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HomeMy WebLinkAbout933012 After Recording Retum To: ~ ÚUtd1ìtle ...... (9nipeny SINCE 1904 MS SV-79 DOCUMENT PROCESSING P.O. Box 10423 Van Nuys, CA 91410-0423 Prepared By: ASHLEY WHITESIDE RECEIVED 9/11/2007 at 9:53 AM RECEIVING # 933012 BOOK: 671 PAGE: 771 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY 000771 [Space Above This Line For Recording Data] 00017833089608007 [Doc ID #] MORTGAGE MIN1000157-0008461394-8 rL\ 0' 'tl DEFINITIONS Words used in multiple sections of this document are defined below and other words are defined in Sections 3, 11, 13, 18,20 and 21. Certain rules regarding the usage of words used in this document are also provided in Section 16. \ (A) "Security Instrument" means this document, which is dated AUGUST 22, 2007 with all Riders to this document. (B) "Borrower" is ~XOC~XOC, AND CHARLES S HOLCOMB, JOINT TENANTS WITH RIGHTS OF SURVIVORSHIP RONALD C. MEEKS , together Bon'ower is the mortgagor under this Security Instrument. (C) "MERS" is Mortgage Electronic Registration Systems, Inc. MERS is a separate corporation that is acting solely as a nominee for Lender and Lender's successors and assigns. MERS is the mortgagee under this Security Instrument. MERS is organized and existing under the laws of Delaware, and has an address and' telephone number of P.O. Box 2026, Flint, MI 48501-2026, tel. (888) 679-MERS. (D) "Lender" is Ocwen Loan Servicing, LLC Lender is a LLC organized and existing under the laws of THE UNITED STATES Lender's address is 1661 Worthington Road, West Palm Beach, FL 33409 (E) "Note" means the promissory note signed by Bon-ower and dated AUGUST 22, 2007 . The Note states that Bon-ower owes Lender TWO HUNDRED TWENTY FOUR THOUSAND and 00/100 Dollars (U.S. $ 224,000,00 ) plus interest. Bon-ower has promised to pay this debt in regular Periodic Payments and to pay the debt in full not later than SEPTEMBER 01, 2 037 . (F) "Property" means the property that is described below under the heading "Transfer of Rights in the Property. " WYOMING-Single Family-Fannie Mae/Freddle Mac UNIFORM INSTRUMENT WITH MERS ~ -6A(WY) (0005) CONVNA Page 1 of 11 CHL (08/05)(d) VMP Mortgage Solutions. Inc. (800)521-7291 Form 3051 1/01 "23991* ....... " 1·7 8 3 3 0 8 9 6 0 0 0 0 0 2 0 0 6 A " · OOO'77~~ DOC ID #: 00017833089608007 (G) "Loan" means the debt evidenced by the Note, plus interest, any prepayment charges and late charges due wIder the Note, and all sums due under this Security Instrument, plus interest. (H) "Riders" means all Riders to this Security Instrument that are executed by BOlTower. The following Riders are to be executed by Borrower [check box as applicable]: D Adjustable Rate Rider D Balloon Rider D VA Rider D Condominium Rider D Second Home Rider ŒJ Planned Unit Development Rider D 1-4 Family Rider D Biweekly Payment Rider D Other(s) [specify] (I) "Applicable Law" means all controlling applicable federal, state and local statutes, regulations, ordinances and administrative rules and orders (that have the effect of law) as well as all applicable fInal, non-appealable judicial opinions. (.J) "CoIllmunity Association Dues, Fees, and Assessments" means all dues, fees, assessments and other charges that are imposed on Borrower or the Property by a condomil1iwn association, homeowners association or similar organization. (K) "Electronic Funds Transfer" means any transfer of funds, other than a transaction originated by check, draft, or similar paper instrument, which is initiated through an electronic tenninal, telephonic instrument, computer, or magnetic tape so as to order, instruct, or authorize·a financial instihltion to debit or credit an account. Such term includes, but is not limited to, point-of-sale transfers, automated teller machine transactions, transfers initiated by telephone, wire transfers, and automated clearinghouse transfers. (L) "Escrow Items" memIS those items that are described in Section 3. (M) "Miscellaneous Proceeds" means any compensation, settlement, awm'd of dmnages, or proceeds paid by any third pm1y (other than insurance proceeds paid under the coverages described in Section 5) for: (i) danmge to, or destruction of, the Propelty; (ii) condemnation or other taking of all or mly pw1 of the Property; (iii) conveYWlce 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 LOWI. (0) "Periodic Payment" means the regulw'ly scheduled amount due for (i) principal and interest under the Note, plus (ii) any amounts under Section 3 of this Security Instrument. (P) "RESPA" means the Real Estate Settlement Procedures Act (12 U.S.C. Section 2601 et seq.) and its implementing regulation, Regulation X (24 C.F.R. Part 3500), as they might be amended from time to time, or any additional or successor legislation or regulation that governs the swne subject matter. As used in this Security Instrument, "RESP A" refers to all requirements and restrictions that w'e imposed in regard to a "federally related 1l10l1gage loan" even if the Loan does not qualify as a "federally related mortgage loan" under RESP A. (Q) "Successor in Interest of Borrower" means any pwty that has taken title to the Property, whether or not that pwty has assumed BOlTower's obligations under the Note wId/or this Security Instnllnent. TRANSFER OF RIGHTS IN THE PROPERTY This Seclll'ity Instrwnent secures to Lender: (i) the repayment of the Loan, wId all renewals, extensions and modifications of the Note; wId (ii) the performance of Borrower's covenants wId agreements under this Security Instnnnent and the Note. For this purpose, Borrower does hereby m0l1gage, grant wId convey to MERS (solely as nominee for Lender and Lender's successors and assigns) wId to the successors and assigns of MERS, with power of sale, the following described property located in the COUNTY of LINCOLN [Type of Recording Jurisdiction] [Name of Recording Jurisdiction] .s",-<:. ~'i-hlb; + "w' Parcel ID Number: 34180530702600 223 BUTTE DR, THAYNE [Street/City] which cun-ently has the address of Wyoming 83127 [Zip Code] ("Property Address"): ~Þ' ~ -6A(WY) (0005) CHL (08/05) Page 2 of 11 Form 3051 1/01 4>f) ~OH ~ÇO£ WJ0:l ¡1~ MO.I:>S3: HU .IO ÁUU .YOJ spund .I3pmq O¡ Áud O¡ uopu:ànqo S,.I3MOJ.I0S: 3A!UM ÁUUI .mpU3'1 'SUI3H MO.I:>S3: nu .IO ÁUU .I0J sPund 3q¡ Áud O¡ uopu:ànqo S,.I3MO.I.I0S: SM!UM .I3PU3'1 sS3Iun SUI3H MO.I;)S3: .IOJ spund 3lp .I3PU3'1 Áud nUlls .I3MOJ.I0S: 'UOp:>3S S!q¡ .I3plm p!ud 3q O¡ S¡l!nOum JO S3:>!