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HomeMy WebLinkAbout933703 6010715916 After Recording Return To: Taylor, Bean & Whitaker Mortgage Corp. 1417 North Magnolia Ave. Ocala, FL 34475 RECEIVED 10/3/2007 at 2: 19 PM RECEIVING # 933703 BOOK: 674 PAGE: 359 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY 000359 [Space Above TWs Line For Recording Datal MORTGAGE ~IN:100029500020288118 DEFINITIONS Words used in mulliple sections of this document are defined below and other words are defÍ11ed Í11 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 October 01,2007 Riders to this document. , together with all (B) "Borrower" is JAMES G. LIVINGSTON and JEANELLE E. LIVINGSTON /1 (' Borrower is the mortgagor under this Security Instrument. L-.J , (C) "MERS" is Mortgage Electronic Registration Systems, Inc. MERS is a separate corporation that is acting solely as a tt ~.I nominee for Lender and Lender's successors and assigns. MERS is the mortgagee under this Security Instrument. MERS is organized and existing under the laws of Delaware, and has an address and telephone number of P.O. Box 2026, Flint, MI 48501-2026, tel. (888) 679-MERS. (D) "Lender" is 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 BOlTower and dated October 01,2007 . The Note states that Borrower owes Lender One Hundred Seventy Four Thousand Two Hundred Fifty and no/100 Dollars (U.S. $174,250.00 ) 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 desclibed below under the heading "Transfer of Rights in the Property." WYOMING-Single Family-Fannie Mae/Fred(Ue Mac UNIFORM INSTRUMENT ITEM T2769L1 (0011 )-MERS (Page 1 of 12 pageJ) Form 30511101 GREA TLAND . To Order Call: 1-B00-530·9393 0 Fax: 616·791-1131 /11111111111111111111111111111111111111111111111111111111111111111111111111 *0241102028811* 000360 (G) "Loan" means the debt evidenced by the Note, plus interest, any prepayment charges and late charges due under the Note, and all sums due under this Security Instnunent, plus interest. (H) "Riders" means all Riders to this Security Instrument that are executed by BOlTower. The following Riders are to be executed by Bon-ower [check box as applicable]: o Adjustable Rate Rider o Condominium Rider o Second Home Rider o Balloon Rider o 1-4 Family Rider o Planned Unit Development Rider o Other(s) [specify] o 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 Bon-ower or the Property by a condominium association, homeowners association or similar organization. (K) "Electronic Funds Transfer" means any transfer of funds, other than a transaction Oliginated 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 tenn 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 pm·ty (other than insurance proceeds paid under the coverages desclibed in Section 5) for: (i) damage to, or destruction of, the Property; (ii) condemnation or other taking of all or any part of the Property; (iii) conveyance in lieu of condemnation; or (iv) misrepresentations of, or omissions as to, the value and/or condition of the Property. (N) "Mortgage Insurance" means insurance protecting Lender against the nonpayment of, or default on, the Loan. (0) "Periodic Payment" means the regulm'ly scheduled amount due for (i) principal and interest under the Note, plus (ii) any amounts under Section 3 of this Security Instrument. (P) "RESPA" means the Real Estate Settlement Procedures Act (12 D.S.C. §2601 et seq.) and its implementing regulation, Regulation X (24 C.FR 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, "RESP A" refers to all requirements and restrictions that are imposed in regmù 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 BOlTower's obligations under the Note and/or this Security Instrument. ITEM T2769L2 (0011)-MERS (Page 2 of 12 pages) Form 3051 1/01 ßREATLAND. To Order Call: 1·800-530-93930 Fax: 616-791-1131 WYOMING"'-Single Family-Faunie Mae/Fre¡hUe Mac UNIFORM INSTRUMENT TRANSFER OF RIGHTS IN THE PROPERTY 000361. This 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 lUlder this Security Instrument and the Note. For this purpose, Borrower does hereby mortgage, grant and convey to MERS (solely as nominee for Lender and Lender's successors and assigns) and to the successors and assigns of MERS, with power of sale, the following described property located in the County of Lincoln [Type of Recording Jurisdiction] [Name of Recording Jurisdiction) See Attached Exhibit A. which cUlTently has the address of 216 SUITE DRIVE [Street] THAYNE [City] ,Wyoming 83127 [Zip Code] ("Property Address"): TOGETHER WITH all the improvements now or hereafter erected on tlle 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 this Security Instrument as the "Property." Borrower lUlderstands and agrees that MERS holds only legal title to the interests granted by Borrower in this Security Instrument, but, if necessary to comply with law or custom, MERS (as nominee for Lender and Lender's successors and assigns) has the right: to exercise any or all of those interests, including, but not limited to, tlle right to foreclose and sell tlle Property; and to take any action required of Lender including, but not limited to, releasing and canceling this Security Instrument. BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has the right to mortgage, grant and convey the Property and that the Property is lUlencumbered, except for encmnbrances of record. Borrower warrants and will defend generally the title to the Property against all claims and demands, subject to any encumbrances of record. THIS SECURITY INSTRUMENT combines ullifonn covenants for national use and non-unifOlm covenants with limited variations by jurisdiction to constitute a lUlifOlm 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 the principal of, and interest on, the debt evidenced by the Note and any prepayment charges and late charges due wIder the Note. Borrower shall also pay flUlds for Escrow Items pursuant to Section 3. Payments due under the Note and this Secwi.ty Instnunent shall be made in U.S. currency. However, if any check or other instrument received by Lender as payment lUlder the Note or this Security Instnunent is returned to Lender lUlpaid, Lender may require that any or all subsequent payments due lUlder the Note and tlllS Security Instrument be made in one or more of the following fOlms, 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 FlUlds Transfer. Payments are deemed received by Lender when received at the location designated in the Note or at such other location as may be designated by Lender in accordance with the notice provisions in Section IS, Lender may return any payment or ITEM T2769L3 (0011 )-MERS (Page 3 of 12 