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HomeMy WebLinkAbout935094 <¡ ) i 'v)~ ~'.... 6010716090 Retum To: Bank of the West Post Closing 13505 California st. -PC BOND NE-BBP-LL-P Omaha, NE 68154 Prepared By: RECEIVED 11/21/2007 at 3:58 PM RECEIVING # 935094 BOOK: 679 PAGE: 457 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY 000457 Lynn Larson 13505 California st Omaha, NE 68154 [Space Above TIlls Line Ifor Recording Data] State of Wyoming FHA Case No. MORTGAGE 591-1015686-703 THIS MORTGAGE ("Security Instrument") is given on November 20, 2007 The Mortgagor is JAMES F VANDERWALL JR, A SINGLE PERSON. ("Borrower"). This Security Instrument is given to Bank of the West, A California Corporation wlúch is organized and existing lUlder the laws of The State of California , éUld whose address is 13505 California St, NE-BBP-LL-P, Omaha, NE 68154 ("Lender"). Bon-ower owes Lender the principal sum of One Hundred Six Thousand Six Hundred Twenty Five And Zero/l00 Dollars (U.S. $ 106,625.00 ). Tlús debt is evidenced by Bon-ower's note dated the same date as tIús Security Instrmuent ("Note"), wlùch provides for montIùy payments, witIl tile full debt, if not paid earlier,. due and payable on December 01, 2037 . Tlús Security InstnmlCllt secures to Lender: (a) the repayment of tile debt evidenced by tile Note, witIl interest, and all renewals, eÀiensions and modifications of the Note; (b) tile payment of all otIler SUlUS, witIl interest, advanced under paragTaph 7 to protect tile security of tIús Security Instnuuent; and (c) tile performance 8800304900 8800304900 FHA Wyoming Mortgage - 4/96 .-4R(WY) (0509) ® VM PM orlgage Solulions, Ine, Page 1 of 9 J'V Inilials: of BOlTower's covenants and agreements lUlder this Security Instnllllent and the Note. For tins PlU1Jose, BOlTower does hereby mortgage, grant and convey to tile Lender witIl power of sale, tile following described property located in Lincoln COlUlty, Wyoming: LOT 8 OF BLOCK 3 OF WEST VALLEY SUBDIVISION TO THE TOWN OF LABARGE, LINCOLN COUNTY, WYOMING AS DESCRIBED ON THE OFFICIAL PLAT THEREOF. "PURCHASE MONEY" 000458 Parcel ill Number: 1226120720502800 wInch has tile address of 813 COTTONWOOD La Barge STREET [City], Wyoming 83123 [Street] [Zip Code] ("Property Address"); TOGETHER WITH all tile improvements now or hereafter erected on tile property, and all easements, appurtenances and fixtmes now or hereafter a part of tile property. All replacements and additions shall also be covered by tins Security Instnullent. All of tile foregoing is refened to in tins Security Instnullent as tile "Property. " BORROWER COVENANTS tIlat Borrower is lawflllly seized of tile estate hereby conveyed and has tile right to mortgage, grant and convey tile Property and tIlat tile Property is lUlencumbered, except for encumbrances of record. BOlTower wanants and will defend generally tile titIe to tile Property against all claims and demands, subject to any encumbrances of record. THIS SECURITY INSTRUMENT combines lUùfonll covenants for national use and nOll-lUlifonll covenants with Hnnted variations by jurisdiction to constitute a lUùfonll security instrument covering real property. BOlTower and Lender covenant and agree as follows: UNIFORM COVENANTS. 1. Payment of Plincipal, mtercst and Late Charge. BOlTower shall pay when due tile principal of, and interest on, the debt evidenced by tile Note and late charges due lUlder tile Note. 2. Monthly Payment of Taxes, InsuJ'ance and Other Charges. Bon'owCl' shall include in each montIùy payment, togetller witIl tile plincipal and interest as set fOrtil in tile Note and any late charges, a SlUll for (a) tcL'{es and special assessments levied or to be levied against tile Property, (b) leasehold payments or grolUld rents on tile Property, and (c) prennums for insurance required under paragraph 4. hI any year in wInch tile Lender must pay a mortgage insurance premilUll to the Secretary of Housing and Urban Development ("Secretary"), or in any year in wInch such prennlUll would have been required if Lender still held tile Security hlstrument, each montIùy payment shall also include either: (i) a sum for tile alUUlalmortgage insurance prennllm to be paid by Lender to the Secretary, or (ii) a montIùy chm'ge nlStead of a mortgage nlsurmlce prennlUll if tins Security Instnullent is held by tile Secretary, nl a reasonable mllolUlt to be determined by tile Secretary. Except for the montIùy chm'ge by tile Secretary, tIlese itenlS are called "Escrow ItenlS" mId tile SlUllS paid to Lender are called "Escrow FlUIds. " Lender may, at mlY time, collect mId hold mllolUlts for Escrow Items nl ml aggregate mllOllllt not to exceed tile mmåmum mllolUlt tIlat may be required for BOlTower's escrow account lUlder tile Real Estate SettIement Procedures Act of 1974, 12 U.S.C. Section 2601 et seq. mId implementing regulations, 24 CFR Pmt 3500, as tIley may be mllended from time to time ("RESP A"), except tImt tile cuslnon or reserve pernntted by RESP A for llllanticipated disbursements or disbursements before tile BOlTower's payments m'e available in tile accolUlt may not be based on mllOllllts due for tile mortgage nlsmmlce prellÙlllll. 8800304900 .-4R(WY) (0509) ® Page 2 of 9 8800304~00 Inilials: '1(/ 000459 If the amOlmts held by Lender for Escrow Items exceed the amounts pemùtted to be held by RESP A, Lender shall accolUlt to Borrower for the excess flUlds as required by RESP A. If the arnoUllts of flUlds held by Lender at arlY time are not sufficient to pay the Escrow Items when due, Lender may notify the Borrower arld require Borrower to make up the shortage as pemùtted by RESP A. The Escrow F1Ulds are pledged as additional seClITity for all SlUns seClu'ed by 11us Security Instrument. If Borrower tenders to Lender 111e filll payment of all such SlUllS, Borrower's accoUllt shall be credited with 111e balance remaining for all installment itenlS (a), (b), and (c) arld arl}' mortgage insmarlce premium installment 11lat Lender has not become obligated to pay to the Secretary, arld Lender shall promp11y refund arlY excess flUlds to Borrower. Immediately prior to a foreclosure sale of 11le Property or its acquisition by Lender, Borrower's accOlUlt shall be credited Witll arlY balarlce remaining for all installments for itenlS (a), (b), arld (c). 3. Application of Payments. All payments lUlder paragraphs 1 arld 2 shall be applied by Lender as follows: First, to the mortgage nlsUl·atlce premium to be paid by Lender to the Secretary or to the monthly char'ge by the Secretary nlstead of the mon11ùy mortgage nlsurarlce pre.nùlUn; Second, to arlY ta,-'{es, special assessments, leasehold payments or grolUld rents, atld fire, flood arld other hazard nlsurarlce prenùUlllS, as required; Tl1ird, to interest due lUlder the Note; Fourth. to amortization of the prnlcipal of111e Note; atld Fifth, to late charges due under the Note. 4. Fire, Flood and Other Hazard Insurance. Borrower shall nlsure all improvements on111e Property, whether now nl existence or subsequently erected, against arlY hazards, casualties, arld contnlgencies, nlcludnlg [n'e, for wlùch Lender reqlÙTes nlsurarlce. Tlùs insurarlce shall be maintained nl tlle arllolUlts arld for the periods tllat Lender requires. Borrower shall also nlsme all improvements on 11le Property, whether now in existence or subsequently erected, against loss by floods to the extent required by tlle Secretary. All nlsurarlce shall be carTied Witll compatùes approved by Lender. The nlsurarlce policies atld arl}' renewals shall be held by Lender atld shall include loss payable clauses nl favor of, arld nl a form acceptable to, Lender. In tlle event of loss, Borrower shall give Lender immediate notice by mail. Lender may malœ proof of loss if not made promptly by Borrower. Each nlsurance company concemed is hereby au11lOrized and dn'ected to malœ payment for such loss directIy to Lender, nlstead of to Borrower arld to Lender jonltIy. Allor arlY pari of the nlsurarlce proceeds may be applied by Lender, at its option, eitIler (a) to tile reduction of the indebtedness 1Ulder tile Note arld tillS Security Instrument, first to any delnlquent arllounts applied nl tile order in paragraph 3, and then to prepayment of prnlcipal, or (b) to tile restoration