¡OU nu .I3pU3'1 O¡ IIS!U.It1] ÁndUIO.Id nUlls .I3MOl.I0S: 'lUQH MO.I;)S3: 1m Qq H1~qs S¡UQlUSSQSSU puu SQQJ 'SQnp q:>ns pUU '.IQMOl.I0S: Áq P3MO.I;)S3 3q 'ÁUU J! 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In the event of such waiver, BOITower shall pay directly, when and where payable, the amounts 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 tinle period as Lender may require. Bon-ower'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 Instnunent, as the phrase "covenant and agreement" is used in Section 9. If Bon-ower is obligated to pay Escrow Items directly, pursuant to a waiver, and Bon-ower fails to pay the amOlmt due for an Escrow Item, Lender may exercise its rights under Section 9 and pay such anlOunt and Bon-ower 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, BOlTower shall pay to Lender all Funds, and in such amounts, that are then required under this Section 3. Lender may, at any time, collect and hold Funds in an amount (a) sufficient to pemlit Lender to apply the Funds at the time specified under RESPA, and (b) not to exceed the maximum amount a lender can require under RESP A. Lender shall estimate the amount of Funds due on the basis of CUlTent data and reasonable estinlates of expenditures of future Escrow Items or otherwise in accordance with Applicable Law. The Funds shall be held in an institution whose deposits are insured by a federal agency, instrumentality, or entity (including Lender, if Lender is an institution whose deposits are so insured) or in any Federal Home Loan Bank. Lender shall apply the Funds to pay the Escrow Items no later than the time specified under RESPA. Lender shall not charge Bon-ower for holding and applying the Funds, annually analyzing the escrow account, or verifying the Escrow Items, unless Lender pays Bon-ower interest on the Funds and Applicable Law pennits Lender to make such a charge. Unless an agreement is made in writing or Applicable Law requires interest to be paid on the Funds, Lender shall not be required to pay BOlTower any interest or eamings on the Funds. Bon-ower and Lender can agree in writing, however, that interest shall be paid on the Funds. Lender shall give to Bon-ower, without charge, an annual accounting of the Funds as required by RESPA. If there is a surplus of Funds held in escrow, as defmed under RESPA, Lender shall accoilllt to Bon-ower for the excess funds in accordance with RESPA. If there is a shortage of Funds held in escrow, as defmed under RESP A, Lender shall notify Bon-ower as required by RESP A, and Bon-ower shall pay to Lender the amount necessary to make up the shortage in accordance with RESPA, but in no more than 12 monthly payments. If there is a deficiency of Funds held in escrow, as defined lmder RESPA, Lender shall notify BOlTower as required by RESP A, and Bon-ower shall pay to Lender the amount necessary to make up the deficiency in accordance with RESPA, but in no more than 12 monthly payments. Upon payment Ùl full of all sums secured by this Security Instrument, Lender shall promptly refund to BOl1'ower any Funds held by Lender. 4. Charges; Liens. Bon-ower shall pay all taxes, assessments, charges, fInes, and inlpositions attributable to the Property which can attain priority over this Security Instl111nent, leasehold payments or ground rents on the Property, if any, and Community Association Dues, Fees, and Assessments, if any. To the extent that these items are Escrow Items, BOl1'ower shall pay them in the maimer provided in Section 3. Borrower shall promptly discharge any lien which has priority over this Security Instrument l1l11ess Bon-ower: (a) agrees in writing to the payment of the obligation secured by the lien in a malmer acceptable to Lender, but only so long as Bon'ower is performùlg such agreement; (b) contests the lien in good faith by, or defends against enforcement of the lien in, legal proceedùlgs which in Lender's opinion operate to prevent the enforcement of the lien while those proceedùlgs are pending, but only until such proceedings are concluded; or (c) secures ÍÌ'om the holder of the lien an agreement satisfactory to Lender subordùlating the lien to this Security Instrument. If Lender detemlines that any part of the Property is subject to a lien which Call attaùl priority over this Security Instrument, Lender may give Bon-ower a notice identifying the lien. Withùl 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 Ùl this Section 4. Lender may require Borrower to pay a one-time charge for a real estate tax verification and/or reportùlg service used by Lender in connection with this Loan. 5, Property Insurance. BOlTower shall keep the ùnprovements now existing or hereafter erected on the Property insured against loss by fIre, hazards included within the teml "extended coverage," and any other hazards includùlg, but not limited to, ealthquakes alld floods, for which Lender requires ùlsurance. This ùlsurance shall be maintaùled Ùl the amounts (including deductible levels) and for the periods that Lender requires. What Lender requires pursuant to the precedùlg sentences Call Challge during the tenn of the Loan. The ùlsurance carrier providùlg the insurance shall be chosen by Bon-ower subject to Lender's right to disapprove Bon'ower's