pageJ) Form 30tH 1/01 GREA TLAND . To Order Call: 1-800-530-93930 Fax: 616-791-1131 WYOMING-Single Family-Fannie Mae/Fred(Ue Mac UNJFORM INSTRUMENT 000362 partial payment if the payment or partial payments are insufficient to bring the Loan CUlTent. Lender may accept any payment or partial payment insufficient to bring the Loan CWTent, 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 Periodic Payment is applied as of its scheduled due date, then Lender need not pay interest on wlapplied funds. Lender may hold such unapplied funds until Bon-ower makes payment to bring the Loan cunent. If BOITower does not do so within a reasonable period of time, Lender shall either apply such funds or return them to BOlTower. If not applied earlier, such funds will be applied to the outstanding principal balance under the Note immediately prior to foreclosure. No otTset or claim which Bon'ower might have now or in the future against Lender shall relieve Bonower from making payments due wlder the Note and this Security Instrument or performing the covenants and agreements secured by this Security Instrument. 2. Application of Payments or Proceeds. Except as otherwise described in this Section 2, all 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 the order in which it became due. Any remaining amounts shall be applied first to late charges, 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 Bonower for a delinquent Periodic Payment which includes a sufficient amount to pay any late charge due, the payment may be applied to the delinquent payment and the late charge. If more than one Periodic Payment is outstanding, Lender may apply any payment received ti'om Bon'ower to the repayment of the Peliodic Payments if, and to the extent that, each payment can be paid in full. To the extent that rnlY 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 chrn'ges due. Voluntary prepayments shall be applied first to any prepayment chrn'ges 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. Bonower 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 other items which can attain priority over this Security Instrument as a lien or encumbrance on the Property; (b) leasehold payments or ground rents on the Property, if any; (c) premilU1ls for any and all insurance required by Lender under Section 5; and (d) Mortgage Insurance premiums, if any, or any sums payable by Borrower to Lender in lieu of the payment of Mortgage Insurance premiums in accordance with the provisions of Section 10. These items rn'e called "Escrow Items." At origination or at any time during the term of the Lornl, 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. Bon'ower shall promptly furnish to Lender all notices of amounts to be paid ooder this Section. Borrower shall pay Lender the Foods for Escrow Items unless Lender waives Bon"Ower's obligation to pay the Funds for any or all Escrow Items. Lender may waive Borrower's obligation to pay to Lender Foods for any or all Escrow Items at any time. Any such waiver may only be in writing. In the event of such waiver, BOlTower shall pay directly, when and where payable, the amooots due for any Escrow Items for which payment of Foods 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 this Security Instl1l1nent, as the phrase "covenant and agreement" is used in Section 9. If BOlTOwer is obligated to pay ESCl"QW Items directly, pW'suant to a waiver, and Bon'ower fails to pay the amooot due for an Escrow Item, Lender may exercise its rights under Section 9 and pay such amount and Bonower shall then be obligated under Section 9 to repay to Lender any such amooot. Lender may revoke the waiver as to any or all Escrow Items at any time by a notice given in accordance with Section 15 and, upon such revocation, Borrower shall pay to Lender all Foods, and in such amounts, that are then required ooder this Section 3. Lender may, at any time, collect and hold Foods in an amooot (a) sufficient to pennit Lender to apply tlle Funds at the time specified under RESPA, and (b) not to exceed the maximlU1l amooot a lender can require ooder RESPA. Lender shall estimate the amooot of Funds due on the basis of CWTent data and reasonable estimates of expenditures of future Escrow Items or otherwise in accordance with Applicable Law. The Foods shall be held in an institution whose deposits are insured by a federal agency, instmmentality, or entity (including Lender, if Lender is an institution whose deposits are so insured) or in any Federal Home Loan Brn1k. Lender shall apply the Funds to pay the Escrow Items no later than the time specifIed ooder RESP A. Lender shall not charge BOlTower for holding and applying the Funds, annually analyzing the escrow accow1t, or verifying the Escrow Items, oo1ess Lender pays Bonower interest on the FWlds and Applicable Law permits Lender to make such a charge. Unless an agreement is made in writing or Applicable Law requires interest to be paid on the Funds, Lender shall not be required to pay Borrower any interest WYOMING-Single Family-Fannie MaeIFreddle Mac UNIFORM INSTRUMENT ITEM T2769L4 (0011 )-MERS (Page 4 of 12 pages) Form 3O!H 1/01 GREA TLAND . To Order Call: 1-BOO-530-9393 0 Fax: 616-791-1131 000363 or eamings on the Funds. Bon'ower and Lender can agree in writing, however, that interest shall be paid on the Funds. Lender shall give to 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 Bon'ower for the excess flmds in accordance with RESP A. If there is a shortage of Funds held in escrow, as ddined under RESP A, Lender shall notify Borrower as required by RESP A, and Borrower shall pay to Lender the amount necessm)' 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 Bon-ower as required by RESPA. and Bon-ower shall pay to Lender the amount necessary to make up the deficiency in accordance with RESP A, but in no more than 12 monthly payments. Upon payment in full of all swns secured by this Security InstnU11ent, Lender shall promptly refW1d to Borrower any Funds held by Lender. 