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HomeMy WebLinkAbout934836 6010716103 After Recording Return To: ~;~!~::::~~~ Pr>p'll'ed By' etum s To: ¡:; (.. Lenders First Choice JEFFREY FORTNEY 7600 E. Orchard Rd. Ste. 200N Greenwood Village, CO 80111 RECEIVED 11/13/2007 at 4:16 PM RECEIVING # 934836 BOOK: 678 PAGE: 562 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY 1 \''-\00)7~f\ ~( 000562 [Space Above This Line For Recording Datal 00018192722311007 [Doc ID #] MORTGAGE MIN1001337-0002666998-9 -r or), :J / DEFINITIONS Words used in multiple sections of this document are defined below and other words are defined in Sections 3, 11, 13, 18,20 and 21. Certain l1lles regarding the usage of words used in this document are also provided ill Section 16. (A) "SecurilyInslrumenl" means this document, which is dated NOVEMBER 02, 2007 , together with all Riders to this document. tB) "Borrower" is DAVID L FOX Borrower is the mortgagor under this Security Instl1lment. (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 a<;signs. 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. CD) "Lender" is Countrywide Bank, FSB. Lender is a FED SVGS BANK organized and existing under the laws of THE UNITED STATES Lender's address is 1199 North Fairfax St. Ste.500, Alexandria, VA 22314 (E) "Note" means the promissory note signed by Borrower and dated NOVEMBER 0 2, 2007 . The Note states that Borrower owes Lender ONE HUNDRED SIXTY FIVE THOUSAND and 00/100 Dollars (U.S. $ 165,000.00 ) plus interest. Borrower has promised to pay this debt in rcgulm Periodic Payments and to pay the debt in full not later than DECEMBER 01, 2037 (F) "Property" means the property that is described below under the heading "Transfer of Rights in the Property. " (G) "Loan" means the debt evidenced by the Note, plus interest, any prepayment chm'ges and late charges due under the Note, and all sums due under this Security Instl1lment, plus interest. WYOMING-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT WITH MERS M Mortgage-WY 2006A-WY (06/07)(d/i) Page 1 of 10 Form 3051 1/01 ·23991· · 1 8 1 9 2 7 2 2 3 0 0 0 0 0 2 0 0 6 A . DOC ID #: 00018192722311007 (H) "Riders" means all Riders to this Security Instrument that are executed by Borrower. The following Riders are to be executed by Borrower [check box as applicable]: o Adjustable Rate Rider 0 Condominium Rider 0 Second Home Rider o BaIloon Rider 0 Planned Unit Development Rider 0 1-4 Family Rider o V A Rider 0 Biweekly Payment Rider 0 Other(s) [specify 000563 (I) "Applicable Law" means alJ controlling applicable federal, state and local statutes, regulations, ordinance:; and administrative rules and orders (that have the effect of law) as well as all applicable final, non-appealable judicial opinions. (1) "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) "Electron ic Funds Transfer" mean:; any transfer of funds, other than a transaction originated by check, draft, or simi lar paper instrument, which is initiated through an electronic terminal, telephonic instrument, computer, or magnetic tape so as to order, instruct, or authorize a financial institution to debit or credit an account. Such term includes, but is not limited to, point-of-sale transfers, automated teIJer 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) "MisceIJaneous 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 destmction of, the Property; (ii) condemnation or other talcing 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 Instrument. (P) "RESP A" means the Real Estate Sett1ement Procedures Act (12 U.S.c. Section 2601 et seq.) and its implementing regulation, Regulation X (24 C.F.R. Part 35(0), 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 rcstrictions that m'c imposed in regard to a "federally related mortgage loan" even if the Loan does not qualify as a "federally related mortgage loan" under RESPA. (Q) "Successor in Intere:;t of Borrower" means any pmty that has taken title to the Property, whether or not that pmty has assumed Bon'ower's obligations under the Note and/or this Security Instmment. TRANSFER OF RIGHTS IN THE PROPERTY This Security Instmment secures to Lender: (i) the repayment of the Loan, and all renewals, extensions and moditìcations of the Note; and (ii) the performance of Borrower's covenmlts and agreements under 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 a<;signs of MERS, with power of sale, the following described property located in the COUNTY of [Type of Recording Jurisdiction] SEE EXHIBIT "A" ATTACHED HERETO LINCOLN [Name of Recording Jurisdiction] AND MADE A PART HEREOF. Parcel ID Number: 34190110108100 which currently has the address of 288 SCRUB OAK DR, THAYNE [Street/CitYI Wyoming 83127 [Zip Code] ("Property Address"): TOGETHER WITH all the improvements now or hereafter erected on the property, and all ea<;ements, appurtenances, and fixtures now or hereafter a part of the property. AJJ replacements and additions shaJJ also be covered by this Security Instrument. AU of the foregoing is refened to in this Security Instrument as the M Mortgage-WY 2006A-WY (06/07) Page 2 of 10 Form 3051 1/01 000564 DOC 10 #: 00018192722311007 "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 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, the right to foreclose and sell the Property; and to take any action required of Lender including, but not limited to, releasing and canceling this Security Instrument. BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has the right to mortgage, grant and convey the Property and that the Property is unencumbered, except for encumbrances of record. Borrower warrants and will defend generally the title to the Property against all claims and demands, subject to any encumbrances of record. THIS SECURITY INSTRUMENT combines uniform covenants for national use and non-uniform covenants with limited vm'iations by jurisdiction to constitute a uniform 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 under the Note. Borrower shall also pay funds for Escrow Items pursuant to Section 3. Payments due under the Note and this Security Instrument shall be made in U.S. currency. However, i r' any check or other instrument received by Lender as payment under the Note or this Security Instrument is returned to Lender unpaid, Lender may require that any or all subsequent payments due under the Note and this Security [nstJ1Jment be made 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 (il'e 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 other location as may be designated by Lender in accordance with the notice provisions in Section 15. Lender may return (illY payment or partial payment if the payment or pmlial payments are insufficient to bring the Loan current. Lender may accept any payment or pmtial 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 Periodic 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 Borrower makes payment to bring the Loan current. If Borrower does not do so within a reasonable pedod of time, Lender shall either apply such funds or return them to Borrower. If not applied em'lier, such funds will be applied to the out<;tanding principal balance under the Note immediately prior to foreclosure. No offset or claim which Borrower might have now or in the future against Lender shaH relieve Borrower from making payment<; due under the Note and this Security Instrument or pel'fonning the covenants and agreements secured by this 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; (h) 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 lïrst to late charges, second to any other amounts due under this Security Instl1Jment, and then to reduce the principal balance of the Note. If Lender receives a payment from Borrower for a delinquent Peliodic Payment which includes a sufficient amount to pay any late charge due, the payment may be applied to the delinquent payment and the late chm·ge. Ir more than one Periodic Payment is outstanding, Lender may apply any payment received from Borrower to the repayment of the Periodic Payments if, and to the extent that, each payment can be paid in full. To the extent that any excess exist<; after the payment is applied to the full payment of one or more Periodic Payment'), such excess may be applied to any late charges due. Voluntary prepayments shall be applied first to any prepayment chm'ges and then as described in the Note. Any application of payments, insurance proceed'), or Miscellaneous Proceeds to principal due under the Note shall not extend or postpone the due date, or change the amount, of the Periodic Payment'). 3. Funds for Escrow Items. Borrower shall pay to Lender on the day Periodic Payment') m'e 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 Instl11ment as a lien or encumbrance on the Property; (b) leasehold payments or ground rent<; on the Property, if any; (c) premiums for any and all insurance required by Lender under Section 5; and (d) Mortgage Insurance premiums, if any, or any sums payable by Borrower to Lender in lieu of the payment of Mortgage Insurance premiums in accordance with the provisions of Section 10. These items are caHed "Escrow Items." At origination or at any time during the term 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 shaH be an Escrow Item. Borrower shall promptly furnish to Lender all notices of amounts to be paid under this Section. Borrower shall pay Lender the Funds for Escrow Items unless Lender waives Borrower's obJígation to pay the Funds for any or all Escrow Items. Lender may waive Borrower's obJigation to pay to Lender Funds for any or all Escrow Items at any time. Any such waiver may only be in writing. In the event of such waiver, Borrower shall pay directly, when and where payable, the amounts due for any Escrow Items for which 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 payment') and to provide receipts shall for all purposes be deemed to be a covenant and agreement contained in this Security InsU'ument, as the phrase "covenant and agreement" is M Mortgage-WY 2006A-WY (06/07) Page 3 of 10 Form 3051 1/01 000565 DOC ID #: 00018192722311007 used in Section 9. If Borrower is obligated to pay Escrow Items directly, pursuant to a waiver, and Borrower fails to pay the amount due for an Escrow Item, Lender may exercise it<; rights under Section 9 and pay such amount and BOlTower shall