in accordmlce with RESPA, but in no more thml 12 monthly payments, If there is a deficiency of Funds held in escrow, as defined under RESP A, Lender shall notify BOlTower as required by RESP A, mld Borrower shall pay to Lender the mnount neceSSaI}' to make up the deficiency in accordmlce with RESP A, but in no more thaIl 12 monthly payments, Upon payment in full of all sums secured by this Security Instrument, Lender shall promptly refund to Borrower any Funds held by Lender. 4. Charges; Liens. Bon-ower shall pay all taxes, assessments, chm-ges, fines, mld impositions attributable to the Property which cml attain priority over this Security Instrument, leasehold payments or ground rents on the Property, if mlY, mld COlmnunity Association Dues, Fees, and Assessments, if any, To the extent that these items are Escrow Items, Borrower shall pay them in the mmmer provided in Section 3, Borrower shall promptly dischm-ge mlY 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 such agreement; (b) contests tlle 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 proceedings are pending, but only until such proceedings aI-e concluded; or (c) secures from the holder of the lien all agreement satisfactOl}' to Lender subordinating the lien to this Security Instrument. If Lender determines that aIlY part of the Property is subject to a lien which can attain priority over this Security Instrument, Lender may give Borrower a notice identifying the 000686249841 . -6A(WY) (0005).02 Œ> Page 5 of 15 Il1itiaIS:Js.-- Form 3061 1/01 000294 lien, Within 10 days of the date on which that notice is given, Borrower shall satisfy the lien or take one or more of the actions set forth above in this Section 4, Lender may require Borrower to pay a one-time charge for a real estate tax verification andlor reporting service used by Lender in connection with this Loan, 5. Property Insurance. Borrovver shall keep the improvements now existing or hereafter erected on the Property insured 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, 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 disapprovc Borrowcr's choicc, which right shall not bc cxcrciscd unrcasonably, Lcndcr 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 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 mIY t100d zone determination resulting from ml objection by Borrower, If Borrower fails to maintain mlY 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 m1Y particulm- type or mnount 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 m1Y risk, hazard or liability mId might provide greater or lesser coverage than was previously in effect. Borrower acknowledges that the cost of the insurance coverage so obtained might significmltly exceed the cost of insurmIce that Borrower could have obtained, Any mnounts disbursed by Lender under this Section 5 shall become additional debt of Borrower secured by this Security Instrument. These amounts shall bem- 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. All insurm1ce policies required by Lender m1d renewals of such policies shall be subject to Lender's right to disapprove such policies, shall include a standm-d mortgage clause, m1d shall nmIIe Lender as mortgagee mId/or as an additional loss payee, Lender shall have the right to hold the policies m1d 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 insurmIce coverage, not otherwise required by Lender, for dmnage to, or destruction of, the Property, such policy shall include a stmIdm-d mortgage clause m1d shall name Lender as mortgagee and/or as ml additional loss payee, In the event of loss, Borrower shall give prompt notice to the insurmIce cmTier and Lender, Lender may make proof of loss if not made promptly by Borrower, Unless Lender and Borrower otl1erwise agree in writing, m1Y insurm1ce proceeds, whether or not the underlying insurmIce 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 lessened, During such repair mId restoration period, Lender shall have the right to hold such insurmIce proceeds until Lender has had m1 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 mId restoration in a single payment or in a series of progress payments as the work is completed, Unless an agreement is made in writing or Applicable Law requires interest to be paid on such insurance proceeds, Lender shall not be required to pay Borrower any interest or earnings on such proceeds, Fees for public adjusters, or other tlIird parties, retained by Borrower shall not be paid out of the insurance proceeds and shall be the sole obligation of BOlTower, If the restoration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be applied to the SUlns secured by this Security Instrument, whether or not then due, with 000686249841 Initials: Js . -6A(WY) (0005).02 Œ> Page 6 of 15 Form 3061 1/01 000295 the excess, if