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HomeMy WebLinkAbout932785 ---- -- ---. - -. -_._-.--- RIrtum To: H&T Bank 6985 South Union Park Center Suite 465 Midvale, UT 84047 Prepared By: RECEIVED 9/412007 at 4:36 PM RECEIVING # 932785 BOOK: 671 PAGE: 149 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY Dannielle Seeley 6985 South Union Perk Center Suite 465 Midvale. UT 84047 0001.49 [Space Abon TIdI Lbae I'w ReaonIIDg Data] MORTGAGE , ' MJN 100050300006310362 DEFINITIONS Words used in multiple seçtio~ of this c;tocument are detineq, below and other words am dofinod in Sections 3, 11, 13, 18, 20 and 21. Certain rules rcgardin¡ the usage of words u.sed in this documerit are also provided in Section 16. ' (A) IISecurity IostrumIlDt" mCIIDB this document, which is datedAugust 27. 2007 together with all Riders to this document, (B) "Borrower" ¡II Gregory C I Hodson, an unmarri ed man t) 1- ~ ' \ ì " Borrower is the mortgagor under this Security Iastrwnent. (C) tIMERS" VJ M'ongage Electronic Registration S)'Btema. Inc. MBRS is a separates QOrponuion that is ac1:ing solely'IS a nominee for Lender 'and Lender's IUCCCI'IlIOrB and IISsigna, MERs 18 the mortgagee under tbis Security IDatrummrt. MBRS is organized and oxmmg under the laws of Delaware, and has an address and telephone number of P.O. Box 2026, Flint, MI 48501-2026, tel! (888) 679-MERS~ 12380473 12380473 WYOMINQ.Slngle Fømllv-FønnlB M..,Fl'llcldIt Mac UNIFORM INSTRUMENT WITH MERS CIIt -8AIWYJ fOOOIi).03 "181' 0116 1"'11l1li: ~ ~ VU,. MDI'IgIIII 80l1l1I0"8, Inc. Fann 30/51 1/0'1 AU8 28 2007 8:54 I u'tl/uJ9 (D) "Lender" Ì$ M&T Bank 0001.50 Lender is a organized and existing under the laws of New Yo r k Lender's address i& 1 M&T Plaza, Buffalo, NY 14203 (E) "Note" means the promissory note signed by Borrower and dated.August '27. 2007 , The Note states that Borrower ow. Lender One Hundred Ni nety F1 ve .Thousand Two Hundred And Zero/lOD . DoUW] (U .S. $195, 200 . 00 ) plus interest. Borrower has promised to pay this debt in rogullU' :Periodic Payments and to pay the debt m full not later than September 01. 2037 . (F) "Property" means the property that is described below undl;l1' tho heading "Transfer of Rights In the Property. " (G) "Loanll mcaus the debt evidenced by the Noco, plus intereSt, 811)' prepayment charges and late charges due under the Noto, and aU sums due under this security Instrument, plWl interest. (II) "RJden" means au Riders to this Security Instrument that are exc:çuted by Borrower. The foUowing Riden are to be executed by Borrower [check box as app~icable]: D Adjustable Rate Rider D Condominium Rider W Second Home Rider D Balloon Rider 0 Planned Unit Development Rider 0 1-4 Family Rider D VA Rider D Biweekly Payment :Rider 0 Otl1er(s) {specify] (I) "AppUcable Law" means aU controlling applicable federal, state md local statutes, regulations, ordinances and admini&ttati:ve rules' and orders (that have the effect of law) as weU as aU applicable final, nonuappea1able judicial opinions. . " (d) "Communlty Auodlrtlon Does, Fees, and AlsessineDts" means all dues, fees, assesSments and other charges that are imposed 'on Bórrower or the Property by a condominium IlSsooiation, homeowners association or similar (JI'ganiQtion. ' (K) "Ellldromc Funds Transfer" means any transfer of funds, other than a transaction originated by check, draft, or similar paper Wl1'1lment, which is initiated through an electronic torminal, te1eph~ç instrunJ.ent, computer, or magnetic;: tapo so as to order, instruct, or authorize a financial instirution'to debit or credit an account. Such term includes, but is not limited to, point-of-sale tramlfers, automated te11er JIlACJtine transactions, transfers initiated bY telephone, wiie tranSfers, and automated clearlngJiOUBe transfers. " , (L) "Esuow ltems'l means tbollO items that: ate described in Section 3. (M) "Miscellaneous Proceeds" means any compensation, ~mnent, award of damages, or proceeds paid by any third party (othor than insurance·proceeds'paid under the coverages described in Section S) for: (i) damage to, or destruction of, the Property; (ü) condemnation or other taking of all or any pan of the Property; (Hi) conveyance in lieu of condemnation; or (iv) misrepresentations of, or omissions as to, the value and/or condition of the Propony. (N) "Mortgage lDsuranœ" means lnaurance protecting Lender against the nonpayment of, or default on, ' the Loan. (0) "Periodic Paymeutll means the regularly scheduled amount due for (i) principal and interest under the Note, plus (ii) any amountB under Section 30f this Security Insuument. (p) "IŒSPA" means the Real BIItate Settlement Procedurca Ac¡; (12 U.S.C. Section 2601 et seq.) and its implementing regulation, Rcflllation X (24 C.F.R. Part 3500), 118 they might be amended from time to tima, or IIDY additional or successor legislation or regulation that governs the same subject matter. As used in this Security Instrument, "RBSPA" refers to all requirements and restrictions that are imposed in regard to a "federally related mortgage loan~ even if tho Loan does not qualify' as a "federally related mortgage loan" under RBSPA. 12380473 ~ -6AIWYlcOOO!J,03 l'a1/G hf 18 InJtIll8~ -.JA;;;- 12380473 Form 3051 1/01 I I_V __ ___, _ _. . - '-, - -- O¡l)0151 (Q) "Suec:eaor In Intertat of Borrower" meøns any party that has taken title to the Propeny. whether or DOt thai: party bas assumed Borrower'a obligations under the Note and/or this Security InstrU1neDt. TRANSFER OF RIGHTS IN THE PROPBR.TY This Security Instrument secures to Lender: (i) the repayment of the Loan, and all reDeW!Ül. axtensions and modifications of the Note; and (H) the perfonnance of Borrower's covenimts and agreements under this Security Ù1StnJmeDt and the Note. Por this purp~, Borrower doe¡¡ hereby mortgago. grant and convey to MBRB (solely III nomincc for Lender and Lender's successor-. and assigns) and to the SUCCCIIIOI'll and IIIsisns of MBRS, With power of sale, the following described property loca1ed in the County of Lincoln : [Type of ROCOfdlÞ¡ Jurlldiçtjon] [Name of Rcwrdiu¡ JurisdiçtjonJ lot One (1) in Star Valley Ranch Plat Seven '(7) as platted and recorded August 4. 1971 as document number 432466 and map number 179, in the off1ce of the Clerk, Lincoln County, Wyoming: . Parcel ID Number: 12.3518.30.4.06.070.00 108 Cedar Drive ' Star Valley Ranch ("Property Address"): which currently has the acIdru8s of , [Stteet] (City) , Wyoming 83127 [Zipc.oœ1 TOGBTHBR WITH aU tho improvements now or hcrcafter erected on tho property, and all easements, appurtenancctl, and fixtures now or heœafter a part ,of the prQPerty. AU replacements 8Dd additions &hall also bo IXJvcsred by this security Instrument. All of tho fo~going is referrecl to in this Security Instrument IU tho »Property." Borrower undmtanda and agroos thlU .MBRS holds only legal title to the interestl granted by Borrowor in this Security Instrument,' but, if necessary to comply with law or custom, MBRS (as nominee for Lender iuld Lender's successors and assigns) has the right: to cxorcise any or all of those inte~, including, but not limited to, the right to foreclose and soU tho Propertyj and ,to take any action required of Lender including, but not limited to, releasing and ; IDcoling this Security Instrument. BORROWBR. COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and. has the right to mortgage, grant and convey the Property and that the Property is unencumbered, except for encumbrances of record. Borrower warrants and will defend gonera11y the title to the Property against all claims and demat\ds, subject to any encu.mbranœs of record. THIS SECURITY INSTRUMENT combines uniform covenants for national use and non-uniform covenants with limited variations by ju.ri4diotion to cònatitute a uniform security insttumcmt c:overlng teal property . 