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HomeMy WebLinkAbout933549 H.tkMMI knd ']ìtle =- (9mpany SINCE 1904 After Recording Retum To: Taylor, Bean & Whitaker Mortgage Corp. 1417 North Magnolia Ave. Ocala, FL 34475 7/}/ RECEIVED 9/28/2007 at 2:29 PM RECEIVING # 933549 BOOK: 673 PAGE: 706 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY 000706 13 r~ow) ~IN:100029500020587014 [Space Above This Line For Recording Data] MORTGAGE DEFINITIONS Words used in mtùtiple sections of this document are defined below and other words are defined in Sections 3, 11, 13, 18,20 and 21. Certain rules regarding the usage of words used in this document are also provided in Section 16. (A) "Security Instrument" means this document, which is dated Septem ber 24, 2007 Riders to this document. , together with all (B) "Borrower" is Brian Malone and Sara Ann Malone, husband and wife Borrower is the mortgagor under this Security Instrument. (C) "MERS" is Mortgage Electronic Registration Systems, Inc. MERS is a separate corporation that is acting solely as a nominee for Lender and Lender's successors and assigns. ~ERS is the mortgagee under this Security Instrument. MERS is organized and existing under the laws of Delaware, and has an address and telephone number of P.O. Box 2026, Flint, MI 48501-2026, tel. (888) 679-MERS. (D) "Lender" is Taylor, Bean & Whitaker Mortgage Corp. Lender is a a Florida Corporation the laws of FL 1417 North Magnolia Ave, Ocala, FL 34475 organized and existing under . Lender's address is (E) "Note" means the promissory note signed by Borrower and dated September 24,2007 . The Note states that Borrower owes Lender Two Hundred Fifteen Thousand One Hundred Seventeen and no/100 Dollars (U.S. $215,117.00 ) plus interest. Borrower has promised to pay this debt in regular Periodic Payments and to pay the debt in full not later than October 01, 2037 (F) "Property" means the property that is described below under the heading "Transfer of Rights in the Property." ITEM T2769L 1 (0011 )-MERS (Page 1 (!{ 12 pages) Form 30511/01 GREATLAND . To Order Call; 1-800-530-9393 D Fax; 616·791-1131 WYOMING-Single Family-Fannie MaelFreddle Mac UNIFORM INSTRUMENT 111111111111111111111111111111111111111111111111111111111111111111111111111 *0241102058701* 000707 (G) "Loan" means the debt evidenced by the Note, plus interest, any prepayment charges and late charges due under the Note, and all SUlns due under this Security Instrument, plus interest. (H) "Riders" means all Riders to tIlls Security Instrument that are executed by Borrower. The following Riders are to be executed by Borrower [check box as applicable]: D Adjustable Rate Rider D Balloon Rider . D Condominium Rider D Second Home Rider D Planned Unit Development Rider D Other(s) [specify] D 1-4 Family Rider D Biweekly Payment Rider (I) "Applicable Law" means all controlling applicable federal, state and local statutes, regulations, ordinances and administrative rules and orders (that have the effect of law) as well as all applicable final, non-appealable judicial opinions. (J) "Community Association Dues, Fees, and Assessments" means all dues, fees, assessments and other charges that are imposed on Borrower or the Property by a condonllnium association, homeowners association or similar organization. (K) "Electronic Funds Transfer" means any transfer of funds, other than a transaction originated by check, draft, or similar paper instrument, which is initiated through an electronic tenninal, telephonic instrument, computer, or magnetic tape so as to order, instruct, or authorize a financial institution to debit or credit an account. Such teon 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" means those items that are described in Section 3. (M) "Miscellaneous Proceeds" means any compensation, settlement, award of damages, or proceeds paid by any third party (other than insurance proceeds paid under the coverages described in Section 5) for: (i) damage to, or destruction of, the Property; (ii) condenUlation 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. (N) "Mortgage Insurance" means insurance protecting Lender against the nonpayment of, or default on, the Loan. (0) "Periodic Payment" means the regularly scheduled amount due for (i) principal and interest under the Note, plus (ii) any amounts under Section 3 of this Security Instnnnent. (P) "RESPA" means the Real Estate Settlement Procedures Act (12 V.S.C. §260l et seq.) and its implementing regulation, Regulation X (24 C.F.R. Part 3500), as they might be amended from time to time, or any additional or successor legislation or regulation that governs the same subject matter. As used in this Security Instrument, "RESPA" refers to all requirements and restrictions that are imposed in regard to a "federally related mortgage loan" even if the Loan does not qualify as a "federally related mortgage loan" under RESP A. (Q) "Successor in Interest of Borrower" means any party that has taken title to the Property, whether or not that party has assumed Borrower's obligations under the Note and/or this Security Instrument. WYOMING-Single Family-Fannie MaelFreddie Mac UNIFORM INSTRUMENT ITEM T2769L2 (0011 )-MERS (Page 2 (}f 12 pages) Form 30511/01 GREA TlAND . To Order Call: '-BOo-530-9393 0 Fax: 616-791-1131 TRANSFER OF RIGHTS IN THE PROPERTY 000708 ll1Ìs Security Instrument secures to Lender: (i) the repayment of the Loan, and all renewals, extensions and modifications of the Note; and (ii) the perfonnance of Borrower's covenants and agreements under this Security Instrument and the Note. For tI1Ìs purpose, Borrower does hereby mortgage, grant and convey to MERS (solely as non1Ìnee 