then be obligated under Section 9 to repay to Lender any such amount. Lender may revoke the waiver as to any or aJl Escrow Items at any time by a notice given in accordance with Section 15 and, upon such revocation, Borrower shaJl pay to Lender all Funds, and in such amounts, that are then required under this Section 3. Lender may, at any time, collect and hold Funds in an amount (a) sufficient to permit Lender to apply the Funds at the 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 expendit1ll'es of future Escrow Items or otherwise in accordance with Applicable Law. The Funds shall be held in an institution whose deposit<; 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 shaJl apply the Funds to pay the Escrow Items no later than the time specified under RESPA. Lender shall not chm'ge Borrower for holding and appJying the Funds, annuaJJy analyzing the escrow account, or verifying the Escrow Items, unJess Lender pays Borrower interest on the Funds and AppJicable Law pelIDits 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 or earnings on the Funds. Borrower and Lender can agree in writing, however, that interest shall be paid on the Funds. Lender shall give to Borrower, without chm'ge, an annuaJ accounting of the Funds as required by RESP A. If there is a surpJus of Funds held in escrow, as defined under RESPA, Lender shall account to Borrower for the excess funds in accordance with RESP A. If there is a shortage of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as required by RESPA, and BOlTower shall pay to Lender the amount necessmy to make up the shortage in accordance with RESPA, but in no more than 12 monthly payment<;. If there is a deficiency of Funds heJd in escrow, as defined under RESPA, Lender shall notify Borrower as required by RESP A, and Borrower shaH pay to Lender the amount necessmy to make up the ·deficiency in accordance with RESPA, but in no more than 12 monthly payments. Upon payment in full of all sums secured by this Security Instrument, Lender shaJl promptly refund to BlJl1'ower any Funds held by Lender. 4. Char ges; Liens. Borrower shall pay all taxes, assessments, charges, fines, and imposition~ attributable to the Property which can attain pliority 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, BOITower shall pay them in the manner provided in Section 3. Bon'ower shaJl promptJy discharge any lien which ha<; priority over this Security Instrument unJes.'; Borrower: (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 Borrower is performing sucq agreement; (b) contests the lien in good faith by, or defends against enforcement of the lien in, legal proceedings which in Lender's opinion operate to prevent the enforcement of the lien while those proceedings are pending, but only until such proceedings are concluded; or (c) secures Crom the holder of the lien an agreement satisfactOlY 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 Jien' 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. 5. Property Insurance. Borrower shall keep the improvement<; now existing or hereafter erected on the Property insured against loss by fire, hazm'd<; included within the telID "extended coverage," and any other hazéU'ds including, but not limited to, earthquakes and floods, for which Lender requires insurance. This insurance shall be maintained in the amounts (including deductible leveJs) 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 shalJ be chosen by Borrower subject to Lender's right to disapprove Borrower's choice, which right shall not be exercised unreasonably. Lender may require Borrower to pay, in connection with this Loan, either: (a) a one-time chm'ge for flood zone determination, certification and tracking services; or (b) a (me-time charge for flood zone determination and certification services and subsequent charges each time remappings or simi]m' 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 determination resulting from an objection by Borrower. If Borrower fails to maintain any of the coverages de~cribed above, Lender may obtain insurance coverage, at Lender's option and Borrower's expense. Lender is under no obJigation to purcha<;e any pmiicuJar type or amount of coverage. Therefore, such coverage shaH cov<jr Lender, but might or might not protect Borrower, Borrower's equity in the Property, or the contents of the Pr,Operty, against any risk, hazard or Jiability 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 secureù by this Security Instrument. These amounts sh¡µl bear interest at the Note rate from the date of disbursement and shaIl be payable, with such interest, upon notice from Lender to Borrower requesting payment. All insurance poJicies required by Lender and renewaJs of such poJicies shall be subject to Lender's right to disapprove such policies, shall include a standm'd mortgagt clause, and shaJI name Lender as mortgagee and/or as an additional Joss payee. Lender shall have the right to hold the policies and renewal certificates. If Lender M Mortgage-WY 2006Ä-WY (06/07) Page 4 of'10 Form 3051 1/01 000566 DOC 1D #: 00018192722311007 requires, Borrower shall promptly give to Lender all receipts of paid premiums