Loading...
HomeMy WebLinkAbout933040 AUB 28 2007 8;54 P040/069 ~To: RECEIVED 9/4/2007 at 4:36 PM RECEIVING # 932785 BOOK: 671 PAGE: 149 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY N&T Bank 6985 South Union Perk Center Suite 465 M1dvale. UT 84047 Prepared By: 0001.49 Dannielle Seeley 6985 South Union Perk Center Suite 465 Midvale. ur 84047 000906 (Space Abu,.. TIdI LbuI rvr KeaonIIDg Data] DEFINITIONS MORTGAGE , ' M1N 100050300006310362 RECEIVED 9/12/2007 at 9:14 AM RECEIVING # 933040 BOOK: 671 PAGE: 906 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY Words used in multiplo soctioJU of this Qocu&nent are defined' below and other words are dofinod. in Seç1:iODS 3, 11, 13, 181 20 and 21. Certain rules regarding the Ulage of words UlJed in this document are also provided in Section 16. ' (A) IlSecurity lDstrumaot" means this docwnont. which is datedAugust 27. 2007 together with all Riders to this document. (B) "Borroww" is Gregory C. Hodson. en unmerr; ed man : lÍr Þ.J > l Borrower is the mongagor under this Security IastrumeDt. (C) IIMERS" is Mortgage Electronic Registration SysteID!l. IDe. MBRS is a lIeparato colporation that is acting solely'as a nominee for Lender'md Lender's successors and assigns. MERs Is the mortgagee under tbis Seclarity Ioatrumllllt. MBRS is organized and oxisting under the laws of Delaware, and hall an address and telephone number of P.O. Box 2026. Flint. MI 48501-2026, teL (888) 679-MBRS~ 12380473 12380473 WYOMING.Slngle Flmllv-FlnnJa Mae/Freddie Mac UNIFORM INSTRUMENT WITH MERI tilt .eA(WY) loooSI.03 "IISII' ar,S Inl1lDlaI ~ ~ VMP MIII1¡ IØI 8okItJonø. Inc. Fwm 3061 1/01 , , * Re-Recorded to check box for PUD ~ider ..' AUB 28 2007 8;54 , ..~ ,¡.J69 (D) "Leoder8 is M&T Bank 000907 0,1)0150 Lender is a organized and existing under the laws of New Yo r k Lender's address is 1 M&T Plaza, Buffalo, NY 14203 (E) "Note" means the promissory note signed by BorrowlIIT and dated August '27. 2007 , TheNotestatesthatBorrowero\WllLenderOne Hundred Ninety Five .Thousand Two Hundred And Zero/lOa , DoU~ (U.S. $195,200.00 ) plus interest. Borrower has promised to pay this debt in regular PClriodic Payments and to pay the debt in full not later than September 01. 2037 . (F) "Property" means the property that is described below undClr 1:110 heading "Transfer of Rights in the Property. " (G) "Loanll meaus the debt evidenced by the Noto. plus intereSt, aD)' prepayment charges and late charges due under the Noto, and aU sums due under this Security Instrument, plus interest. (II) "RJden" means all Riders to this Security Instrument that pre exewted by BoITOwClr. The following Riders are to be executed by Borrower [check box u applicable]: D AdjUStable Rate Rider D Condominium Rider [i] Second Home Rider D Balloon Rider 81. Planned Unit Development Rider D 1-4 Family Rider o VA Rider D-Biweekly Payment 'RidClr D Ot:her(s) [specify] (I) "AppUcable Law" means a11 controlling appUcable !êdenù, state and local statutes, regulations, ordinances and aclminiatratiye rules' and orders (that have the effCQt: of law) as weU as all applicable final, DODuappea1able judicial opiniODB. ' , , (d) "CommllDity Anoc:bttlon Dues, Fees, and Asse:ssInents" means all dUes, fees, assesSments and other charges that are hnposed 'on Bórrower or the Property by a çondominium. ØlJsooiation, homeowners illlBociation or similar organiJarton. ' (K) ''Electronic Funds Tranøt'er" means any traDSfer of funds, other than a ttansaction originated by <:beck, draft, or similar paper inatrùment, which is initiated through an electronic torm.i.nal, t.e1ephonic instrutnent, computer, or magnetic tapo so as to order inSt:1'UCt. or authorize a financial institution'to debit or credit an acçount. Such term includes, but is not limited to, point-of-sale transfers, automated teUer machine tranaactiOWl, transfers initiated by telephone, we tranSfers, and automated clearin¡Jiouse tt~. " ' (L) llEøc:ruw ItÍ!lllll" means tho80 hems that: are described in Section 3. (M) "Misœllaneoua Proœedsll meana any compensation, lI~ernent. award of damages, or proceeds paid by any third party (other than insurance,proce,eds 'paid under the coverages described in Section S) for: (i) damase to, Of destrucdoD of. the Property; eü} coodeumation or other taking of all or any pan of the Property; (iii) conveyance in lieu of condemnation; or (iv) misrepresenT.atÏons of, or omissions as to, the value and/or condition of the PropClny. (N) "Mortgage Ioeuranœ" means' insurance protecting Leuder against the nonpayment of, or default on, ' the Loan. (0) "Perlocltc Payment" means the regularly scheduled amount due for (i) principal and interest under the Note, plus eii) any amounts under Section 3 of this SClCUriiy Insmunent. (P) "IŒSPA" means the ReaI Estate Settlement Procedures Act (12 U.S.C. Soction 2601 et seq.) and its implementing regulation, Resutation 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 requirementll and restrictions 1:hat are imposed in regard to a "federally related mortgage loan'~ even if the Loan doClS not qualify' as a hfederally related mortgage toan" under RBSPA. 12380473 CIIt -6AIWVII0005J.03 I'qt hf 18 JnJtJBIB.~ 12380473 Form 3051 1/01 000151 000908 (Q) "Successor In ¥Qterert of Borrower" mellDS any party that baa taØn title to the Propcmy. whether or DOt that party bas assumed Borrower'a obü¡atiotu under the Note and/or this Seourity Instrument. TRANSFER OF RIGHTS IN THE PROPBN.TY This Security J:ostrument secures to Lender: (i) the repayment' of the Loan, and all reÙewØl, axtenSions and modifications of the Note: and (ii) the perfOl'IJ1PDCe of Borrower's covenimts and agreementS under this S~urity instrUment and the Note, For dU5 purpos~, Borrower does hereby mongago. grant and convey to MBRS (&oldy III nominee for Lender and Lender's SUCCCBson and assigns) anet to the succeSIlOrB and assigns or MBRS. with power of lale, the foUowing described property 10ca1ed in the County of Lincoln : rr)'pO of Rocordbas Jllrildiçtjg¡¡J [Name of Rœordiua jurlødigCjønJ lot One (1) in Star Valley Ranch Plet Seven '(7) as platted and recorded August 4. 1971 as document number 432466 and map number 179, in the office of the Clerk. Lincoln County, Wyoming.' , ParcelID Number: 12·3518·30·4·06·070.00 10e Ceder Drive ' Star Valley Ranch ("Property Address"): TOGBTHBR WITH aU the improvements now or hCIeafter erected on the property, and all easements, appurtenaDCOl, and fixtures now or hereafter a part ,of the proporty, AU rep1~ents and additions shall also be covered by this Security Instrument. All of the foregoing is referred to in this Security IDatrumCDt as the "Property." Borrower understands BDd agrcos thin ,MBRS holds oo1y legaI title to the interestl granted by Borrowor in this Security Inatrument,' but, if necessary to comply With law ot custom, MERS (as nominee for Lender and Lender's succesSOR and assigns) has the right: to oxorcise any or all of those inte~, including, but not limited to, the right to foreclose and sell tho Property; and .to take any action required Df Lender inoluding, but Dot limited to, releasing and caoc:oling this Security IDsmunent. BORROWER COVENANTS that Borrower is lawfully sciøed of the estate hereby conveyed and has the right to mortgage, grant and convey the Property and that tho Property is unencumbered, except for encumbrances of record. Borrower WB1Tants and will defend gonera11y the title to the Property against Bll claims and demAnds, subject to any CDC1ØI1brllI1C08 of recont. THIS SECURITY INSTR'fJ'MBNT combines uniform covenants for national uso and non-uniform coveuaots with limited VariatiODS by jurisdiction to ccinatitute II uuiform security insttumcmt çovering teal property . Wllid1 currently has the øddrass of , [Street] [City] , Wyoming 83127 [Zip C,odc] 12380473 P"9"hIU ,nltlllla:4~ 12380473 411¡ -6AIWYII000&I,D3 Furm 305'1 1/0'1 AUB 28 2007 8;54 , _ -._. 