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 tIle County of Lincoln [Type of Recording Jurisdiction] [Name of Recording Jurisdiction] See Attached Exhibit A. which currentIy has tIle address of 366 Deer Lane [Street] Alpine [City] , Wyoming 83128 [Zip Code] ("Property Address"): TOGETHER WITH all the improvements now or hereafter erected on the property, and all easements, appurtenances, and fixtures now or hereafter a part of the property. All replacements and additions shall also be covered by this Security Instrument. All of the foregoing is referred to in tI1Ìs Security Instrument as the "Property." Borrower understands and agrees that MERS holds only legal title to the interests granted by Borrower in this Security Instrument, but, if necessary to comply witIllaw or custom, MERS (as nominee for Lender fUld Lender's successors and assigns) has the light: 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 tI1Ìs Security Instrument. BORROWER COVENANTS tIlat Borrower is lawfully seised of tIle estate hereby conveyed and has tIle right to mortgage, grant and convey tIle Property and that the Property is unencumbered, except for encumbrances of record. Borrower warrants and will defend generally the titIe to the Property against all claims and demands, subject to any encumbrances of record. TIllS SECURITY INSTRUMENT combines Ulúfonn covenants for national use and non-uniform covenants witIl limited variations by jurisdiction to constitute a lUlifonn security instrument 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 tIle principal of, and interest on, tIle debt evidenced by the Note and any prepayment charges and late charges due under the Note. Borrower shall also pay funds for Escrow Items pursuant to Section 3. Payments due under tIle Note and this Security Instrument shall be made in U.S. currency. However, if any check or other instrument received by Lender as payment under the Note or tI1Ìs Security Instrument is retumed to Lender unpaid, Lender may require tIlat any or all subsequent payments due under the Note and this Security Instrument be made in one or more of tIle following fonns, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, treasurer's check or cashier's check, provided any such check is drawn upon an institution whose deposits are insured by a federal agency, instrumentality, or entity; or (d) Electronic Funds Transfer. Payments are deemed received by Lender when received at the location designated in the Note or at such otIler location as may be designated by Lender in accordance with the notice provisions in Section 15. Lender may return any payment or ITEM T2769L3 (0011 )-MERS (Page 3 412 pages) Form 30511/01 GREATLAND. To Order Gall: 1-800-530-9393 OFax: 616·791-1131 WYOMING-Single Family-Fannie MaelFreddie Mac UNIFORM INSTRUMENT 000709 partial payment if the payment or partial payments are insufficient to bring the Loan current. Lender may accept any payment or partial payment insufficient to bring the Loan current, without waiver of any rights hereunder or prejudice to its rights to refuse such payment or partial payments in the future, but Lender is not obligated to apply such payments at the time such payments are accepted. If each Periódic Payment is applied as of its scheduled due date, then Lender need not pay interest on unapplied funds. Lender may hold such unapplied funds until BOlTower makes payment to bring the Loan current. If Borrower does not do so witlùn a reasonable period of time, Lender shall either apply such funds or retlU11 them to Borrower. If not applied earlier, such funds will be applied to the outstanding principal balance under the Note immediately prior to foreclosure. No offset or claim which Borrower might have now or in the future against Lender shall relieve Borrower from making payments due under the Note and tlùs Security Instrument or perfonning the covenants and agreements secured by tlùs Security Instrument. 2. Application of Payments or Proceeds. Except as otherwise desclibed in this Section 2, all payments accepted and applied by Lender shall be applied in the following order of priority: (a) interest due under the Note; (b) principal due under the Note; (c) amounts due under Section 3. Such payments shall be applied to each Periodic Payment in tl1e order'in wlùch it became due. Any remaining amounts shall be applied first to late charges, second to any other amounts due under tlùs Security Instrument, and then to reduce the principal balance of the Note. If Lender receives a payment from Borrower for a delinquent Periodic Payment which includes a sufficient amount to pay any late charge due, the payment may be applied to tl1e delinquent payment and the late charge. If more tl1an one Periodic Payment is outstanding, Lender may apply any payment received from Borrower to tl1e repayment of tl1e Periodic Payments if, and to the extent that, each payment can be paid in full. To tl1e extent that any excess exists after the payment is applied to the full payment of one or more Periodic Payments, such excess may be applied to any late charges due. Voluntary prepayments shall be applied first to any prepayment charges and then as described in the Note. Any application of payments, insurance proceeds, or Miscellaneous Proceeds to principal due under the Note shall not extend or postpone the due date, or change the amount, of the Periodic Payments. 