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HomeMy WebLinkAbout933014 13°1 ( . 6010715887 l) 'to { -cl'" !~( t/l~: t: After Recording Return To: RECEIVED 9/11/2007 at 10:04 AM RECEIVING # 933014 BOOK: 671 PAGE: 787 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY GMAC Mort~a~e, LLC 1100 Virglnla Drive Fort Washington, PA 19034 ATTN: Records Management 000787 [Space Above This Line For Recording Data] Loan No. 180181109 MIN 1000375-0180181109-4 MORTGAGE DEFINITIONS Words used in l11ultip1e sections of this docul11ent 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 September 7, 2007 , together with all Riders to this document. (B) "Borrower" is MARK J HALL AND JERRY M HALL, JOINT TENANTS Borrower is the l110rtgagor 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. WYOMING .- Single Family·· Fannie Mae/freddY¡;¡' ae . ' .' UNIFORM INSTRUMENT F...tn 3051 1/01 (Page 1 of 18) 392435653 Initials:'· 346 GMACM - CMS.0042.WY (0001) (D) "Lender" is GMAC Mortgage, LLC f/k/a GMAC Mortgage Corporation 000788 Lenderisa limited liability company laws of Delaware 100 Witmer Road, P.O, Box 963, Horsham, PA organized and existing under the . Lender's address is 19044 (E) "Note" means the prol11issory note signed by Borrower and dated September 7, 2007 . The Note states that Borrower owes Lender One Hundred Thirty Thousand and 00/100 Dollars (U.S. $ 13 0 , 000 .00 ) plus interest. Borrower has promised to pay this debt in regular Periodic PaYl11ents and to pay the debt in full not later than October 1, 2037 (F) "Property" l11eans the property that is described below under the heading "Transfer of Rights in the Property. " (G) "Loan" l11eans the debt evidenced by the Note, plus interest, any prepaYl11ent charges and late charges due under the Note, and all sums due under this Security Instrul11ent, plus interest. (II) "Riders" l11eans all Riders to this Security Instrul11ent that are executed by Borrower. The following Riders are to be executed by Borrower [check box as applicable]: D o D Adjustable Rate Rider Balloon Rider Other(s) [specifY] D Condominiul11 Rider D o Biweekly Payment Rider ~ o Planned Unit Developl11ent Rider Second Home Rider 1-4 Family Rider (I) "Applicable Law" l11eans all controlling applicable federal, state and local statutes, regulations, ordinances and adl11inistrative rules and orders (that have the effect of law) as well as all applicable final, non-appealable judicial opinions. (J) "Community Association Dues, Fees, and Assessments" l11eans all dues, fees, assessments and other charges that are imposed on Borrower or the Property by a condol11iniul11 association, homeowners association or similar organization. (K) "Electronic Funds Transfer" means any transfer of funds, other than a transaction originated by check, draft, or similar paper instrument, which is initiated through an electronic terminal, telephonic instrument, computer, or magnetic tape so as to order, instruct, or authorize a fmancia1 institution to debit or credit an account. Such terl11 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"l11eans those items that are described in Section 3. (M) "Miscellaneous Proceeds" l11eans any cOl11pensation, settlel11ent, award of damages, or proceeds paid by any third party (other than insurance proceeds paid under the coverages described in Section 5) for: (i) dal11age to, or destruction of, the Property; (ii) condemnation or other taking of all or any part of the Property; (iii) conveyance in lieu of condemnation; or (iv) misrepresentations of, or omissions as to, the value and/or condition of the Property. WYOMING -- Single Family.. Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 1/01 ('..t;;.,.,.::-.?)~ (¡ n GMACM - CMS.0042.WY (0001) (Page 2 of 18) Initials:', ~ :/ . ¡ 000·;'89 (N) "Mortgage Insurance" l11eans insurance protecting Lender against the nonpayment of, or default on, the Loan. (0) "Periodic Payment" l11eans the regularly scheduled amount due for (i) principal and interest under the Note, plus (ii) any amounts under Section 3 of this Security Instrument. (P) "RESPA" l11eans the Real Estate Settlement Procedures Act (12 V.S.C. §2601 et seq.) and its il11p1el11enting 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 same subject matter. As used in this Security Instrument, "RESPA" refers to all requirel11ents and restrictions that are il11posed in regard to a "federally related mortgage loan" even if the Loan does not qualify as a "federally related l110rtgage loan" under RESP A. (Q) "Successor in Interest of Borrower" means any party that has taken title to the Property, whether or not that party has assul11ed Borrower's obligations under the Note and/or this Security Instrul11ent. TRANSFER OF RIGHTS IN THE PROPERTY This Security Instrul11ent secures to Lender: (i) the repayment of the Loan, and all renewals, extensions and modifications of the Note; and (ii) the perforl11ance of Borrower's covenants and agreel11ents under this Security Instrument and the Note. For this purpose, Borrower does hereby l110rtgage, grant and convey to MERS (solely as nominee for Lender and Lender's successors and assigns) and to the successors and assigns of MERS, with power of sale, the following described property located in the County [Type of Recording Jurisdiction] of Lincoln [Name of Recording Jurisdiction] SEE SCHEDULE "A" ATTACHED HERETO AND MADE A PART HEREOF. which currently has the address of 796 Jefferson, {Street] Afton ,Wyoming 83110 ("Property Address"): {City] [Zip Code] TOGETHER WITH all the il11provements now or hereafter erected on the property, and all easements, appurtenances, and fixtures now or hereafter a part of the property. All replacel11ents and additions shall also be covered by this Security Instrument. All of the foregoing is referred to in this Security Instrument as the "Property." Borrower understands and agrees that MERS holds only legal title to the interests granted by Borrower in this Security Instrul11ent, but, if necessary to comply with law or custOl11, MERS (as nominee for Lender and Lender's successors and assigns) has the right: to exercise any or all of those interests, including, but not limited to, the right to foreclose and sell the Property; and to take any action required of Lender including, but not limited to, releasing and canceling this Security Instrument. ,/] WYOMING.. Single Family.. Fami. Ma.lFr.ddi. Mac UNIFORM INSTRUMENT Form 3051 1/01,' // GMACM· CMS.0042.WY (0001) (Page 3 of 18) Initials: "-77'~/ 1/ I O~07S0 BORROWER 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 generally the title to the Property against all claims and demands, subject to any encul11brances of record. THIS SECURITY INSTRUMENT combines uniforl11 covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrul11ent covering real property . UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 1. Payment of Principal, Interest, Escrow Items, Prepayment Charges, and Late Charges. Borrower shall pay when due the principal of, and interest on, the debt evidenced by the Note and any prepaYl11ent charges and late charges due under the Note. Borrower shall also pay funds for Escrow Items pursuant to Section 3. PaYl11ents due under the Note and this Security Instrul11ent shall be made in U.S. currency. However, if any check or other instrument received