069 000909 O~0152 UNIFORM COVENANTS. Borrower and Lcmder'covenaJ1t and agree as follows: 1. r.yment of rrincipal, 1otere8t, Elcrow ItemI, Prepayment ChBlJl!l, and Late Charges. Borrower shall pay when due the principal of, and inteIeBt on, tho debt evidenced by the Note and any prep.ymenc charges and late cl18fges due under the Note, Borrower shall also pay funds for Escrow Items pursuant to Section 3. PayIDI;1nts d.ue under the Note and this Security InsttumeDt shall be made in U.S. currency. However. if any check or other instrument received by Lender lIB payment under the Note or this Security lnattument is returned to Lender unpaid, Lender IllaY,requíre that any or all subsequent payments due under tho Note and this security Instrument bel mado in one or more of the· fonowing forms, )II selected. by Lender: (a) cash; (b) monay order; (0) certified check, bank check, treamr'er's check or cashier'. check, provided any fluch ~ok is drawn upon an institution whose deposits ImJI insured by a federal agency, instrUmentality, or entity; or (d) mectmnic Pu:nds Transfer, Payments are deemed received by Lender when received. at the location designated in the Note or at IUCh other location as D1aY bo designated by ù=nder in a.ccµIÜ/mce with tbe notice provisions in Section IS. J..endor may mum any payment or partial paymønt it the payment or partial piLyments are iosuffiçiept to bring tbe Loan current. Lender' may accept any payment or partial payment insufficient to bring the Loan current. without wl,liver of any rights hereunder or prejudice to its rights to refuse' such payment or partial payments in the futuro, but Lender is not obligated to apply such payments at tbe time such payments are accepted. If each Periodic Payment iI applied )II of itll scheduled due date, then Lender need not pay interest OD unapplied i'Imd4. Lender may hold such unapplied funds until Borrower makes payment to bring tho Loan current. If Borrower doea not do so within a relUonabla period of tiniel Lender shall either Ipply such funds or return them to Borrower. If DOt applied, earlier, such funds 'will be applied to d1e outstandbig principal balanco under the Note immediately prior to foreclolUl'C. No offset or claùn which Borrower might. have now or in the fUture against .Lender shall relieve Borrower from ina1dng payments due under the Note and thill Security Instrument or porforming the cOYenmta III1d agreements IICC1U'Cd by this Security Instrument. 2. AppUœdon of Paymeuts or Proceeds. Except 8Ii otherwiBc doscribed in this Section 2, all payments accepted and applied by Len&"r !!baU be applied in the following order of priority: (a) interest due under the Note: (b) principal due under the Note; (c) amounts due under Section 3. SUch payments shall be applied to each Periodic Payment in the order in which it became due. Any remaining amounts shalt be applied f1nt to late chargea, ,second to any other amounts, due under this Security Instrument, and then to reduce the principal balance of the Note. If Lender receives a payment from :Borrower for a delinquent Periodic Payment which iDcludas a sufficient amount to, pay any late çharge due. the payment may be applied to tho delinquent payment and tho late charge. If more than one Periodic Payment is outstanding, Lender mayappl)' any payment received from Borrower to the repayment of the Periodic Payments if, and to the extent that. each payment can be paid in full. To the extent that any oxcess e~ after the payment is applied to the full paymcmt ot one or moro Periodic Payments, such excess may be applied to any late charges due. Voluntary prepaymenta shall be applied. first to any prepayment charges and thOD 18 described in.the Note. Any application of payments, insurance proceeds, or Milc:eUaneous Proceeds to principal due,UDder the Note shBll not extend or postPone the due date, or change the 1IOlDUIlt, ,of the Periodic Payments. , 3. Funds for Escrow Items. Borrower shall pay to Lender on the day Pèriodic paymenta are due, under tbe Note, until the Note is prdd in full, a sum (the "Funds") to provide for payment of amounts due for: (a) taXa8 and assessments and other items which can attain priority over this Security Instrument as a lien or ençumbrance on the Property; (b) leQebold payments or ground rents on the PrQperty, if any; (c) premi~ for any and all insurance required by Lender UDder Section 5; and (d) Mortgage Insurance premiuma, it my I or my S'UD18 payable by Borrower to Lender in lieu of the payment of Mortgage InIuranœ premiums in accordanQO with the provisions of Section 10. Thc8e itoms are catled "Escrow Items. W At origination or at any tittle during the term of the Loan, Lender may require that Community Association Dues. PCCIi¡ and Assessments, it any, be escrowed by Borrower, BDd such dues, fees and assœmumts shIû1 be an Escrow Item. Borrower shall promptty fu.mish to Lender all notices of amounts to be paid under this Section. Borrower s1uill pay Lender the Funds for Escrow Items un1es1l Lender waives 'Borrower's obligllIioD to 'pay the Punds for any or all Escrow Items. Londor may waive Borrower's obligation to pay to Lender Funds for any )r all Escrow Items at any time. Any sucQ waiver may only be in writmg. In the event of such waiver, Borrower shall pay d.irectly, when and where payable, the amounts 12380473 ~ .eAIWV} 100051,03 1'11118 4 011 a Inlll'iI:~ 12380473 Fonn 30G1 1/01 ·....u _... _..v. ...-w_ . ..--,........ (};~0153 00091.0 due for any Escrow Item5 for which payment of Funds has been waived by Lender and, if Lender requires, 8ha1l furnish to Lendor, receipts evidencing" such payment within such ,time period as Lender may require.' ~ormwer's obligation to IDJb mch payments and to provide,reçoipts ~ for all purposes be deemed to be a covenant and agreement contained in this Security Instnuncnt, as the phrase ncovemu1t and agreementH is used. in Section 9. If Borrower is obligated to..pay EsC:01'i IteID!l directly, pursuant to a waiver, and Borrower fails to pay the amount due for an Escrow Item, Lender may exercise its rights Under Section 9 and pay such amount ud Borrower shall then be obligated under Section ,9 to repay to Lender any mch amount, Lender may revo~ the waiver IS to any or, aU Escrow I~ at any time by a Dotice given in accordance with Section 15 andl upon suCh revocation, Borrower ahall pay to' Lender all Funds, and' 'in such amounts, ,that are then required under ~s ,Section 3\ ' , ,Lender may, at any time, collect and hold Funds in an amount (a) sufficient to permit Lender to apply the Funds at the time specified under RESPA, and (b) not to exceed. the rnuimum amount a lender can require under RESPA, Lender Shall estimate the amount of Funds (tue on the basis of current data and reasonable estimates of expenditures of fqture Escrow Item/¡¡ or otherwise in accordance with Applicable Law. .', The Funds shåll be held in an institution whose deposits are insured by a federal agency, i.n8t:mmentality, or entity (including Lender, if Lender is an Institution whose deposiw are so insured) or in any Federal Home Loan Bank. Lender shatl app1y the Funds to pay tho Escrow ItemS no later than thC time ' specified under RBSPA. Lender shall not clÌarge Borrower for holding and applying the F1mds, annually analyzing tho oscrow account, or verifying the Escrow ItemS, unless Lender pays BorroWer interest on tha Funds and Applicable Law pennits Lender to make suçb. a r;:harge. Unless an agreement is made in wriring , or Applicable Law requirca interest to bel paid O:l1Ihe Pundsl Leader shall not be required to pay BOm>wef 8Ì1y interest or earnings on the Funds. Borrower and Lender can agree in writing, howover; that interest shall be paid on tho Funds. Lender ~ give to Borrower, withou1 charge. an annual accciuntin! of the Funds as required by RBSPA. If there is a IlUrplus of Funds held in escrow, as defined UDder RESPA, Lender sb.a11 aocount ~o Borrower for the CXCCIIIS funds in accordance with RBSPA~ If there is a shortage of Funds held in escrow, as defined under RBSPA, Lender sba1l DOtity Borrower as required by RESPA, and Borrower &haIl pay to Lcmder the amoun1 neœssary to malœ up the shortage in accordanoo with RBSPA. but in DO 11lore than 12 monthly payments. If there is a deficiency of Funds held in eøcrow, as ,defined under ,RBSPA, Lender BhaJI notify Borrower as required by RBSPA, and Borrower ¡haH pay to lAnder the amount necessary to IIJIIlnt , up the deficiency in accordanóc wiCh RESPA, but in no more than 12 monthJy payments. Upon P8.YD;1= in full of all sums secured by thiø Security IJÍstrUmrmt, Lender shall promptly refund. to Borrower any FundI held by Lender. , " 4. Cbarges; Lieos. Borrower shall pay aU taxes, assessments, charges, fines, ånd -impollitions attr.ibutable to the Pmperty'which can attain priority 9ver this Security Instrument, leasehold'paymCßa¡ or ground rents on the Property, if any, and Community Association Dues, Pees, and Aøaossments. if any; To tb.è extent thai: those iterns are Escrow Items, BOITOWCr shall pay them. in the manner provided in Section 3. Borrower shall promptly discharse any lien which has priority over thiø Security IDst:rumlnt unless Borrower: (a) agrees in writing to the payment of the obligation secured by the liliHl in a manner acceptable to Lender, but only 80 long as Borrower is perfol1Din¡ such agtecmant; (b) conte¡ts the lieu in good faith by, or dl.'lfcnds against enforcement of the lien in, lelal proœed.ings whièh in Lender's opinion operate to pmOJ1t the enforcement of the lien while those prococdings are pending, but only until such proceedings are COJ1Çluded.; or (c) seœrea ~m the holdor of the lien ~ agreement satisfJctory to Lender subordinating the lien to this Security Instrument. If Lendet' determines that any part of the Property is subject to a lien which can attain priority over this Security Ì11St1UmeDt, Lender may give Borrower a notice identifying the 12380473 Inllllla~ 12380473 _ -8AIWYI 1000&).03 P89Uiof1i form 3051 1101 AU8 28 2007 8:54 ., J69 00091.1 {);00154 , . , lien. Within 10 days of thC date On which that notice is given, Borrower Bball satisfy the lien or take one or mon'! of the actions set forth above in this Section 4. ' Lender may require Borrower to pay ·a one-~e charge for a real oeute tax 'Verifiœtion and/or reporting service used by Lender in connection with this Loan. . 5~ Property Juuraoœ. Borrower sl1alllœcp the improvemen~ now exillting or hereafter erected on the Property insured against lOlls by file, hàzards included within the Ulon "extended covera¡e,· aDd any other hazards including, but not limited to, earthq\ialœs and floods I for which Lender requim insurance. This insurance shall be maintained in the amounts (including deductible' levels) :and for the periods that Lender requires, What Lender requires pursuant to the precCcung senteD.CCDS can c1µmge durin.. the term ,of the Loan. The insurance carrier providing the i~ shall be chosen by Bonowet' subject to Lender's right to disapprove Borrower's choiœ, which right sball not bcexercised unreasonably. Le¢er may requira Bonower to pay; in connection with this Loan, either: (a) a one-time char¡e for flood zonò detem1ination, certification and trIICking services; or (b) a "ne-time eharge for flood zone detcmnination , and .certification services ønd subsequent ,charges each timo remapping. or similar changes oceur which reasonably might affect such determination or crmificatiOD. Borrowcr sba1l m.o be responsible for the payment of any fees imposed by the Federal,Emerge.ncy Mariagement Agençy in cœnection with the review of Ioy flood'zone detmniDation resulting from an objection by Borrower. If Borrower fails to maintain my of the coverages described above, Lender may obtain insurance covirage, at Lender's option and Borrower's expense. Lender is under DO obligatioD to purahaøe any particular type or amount of coverage. Therefore, such coverage shall 'cover Lender, but might or might not protect Borrower, Borrower's' equity in the Property. or the contents of the Property, aiainst any risk. ~ or liablli\y and 'might provide greater or lessor coverage thlD WI8 previously in ef'rect. ~orrower acknowledges that the coat of the insurance covmge so obtained might lIignificant1y exceed the coat of insurance that Borrower could 1mve obtained. A11y amounts disbursed by LeJIdet uu.der this Section S shaU , become additional debt of Borrower secured by this Securi\y Iustrument. 'I'hesc amounts sbaU bear interest at ~e Note rate from the date of disbursement' and shall be payable, with such interosç, upon nC?tice from Lender to Borrower requesting payment. , , All inøurance poUties required by Lend01' and renewals of such policies, sbatt be su;bject to Lender's right to disapprove auœ policies, sQ.a11 inc1ude a standard mortgage clause, and shaU name Lender as .' mortgagee and/or 18 an additiona11oss payee. Lender'shall have the right to bold the policies and renewal certificåtes. If Lender requires, Borrower shall promptly give to Lender all ~pta of paid premiums and renewal notices. If BOlTOWOI' obtains any, fonn, of insurønce cOverage; 'not otherwile IeqUired by Lender. for damase to, or donruction of. the Property, mch policy ,shall incl'l.'lde·. atandard mortgage clause and sba1l D.a1I1e Lender. as mårtgagee and/or 8.11 an additional 10111 payee. 1D the ~ent of loss, Bon:owor iha11 gi\'e prompt notico'Co the insurance carrier and Lender. Lender may make proof of loss if not niade promptly by Borrower. Unless Lender and Borrower otherwise agree Ü1 writing, any insurance proceeds, whether or not the underlying' ÏDsuIlmce was required: by Lender, shall be applied to restoratión or repair ot the Property, if the restoration or repair is economically feasible and Lender',s security is not lessened. During such repair aDd restoration period. Lender shø1l, 1mve tho right to hold such inøurance proceeds until Lender bas had an opportunity to inspect such Proporty to ensure the work has bOlD completed to Lender's satisfaction, provided that such inøpection shall, be unl1ertaen prompdy. Lender may disburse proceeds for the repairs and restoration in ,a single payment or in a seriell of progress payments as'.the work is completed, Unless an agreement Ì8 made in writing or Applicable Law requires Interest to be paid on such insurance proceeds, Lender shaU not be required to pay Bonower any ÌDterest or earningll on'such proceeds. Fee.!! for public ll(ijusters,' or other third parties, retained by, Borrower shall not be paid out of thc insurance PrQceeds and shall be the sole obligadon of Borrower. If the restoration or repair is not economically feasible 01' Lender's seçurity woUld be lQsenecl, the insurance proceeds shall be applied to, the ,/IUIIlB SCC\lI'Od by ~ Security Instrument. whether or not then due, with 12380473 CI\ -ElAIWYIIOOO'I.03 Pøgu Of HI 12380473 I"'IIIIIII~ ~ ~ . Form'30151 1/01 00091.2 000155 the excess. if any, paid to Borrower. ~ch ineurance proceeds ~l be applied in the order provided for in , Section 2. ' If BorroWO!' ~andons. the Property, Lender may file, negotiate and. settle any available ÌDBuranco claim and related manera. If Borrower doeanD1 respond within 30 clays to a notice from Lender that the iDsuraDce carrier bas offered to !lettlo a claim. then Lender may negotiate and settle the claim. Tbe 3()..day period will begin when the notice is given. In either r::vent. or if Lender' acquires the Property under Section 22 or otherwise, Borrower hereby assigns to Lender (a) Borrower's rights to my ~ proceeds in an IIDlOUIlt not to exceed the amounts unpaid under the Note or this Security ~t, and (b) any other of Bonowor's rights (other than the right to any refund of unearned premiums paid by Borrower) lUlder all inIurIu1ce policies covering the Property, insofar as such rights are applicable to the coverage of the Property. Lender may 'USe the insurance proœeds either to repair or restore the Property or to pay amounts unpaid under the Note or this Socurity InsttumelJt. whether or not then due. 6. Occupau"". Borrower shall occupy, establish, and use the Property as ~rrowor's principal residence within 60 days after the execution of this Security Instrument an,d shall continue to occupy the Property as Borrower's prinçipal residence for at least one year after the dalO of occupançyl unless Lender otherwise agrees in writing, which consent ,øbal1 not be unreasonably witbhe1d, or unle&s extenuating circumstances exist which are beyond Borrower's control. 