choice, which right shall not be exercised unreasonably. Lender may require Bon-ower to pay, in cOlmection with this Loan, either: (a) a one-time charge for flood zone detennination, certification and tracking services; or (b) a one-time charge for flood zone detennination and certification services and subsequent charges each time remappings or similar changes occur which reasonably might aftèct such detennination or celtification. Bon'ower shall also be responsible for the payment of any fees imposed by the Federal Emergency Management Agency Ùl connection with the review of allY flood zone detennination resulting from an objection by Borrower. If Bon-ower falls to maintaùl any of the coverages described above, Lender may obtain insurance coverage, at Lender's option alld BOl1'ower's expense. Lender is under no obligation to purchase allY particular type or amount of coverage. Therefore, such coverage shall cover Lender, but might or might not protect Bon-ower, Bon-ower's equity in the Property, or the contents of the Property, against allY risk, hazard ~ -6A(WY) (0005) CHL (D8ID5) p,,, 4 of 11 Fo~ 3D51 1I~ 000775 DOC ID #: 00017833089608007 or liability and might provide greater or lesser coverage than was previously in effect. Bon-ower acknowledges that the cost of the insurance coverage so obtained might significantly exceed the cost of insmance that BOlTower could have obtained. Any amounts disbmsed by Lender under this Section 5 shall become additional debt of Borrower secured by this Secmity Instrument. These amounts shall bear interest at the Note rate from the date of disbursement and shall be payable, with such interest, upon notice from Lender to Bon-ower requesting payment. All insurance policies required by Lender and renewals of such policies shall be subject to Lender's right to disapprove such policies, shall include a standard mortgage clause, and shall name Lender as mortgagee and/or as an additional loss payee. Lender shall have the right to hold the policies and renewal certificates. If Lender requires, BOlTower shall promptly give to Lender all receipts of paid premilUns and renewal notices. If BOlTower obtains any form of insmance coverage, not otherwise required by Lender, for damage to, or destruction of, the Propelty, such policy shall include a standard mortgage clause and shall name Lender as mortgagee and/or as an additional loss payee. In the event of loss, Borrower shall give prompt notice to the insmance catTier and Lender. Lender may make proof of loss if not made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, any insurance proceeds, whether or not the underlying insurance was required by Lender, shall be applied to restoration or repair of the Propelty, if the restoration or repair is economically feasible and Lender's secmity is not lessened. During such repair and restoration period, Lender shall have the right to hold such insurance proceeds until Lender has had an opportunity to inspect such Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be wldertaken promptly. 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. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such insmance proceeds, Lender shall not be required to pay Bon-ower any interest or earnings on such proceeds. Fees for public adjusters, or other third parties, retained by Bon-ower shall not be paid out of the insurance proceeds and shall be the sole obligation of Bon-ower. If the restoration or repair is not economically feasible or Lender's secmity would be lessened, the insmance proceeds shall be applied to the SUlllS secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Bon-ower. Such insurance proceeds shall be applied in the order provided for in Section 2. If BOlTower abandons the Propelty, Lender may file, negotiate and settle any available insmance claim and related matters. If BOlTower 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) BOlTower'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 Bon-ower's rights (other than the right to any refund of unearned premiums paid by Borrower) under all insurance policies covering the Property, insotàr as such rights are applicable to the coverage of the Propelty. Lender may use the insurance proceeds either to repair or restore the Propeliy or to pay amounts unpaid under the Note or this Secmity Instrument, whether or not then due. . 6. Occupancy. BOlTower shall occupy, establish, and use the Propeliy as Bon-ower's principal residence within 60 days after the execution of this Secmity Instrument and shall continue to occupy the Propelty as BOlTower's principal residence for at least one year after the date of occupancy, unless Lender othelwise agrees in writing, which consent shall not be unreasonably witIùleld, or unless extenuating circunlstances exist which are beyond Borrower's control. 7. Preservation, Maintenance and Protection of the Property; Inspections. BOlTower shall not destroy, damage or impair the Propelty, allow the Property to deteriorate or commit waste on the Propelty. Whether or not Borrower is residing in the Propelty, Borrower shall maintain the Propelty in order to prevent tIle Propelty from deteriorating or decreasing in value due to its condition. Unless it is detellllined pmsuant to Section 5 tIlat repair or restoration is not economically feasible, Borrower shall promptly repair tIle Property if damaged to avoid tùrtherdeterioration or damage. If insurance or condemnation proceeds are paid in connection with damage to, or the taking of, the Property, BOlTower shall be responsible for repairing or restoring the Propeliy 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 sutIicient to repair or restore the Propelty, Bon-ower is not relieved of Bon'ower's obligation for the completion of such repair or restoration. Lender or its agent may make reasonable entries upon and inspections of the Property. If it has reasonable cause, Lender may inspect the lllterior of the improvements on tIle Property. Lender shall give BOlTower notice at the tinle of or prior to such an ll1terior inspection specifying such reasonable cause. 