3. Funds for Escrow Items. Borrower shall pay to Lender on the day Periodic Payments are due under the Note, until the Note is paid in full, a sum (the "Funds") to provide for payment of amounts due for: (a) taxes and assessments and otl1er items wruch can attain priority over this Secmity Instrument as a lien or encumbrance on the Property; (b) leasehold payments or ground rents on the Property, if any; (c) preIniums for any and all insurance required by Lender under Section 5; and (d) Mortgage Insurance premiums, if any, or any SUlllS payable by Borrower to Lender in lieu of the payment of Mortgage Insurance prenùums in accordance with tl1e provisions of Section 10. These items are called "Escrow Items." At origination or at any time during the tenl1 of the Loan, Lender may require that Community Association Dues, Fees, and Assessments, if any, be escrowed by Borrower, and such dues, fees and assessments shall be an Escrow Item. Borrower shall promptly furnish to Lender all notices of amounts to be paid under this Section. Borrower shall pay Lender tl1e 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 tl1e event of such waiver, Borrower shall pay directly, when and where payable, the amounts due for any Escrow Items for which payment of Funds has been waived by Lender and, if Lender requires, shall furnish to Lender receipts evidencing such payment within such time period as Lender may require. Borrower's obligation to make such payments and to provide receipts shall for all purposes be deemed to be a covenant and agreement contained in tl1is 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 BOlTower fails to pay the amount 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 witl1 Section 15 and, upon such revocation, BOlTower shall pay to Lender all Funds, and in such amounts, that are tl1en required under this Section 3. Lender may, at any time, collect and hold Funds in an amount (a) sufficient to penl1it Lender to apply the Funds at tl1e time specified under RESPA, and (b) not to exceed the maximum amount a lender can require under RESPA. 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 witl1 Applicable Law. The Funds shall be held in an institution whose deposits are insured by a federal agency, instrumentality, or entity (including Lender, if Lender is an institution whose deposits are so insured) or in any Federal Home Loan Bank. Lender shall apply the Funds to pay tl1e Escrow Items no later than tl1e time specified under RESP A. Lender shall not charge BOlTOwer for holding and applying the Funds, annually analyzing the escrow account, or verifying tl1e Escrow Items, unless Lender pays BOlTower interest on the Funds and Applicable Law pernùts Lender to make such a charge. Unless an agreement is made ii1 writing or Applicable Law requires interest to be paid on tl1e Funds, Lender shall not be required to pay Borrower any interest WYOMING-Single Family-Fannie MaelFreddle Mac UNIFORM INSTRUMENT ITEM T2769L4 (0011 )-MERS (Page 4 of12 pages) Form 30511101 GREATLAND. To Order Gall: 1-800-530-93930 Fax: 616-791-1131 00071.0 or eamings 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 RESPA, Lender shall account to Borrower for the excess funds in accordance with RESPA. If there is a shortage of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to make up the shortage in accordance with RESPA, but in no more than 12 monthly payments. If there is a deficiency of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to make up the deficiency in accordance with RESPA, but in no more than 12 monthly payments. Upon payment in full of all SUlns 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, fines, and impositions attributable to the Property which can attain priority over this Security Instrument, leasehold payments or ground rents on the Property, if any, and Community Association Dues, Fees, and Assessments, if any. To the extent that these items are Escrow Items, Borrower shall pay them in the manner provided in Section 3. Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a) agrees in writing to tl1e payment of the obligation secured by the lien in a manner acceptable to Lender, but only so long as Borrower is perfonning such agreement; (b) contests the lien in good faith by, or defends against enforcement of the lien in, legal proceedings which in Lender's opÌ1ùon operate to prevent the enforcement of the lien wlùle tl10se proceedings are pending, but only until such proceedings are concluded; or (c) secures from the holder of the lien an agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determines that any part of the Property is subject to a lien which can attain priority over this Security Instmment, Lender may 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-time charge for a real estate tax verification and/or reporting service used by Lender in connection with tl1is 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 tenu "extended coverage," and any other hazards including, but not limited to, earthquakes and floods, for which Lender requires Ì11surance. ll1is insurance shall be maintained in the amounts (including deductible levels) and for the periods that Lender requires. What Lender requires pursuant to the preceding sentences can change during the term of the Loan. The insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's light to disapprove Borrower's choice, which light shall not be exercised unreasonably. Lender may require Borrower to pay, in connection with this Loan, either: (a) a one-time charge for flood zone detenuination, certification and tracking services; or (b) a one-time charge for flood zone detennination and certification services and subsequent charges each time remap pings or similar changes occur which reasonably might affect such determination or certification. Borrower shall also be responsible for the payment of any fees imposed by the Federal Emergency Management Agency in connection with the