by Lender as payment under the Note or this Security Instrument is returned to Lender unpaid, Lender l11ay require that any or all subsequent paYl11ents due under the Note and this Security Instrul11ent be made in one or l110re of the following forms, as selected by Lender: (a) cash; (b) l110ney order; (c) certified check, bank check, treasurer's check or cashier's check, provided any such check is drawn upon an institution whose deposits are insured by a federal agency, instrumentality, or entity; or (d) Electronic Funds Transfer. Payments are deel11ed received by Lender when received at the location designated in the Note or at such other location as may be designated by Lender in accordance with the notice provisions in Section 15. Lender may return any payment or partial payment if the paYl11ent or partial payments are insufficient to bring the Loan current. Lender may accept any paYl11ent or partial payment insufficient to bring the Loan current, without waiver of any rights hereunder or prejudice to its rights to refuse such paYl11ent or partial payments in the future, but Lender is not obligated to apply such paYl11ents at the til11e such payments are accepted. If each Periodic PaYl11ent is applied as of its scheduled due date, then Lender need not pay interest on unapplied funds. Lender may hold such unapplied funds until Borrower l11akes payment to bring the Loan current. If Borrower does not do so within a reasonable period of time, Lender shall either apply such funds or return them to Borrower. If not applied earlier, such funds will be applied to the outstanding principal balance under the Note immediately prior to foreclosure. No offset or clail11 which Borrower l11ight have now or in the future against Lender shall relieve Borrower frol11 making paYl11ents due under the Note and this Security Instrul11ent or performing the covenants and agreements secured by this Security Instrument. 2. Application of Payments or Proceeds. Except as otherwise described in this Section 2, all paYl11ents accepted and applied by Lender shall be applied in the following order of priority: (a) interest due under the Note; (b) principal due under the Note; (c) amounts due under Section 3. Such payments shall be applied to each Periodic Payment in the order in which it became due. Any rel11aining amounts shall be applied first to late charges, second to any other al110unts due under this Security Instrument, and then to reduce the principal balance of the Note. LOAN NO: 180181109 if WYOMING.. Single Funily.. Fannie Mae/Freddie Mac UNIFORM IN~TRUMENT Form 3IOn51itlalsl/0l~(/t;m.): / GMACM - CMS.0042.WY (0001) (Page 4 of 18) , ~; 000791. If Lender receives a payment frol11 Borrower for a delinquent Periodic Payment which includes a sufficient amount to pay any late charge due, the paYl11ent may be applied to the delinquent paYl11ent and the late charge. If l110re than one Periodic PaYl11ent is outstanding, Lender may apply any paYl11ent received from Borrower to the repaYl11ent of the Periodic Payments if, and to the extent that, each payment can be paid in full. To the extent that any excess exists after the paYl11ent is applied to the full payment of one or more Periodic Payments, such excess may be applied to any late charges due. Voluntary prepaYl11ents shall be applied fIrst to any prepaYl11ent charges and then as described in the Note. Any application of paYl11ents, insurance proceeds, or Miscellaneous Proceeds to principal due under the Note shall not extend or postpone the due date, or change the al11ount, of the Periodic PaYl11ents. 3. Funds for Escrow Items. Borrower shall pay to Lender on the day Periodic Payments are due under the Note, until the Note is paid in full, a sum (the "Funds") to provide for payment of al110unts due for: (a) taxes and assessments and other items which can attain priority over this Security Instrument as a lien or encumbrance on the Property ; (b) leasehold paYl11ents or ground rents on the Property, if any; (c) premiums for any and all insurance required by Lender under Section 5; and (d) Mortgage Insurance premiums, if any, or any sums payable by Borrower to Lender in lieu of the payment of Mortgage Insurance prel11iums in accordance with the provisions of Section 10. These items are called "Escrow Items." At origination or at any time during the term of the Loan, Lender l11ay require that Community Association Dues, Fees and Assessl11ents, if any, be escrowed by Borrower, and such dues, fees, and assessments shall be an Escrow Itel11. Borrower shall promptly furnish to Lender all notices of al110unts to be paid under this Section. Borrower shall pay Lender the Funds for Escrow Items unless Lender waives Borrower's obligation to pay the Funds for any or all Escrow Items. Lender may waive Borrower's obligation to pay to Lender Funds for any or all Escrow Items at any time. Any such waiver may only be in writing. In the event of such waiver, Borrower shall pay directly, when and where payable, the amounts due for any Escrow Items for which paYl11ent of Funds has been waived by Lender and, if Lender requires, shall furnish to Lender receipts evidencing such paYl11ent within such time period as Lender l11ay require. Borrower's obligation to make such payments and to provide receipts shall for all purposes be deemed to be a covenant and agreement contained in this Security Instrument, as the phrase "covenant and agreement" is used in Section 9. If Borrower is obligated to pay Escrow Items directly, pursuant to a waiver, and Borrower fails to pay the al110unt due for an Escrow Item, Lender may exercise its rights under Section 9 and pay such amount and Borrower shall then be obligated under Section 9 to repay to Lender any such amount. Lender may revoke the waiver as to any or all Escrow Items at any time by a notice given in accordance with Section 15 and, upon such revocation, Borrower shall pay to Lender all Funds, and in such al11ounts, that are then required under this Section 3. Lender may, at any time, collect and hold Funds in an al110unt (a) sufficient to perl11it Lender to apply the Funds at the time specifIed under RESP A, and (b) not to exceed the l11aximum amount a lender can require under RESP A. Lender shall estimate the amount of Funds due on the basis of current data and reasonable estimates of expenditures of future Escrow Items or otherwise in accordance with Applicable Law. GMACM - CMS.0042.WY (0001) (Page 5 of 18) InitiaJs: LOAN NO: 180181109 WYOMING.. Single Famüy .