and renewal notices. If Borrower obtains any form 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 the 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 BOl1"ower. Unless Lender and Borrower otherwise agree in writing, any insurance proceeds, whether or not the underlying insurance was required by Lender, shall be applied to· restoration or repair of the Property, if the restoration or repair is economically fea<;ible and Lender's security is not lessened. During such repair and restoration period, Lender shall have the right to hold such insurance proceeds until Lender has had an opportunity to inspect such Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may disburse proceeds for the repàirs 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 the sole obligation of Borrower. If the restoration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be applied to the sums secmed hy this Security Instrument, whether or not then due, with tile excess, if any, paid to Borrower. Such insurance proceeds shall be applied in the order provided for in Section 2. If Borrower abandons the Properly, Lender may file, negotiate and settle any availab]e insurance claim and related matters. If Borrower does not respond within 30 days to a notice from Lender that the insurance carrier has offered to settle a claim, then Lender may negotiate and settle the claim. The 3D-day period will begin when the notice is given. In either event, or if Lender acquires the Property under Section 22 or otherwise, Borrower hereby assigns to Lender (a) Borrower's rights to any insurance proceeds in an amount not to exceed the amounts unpaid under the Note or this Security Instrument, and (b) any other of Borrower's rights (other than the right to any refund of unem'ned premiums paid by Borrower) under all insurance policies covering the Propelty, insofar as such tights are applicable to the coverage of the Property. Lender may use the insurance proceeds either to repair or restore the Property or to pay amounts unpaid under the Note or this Security Instrument, whether or not then due. 6. Occupancy. Borrower shall occupy, establish, and use the Property as BOlTower's principal residence within 60 days éú'ter the execution of this Security Instrument and shall continue to occupy the Property as Borrower's principal residence for at least one year after the date of occupancy, unless Lender othelwise agrees in writing, which consent shall not be unreasonably withheld, or unless extenuating circumstances exist which are beyond Borrower's control. 7. Preservation, Maintenance and Protection of the Property; Inspections. Borrower shall not destroy, damage or impair the Property, allow the Property to deteriorate or commit waste on the Property, Whether or not Bon'ower is residing in the Property, Borrower shall maintain the Property in order to prevcnlthe Property from deteriorating or decreasing in value due to its condition. Unless it is determined pursuant to Section 5 that repair or restoration is not economically feasible, BOlTower shall promptly repair the Property if damaged to avoid further deterioration or damage. If insurance or condemnation proceeds are paid in connection with damage to, or the taking of, the Property, Borrower shall be responsible for repairing or restoring the Property only if Lender has released proceeds for such purposes. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progress payment,> as the work is completed. If the insurance or condemnaLÌon proceeds are not sufficient to repair or restore the Property, Borrower is not relieved of Borrower's obligation for the completion of such repair or restoration. Lender or its agent may make reasonable entries upon and inspections of the Property. If it has reasonable cause, Lender may inspect the interior of the improvements on the Property. Lender shall give Borrower notice at the time of or prior to such an interior inspection specifying such reasonable cause. 8. Borrower's Loan Application. Borrower shall be in default if, during the LOém application process, Borrower or any persons or entities acting at the direction of Borrower or with Borrower's knowledge or consent gave materiaIJy false, misleading, or inaccurate infOlmation or statement,> 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 a,> Borrower's principal residence. 9. Protection of Lender's Interest in the Property and Rights Under this Security Instrument. If (a) Borrower fails to perform the covenants and agreements contained in this Security Instrument, (b) there is a legal proceeding that might significantly affect Lender's interest in the Property and/or rights under this Security Instrument (such as a proceeding in bankruptcy, probate, for condemnation or forfeiture, for enforcement of a lien which may attain priority over this Security Instrument or to enforce laws or regulations), or (c) Borrower has abandoned the Property, then Lender may do and pay for whatever is reasonable or appropriate to protect Lender's interest in the Property and rights under this Security Instrument, including protecting and/or assessing the value of the Property, and securing and/or repairing the