12380473 at -GAIWYIIDDO&I.D3 PII 1I301 U InItlIIJU~ 12380473 Fl:lrm 3051 1/01 Aug 28 2007 8:54 I V..oJl uJ9 000152 UNIFORM COVENANTS. Borrower rmd Lenden:ovDD8Dt andagfee as follows: 1. hyment of PriDdplll, 1Dterut, Escrow JtemI, Prepayment ChBI'JI!II, aDd Late Charges. Borrower shall pay when due the principal of, and intereøt on, tho debt evidenced by the Note and any prep1wment chargos and late c:b8fges due under the Note. Borrower sball'also pay funds for Escrow Items pursuant to ~tion 3. Payments due under the Note and this Securhy Insttument shall be made in U.S. cummcy. However, if any check Dr other instrument received by Lender 15 paymc:nt under the Note or this Security Instrument is returned to Landw unpaid, Lender may, require that any or aU subsequent paynænts due under the Note and this Security Instrument be made in one or more of the following forms, l1li selected by Lender: (a) cash: (b) money order; (c) certif1ed check, bank check, treasurer's check or casbier's check, provided any such check: is drawn upon an institution whose deposits IU'Ð insured by a federal agency, instrumemaUty, or entity; or (d) Blectronio ~dB Transfer. Payments are deemed. received by Londer when received at the location designated in the Note or at ISUCb other location as may be designated by Lender in aa:µrdancc with the notice provisions in Section 15. Lender may retUrI1 any payment or partial payment if the payment or partial payments are insufficient to bring !be Loan current. Lender' may accept any payment or partial payment imufticient to bring the Loan çW'l'ent, without w~ver of any tights hereunder or prejudice to its rights to refuse' such payment or partial payments in the futunl. but Lender is not obligated to apply IlUch payments at the time such payments are accopted. If each Periodic Payment is applied 8.11 of iUl scheduled due date, then Lender need not pay interest on unapplied funds. Lender may hold such unapplied funds until Borrower makos payment to bring the Loan cumm. If Borrower does not do 110 within a lCll50nøbla period of time, Lender shall either apply suell funds Dr mum them to BOII'Owor. If DOt applied, earlier, such funds 'Will be applied to the out8tandbig prinoipal balance under the Note im.mediate1y prior to foreclosure. No offet or claim whic:b Borrower might, bavo now or in the 1'l1ture against ,Lender shall relieve Borrower from inaking payments due under the Note and thill Seour.i1y Inmument or porformfng the COYeDmta and agreements secured by this Security Instrument. 2. AppUeatlon of Payments or Proceeds. Except 15 otherwise described in this Section 2, all payments accepted and applied by Len~ shall be applied in the following order of priority: (a) iDtoroet duo under the Note; (b) principal due under the Note: (c) amounts due under Section 3. Such paymen~ shall be applied to each Periodic Payment in the order in whic:b it became due. Any remaining amounts shalt be applied first to late charges.,seoond to any other amoUDts,due under this Security Instrument, and then to reduoe the principal balance of the Note. ' If Lender receives a payment from Borrower for a delinquent Periodic Payment which includes a &Ufficient amount to, pay any late charge due, the payment may be applied to tho delinquent payment and tho late charge. If more than one Periodic Payment is outstanding, Lender may apply any payment received from Borrower to the repayment of the Periodic Paymøts it, and to the extent that, each payment 0IUl be paid in full. To the extent that any oxçoss exists after the payment is applied to the full payment of one or moro Periodic Payments, sucb excess may be applied to uy late charges due. Voluntary prepayments shall be applied first to any prepayment chargell ønd then 8IJ described in ,the Note. Any application of payments, insurmce proceeds, or MisceUaneous Proceeds to principal due under the Note &bBll not cxtend or postpone the due date, or change the amount, ,of the Periodic Payments. ' 3. Fundi 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 1IID.0unts due for: (a) taxoe 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) premi~ for any and all insurance required by Lender under Section S: and (d) Mortgage Insurance preIJJiunu, it 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 catled "Escrow Items.· At origination or at any titne during the term of the Loan, Lender may require that Community Association Dues. Fees; and Assessments, if any, be escrowed by BolTOwel, and such dues, fees and asaesamentfil &hall be an Escrow Item. Borrower shall promptly furnish to Lender all notices of amounts to be paid under this Section. Borrower øha11 pay Lender the Funds for Bacrow Items unlesa Lender waives 'Borrower's obligation to 'pay the Funds for any or all Bscrow Items. Lender may waive Borrower's obligation to pay to l.eI.1der Funds for any !)t all &crow Items at any timo. Any suc1;1 waiver may only be in writing. m the ewnt of IlUcb waiver, BOlTOwer shall pay directly. when and where payable, the amounts 12380473 flit -8AIWY} 100051.03 Pig. 4 0116 Inllll3:~ 12380473 Fonn 3061 1/01 nuð LU LUUI U."''' I U....., uu", (};~0153 due for any Escrow Item$ for which payment of Funds bas been waircd by Lender and, if Umder requÏros, shBU furnish to Lend.or, receipts evidencing SIlCb payment within such ,time period as Lender øm)' require.' Borrower's obligation to makxI such payments and to provide,recoipts s~ for all purposes be deemed to be a covenant and agreement contained in this Security InstruJnont, as the phrase "covemuit and agreement" is used in 8eodon 9. If Borrower is obligated to" pay Escrow Itetns directly, pursuant to a waiver, and Borrower fails to pay the amount due for an Escrow Item, Lender may exorcise 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. Lnder may revoke the waiver as to ¡my or, all Escrow I~ at any time by a notice given in accordance with Section 15 and, upon suCh revocation, Borrower shall pay to' Lender all PWlds. and In II1Wh amounts, .that are then required under this Section 31 , , ,Lender may, at any time, collect II1id hold'Punds in an amount (iI) sufficient to permit Lender to apply the Funds at the time specified under RESPA, and (b) not to ex.ceed the maximum amount a lender can require under RESP"A. ùmder Sha11 estimatè the amount of Funds due on the basis of current data and l'CiIBooable estimates of expendiNres of fqture, Escrow Iœm. or otherwile in accordance with Applicab111 Law, " The Funds &hill be held in an institution whose deposits are insured by a fedora! agency, instrumentality, or entity (including Lender, if Lender is an institution whose depordtll aro so insured) or in any Fec1eraI Home Loan Bank. Lender shall apply the Funds to pay the Escrow Items no later than the time ' specified 1DJder RESPA. Lender shall not clÍarge Borrower' for holding and applying the Funds, ammaUy analyzing tho O8C1"OW acc:ount, or verifying the &crow Items, unless Lender pays BorroWer interest on the Funds and Applicable Law permits Lender to maIœ such a charge. Unless an agreement is mac1e in writing , or Applicable Law requirCli interelrt to bo paid on the Funds. Lender shall not be required to pay Bonower any interest or earnings on the Fund,. norrower and Lender can agree in writing, howover; that interest shall be paid on the Funds. LeDc1er shaQ give to Borrower, without dlarge, an annual m1DJting of the Funda as ~quired by RBSPA. ' If then: is a surplus of Fund, held in escrow, u defined under RESPA, Lender shall aecount to Borrower for the exDCBI!I funds in accordance with RBSPA~ If there is a shortage of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount ileeessar)' to make up the shortage in accordanço with RBSPA, but in no wore than 12 monthly payments. If there is a deficiency of Funds held in e&QI'OW, as ,defined under .RBSPA, Lender shall notify Borrower as required by RBSPA, and Borrower shaH pay to Lender the amount necessary to mako , up the deficienc:y in accordanée with RESPA, but in no more than 12 monthly payments. Upon paym.