8. Borrower's Loan Application. BOlTower shall be in default if, dming the Loan application process, Borrower or any persons or entities acting at the dll'ection of BOlTower or with BOlTower's knowledge or consent gave materially false, misleading, or lllaccurate lllfonuation or statements to Lender (or failed to provide Lender witIlmaterial lllfonuation) in cOlmection witII the Loan. Material representations include, but are not limited to, representations conceming BOl1'ower's occupancy of the Propelty as Bon-ower's prlllcipal residence. ~~ Ú ~ -6A(WY) (0005) CHL (08/05) Page 5 of 11 Form 3051 1/01 000776 DOC ID #: 00017833089608007 9. Protection of Lender's Interest in the Property and Rights Under this Security Instrument. If (a) Bon-ower fails to perfol1n the covenants and agreements contained in this Security Instrument, (b) there is a legal proceeding that might significantly affect Lender's interest in the Property and/or rights under this Security Instrul11ent (such as a proceeding in bankruptcy, probate, for condemnation or forfeiture, for enforcement of a lien which may attain priority over this Security Instnunent or to enforce laws or regulations), or (c) BOlTower has abandoned the Property, then Lender may do and pay for whatever is reasonable or appropriate to protect Lender's interest in the Property and rights under this Security Instrument, including protecting and/or assessing the value of the Property, and securing and/or repairing the Property. Lender's actions can include, but are not limited to: (a) paying any sums secured by a lien which has priority over this Security Instrument; (b) appearing in court; and (c) paying reasonable attorneys' fees to protect its interest in the Property and/or rights under this Security Instrument, including its secured position in a bankruptcy proceeding. Securing the Property includes, but is not limited to, entering the Property to make repairs, change locks, replace or board up doors and windows, drain water from pipes, eliminate building or other code violations or dangerous conditions, and have utilities turned on or off. Although Lender may take action under this Section 9, Lender does not have to do so and is not wlder 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 Instrument. These amounts shall bear interest at the Note rate from the date of disbursement and shall be payable, with such interest, upon notice from Lender to BOlTower requesting payment. If this Security Instrument is on a leasehold, Bon-ower shall comply with all the provisions of the lease. If Borrower acquires fee title to the Property, the leasehold and the fee title shall not merge unless Lender agrees to the merger in writing. 10. Mortgage Insurance. If Lender required MOltgage Insurance as a condition of making the Loan, BOITower shall pay the premiums required to maintain the MOltgage Insurance in effect. If, for any reason, the MOltgage Insurance coverage required by Lender ceases to be available from the mOltgage insurer that previously provided such insurance and Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance, BOlTower shall pay the premiums required to obtain coverage substantially equivalent to the MOltgage Insurance previously in effect, at a cost substantially equivalent to the cost to Bon'ower of the Mortgage Insurance previously in effect, from an alternate mortgage insurer selected by Lender. If substantially equivalent Mortgage Insurance coverage is not available, BOlTower shall continue to pay to Lender the amount of the separately designated payments that were due when the insurance coverage ceased to be in etIect. Lender will accept, use and retain these payments as a non-refundable loss reserve in lieu of Mortgage Insurance. Such loss reserve shall be non-refundable, notwithstanding the fact that the Loan is ultimately paid in full, and Lender shall not be required to pay Bon-ower any interest or earnings on such loss reserve. Lender can no longer require loss reserve payments if Mortgage Insurance coverage (in the amount and for the period that Lender requires) provided by an insurer selected by Lender again becomes available, is obtained, and Lender requires separately designated payments toward the premiums for Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan and Bon-ower was required to make separately designated payments toward the premiums for Mortgage Insurance, BOlTower shall pay the premiums required to maintain Mortgage Insurance in effect, or to provide a non-refundable loss reserve, until Lender's requirement for Mortgage Insurance ends in accordance with any written agreement between Bon-ower and Lender providing for such tel111ination or until tenllination is required by Applicable Law. Nothing in this Section 10 affects BOl1'0wer's obligation to pay interest at the rate provided in the Note. Mortgage Insurance reimburses Lender (or any entity that purchases the Note) for celtain losses it may incur if BOl1'0wer does not repay the Loan as agreed. Borrower is not a patty to the Mortgage Insurance. Mortgage insurers evaluate their total risk on all such insurance in force from tinle to tinle, and may enter into agreements with other patties that share or .modifY their risk, or reduce losses. These agreements are on terms and conditions that are satisfactory to the mOltgage insurer and the other patty (or parties) to these agreements. These agreements may require the mOltgage insurer to make payments using any source of funds that the mortgage insurer may have available (which may include funds obtained from MOltgage Insurance premiums). As a result of these agreements, Lender, any purchaser of the Note, another insurer, any reinsurer, any other entity, or any affiliate of any of the foregoing, may receive (directly or indirectly) atnounts that derive from (or might be characterized as) a pOltion of BOITower's payments for MOltgage Insurance, in exchange for sharing or modifYing the mortgage insurer's risk, or reducing losses. If such agreement provides that an affiliate of Lender takes a share of the insurer's risk in exchatlge for a shat'e of the premiums paid to the insurer, the alTangement is often tel1ned "captive reinsurance." Fwther: (a) Any such agreements will not affèct the amounts that Borrower has agreed to pay for Mortgage 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. ~1þV ~ -6A(WY) (0005) CHL (08/05) Page 6 of 11 Form 3051 1/01 oIt),~o·~·.....,..