- Famie Mae/Freddie Mac UNIFORM INSTRUMENT Form JUSt 1/01 000792 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 HOl11e Loan Bank. Lender shall apply the Funds to pay the Escrow Items no later than the time specified under RESP A. Lender shall not charge Borrower for holding and applying the Funds, annually analyzing the escrow account, or verifying the Escrow Items, unless Lender pays Borrower interest on the Funds and Applicable Law permits Lender to l11ake such a charge. Unless an agreement is l11ade in writing or Applicable Law requires interest to be paid on the Funds, Lender shall not be required to pay Borrower any interest or earnings on the Funds. Borrower and Lender can agree in writing, however, that interest shall be paid on the Funds. Lender shall give to Borrower, without charge, an annual accounting of the Funds as required by RESP A. If there is a surplus of Funds held in escrow, as defined under RESP A, Lender shall account to Borrower for the excess funds in accordance with RESP A. If there is a shortage of Funds held in escrow, as defined under RESP A, Lender shall notify Borrower as required by RESP A, and Borrower shall pay to Lender the amount necessary to make up the shortage in accordance with RESPA, but in no l110re than 12 l110nth1y payments. If there is a deficiency of Funds held in escrow, as defined under RESP A, Lender shall notify Borrower as required by RESP A, and Borrower shall pay to Lender the al110unt necessary to l11ake up the deficiency in accordance with RESPA, but in no more than 12 monthly paYl11ents. Upon payment in full of all sums secured by this Security Instrument, Lender shall promptly refund to Borrower any Funds held by Lender. 4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fmes, and il11positions attributable to the Property which can attain priority over this Security Instrul11ent, leasehold paYl11ents or ground rents on the Property, if any, and Community Association Dues, Fees, and Assessl11ents, if any. To the extent that these items are Escrow Items, Borrower shall pay thel11 in the l11anner provided in Section 3. Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a) agrees in writing to the paYl11ent of the obligation secured by tl1e lien in a manner acceptable to Lender, but only so long as Borrower is performing such agreement; (b) contests the lien in good faith by, or defends against enforcement of the lien in, legal proceedings which in Lender's opinion operate to prevent the enforcement of the lien while those proceedings are pending, but only until such proceedings are concluded; or (c) secures from the holder of the lien an agreel11ent satisfactory to Lender subordinating the lien to this Security Instrul11ent. If Lender determines that any part of the Property is subject to a lien which can attain priority over this Security Instrument, Lender l11ay give Borrower a notice identifying the lien. Within 10 days of the date on which that notice is given, Borrower shall satisfy the lien or take one or more of the actions set forth above in this Section 4. Lender may require Borrower to pay a one-til11e charge for a real estate tax verification and/or reporting service used by Lender in connection with this Loan. 5. Property Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included within the term "extended coverage," and any other hazards including, but not limited to, earthquakes and floods, for which Lender requires insurance. This insurance shall be maintained in the amounts GMACM· CMS.0042.WY (0001) (Page 6 of 18) Initials : I I WYOMING .- Single Family -. Fannie MaelFreddie Mac UNIFORM INSTRUMENT Form 3051 1/01 d'), ,.'), :t"h '-' c. '''. '\,t' ''oj' 1l.~ " J ,,") (including deductible levels) and for the periods that Lender requires. What Lender requires pursuant to the preceding sentences can change during the term of the Loan. The insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's right to disapprove Borrower's choice, which right shall not be exercised unreasonably. Lender l11ay require Borrower to pay, in connection with this Loan, either: (a) a one-time charge for flood zone determination, certification and tracking services; or (b) a one-time charge for flood zone determination and certification services and subsequent charges each time remappings or similar changes occur which reasonably might affect such determination or certification. Borrower shall also be responsible for the paYl11ent of any fees imposed by the Federal El11ergency Management Agency in connection with the review of any flood zone determination resulting from an objection by Borrower. If Borrower fails to l11aintain any of the coverages described above, Lender may obtain insurance coverage, at Lender's option and Borrower's expense. Lender is under no obligation to purchase any particular type or al110unt of coverage. Therefore, such coverage shall cover Lender, but might or l11ight not protect Borrower, Borrower's equity in the Property, or the contents of the Property, against any risk, hazard or liability and might provide greater or lesser coverage than was previously in effect. Borrower acknowledges that the cost of the insurance coverage so obtained might significantly exceed the cost of insurance that Borrower could have obtained. Any al110unts disbursed by Lender under this Section 5 shall becol11e additional debt of Borrower secured by this Security Instrul11ent. These amounts shall bear interest at the Note rate from the date of disbursement and shall be payable, with such interest, upon notice frol11 Lender to Borrower 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, Borrower shall promptly give to Lender all receipts of paid prel11iums and renewal notices. If Borrower obtains any form of insurance coverage, not otherwise required by Lender, for damage to, or destruction of, the Property, such policy shall include a standard mortgage clause and shall name Lender as l110rtgagee and/or as an additional loss payee. In the event of loss, Borrower shall give prol11pt notice to the insurance carrier and Lender. Lender may l11ake proof of loss if not made promptly by Borrower. Urness Lender and Borrower otherwise agree in writing, any insurance proceeds, whether or not the underlying insurance was required by Lender, shall be applied to restoration or repair of the Property, if the restoration or repair is economically feasible and Lender's security is not 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 undertaken 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 cOl11pleted. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such insurance proceeds, Lender shall not be required to pay Borrower any interest or earnings on such proceeds. Fees for public adjusters, LOAN NO: 180181109 WYOMING.. Single Family -- Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 GMACM· CMS.0042.WY (0001) (Page 7 of 18) !/")'·.....O....s A v:VJ i,i '*jt or other third parties, retained by Borrower shall not be paid out of the insurance proceeds and shall be the sole obligation of Borrower. If the restoration or repair is not economically feasible or Lender's security would be lessened, the insurance 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. Such insurance proceeds shall be applied in the order provided for in Section 2. If Borrower abandons the Property, Lender may file, negotiate and settle any available insurance claim and related matters. If Borrower does not respond within 30 days to a notice from Lender that the insurance carrier has offered to settle a clail11, then Lender may negotiate and settle the claim. The 3D-day period will begin when the notice is given. In either event, or if Lender acquires the Property under Section 22 or otherwise, Borrower hereby assigns to Lender (a) Borrower's rights to any insurance proceeds in an al110unt not to exceed the amounts unpaid under the Note or this Security Instrument, and (b) any other of Borrower's rights (other than the right to any refund of unearned premiums paid by Borrower) under all insurance policies covering the Property, insofar as such rights are applicable to the coverage of the Property. Lender may use the insurance proceeds either to repair or restore the Property or to pay amounts unpaid under the Note or this Security Instrul11ent, whether or not then due. 6. Occupancy. Borrower shall occupy, establish, and use the Property as Borrower's principal residence within 60 days after the execution of this Security Instrument and shall continue to occupy the Property as Borrower's principal residence for at least one year after the date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be unreasonably withheld, or unless extenuating circumstances exist which are beyond Borrower's control. 