review of any flood zone detennination resulting from an objection by Borrower. If Borrower fails to maintain 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 palticular type or amount of coverage. Therefore, such coverage shall cover Lender, but lnight or n1ight 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 amounts disbursed by Lender under this Section 5 shall become additional debt of Borrower secured by this Seculity Instnul1ent. These amounts shall bear interest at the Note rate ti'om the date of disbursement and shall be payable, witl1 such interest, upon notice from 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 shaH promptly give to Lender all receipts of paid premiums and renewal notices. If Borrower obtains any fonn of insurance coverage, not otherwise required by Lender, for damage to, or destmction of, the Property, such policy shall include a standard mortgage clause and shall name Lender as mortgagee and/or as an additional loss payee. In tl1e event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, any insurance proceeds, WYOMING-Single Family-Fannie MaelFreddle Mac UNIFORM INSTRUMENT ITEM T2769l5 (0011 )-MERS (Page 5 ~f'l2 pages) Form 30511/01 GREATLAND. To Order Call: 1-800·530·9393 [JFax: 616·791-1131 00071.1 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 promptIy. Lender may disburse proceeds for tile repairs and restoration in a single payment or in a series of progress payments as the work is completed. Unless an agreement is made in· writing or Applicable Law requires interest to be paid on such insurance proceeds, Lender shall not be required to pay Borrower any interest or earnings on such proceeds. Fees for public adjusters, or other third parties, retained by Borrower shall not be paid out of the insurance proceeds and shall be tile sole obligation of Borrower. If the restoration or repair is not economically feasible or Lender's security would be lessened, tile insurance proceeds shall be applied to the sums secured by this Security Instrument, whetIler 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 tile 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 tIIat the insurance carrier has offered to settIe a claim, then Lender may negotiate and settle the claim. TIle 30-day period will begin when tile notice is given. In either event, or if Lender acquires tile Property under Section 22 or otherwise, Borrower hereby assigns to Lender (a) Borrower's rights to any insurance proceeds in an amount not to exceed the amounts unpaid under tile Note or tlns Security Instnunent, and (b) any other of Borrower's rights (other than tlle light to any refund of unearned premiums paid by Borrower) under all insLU'ance policies coveling the Property, insofar as such lights are applicable to the coverage of the Property. Lender may use the insurance proceeds either to repair or restore tlle Property or to pay amounts unpaid under the Note or tins Security Instrument, whetller or not tllen 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 Instmment and shall continue to occupy tile Property as Borrower's principal residence for at least one year after tlle date of occupancy, unless Lender otllerwise agrees in writing, which consent shall not be unreasonably withheld, or unless extenuating circumstances exist wInch are beyond Borrower's control. 7. Preservation, Maintenance and Protection of the Property; Inspections. 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 tile Property, Borrower shall maintain the Property in order to prevent tlle Property from deteriorating or decreasing in value due to its condition. Unless it is determined pursuant to Section 5 tIlat repair or restoration is not economically feasible, Borrower shall promptIy repair the Property if damaged to avoid further deterioration or damage. If insurance or condemnation proceeds are paid in connection Witll damage to, or the taking of, the Property, Borrower shall be responsible for repairing or restoring tlle 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 tlle work is completed. If the insurance or condemnation proceeds are not sufficient to repair or restore tlle Property, Borrower is not relieved of Borrower's obligation for the completion of such repair or restoration. Lender or its agent may make reasonable entries upon and inspections of tlle Property. If it has reasonable cause, Lender may inspect the intelior of tile improvements on tlle Property. Lender shall give Borrower notice at the time of or prior to such an interior inspection specifying such reasonable cause. 8. Borrower's Loan Application. Borrower shall be in default if, during tlle Loan application process, Borrower or any persons or entities acting at tlle direction of Borrower or with Borrower's knowledge or consent gave matelially false, misleading, or inaccurate infonnation or statements to Lender (or failed to provide Lender witll material information) in connection Witll the Loan. Material representations include, but are not limited to, representations conceming Borrower's occupancy of tlle 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 perfonll tlle covenants and agreements contained in tllis Security Instnl1nelit, (b) tllere is a legal proceeding that nnght siglnficantly affect Lender's interest in the Property and/or rights under this Security InstrLUnent (such as a proceeding in bankruptcy, probate, for condemnation or forfeiture, for enforcement of a lien which may attain priority over tins Security Instnllnent or to enforce laws or regulations), or (c) Borrower has abandoned tlle Property, then Lender may do and pay for whatever is reasonable or appropriate to protect Lender's