= in full of all sums secured by this Seau.rity IDstrument, Lender shall promptly refund to .'Borrower any Funds held by Lender. , " 4. Charges; Lleœ. Borrower I!Iha11 pay aU taxes, usessments, charges, tines, ånd ,impositions attributable to the Property 'which can attain priority 9vor ~ Security lDatrument, leasehold' paymentll or ground rents on the Property, if any, and Community Association Dues, Feea, and Assos&mems, if any; To the extent thai: thoso iterns are Escrow ltenl5, Borrower &hall pay thOJI1 in the manner provided in Section 3. Borrower shall promptly dischargll any µen which has priority Dver this Security Instmm.cm~ unless Borrower: (a) a¡rees in writing to the payment of the obUgation secured by the lien in a œanner acceptable to Lender, but only so long as Borrower is perfol1Din¡ such agirmmant; (b) c:ontests the lien in good faith by, or defends against enforcement of the lien in, legal proceedings whiCh in Lender's opinion operate to pJ:eVont the enforcement of the üen while those proceedings are penc1ing, but ooly until such proceedings are çoncluded; or (c) secures ~m the holder of the lion 8;Jl agreement satisfactory to Lender 81lbordinating the lien to thia Security Instrument. If Lendet determines that any part of the Property is mbject to a lien Which can attain priority over this. SecuritY instrument, Lender may give Borrower a notiœ identifying the 12380473 fIt-6AIWYJ IOOO& .03 PaQUi Of 18 nIIJBIø~ 12380473 form 3051 1/01 AU8 28 2007 8;54 , ___, _~9 OOO~54 , . , lien. Within 10 days of thè date On which that notice is given, Borrower shall satisfy tho lien or take one or mons of the actions set fonh above in this Section 4. ' Lender may require Bórrower to pay 'a one-~e chatge for a real estate tax verification and/or reporting service used by Lender in connection with this L.oan. , S~ Property lumranœ. Borrower sballlœep th~ improvemeo~ now existing or hereafter erected on the Property insured against loss by fire, ~ inc:1uded within the term "extended coverage,· md any othclr hazards including, but not limited to, earthq1iak:es and floods, for which Lender requim insurance. This insurance ahall be maintained in the amounts (inc.1ucUng deductible' levels) 'md fOt' the periods that Lender requireø. What Lender requires PUlBUlUlt to the preceding sentences can c1µmge during the term,of the Loan. The insurance camer providing the insur~ shall be choscm by Borrower subject to Lender's right 10 disapprove Borrower's choice, which right 8liaIl not be 'exorcised unreasonably. LcIJder may requira Borrower to pa)'; in connection with this Loan, either: (a) a one-time charge for flood zone. detonnination, certification and trIICking services; or (b) a øne--time charge for flood zone determination, and .certification services and subsequent, charges each timo remappings or similar øhanp' oçcur which reasonably might affect such determination or c:ortification. Borrower shall Ideo be responsible for the paymernt of any fees imposed by the Pederal ,Emergency Mariagement Agency in cmmection with the review of my flood 'zone determination resulting from an objection by Borro'Wer. If Borrower fails to maintain any of the coverages described. above, Lender may obtain insuranca covèrqe, at Lender's option and Borrower's expeme. Lender is under no obligation to purchase any pwoular type or amount of CQvorage. Therefore, such covcmgc Bha11'c:over Lender, but might or migbt not protect Borrower, Borrower's' equity in the Propeny, or the contents of the Property, aiamst aJ1)' risk, ~ or liability and 'might provide greater or lessor coverage than was previously in effect. ~orrower acknowledges that the cost of the insuram:e coverage so obtained might significantly exceed the colit of, insurance that Borrower could have obtained. NJy amoUDtII disburQd by Lender under this Section 5 shaU , become additional debt of Borrower secured by this Security Instrument. These amounts sbaU bear interest at ~ Note rate from the date of disbursement' and shaU be payable, with such interlMç, upon nC?tice from Lender to Borrower requesting payment. , , Nt inøurance policies required by Lender and renewals of such policies. shall be sqbject to Lender's right to disapprove web policies, sIµû1 include a standard mortgage claus., and sl1all name Lender as .. martgasee and/or as an additiona11oss payee. Lender'lhall have the right to hold the policies and renewal certif1cátes. If Lender requiras, Borrower shall promptly give to Lender all rece,iptl of paid premiums and renewal notices. If Borrower obtains any. fonn, of insuranco c:Overage; 'not otherwÍlie xcquircd by Lender, for damage to, or denruction of, the Property, such policy ,shall include 'a standard mortgage clause and shall name Lender. as mórtgagee and/or &B an additional loss payee. In the went of loss, Borrower Shall give prompt notico'to the insurance carrier and Lender. Lender may make proof of loss if not niade prompUy by Borrower. Unless Lender and BDrrower otherwise agree Ü1 writing, any insurance proceeds, wIiether or not the UDderlying'insuranco was required: by Lender, shall be applied to l'eItoratiåÌ1 or ropair of the Property ,if the restoration or repair is economically feasible and Lender~s security is not lessened. During such repair aDd restOration period, Lender shall have the right to hold such inBurance proceeds until Lender has had an oPportunity to inspect such Property to ensure the wòrk has been completed to Lender'. satisfaction, provided that such inspection shaU, be, undertaken promptly. Lender may disburse proceeds for the repairs and restoration in ,a singles payment or in a series of progress payments as',the work is completed. Unl~ an agreement is made in writing or Applicable Law requires futen:st to be paid on such insurance proceeds, Lender shaU not be required to pay Borrower any ÎDterest or earning. on' such proceeds. Peea for publiç adjusters,' or other third partie¡¡, retained by , Borrower shall not be paid out of the insurance proceeds and shall be the sole obUgaciCU1 of Borrower. If the restoration or repair is not economically fe&Bible 01' Lender's security woUld be lessened, the ÍI1BurInce proceeds shall be applied to, the ,8lJII1a sccured by ~ Security Instlumcmt, whether or not then due, with 12380473 fII¡ -SAIWYIIOOO51.03 ".9U of 11) 12380473 InltI8Il:~ ~ ~ 'Fomr3D81 1/D1 1IUO c.u C.UU I U.",.. I U"UI UU", Oú01.55 the excess. if any, paid to Borrower. Such inw.rançe proceeds shall be applied in the order provided for in , Section 2. , If Borrowor abandons the Property, Lender may filo, negotiate and settle any available Ì!llUI'llDCO claim IUId re1ated mattera. If Borrower does not respond within 30 days to a notice from Lender that the insurance carrier has offered to ~o a claim, then Lender may negotiate and settle the claim. T11e 3()..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 iI:1&urance proceeds in an lUlount not tQ exceed the amounts unpaid under the Note or this Security ~t, and (b) any other of Bonowcr'. rights (other than the right to any refund of uneamed pœwums paid by Borrower) under ¡ill insurance policies covering the Property, inBofar as such rights are applicable to the coverage of the Property. Lender may USe the insurance proçoods either to repair or restore the Property or to pay amounts unpaid. under the Note or this Seçurlty Instrument, whether or not then due. 6. Occup8DI.I)". Borrower shall oCC:UPY, C!5tablish, and use the Property as ~rrowarls principal residence within 60 days after the execution of this Security Instrument 8D;d shJû1 continue to occupy the Property as Borrower's priru:ipat resideAce for at least one year after the dato of occupancy, unless Lender otherwise agrees in writing, which COD5CDt ,sba11 D01 be unreasonably withheld, or unle&s extenuating circumstances exist which are beyond Borrower's control. 