7. Preservation, Maintenance and Protection of the Property; Inspections. Borrower shall not destroy, dal11age or il11pair the Property, allow the Property to deteriorate or commit waste on the Property. Whether or not Borrower is residing in the Property, Borrower shall maintain the Property in order to prevent the Property from deteriorating or decreasing in value due to its condition. Unless it is determined pursuant to Section 5 that repair or restoration is not economically feasible, Borrower shall promptly repair the Property if damaged to avoid further deterioration or dal11age. If insurance or condemnation proceeds are paid in connection with damage to, or the taking of, the Property, Borrower shall be responsible for repairing or restoring the Property only if Lender has released proceeds for such purposes. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as the work is completed. If the insurance or condemnation proceeds are not sufficient to repair or restore the Property, Borrower is not relieved of Borrower's obligation for the completion of such repair or restoration. Lender or its agent l11ay make reasonable entries upon and inspections of the Property. If it has reasonable cause, Lender may inspect the interior of the il11provements on the Property. Lender shall give Borrower notice at the time of or prior to such an interior inspection specifying such reasonable cause. 8. Borrower's Loan Application. Borrower shall be in default if, during the Loan application process, Borrower or any persons or entities acting at the direction of Borrower or with Borrower's knowledge or consent gave materially false, misleading, or inaccurate information or statel11ents to Lender (or failed to provide Lender with l11aterial information) in GMACM - CMS.0042.WY (0001) (Page 8 of 18) Initials : WYOMING.. Single Family -- Fannie Mae/Freddie Mac UNIFORM IN~'TRUMENT Form 3051 1/01 1:1') ~l¡.o t~ C,1r;: v vV . "'¡"II connection with the Loan. Material representations include, but are not limited to, representations concerning Borrower's occupancy of the Property as Borrower's principal residence. 9. Protection of Lender's Interest in the Property and Rights Under this Security Instrument. If (a) Borrower fails to perform the covenants and agreel11ents contained in this Security Instrument, (b) there is a legal proceeding that might significantly affect Lender's interest in the Property and/or rights under this Security Instrument (such as a proceeding in bankruptcy, probate, for condemnation or forfeiture, for enforcel11ent of a lien which may attain priority over this Security Instrument or to enforce laws or regulations), or (c) Borrower has abandoned the Property, then Lender l11ay do and pay for whatever is reasonable or appropriate to protect Lender's interest in the Property and rights under this Security Instrul11ent, 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 Instrul11ent; (b) appearing in court; and (c) paying reasonable attorneys' fees to protect its interest in the Property and/or rights under this Security Instrul11ent, 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, elil11inate building or other code violations or dangerous conditions, and have utilities turned on or off. Although Lender may take action under this Section 9, Lender does not have to do so and is not under any duty or obligation to do so. It is agreed that Lender incurs no liability for not taking any or all actions authorized under this Section 9. . Any amounts disbursed by Lender under this Section 9 shall becol11e additional debt of Borrower secured by this Security Instrument. These amounts shall bear interest at the Note rate frol11 the date of disbursement and shall be payable, with such interest, upon notice frol11 Lender to Borrower requesting paYl11ent. If this Security Instrul11ent is on a leasehold, Borrower shall comply with all the provisions of the lease. If Borrower acquires fee title to the Property, tlle leasehold and the fee title shall not l11erge unless Lender agrees to the merger in writing. , 10. Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan, Borrower shall pay the premiums required to maintain the Mortgage Insurance in effect. If, for any reason, the Mortgage Insurance coverage required by Lender ceases to be available frol11 the mortgage insurer that previously provided such insurance and Borrower was required to make separately designated payments toward the premiul11s for Mortgage Insurance, Borrower shall pay the prel11iums required to obtain coverage substantially equivalent to the Mortgage Insurance previously in effect, ata cost substantially equivalent to the cost to Borrower of the Mortgage Insurance previously in effect, from an alternate l110rtgage insurer selected by Lender. If substantially equivalent Mortgage Insurance coverage is not available, Borrower shall continue to pay to Lender the amount of the separately designated paYl11ents that were due when the insurance coverage ceased to be in effect. Lender will accept, use and retain these paYl11ents 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 Borrower any interest or earnings on such loss reserve. Lender can no longer require loss reserve paYl11ents if Mortgage Insurance coverage (in the LOAN NO: 180181109 r¡¡.'/'·-7 WYOMING.. Single Family -- Fanni. Ma.iFreddi. Mac UNIFORM INSTRUMENT Focm 3051 1/01 ." -' GMACM - CMS.0042.WY (0001) (Page 9 of 18) Initials: , ..... <"" O'''s ,... ~I ',': 1;1; " ' ..:,1"". \J'd';U '. ",. ,,, al110unt 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 pre111Ìul11s for Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan and Borrower was required to l11ake separately designated paYl11ents toward the premiums for Mortgage Insurance, Borrower shall pay the prel11iums required to maintain Mortgage Insurance in effect, or to provide a non-refundable loss reserve, until the Lender's requirement for Mortgage Insurance ends in accordance with any written agreement between Borrower and Lender providing for such termination or \U1til termination is required by Applicable Law. Nothing in this Section 10 affects Borrower's obligation ~o pay interest at the rate provided in the Note. Mortgage Insurance reil11burses Lender (or any entity 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 Insurance. Mortgage insurers evaluate their total risk on all such insurance in force from time to time, and l11ay enter into agreements with other parties that share or modify their risk, or reduce losses. These agreements are on terms and conditions that are satisfactory to the l110rtgage insurer and the other party (or parties) to these agreements. These agreel11ents may require the mortgage insurer to make paYl11ents using any source of funds that the l110rtgage insurer may have available (which may include funds obtained from Mortgage Insurance prel11iums). 