interest in the Property and rights under this Security Instmment, 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 SUlllS secured by a lien wInch has priolity over tl1Ìs Security InstIllment; (b) appearing in court; and (c) paying reasonable attorneys' fees to protect its interest in the Property and/or rights under tllis Seculity Instrument, including its secured position in a bankruptcy proceeding. Securing the Property includes, but is not limited to, entering tile Property to make repairs, change locks, replace or board up doors and windows, drain water from WYOMING-5illgle Family-Fannie MaelFreddie Mac UNIFORM INSTRUMENT ITEM T2769L6 (0011 )-MERS (Page 6 of 12 pages) Form 30511/01 GREATLAND . To Orner Call: 1-800-530-9393 o Fax: 616-791-1131 000712 pipes, eliminate building or other code violations or dangerous conditions, and have utilities tumed 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 tl1Ìs Section 9 shall become additional debt of Borrower secured by this Security Instrument. These amounts shall bear interest at the Note rate from the date of disbursement and shall be payable, with such interest, upon notice from Lender to Borrower requesting payment. If this Security Instrument is on a leasehold, Borrower shall comply with all the provisions of the lease. If Borrower acquires fee title to the Property, the leasehold and the fee title shall not merge 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 pren1Ìums required to maintain the Mortgage Insurance in effect. If, for any reason, tlle Mortgage hlsurance coverage required by Lender ceases to be available from the mortgage insurer that previously provided such insurance and Borrower was required to make separately designated payments toward the premiums for Mortgage Insumnce, Borrower shall pay the premiums required to obtain coverage substantially equivalent to tlle Mortgage Insurance previously in effect, at a cost substantially equivalent to the cost to Borrower of the Mortgage Insurance previously in effect, from an alternate mortgage insurer selected by Lender. If substantially equivalent Mortgage hlsurance coverage is not available, Borrower shall continue to pay to Lender the amount of the separately designated payments that were due when the insurance coverage ceased to be in effect. Lender will accept, use and retain these payments as a non-refundable loss reserve in lieu of Mortgage Insurance. Such loss reserve shall be non-refundable, notwithstanding the fact that the Loan is ultimately paid in full, and Lender shall not be required to pay Borrower any interest or eamings on such loss reserve. Lender can no longer require loss reserve payments if Mortgage Insurance coverage (in the amount and for the period that Lender requires) provided by an insurer selected by Lender again becomes available, is obtained, and Lender requires separately designated payments toward the premiums for Mortgage Insurance. If Lender required Mortgage hlSlll'ance as a condition of making the Loan and Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiums required to maintain Mortgage Insurance in effect, or to provide a non-refundable loss reserve, until Lender's requirement for Mortgage Insurance ends in accordance with any written agreement between Borrower and Lender providing for such tennination or until tem1Ìnation is required by Applicable Law. Notl1Ìng in this Section 10 affects Borrower's obligation to pay interest at the rate provided in the Note. Mortgage Insurance reimburses 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 iIlSlll'ance in force from time to time, and may enter into agreements with other parties tllat share or modify their risk, or reduce losses. These agreements are on tenns and conditions that are satisfactory to the mortgage insurer and the other party (or parties) to these agreements. These agreements may require the mortgage insurer to make payments using any source of funds that the mortgage insurer may have available (which may include funds obtained from Mortgage h1SllnUlce premimns). 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 payments for Mortgage Insurance, in exchange for sharing or modifying the mortgage insurer's risk, or reducing losses. If such agreement provides tl1at 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 tenned "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. If the Property is damaged, such Miscellaneous Proceeds shall be applied to restoration or repair of the Property, if the r<:storation or repair is economically feasible and Lender's security is not lessened. During such repair and restoration period, Lender shall have the light 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. WYOMING-Single Family-Fannie MaelFreddle Mac UNIFORM INSTRUMENT ITEM T2769L7 (0011 )-MERS (Page 7 uf12 pages) Form 3051 1/01 GREATLAND. To Ordor Call: 1·800·530·9393 OFax: 616-791-1131 00071.3 Lender may pay for the repairs and restoration in a single disbursement or in a series of progress payments as the work is completed. Unless an agreement is made in wliting or Applicable Law requires interest to be paid on such Miscellaneous Proceeds, Lender shall not be required to pay Bon'ower any interest or eamings on such Miscellaneous Proceeds. If the restoration or repair is not economically feasible or Lender's security would be lessened, the Miscellaneous Proceeds shall be applied to the sums secured by tlns Security Instrument; whether or not then due, with the excess, if any, paid to Borrower. Such Miscellaneous Proceeds shall be applied in the order provided for in Section 2. In the event of a total taking, destruction, or loss in value of the