·, 'II..PU' i ( i DOC ID #: 00017833089608007 (b) Any sllch 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, audlor to receive a refund of allY 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 opp01tunity to inspect such Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptIy. Lender may pay for the repairs and restoration in a single disbursement or in a series of progress payments as the work is completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such Miscellaneous Proceeds, Lender shall not be required to pay Borrower any interest or earnings on such Miscellaneous Proceeds. If the restoration or repair is not economically feasible or Lender's security would be lessened, the Miscellaneous Proceeds shall be applied to the sums secured by this Securit:y Instrument, whether or not then due, with the excess, if any, paid to Bon'ower. Such Miscellaneous Proceeds shall be applied in the order provided for in Section 2. In the event of a total taking, destruction, or loss in value of the Property, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. In the event of a 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 arnount of the sums secured by this Security Instrument immediately before the partial taking, destruction, or loss in value, unless Borrower arId Lender otherwise agree in writing, the SlilllS secured by this Security Instrument shall be reduced by the amount of the Miscellarleous Proceeds multiplied by the following fraction: (a) the total amount of the SUIns secured immediately before the partial taking, destruction, or loss in value divided by (b) the fair mar'ket value of the Property immediately before the partial taking, destruction, or loss in value. Any balance shall be paid to Bon-ower. In tIle event of a partial taking, destruction, or loss in value of the Property in which tIle fair market value of tIle Property immediately before the partial taking, destruction, or loss in value is less than the amount 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 by this Security Instrument whether or not the sums ar'e then due. If the Property is abandoned by Borrower, or if, after notice by Lender to Bon-ower that the Opposing Party (as defined in the next sentence) offers to make an award to settIe a clainl for danlages, Bon-ower fails to respond to Lender within 30 days after the date the notice is given, Lender is authorized to collect arId apply the Miscellarleous ProceedseitIler to restoration or repair of the Propelty or to the stUns secured by this Security Instrument, whether or not then due. "Opposing Party" means the third party that owes BOITower Miscellaneous Proceeds or the party against whom Borrower has a right of action in regard to Miscellaneous Proceeds. Borrower shall be in default if any action or proceeding, whetIler 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 tI1Ìs 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 arlY award or claim for damages that are attributable to the impairment of Lender's interest in the Property are hereby assigned and shall be paid to Lender. All Miscellaneous Proceeds that are not applied to restoration or repair of the Propelty·shall be applied in the order provided for in Section 2. 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 Bon-ower or any Successor in Interest of BOl1'ower shall not 0 erate to release the liability of Borrower or any Successors in Interest of BOlTower. Lender shall not be r quired to commence proceedings against any Successor in Interest of Bon-ower or to refuse to extend time r paYl11ent or otherwise modify arnortization of the sums secured by this Security Instnllnent by reason of an demand made by the original BOITower or any Successors in Interest of Bon-ower. Any forbearance by Len er in exercising any right or remedy including, without limitation, Lender's acceptance of payments from th d persons, entities or Successors in Interest of BOITower or in anlolUlts less than the arnount then due, shall n t be a waiver of or preclude the exercise of any right or remedy. 13. Joint and Several Liability; Co-signers; Successo s and Assigns Bound. Bon'ower covenarlts arId agrees that BOITower's obligations and liability shall be jo t and several. However, any BOl1'0wer who co-signs this Security Instrument but does not execute the No e (a "co-signer"): (a) is co-signing this Security at -6A(WY) (0005) CHL (08/05) Page 7 of 11 ~y Form 3051 1/01 (j'1J 41.. .nOt~'-,. CI V~, i 0, DOC ID #: 00017833089608007 Instmment only to mortgage, grant and convey the co-signer's interest in the Property under the tenns of this Security Instrument; (b) is not personally obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower can agree to extend, modify, forbear or make any accommodations with regard to the tenns 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 BOlTower who assumes Bon-ower's obligations under this Security Instrument in writing, and is approved by Lender, shall obtain all of Bon-ower's rights and benefits under this Security Instnllnent. BOlTower shall not be released from BOlTower's obligations and liability under this Security Instrument unless Lender agrees to such release in writing. The covenants and agreements of this Security Instrument shall bind (except as provided in Section 20) and benefit the successors and assigns of Lender. 