7. Praarvation, MaIntenance and Protection of the Property; InøpecdoDIJ. Borrower shall not destroy, damage or impair the Property, BlJow the Property to deteriorate· or commit waste on the Property. Whether or not Borrower is residing in the Property, Borrower shall maintain the Property in order to prevent the Property from deteriorating or decreas1ng in value due to its condition. Unless it is determined p1ll'IIUØDt to Section' that repair or restoration ÏII not economiClÛ1y feasible, Borrower Sball promptly rçaù' the Property if damaged to avoid further de1orionuion or damage. If inaurance or conôemnanon proceeda are paid in connection with damage to, or the taldng of, the Property, Borrower shall be responsible for repairing or rostering the Property only if Lender has releaøed proceeds for such purpoSCII. Lender may disburse pJ'Oceeds for the repairs and restoration in a single pay¡nent or in a series of props pa)'DIeJ1ts lIS the work is Completed. If the insurance Or condemnation proceeds are not sufficient 10 tepair 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 Inako reasonable entries upon and inspectioDll of tIÌo Property. If it has rcaaonable causo, Lender may inspect 'the interior of the improvements on the Property. Lender Sball give Borrower notice at the time of or prior to such an interior inapoction speçit.fing such reasonable cause. 8. Dorro'Wel"'. Loao ,AppIfcation; Bòrrower shall be' in default if, during the Lòan applioation process, Borrower or any pmons or entities acting at' the diIection of Borrower Or with aorrower's knowledgo or c:onsent gave materially false, misleading, or inaccurate information or statements to Lender (or failed to provide' Lender, with material in1bnnatiOD) in coñnection with the Loan: Material representations include, but are Dot limited to, representations conce.rmng Borrower's ocwPIllWY Df the Property as Borrower's principal residcmço. ' 9. Protection of Lender's Interest In the Property ad Rigbb Under this Security Instrument. X1 (a) Borrower fails to perf01'D1 the covenants and agreements contained in this Security Instrument, (b) there is a lllgal proceeding ~t might significantly affect Lender's ÏDt.ar'e5t in the Property and/or rights under this Security, Instrument (nch as II proceeding in bankruptcy, probate, for condemnation Dr forfeiture, for enforcement of II lien which may attain priority over this Security Instrument' Dr to rmfurco laws or regulatiDns), or (c) Borrower hIlS abaw10ned 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 InsttumeJtt, including protecting and/or assessing the value of the Property, and securing and/or repairinS the Property. Lender's actions can include, but are not liinited to: (a) parin¡ any SWIlS secured by a liem which has priority over this Security Instrument; (b) appeàrins in court; and (r;:) paying reasonable 12380473 cat ·6AIWY) 100061.03 Paoa hf 18 InltJIIIB:~~ 12380473 Form 3051 1/01 Aug 28 2007 8;54 rU1I1/ uo9 000156 attorneys' fees to protect ita interest in the Property and/or rights under tbis Security Instrument, including. its SClC\lI'8d. position in a bankruptcy proceeding. Securing the Propony includes, but Is not limited to, entering the Property to DlIIke repairs, change locks, replace or board up dool'l!i and windows, drain water from pipes, elimin,œ building or other code violations or dangerous conditions, and have utilitiea turned on or oft. Although Lender may take action under this Section 9, Lender does not have to do so and is not 'UDder any duty or obligation to do so. 'It is agreed that Lender inçurs DO liability for not taking any or all actions authori2:ed under this Section 9. ' Any IIDlOUDts disbursed by Lender under this Section 9 shall become additional debt of Borrower secured by this Security Instrument. These anwunts shall bear' interest at the Note rate from ¡he date of disbursement and Bhal1 be payable, with such interest, upon notico from Lender to Borrower requesting payment. If this Security Instrument is on a leaIIehold, Borrower shall comply with al1 the provisioDli of the loase. Xf Borrower acquires fee ;itle to the Property, the leasehold and the fee title &hall not merge unless Lender agrees to the merger in writing. ' , 10. Mortgage lDøunnœ. If Lender :required Mongage Insurance as a condition of making the Loan, Borrower sball pay the premiums required to maintain the Mortgago burance in effect. If, for any reason, the Mortgage Insurance coverage required by Le&ider ceases to be available from the mortgqo insurer that previously provided such insurance and BOlTower wø required to make separately designated payments toward the premiums for Mortgage Insuranco~ Borrower sl1all pay the pœmiuma required to obtain coverage substantiaUy equivalent to the Mortgage Insurances prcMOUllly in effect, at a cost aubstlUltially equivalent to the cost to BOlTOwcr of the Mortgage Insurance' previously in effect, from an alternate mortgage ìmurcr selected by Lenden'. It substantially equivalent Mortgage Insurance çoverage i. not avaiIable, BOlTOWCI' shall continue to pay to Lender the amount of the ~eparately dosignated payments that were due wben the insurance coverage ceased to be in e~t. Londer wiD accept, use and retain these payments as a non-refundable loss reGerve in lieu of Mortgage Insurance. Such 1088 reserve sball be non-refundable, notwit1utanding the fact that the Loan is ultimately paid in, full, md LendOf shaU not be required to pay Borrower any interest or earnings 'on BUCh loss reserve. Lender can DO longer require 10y reserve paymentS it Mortgage msutaDCe coverage (in the amount and for the period. that Lender requireS) provided. by an insurer selected by Lender again bocomes available, is obtained, and Lender requires separately deøignated payments toward the premiums for Mortgage Insurance.' If Lender required Mortgage Insurance as a wndition of making the Loan and Borrower was required to make separately designa¡cd payments toward. the premiums for Mortgage Insurance, Borrower shall pay the premiums required to maintain Mortgage Inaùrancl: in effl:ct, or to provide a non-reflm~ble loss reserve, until Lender's requirement for Mortgage Insurance ends in accordance with any written agreement between Borrower and Lender providing for suc:h termination or until tcrmilUltion is requ,bed by Applicable Law., Nothing in this Section 10 affects Borrower's obligation to pay interest at the rate provided in the Note. Mongage Insurance reimburses Lender (or any cmtity that purchases the Note) for certain losses it may incur if Borrower does not repay the Loan as agreed. Borrower is not a party to the Mortgage ~œ. , Mongage insurers evaluate their total risk on aU such 'insurance in force fro:ln time to time, and may cmter ÍDtO'agreements with other parties that share or modify their risk, or reduce losses. These agreementl are on terms and conditions thai: are satisfactory to tho mongage insurer and the other party (or partics) to these agœe1Dents. These agreements may require the mortgage iDsmer to make payments using any soum: of funds that the mortgage insurer may have avaiIable (which may ,inctude funds obtained. from Mortgage Insurance pmmiums).' AI a result of tb.eSII agreements, Lender, any pun:baser of the -Note, mother ÍDSU1"et', any reinsurer, any other entity, or any IÜfJliate of any of The foregoing, may receive (dimcdy or indirectly) amounts that derive from (or might be charaçterized as) a portion of Borrower's payments for Mortgage Insurance, in exchlUlge for sharing ,òr modifying the mortgage insurer's risk,' or reducing 10ssos. If such agreement providea that an affiliate of Lender takes a share of the inaurer's risk in lI~hange for a share of the prem.