Property, the Miscellaneous Proceeds shall be applied to tl1e SUlns secured by this Security Instmment, whetl1er or not then due, witl1 the excess, if any, paid to Borrower. In tl1e event of a partial taking, destmction, or loss in value of the Property in which tl1e fair market value of the Property immediately before the partial taking, destmction, or loss in value is equal to or greater than tl1e amount of the SUll1S secured by tlns Security Instnllnent immediately before tl1e partial taking, destnlction, or loss in value, unless Borrower and Lender otherwise agree in writing, the sums secured by this Security Instmment shall be reduced by tl1e amOlUlt of the Miscellaneous Proceeds multiplied by the following fraction: (a) the total amount of the SUlns secured immediately before the partial taking, destruction, or loss in value divided by (b) the fair market value of tl1e Property immediately before the partial taking, destruction, or loss in value. Any balance shall be paid to Borrower. In tl1e event of a partial taking, destmction, or loss in value of the Property in which tl1e fair market value of the Property immediately before tl1e partial taking, destruction, or loss in value is less tl1an the amount of the SUlns secured immediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otl1erwise agree in writing, tl1e Miscellaneous Proceeds shall be applied to the SUlns secured by tl1Ìs Security Instrument .whether or not the sums are then due. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the Opposing Party (as defined in tl1e next sentence) offers to make an award to settle a claim for damages, Borrower fails to respond to Lender witlnn 30 days after the date the notice is given, Lender is authorized to collect and apply tl1e Miscellaneous Proceeds either to restoration or repair of the Property or to the sums secured by tl1is Security Instnllnent, whether or not tl1en due. "Opposing Party" means the third party tl1at owes Borrower Miscellaneous Proceeds or tl1e party against whom Borrower has a right of action in regard to Miscellaneous Proceeds. 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 otl1er material impairment of Lender's interest in tl1e Property or rights under tl1is Security Instrument. Borrower can cure such a default and, if acceleration has occurred, reinstate as provided in Section 19, by causing the action or proceeding to be disnnssed with a mling that, in Lender's judgment, precludes forfeiture of the Property or other material impainnent of Lender's interest in the Property or lights under tllls Security Instnunent. The proceeds of any award or claim for damages that are attributable to the impairment of Lender's interest in tl1e Property are hereby assigned and shall be paid to Lender. All Miscellaneous Proceeds tl1at 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 time for payment or modification of amortization of the stuns secured by this Security Instrument granted by Lender to Borrower or any Successor in Interest of Borrower shall not operate to release the liability of Borrower or any Successors in Interest of BOlTower. Lender shall not be required to commence proceedings against any Successor in Interest of Borrower or to refuse to extend time for payment or otl1erwise modify amortization of tl1e sums secured by this Security Instrument 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 payments from third persons, entities or Successors in Interest of Borrower or in amounts less tl1an the amount then due, shall not be a waiver of or preclude the exercise of any light or remedy. 13. Joint and Several Liability; Co-signers; Successors and Assigns Bound. Borrower covenants and agrees tl1at Borrower's obligations and liability shall be joint and several. However, any Borrower who co-signs tlllS Security Instrument but does not execute tl1e Note (a "co-signer"): (a) is co-signing tl1is Security Instrument only to mortgage, grant and convey the co-signer's interest in the Property under tl1e terms of this Security Instrument; (b) is not personally obligated to pay the sums secured by this Security Instrument; and (c) agrees tl1at Lender and any other Borrower can agree to extend, modify, forbear or make any accommodations with regard to the tenns of tl1is Security Instrument or tl1e Note without the co-signer's consent. Subject to tl1e provisions of Section 18, any Successor in Interest of Borrower who assumes Borrower's obligations under this Seculity Instrument in wliting, and is approved by Lender, shall obtain all of Borrower's rights and benefits under WYOMING-Single Family-Fannie MaelFreddle Mac UNIFORM INSTRUMENT ITEM T2769L6 (0011 )-MERS (Page 8 (~fî2 pages) Form 30511/01 GREATLAND. To Order Call: 1-800-530·9393 o Fax: 616-791-1131 0007j.4 this Security InstnllIlent. Borrower shall not be released from Borrower's obligations and liability under this Security Instrument unless Lender agrees to such release in writing. The covenants and agreements of this Security InstnllIlent shall bind (except as provided in Section 20) and benefit the successors and assigns of Lender. 