14. Loan Charges. Lender may charge Bon-ower fees for services performed in cOl11lection with BOITower's default, for the purpose of protecting Lender's interest in the Property and rights under this Security Instnllnent, including, but not limited to, attorneys' fees, property inspection and valuation fees. In regard to any other fees, the absence of express authority in this Security Instrument to charge a specific fee to Bon-ower shall not be constmed as a prohibition on the charging of such fee. Lender may not charge fees that are expressly prohibited by this Security Instrument or by Applicable Law. If the Loan is subject to a law which sets maximum loan charges, and that law is fmally interpreted so that the interest or other loan charges collected or to be collected in connection with the Loan exceed the pemlitted limits, then: (a) any such loan charge shall be reduced by the anlOunt necessary to reduce the charge to the pennitted lil11it; and (b) any SUlns already collected from Bon-ower which exceeded permitted limits will be refunded to Bon-ower., Lender may choose to make this refund by reducing the principal owed under the Note or by making a direct payment to Bon-ower. If a refund reduces principal, the reduction will be treated as a partial prepayment without any prepayment charge (whether or not a prepayment charge is provided for under the Note). Bon-ower's acceptance of any such refund made by direct payment to Bon-ower will constitute a waiver of any right of action Bon'ower might have arising out of such overcharge. 15. Notices. All notices given by BOlTower or Lender in cOl11lection with this Security hlstrument must be in writing. Any notice to BOlTower in cOlmection with this Security Instrument shall be deemed to have been given to Bon-ower when mailed by fIrst class mail or when actually delivered to BOlTower's notice address if sent by other means. Notice to anyone BOlTower shall constitute notice to all Bon-owers unless Applicable Law expressly requires otherwise. The notice address shall be the Property Address unless Bon'ower has designated a substitute notice address by notice to Lender. Bon-ower shall promptly notify Lender of Bon-ower's change of address. If Lender specifies a procedure for reporting BOlTower's change of address, then BOlTower shall only report a change of address through that specified procedure. There l11ay be only one designated notice address under this Security hlstnllnent at anyone tinle. Any notice to Lender shall be given by delivering it or by mailing it by first class mail to Lender's address stated herein unless Lender has designated another address by notice to Borrower. Any notice in COl11lection with this Security Instrument shall not be deemed to have been given to Lender Ulltil actually received by Lender. If any notice required by this Security hlstnllnent is also required under Applicable Law, the Applicable Law requirement will satisfy the con'esponding requirement nnder this Security Instrument. 16. Governing Law; Severability; Rules of Construction. This Security hlstmment shall be govemed by federal law and the law of tlle jurisdiction in which the Property is located. All rights and obligations contained in this Security hlstmment are subject to any requirements and limitations of Applicable Law. Applicable Law might explicitly or implicitly allow tlle parties to agree by contract or it might be silent, but such silence shall not be construed as a prohibition against agreement by contract. hl the event that any provision or clause of this Security Instmment or the Note conflicts with Applicable Law, such conflict shall not affect other provisions of this Security Instmment or the Note which can be given effect without tlle conflicting provision. As used in this Security hlstrument: (a) words of the masculine gender shall mean and include con-esponding neuter words or words of the feminine gender; (b) words in the singular shall mean and include the plural and vice versa; and (c) the word "may" gives sole discretion without any obligation to take any action. 17. Borrower's Copy. Bon'ower shall be given one copy of the Note and of this Security hlstrument. 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 lin1Ìted to, those beneficial interests transfen-ed in a bond for deed, contract for deed, instalhnent 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 any part of the Property or any Interest in the Property is sold or transfen-ed (or if Bon'ower is not a natural person and a beneficial interest in Bon-ower is sold or transfelTed) without Lender's prior written consent, Lender may require inullediate payment in full of all sums secured by this Security Instmment. 