or repair of tile darnaged Property. Any application of tile proceeds to tile prnlcipal shall not extend or postpone the due date of tile montIùy payments wlùch are referred to nl par'agraph 2, or cllarlge tile arllolUlt of such payments. Any excess nlS1ITarlce proceeds over arl arnount required to pay all outstarlding nldebtedness lUlder the Note arld tIùs Secmity Instnunent shall be paid to the entity legally entitled tIlereto. In tile event of foreclosure of tins Security Instrument or otIler transfer of title to the PropClty tImt extnlguishes tile nldebtedness, all right, titIe arld interest of Borrower nl arld to nlsurarlce policies in force shall pass to 111e pm·chaser. 5. Occupancy, Preservation, M¡úntenance and Protection of the Propel1y; Borrower's Loan ApIJlication; Leaseholds. Borrower shall occupy, establish, atld use 111e Property as Borrower's prnlcipal residence witIun sixty days after 111e execution of 11ùs Security Instnullent (or witIùn shiy days of a later sale or tratlsfCl' of 111e Propelty) arld shallcontnme to occupy 111e Property as Borrower's principal residence for at least one year' after 111e date of occuparlcy, lUùess Lender determines tIlat requirement will cause lUldue hardship for Borrower, or unless extenuating circumstarlces exist wlùch are beyond Borrower's control. Borrower shall notify Lender of arlY extenuating cirClUllstarlces. Borrower shall not conUlùt waste or destroy, darnage or substarltially charlge 111e Property or allow 11le Property to deteriorate, reasonable wear arId tear excepted. Lender may inspect tile Propelty if tile Property is vacarlt or abarldoned or tile loarl is nl default. Lender may take reasonable action to protect arId presen'e such vacarlt or 8800304900 .-4R(WY) (0509) ® Page 3 of 9 8800304900 Inilials: '~vI 000460 abandoned Property. Borrower shall also be in defmùt if Borrower, during the loan application process, gave materially false or inaccurate information or statements to Lender (or failed to provide Lender with any material infonllation) in cOlmection with the loan evidenced by tile Note, including, but not limited to, representations concerning Borrower's occupancy of tile Property as a principal residence. If this Security Ins1nll11ent is on a leasehold, Borrower shall comply with tile provisions of tile lease. If Bon'ower acquires fee title to tile Property, tile leasehold and fee titie shall not be merged l1lùess Lender agrees to tile merger in writing. G. Condemnation. TIle proceeds of any award or claim for damages, direct or consequential, in cOll1lection Witil mlY condemnation or otiler taldng of éUlY pmi of tile Property, or for conveymlce in place of condemnation, are hereby assigned mId shall be paid to Lender to tile extent of tile f'ull mllOlUlt of tile indebtedness ti13t remains lUlpaid lUlder tile Note mId tius Security hlstnl111ent. Lender shall apply such proceeds to tile reduction of tile indebtedness lUlder tile Note mId tius Security hlstnl111ent, fIrst to mlY delinquent mllolUlts applied in tile order provided in paragraph 3, mId tilen to prepayment of principal. Any application of tile proceeds to tile principal shall not eÀ."1:end or poS1pone the due date of tile montiùy payments, wluch are referred to in paragraph 2, or chmlge tile mllolUlt of such payments. Any excess proceeds over ml mnolUlt required to pay all outstmlding indebtedness under tile Note mId tins Security Ins1nll11ent shall be paid to tile entity legally entitIed tilereto. 7. Charges to Borrower and Protection of Lender's Rights in the Propeliy. Borrower shall pay all govenllllental or mlUucipal charges, fllles mId impositions that are not included in paragraph 2. Borrower shall pay tilese obligations on time directly to tIle entity wJuch is owed tile payment. If faill1l'e to pay would adversely affect Lender's interest in the Property, upon Lender's request Borrower shall promptIy fimush to Lender receipts evidencing tilese payments. If Borrower fails to malœ tilese payments or tile payments required by paragraph 2, or fails to perform ml}' otiler covenmlts mId agreements contained in tius Security