ìuJm paid to tho insurer~ The arrangement is often termed "captive I'CIÌDSUrIIDce." Further: <II) Any auc:h qreemenQ wiD Dot affect the amounts th&tt Borrower hu qned to pay tor Mortgage lJmmmœ, or' any otl!er terms of the Loan. Such agnemeuD wDI not Increøe the amouøt BolTOwer will owe for Mortpøe Iœuranœ, and they wfII not entitle Borrowc:a- to any refund. 12380473 ~ ,~ 123B0473 InJt aI8:~ fIt-6AIWYI (~& .D: " P~~hf11J Form 3051 1/01 ¡IUO '&'U ,uu I u."".. I U"1J1"U,,", 011)0157 (b) Any sud¡ agtMnentll will not affect the rlpts Borrower bas - It any - with n:spec:t to the Mortgaøe IIIIIII'8I1Ce under u.e Homeownen Proteetlon Act of 1998 Dr any other .w. TbeIe rights may Indude the right to receive œrtaiD discloaDn!8, to request and obtain canœUatioo of the Mortgllp Insurance, to have die Mortgage lDsunnœ tmmlnated auto...atlcaUy, aud/or to reœi'fe a Rfund of any Mm1gage, lllsurauce prenUums that were 1IDeIU'IIed at the time of sucla eanœllatlon or tannination. ' , , 11. Aulpment of M_ell~eous Proc:eed8; Forl'aIture. AlI'MisQ011øneous ,PtOèeeds are hereby assigned to and shall be paid to Lender. ' If the Property is damaged, such MiscellanCOUll Proceeds mall be appIled. to restoration 01' repair of the Property, if the restoration or repair is economically _ible and Lender's socurity is not lessened. During such repair and. restoration period, Lendcr ahaU have d1c right to hold such Miscellaneous Proceed5 until Lender ~ had an opportunity to inspect such Property to CDSU1'C the work has been çompleted to Lender's satisfaction, pro'Vided that such inBpection shøU be undertaken promptly. Lender may pay for the repairs and restoration in a singlo diSbursement or in a series of progress payments 88 the work is complrnod. Unless an agreement is made in writing or Applicable Law requires interest to be paid on suell Misce11aneoUl Proceeds, Lender øba1l Dot be! required to pay Borrower any interest or earnings on such Mi&ce1hmcoWl Proooeds. If the restoration or repair is not economically feøib1e or Lender's securitY would be le.ssened, the MisgeJlaneous Proceedll llhall be applied to me swns secured by this Security IDstrument, whether or not then due, with tho oxcess, it any, paid to Borrower. Such Miscellaneous Proceeds 1lha11 be applied in tho ordor provided for in Section 2. In tho event of a total taking, destn1otion, or 10&11 in value of the Property. the MiscoUaneous Proceeds ¡hall be applied to the IIUIIlS secured by this Security Instrument, whether or not then due, with the exCCIII, if any, paid to BOJ:TOwer. In thc event of a plUtial taking, desuuction, or loss in value of the Property in which the ~air market value of the PrQporty inwediately before the partial taking, deøtruction. Dr 1018 in value is equal to or greater than the amount of the SUDlII secured by this Seçurlty Instrument immed.iately before the partial taking, dcstruction, or loss in vatue, unless Bol1'Ower mil Lender othcrwise a¡rcc in writing, the sums secured by this Secwity In5trumcnt aball bo reduçod by the amount of the Miscellaneous Prooecds multipliell by the following fraçtion: (a) the total amoUnt of the sums secured immediately before tho partial taking, destruction, or loss in value divided by (b) the fair market value, of the Property immediately before the partial taking, deSU'UOtiO 1, Of loss in value. Any balance shall be paid to Borrowcl'. In the event of a partial taking, destruction, or loss in value of the Propcny in which the fair market value of the Property immac1ìately before the partial taking. destruction, or'loss in value is less than the amount of the sums soçurod bIunediate1y before the partial taking, destruction, or lo&s in value, unlellS Borrower and Leud.er otherwise agree in writing, thc Miøcellaneous,Procoods shall be applied to the sums secured by tbill Security Insttument whclther 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 ~fined in the next sentence) 01'fers to make an award to scttle II cllÙJD for damages, Borrower fails to respond to Lender within 30 days af1Jøo tho dato,the notice is given, Lender is authorized to collect and apply the Miscellaneous Proceeds either to restoration or repair of the Property or to tho Bums aeçured by this Security Instrument, whether Dr, not then due. ~Opposing Party" means the third pan)' that owes Borrower, Mi&eellmeous Proceeds or the plU1y against whom Borrower has a right of action in regard to Miscellaneous Proceeds. ' Borrower shall be in default if any action or proceeding, 'wherher civil or criminal, is begun that, in Lendor'. judgment, could result in forfeiture of the Property or othcr material impairmonr of Lender's interest in the Property or rights under this Security Instrument. Borrower can cure such a default md, if acceleration has occurred, reinstate as provided in Section 19, by carøing the action or proceed.ing to be dismissed with a mling that, in Lender's judgment. precludes forfeiture of the Property or other material impairment of Lender's interest in the Property or rights undor this Security Instrument. The proceeds of any aWlI'd or claim for c1amases that are IUtributable to the impairment of LeI1der's intereøt in the Property an: hereby BSSigncd and sha1J. be paid to Lender. All MiaœUmeous Proceeds that are not applied to nst.Dl'ation or repair of the Property Ihall be applied in the order provided for in Section 2. 12380473 cat -8A(WYI 1000&1.0:'1 frø;e t Dn& ,Inlll'''~ 12380473 Fonn 306' "0' Aug 28 2007 8;54 I v....tJ/ "",3 000158 11. BòrruwlI' Not Released; Fo..bearanœ By Lender' Not a Waiver. Extcmsion of the time tor paynnmt or modification of a,mortbåtion of the IUIDII aCcured by this Security l118trument gmnted by Lender to Borrower Dr any Successor in Interest of Borrower sbal1 not opcr:ate to ro1ease the liability of Borrower or any Succ:esøors in werest of Borrower. Lender shall not be required to commence. Proceed¡I18S against any Successor in Interest of Borrowor or to refuse to extend time for payment or otherwise modify amortization of the sums secured by this Security Instrument by reason of'any demand made by the original Borrower or any SuÇ(:OSSors in Interest of Borrower. Any forbcsarance by Lender in exercising any right or remedy including, without límitJúion, Lender's acceptance of payments from third persons, entities or Suca:amn in InterolJt of Borrower or in amounts less than tho amount then due, shall not be a waiver of or preclude the exercise of any right or remad.y. 13. Joint and Several Liability; Co-sipl!lB; Suc:œsøorø and Assigns Bound. Borrower covenants and agrees that Borrower's obligations and liability shall be joint and several. Howove.-, any Borrower who co-signa thi& Security Inauument but does not execute the Note (a "ço-signor"): (a) is co-signing this Security InsttumeDt only to mortgage, grant and convey the co-signer's interest in the Property under the terms of this Security Instrument; (b) is not penonaUy oo1igated to pay the IIUlD8 secured by this Socurlty Instrument; and (c) agroes that Lender and any other Borrower can agree to extend, modify, forbear Dr make any accommodations with regard to the terms of this Security Instrument or the Note without tho co-signer's conøent. , Subject to the provisions of Section 18, any SUccellllor in Interest of Bonower who assumes Borrower's obligations under this Security Jnøtrument in writing. and. is approved Dy Lendør, shall obtain aU of Borrower's rights and benefits under this Security Instrunlent. Borrower shall not bo raloasod ~11\ Borrower's obligations and liability under this Security Instrumcnt unless Lender agrees to such release in writing. The covenants and agreements of this Security InstruJnent shall bind (except as provided ~ Section 20) and benefit the lIUCCe8!Jors and assigns of Lender . 