4. Charges; Liens. Bon-ower shall pay all taxes. assessments, charges, fines, and impositions atl1ibutable to the Property which can attain priority over this Security Instl1lment, leasehold payments or groW1d rents on the Propel1y, if any, and CommW1ity 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. Bon-ower shall promptly discharge any lien which has priority over this Security Insl1-ument W1less BOlTower: (a) agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender, but only so long as Bon-ower 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 opinion operate to prevent the enforcement of the lien while those proceedings are pending, but only W1til such proceedings are concluded; or (c) secures from the holder of the lien an agreement satisfactory to Lender subordinating the lien to this Security Instnnnent. If Lender detennines that any part of the Property is subject to a lien which can attain priority over this Security Instnnnent, Lender may give Bon-ower a notice identifying the lien. Within 10 days of the date on which that notice is given, BOlTower 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 this Loan. S. Property Insurance. Bon-ower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included within the term "extended coverage," and any other hazards including. but not limited to, earthquakes and tloods, for which Lender requires 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 preceding sentences can change during the term of the Loan. The insurance carrier providing the insurance shall be chosen by Bon-ower subject to Lender's light to disapprove Borrower's choice, which right shall not be exercised unreasonably. Lender may require Bon-ower to pay, in connection with this Loan, either: (a) a one-time charge for tlood zone detennination, certification and tracking services; or (b) a one-time charge for tlood zone detennination and cel1ification services and subsequent charges each time remappings or similar changes occur which reasonably might affect such detennination 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 tlood zone detemùnation resulting from an objection by Bon-ower. 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 pm1iculm' type or amount of coverage. Therefore, such coverage shall cover Lender, but might or might not protect BOl1'0wer, Borrower's equity in the Property, or the contents of the Propel1y, 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 signiticantly 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 Security Insl1-ument. These amounts shall bear interest at the Note rate from the date of disbursement and shall be payable, with such interest, upon notice from Lender to Bon-ower requesting payment. All insurance policies required by Lender and renewals of such policies shall be subject to Lender's right to disapprove such policies, shall include a standard mortgage clause, and shall name Lender as mortgagee and/or as an additional loss payee. Lender shall have the right to hold the policies and renewal certificates. If Lender requires. BOlTower shall promptly give to Lender all receipts of paid premiwns and renewal notices. If BOl1'0wer obtains m1Y fOlm of insurance coverage, not otherwise required by Lender, for damage to, or destruction of, the Property, such policy shall include a standard mortgage clause and shall name Lender as m0l1gagee and/or as an additional loss payee. In the event of loss, Bon-ower shall give prompt notice to the insurance can-ier and Lender. Lender may make proof of loss if not made promptly by Borrower. Unless Lender and BOlmwer otherwise agree in writing, any insurance proceeds, ITEM T2769L5 (0011 )-MERS (Page 5 of 12 pages) Form 3051 1101 GREA TLAND . To Order Call: 1,800·530-93930 Fax: 616·791-1131 WYOMING-Single Family-Fannie MaelFreddle Mac UNIFORM INSTRUMENT , 000364 whether or not the lUlderlying 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 lUltil 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 lUldertaken promptly. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as the work is completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such insurance proceeds, Lender shall not be required to pay Borrower any interest or earnings on such proceeds. Fees for public adjusters, or other tIùrd parties, retained by Borrower shall not be paid out of the insurance proceeds and shall be the sole obligation of BOlTOwer. If the restoration or repair is not economically feasible or Lender's secm-ity would be lessened, the insurance proceeds shall be applied to the sums secured by ilis Secm-ity Instrument, whether or not then due, with the excess, if any, paid to Borrower. Such insm-ance proceeds shall be applied in tlle order provided for in Section 2. If Borrower abandons the Property, Lender may tile, negotiate and settle any available insurance claim and related matters. If Borrower does not respond Witllin 30 days to a notice from Lender that tlle insurance catTier has offered to settle a claim, then Lender may negotiate and settle the claim. The 30-day period will begin when the notice is given. In either event. or if Lender acquires the Property under Section 22 or otherwise, Borrower hereby assigns to Lender (a) Bon-ower's rights to any insurance proceeds in an amolUlt not to exceed the amolUlts lUlpaid under the Note or this Security Instrument, and (b) any other of Bon-ower's rights (other than the right to any refund of lUlearned premiums paid by Bon"ower) under all insw'ance policies covering the Property, insofar as such rights are applicable to the coverage of the Property. Lender may use tlle insurance proceeds either to repair or restore the Property or to pay amounts unpaid under the Note or this Security Instrument, whether or not then due. 6. Occupancy. BOlTower shall occupy, establish, and use the Property as Bon"ower's principal residence within 60 days after the execution of this Secm-ity Instrument and shall continue to occupy the Property as Borrower's principal residence for at least one year after the date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be lUlfeasonably withheld, or unless extenuating circumstances exist wlùch 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 the Property, Borrower shall maintain the Property in order to prevent the Property from deteriorating or decreasing in value due to its condition. Unless it is detelmined pursuant to Section 5 that repair or restoration is not economically feasible, Borrower shall promptly repair the Property if damaged to avoid further deterioration or damage. If iusm-ance or condemnation proceeds are paid in connection witll damage to, or the taking of, the Property, BOlTower shall be responsible for repairing or restoring the Property OlÙy if Lender has released proceeds for such pm-poses. Lender may disbUIse proceeds for the repairs and restoration in a single payment or in a selies of progress payments as the work is completed. If the insm-ance or condemnation proceeds at"e not sufticient to repair or restore the Property, Borrower is not relieved of Borrower's obligation for tlle completion of such repair or restoration. Lender or its agent may make reasonable entries npon and inspections of the Property. If it has reasonable cause, Lender may inspect the interior of the improvements on the Property. Lender shall give BOlTower notice at tlle time of or prior to such an interior inspection specifying such reasonable cause. 