Ins1nll11ent, or there is a legal proceeding that may significmltly affect Lender's rights in the Property (such as a proceeding in bmlkmptcy, for condenUlation or to enforce laws or regtùations), then Lender may do mId pay whatever is necessary to protect tile value of tile Property mId Lender's rights in the Property, including payment of ta.,;:es, hazard insurmlce mId other items mentioned in paragt'aph 2. Any mllolUlts disbursed by Lender lUlder tius paragraph shall become an additional debt of BOfl'ower mId be secured by tiùs Security hlstrument. These mllolUlts shall bear interest from tile date of disbursement, at tile Note rate, mId at tile option of Lender, shall be immediately due mId payable, Borrower shall promptly discharge any lien wluch has priority over tIus Security Instrument lUlless Borrower: (a) agrees in writing to tile payment of tIle obligation secured by tile lien in a mmmer acceptable to Lender; (b) contests in good faith tile lien by, or defends against enforcement of tile lien in, legal proceedings which in tile Lender's opiluon operate to prevent the enforcement of tlle lien; or (c) secures from tIle holder of tlle lien éUl agreement satisfactory to Lender subordinating tIle lien to tlus Security Instrument. If Lender determines tllat mlY part of tIle Property is subj ect to a lien '\-"luch may attain priority over tIus Security Instrument, Lender may give Borrower a notice identifying tile lien. BOfl'ower shall satisfy tlle lien or talœ one or more of tile actions set forth above within 10 days of the giVillg of notice. 8. Fees. Lender may collect fees mId charges autllOrized by the Secretary. 9. Grounds for Acceleration of Debt. (a) Default. Lender may, except as lilluted by regulations issued by tile Secretary, in tlle case of payment defaults, require immediate payment ill full of all sums secured by tius Security hlstnl111ent if: (i) Borrower defaults by failing to pay ill full mlY montIùy payment required by this SecurHy Instnll11ent prior to or on tIle due date of tile next montiùy payment, or (ii) Borrower defaults by failing, for a period of tilliiy days, to perform mlY other obligations contained ill tius Security hlstnll11ent. (b) Sale Without Credit AI)IH·oval. Lender shall, if pernutted by applicable law (illcludillg Section 341(d) of tile Gam-St. Germain DeposHory hlstitutions Act of 1982, 12 U.S.C. 1701j-3(d)) mId Witil the prior approval of tlle Secretary, require inUllediate payment in fiùl of all sums secured by tlus Security Instnll11ent if: 8800304900 S-4R(WY) (0509) ® Page 4 of 9 8800304900 Initials: ~ 000461. (i) Allor part of the Property, or a beneficial interest in a tmst owning all or part of tile Property, is sold or otherwise 1Tansferred (other tilan by devise or descent), and (ii) The Property is not occupied by tile purchaser or grantee as lùs or her principal residence, or tile purchaser or grantee does so occupy tile Property but lùs or her credit has not been approved in accordance Witil tile requi.rements of tile Secretary. (c) No Waiver. If circumstances occur tilat would pernùt Lender to require inunediate payment in full, but Lender does not require such payments, Lendcr does not waive its rights Witil respect to subsequent events, (d) Regulations of HUD Secretary. In many circumstances regtùations issued by tile Secretary willlinùt Lender's rights, in tile case of payment defaults, to reqlÙTe immediate payment in f11ll éUld foreclose if not paid. TIùs Security Instnnuent does not autilorize acceleration or foreclosure if not pernùtted by regtùations of tile Secretary. (e) Mortgage Not msured. Borrower agrees that if tiùs Security Instrument éUld the Note éU'e not determined to be eligible for lllSuréUlce lUlder tile National Housing Act within 60 days from tile date hereof, Lender may, at its option, require inuuediate payment in f11ll of all sums secured by tiùs Security hls1nuuent. A written statement of éUlY autilOrized agent of tile Secretary dated subsequent to 60 days from tile date hereof, declllùng to insure tiùs Security hlstrument éUld tile Note, shall be deemed conclusive proof of such llleligibility. NOtWitilStéUldlllg tile foregolllg, tiùs option may not be exercised by Lender when tile unavailability of lllSuréUlce is solely due to Lender's failure to renùt a mortgage lllSuréUlce prenùum to tile Secretary. 