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) amounts that derive from (or might be characterized as) a portion of Borrower's paYl11ents for Mortgage Insurance, in exchange for sharing or l110difying 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 exchange for a share of the premiums paid to the insurer, the arrangement is often termed "captive reinsurance." Further: (a) Any such agreements will not affect the amounts that Borrower has agreed to pay for Mortgage Insurance, or any other terms of the Loan. Such agreements will not increase the amount Borrower will owe for Mortgage Insurance, and they will not entitle Borrower to any refund. (b) Any such agreements will not affect the rights Borrower has - if any - with respect to the Mortgage Insurance under the Homeowners Protection Act of 1998 or any other law. These rights may include the right to receive certain disclosures, to request and obtain cancellation of the Mortgage Insurance, to have the Mortgage Insurance terminated automatically, and/or to receive a refund of any Mortgage Insurance premiums that were unearned at the time of such cancellation or termination. 11. Assignment of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned to and shall be paid to Lender. WYOMING.. Single Family -- Fanrùe Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 GMACM· CMS.0042.WY (0001) (Page 10 of 18) 000'797 I[ the Property is dal11aged, such Miscellaneous Proceeds shall be applied to restoration or repair of the Property, if the restoration or repair is economically feasible and Lender's security is not lessened. During such repair and restoration period, Lender shall have the right to hold such Miscellaneous Proceeds until Lender has had an opportunity to inspect such Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may pay for the repairs and restoration in a single disbursel11ent or in a series of progress paYl11ents as the work is completed. Unless an agreel11ent is l11ade 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. I[ the restoration or repair is not econol11ically feasible or Lender's security would be lessened, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. Such Mis~ellaneous 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 SU1I1S secured by this Security Instrul11ent, 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 l11arket value of the Property inunediately before the partial taking, destruction, or loss in value is equal to or greater than the amount of the SU1I1S secured by this Security Instrument immediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the SU1I1S secured by this Security Instrument shall be reduced by the al110unt of the Miscellaneous Proceeds multiplied by the following fraction: (a) the total amount of the SUl11S secured immediately before the partial taking, destruction, or loss in value divided by (b) the fair market value of the Property immediately before the partial taking, destruction, or loss in value. Any balance shall be paid to Borrower. In the event of a partial taking, destruction, or loss in value of the Property in which the fair l11arket value of the Property immediately before the partial taking, destruction, or loss in value is less than the al110unt of the SU1I1S 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 SU1I1S secured by this Security Instrul11ent whether or not the SU1I1S are then due. I[ the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the Opposing Party (as defmed in the next sentence) offers to make an award to settle a claim for dal11ages, Borrower fails to respond to Lender within 30 days after the date the notice is given, Lender is authorized to collect and apply the Miscellaneous Proceeds either to restoration or repair of the Property or to the SU1I1S secured by this Security Instrument, whether or not then due. "Opposing Party" l11eans the third party that owes Borrower Miscellaneous Proceeds or the party against whom Borrower has a right of action in regard to Miscellaneous Proceeds. LOAN NO: 180181109 WYOMING -. Single Family -- Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 GMACM - CMS.0042. WY (0001) (Page 11 of 18) 000798 Borrower shall be in default if any action or proceeding, whether civil or criminal, is begun that, in Lender's judgment, could result in forfeiture of the Property or other material impairment of Lender's interest in the Property or rights under this Security Instrul11ent. 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 impairl11ent of Lender's interest in the Property or rights under this Security Instrument. The proceeds of any award or claim for damages that are attributable to the il11pairment 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 Property shall be applied in the order provided for in Section 2. 12. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the til11e for payment or modification of amortization of the sums secured by this Security Instrul11ent granted by Lender to Borrower or any Successor in Interest of Borrower shall not operate to release the liability of Borrower or any Successors in Interest of Borrower. Lender shall not be required to commence proceedings against any Successor in Interest of Borrower or to refuse to extend time for payment or otherwise modify amortization of the sums secured by this Security Instrul11ent by reason of any demand made by the original Borrower or any Successors in Interest of Borrower. Any forbearance by Lender in exercising any right or remedy including, without limitation, Lender's acceptance of paYl11ents from third persons, entities or Successors in Interest of Borrower or in al110unts less than the al110unt then due, shall not be a waiver of or preclude the exercise of any right or rel11edy. 13. Joint and Several Liability; Co-signers; Successors and Assigns Bound. Borrower covenants and agrees that Borrower's obligations and liability shall be joint and several. However, any Borrower who co-signs this Security Instrul11ent but does not execute the Note (a "co-signer"): (a) is co-signing this Security Instrument only to l110rtgage, grant and convey the co-signer's interest in the Property under the terms of this Security Instrul11ent; (b) is not personally obligated to pay the SUIIlS secured by this Security Instrul11ent; and (c) agrees that Lender and any other Borrower can agree to extend, modify, forbear or make any accommodations with regard to the terms of this Security Instrul11ent or the Note without the co-signer's consent. Subject to the provisions of Section 18, any Successor in Interest of Borrower who aSSUl11es Borrower's obligations under this Security Instrument in writing, and is approved by Lender, shall obtain all of Borrower's rights and benefits under this Security Instrul11ent. Borrower shall not be released frOl11 Borrower's obligations and liability under this Security Instrul11ent 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. WYOl\1ING - Single Family.