8. Borrower's Loan Application. BOlTOwer shall be in default if, during the Loan application process, Borrower or any persons or entities acting at the direction of Borrower or with Bon'ower's knowledge or consent gave matelially false, misleading, or inaccurate infonnation or statements to Lender (or failed to provide Lender with material information) in connection with the Loan. Material representations include, but are not limited to, representations concerning Borrower's occupancy of the Property as Borrower's principal residence. 9. Protection of Lender's Interest in the Property and Rights Under this Security Instrument. If (a) Borrower fails to perfonn the covenants and agreements contained in this Security Instrument, (b) there is a legal proceeding that might signiticantly affect Lender's interest in the Property and/or rights lUlder ilis Security Instrnment (such as a proceeding in bankruptcy, probate, for condemnation or forfeiture, for enforcement of a lien which may attain priOlity over tlùs Secm-ity Instrument or to enforce laws or regulations), or (c) Bon-ower has abandoned the Propelty, then Lender may do and pay for whatever is reasonable or appropriate to protect Lender's interest in the Property and rights lUlder this Security Instrument, including protecting and/or assessing the value of the Property, and securing and/or repairing the Property. Lender's actions can include, but are not limited to: (a) paying any sums secured by a lien wIùch has priority over this Security Instrument; (b) appearing in court; and (c) paying reasonable attorneys' fees to protect its interest in the Property and/or rights under this Security Instrument, including its secured position in a bankruptcy proceeding. Secm-ing the Propelty includes. but is not limited to, entering the Property to make repairs, change locks, replace or board up doors and windows, drain water from WYOMING-Single Family-Fannie MaelFredille Mac UNIFORM INSTRUMENT ITEM T2769L6 (0011)-MERS (Page 6 of 12 pageJ) Form 3051 1/01 GREATLAND. To Order Call: 1-800-530-93930 Fax: 616-791-1131 000365 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 this Section 9 shall become additional debt of Bon"ower secured by this Security Instnnnent. These amounts shall bear interest at the Note rate from the date of disbursement and shall be payable, with such interest, upon notice from Lender to Bon-ower requesting payment. If this Security Instrument is on a leasehold, Borrower shall comply with all the provisions of the lease. If Bon-ower 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. Bon-ower shall pay the premiums required to maintain the Mortgage Insurance in effect. If, for any reason, the Mortgage Insurance coverage required by Lender c~ses to be available from the mortgage insurer that previously provided such insurance and Bon-ower was required to make separately designated payments toward the premiums for Mortgage Insurance, Bon-ower shall pay the premiums required to obtain coverage subsæntially equivalent to the Mortgage Insurance previously in effect, at a cost subsæntially equivalent to the cost to Bon-ower of the Mortgage Insurance previously in effect, from an alternate mortgage insurer selected by Lender. If substantially equivalent Mortgage Insurance coverage is not available, Bon-ower shall continue to pay to Lender the amount of the separately designated payments that were due when the insurance coverage ceased to be in dIect. 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 tlle fact that the Loan is ultimately paid in full, and Lender shall not be required to pay Bon-ower any interest or earnings on such loss reserve, Lender can no longer require loss reserve payments if Mortgage Insurance coverage (in the amount and for the period that Lender requires) provided by an insurer selected by Lender again becomes available, is obtained, and Lender requires separately designated payments toward the premiwns for Mortgage Insurance. If Lender required Mortgage Insw"ance as a condition of making the Loan and Bon"ower was required to make separately designated payments toward the premiwns for Mortgage Insurance, Bon-ower shall pay the premiwns 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 w¡;tten agreement between BOlTower and Lender providing for such termination or until termination is required by Applicable Law. Nothing in this Section 10 affects BOITower'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 inCW" if BOlTOwer does not repay the Loan as agreed. BOlTower is not a party to the Mortgage Insurance. Mortgage insurers evaluate their total risk on all such insurance in force from time to time, and may enter into agreements with other parties that 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 Insurance premiwns). 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 BOlTower's payments for Mortgage Insurance. in exchange for sharing or modifying the mortgage insurer's risk. or reducing losses. If such agreement provides that an affiliate of Lender takes a share of the insurer's risk in exchange for a share of the premiums paid to the insurer, the a11"angement 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 MisceUaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned to and shall be paid to Lender. If the Property is damaged, such Miscellaneous Proceeds shall be applied to restoration or repair of the Property, if the restoration or repair is economically feasible and Lender's security is not lessened. During such repair and restoration period. Lender shall have the right to hold such Miscellaneous Proceeds until Lender has had an 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 MaelFreddie Mac UNIFORM INSTRUMENT ITEM T2769L7 (0011 )-MERS (Page 7 of 12 pages) Form 3051 1/01 GREATLAND. To Order Call: 1-BOO-53Q.9393 0 Fax: 616"791-1131 000366 Lender may pay for the repairs and restoration in a single disbursement or in a series of progress payments as the work is completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such Miscellaneous Proceeds, Lender shall not be required to pay BOlTower any interest or eanlings on such Miscellaneous Proceeds. If the restoration or repair is not economically feasible or Lender's security would be lessened, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instl1unent, whether or not then due, with the excess, if any, paid to BOlTower. Such Miscellaneous Proceeds shall be applied in the order provided for in Section 2. In the event of a total taking, destruction, or loss in value of the Property, the