14. Loan Charges. Lender mllY charge Bcntower fees tor services performed in connection with Borrower's default, for the purpose of protecting Lender's interest in the Property and rights under this Security InatrUment, including, but not limited to, attorneys' fees, property inspection and valuation ~ees. In regard to any other fees, .the ~sence of express authority in this Security Instrume11t to charge a specific fee to Borrower shall not be conøtmed as a prohibition on the charging of such fee. Lender may not çharge fees that arc expressly prol1ioited by this Security Instrument or by Applicable Law I If the Loan is subject to a law which sets maximwn loan charges, and that law is finally interpreted SO that the interest or other loan charges collected or to be Collected in conneotion with the Loan exceed the permitted limits, then: <a) any such loan charge shall be reduced by the amount necessary to reduce tho charge to the permitted limit; imd (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 paymem,to Borrower. If a refund reducClS principal, the reduction will be tntated as a partial prepayment without any, PI'l'Paymœu charge (whether or DOt a. prepayment cbarge is provided for under the Hotel). Bo:nower's acceptance of any such refund made by direct payment to Borrower will constitute a waiver of any right of action Borrower might have arising out ot such overcharge. , . 15. NoUœs. All notices given by 'Borrower or Lender in connection with this Security Instrument must oe in writing. Any notice to Borrower in oo11lJection with this Security Instrument shall be deemed to have been given to Borrower when maUed by first class mail or WhOD actually delivered to Borrower's notice address if sent by other means. Notice to anyone Borrower shall constitute notice to all Borrowers unless Applicable Law oxpressly requires otherwise. The notice, address shall be thePropeny Address unIon Bonower Iw designated a. substitute notice address by notice to Lender. Borrower shall promptly notifY Lender of Dprrower's change of address. If Lender specifies a procedure for reporting Borrower'!J change of ad4rcss, then Borrower shall only report a change of address through that specified procedure. There may bo only one designated notice address under this Security Instnunent 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 unloss Londer has designated, 'another addre.u, by notice to Bonower. Any notice in connection witb thi& S!=CUrity Instrument shall DOt be deemed to have beeD given to Lender until actually received by Lender. If any notice required by this Security. Instrument js also requirod under Applicable Law, the Applicable Law requirement will sllt,iSfy tlJe corresponding requ1rement UDder this Security Instrument. 12380473 C& ·6AIWYJ (000&1.03 pogo 10 uf 111 InltI~ 12380473 Form 3051 1/01 IlUð LU LUUI U.""" I UtJU/UUtJ O~0:159 , , 16. GovendDg Law; Smnbllity; Rulli of CoDl&:rucdoD. This Security Instnunent shall be goVerned b)' federal law and. the law of thll jurisdiction in ~hich the Property iB located. AU rights IU1CJ obligations contained in this Security Inatniment IU'CI subject to any requirements and limitations of Applicable Law. Applicable Law might e¡xplicitty or impliCitly allow the parties to agree by conttact or 1t might be;: llnent, 'bui such süence shall Dot be construed as a prohibition agaÌJJBt a¡reemcnl by contract. In the event that ,any provision or clause of thia Security lnstruJDent or the Note conflictB with Applicable LaW¡ such coilflict shall not affect other PfOvisi'ons of this Security Instrument or the Note whiro can be given effect without the conflicting provision.. , As used in tbU Security Instnunent: (a) words of the DUlS¡;:u1ine gender shall mean and include corresponding neuter words or words of the feminine gender: (b) worda in the lIingular øhall moan and include the plural and vice yersaj and (c) the word '-may" gjves sole discretion without any obligation to , take any action. ' 17. Borrower'lI Copy. ~orrowcr shall be given ODe copy ()fthe Note and of~ Securi¡y Xnstnu:uent. 18. Traøsfer of the Property or a Baaefidal IntereIIt In, Borrower. As used in this Section 18, "Interest in the Property" means any" logal or bèneficial in~t in the Property, including, but not limited to, those beneficial intelem8 transferred in a bonå for deed, contraçt for deed, installment sales contract or escrow agreement, The intent of which is the 1:nuI8fcit of title by Borrower at a future date to a pu.rohaser. If all or any pan ot The Property Or any Interest in the Property is sold or ~fem:d (or if Borrower is Dot a natural penon IIIld a beneficial mterest in Borrower is sold or trwferred) without Lender's 'prior written consent: , Lender may requite immediate payment in full of aU sums secured by t1û8 Security 1Dmument. However, this option shall not be exercised by Lender if such exercjse á prohibited by Applicable Law. , If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a period of Dot 10M than 30 days from the date the notice is given in accordance with Section 1.5 within which Borrower 111\I8t pay all BUlIl8 secured by dris Security Instroment. If Borrower fails 10 pay These 8WDB prior to the expjra¡jon of this period, 'Lender JDi!.y. invoke any remedies ponnitted by', this Security InsnumeJÙ without further notice or demand on Borrower. 19~ Borrower'. Right tf) ReJnøtate After Acœlel'atiOD. If Borrower meets çartain conditions, Borrower shall have the right to have enforcement of this Security InBU'I.ImeDt discontinued at any time prior to the earliest of: (a) five days before sale of the :PrOperty pursuant to any power of sale colUained in this Securi:ty Instrumont; (b) such other period as Appli~le Law rpight specify fo1" the tetminatlon of Borrower's right to reinstate; or (c) entry of II judgment enforcing this Security Instrument. ThosII COIJditions are that Borrower: (a) pays Lender all sums Whiçb 1l1en would be due UDder tbis Security Instrument and the Note as if no acceleration lutd occurred; (b) cures any detàult of any other COVCIUUlts ,or agreCJÌ1ents; (c) pays all expenses incurred in enforcing this Security Instr\UIlent, including, but not limited to, œBsonab1e anomeys' 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 Seçurity w1rUment; and (d) takes such action as Lender may reasonably :requiro to assure that Lender's interest in the Property and rights under t:Jrl!¡ Security Instrument, and Borrower's obligation to pay the sums secured by this Security Ù1Stn1.Inent, shall continue unchanged. Lender may require that Borrower pay süCh reinatatement SUIDB and expenses in one or mora of the following forma, as selected by Lender: (8) cash; (b) money order; (c) certi:fied chcøk, bank checlc, treasurer's roeck: or cashier's check, provided any such chec1c is drawn upon an institution whose deposita are insured by a federal agency, instrumentality or entity; or (d) Electronic Funds Transfer. Upon reinstatement by Borrower, this Security Instrument and obliga1Ïons secured hereby shall reo:uûn 1'I11ly effective as if no acceleration had occurred. However, tI:1is right to reinstate sha11 not apply in the ca.se of acceleration under' Section 18. ' " 20. Sale or Note; Change of Loan Serviœr; Notice of Grlevan~. The Note or a partial interest 'in the Note (together with this Security Instrument) can be sold one or more times without prior noti~ to Borrower. A sale might result in a change in the entity (known as tho "Loan Servicer") tbat collects, Periodic Payments due under the Note and this Security Instrument and performs otlær mortgage loan servicing o1)ligations under tho Note, this Se~uri'tY Ins~t, and Applicable Law. There also might 110, one or more changos of the Loan Servlcer unrelated to a sale of the Note. If there is a change of the Loan Setviœr, Borrower will be' given written notice of tho change whi~ will state the name and address of the new Loan Servicer, the address to whic:h,payments should be made and any other information RBSPA 12380473 '" -eAIWYJlOoOBI.oa J'&gø 1\ vl15 123'80473 In1IIa.:~ Form 3061 ' 1/0' AU8 28 2007 8;54 ru;¡ I/UD9 Ot)0160 requùes in connection With a notice, of tranlÛer of:servicing. If