7. Preservation. MaIoteaance and Protection of the Property; IoIpedions. Borrower shall not destroy, damage or impair the Property. aLlow the Property to deteriorate' or commit waste on the Property. Whether or not Borrower is residing in the Property, Borrower sl1a1l maintain the Property in order to prevent the Property from deteriorating or decreasing in value due to its condition. UnlCll\l& it is determined pursuant to Soo1ion S that repair or restoration is not economiça11y feasible, Borrower shall promptly rçaif the Property if damaged tD avoid further detorionuion or dama¡e. If insurance or COndemnatioD proceeds are paid in connection with dlunage to. or the taking of, the Property. Borrower shall be responsible for repairing or rQ8wring the Property only if Lender has releued pror::eads for INCh purposes. Lender may disburse P"?ceeds for the repairs and restoration in a single pay¡nent or in a series of progress pa)'IQlmts as the work Is cOmpleted. If the insurance or condemnation proceeds ai:e not sufficient to repair or restore the Property, Borrower is nOt relieved of Borrower's obligation for the completion of such repair or restoration. ' Lender or its agent may make X'Oasonable entries upon and inspectiooll of dÌo Property. If it has reuonab1e cauao, lAnder may inspect 'the iDterior of the improvements on tho Property. Lender shall give Borrowe:r notice at the time of Dr prior to such an interior inspootion specifYing such reasonable cause. 8. BortOftr". LoIIII ,Applh:atfoø; Bórroww shaU 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 knowledgo or. consent gave materially false, misleading, or inacçuralO information or statements to Lender (oX' failed to provide Lender, with material infonnaûoD) in connection with the Loan~ Material representations include, but are not limited to, repmentations concetning Borrower's oacupsncy of the Propert)' as Borrower's principal residcmco. . 9. Protection of Lmder'lIloterelt 10 the Property and Rights UndC!l' this Sec:urIty Imtrument. Xf (a) Borrower fails to perfonn the covenants and agreements contained in this Security InstruDleDt, (b) there ia a legal proceeding that might significantly affect Lender's ÌDtI!II'IIst in the Property audlor 1jghts UDder this Security, Instrument (iuch BII a proceeding in bankruptcy, probatel for condemnation or forfeiture, for enforcement of a lien whic;:h may attain priority over this Security Instrument' or to enforce laws or regulationa), or (g) Borrowot' has abandoned the Property, then'Lender may do and pay for whatever is ~onable or appropriate to protect Lender' ~ interest in tho Property and rights under tbis Security Instrument. including protecÛDg and/or assessing the value of the Property, and lecuring and/or repairing the Property. Lender's actions can include, but life not liiDited to: (a> payjng my sums secured by a lien which has priority over this Security Insttument; (b) appe&rlng in court; and (0) paying reascmable 12380473 InlIIØI8: ~ ~ 12380473 CIIt ·6A(WY) 100061.03 Pao- 71;1' 1U Form 3Q51 1'01 AUB 28 2007 8:54 I u.."J69 00091.3 000156 attorneys' fees to protect its interest in the Property andlor righu under tbis Security lnstnm1ent, inotuding-, its secured position in a bankruptcy proceeding. Securing the Propony indudes, but Is not limited w, entering the Property to makç repairs. change locks, replace or board up doors and windows, drain water from pipes, eliminate buDding or other code violatioIl& or dangeI'01:l8 conditions, and have utilities turned OD or oft. Although Lender may take action under thUJ 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 inwn no liability for not taking any or all actions authorized under this Section 9. ' Any IIDlOunts disbursed by Lender under thÌI Section 9 shall become additional debt of Borrower secured by this Security Instrument. Those amounts shall bear' interest at the Note rate from che date of disbunement and shall be payablel with such interest, upon notico from Lender to Borrower requesting paymon~. If this Security Instrument is on a leasehold, BorroWCI' shall comply with all the provisions of the loue. If Borrower acquires fee ~tle to the Property. tho leasehold and the fee title shall not merge unlCli18 Lender a~ to the merger in writing. " , 10. Mortgage lDøunmœ. If Lender 1'eqUirod Mongage Insurance as a condition of making the Loan, Borrower 5ba11 pay the premiums required to møin~ the Mortgage Insurance in effect, If, for any re&lon. the Mortgage InsurBr1ce coverage required ~y Le&ider ceases to be available from the mortpgo iÐsurer that previously provided such insurance and Borrower WBS required to make separately designated payments toward the premiwna for Mortgage Insuranco, Borrower shall pay the premiwna required to obtain coveraga substantially equivaleDt to the Mortgage Insurance provioUll1y in effect, at a cost aublitlWtially equivalent to the cost to Borrower of the Mortgage Insurance' previously in effect, from an alternate mortgage insun::r selected by Lender. If substantially equivalent Mortgage Insunmce coverago is not avai1able, Borrower shall continue to pay to Lender the amount of the {lCpuatoly doaignated payments that were due when the insurance coverage ceased to be in e1'fe!;:t. Londet' will accept, use and retain these payments as a non-refundable loss reserve in lieu. of Mortgage Insurance. Such 10118 reserve shall be non-refundable, notwitb$tanding the fact that the Loan is ultimately paid in, full, and Lender shaD not be required to pay Borrower any interest or earnings"ou such lOll reserve, Lender can no longer requiro loss reserve pø.yrnentS it Mortgage Insurance coverage (in the amount and fop: the period that Lender requires) provided by an insurer lIelected by Lender again bocomes available. is obtained. md Lender requires separately ~ignated paymenu toward the premiums for Mortgage losuranço,'If Lender required Mortgage Insurance as a condition of making the Loan and Borrower was required to make separately designa¡cd payments toward. tho premiums for Mortgage Insurance, Borrower 1lba11 pay the premiums required to maintain Mortgage lnIIùrance in effect, or to provide a Dou-re1\m~ble lOlls reserve, until Lender'. requirement for Mortgage Insurance ends in accordance with any written agmcnne:mt between Borrower and Lcnc.:Ier providing for such termination Dr Wltil termination is requhed by Applicable Law., NothinJ in this Section 10 affects Borrower's obligation to pay interest at the rate provided in the Note. Mortgage Insurance reimburses Lender (or any cmû\y 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 tho Mongage Inwrance. Mongage insurers evaluate their total risk on alJ such 'iDsunmœ in force ftotn time to time, and may cmtor into· agreements with other parties that &bare or modify their risk, or reduce losses. These