Miscellaneous Proceeds shall be applied to the SlUIlS secw'ed by this Secw·ity Instrwnent, whether or not then due, with the excess, if any, paid to BOlTower. In the event of a partial taking, destl11ction, or loss in value of the Property in which the fair market value of the Property inunediately before the partial taking, destl11ction, or loss in value is equal to or greater than the amount of the SlUIlS secw'ed by this Security Instrwnent immediately before the partial taking, destl11ction, or loss in value, unless BOlTower and Lender otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by the mnowlt of the Miscellaneous Proceeds multiplied by the following fraction: (a) the total amount of the SlUIlS secured immediately before the partial taking, destruction, or loss in value divided by (b) the fair market value of the Property immediately before the partial taking, destruction, or loss in value. Any balance shall be paid to BOlTower. In the event of a partial taking, destruction, or loss in value of the Property in which the fair market value of the Property inunediately before the partial taking, destruction, or loss in value is less than the amount of the sums secured immediately before the partial taking, destruction, or loss in value, unless BOlTower and Lender otherwise agree in writing, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument whether or not the sums are then due. If the Property is abandoned by BOlTower, or if, after notice by Lender to Bon-ower that the Opposing Party (as detined in the next sentence) offers to make an award to settle a claim for damages. B0l1'OWer fails to respond to Lender within 30 days after the date the notice is given, Lender is authorized to collect and apply the Miscellaneous Proceeds either to restoration or repair of the Property or to the sums secured by this Secmity Instrument, whether or not then due. "Opposing Party" means the third party that owes BOlTower Miscellaneous Proceeds or the party against whom BOlTower has a right of action in regard to Miscellaneous Proceeds. Bon-ower shall be in default if any action or proceeding, whether civil or criminal, is begun that, in Lender's judgment, could result in forkitw'e of the Property or other material impailTnent of Lender's interest in the Property or rights under this Security Instrument. BOlTower can cure such a default and, if acceleration has occurred, reinstate as provided in Section 19, by causing the action or proceeding to be dismissed with a ruling that, in Lender's judgment, precludes fOlfeiture of the Property or other material impainnent of Lender's interest in the Propelty or rights under this Security Instrwnent. The proceeds of any award or claim for damages that are attributable to the impairment of Lender's interest in the Property are hereby assigned and shall be paid to Lender. All Miscellaneous Proceeds that are not applied to restoration or repair of the 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 amOltization of the SlUIlS secured by this Security Instrument granted by Lender to BOlTower or any Successor in Interest of Bon'Ower shall not operate to release the liability of BOlTower or any Successors in Interest of BOlTower. Lender shall not be required to commence proceedings against any Successor in Interest of BOlTower or to refuse to extend time for payment or otherwise modify amortization of the sums secured by this Security Instrument by reason of any demand made by the original BOlTower or any Successors in Interest of BOlTower. Any forbearance by Lender in exercising any right or remedy ìncluding, without limitation, Lender's acceptance of payments from third persons, entities or Successors in Interest of BOlTower or in amounts less than the amount then due, shall not be a waiver of or preclude the exercise of any right or remedy. 13. Joint and Several Liability; Co-signers; Successors and Assigns Bound. BOlTower covenants and agrees that BOlTower's obligations and liability shall be joint and several. However, any BOlTower who co-signs tIllS Security Instrument but does not execute the Note (a "co-signer"): (a) is co-signing this Security Instrument only to mortgage, grant and convey the co-signer's interest in the Property under the telms of this Security Instl1unent; (b) is not personally obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any other Bon-ower can agree to extend, modify, forbear or make any accommodations with regard to the tenns of this Security Instrument or the Note without the co-signer's consent. Subject to the provisions of Section 18, any Successor in Interest of Bon-ower who asSlUIles BOlTower's obligations under this Security Instnunent in writing, and is approved by Lender, shall obtain all of BOlTower's rights and benefits under WYOMING-Single Family-Fannie MaelFreddle Mac UNIFORM INSTRUMENT ITEM T2769L8 (0011)-MERS (Page 8 of 12 pages) Form 3051 1/01 GREATLAND. To Order Call; 1·BOO·530·9393 0 Fax; 616·791-1131 000367 this Security Instl1unent. 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 Instrument 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, attorneys' fees, property inspection and valuation fees. In regard to any other fees, the absence of express authority in this Security Instrument to charge a specific fee to Borrower shall not be construed 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 maximwn 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 amount necessary to reduce the charge to the pennitted limit; and (b) any swns already collected from Bon-ower which exceeded permitted limits will be refunded to BOlTOwer. Lender may choose to make this refund by reducing the principal owed under the Note or by making a direct payment to BOITower, 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). Borrower's acceptance of any such refund made by direct payment to Borrower will constitute a waiver of any right of action BOlTower might have arising out of such overcharge. 15. Notices. All notices given by Borrower or Lender in connection with this Security Instrument must be in writing. Any notice to Bon-ower in connection with this Secw-ity 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 Bon-ower 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 BOlTower shall only report a change of address through that specified procedure. There may be only one designated notice address under this Secw-ity 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 with this Security Instrument shall not be deemed to have been given to Lender until actually received by Lender. If any notice required by this Secmity Instrument is also required under Applicable Law, the Applicable Law requirement will satisfy the corresponding requirement under this Security Instrument. 