any, paid to Borrower. Such insurance proceeds shall be applied in the order provided for in Section 2, If Borrower abandons the Property, Lender may file, negotiate and settle any available insurance claim and related matters, If Borrower does not respond within 30 days to a notice from Lender that the insurance carrier has offered to settle a claim, then Lender may negotiate and settle the claim, The 30-day 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 premiums paid by Borrower) under all insurance policies covering the Property, insofar as such rights are applicable to the coverage of the Property, Lender may use the insurance procecds cithcr to rcpair or rcstore thc Propcrty 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, 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; hlSpections. BOlTower 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 Propeliy, Borrower shall maintain the Propeliy in order to prevent 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, BOlTower shall promptly repair tlle Property if damaged to avoid fmiher deterioration or damage, If insurance or condemnation proceeds are paid in connection with damage to, or the tal<ing of, the Property, Borrower shall be responsible for repairing or restoring the Property only if Lender has released proceeds for such purposes, Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as the work is completed, If the insurance or condemnation proceeds are not sufficient to repair or restore tlle Property, Borrower is not relieved of Borrower's obligation for tlle 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 tlle Loan application process, Borrower or any persons or entities acting at the direction of Borrower or with Bon'ower's knowledge or consent gave materially false, misleading, or inaccurate information or statements to Lender (or failed to provide Lender with material information) in connection with tlle Loan. Material representations include, but are not limited to, representations concerning Borrower's occupancy of the Property as Borrower's principal residence, 9. Protection of Lender's futerest in the Property and Rights Under this Security Instrument. If (a) 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 Propeliy and/or rights under this Security Instrument (such as a proceeding in b81Ikruptcy, probate, for condenmation or fOlfeiture, for enforcement of a lien which may attain priority over this Security Instrument or to enforce laws or regulations), or (c) Borrower has ab81Idoned the Property, then Lender may do 81Id pay for whatever is reasonable or appropriate to protect Lender's interest in the Property 81ld rights under this Security Instrument, including protecting 81ld/or assessing the value of the Property, and securing 81ld/or repairing the Property, Lender's actions can include, but 81-e not limited to: (a) paying any sums secured by a lien which has priority over this Security Instrument; (b) appe81-ing in court; 81Id ( c) paying reasonable 000686249841 . .6A(WY) (0005),02 Œ> Page 7 of 15 Initlals:---Æ Form 3061 1/01 000296 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, mld have utilities turned on or off. Although Lender may take action under this Section 9, Lender does not have to do so mld 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 this Section 9 shall become additional debt of Borrower secured by this Security Instrunlent. These anlolUlts shall bear interest at the Note rate from the date of disbursement and shall be payable, vvith such interest, upon notice from Lender to Borrower requesting payment. If this Security Instrument is on a leasehold, Borrower shall comply with all the provisions of the lease, If Borrower acquires fee title to the Property, the leasehold mld the fee title shall not merge unless Lender agrees to the merger in writing, 10. Mortgage Insurance. If Lender required Mortgage Insurmlce as a condition of making the Loml, Borrower shall pay the premiums required to maintain the Mortgage Insurmlce in effect. If, for any reason, the MOltgage Insurance coverage required by Lender ceases to be available from the mortgage insurer that previously provided such insurance and Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiums required to obtain coverage substmltially equivalent to the MOltgage Insurmlce previously in effect, at a cost substmltially equivalent to the cost to Borrower of the Mortgage Insurance previously in effect, from an alternate mortgage insurer selected by Lender. If substmltially equivalent Mortgage Insurance coverage is not available, Borrower shall continue to pay to Lender the amount of the separately designated payments that were due when the insurmlce coverage ceased to be in effect. Lender will accept, use and retain these payments as a non-refundable loss reserve