agreements are ou terms and CODc1itions that are satisfactory to tho InOltg&ge insurer and the othe1' party (or parties) to 111080 agreements. Tbese agreements may require the mortgage insmer to maIœ payments using lID)' source of funds that the œortgage insurer may have avai1able (which may .inctude funds obtained froOl Mortgage Insunnœ pmmiums) , ' As a result of tb.eu agreements, Lender, any purchaser of the ,Note, anothor insur'8t', any reinsurer, any other entity, or any affiliate of any of the foregoing, may receive (di.ractly or inditect1y) amounts that derive from (or might be characterized as) a portion of Bottower's payment/¡ for Mortgage Insurance. in exchange for sharing ,or D10difying the mortgage insurer's risk,' or reduoing losses. It such agreement providell that lID affúiate of Lender takes a share of the insurer'lI risk in I¡¡:çhange for a share of the premiums paid to the insurer I the arrangement is often termed "captive roinsurance." Further: (a) Any such agnemenQ wfJl not affect the amounts that Borrower has qnedto pay for Mortgage l'Jmmmœ, or" any o~ terms of the Loan. SDCb agn:emeots will not IolftUe the amount Borrower will owe for Mortpge lDøuraoœ, and they wm not euUtle Borrower- to any refund. 12380473 ~ ,l-- 12380473 InlIIBI8:~ «II1-6AIWYI(D~6 .Da P4lO~hf1e Form 3051 1/01 ,.-.., -- ---- --. -_.-.--- 0,1)0157 000914 (b) Any sudl a¡reementø will not affect the rlpts Bol'1'Ower bas - if any - with n:spect to the Mortgage wurance un... the Homeowners Protection Act of 1998 or any other law_ Tbeae rights may Indude the right to reœ!ve œrtaiD discloaUl"ll, to request and obtain canœlIaUon of the Mortpp lDIurance, to bave the Mortgage Insuranœ tarmiDated auto.atleaUy I and/or to receive a refund of øny Mortpge,lnsurance premiums that were 1IDeaI1Ied at the tbne or SlId. caoc:eIIatJon or tanoinatlon. ' ' " 11. Aulpment of MIsceI1....eous Proceed8¡ Foriaitun!. AlI'Miscol1aneous 'pròèeeds are hereby assigned to and sba11 be paid to Lender. ' If the Property is damaged, such Miscellaneous Proceeds shall be applled to restoration or repair of the Property, if the restoration or repair is econonrlcally feuible and Lender'lI security is not lessened. During sudl repair and restoration period, Lender shall have the right to hold such Miscellaneous Proceeds uutil Lender ~ had an opportunity to inspect such Property to ensure the work hu been QOmpteted to Lender's satisfaction, provided thai; such iDBpcction 8hall be undertaken promptly. Lender may pay for the repairs and restoration in a single diSbursement or in a series of progress paymenlB 88 the work is camploted. Unless an agreement is made in writing or Applicable Law roquires interest to be paid on such Miscellaneous Proceeda, Lender sball Dot bo required to pay Borrower any interest Dr earnings OD II1lCb MiscelllU1COus Procoeds, If the restoraúoD or repair is DOt economica11y feasiblc or Lender's security would be lessened., the Misce1laneous Proceeds shall be applied to me BU!DS seourecl by this Security In&trumeot, whether or not then due, with the excess, if any, paid to Borrower, Súeh Miscellaneous Proceeds shall be applied in tho order provided for in Section 2. In the event of a total taking, destruction, or 10&11 in value of the Property, the Misçollaneous Proceeds .hall 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 plUti8l taking I desuuction, or loss iD value of the Property in which the ~air market value of tho Property immediaæly before the partial taking, destruction, Dr loss in value is equal to or greater than the amount of the lIums secured by dUø Security Instrument immediately before the partial taking, desuuction, or loss in vatue, unless Borrower and Lender otherwise agree in writing, the sums secured by this security Instrument abaIl be mlucod by the amount of the Miscellaneous Proceeds multiplied by the following fraction: (a) the total amolillt of the sums secured. immediately before tho partiat taking. destruction, or loss in value divided by (b) the fair market value, of the Property immediately before the partial taking, demuction:. or loss in value. Any balance shall be paid to Borrower. In the event of a partial taking, destruction, or 10&11 in value of the Property in which the fair market Value of the Property immediately before the p~ taking, destruction I or 'lOBS io value is less than the amount of the sums socurod iøunediate1y before the partial ta1dng, destruction, or loss in value, un1cu Borrower and Lender otherwise agree in writing I the Miøçellaneoua, Proceeds shall be applied to the sums ICCUred by this Sc:curity InstrumQDt whother 01' not the sums are then due. , If the Property is abmdcmcd by Borrower, .or if, after notice by Lender to Borrower that the , Opposing Party (lIS defined in the next sentence) offers to 11Jala) an award to settle a claim for damagcss, Borrower fails to respond to Lender within 30 days after the c1ate,the notice is given, Lender is authorized to collect and apply the Miscellaneous Proceeds either to restoration or repair of the Property or to the sums secured by this Security Instrument, whether or,not then due. ~Opposing Party. means the third party that owes Borrower, Miscellaneous Proceeds or the party against whom Borrower ha& a right of ICticn in regard to Miscellaneous Prooced$. ' , . Borrower shall be in default if any action or proceeding, 'whether civil or criminal, is begun that, in Lendor's judgtnentl could result in forfeiture of the Property or other material impairmont of Lender's interest in the Property Dr rightll undot this Seeu.rity Instrument. Borrower can cure such a default and, if acce1eration bas oCClJ1'1'eCl. reinstate as provided in SectiOD 1 9 I by causing the action or proceeding to be dÍIIIliIIsed with a roling that, in Lader's judgment, precludes forfeiture of thc Property Dr other Ø1Idcrial impairment of Lender's interest in the Property or rights undor this Security Instrument. The proceeds of any awBrd or claim for damages that are attributable to the impairment of Lender's interest in the Property are hereby assigned and sha11 be paid to LeDder. All Misœl1811C0U8 Proceedll that are not applied to restoration or tepair of the Property shall be applied in the order provided for in Section 2.. Pagl t on & ',Inlll l ,~ 12380473 12380473 _-SAlMI (OOO&).Q3 Fann 3061 1/01 AUB 28 2007 8;54 000915 , u~u, J69 000158 11. BorrowlI' Not Rel.øed; Fo.-bearance By Leoder Not a Walvll'. ExtcmBion of the time tor payment or modification of amortization of the sums øè:cured by this Security InBtroment granted by Lender to Borrower or any Sucœasor in Interest of Borrower shall not operøte to release the liability of Borrower or any Succes80rs in Interest of Borrower. Lender shall not be required to commence, proceedings against any Successor in Inteœ.st of Borrower or to refuse to extend time for payment or otherwise modify amortÎz.ation of the sums secured by this Security Instrument by teasOD of 'any demand made by the original Bottower or any Su~rs in Interest of Borrower. Any forboaranœ by Leader in exercising any right or remedy including, without limitation, LeDder's acceptance of paymcntø from third persoDSI entities or Sw:ceuors in Interost of Borrower or in amounts less than tho amount then due, shall not be a waiver of or preclude the exercise of any right or rcmødy, 13. Joint and Several Liability; Co-lipen; Sucœsøol'8 and Alsip Bo....d. Borrower covenants and agrees that Borrower's obligations and liability sball be joint and several. However. any Borrower who co-signa this Sc::curity InøU'Umont but does not execute the Note (a "co-r¡igno.