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 limited to, attomeys' fees, property inspection and valuation fees. In regard to any other fees, the absence of express authority in this Security Instrument to charge a specific fee to Borrower shall not be constmed as a prohibition on the charging of such fee. Lender may not charge fees that are expressly prohibited by this Security Instrument or by Applicable Law. If the Loan is subject to a law which sets maximum loan charges, and that law is finally 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 amOlUlt necessary to reduce the charge to the permitted limit; ¡md (b) any SUll1S already collected from Borrower which exceeded permitted limits will be refunded to Borrower. Lender may choose to make this refund by reducing the principal owed under the Note or by making a direct payment to Borrower. If a refund reduces principal, the reduction will be treated as a partial prepayment without any prepayment charge (whether or not a prepayment charge is provided for under the Note). BOlTower's acceptance of any such refunçlmade by direct payment to BOlTower will constitute a waiver of any light of action Borrower might have arising out of such overcharge. 15. Notices. All notices given by Borrower or Lender in connection with this Security hlstrument must be in writing. Any notice to Borrower in connection with this Security Instrument shall be deemed to have been given to Borrower when mailed by first class mail or when actually delivered to Borrower's notice address if sent by other means. Notice to 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 promptly 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 tllrough that specified procedure. There may be only one designated notice address Ullder tllis Security Instrument 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 witll this Security Instrument shall not be deemed 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, tlle Applicable Law requirement will satisfy tlle corresponding requirement under this Security Instrument. 16. Governing Law; Severability; Rules of Construction. This Security InstnllIlent shall be govemed by federal law mId the law of tlle jurisdiction in which tlle Property is located. All rights and obligations contained in this Security Instrument are subject to any requirements and limitations of Applicable Law. Applicable Law might explicitly or implicitly allow the parties to agree by contract or it might be silent, but such silence shall not be construed as a prohibition against agreement by contract. hI tlle event tllat mlY provision or clause of this Security Instrument or the Note conflicts witll Applicable Law, such cont1ict shall not affect other provisions of tlris Security Instrument or the Note which can be given effect Witllout the conflicting provision. As used in this Security Instrument: (a) words of the masculine gender shall mean mId include corresponding neuter words or words of the feminine gender; (b) words in the singular shall mean and include tlle plural mId 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 tlle Note mId of this Security Instrument. 18. Transfer of the Property or a Beneficial Interest in Borrower. As used in this Section 18, "Interest in the Property" means any legal or beneficial interest in the Property, including, but not limited to, tllOse beneficial interests transferred in a bond for deed, contract for deed, installment sales contract or escrow agreement, the intent of which is the transfer of title by 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 trans felTed (or if Borrower is not a natural person and a beneficial interest in Borrower is sold or transferred) witllOut Lender's prior written consent, Lender may require immediate payment in full of all sums secured by this Security Instnlll1ent. However, this option shall not be exercised by Lender if such exercise is prolribited by Applicable Law. If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less tllan 30 days from the date the notice is given in accordance with Section 15 witllin wlrich Borrower must pay all SUlIlS secured by tlris Security Instrument. If Borrower fails to pay tllese sums prior to the expiration of this period, Lender may invoke mlY remedies permitted by tllis Security Instrument without further notice or demmld on Borrower. 19. Borrower's Right to Reinstate After Acceleration. If Borrower meets certain conditions, Borrower shall have the light to have enforcement of this Security Instrument discontinued at any time plior to the earliest of: (a) five days before WYOMING-Sin¡i¡e Family-Fannie MaeIFreddie Mac UNIFORM INSTRUMENT ITEM T2769L9 (0011 )-MERS (Page 9 ,,02 pages) Form 30511/01 GREATLAND. To Order Call: 1-800-530-9393 OFax: 616-791-1131 000?15 sale of the Property pursuant to any power of sale contained in this Security Instrument; (b) such other period as Applicable Law might specify for the tennination of Borrower's right to reinstate; or (c) entry of a judgment enforcing this Security hlstrument. Those conditions are that Borrower: (a) pays Lender all SLUns which then would be due under this Security Instrument and the Note as if no dcceleration had occurred; (b) cures any defalÙt of any other covenants or agreements; I (c) pays all expenses incurred in enforcing this Security Instrument, including, but not limited to, reasonable attorneys' fees, property inspection and valuation f~es, and other fees incurred for the purpose of protecting Lender's interest in the Property ~nd righ:s under this Securit~ Instrl~llent; ~nd (d) t~es such action as Lender m~y re~on.ably require to assure that Lender:s mterest m the Property and nghts u!lder tlns Secunty Instnl1nent, and Borrower s oblIgatIOn to pay tlle sLUns secLU'ed by thIS Security hlstrLUnent, shall continue unchanged. Lender may require that Borrower pay such reinstatement SUlns and expenses in one or more of the following fonus, 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, instnl1nentality or entity; or (d) Electronic Funds Transfer. Upon reinstatement by Borrower, this Security Instrument and obligations secured hereby shall remain fully effective as if no acceleration h\ld occurred. However, this right to reinstate shall not apply in tlle case of acceleration under Section 18. 