in lieu of Mortgage Insurmlce, Such loss reserve shall be non-refundable, notwithstmlding the fact that the Loml is ultimately paid in full, mld Lender shall not be required to pay Borrower mlY interest or earnings on such loss reserve, Lender can no longer require loss reserve payments if Mortgage Insurance coverage (in the mllount mld for the period that Lender requires) provided by ml insurer selected by Lender again becomes available, is obtained, and Lender requires sepm-ately designated payments towm-d the premiums for MOltgage Insurmlce, If Lender required Mortgage Insurance as a condition of making the Loml mld Borrower was required to make separately designated payments towm-d the premiums for Mortgage Insurmlce, Borrower shall pay the premiums required to maintain Mortgage Insurance in effect, or to provide a non-refundahle Joss reserve, until Lender's requirement for Mortgage Insurmlce 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 to pay interest at the rate provided in the Note, MOltgage Insurmlce reimburses Lender (or any entity that purchases the Note) for certain losses it may incur if Borrower does not repay the Loml 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 witll other parties that share or modify their risk, or reduce losses, These agreements m-e on terms mld conditions that m-e satisfactory to the mortgage insurer and the otller pmty (or pmties) to these agreements, These agreements may require the mortgage insurer to make payments using any source of funds tllat the mortgage insurer may have available (which may include funds obtained from Mortgage Insurance premiums), As a result of these agreements, Lender, any purchaser of the Note, another insurer, mlY reinsurer, mlY other entity, or mlY affiliate of mlY of the foregoing, may receive (directly or indirectly) amounts that derive from (or might be chm-acterized as) a portion of Borrower's payments for Mortgage Insurmlce, in exchmlge for sharing or modifying the mortgage insurer's risk, or reducing losses, If such agreement provides tllat ml affiliate of Lender takes a shm-e of the insurer's risk in exchange for a shm-e of the premiums paid to the insurer, the aITmlgement is often termed II captive reinsurmlce, II Further: (a) An~' such agreements will not affect the amounts that Borrower has agreed to pay for MoIigage Insurance, or any other terms of the Loan. Such agreements will not increase the amount Borrower will owe for Mortgage Insurance, and they will not entitle Borrower to any refund. 000686249841 . -6A(WY) (0005),02 Œ> Page 8 of 15 Initials,--Å Form 3061 1/01 000297 (b) Any such agreements will not affect the rights Borrower has - if any - with respect to the Mortgage Insurance under the Homeowners Protection Act of 1998 or any other law. These rights may include the right to receive certain disclosures, to 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 shall have the right to hold such Miscellaneous Proceeds until Lender has had an opportunity to inspect such Property to ensure the work has been completed 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, Unless an agreement is made in writing or Applicable Law requires interest to be paid on such Miscellaneous Proceeds, Lender shall not be required to pay Bon·ower a.ny 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 Security Instrument, whether or not then due, with tlle excess, if any, paid to Borrower. Such Miscellaneous Proceeds shall be applied in tlle 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 Instrwnent, whetller or not then due, with the excess, if any, paid to Borrower, In the event of a partial taking, destruction, or loss in value of the Property in which the fair market value of the Property immediately before the partial taking, destruction, or loss in value is equal to or greater than the amount of the sums secured by this Security Instrument immediately before the partial tal<ing, destruction, or loss in value, unless Borrower and Lender otllerwise agree in writing, the sums secured by this Security 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 taking, destruction, or loss in value divided by (b) the fair market value of the Property immediately before the partial tal<ing, destruction, or loss in value, Any balance shall be paid to Borrower, In the event of a partial tal<ing, destruction, or loss in value of the Propeliy in which the fair market value of the Property immediately before the partial taking, destruction, or loss in value is less than the anlOunt of the sums 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 bv this Securitv Instrument whether or not the sums are then due, If tl~e 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 malœ an award to settle a claim for damages, Borrower fails to respond to Lender witllin 30 days