16. Governing Law; Severability; Rules of Construction. This Security Instl111nent shall be governed by federal law and the law of the jurisdiction in which the Property is located. All rights and obligations contained in this Security 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. In the event that any provision or clause of this Security Instrument or the Note conflicts with Applicable Law, such conflict shall not affect other provisions of this Secw-ity Instrument or the Note which can be given effect without the conflicting provision. As used in this Secmity Instrument: (a) words of the masculine gender shall mean and include cOlTesponding neuter words or words of the feminine gender; (b) words in the singular shall mean and include theplural and vice versa; and (c) the word "may" gives sole discretion without any obligation to take any action. 17. Borrower's Copy. B OlTower shall be given one copy of the Note and of this Security Instrwnent. 18. Transfer of the Property or a Beneficial Interest in Borrower. As used in this Section 18, "Interest in the Property" means any legal or beneficial interest in the Property. including, but not limited to. those bendicial 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 BOlrower at a future date to a purchaser. If all or any part of the Property or any Interest in the Property is sold or transfelTed (or if Bon'ower is not a natural person and a beneficial interest in Bon'ower is sold or transferred) without Lender's prior written consent, Lender may require immediate payment in full of all smus secured by this Security Instrument. However, this option shall not be exercised by Lender if such exercise is prohibited by Applicable Law. If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days from the date the notice is given in accordance with Section 15 within which BOlTower must pay all sums secured by this Security Instrument. If Borrower fails to pay these swns prior to the expiration of this period, Lender may invoke any remedies permitted by this Security Instrument without further notice or demand on Borrower. 19. Borrower's Right to Reinstate After Acceleration. If BOlTower meets certain conditions, Bon'ower shall have the right to have enforcement of this Security Instrument discontinued at any time prior to the earliest of: (a) tÏve days before WYOMING-Single Family-Fannie MaelFred{l\e Mac UNIFORM INSTRUMENT ITEM T2769L9 (0011)-MERS (Page 9 of 12 pages) Form 3051lJOl GREA TLAND . To Order Call: 1·800·530-9393 o Fax: 616·791-1131 000368 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 BOITower's right to reinstate; or (c) entry of a judgment enforcing this Security InsU1J111ent. Those conditions· are that BOlTower: (a) pays Lender all swns which then would be due under this Security Instnunent and the Note as if no acceleration had oCClUTed; (b) cures any default of any other covenants or agreements; (c) pays all expenses incun-ed in enforcing this Security Instrument, including, but not limited to, reasonable attomeys' fees, property inspection and valuation fees, and other fees incuned for the purpose of protecting Lender's interest in the Property and rights under this Security Instnunent; and (d) takes such action as Lender may reasonably require to assure that Lender's interest in the Property and rights under this Security Instrument, and Borrower's obligation to pay the swns secured by this Security Instnunent, shall continue unchanged. Lender may require that BOlTower pay such reinstatement sums and expenses in one or more of the following forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, treasurer's check or cashier's check, provided any such check is drawn upon an institution whose deposits are insured by a federal agency, insU1J111entality or entity; or (d) Electronic Funds Transfer. Upon reinstatement by Bon-ower, this Security Instrument and obligations secured hereby shall remain fully effective as if no acceleration had occUlTed. However, this right to reinstate shall not apply in the case of acceleration under Section 18, 20. Sale of Note; Change of Loan Servicer; Notice of Grievance. The Note or a partial interest in the Note (together with this Security Instrument) can be sold one or more times without prior notice to Borrower, A sale might result in a change in the entity (known as the "Loan Servicer") that collects Periodic Payments due under the Note and this Security Instrument and performs other m0l1gage loan servicing obligations under the Note, this Security Instrument, and Applicable Law. There also might be one or more changes of the Loan Servicer unrelated to a sale of the Note. If there is a change of the Loan Servicer. BOlTower will be given written notice of the change which will state the name and address of the new Loan Servicer, the address to which payments should be made and any other infollllation RESP A requires in cOillIection with a notice of U'ansfer of servicing. If the Note is sold and thereafter the Loan is serviced by a Loan Servicer other than the purchaser of the Note, the m011gage loan servicing obligations to Borrower will remain with the Loan Servicer or be U'ansfelTed to a successor Loan Servicer and are not assumed by the Note purchaser wIless otherwise provided by the Note purchaser. Neither BOlTower nor Lender may commence. join, or be joined to any judicial action (as either an individual litigant or the member of a class) that arises from the other party's actions pursuant to this Security InsU1J111ent or that alleges that the other party has breached any provision of. or any duty owed by reason of, this Secwity Instrument, until such Bon-ower or Lender has notified the other party (with such notice given in compliance with the requirements of Section 15) of such alleged breach and afforded the other pmty hereto a reasonable period after the giving of such notice to take COlTective action. If Applicable Law provides a time period which must elapse before certain action can be taken, that time period will be deemed to be reasonable for pwposes of this paragraph. The notice of acceleration and opportunity to cure given to Bon-ower pursuant to Section 22 and the notice of acceleration given to BOlTower pursuant to Section 18 shall be deemed to satisfy the notice and opportunity to take cOlTective action provisions of this Section 20. 