20. Sale of Note; Change of Loan Servicerj Notice of Grievance. The Note or a partial interest in the Note (together with this Security Instmment) 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 Servicel>') that collects Periodic Payments due under the Note and tllis Security Instrument and performs other mortgage loan servicing obligations under the Note, this Security Instrument, and Applicable Law. There also might be one or more changes of tlle Loan Servicer unrelated to a sale of the Note. If tllere is a change of the Loan Servicer, Borrower will be given written notice of tlle change which will state the name and address of tlle new Loan Servicer, tlle address to which payments should be made and any other information RESPA requires in connection with a notice of transfer of servicing. If tlle Note is sold and tllereafter the Loan is serviced by a Loan Servicer otller tllan the purchaser of the Note, the mortgage loan servicing obligations to Borrower will remain with the Loan Servicer or be transferred to a successor Loan Servicer and are not assumed by the Note purchaser unless otllerwise 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) tllat arises from the other party's actions pursuant to tI1Ìs Security Instrument or that alleges that the otIler party has breached any provision of, or any duty owed by reason of, tI1Ìs Security Instrument, until such Borrower or Lender has notified the other party (with such notice given in compliance with tile requirements 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 time period which must elapse before certain action can be taken, tllat 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 tlle notice of acceleration given to Borrower pursuant to Section 18 shall be deemed to satisfy the notice and opportunity to take corrective action provisions of tIlis Section 20. 21. Hazardous Substances. As used in tl1Ìs Section 21: (a) "Hazardous Substances" are tIlose substances defined as toxic or hazardous substances, pollutants, or wastes by Environmental Law and the following substances: gasoline, kerosene, otIler flammable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials contaÜ1Ìng asbestos or fonnaldehyde, and radioactive materials; (b) "Environmental Law" means federal laws and laws of tlle jurisdiction where tlle Property is located that relate to healtII, safety or environmental protection; (c) "Environmental Cleanup" includes any response action, remedial action, or removal action, as defined in EnvÜ-ol1lnental Law; and (d) an "Environmental Condition" means a condition tIlat can cause, contribute to, or otherwise trigger an Environmental Cleanup. Borrower shall not cause or pennit tile 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 tile 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 adversely affects the value of tile 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 nonnal residential uses and to maintenance of tlle Property (including, but not lin1Ìted to, hazardous substances in consumer products). Borrower shall promptIy give Lender written notice of (a) any investigation, claim, demand, lawsuit or other action by any governmental or regulatory agency or private pmty involving tile Propelty and any Hazm-dous Substmlce or Environmental Law of which Borrower has actual knowledge, (b) any Environmental Condition, including but not limited to, mlY spilling, leaking, discharge, release or threat of release of any Hazardous Substance, mId (c) any condition caused by tllc WYOMING-Single Family-Fannie MaelFreddle Mac UNIFORM INSTRUMENT ITEM T2769L10 (OO11)-MERS (Page 10 of 12 pages) Form 30511/01 GREATLAND. To Orner Call: HlO0-530-9393 o Fe.: 616-791-1131 00071.6 presence, use or release of a Hazardous Substance which adversely affects the value of the Property. If Borrower leams, or is notified by any govemmental or regulatory authority, or any private party, that any removal or other remediation of any Hazardous Substance affecting the Property is necessary, Borrower shall promptly take all necessary remedial 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. 23. Release. Upon payment of all stUns secured by tillS 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 homestead exemption laws of Wyoming. WYOMING-Single Family-Fannie Mae/Freddte Mac UNIFORM INSTRUMENT ITEM T2769L11 (0011 )-MERS (Page II q{l2 page.,) Form 30511101 GREATLAND. To Order Call: 1-800-530-9393 o Fe., 616-791-1131 000717 BY SIGNING BELOW, Borrower accepts and agrees to the tenus and covenants contained in pages 1 through 12 of tins Security Instrument and in any Rider executed by Borrower and recorded witI1 it. ~~ f----- Brian Malone (Seal) -Borrower (Seal) -Borrower À (P t ~ ¿~ ---/1/1,.. {~ (Seal) -Borrower (Seal) -Borrower (S eal) -Borrower (Seal) -Borrower Witness: Witness: State of (¡l)~ £05 County of L--tNC-CJL-¡J ) ) ss ) The foregoing instrument was acknowledged before me by . B r(~ i'v\~.j.ov1~ cL ScurCL AVl.V1 /J1~/o~ this )J-[~ day of ~ ')..ðD~ Witness my hand and official seal. f-~K'¡RENT.WYû~ÑÕTARYPûŠUC--'1 County of i', Stato of ~ Lincoin ~(~;/ Wyoming ~ 1~_~Y_~~~~~~:~~~:~i:;;!:Y~~J ~.~ Notary Public My commission expires: I [) rs;- Þc:x=-; WYOMING-Sillgle Family-Fannie MaelFreddie Mac UNIFORM INSTRUMENT ITEM T27S9l12 (OO11)-MERS (Page 12 of 12 pages) Form 30511/01 GREATLAND. To Orner Call: HlO0-530-9393 o Fax: 616-791-1131 Exhibit" A" 000718 Lot 13 RIVER VIEW MEADOWS ADDITION to the Town of Alpine within the Southeast Ij.¡ of Section 30, Township 37 North, Range 118 West, according to that plat filed July 2, 1993, as Instrument No. 767416.