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 Bon-ower notice of acceleration. The notice shall provide a period of not less than 30 days from the date the notice is given in accordance with Section 15 within which Bon-ower must pay all sums secured by this Security Instrument. If BOlTowerfails to pay these sums prior to the expiration of tl1Ìs period, Lender may invoke aný remedies pelmitted by this Security Instmment without flllther notice or demand on Bon-ower. . -6A(WY) (0005) <8> CHL (08/05) Page 8 of 11 Fonn 3051 1~V 00017.;9 DOC ID #: 00017833089608007 19. Borrower's Right to Reinstate After Acceleration. If Bon-ower meets certain conditions, Bon-ower shall have the right to have enforcement of this Security Instrument discontinued at any time prior to the earliest of: (a) five days before sale of the Property pursuant to any power of sale contained in this Security Instrument; (b) such other period as Applicable Law lllight specify for the telTIlination of Bon-ower's right to reinstate; or (c) entry of a judgment enforcing this Security Instrument. Those conditions are that Bon-ower: (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 and valuation fees, and other fees incuned for the purpose of protecting Lender's interest in the Property and rights under this Security hlstrument; and (d) takes such action as Lender may reasonably require to assure that Lender's interest in the Property and rights under this Security Instrument, and BOlTower's obligation to pay the sums secured by this Security Instrument, shall continue unchanged. Lender may require that Bon-ower pay such reinstatement sums and expenses in one or more of the following forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, treasurer's check or cashier's, check, provided any such check is drawn upon an institution whose deposits are insured by a federal agency, instrumentality or entity; or (d) Electronic Funds Transfer. Upon reinstatement by Bon-ower, this Security Instnullent and obligations secured hereby shall remain fully effective as if no acceleration had occUlTed. However, this right to reinstate shall not apply in the case of acceleration under Section 18. 20. Sale of Note; Change of Loan Servicerj Notice of Grievance. The Note or a partial interest in the Note (together with this Security Instrument) can be sold one or more times without prior notice to BOlTower. A sale might result in a change in the entity (known as the "Loan Servicer") that collects Periodic Payments due under the Note and this Security Instrument and perfonlls other mortgage loan servicing obligations under the Note, this Security Instrument, and Applicable Law. There also might be one or more changes of the Loan Servicer lUlfelated to a sale of the Note. If there is a change of the Loan ServiceI', Borrower will be given written notice of the change which will state the name and address of the new Loan Servicer, the address to which payments should be made and any other information RESP A requires in cOlmection with a notice of transfer of servicing. If the Note is sold and thereafter the Loan is serviced by a Loan Servicer other than the purchaser of the Note, the mortgage loan servicing obligations to Borrower will remain with the Loan Servicer or be transferred to a successor Loan Servicer and are not assumed by the Note purchaser unless otherwise provided by the Note purchaser. Neither BOlTower 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 pmty's actions pursumlt to this Security Instrument or that alleges that the other patty has breached any provision of, or any duty owed by reason of. this Security Instrument, until such BOlTower or Lender has notified the other patty (with such notice given in compliance with the requirements of Section 15) of such alleged breach atld afforded the other party hereto a reasonable period after the giving of such notice to take corrective action. If Applicable Law provides a time period which must elapse before celia in action can be taken, that time period will be deemed to be reasonable for purposes of this paragraph. The notice of acceleration atld opportunity to cure given to Bon-ower pursuant to Section 22 and the notice of acceleration given to Borrower pursuant to Section 18 shall be deemed to satisfy the notice and opportunity to take corrective action provisions of this Section 20. 21. Hazardous Substances. As used in this Section 21: (a) "Hazat'dous Substmlces" are those substatlces detìned as toxic or hazardous substances, pollutants, or wastes by Environmental Law mld the following substmlces: gasoline, kerosene, other flannllable or toxic petroleum products, tm5:ic pesticides mld herbicides, volatile solvents, materials containing asbestos or formaldehyde, and radioactive materials; (b) "Enviromllental Law" means federal laws and laws of the jurisdiction where the Propelty is located that relate to health, saíèty or environmental protection; (c) "Enviromllental Cleanup" includes any response action, remedial action, or removal action, as deíined in Enviromnental Law; and (d) an "Enviromnental Condition" means a condition that can cause, contribute to, or otherwise trigger an Environmental Cleanup. Bon-ower shall not cause or pem1it the presence, use, disposal, storage, or release of mlY Hazat'dous Substmlces, or tIn'eaten to release any Hazm'dous Substances, on or in the Property. Bon-ower shall not do, nor allow anyone else to do, anytI1ing affecting the Property (a) tIlat is in violation ofatlY Envirolllnental Law, (b) which creates atl Environmental Condition, or (c) which, due to the presence, use, or release of a Hazm'dous Substance, creates a condition that adversely affects the value of the Property. The preceding two sentences shall not apply to tile presence, use, or storage on the Propelty of small quatltities of Hazardous Substatlces that are generally recognized to be appropriate to nonnal residential uses and to maintenance of the Property (including, but not limited to, hazat'dous substances in consumer products). BOlTower shall promptly give Lender written notice of (a) any investigation, claim, dematld, lawsuit or other action by atlY govemmental or regulatOlY agency or private palty involviIig the Propelty and allY Hazardous SubstallCe or Environmental Law of which BOlTower has actual knowledge, (b) allY Environmental Condition, including but not limited to, any spilling, leaking, discharge, release or threat of release of allY Hazardous Substance, and (c) any condition caused by the presence, use or release of a Hazardous Substance which adversely aífects the value of the Property. If Borrower leams, or is notitied by any governmental or regulatory authority, or any private pmty, that any removal or other remediation of any Hazardous Substance aí1ècting the Property is necessaty, BOl1'ower shall promptly take all necessary remedial actions in accordance with Environmental Law. Nothing herein shall create any obligation on Lender for an Enviromnental Cleanup. FO=3051~7V' ~ -6A(WY) (0005) CHL (08/05) Page 9 of 11 Ifi.. ,<11 ~'tt. !