the Note is sold and tb.ereIúter tho Loaø is serviced by a Loan Setviçer other thaø the purchaser of the Note, the mortgage loan servicing obligatioDl to Borrower will remain with thC Loan Servicer or be traDafmed to å. mççessoJ;' Loan Serviœr and are Dot asllumad by the Note purchaser unleSs otherwise provided by the Note purphaser. Neither Borrower nor Lender may commence, join, or be joined to any jucUcia1 action (as either ID individual litigant or the member of a class) that' arises from the other party's actioD8 pUlW&nt to this ' Security Instrument or that alleges that the other patty has breacl1ed an)' provision of, Dr any duty ovyed by reason of, this Security lDIIttument, will such BotroWer or Lender lias notified the othef paity (with mch notice given in œmplianco with'the'requirements of,Sect:ion 15) of 'such alleged breach and, affori1ed the other party hereto a œasonable period after the giving of, such notice to take corrective action. If Applicable Law provides a time period which must c1apae before canain action çan be taken, that túne period will be deemed to, bo reasonable for pu.rposes at this paragraph. The notice of acceleration and opportunity to duro given to Bonower pursuant' to section 22 and the notice of acceleration given to . Borro~ pursuant to Seçµon 18 shaU be öeerned to satisfy the notice and opportuDiry to take cometi've action provisioDl 9f this Section 20. 21. lIaziu11ol18 Subst8l1l:t!I. As used in thiø Section 21:' (8) "Hazardous Subscançes" are those substances defined as toxic or hazardous substances, pollutants, or w88te8 by EnvirOnmental Law ~d tho following substances: gasoline, kerosene, other flammable or toxic petroleum products, toxic pesticides and herbicicles, volatile solvents, materials containing asbestos or formaldehyde, and radioaçtive matèria1s¡ (b) "Environmental Law" means feclerallaWl and law¡ of the jurisdiction where the Property is located that' relate to health, safoty or onviooJimontal protection¡ (0) "Environmental Cleanup" includeS any respoDle action, remedial action. or remqval action, as defined in Bnvir9nmllntal LaW¡ and (d)' an "Environmental Condition" means a condition that can ca1ise, contribute to, or otherwise trigger an Environmental Cleanup. Borrower shall not caw¡c or permit the presence, usc, disposal, ltoI'Qgo, or ntlea.so of any Hazardous Substances, or threaten to release any Hazardous Substances, on or in the Property. Borrower shall not do, nor allow anyoDO elso to 40, anYthing affecting the Property (a) ~åt is in 'Violation 'of any Environmental Law, (b) Which C1'e4tes,an Bnvironnienta1 Con~ition, or (0) which, due to the presence, usc, or releaso of a Hazardous SUbstance, createS a condition ~at aqversely affects 'thc value of the Property. The ,p~ . two sontonœs shall not apply to the presence, use, or storage on the Property of small quantities of Hazardous Submmçes that IIX'O gOl101'aUy I'e!cognized' to be appropriate to normal residential uses and to maintenance of the Property (including, bllt not limited to, hazardous substances in consumer products). Borrower shall promptly give Lender written notice of (a) any investigation, claim, demand, laW8\lÏt or other action by any governmental or ~gu1atory agency or private party involving the Prop~rty and any , Hazardous Sub5tance or. Environmental Law of which Borrower has actual knowledge, (b) any Environmental Condition, including but nqt limited to" my spilling, lcalcing, dischl!fgø, rellNlSe or, thmat of relell!lc of any Hazardous Substance, and (0) any condition caused by the: presence, use or release of a HazardoWi Substance which adversely affects the va1uc of the Property. If Borrower teams. or is notified by any governmental or regulatory authority, or my private party, that any removal or other remediation of any Hazardous SUbstance affecting the Property is necessary, Borrower &ba11 promptly ta1œ all n~sary l'ODlCIdialllCtioDS in accordance with Ènvironmental Law. Nothing herem shall create an)' obligation on Lender for an Bnvirormumtal Cleanup. 12380473 . .ar¡ ~A(WYI (000111,03 Pa 81hf1!1 ',nlUIIII4 W- Form 30&1 1/01 12380473 O,:J01G1 NON-UNIFORM COVENANTS. Borro~er and Lender funher covenant and agree as follows: 22. AcœIcntioD; ReDId... Lender shaU give notice to Bon-ower prior to .aeration foDowiDg BOlTOwar's breach ot any coveáant or agreement in thia Sec:urity IDårUJllent (but not prior to aeœIeratIon under SectIon 18 unless Applicable Law providel otherwise). Tbe notlœ sbaD specify: (8) the default; (b) the action raqnin!d to wre tb. det'aolt; (c) a date, not less than 30 days from the date the notice Is giTen to Borrower, by wblc:h the default must be c:und; and (d) that t.owe to ~ure the default OD or before the dUespedfied in the notice may rault in ac:œIerlltlon of the .~ øec:umI by this Seeurlty XDstrument aod sale of the ProParty. The notice shall further bd'om DOlTOwer of the rlgbt to reinstate after ac:œIeration and the right to bring a eourt action to assert the non-ecdstence of II dld'sult or any other d.rfilDlle ot Borrower to aeœ1eratioD and sale. If the default is not cored on or befon! the date spedfled fa the notice, Lender at its option may raquil" Immadfate paY~eDt In full of aIllUDlØ secured by this Security Instnnnent without further demand and may invoke the power of sale and any other rmnedl.. permitted by AppUœble Law. Lender shaD be entitled to coDed: IIß I!XpeDIIIIIDC1Il'1'ed in punulng the remedies provided in this Section 22, including, but not limited to, reasonable attorneys' fees and costs of title evideaœ. 11' Leøder Invokes the pow~ of sale. Lender ,ball give notice of Intent to foreclose to BOlTOwer and to the penon in poIIIelllon of the Property, If cUlfwent, In accordance 'frith Applkabla Law. Lender øhaU give noUce of the sale to DolTOwe&' In tbe manner provided in Section 15. Lender shall publløh the notice of sale, and ~e Property sbaU be sold in the ID8DDtIl' praserlbed by Applicable Law. Lender or Its designee may purchase the Property at any lIIle. The proeeeck of the sale .baD be applied in the foUowlnlJ order: (II) to 'aU expl,Uqes of the sale, including, but not Dmited to, rasonable aUomeYIII' fees; (b) to aU suins IeCUl'ed by this Security Instrument; and (.:) any CXœlll to the penon or penons legally entitled to it. 11. ReI..e. Upon pa)'IPent of aU sums secured by this Security Instrument, Lender &hall release this Security lnstrument. Borrower shall pay 'any recordation costs. Lender may charge Borrower a fee for releasing this Security Imtrument, but only if the fee is paid to a third party for services randored. and tho charging of the fee is pe.nnined. Under Applicable Law. 24. WøJven. Borrower releases ancl waives aU rights under and by \'ÌrtUe of the hoDleStead exemption laws of Wyoming. " ' 12380413 ee oofACWY) 100081.03 "\19013 III 18 InItIll~ 12380473 Form 3061 1/01 Aug 28 2007 8:54 . YVV/ vv3 O~01G2 BY SIGNING BELOW. BOlTOwar açcepts and agrees to the tenns and covenants CODudned in this Security Instrument and in any Rider executeci by Borrower md record¢ with it, Witnesses: ~~ ¿... ,lLl.---1sSnd) Gregory C, Hodson .~nu~r -::::;::t (Soal) -Borrower (Seal) -BonoWI ' (Seal) -Borrower (Seal) -Borrower (Seal) ·~lTDwer (Seal) -Bonuwer (Seal) -BolfOwvr 12380473 12380473 CII¡-6AIWY) 100061,0:5 PII'" 14111 18 Farm 3061 1'01 "--- -- -- -000163 STATE OF WYOMING, Lincoln County 18: '1-t;~ Tho foregoing inBtMnent was acknowledged beforo mo this Au 9 u s t 't;¡.. 200 7 by Gregory C. Hodson My Commission &pires: r(t·~Ð-ø~ii=;ì I II 4S43=",_~.=r- I I My=:~~:r- I s ~ State óf Utah .I 1.___------- 12380473 CI!t-6A(WYII0006I.o3 Page 16 ðf 16 InltJ~~ 12380473 Farm 3051 1/01 Aug 28 2007 8;54 I Uo.I..JI uJ9 O~01G4 SECOND HOME RIDER THIS SECOND HOME RIDER Is made ~h18 27th day of August. 