Property. Lender's actions can incJude, but are not limited to: (,1) paying any sums secured hy a lien which has priority over this Security Instrument; (b) appearing in court; ,1I1d (c) paying reélsonable attorneys' fees to protect its inlcrest in the Property and/or rights under this Security Instrument, including its secured position in a bankruptcy proceeding. Securing the Property includes, but is not Ii mi ted to, entering the Property to make repairs, change locks, replace or board up doors and windows, drain water from pipes, eliminate building or other code violations or dangerous conditions, and have utilities turned on or off. Although Lender may take action under this Section 9, Lender does not have to do so and is not 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. M Mortgage-WY 2006A-WY (06/07) Page 5 of 10 Form 3051 1/01 000567 DOC ID #: 00018192722311007 Any amounts disbursed by Lender under this Section 9 shall become additional debt of Borrower secured by this Security Instrument. These amounts shall bear interest at the Note rate from the date of disbursement and shall be payable, with such interest, upon notice from Lender to 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 wliting. 10. Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan, Borrower shaH pay the premiums required to maintain the Mortgage Insurance in effect. If, for any reason, the Mortgage Insurance coverage required by Lender cea<;es to be available from the mortgage insurer that previously provided such insurance and Borrower wa<; required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiums required to obtain coverage substantially equivalent to the Mortgage Insurance previously in effect, at a cost substantiaJly equivalent to the cost to Borrower of the Mortgage Insurance previously in effect, from an alternate mortgage insurer selected by Lender. If substantiaHy equivalent Mortgage Insurance 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 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 payment" toward the premiums for Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan and BOlTower was required to make sepm'ately 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, unti I the Lender's requirement for Mortgage Insurance ends in accordancc with any written agreement between Borrower and Lender providing for such termination or until termination is required by Applicable Law. Nothing in this Section 10 affect., Borrower's obligation to pay interest at the rate provided in the Note. Mortgage Insurancc 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 insurance in force from time to time, and may enter into agreements with other paJ1ies that share or modify their risk, or reduce losses. These agreements (U.·e on terms and conditions that m'e satisfactOlY to the mortgage insurer ~md the other pm'ty (or pm'ties) 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 Insurm1ce premiums). As a result of these agreements, Lender, any purcha"er of the Note, another insurer, any reinsurer, any other entity, or any affiJiate of any of the foregoing, may receive (directly or indirectly) amounts that derive from (or might be chm'acterized as) a portion of Borrower's payment" for Mortgage Insurance, in exchange for shm'ing 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 arrangement is often termed "captive reinsurance." Further: (a) Any such agreements will not affect the amounts that Borrower has agreed to pay for Mortgage Insurance, or any other terms of the Loan. Such agreements will not increase the amount Borrower will owe for Mortgage Insurance, and they will not entitle Borrower to any refund. (b) Any such agreements will not affect the rights Borrower has - if any - with respect to the Mortgage Insurance under the Homeowners Protection Act of 1998 or any other law. These rights may include the right to receive certain disclosures, to request and obtain cancellation of the Mortgage Iniiurance, 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. II. Assignmenl of MiscelJaneouii Proceeds; Forfeiture. AJI 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 secu¡ity is not lessened. During such repair and restoration period, Lender sharI have the right to hold such Miscellaneous Pr.oceeds until Lender has had an opportunity to inspect such Property to ensure the work ha<; been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may pay for the repairs and restoration in a single 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 Pr.oceeds, Lender shall not be required to pay Borrower any interest or earnings on such Miscellaneous Proceeds. If the restoration or repair is not economically feasible or Lender's security would be lessened, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Bon-ower. Such MiscelJaneous 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 shalJ be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. In the event of a pm·tial taking, destruction, or loss in value of the Property in which the fair mm-leet value of the Property immediately before the partial taking, destl1lction, or loss in value is equal to or greater than the amount of the sums secured