after the date tlle 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 tllen due, "Opposing Party" means the third pm-ty that owes Borrower Miscellaneous Proceeds or the pm-ty against whom Borrower has a right of action in regm-d to Miscellaneous Proceeds, Borrower shall be in default if mlY 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 default and, if acceleration has occurred, reinstate as provided in Section 19, by causing the action or proceeding to be dismissed with a ruling that, in Lender's judgment, precludes forfeiture of the Property or other material impairment of Lender's interest in the Property or rights under this Security Instrument. The proceeds of any award or claim for damages that m-e attributable to the impairment of Lender's interest in the Property are hereby assigned and shall be paid to Lender, All Miscellmleous Proceeds that m·e not applied to restoration or repair of the Property shall be applied in the order provided for in Section 2, 000686249841 . -6A(WY) (0005),02 ® Page g of 15 Initials:J Form 3051 1/01 000298 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 release the liability 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 anlOliization of the sums 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 LinbiIity; Co-signers; Successors nnd 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 Security Instrument; (b) is not personally obligated to pay the Sluns secured by this Security Instrument; and (c) agrees that Lender mld any other Borrower can agree to extend, modify, forbear or make any accommodations ,vith regard to the terms 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 aSSllliles Borrower's obligations under this Security Instrument in writing, and is approved by Lender, shall obtain all of Borrower's rights and benefits under this Security Instrument. Borrower shall not be released from Borrower's obligations mld liability under this Security Instrument unless Lender agrees to such release in writing, The covenants mld 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 chm"ge Borrower fees for services pelformed 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 limited to, attorneys' fees, property inspection and valuation fees, In regm-d to mlY other fees, the absence of express authority in this Security Instrument to chm-ge a specific fee to Borrower shall not be construed as a prohibition on the chm-ging of such fee, Lender may not chm-ge fees that are expressly prohibited by this Security Instrument or by Applicable Lavy, If the Loml is subject to a law which sets nHl"{imum loml charges, and that law is finally interpreted so that the interest or other loml chm-ges collected or to be collected in connection with the Loml 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; mld (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 the Note or by making a direct payment to Borrower, If a refund reduces principal, the reduction will be treated as a partial prepayment without mlY prepayment chm"ge (whether or not a prepayment chm"ge is provided for under the Note), Borrower's acceptmlce of any such refund made by direct payment to Borrower will constitute a waiver of any right of action Borrower might have m"ising out of such overchm"ge, 15. Notices. All notices given by Borrower or Lender in cOlmection with this Security Instrument must be in writing, Any notice to Borrower in connection with this Security Instrument shall be deemed to have been given to Borrower when mailed by first class mail or when actually delivered to Borrower's notice address if sent by other means, Notice to mlY one BOlTower shall constitute notice to all BOlTowers unless Applicable Law expressly requires otherwise, The notice address shall be the Property Address ml.less Borrower has designated 'a substitute notice address by notice to Lender. Borrower shall promptly notify Lender of Borrower's chmlge of address, If Lender specifies a procedure for reporting Borrower's change of address, then Borrower shall only report a chmlge of address through that specified procedure, There may be only one designated notice address under this Security Instrument at mlY one 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 mlother 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 mlY notice required by this Security Instrument is also required under Applicable Law, the Applicable Law requirement will satisfy the corresponding requirement under this Security Instrument. 