21. Hazardous Substances. As used in this Section 21: (a) "Hazardous Substances" are those substances defined as toxic or hazardous substances, pollutants, or wastes by Environmental Law and the following substances: gasoline, kerosene, other flanunable or toxic petroleum products, toxic pesticides mId herbicides, volatile solvents, materials containing asbestos or fOlmaldehyde, and radioactive materials; (b) "Environmental Law" means federal laws and laws of the jurisdiction where the Property is located that relate to health, safety or environmental protection; (c) "Environmental Cleanup" includes any response action, remedial action, or removal action, as detined in Environmental Law; and (d) an "Environmental Condition" means a condition that can cause, contribute to, or otherwise U'igger an Enviroillllental Cleanup. Bon-ower shall not cause or pennit the presence, use, disposal, storage, or release of any' Hazill'dous Substances. or threaten to release any Hazardous Substances, on or in the Property, Bon-ower shall not do, nor allow anyone else to do, anything affecting the Property (a) that is in violation of any Environmental Law, (b) which creates an Environmental Condition, or (c) which, due to the presence. use, or release of a Hazardous Substance, creates a condition that adversely affects the value of the Property. The preceding two sentences shall not apply to the presence, use, or storage on the Property of small quantities of Hazardous Substances that ill'e generally recognized to be appropriate to nOlmal residential uses and to maintenance of the Prope11y (including, but not limited to, hazardous substances in consumer products). Bon-ower shall promptly give Lender wlitten notice of (a) any investigation, claim, demand, lawsuit or other action by any governmental or regulatory agency or private party involving the Property and mIY Hazill'dous Substance or Environmental Law of which Bon-ower has actual knowledge, (b) any Environmental Condition, including but not limited to, any spilling, leaking, discharge, release or threat of release of any Hazardous Substance, and (c) any condition caused by the WYOMING-Single Family-Fannie MaeIFreddie Mac UNIFORM INSTRUMENT ITEM T2769L 10 (0011 )-MERS (Page 10 of 12 pages) Form 30511/01 GREATLAND. To Ordor Call: 1·800-530·93930 Fax: 616-791·1131 000369 presence, use or release of a Hazardous Substance which adversely affects the value of the Property. If BOlTower learns, or is notified by any governmental or regulatory authority, or any private party, that any removal or other remediation of any Hazardous Substance affecting the Property is necessary. BOlTower 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. BOlTower and Lender further covenant and agree as follows: 22. Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration following Borrower's breach of any covenant or agreement in this Security Instrument (but not prior to acceleration under Section 18 unless Applicable Law provides otherwise). The notice shall specify: (a) the default; (b) the action required to cure the default; (c) a date, not less than 30 days from the date the notice is given to Borrower, by which the default must be cured; and (d) that failure to cure the default on or before the date specified in the notice may result in acceleration of the sums secured by this Security Instrument and sale of the Property. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to bring a court action to assert the non-existence of a default or any other defense of Borrower to acceleration and sale. If the default is not cured on or before the date specified in the notice, Lender at its option may require immediate payment in full of all sums secured by this Security Instrument without further demand and may invoke the power of sale and any other remedies permitted by Applicable Law. Lender shall be entitled to collect all expenses incurred in pursuing the remedies provided in this Section 22, including, but not limited to, reasonable attorneys' fees and costs of title evidence. If Lender invokes the power of sale, Lender shall give notice of intent to foreclose to Borrower and to the person in possession of the Property, if ditTerent, 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 sums secured by this Security Instrument, Lender shall release this Security Instl1unent. BOlTower shall pay any 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 rendered and the charging of the fee is peITJÙtted under Applicable Law. 24. Waivers. BOlTower releases and waives all rights under and by virtue of the homestead exemption laws of Wyoming. WYOMING-Single Family-FannIe MaelFreddie Mac UNIFORM INSTRUMENT ITEM T2769L11 (OOI1)-MERS (Page II of 12 pages) Form 3051 1/01 GREA TLAND . To Order Call: 1-800-530·9393 o Fax: 616-791-1131 000370 Y SIGNING BELOW, BOlTower accepts and agrees to the terms and covenants contained in pages 1 tln'ough 12 of . 1lme and in any Rider executed by BOlTower and rec~rded with it. ./~.. / "C ... GSTON (Seal) -Borrower (Seal) -Borrower ~~ ~~ -Bon'ower -Borrower ~~ ~~ -Borrower -Borrower Witness: Witness: State of VVV)ðr11A.,,¡r¡(J COlll1tyof Ul1ltì{/f'J ) ) ss ) The foregoing instrument was acknowledged before me by J fivtn -U G-- {l}/flfj slõrv I J ( a/1 eI [6 f. fJ {/1f1~ ') -/-rr- this day of 0 c- fa btr 'lOIJl Witness my hand and official seal. (J. NOTARY PUBLIC State of Wyoming M Commission Expires September 15, 2011 County ot Lincoln /4J-ec;vw;ct/ J! ~~ Notary Public My commission expires: q. / C; -f / WYOMING-Single Family-Faunle MaelFreddle Mac UNIFORM INSTRUMENT ITEM T2769L12 (OO11)-MERS (Page 12 of 12 pages) Form 30511/01 GREATLAND. To Order Call: 1'BOO-53Q-9393 0 Fax: 616·791-1131 Loan Number: 2028811 1-4 FAMILY RIDER (Assignment of Rents) 000371. THIS 1-4 FAMILY RIDER is made this 1st day of October 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 Taylor, Bean & Whitaker Mortgage Corp. (the "Lender") of the same date and covering the Property described in the Security Instrument and located at: 216 BUTTE DRIVE THAYNE, WY 83127 [Property Address] 1-4 FAMILY COVENANTS. In addition to the covenants and agreements made in the Security Instrument, Borrower and Lender further covenant and agree as follows: A. ADDITIONAL PROPERTY SUBJECT TO THE SECURITY INSTRUMENT. In addition to the Property described in Security Instrument, the following items now or hereafter attached to the Property to the extent they are fixtures are added to the Property description, and shall also constitute the Property covered by the Security Instrument: building materials, appliances and goods of every nature whatsoever now or hereafter located in, on, or used, or intended to be used in connection with the Property, including, but not limited to, those for the purposes of supplying or distributing heating, cooling, electricity, gas, water, air and