by this Security Instrument immediately before the pmtial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the sums secured by this Security M Mortgage-WY 2006A-WY (06/07) Page 6 of 10 Form 3051 1/01 000568 DOC ID #: 00018192722311007 Instrument shall be reduced by the amount of the Miscel1aneous Proceeds multiplied by the folJowing fraction: (a) the total amount of the sums secured immediately before the partial taking, destruction, or loss in value divided by (b) the fair market value of the Property immediately before the partial taking, destruction, or loss in value. Any balance shall be paid to Borrower, In the event of a partial taking, destruction, or loss in value of the Property in which the fair market value of the Property immediately before the partial taking, destruction, or loss in value is less than the amount of the sums secured immediately before the pm1ial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument whether or not the sums 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 the next sentence) offers to make an award to settle a claim for damages, Borrower fails to responLi to Lender within 30 days after the date the notice is given, Lender is authorized to collect and apply the Miscellancous Proceeds either to restoration or repair of the Property or to the sums secured by this Security Instmmcnt, whether or not then due, "Opposing Party" means the third pm'ty that owes Borrower MiscelJaneous Proceeds or the party against whom Borrower has a right of action in regm'd to MiscelJaneous 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 forfeiture of the Property or other material impairment of Lender's interest in the Property or rights under this Security Instmment. Borrower can cure such a default and, if acceleration has occurred, reinstate as provided in Section 19, by causing the action or proceeding to be dismissed with a mling that, in Lender's judgment, precludes forfeiture of the Prope11y or other materia] impairment of Lender's interest in the Property or rights under this Security Instrument. The proceeds of any awm'd or claim for damages that arc attributable to the impairment of Lender's interest in the Property are hereby assigned and shall be paid to Lender. All Miscellaneous Proceeds that m'e 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 sums 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 Borrower. Lender shall not be required to commence proceedings against any Successor in Interest of Borrower or to refilse 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 Borrower or any Successors in Interest of Bon'ower. Any forbearance by Lender in exercising any right or remedy including, withoutlimit¿ttion, 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. Borrower covenants and agrees that Borrower's obligations and liability shalJ be joint and several. However, any Borrower who co-signs this 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 terms of this Security Instrument; (b) is not personally obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower can agree to extend, modif)', forbear or make any accommodations with regard to the terms 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 Borrower who assumes Borrower's obligations under this Security Instrument in writing, and is approved by Lender, shall obtain all of BOlTower's rights and benetìts under this Security Instmment. Borrower shall not be released from Borrower's obligations and liabiJity under this Security Instmment unless Lender agrees to such release in writing, The covenants and agreements of this Security Instmment shall bind (except as provided in Section 20) and benefit the successors and assigns of Lender. 14. Loan Charges. Lender may chm'ge 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, prope11y inspection and valuation fees, In regm'd 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 chm-ging of such fee, Lender may not chm"ge fees that are expressly prohibited by this Security Instl1lment or by Applicable Law, If the Lmm is subject to a law which sets maximum loan charges, and that law is finally interpreted so that the interest or other loan chm'ges collected or to be conected in connection with the Loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount necessm)' to reduce the chmge to the permiUed limit; and (b) any sums already collected from Borrower which exceeded permitted limits wiU be refunded to Borrower. Lender roay choose to make this refund by reducing the principal owed under the Note or by making a direct payment to BOll'Ower. If a refund reduces principal, the reduction will be treated as a partial prepayment without any prepayment charge (whether or not a prepayment chéU'ge is provided for under the Note), BOITower's acceptance of any such refund made by direct payment to Borrower will constitute a waiver of any right of action Borrower might have m'ising out of such overchéU'ge. IS. Notices. All notices given by Borrower or Lender in connection with this Security Instrument must be in wliting, Any notice to Borrower in connection with this Security Instrument shall be deemed to have been given to Borrower when