- Fllmie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 GMACM· CMS.0042.WY (0001) (Page 12 of 18) 00079-9 14. Loan Charges. Lender may charge Borrower fees for services performed in connection with Borrower's default, for the purpose of protecting Lender's interest in the Property and rights under this Security Instrument, including, but not 1il11ited to, attorneys' fees, property inspection and valuation fees. In regard to any other fees, the absence of express authority in this Security Instrul11ent to charge a specific fee to Borrower shall not be construed as a prohibition on the charging of such fee. Lender l11ay 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 [mally interpreted so that the interest or other loan charges collected or to be collected in connection with the Loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the al110unt necessary to reduce the charge to the permitted limit; and (b) any sums already collected frol11 Borrower which exceeded permitted limits will be refunded to Borrower. Lender may choose to l11ake this refund by reducing the principal owed under the Note or by l11aking a direct paYl11ent to Borrower. If a refund reduces principal, the reduction will be treated as a partial prepaYl11ent without any prepaYl11ent charge (whether or not a prepaYl11ent charge is provided for under the Note). Borrower's acceptance of any such refund made by direct payment to Borrower will constitute a waiver of any right of action Borrower l11ight have arising out of such overcharge. 15. Notices. All Notices given by Borrower or Lender in connection with this Security Instrument l11ust be in writing. Any notice to Borrower in connection with this Security Instrul11ent shall be deel11ed to have been given to Borrower when mailed by first class mail or when actually delivered to Borrower's notice address if sent by other means. Notice to anyone Borrower shall constitute notice to all Borrowers unless Applicable Law expressly requires otherwise. The notice address shall be the Property Address unless Borrower has designated a substitute notice address by notice to Lender. Borrower shall prol11ptly notify Lender of Borrower's change of address. If Lender specifies a procedure for reporting Borrower's change of address, then Borrower shall only report a change of address through that specified procedure. There may be only one designated notice address under this Security Instrul11ent at anyone time. Any notice to Lender shall be given by delivering it or by mailing it by first class mail to Lender's address stated herein unless Lender has designated another address by notice to Borrower. Any notice in connection with this Security Instrul11ent shall not be deel11ed to have been given to Lender until actually received by Lender. If any notice required by this Security Instrument is also required under Applicable Law, the Applicable Law requirement will satisfy the corresponding requirel11ent under this Security Instrument. 16. Governing Law; Severability; Rules of Construction. This Security Instrul11ent shall be governed by federal law and the law of the jurisdiction in which the Property is located. All rights and obligations contained in this Security Instrul11ent are subject to any requirements and lil11itations of Applicable Law. Applicable Law might explicitly or implicitly allow the parties to agree by contract or it might be silent, but such silence shall not be construed as a LOAN NO: 180181109 WYOMING.. Single Family·, Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 1/01 GMACM - CMS.0042.WY (0001) (Page 13 of 18) Initials: (1:~O§OO prohibition against agreement by contract. In the event that any provision or clause of this Security Instrument or the Note conflicts with Applicable Law, such conflict shall not atTect other provisions of this Security Instrument or the Note which can be given effect without the conflicting provision. As used in this Security Instrul11ent: (a) words of the masculine gender shall mean and include corresponding neuter words or words of the fel11inine 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. Borrower shall be given one copy of the Note and of this Security Instrul11ent. 18. Transfer of the Property or a Beneficial Interest in Borrower. As used in this Section 18, "Interest in the Property" means any legal or beneficial interest in the Property, including, but not limited to, those beneficial interests transferred in a bond for deed, contract for deed, installl11ent sales contract or escrow agreement, the intent of which is the transfer of title by Borrower at a future date to a purchaser. If all or any part of the Property or any Interest in the Property is sold or transferred (or if Borrower is not a natural person and a beneficial interest in Borrower is sold or transferred) without Lender's prior written consent, Lender l11ay require immediate payment in full of all sums secured by this Security Instrument. However, this option shall not be exercised by Lender if such exercise is prohibited by Applicable Law. If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days from the date the notice is given in accordance with Section 15 within which Borrower must pay all sums secured by this Security Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies permitted by this Security Instrul11ent without further notice or demand on Borrower. 19. Borrower's Right to Reinstate After Acceleration. If Borrower meets certain conditions, Borrower shall have the right to have enforcement of this Security Instrument discontinued at any time prior to the earliest of: (a) five days before sale of the Property pursuant to any power of sale contained in this Security Instrul11ent; (b) such other period as Applicable Law might specify for the termination of Borrower's right to reinstate; or (c) entry of a judgment enforcing this Security Instrul11ent. Those conditions are that Borrower: (a) pays Lender all sums which then would be due under this Security Instrument and the Note as if no acceleration had occurred; (b) cures any default of any other covenants or agreements; (c) pays all expenses incurred in enforcing this Security Instrument, including, but not limited to, reasonable attorneys' fees, property inspection and valuation fees, and other fees incurred for the purpose of protecting Lender's interest in the Property and rights under this Security Instrument; and (d) takes such action as Lender may reasonably require to assure that Lender's interest in the Property and rights under this Security Instrul11ent, and Borrower's obligation to pay the sums secured by this Security Instrul11ent, shall continue unchanged. Lender may require that Borrower pay such reinstatement sums and expenses in one or l110re 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, instrul11entality or entity; or (d) Electronic Funds Transfer. GMACM - CMS.0042.WY (0001) (Page 14 of 18) Initials: WYOlVlING .. Single Family.. Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form JOSl 1/01 o GlOB01. Upon reinstatement by Borrower, this Security Instrument and obligations secured hereby shall remain fully effective as if no acceleration had occurred. However, this right to reinstate shall not apply in the case of acceleration under Section 18, 20. Sale of Note; Change of Loan Servicer; Notice of Grievance. The Note or a partial interest in the Note (together with this Security Instrument) can be sold one or more times without prior notice to Borrower. A sale might result in a change in the entity (known as the "Loan Servicer") that collects Periodic Payments due under the Note and this Security Instrument and perforl11s other mortgage loan servicing obligations under the Not.e, this Security Instrument, and Applicable Law. There also might be one or more changes of the Loan Servicer unrelated to a sale of the Note. If there is a change of the Loan Servicer, Borrower will be given written notice of the change which will state the nal11e and address of the new Loan Servicer, the address to which payments should be made and any other information RESPA requires in connection with a notice of transfer of servicing. If the Note is sold and thereafter the Loan is serviced by a Loan Servicer other than the purchaser of the Note, the l110rtgage 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 urness otherwise provided by the Note purchaser. Neither Borrower nor Lender may commence, join, or be joined to any judicial action (as either an individual litigant or the member of a class) that arises from the other party's actions pursuant to this Security Instrul11ent or that alleges that the other party has breached any provision of, or any duty owed by reason of, this Security Instrul11ent, until such Borrower or Lender has notified the other party (with such notice given in cOl11pliance with th~ requirel11ents of Section 15) of such alleged breach and afforded the other party hereto a reasonable period after the giving of such notice to take corrective action. If Applicable Law provides a til11e period which l11uste1apse before certain action can be taken, that time period will be deemed to be reasonable for purposes of this paragraph. The notice of acceleration and opportunity to cure given to Borrower pursuant to Section 22 and the notice of acceleration given to Borrower pursuant to Section 18 shall be deel11ed to satisfy the notice and opportunity to take corrective action provisions of this Section 20. 21. Hazardous Substances. As used in this Section 21: (a) "Hazardous Substances" are those substances defined as toxic or hazardous substances, pollutants, or wastes by Environmental Law and the following substances: gasoline, kerosene, other flammable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or forl11a1dehyde, and radioactive materials; (b) "Environmental Law" means federal laws and laws of the jurisdiction where the Property is located that relate to health, safety or environmental protection; (c) "Environmental Cleanup" includes any response action, remedial action, or removal action, as defmed in Environmental Law; and (d) an "Environmental Condition" means a condition that can cause, contribute to, or otherwise trigger an Environmental Cleanup. Borrower shall not cause or perl11it the presence, use, disposal, storage, or release of any Hazardous Substances, or threaten to release any Hazardous Substances, on or in the Property. Borrower shall not do, nor allow anyone else to do, anything affecting the Property (a) that is in violation of any Environmental Law, (b) which creates an Environmental Condition, or (c) which, due to the presence, use, or release of a Hazardous Substance, creates a condition that GMACM· CMS.0042.WY (0001) (Page 15 of 18) Initials: LOAN NO: 180181109 WYOMING.. Sinela Family.. Fannia MaelFraddia Mac UNIFORM INSTRUMENT F..m 3051 1/01 ¡f}..K'\n-o~ 'U'..... \.~ C rid adversely affects the value of the Property. The preceding two sentences shall not apply to the presence, use, or storage on the Property of small quantities of Hazardous Substances that are generally recognized to be appropriate to norl11al residential uses and to maintenance of the Property (including, but not limited to, hazardous substances in consumer products). Borrower shall promptly give Lender written notice of (a) any investigation, clail11, del11and, lawsuit or other action by any governmental or regulatory agency or private party involving the Property and any Hazardous Substance or Environmental Law of which Borrower has actual knowledge, (b) any Environmental Condition, including but not limited to, any spilling, leaking, discharge, release or threat of release of any Hazardous Substance, and (c) any condition caused by the presence, use or release of a Hazardous Substance which adversely affects the value of the Property. If Borrower learns, or is notified by any governmental or regulatory authority, or any private party, that any rel110val or other remediation of any Hazardous Substance affecting the Property is necessary, Borrower shall promptly take all necessary rel11edia1 actions in accordance with Environmental Law. Nothing herein shall create any obligation on Lender for an Environmental Cleanup. NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows: 22. Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration following Borrower's breach of any covenant or agreement in this Security Instrument (but not prior to acceleration under Section 18 unless Applicable Law provides otherwise). The notice shall specify: (a) the default; .(b) the action required to cure the default; (c) 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. WYOMlNG .. Single Family·· Famie Mae/Freddie Mac UNIFORM INSTRUMENT Form JOSl 1/0 GMACM - CMS.0042.WY (0001) (Page 16 of 18) Initials: ff). .<),,0 \P 03 -v'.........vo 23. Release. Upon payment of all sums secured by this Security Instrument, Lender shall release this Security Instrument. Borrower shall pay any recordation costs. Lender may charge Borrower a fee for releasing this Security Instrument, but only if the fee is paid to a third party for services rendered and the charging of the fee is permitted under Applicable Law. 24. Waivers. Borrower releases and waives all rights under and by virtue of the hOl11estead exel11pticin laws of Wyol11ing. BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this Security Instrument and in any Rider executed by Borrower and recorded with it. (Seal) ·Borrower ~~ø¿/ /' (Seal) -Borrower (Seal) -Borrower (Seal) ·Borrower LOAN NO: 180181109 Witnesses: WYOMING .. Single Family.. Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 1/01 GMACM - CMS.0042.WY (0001) (Page 17 of 18) C~O§04 INDIVIDUAL ACKNOWLEDGMENT STATE OF WYOMING, ) ) SS COUNTY OF Lincoln ) The foregoing instrument was acknowledged before l11e this September 7, 2007 (date) by MARK J HALL AND JERRY M HALL, JOINT TENANTS (person acknowledging) Noat~ /~ ~ My Commission Expires: 9 -).5- 07 GLORIA K. BYERS - NOTARY PUBLIC County of State of Lincoln Wyoming My CommissIon Expires Sept. 15,2007 WYOl\1ING "" Single Fanilly", Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 1/0' GMACM- CMS.0042.WY (0001) (Page 18 of 18) Exhibit A File 6010715887 Description ^ ,~Ì\n 't"'I O-t- 'U '\J\ 'li'e,; ~ The land referred to in this document is situated in the State of Wyoming, County of Lincoln, and is described as follows: Lots F4 of Glen Kennington 2nd Addition, Lincoln County, Wyoming as described on the official plat tiled on December 9,2004 as instrument No. 905116 of the records ofthe Lincoln County Clerk. 