light, fire prevention and extinguishing apparatus, security and access control apparatus, plumbing, bath tubs, water heaters, water closets, sinks, ranges, stoves, refrigerators, dishwashers, disposals, washers, dryers, awnings, stonn windows, stonn doors, screens, blinds, shades, curtains and curtain rods, attached mirrors, cabinets, paneling and attached floor coverings, all of which, including replacements and additions thereto, shall be deemed to be and remain a part of the Property covered by the Security Instrument. All of the foregoing together with the Property described in the Security Instrument (or the leasehold estate if the Security Instrument is on a leasehold) are referred to in this 1-4 Family Rider and the Security Instrument as the "Property." B. USE OF PROPERTY; COMPLIANCE WITH LAW. Borrower shall not seek, agree to or make a change in the use of the Property or its zoning classification, unless Lender has agreed in writing to the change. Borrower shall comply with all laws, ordinances, regulations and requirements of any governmental body applicable to the Property. C. SUBORDINATE LIENS. Except as pennitted by federal law, Borrower shall not allow any lien inferior to the Security Instmment to be perfected against the Property without Lender's prior written permission. D. RENT LOSS INSURANCE. Borrower shall maintain insurance against rent loss in addition to the other hazards for which insurance is required by Section 5. E. "BORROWER'S RIGHT TO REINSTATE" DELETED. Section 19 is deleted. F. BORROWER'S OCCUPANCY. Unless Lender and Borrower otherwise agree in writing, Section 6 concerning Borrower's occupancy of the Property is deleted. G. ASSIGNMENT OF LEASES. Upon Lender's request after default, Borrower shall assign to Lender all leases of the Property and all security deposits made in connection with leases MULTISTATE 1-4 FAMILY RIDER-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3170 1/01 ITEM 1790L1 (0609) GrlatDocs 1M (Page 1 of 3) 111111111111111111111111111111111111111111111111111111111111111111111111111 *0232052028811* T1790_20070730.100000 Loan Number: 2028811 000372 of the Property. Upon the assignment, Lender shall have the right to modify, extend or tenninate the existing leases and to execute new leases, in Lender's sole discretion. As used in this paragraph G, the word "lease" shall mean "sublease" if the Security Instrument is on a leasehold. H. ASSIGNMENT OF RENTS; APPOINTMENT OF RECEIVER; LENDER IN POSSESSION. Borrower absolutely and unconditionally assigns and transfers to Lender all the rents and revenues ("Rents") of the Property, regardless of to whom the Rents of the Property are payable. Borrower authorizes Lender or Lender's agents to collect the Rents, and agrees that each tenant of the Property shall pay the Rents to Lender or Lender's agents. However, Borrower shall receive the Rents until (i) Lender has given Borrower notice of default pursuant to Section 22 of the Security Instrument and (ii) Lender has given notice to the tenant(s) that the Rents are to be paid to Lender or Lender's agent. This assignment of Rents constitutes an absolute assignment and not an assignment for additional security only. If Lender gives notice of default to Borrower: (i) all Rents received by Borrower shall be held by Borrower as trustee for the benefit of Lender only, to be applied to the sums secured by the Security Instrument; (ii) Lender shall be entitled to collect and receive all of the Rents of the Property; (iii) Borrower agrees that each tenant of the Property shall pay all Rents due and unpaid to Lender or Lender's agents upon Lender's written demand to the tenant; (iv) unless applicable law provides otherwise, all Rents collected by Lender or Lender's agents shall be applied first to the costs of taking control of and managing the Property and collecting the Rents, including, but not limited to, attorney's fees, receiver's fees, premiums on receiver's bonds, repair and maintenance costs, insurance premiums, taxes, assessments and other charges on the Property, and then to the sums secured by the Security Instrument; (v) Lender, Lender's agents or any judicially appointed receiver shall be liable to account for only those Rents actually received; and (vi) Lender shall be entitled to have a receiver appointed to take possession of and manage the Property and collect the Rents and profits derived trom the Property without any showing as to the inadequacy of the Property as security. If the Rents of the Property are not sufficient to cover the costs of taking control of and managing the Property and of collecting the Rents any funds expended by Lender for such purposes shall become indebtedness of Borrower to Lender secured by the Security Instrument pursuant to Section 9. Borrower represents and warrants that Borrower has not executed any prior assignment of the Rents and has not perfonned, and will not perfonn, any act that would prevent Lender trom exercising its rights under this paragraph. Lender, or Lender's agents or a judicially appointed receiver, shall not be required to enter upon, take control of or maintain the Property before or after giving notice of default to Borrower. However, Lender, or Lender's agents or a judicially appointed receiver, may do so at any time when a default occurs. Any application of Rents shall not cure or waive any default or invalidate any other right or remedy of Lender. This assignment of Rents of the Property shall tenninate when all the sums secured by the Security Instrument are paid in full. I. CROSS-DEFAULT PROVISION. Borrower's default or breach under any note or agreement in which Lender has an interest shall be a breach under the Security Instrument and Lender may invoke any of the remedies pennitted by the Security Instrument. MULTISTATE 1-4 FAMILY RIDER-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3170 1/01 ITEM 1790L2 (0609) GreatDocs TM (Page 2 of 3) 000373 Loan Number: 2028811 BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in pages 1 throu h 3 of this 1-4 Family Rider. " (S eal) -Borrower (Seal) - Borrower (S eal) - Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower ITEM 1790L3 (0609) MULTISTATE 1-4 FAMILY RIDER-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT GreatDocs TN (Page 3 o( 3) Form 3170 1/01 Exhibit A File 6010715916 Description 000374 The land referred to in this document is situated in the State of Wyoming, County of Lincoln, and is described as follows: Lot 25 of Star Valley Ranch Plat 21, Lincoln County, Wyoming as described on the official plat filed on October 22, 1982 as instrument No. 586332 ofthe records ofthe Lincoln County Clerk.