¡lI): (a) is co-signing this Security InsU'Ulne11t only to mortgage, grant and convey the c:o-signer's interest in the Property under the terms of tl1is Security Imtrumcnt; (b) ifl not personally obligated to pay the sums secured by this Security Instrument; and (c) agroes that Lender and any other Borrower can agree to extend, modify, forbear Dr make any accommodations with regard to the term8 of this Security Instrument or the Note without tho co-signer's consent. , Subject to the provisions of Section 18, any Successor in Interest of BOffOWet' who assumes 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 Instrwnent. Borrower shall not be released ft(un Borrower's obligatioDs and liability under this Security Instrument uulcss Lender agrees to such release in writing. The covenants and agreements of this Security Instrument shall bind (except as providecl þl Section 20) and benefit the succeslJOrll and assigns of Lender. 14. Loan Charges. Lender may charge Borrower fees for services performed in connection with Borrower's default, for the pwpose of protecting Lender's interest in tho Propeny and rights under this Security Instrument, including, but not limited to. anomeys' fees, property inspection and valuation iWs. In regard 10 any other tees, ,the ¡Wsence of express authority in thiIJ Soourity WtrlJD1eDt to charge a specific fee to Borrower shall not be CODltrued as a prohibition on the charging of such fee. Lender may not c:harge fÇO$ that arc expressly probibited by this Security InstJ:ument or by Applicable Law. If the Loan is subject: to a law which setS mWmUln loan charges. and that law is fina1ly interpreted so that the interNt or other loan charges collected or to be Collected in çooneçtion with the Loan exceed the permitted limits. then: (a) any such loan chargo shall be reduced by the amount neceB5ary to reduce tho cbarge to the permittec1limit; imd (b) any flUms already collected from Borrower which exceeded permitted limits will be :refuuded to Borrower. Lender may choose 10 make this refund by reducing the principal owed under the Note or'by making a direct payme¡n,to Borrower. If a refund reduces principal, the reduction will bo treated as a partial prepayment without any. prepayment cbarge (whether or DOt a prepayment cbarge is provided for under the Noto), BotTOwer's acceptance of any such refund made by direct payuumt to Borrowor will constitute a waiver of any right of action Borroww might have arising out of such overcharge. . 15. NoUees. All notices liven by 'Borrower or Lender in connøction with this Security Instrument must be in writing. Any notice to Borrower in connection with this Security Instrument shall be deemed 10 have been given to Borrower when mailed by first class mail or when aotua11y delivered to Borro'Wer'. notice address if sent by other IDCØD8. Notice to anyone :Borrower shall constitute DOtice to all Borrowers uulcss Applicable L¡¡w oxpressl, requires otherwise. The notice, address sha11 be tho PJ:oporty Address unl08S Bonower has designated a substitute notice address by DOtiQe to Lender. Borrower shall promptly nodfy Lender of Bprrower's chango of address. If Lender specifies a procedure for reporting Borrower'fI change of a~flfI, then Borrower shall only report a change of address through that specified procedure. There may be only one designated notice address under this Security Instru1nent at anyone time, Any notice to Lender shall be given by delivering it or by mailing it by first class mail to Lender's addross stated herein unless Lender has designated, mother address, by notice to Borrower. Any notice in çonnection with this S!'CWity InstrumDIII: shall !Wt be deemed to have been' given to Lender 1lDtil actuaUy received by Lender, If any notice required by this Security, Instrument µ¡ also requinld under Apptioable Law, the Applicable Law requirement will satisfy tlJe comsponding requirement under this Beourity Instrument, 12380473 flit -6A(WYJ 1000&1.03 InltJ~ "'9010 af 111 12380473 Form 3051 1/01 ..-..... -- ---" - -. " ---. --- 00091.6 OD0:159 , , 16. GovendDg Law; ScvarabWty; Rull!8 of CoOStrucdOD. This Security Instrument &hall bo governed by federal law and the law of tho jurisdiction in "hich the Property i8 loC$d. AU rights and. obligmom çontained in this Security Instrlimcnt arc subject to any requirements and limitations of Applicable Law. Applicable Law might explicitly or implicitly allow the parties to agree by cootract or 1t might be aüent, 'but such süence shaII Dot be coDlltrued as a prohibition alahmt a¡reement by contraCt. In the event that ,my provision or clause of thia Security Instnuncmt or the Note confliCts with Applicable Law i suçh conflict shall not affect other provisioDs of this Security Instrument or d1e Note which can be given effect without the conflicting provision.. ' Aø UBed in this Security Instrument: (a) words of the mll$culine gender sball mean md inolude corresponding neuter words or words of the feminine gender: (b) words in the siIigular øha1l moan and include the plural and vice yorsa; and. (c) the word ,·may" gives sole diøcretion without any obligatiOD to , take any action" ' 17. Bomnver'. Copy. ~Drrowor shall be given one copy of the Note and of~ Security Ju.smu:nent. 18. Traøsfer of the Prope11y or a Bcnefidallntereß In, Borrower. As used in thii Section 18, ·Interest in the Property" means any" logal or bèoeficial interest in the Property, including, but not limited to, those beneficial in.torms transferred in a bond for deed, con1:ract for deed, installment sales contract or ClIcrow agreemeDtl the intent of which is the trqnsfcir of title by Borrower at a1i1ture dBte to a purohaser. If all or any pan of the Property Or my Intel"Clt in the Propeny is sold or ~ferml (or if Borrower is not a natural. person md a benefuñal interest in Borrower is sold or Ú'IUlBferred) without Lender's 'prior written CODSOD.1:, Londer may requite immediate payment in full of aU sums secured by thili Security Jnsttument. However. this option IIhaU not be exercised by Lender if &Uch excrgise is prohibited by Applicable Law. , If Lender exercises this option, Lender shall give Borrower DOtice of accelcraùon, Tho notiœ sba11 provide a period of not lou than 30 days from the elate the notice is given in açeorcJance with Section lS within which Borrower must pay all sums secured by this Security IDstrument. If Borrower fails 10 pay tbeae SUttIIi prior to the expillUion of this periool 'Lender ~y: inwke any remedies pcmnitted by',this Security IoøtrUD1lnt. without further ootice or demllDd on Borrower. 19~ Borrower'. Right tc) RetJlltate After AcœleratiOD. If Borrower meets cortain conditions, Borrower shall have the rigbt to have enforcement of this Security Instrument discontinued at any time prior to the earliest of: (a) five days bofore sale of the PrOperty PU1'&uant to any power of sale Qontained in this Securi~ Inst:rurnentj (b) such other period as Appliçable Law rpight specify for the tetmiDatlon of Borrower's right to reinstate; or (c) entrY of a judgment enforcing this Security Instrument. Those c:ondiiions arc that Borrower: (a) pays Lender all IiUDlB Whiçb then would be due under this Security lDs~t and the Note as if no acceleration had oœurred; (b) cures any default of my other covcnantll,or IJI=Dlent8; (0) pays all øpenses incurred in enforcing this Security Ioøtr\lrllellt, including, but not limited to, œasonab1e attorneys' fees, property inspcoiion and valuation fees, and other fees incmm:d for the purpose of protecting Londar's interest in the Property and rights under this Seourity Instrument; and (d) takes such action as Lender may reasonably requiro to assure that Lender's interest in the property and rights UDder ~ Sec:urity Instrument, and Borrower's obligation to pay the IiUDJI secured by this Security Ii1øtrumeDt, shall continue unchanged. Lender may require that Borrower pay sucb reinatatcment SUDlB and expenses in one or mOID of the following forms, as selected by Lender: (a) oash; (b) money