10. Reinstatement. Borrower has a right to be reinstated if Lender has required innuediate payment in f'u11 because of Borrower's failure to pay éUI amolUlt due lUlder tile Note or this Security hlstll.l1Uent. Tlùs right applies even after foreclosure proceedings éU'e insti1l.lted. To reinstate tile Security Instrument, Borrower shall tender in a llUUp StUll all alUOlUltS required to bring Borrower's account current lllcluding, to tile extent they éU'e obligations of Borrower lUlder tiùs Security hls1nuuent, foreclosure costs and reasonable éUld customary attomeys' fees alld expenses properly associated Witil tile foreclosure proceeding. Upon reinstatement by Borrower, tiùs Security hlstrument éUld tile obligations timt it secures shall remain in effect: as if Lender had not required innuediate payment in full. However, Lender is not required to pernùt reinstatement if: (i) Lender has accepted reinstatement after tile conuuencement of foreclosure proceedings witiùn two years immediately precedlllg tile conuuencement of a ClUTent foreclosure proceedlllg, (ii) reinstatement will preclude foreclosure on different grOlUlds in tile fllture, or (iii) relllstatement will adversely affect tile priority of tile lien created by tiùs Security Instnl1uent. 11. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of tile time of payment or modification of aluortization of tile SUlUS secured by tiùs Security hlstll.l1Uent granted by Lender to éUlY successor in lllterest of Borrower shall not operate to release tile liability of the origlllal Borrower or Borrower's successor in lllterest. Lender shall not be required to conuuence proceedings against éUlY successor in interest or refuse to extend time for payment or otilerwise modify éUuortization of tile SiliUS secured by this Security hlstnl1uent by reason of éUlY deméUld made by tile origlllal Borrower or Borrower's successors in interest. Any forbearéUlce by Lender in exercislllg éUlY right or remedy shall not be a waiver of or preclude tile exercise of éUlY right or remedy. 12. Successors and Assib'IlS Bound; Joint and Several Liability; Co-Signers. Tile covelléUlts éUld agreements of tiùs Security hlstmment shall bind and benefit tile successors éUld assigns of Lender éUld Bonower, subject to tile provisions of paragraph 9(b). Bonower's COVClléUltS éUld agreements shall be jOlllt alld several. Any Borrower who co-signs this Security hlstnl1Uellt but does not execute tile Note: (a) is co-signing tiùs Security hls1rument only to mortgage, grant éUld convey timt Borrower's interest in tile Property lUlder tile tenus of tiùs Security hlstnl1Uent; (b) is not personally obligated to pay tile SUll1S secured by tilis Security hls1nl1Uent; éUld (c) agrees tilat Lender alld éUlY otiler Borrower may agree to extend, modify, forbear or ma1œ éUlY accommodations witil regéU'd to the terms of tilis Security hls1nl1Uent or tile Note WitilOut timt Borrower's consent. 8800304900 .-4R(WY) (0509) ® Page 5 of 9 8800304900 Inilials: ::rÙ 000462 13. Notices. Any notice to Borrower provided for in this Security Ins1111111ent shall be given by delivering it or by mailing it by first class mailmùess applicable law requires use of another method. The notice shall be directed to the Property Address or any other address Borrower designates by notice to Lender. Any notice to Lender shall be given by fIrst class mail to Lender's address stated herein or any address Lender designates by notice to Borrower. Any notice provided for in this Security Instrument shall be deemed to have been given to Borrower or Lender when given as provided in tins paragraph. 14. Governing Luw; Severability. TIns Security Instnullent shall be governed by Federal law and tile law of 1he jmisdiction in wInch tile Property is located. hI tile event ti13t any provision or clause of tins Security hlstnullent or the Note conflicts Witil applicable law, such conflict shall not affect otiler provisions of tins Security Instnullent or tile Note wInch can be given effect WitilOut tile conflicting provision. To tins end tile provisions of tins Security Instrument and tile Note are declared to be severable. 