mailed by first class maiJ or when actlIally deIivered to Borrower's notice address if sent by othcr means. Notice to anyone Borrower shall constitlIte notice to all Borrowers unless AppIicable 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 shaU only M Mortgage-WY 2006A-WY (06/07) Page 7 of 10 Form 3051 1/01 000569 DOC ID #: 00018192722311007 report a change of address through that specified procedure. There may be only one designated notice address under this 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 Bon·ower. Any notice in connection with this Security Instl1lment 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, the Applicable Law requirement will satisfy the corresponding requirement under this Security Instrument. I<~. Governing Law; Severability; Rules of Construction. This Security Instrument shall be govemed by federal law and the law of the jurisdiction in which the Property is located. All rights and obligations contained in this Security Instl1lment 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 constl1led 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 Security Instl1lment or the Note which can be given effect without the conflicting provision. As used in this Security Instl1lment: (a) words of the masculine gender shall mean and include cOl1'esponding neuter words or words of the feminine gender; (b) words in the singulm' shall mean and include the plural and vice versa; and (c) the word "may" gives sole discretion without any obligation to take any action. 17. Borrower's Copy. Borrower shall be given one copy of the Note and of this Security Instrument. 18. Transfer of the Properly or a Beneficial Interest in Borrower. As used in this Section 18, "Interest in the Property" means any legéù or beneficial interest in the Property, including, but not limited to, those beneficial interests transferred in a bond for deed, contract for deed, installment sales contract or escrow agreement, the intent or which is the transfer of tiUe by Borrower at a future date to a purchaser. If all or any part of' the Property or any Interest in the Property is sold or transferred (or if Borrower is not a natural person and a beneficial interest in Borrower is sold or transferred) without Lender's prior wrillen consent, Lender may require immediate payment in full of all sums secured by this Security Instrument. However, this option shall not be exercised by Lender if such exercise is prohibited by Applicable Law. If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days from the date the notice is given in accordéillce with Section 15 within which Borrower must pay all sums secured by this Security Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies permitted by this Security Instrument without further notice or demand on Bon·ower. 19. Borrower's Right to Reinstate After Acceleration. If Borrower meets certain conditions, Borrower shall have the right to have enforcement of this Security Instl1lment discontinued at any time prior to the earliest of: (a) five days before sale of the Property pursuant to any power of sale contained in this Security Instrument; (b) such other period as Applicable Law might specify for the termination of Borr\>wer's right to reinstate; or (c) entry of a judgment enforcing this Security Instrument. Those conditions are that Borrower: (a) pays Lender all sums which then would be due under this Security Instl1lment and the Note as if no acceleration had occurred; (b) cures any default of any other covenants or agreements; (c) pays all expenses incurred in enforcing this Security Instrument, including, but not limited to, reasonable attorneys' fees, property inspection and valuation fees, and other fees incurred for the purpose of protecting Lender's interest in the Property and rights under this Security Instrument; and (d) takes such action as Lender may rea<;onably require to assure that Lender's interest in the Property and rights under this Security Instrument, and Borrower's obligation to pay the sums secured by this Security Instrument, shall continue unchanged. Lender may require that Borrower 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 all institution whose deposits are insured by a federal agency, instrumentality 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 had occurred. However, this right to reinstate shal] 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 pmtial 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 mortgage loan servicing ob1igations under the Note, this Security Instrument, and Applicable Law. There also might be one or more changes of the Loan ServiceI' unrelated to a sale of the Note. If there is a change of the Loan Servicer, Borrower will be given written notice of the change which will state the name and address of the new Loan Servicer, the address to which payments should be made and IDlY other information RESPA requires in connection with a notice of transfer of servicing. If the Note is sold and thereafter the Loan is serviced by a Loan Servicer other than the purcha<;er of the Note, the mOl1gage loan servicing obligations to Borrower wiU remain with the Loan ServiceI' or be trans felTed