ordet: (c) certi.fied chc:Qk, bank cbeckl treasurer's cl1eck or cashier's check, providod any such check is drawn upon an institution whOle deposits are insured by a fede..aI agency, instrumeDtality or entity; or (d) ElectroDÍc Funds Transfer. Upon roiMatement by Borrower, thia Security Instrument and obligations seeured hereby shall remain tully effective as if no acceleration had occurred. Howve.., this right to reinstate ihaIl not apply in the C81e of acceleration under'Section 18, ' , 20. Sale of Note¡ Change of Loan Servic:er; Notice of Grlevan~. The Note or a partial interest 'in the Note (together with this Security wtrQ.ment) can be sold one or more times without prior notice to Bonowcr. A sale might result 10 a chaoge in the entity (known as tho "Loan Servicet") that couècts Periodic Payments due under the Note md this Security Instrumel1t and performs other mortgage loan servicing obligations under tho Notal, this Sec:urity Instru;nent. md Applicable Law. There also might be . one or more chango. of the Loan Servicer unrelated to a sale of the Note. If there is a change of the Loan SOI'Vicet, Borrower will be' given written notice of tho çbang, which wül state the name and address of the new Loan Servicer, the addross to whidl,payments should be made and any other information RBSPA ~.8AIWY IOODBl.oa f'Bgs II 0115 123'80473 InI I'-:~ . ~ Form 3061 1/01 12380473 , "'1 AUB 28 2007 8:54 I U"'/ 069 0-00160 00091.7 requites in connection With a notice, of trilDlfer of~servicing. If the Note is sold and tb.c:rcútcr tho Loan is serviced by a Loan Sei'vic;:or ocher than the purçhaser of the Note. the mortgage loan servicing obligations to Borrower win remain with thè Loan Servicei or be trai1sfmed to å IJUQœSSot' Loan Serviœr and are not 88sumad by the Note purchaser unless otherwise provided by the Note pmØwer. Neither Borrower nor Lender may commence, join, or bo joined to any judicial action (as either lID individual litigant or the member of a class) thatillises from the other party's actions pU1'8Uant to this ' Security Instrument Dr that alleges that the other patty has breacl1ec1 any provision of, or any duty ovyed by J"e8SOÐ ofl this Security Instrusnent, Wltil such Borrower or Lender lias notified the other party (with such notice given in complianco with' the' requirements of, SectlOD 15) of 'such alleged breach and. afforded the othet' party hereto a reasonable period after tho giving of, such notice to take corrective acdOD, If Applicable Law provides a time period which must elapse before cortain action can be taken, that ti.rne period will be deemed to, bo reasonable for purposes of this paragraph, The notice of acceleration IIDd opportuDity to duro given to Borrower pursuant' to Section 22 and the notice of acceleration given to . BorrowCJ;' pursuant to ScQµon 18 shall be deemed to satisfy the notice and opportUnity to take corrective action provisioDS 9f this Section 20. 21. llazauiioll8 SubBtaocœ. As used in this Section 21:' (II) ~ßazardous Substancesft are those substances definec1 as toxic or hazardous substances, pollutants. or wutes by BnvirOnmental Law and tho following substances: gasoline, kerosene I other flammable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos' or formaldohydo, and radioactive nmerialsj, (b) "Environmental Law· means federal laws IIDd laws of the jurisdiction where the Property is located that relate to health. safoty or envirorimenUll prot8CtÏonj (c) ftBnviromnema1 Cleanup· includes any reapoDSe action, remedial 1WÜ0D, or rcmqval action, 118 dofinod. in En\'ÏI'9nmontal LaW¡ and (d)' an "Bnviromueotal Condition· means a condition that can cwe, contribute to, or otherwi80 trigger an Environmental Cloanup, Borrower shall not CllUSe or permit the preøence, use, disposal, lItOrq:o, or roleue of any Hazardous SubsUlJ1CeS, or threaten to release any Hazardous SubstmCC8, 00 or in the Property. Borrower shall not do, nor allow anyone elso to 40, anything affecting the Property (a) tl\it is in 'Violation 'of any Environmental !.awl (b) Whicl1 ctelltes,an Environmental CooQition, or (c) which. due to the preøence, use, or release of a Hazardous SUbstance. creares a condition ~at a4versely affects 'the value of the Property. The ,preceding . two sontcmœs shall not apply to the presence, use, or storage on the Property of small quantitie~ of Hazardous SubstaDQeØ that aro gonera11y ~cognized' to be appropriate to normal residential uses and to maintenance of the Property (including, but not limited to, hazardous substances in consumer products). Borrower shall promptly give Lender written noûcc of (a) any investigation, claim, demand, lawsuit C)r 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 acmal knowled~, (b) any EnYiromnental Condition, including but nqt limited to" àny spilling, laaking, discharge, release or, thraat of rc1C8.!1c of any Hazardous Substance, and (c) any condition causec1 by ~ preseDcc, use or releue of a Hazardous Substance which adversely affects the value of the Property. If Borrower leams. or is notified by any governmental or regulatory authority, or any private party, tbIú any ramova1 or other remedi.JUion of any Hazardous SUbstance affecting ihe Property is oecessary, Borrower shall promptly take all ~sary romadia1 actions in accordance with Ènviromnental Law, Nothing herein shall create any obligation on Lender for an Bnvirormumtal Cleanup. 12380473 . ~:8A(WYJ 1000111.03 PDII81211f1' 'InIUsIø~ W-- Farm 3051 1/01 12380473 ~liJ0161 000918 NON-UNIFORM COVENANTS. Borro~ and Lender further covcnaot and agree as follows: 22. AœeI.-atioo; Remedies. Lender shall give notice to Borrower prior to acœleraUoo foUowlng Borrowar's bnadl of any coveáant or agreement in this Sec:urlty IDØ:rua1ent (but DOt prior to aø:deraUon under SectIon 18 UDIess AppUcable Law pro\'ides otberwise). The notlœ IlbaIl speclfy: (a) the default; (b) the actioo raquind to çure the default; (c:) a date, Dot less than 30 days from the date the notice Iø Kino 10 Bor.rower, by which the clefawalt must be c:und; and (d) tbat f'aIIure to çure the default on or befoJ'e the due specified in the Dotiœ DIllY ruuIt in ac:œIeratiOD of the .1DD8 seeund by dds Seeurtty Instrumœt and sale of tbll ProPIlrty. Tbe notice .baD ftu1her bd'om Borrower of the right to reinstate after ac:œIcratioo and the right to bring a court ac:tloo to assert the non-alstenœ of a default or any other defense of Borrower to acceleration and sale. If the default Iø not CIII'f!d on or before the date "edited fa the notice, Lender at its optioo may nquil-a immediate pay~t in full of . all BUDIIiI secured by this Security Instrmnllllt withODt further demand and may Invoke tbe power of sale and any other rmoedies permitted by Applleable Law. Leader sbaD be entitled to coUIId all axpeDIesloc:urred in pumdng the remedies provided in this Sec:tioo 22, including, but oot limited to, reasonable attonaeys' fees and costs of title e'Videoœ. If LeddCl' involœs the po~ of sale, Lender .baII gin nodce of Intent to foreclose to BOmJwer and to the penoo in poII_loo 'of the Property, If' cUlfe.