000686249841 . -6A(WY) (0005),02 @ Page 10 of 15 Initi8ls:J Form 3061 1/01 000299 16. Governing Law; Severnbilit~'; Rules of Construction. This Security Instrument shall be governed by federal law and the law of the jurisdiction in which the Property is located, All rights and obligations contained in this 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 Applicable Law, such conflict shall 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 tlle singula.r shall mean and include the plural and vice versa; and (c) the word "may" gives sole discretion without any obligation to take anv action, 1'7. Bòrrower's Copy. Borrower shall be given one copy of the Note and ofthis 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 interest in the Property, including, but not limited to, tllOse 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 Bon-ower at a future date to a purchaser, If all or mlY pmt of the Property or any Interest in the Property is sold or trmlsferred (or if Borrower is not a natural person mId a beneficial interest in Borrower is sold or trmlsferred) without Lender's prior written consent, Lender may require immediate payment in full of all sums secured by this Security Instrument. However, this option shall not be exercised by Lender if such exercise is prohibited by Applicable Law, If Lender exercises this option, Lender shall give Borrower notice of acceleration, The notice shall provide a period of not less than 30 days from the date the notice is given in accordmlce 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 mlY remedies permitted by this Security Instrument without further notice or demmld on Borrower, 19. Borrower's Right to Reinstate After Acceleration. If Borrower meets certain conditions, Borrower shall have the right to have enforcement of this Security Instrument discontinued at any time prior to tlle earliest of: (a) five days before sale of the Property pursumlt 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 if no acceleration had occurred; (b) cures 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 mId valuation fees, mId other fees incurred for tlle purpose of protecting Lender's interest in the Property and rights under this Security Instrument; mId (d) takes such action as Lender may reasonably require to assure that Lender's interest in the Property mId rights under this Security Instrument, mId Borrower's obligation to pay the sums secured by this Security Instrument, shall continue unchmlged, 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, bmlk check, treasurer's check or cashier's check, provided mlY such check is drawn upon ml institution whose deposits are insured by a federal agency, instrumentality or entity; or (d) Electronic Funds Trmlsfer. 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 apply in the case of acceleration under Section 18, 20. Sale of Note; Change of Loan Servicer; Notice of Grievance. The Note or a partial interest in the Note (together Witll 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 "Loml 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 Loml Servicer unrelated to a sale of the Note, If there is a chmlge of the Loan Servicer, Borrower will be given written notice of the chmlge which will state the nmne mId address of the new Loan Servicer, the address to which payments should be made and mlY otller infol1nation RESP A 000686249841 InitiaIS:~ . -6A(WY) (0005),02 ® Page 11 of 1 5 Form 3051 1/01 000300 requires in connection with a notice of transfer of servicing, If the Note is sold and thereafter the Loan is serviced by a Loan Servicer other than the purchaser of the Note, the mortgage loan servicing obligations to Borrower will remain with the Loan ServiceI' 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 Borrower or Lender has notified the other party (with such notice given in compliance ""ith the requirements of Section 15) of such alleged breach and afforded the other pm°ty hereto a reasonable period after the giving of such notice to take corrective action, If Applicable Law provides a time period which niust 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 mld the notice of acceleration given to Borrower pursuant to Section 18 shall be deemed to satisfy the notice mld opportunity to take corrective action provisions of this Section 20, 21. Hazardous Substances. As used in this Section 21: (a) "Hazardous Substmlces" are those substances defined as toxic or hazm-dous substmlces, pollutmlts, or wastes by Environmental Law mld the following substances: gasoline, kerosene, other flm11lnable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or formaldehyde, mld radioactive materials; (b) "Environmental Law" memlS federal laws and laws of the jurisdiction where the Property is located that relate to health, safety or environmental protection; (c) "Environmental Clemmp" includes mlY response action, remedial action, or removal action, as defined in Environmental Law; and (d) ml "Environmental Condition" means a condition that can cause, contribute to, or otherwise trigger ml Environmental Cleanup, Borrower shall not cause or permit the