to a successor Loan ServiceI' and are not a<;sumed by the Note purcha<;er unless otherwise provided by the Note purchaser. Neither Borrower nor Lender may commence, join, or be joined to any judicial action (as either an individual litigant or the member of a class) that arises from the other party's actions pursuant to this Security Instrument or that alleges that the other party ha<; breached any provision of, or any duty owed by rea<;on of, this Security Instrument, until such Borrower or Lender ha<; notified the other pID·ty (with such notice given in compliance with the requirements of Section 15) of such aJ1eged breach and afforded the other pm'ty 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, that time period will be deemed to he reasonable for purposes of this paragraph. The notice of acceleration and opportunity to cure given to Borrower pursuant to M Mortgage-WY 2006A-WY (06/07) Page 8 of 10 Form 3051 1/01 000570 DOC 10 #: 00018192722311007 Section 22 and the notice of acceleration given to Borrower pursuant to Section 18 shall be deemed to satisfy the notice and opportunity to talÅ“ corrective action provisions of this Section 20. 21. Hazardous Substances. As used in this Section 21: (a) "Hazardous Substances" lli'e those substances defined as toxic or hazardous substances, pollutant'), or wastes by Environmental Law and the following subst'U1ces: gasoline, kerosene, other flammable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or formaldehyde, 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 defined in Environmental Law; and Cd) an "EnvironmentaJ Condition" means a condition that can calise, contribute to, or otherwise trigger an Environmental Cleanup. Borrower shall not cause or permit the presence, use, disposal, storage, or release of any Hazlli'dous Substanccs, or threaten to release any Hazardous Substances, on or in the Property. Borrower shaJl 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 Hazlli'dous Substances that are generally recognized to be appropliate to normal residential uses and to maintenance of the Property (including, but not limited to, hazardous substances in consumer products). Borrower shall promptly give Lender written notice of (a) any investigation, claim, demand, lawsuit or other action by any governmental or regulatOlY agency or private party involving the Property and .my Hazardous Substance or Environmental Law of which Borrower has actual knowledge, (b) any Environmental Condition, including but not Jimited to, any spilling, leaking, discharge, release or threat of release of any Hazm'dous Substance, and (c) any condition caused by the presence, use or release of a Hazm'dous Substance which adverscly affecL') the value of the Property. If Borrower 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, 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 foJlowing Borrower's breach of any covenant or agreement in this Security Instrument (but not prior to acceleration under Section 18 unless AppJicable Law provides otherwise). The notice shall specify: (a) the default; (bJ the action required to cure the default; (c) a date, not less than 30 days from the dale 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 Qr any other defense or 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 a]] sums secured by this Security Instrument without further demand and may invoke the power of sale and any other remedies permitted by Applicahle Law. Lender sha]] be entitled to co]]ect 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 sha]] 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 Instrument. Borrower shall pay any recordation cost'). Lender may charge Borrower a fee for releasing this Security Instrument, but only if the fee is paid to a third pmty for services rendered and the chm'ging of the fee is permitted under Applicable Law. M Mortgage-WY 2006A-WY (06/07) Page 9 of 10 Form 3051 1/01 OOOS7j. DOC ID #: 00018192722311007 24. Wa.ivers. Borrower releases and waives an rights under and by virtue of the homestead exemption Jaws of Wyoming. BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this Security ¡",,"ame" Md;n any llider exeïFW willi;t (S eaJ) -Borrower (SeaJ) -Borrower (Seal) -Borrower (SeaJ) -Borrower s a now]edged before me this County"; LI.......c-o CA- , Jva7 STATE OF WYOMING, ¿;¿ :;¿ . ;)-0 ( I ."--.. TERESA K. ANDERSON.. NOTARY PUBLIC County of State of . Lincoln Wyoming My Commission Expires September 22, 2011 Notary Public M Mortgage-WY 2006A-WY (06/07) Page10of10 Form 3051 1/01 i I i Prepar~d by: JEFFREY FORTNEY I I Countrywide Bank, FSB. 000572 DATE: 11/02/2007 CASE #: DOCID#: 00018192722311007 BORROWER: DAVID L. FOX PROPERTY ADDRESS: 288 SCRUB OAK DR THAYNE, WY 83127 Branch #: 0000844 2380 PERFORMANCE DR RGV-C RICHARDSON, IX 75082 Phone: (888) 973-8383 Br Fax No.: (866) 726-1628 844 LEGAL DESCRIPTION EXHIBIT A Lot 33 of Star Valley Ranch Plat 5, Lincoln Connty, Wyoming as described on the official plat file(i on June 30, 1971 as instrument No. 431709 of the records of the Lincoln Connty Clerk. FHNVNCO~V Legal Description Exhibit A 2C404-XX (04/03)(d) I * 2 3 991 . · 1 8 1 9 2 722 3 0 0 0 0 0 2 0 0 6 A ·