-ent, in accordanc:e 'frith Applkable Law. Lender øbalI give notice of the sale to BolTOwer In the lDIUUlet provided in Sectioo 15. LmdCl' ahall pubUøh the notice of sale, and tbe Property shall be aold in the manotlr preserlbed by Applicable Law. Lender or Its designee may purduuo the Property at any lIIle. The proc:eecb of the sale øball be applied in the followio¡ order: (a) to 'all expeDlleø of the sale, including, but Dot limited to, reuonable aUomeys' fees; (b) to aU loins øeeured by tbIs Sec:nrity InstnDnent; and (c) IIIlf exa:IIII to the penon or persons legally entitled to it. ~. .Release. Upon pa)'IlUlnt of aU sums secured. by this Security Instrument, Lender &hall release this Security Instrument, Borrower shall pay 'my recordation costs. Lender may charge BOlTOwer a fee for releasing this security Instrument, but only if the fee is paid to a third party for services rcmdsred and tho chargiD¡ of the fee is permitted 'under Applicable Law. 24. Waivers. Borrowe1" releases and waives all rights under and by virtue of thø ho1Destead exemption laws of Wyoming, " P-oe 1hf 1~ InltJ8I~ 12380473 12380473 4IIt .eAfWY) IOOO!ll.oa Form 3061 1101 AUB 28 2007 8;54 ,m,J69 O'~0162 00091.9 BY SIGNING BBLOW, Borrowar øeçepts and agrees to the tenns and coVCDaDtl con1ained m this Security IDstrument and m any Rider executed by Borrower md recordÿd with it, Witnesses: (Seal) -Bonvww (Seal) -Borrower (Seal) -BcJn'ower 12380473 CIt-6AIWY) 11IQ01i1,03 --4"~ ¿. ,tL~) Gregory C. Hodson -Borrower ~ (Soal) ...Jorrowcr (Seal) -Borrower (Seal) -Borrower (Soal) -Donvwør 12380473 Pbg, 14vl IS Farm 3061 1/01 · O~0163 ' 000920 STATE OF WYOMING, L i ncol n County a: '2!ð~ Tho foregoing instrument was acknowledged beforu me this August o,(¡f.., 2001 by Gregory C, Hodson My Commission Expires: r,G_t-\l;;æ.=.;ì 4&48 8øu\II HoIItday IaUIMrd I I · HclllIICIaY,Ullh84U7 I ~ My=:;I:~ I I.': _ _ _ _.Jf~ -... 12380473 InllI~~ 12380473 CIIt -6A(WYJ 1000&1.03 "." 1& af 1Ii Farm 3051 1'01 00092j. I, Gregory Hodson, am aware that the PUD box is marked on my loan documents. ~~~'-Í C- ,. t/"L-- Gregory Hodson On the 7th day of September, 2007, personally appeared before me Gregory Hodson who duly acknowledged to me that he executed the same. P',,-;f/i.[rfø;"I w2 / .~/ . SouIIIHoIIIdayBoul8Yard V ~. . ' 4&43 HaII_. Utah =~. . t.ty=2011' s:'. State óf Utah _ .. 1.._-------- 000922 000164 SECOND HOME RIDER THIS SECOND HOME RIDER Is made thIs 27th day of August, 2007 , and I, Incorpora1:ed Into end shall be deemed to amend and supplement the Mortgage, Deed of Trust, or Security Ceed (the "Security Instrument") of the seme date given by the undersigned (the "Borrower" whether there ere one or more persons undersigned) to secure Borrower's Note to M& T Bank (the "Lender") of the same date and co~ering the Property døscribed in the Securitv Instrument (the "Property"), which is located at: lOB Cedar Drive Star Velley Ranch. WY 83127 [Property Address) In addition to the covenants and agreements made In th.e Security Instrument, Borrower and Lender further covenant and agree that Sections ,6 and 8 of the Security Instrument ere ~eleted and are replaced by the following: 6. Occupllnc;y. Borrower shall occupy, and shall only use, the Property as Borrower's second home, Borrower shall keep the Property available far BorrQwer's exclusive use and enjoyment at all times, and shall not subject the Property to any timesharIng or other shared ownership arrangømønt or to any rentsl pool or agreement that requires Borrovv:ør either to rent the Propertv or give a management firm or IInv other ,person "nv control ove~ the occupancy or use of the Property. 8. Borrower'. Loan Application.' Borrower shall be in ,default if, during the Loan application process, Borrower or eny persons or entitles acting 8t the direction of Borrower or with Borrower's knowledge or c~) "Isent gave materially false, mislBading, or Inaccurate Informa1:ion or statements to Lender (Dr flliled to provide Lender with material information) in connection with the Loan. Meterlel representations Include, but are not limited to, representationlJ oonoernlng Borrower's occupancy of the Property as Borrower's second home, 12380473 12380473 MULTISTATE SECOND HOME RIDER - Single FamflY'· F.nnlø M_/Froddle Mile UNIFORM INSTRUMENT' . ' Form 38901/01 Page 1 of 2 ,Inltlals~ CI¡-38SR (0411) VMP Mortgage Solutions, Inc. (800)521-7291 AUB 28 2007 8;54 , "uU/ J69 OOO~23 Oi)01G5 BY SI,GNING BELOW, Borrower accepts and agrees to the terms and covenants contained In this 'Secónd Home Rider. .' ~~(~f é- G egory ,Hodson JA ~Slilal} -Borrowøf (Seal) -Borrower (Seal) -Borrower (Seal) , -Borrower 12380473 ~-3e5R (0411' (Seal)' -Borrower Page 2 of 2 (Seal) -Borrower (Seal' "Borrower (Seal) -Borrower 12380473 Form 3890 1/01 000924 O~J0166 PLANNED UNIT DEVELOPMENT RIDER THIS PLANNED UNIT DEVELOPMENT RIDER is made this 27th day of August. 2007 , and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust, or Security Deed (the "Security Instrument") of the same date, given by the undersigned (the "Borrower") to secure Borrower's Note to M&T Bank (the "Lender") of the same date and covering the Property described in the Security Instrument and located at: 108 Cedar Drive. Star Valley Ranch. WY 83127 [Property Address] The Property includes, but is not limited to, a parcel of land improved with a dwelling, together with other such parcels and certain common areas and facilities, as described in The Deed, The Declaration of Covenants, Conditions and Restrictions. (the "Declaration"). The Property is a part of a planned unit development known as Star Valley Ranch [Name of Planned Unit Development] (the "PUD"). The Property also includes Borrower's interest in the homeowners association or equivalent entity owning or managing the common areas and facilities of the PUD (the "Owners Association") and the uses, benefits and proceeds of Borrower's interest. PUD COVENANTS. In addition to the covenants and agreements made in the Security Instrument, Borrower and Lender further covenant and agree as follows: A. PUD Obligations. Borrower shall perform all of Borrower's obligations under the PUD's Constituent Documents. The "Constituent Documents" are the (i) Declaration; (ij) articles of incorporation, trust instrument or any equivalent document which creates the Owners Association; and (iii) any by-laws or other rules or regulations of the Owners Association. Borrower shall promptly pay, when due, all dues and assessments imposed pursuant to the Constituent Docùments. 12380473 12380473 MULTISTATE PUD RIDER - Single Family- Form 3150 1/01 Wolters Kluwer Financial Services ·VMP~-7R (0411).01 Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Page 1 of 3 Xlnitials: ~ 000925 O~')Oj.67 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. Such proceeds shall be applied by Lender to the sums secured by the Security Instrument as provided in Section 11. E. lender's Prior Consent. Borrower shall not, except after notice to Lender and with Lender's prior written consent, either partition or subdivide the Property or consent to: (i) the abandonment or termination of the PUD, except for abandonment or termination required by law in the case of substantial destruction by fire or other casualty or in the case of a taking by condemnation or eminent domain; (ij) any amendment to any provision of the "Constituent Documents" if the provision is for the express benefit of Lender; (iii) termination of professional management and assumption of self-management of the Owners Association; or (iv) any action which would have the effect of rendering the public liability insurance coverage maintained by the Owners Association unacceptable to Lender. F. Remedies. If Borrower does not pay PUD dues and assessments when due, then Lender may pay them. Any amounts disbursed by Lender under this paragraph F shall become additional debt of Borrower secured by the Security Instrument. Unless Borrower and Lender agree to other terms of payment, these amounts shall bear interest from the date of disbursement at the Note rate and shall be payable, with interest, upon notice from Lender to Borrower requesting payment. 12380473 VMP@·7R (0411).01 Page 2 of 3 1- Initials: ~ 12380473 Form 3150 1/01 000,168 000926 BY IIGNING BELOW, Borrower accepts and agrees to the terms and covenents contained in this PUD Rider. . ~ ~~~-< c:-. .µc:)~~) Gregory C. Hodson -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower 12380473 VMP@·7R (0411).01 12380473 Page 3 of 3 Form 3150 1/01