2007 , and Is Incorporated Into and shall be deemed to amend and supplement the Mortgage, Deed of Trust, or Security Deed (the "Security Instrument") of the same date given by the undersigned (the "Borrower" whether there are one or more persons undersigned) to secure Borrower's Note to M&T Bank (the "Lenderll) of the ssme date and co'/ering the Property d95cribed in the Security Instrument (the "Property"), which is loc8ted at: 108 Cedar Drive Star Valley R~nch. WY 83127 [Property Address) In addition to the covenants and agreements made In th,e Security Instrument, Borrower and lender further covenant and agree that Sections ,6 and 8 of the Secl,lrity Instrument are ~eleted and are replaced by the following: 6. Occupllney. Borrower shall occupy, and shall only use, the Property 8S Borrower's second home. EJorrower shall keep the property available for Borrower's exclusive use and enjoyment at all times, and shall not subject the Property to any timesharing or other shared ownership arrangement or to any rental pool or agreement that requires Borrow:er either to rent the Property or give a management firm or any other,person any control ove~ the occupancy or use of the Property. 8. Borrower's Loan Application.' Borrower shall be in, default .if, during the Loan application prOCBSS, Borrower or any pen~on9 or entitles acting at the direction of Borrower or with Borrower's knowledge or c~msent gave materially false, misleading, or Inaccurate Information or IIItatementa to Lender (or failed to provide Lender with material information) in connection with the Loan. Material representations Include, but are not limited to, rBpre6entBtion~ oonoernln9 BorrQwer's occupency of the Property as Borrower's second home. 12380473 12380473 MULTISTATE SECOND HOME RIDER - Single FamiiY'· Fannl. Mu/Freddle Msc UNIFORM INSTRUMENT' . ' Form 3890 1/01 Page 1 of 2 Inltlals~ "-366R (0411) VMP Mortgage Solutions, Inc. {BOO)521-7291 ··-v -_ ___, _. _-, . ---, --- O,t'1"OA il's "¡.¡~ ,.J,\,,'U BY SI,GNING BELOW, Borrower accepts and agrees to the terms and covenants contained In thls'Second Home Rider. ' " ~~(~f <_ G egory . Hodson JA ~S.al) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) , -Borrower 12380473 CIt-385R (0411) Page 2 of 2 (Sea )' -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) ·Borrower 12380473 Form 3890 1101 000166 PLANNED UNIT DEVELOPMENT RIDER THIS PLANNED UNIT DEVELOPMENT RIDER is made this 27th day of August. 2007 , and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust, or Security Deed (the "Security Instrument") of the same date, given by the undersigned (the "Borrower") to secure Borrower's Note to M&T Bank (the "Lender") of the same date and covering the Property described in the Security Instrument and located at: 108 Cedar Drive. Star Valley Ranch. WY 83127 [Property Address] The Property includes, but is not limited to, a parcel of land improved with a dwelling, together with other such parcels and certain common areas and facilities, as described in The Deed. The Declaration of Covenants. Conditions and Restrictions. (the "Declaration"). The Property is a part of a planned unit development known as Star Valley Ranch [Name of Planned Unit Development] (the "PUD"). The Property also includes Borrower's interest in the homeowners association or equivalent entity owning or managing the common areas and facilities of the PUD (the "Owners Association") and the uses, benefits and proceeds of Borrower's interest. PUD COVENANTS. In addition to the covenants and agreements made in the Security Instrument, Borrower and Lender further covenant and agree as follows: A. PUD Obligations. Borrower shall perform all of Borrower's obligations under the PUD's Constituent Documents. The "Constituent Documents" are the (i) Declaration; (ij) articles of incorporation, trust instrument or any equivalent document which creates the Owners Association; and (iii) any by-laws or other rules or regulations of the Owners Association. Borrower shall promptly pay, when due, all dues and assessments imposed pursuant to the Constituent Documents. 12380473 12380473 MUL TIST A TE PUD RIDER - Single Family - Form 3150 1/01 Wolters Kluwer Financial Services VMP@·7R {0411 ).01 Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Page 1 of 3 Xlnitials: ~ 000167 B. Property Insurance. So long as the Owners Association maintains, with a generally accepted insurance carrier, a "master" or "blanket" policy insuring the Property which is satisfactory to Lender and which provides insurance coverage in the amounts (including deductible levels), for the periods, and against loss by fire, hazards included within the term "extended coverage," and any other hazards, including, but not limited to, earthquakes and floods, for which lender requires insurance, then: (i) Lender waives the provision in Section 3 for the Periodic Payment to Lender of the yearly premium installments for property insurance on the Property; and (ii) Borrower's obligation under Section 5 to maintain property insurance coverage on the Property is deemed satisfied to the extent that the required coverage is provided by the Owners Association policy. What Lender requires as a condition of this waiver can change during the term of the loan. Borrower shall give Lender prompt notice of any lapse in required property insurance coverage provided by the master or blanket policy. In the event of a distribution of property insurance proceeds in lieu of restoration or repair following a loss to the Property, or to common areas and facilities of the PUD, any proceeds payable to Borrower are hereby assigned and shall be paid to Lender. Lender shall apply the proceeds to the sums secured by the Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. C. Public Liability Insurance. Borrower shall tak~ such actions as may be reasonable to insure that the Owners Association maintains a public liability insurance policy acceptable in form, amount, and extent of coverage to lender. D. Condemnation. The proceeds of any award or claim for damages, direct or consequential, payable to Borrower in connection with any condemnation or other taking of all or any part of the Property or the common areas and facifities of the PUD, or for any conveyance in lieu of condemnation, are hereby assigned and shall be paid to lender. Such proceeds shall be applied by lender to the sums secured by the Security Instrument as provided in Section 11. E. lender's Prior Consent. Borrower shall not, except after notice to lender and with Lender's prior written consent, either partition or subdivide the Property or consent to: (i) the abandonment or termination of the PUD, except for abandonment or termination required by law in the case of substantial destruction by fire or other casualty or in the case of a taking by condemnation or eminent domain; (ii) any amendment to any provision of the "Constituent Documents" if the provision is for the express benefit of lender; (iii) termination of professional management and assumption of self-management of the Owners Association; or (iv) any action which would have the effect of rendering the public liability insurance coverage maintained by the Owners Association unacceptable to lender. F. Remedies. If Borrower does not pay PUD dues and assessments when due, then Lender may pay them. Any amounts disbursed by Lender under this paragraph F shall become additional debt of Borrower secured by the Security Instrument. Unless Borrower and Lender agree to other terms of payment, these amounts shall bear interest from the date of disbursement at the Note rate and shall be payable, with interest, upon notice from Lender to Borrower requesting payment. 12380473 VMp®·7R (0411).01 Page 2 of 3 1- Initials: ~ 12380473 Form 3150 1/01 000,168 BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this PUD Rider. ~ ~~~-< Gregory C. Hodson c:- +-\0 '"'PE:::f:¿ 1\."\ (Sëà1¡ -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower 12380473 VMP@·7R (0411).01 12380473 Page 3 of 3 Form 3150 1/01