000806 1-4 FAMILY RIDER Assignment of Rents THIS 1-4 FAMILY RIDER is made this 7th day of September 2007 ,and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust, or Security Deed (the "Security Instrul11ent") of the sal11e date given by the undersigned (the "Borrower") to secure Borrower's Note to GMAC Mortgage, LLC f/k/a GMAC Mortgage Corporation (the "Lender") of the sal11e date and covering the Property described in the Security Instrument and located at: 796 Jefferson Afton, WY 83110 [Property Address] 1-4 FAMILY COVENANTS. In addition to the covenants and agreements l11ade in the Security Instrument, Borrower and Lender further covenant and agree as follows: A. ADDITIONAL PROPERTY SUBJECT TO THE SECURITY INSTRUMENT. In addition to the Property described in the Security Instrument, the following items now or hereafter attached to the Property to the extent they are fIxtures are added to the Property description, and shall also constitute the Property covered by the Security Instrul11ent: building materials, appliances and goods of every nature whatsoever now or hereafter located in, on, or used, or intended to be used in connection with the Property, including, but not limited to, those for the purposes of supplying or distributing heating, cooling, electricity, gas, water, air and light, tire prevention and extinguishing apparatus, security and access control apparatus, plumbing, bath tubs, water heaters, water closets, sinks, ranges, stoves, refrigerators, dishwashers, disposals, washers, dryers, awnings, storm windows, storm doors, screens, blinds, shades, curtains and curtain rods, attached mirrors, cabinets, paneling and attached floor coverings, all of which, including replacements and additions thereto, shall be deemed to be and rel11ain a part of the Property covered by the Security Instrul11ent. All of the foregoing together with the Property described in the Security Instrument (or the leasehold estate if the Security Instrument is on a leasehold) are referred to in this 1-4 Family Rider and the Security Instrument as the "Property." B. USE OF PROPERTY; COMPLIANCE WITH LAW. Borrower shall not seek, agree to or make a change in the use of the Property or its zoning classifIcation, unless Lender has agreed in writing to the change. Borrower shall c0l11p1y with all laws, ordinances, regulations and requirel11ents of any goverl1l11ental body applicable to the Property. C. SUBORDINATE LIENS. Except as permitted by federal law, Borrower shall not allow any lien inferior to the Security Instrul11ent to be perfected against the Property without Lender's prior written permission. LOAN NO: 180181109 MULTISTATE 1-4 FAMILY RIDER - Single Family· Fannie Mae/Freddie Mac Uniform InstrumentWlF, '31 / 1 Page 1 of 3 392435645 Initials' GMACM - CRM.0043.1-4FAM 104111 1)1·t1:0 it;'07 V'""~""'" D. RENT LOSS INSURANCE. Borrower shall maintain insurance against rent loss in addition to the other hazards for which insurance is required by Section 5. E. "BORROWER'S RIGHT TO REINSTATE" DELETED. Section 19 is deleted. F. BORROWER'S OCCUPANCY. Unless Lender and Borrower otherwise agree in writing, Section 6 concerning Borrower's occupancy of the Property is deleted. G. ASSIGNMENT OF LEASES. Upon Lender's request after default, Borrower shall assign to Lender all leases of the Property and all security deposits l11ade in connection with leases of the Property. Upon the assigmnent, Lender shall have the right to modify, extend or terminate the existing leases and to execute new leases, in Lender's sole discretion. As used in this paragraph G, the word "lease" shall mean "sublease" if the Security Instrul11ent is on a leasehold. H. ASSIGNMENT OF RENTS; APPOINTMENT OF RECEIVER; LENDER IN POSSESSION. Borrower absolutely and unconditionally assigns and transfers to Lender all the rents and revenues ("Rents") of the Property, regardless of to whom the Rents of the Property are payable. Borrower authorizes Lender or Lender's agents to collect the Rents, and agrees that each tenant of the Property shall pay the Rents to Lender or Lender's agents. However, Borrower shall receive the Rents until (i) Lender has given Borrower notice of default pursuant to Section 22 of the Security Instrul11ent and (ii) Lender has given notice to the tenant(s) that the Rents are to be paid to Lender or Lender's agent. This assigmnent of Rents constitutes an absolute assigmnent and not an assigmnent for additional security only. If Lender gives notice of default to Borrower: (i) all Rents received by Borrower shall be held by Borrower as trustee for the benefit of Lender only, to be applied to the sums secured by the Security Instrument; (ii) Lender shall be entitled to collect and receive all of the Rents of the Property; (iii) Borrower agrees that each tenant of the Property shall pay all Rents due and unpaid to Lender or Lender's agents upon Lender's written demand to the tenant; (iv) unless applicable law provides otherwise, all Rents collected by Lender or Lender's agents shall be applied first to the costs of taking control of and managing the Property and collecting the Rents, including, but not limited to, attorney's fees, receiver's fees, premiums on receiver's bonds, repair and maintenance costs, insurance premiums, taxes, assessments and other charges on the Property, and then to the sums secured by the Security Instrument; (v) Lender, Lender's agents or any judicially appointed receiver shall be liable to account for only those Rents actually received; and (vi) Lender shall be entitled to have a receiver appointed to take possession of and manage the Property and collect the Rents and profits derived frol11 the Property without any showing as to the inadequacy of the Property as security. If the Rents of the Property are not sufficient to cover thel costs of taking control of and managing the Property and of collecting the Rents any funds expended by Lender for such purposes shall become indebtedness of Borrower to Lender secured by the Security Instrument pursuant to Section .9. Borrower represents and warrants that Borrower has not executed any prior assigmnent of the Rents and has not performed, and will not perform, any act that would prevent Lender from exercising its rights under this paragraph. LOAN NO: 180181109 MUL TlST ATE 1-4 FAMILY RIDER . """. F.ml', - Fo..... ....IF'''..'. ....en~'" ,"00 3170 1/01 GMACM - CRM .0043. 1-4FAM 104111 ,.,. , ,<3 "".'.'W ' O,:]~OB08 Lender, or Lender's agents or a judicially appointed receiver, shall not be required to enter upon, take control of or maintain the Property before or after giving notice of default to Borrower. However, Lender, or Lender's agents or a judicially appointed receiver, may do so at any til11e when a default occurs. Any application of Rents shall not cure or waive any default or invalidate any other right or rel11edy of Lender. This assignment of Rents of the Property shall terminate when all the sums secured by the Security Instrument are paid in full. I. CROSS-DEFAULT PROVISION. Borrower's default or breach under any note or agreement in which Lender has an interest shall be a breach under the Security Instrul11ent and Lender may invoke any of the remedies permitted by the Security Instrument. BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this 1-4 Family Rider. Jerry M (Seal) -Borrower ~~kV~ (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower LOAN NO: 180181109 MUL TISTATE 1-4 FAMILY RIDER· Single Family - Fannie Mae/Freddie Mac Uniform Instrument Form 3170 1/01 GMACM - CRM.0043.1-4FAM 104111 Page 3 of 3