presence, use, disposal, storage, or release of any Hazardous Substmlces, or threaten to release any Hazardous Substmlces, 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 Hazm-dous Substmlce, 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 qumltities of Hazm-dous Substances that are generally recognized to be appropriate to normal residential uses mld to maintenance of the Property (including, but not limited to, hazmodous substances in consumer products), Borrower shall promptly give Lender written notice of (a) mlY investigation, claim, demmld, lawsuit or other action by any governmental or regulatory agency or private party involving tlle Property and any Hazardous Substmlce or EnvirOlilllental Law of which Borrower has actual knowledge, (b) any Environmental Condition, including but not limited to, mlY spilling, leal<ing, dischm-ge, release or threat of release of mlY Hazm-dous Substance, and (c) mlY condition caused by the presence, use or release of a Hazardous Substmlce which adversely affects tlle value of the Property, If Borrower learns, or is notified by mlY governmental or regulatory authority, or any private pm-ty, that any removal or other remediation of mlY Hazm-dous Substmlce affecting the Property is necessmy, Borrower shall promptly take allnecessmy remedial actions in accordance with Environmental Law, Notlling herein shall create mlY obligation on Lender for ml Environmental Cleanup, 000686249841 . -6A(WY) (0005).02 ® Page 12 of 15 InitlaIS:~ Form 3051 1/01 000301. 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 Secul'ity Instrument (but not prior to acceleration under Section 18 unless Applicable Law provides othenvise). 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 acceleration 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 bl'ing 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, reasonable attorneys' fees and costs of title evidence. If Lender involœs the power of sale, Lender shall give notice of intent to foreclose to Borrower and to the person in possession of the Property, if different, in accordance with ApIJlicable 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: (a) to all expenses of the sale, including, but not limited to, reasonable attorneys' fees; (b) to all sums secured by this Security Instrument; and (c) any excess to the person or persons legally entitled to it. 23. Release. Upon payment of all sums secured by this Security Instrument, Lender shall release this Security Instrwllent. Borrower shall pay any recordation costs, Lender may charge Bon"ower a fee for releasing this Security Instrument, but only if the fee is paid to a third party for services rendered and the charging of the fee is permitted under Applicable Law, 24. Waivers, Borrower releases and waives all rights under and by virtue of the homestead exemption laws of Wyoming, 000686249841 . -6A(WY) (0005),02 Œ> Page 13 of 15 'nitia's:L Form 3061 1/01 000302· BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this Security Instrument and in any Rider executed by Borrower and recorded with it. Witnesses: ~~ Alaina Shepherd (Seal) -Bo1'1'ower (Seal) -Borrower (Seal) (Seal) -Borrower -Bonower (Seal) -Bo1'1'ower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower 000686249841 .-6A(WY) (0005),02 ® Page 1 4 of 1 5 Fonn 3051 1/01 Jg STATE OF WYOMlNG, by The foregoing instrument was acknowledged before me this (!¡ / C!( ,·t'-I:o. <) ~...¡¿ f n~rJ¿ My Commission Expires: County ss: PI a.u,f- :;.c)()..., /)~/ c.Æf/. /7, ~Oð ¡- J~ .¿~~ 000303 ¿ I\- c,-C 1",,- Notary Public VALERIE KITTRELL - NOTARY PUBLIC County of Lincoln Stats of Wyoming My Commission expires April 19. 2008 000686249841 8' -6A(WY) (0005),02 (!> Page 15 of 15 InitiaIS:--.Js Form 3061 1/01 000304 Form No. 3301 (6100) Short Form Commitment, EAGLE SUPER EAGLE ORDER NO: 4915870 FILE NO: 33917469 LENDER REF: 000686249841 Exhibit "A" The land referred to in this policy is situated in the STATE OF WYOMING, COUNTY OF LINCOLN, CITY OF AFTON, and described as follows: BEGINNING AT A POINT 73 1/2 RODS NORTH OF A POINT 267 RODS EAST FROM THE SOUTHWEST CORNER IS SECTION 25, T32N, RlI9W, 6TH P,M" WYOMING AND RUNNING THENCE NORTH 92 FEET, THENCE WEST 119 FEET, THENCE SOUTH 92 FEET, MORE OR LESS, TO THE SOUTH BOUNDARY LINE OF THE O. SHARLENE MOSS PROPERTY ACQUIRED UNDER A CERTAIN REAL ESTATE SALES AGREEMENT DATED THE 6TH DAY OF SEPTEMBER, 1984 (WHEREIN EDGAR LEROY CAZLER AND ROZELIA W. CAZLER.z. HUSBAND AND WIFE, WERE SELLER AND O. SHERLENE M. MOSS, A MARRIED WOMAN AS HER ;sOLE AND SEPARATE PROPERTY, AS BUYER, AS EVIDENCE BY A REAL ESTATE CONTRAcr DATED SEPTEMBER 6,1984 AND RECORDED SEPTEMBER 17, 1984, IN BOOK 218 P.R., PAGE 543, RECORDING NO. 623157), THENCE EAST ALONG SAID SOUTH BOUNDARY LINE, 119 FEET, MORE OR LESS, TO THE POINT OF BEGINNING, AJPN:32192540013200