~ t;: 611 'f.J;~;' \J !j C· \.V DOC ID #: 00017833089608007 NON-UNIFORM COVENANTS. BOlTower and Lender further covenant and agree as follows: 22. Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration following Borrower's breach of any covenant or agreement in this Security Instrument (but not prior to acceleration under Section 18 unless Applicable Law provides otherwise). The notice shall specify: (a) the default; (b) the action required to cure the default; (c) 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 bring a court action to assert the non-existence of a default or any other defense of Borrower to acceleration and sale. If the default is not cured on or before the date specified in the notice, Lender at its option may require immediate payment in full of all sums secured by this Security Instrument without further demand and may invoke the power of sale and any other remedies permitted by Applicable Law. Lender shall be entitled to collect all expenses incurred in pursuing the remedies provided in this Section 22, including, but not limited to, reasonable attorneys' fees and costs of title evidence. If Lender invokes 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 Applicable Law. Lender shall give notice of the sale to Borrower in the manner provided in Section 15. Lender shall publish the notice of sale, and the Property shall be sold in the manner prescribed by Applicable Law. Lender or its designee may purchase the Property at any sale. The proceeds of the sale shall be applied in the following order: (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 stuns secured by this Security Instrument, Lender shall release this Security Instrument. BOlTower 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. BOlTower releases and waives all rights under and by virtue of the homestead exemption laws of Wyoming. BY SIGNING BELOW, Bon-ower accepts and agrees to the terms and covenants contained in this Security Instrument and in any Rider executed by Bon-ower and recorded with it. ~~Q.\)í\..!Ç) ~ ~nœ;:K:K RONALD C. MEEKS (Seal) -Borrower ~~~ CHARLES s. HOLCOMB (Seal) -Borrower (Seal) -Bon-ower (Seal) -Bol1'ower at ·6A(WY) (0005) CHL (08/05) Page 10 of 11 ~fV Form 3051 1/01 U '1') .r;", 1"t. t-t ~~ 4 'l> ..." 't;' I \.j..4. STATE OF WYOMING, DOC ID #: 000178330896080~} ~ County ss: ~ by My Commission Expires: ~~111 ~oy I a/~ /~ Notary Public VALERIE KI"'RE~I. " ì'iChÄRY PUBllO County ot State of Lincoln WyomIng My COmmlla/on Exp/1'8I April 19, 2008 ~ -6A(WY) (0005) CHL (08/05) Page 11 of 11 Fo'm3050~ tf) .f') Æ'), t"'f ,,::;- ?, V' ~JI<~l ¡'::'iF«" PLANNED UNIT DEVELOPMENT RIDER After Recording Returh To: MS SV-79 DOCUMENT PROCESSING P.O. Box 10423 Van Nuys, CA 91410-0423 Prepared By: ASHLEY WHITESIDE 00017833089608007 [Doc ID #] THIS PLANNED UNIT DEVELOPMENT RIDER is made this TWENTY-SECOND 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 Ocwen Loan Servicing, LLC (the "Lender") of the same date and covering the Property described in the Security Instrument and located at: 223 BUTTE DR THAYNE, WY 83127 [Property Address] . The Property includes, but is not limited to, a parcel of land improved with a dwelling, together with MULTISTATE PUD RIDER - Single Family - Fannie Mae/Freddie Mac UNIFORM ~E.~T . -7R (0405) CHL (06/04)(d) Page 1 of 3 ' Init~ Cø~ <!> VMP Mortgage Solutions, Inc. (800)521-7291 Form 3150 1/01 "23991' , 1 783 3 0 896 0 0 0 002 0 0 7 R . O""0"'"'1~3 ~1Ç.¡,~' i 0 DOC ID #: 00017833089608007 other such parcels and certain common areas and facilities, as described in THE COVENANTS, CONDITIONS, AND RESTRICTIONS FILED OF RECORD THAT AFFECT THE PROPERTY (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 perfDrm all of Borrower's obligations under the PUD's Constituent Documents. The "Constituent Documents" are the (i) Declaration; (ii) articles of incorporation, trust instrument or any equivalent document which creates the Owners Association; and (iii) any by-laws or other rules or regulations of the Owners Association. Borrower shall promptly pay, when due, all dues and assessments imposed pursuant to the Constituent Documents, 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 take such actions as may be reasonable to insure that the Owners Association maintains a public liability insurance policy acceptable in form, amount, and extent of coverage to Lender. D. Condemnation. The proceeds of any award or claim for damages, direct or consequential, payable to Borrower in connection with any condemnation or other taking of all or any part of the Property or the common areas and facilities of the PUD, or for any conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. Sucr 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 . ·7R (0405) ® CHL (06/04) Page 2 of 3 ~ v~7v Form 3150 1/01 {~'ì\ .0.1'" i,-' ,If '""......~., ",.""'''jt DOC ID #: 00017833089608007 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. OW, Borrower accepts and agrees to the terms and provisions contained in this ~ ~ RONALD C. MEEKS (Seal) - Borrower ~L&;~ (Seal) - Borrower (Seal) - Borrower (Seal) - Borrower r;¡1t/ ~ . -7R (0405) $ CHL (06/04) Page 3 of 3 Form 3150 1/01 Af1¡l1\.O, ~ ~'.,5 '-'~ 1f..,j" '-11/ ,¡ w EXHIBIT "A" Lot 61 of STAR VALLEY RANCH PLAT 21 as platted and recorded on October 22, 1982, as Receiving No. 586332 in the official records of Lim:oln County, Wyoming, as Plat No. 284.