15. Borrower's Copy. Borrower shall be given one conformed copy of tile Note and of tins Secmity hlstnll11ent. 16. Hazardous Substances. Borrower shall not cause or pernnt tile presence, use, disposal, storage, or release of any Hazardous Substances on or in the Property. Borrower shall not do, nor allow li1)'one else to do, lilY thing affecting tile Property tilat is in violation of lilY Environmental Law. The preceding two sentences shall not apply to tile presence, use, or storage on tile Property of small qUliltities of Hazardous SubStlilceS tilat are generally reco gInzed to be appropriate to normal residential uses and to maintelllilCe of tile Propeliy. Borrower shall promptiy give Lender written notice of lilY investigation, claim, demlild, lawsuit or other action by lilY governmental or regulatory agency or private pli1y involving tile Propeliy lild lilY Hazardous Substlilce or Environmental Law of wInch Borrower has actual knowledge. If Borrower learns, or is notified by lilY govenunental or reg¡.ùatory antilOrity, ti13t lilY removal or otiler remediation of lilY Hazardous SubstlilCes affecting tile PropCliy is necessary, Borrower shall promptiy take all necessary remedial actions in accordlilce Witil Enviromnental Law. As used in tins paragraph 16, "Hazardous SubstlilCes" are those subStlilCes defmed as toxic or hazardous substances by Enviromllental Law and tile following substances: gasoline, kerosene, other flammable or toxic petrolemn products, toxic pesticides lild herbicides, volatile SOlVClltS, materials containing asbestos or fånualdehyde, lild radioactive materials. As used in tins paragraph 16, "Enviromuental Law" melilS federal laws lild laws of tile jmisdiction where tile Property is located tIlat relate to healtIl, safety or environmental protection. NON-UNIFORM COVENANTS. Borrower and Lender further covenlilt lild agree as follows: 17. Assih'1lIDcnt of Rents. Borrower mlconditionally assigns lild trlilSfCl'S to Lender all tile rents lild revenues of tile Property. Borrower autIlorizes Lender or Lender's agents to collect tile rents lild revenues lild hereby directs each tenant of tile Property to pay tile rents to Lender or Lender's agents. However, prior to Lender's notice to Borrower of Borrower's breach of lilY covenlilt or agreement in tile Security hlStrul11ellt, Borrower shall collect lild receive all rents and revenues of tile Property as tnlstee for the benefit of Lender lild Borrower. TIns assignment of rents constitutes lil absolute aSSigIllUCllt lild not lil aSSigIllUent for additional security only. If Lender gives notice of breach to Borrower: (a) all rents received by B01Tower shall be held by Borrower as tnlstee for benefit of Lender O1ÙY, to be applied to the Slm1S secured by tile Security hlstn.1l11ent; (b) Lender shall be entitled to collect lild receive ,111 of tlle rents of tlle Propeliy; lild (c) each tenlilt of tile Property shall pay all rents due and lUlpaid to Lender or Lender's agent on Lender's written demlild to the tenlilt. Borrower has not executed lilY prior aSSigIllUellt of tile rents lild has not lild will not perform any act that would prevent Lender from exercising its lights mldClo tins paragraph 17, LCllder shall not be required to enter upon, talœ control of or maintain the PropeIi)' before or after giving notice of breach to Borrower. However, Lender or a judicially appointed receiver may do so at lilY time there is a breach. Any application of rents shall not cure or waive lilY default or invalidate lilY otIler right or remedy of Lender. TIns aSSigIllllent of rents of the Property shall terminate when tile debt secured by the Security hlstrument is paid in f1.111. 8800304900 S-4R(WY) (0509) ® Page 6 of 9 8800304900 Inilials: jU 000463 18. Foreclosure Procedure. ll' Len dcI' rcquires immediate paymcnt in full under paragralJh 9, Lcnder may invol{C the power of salc and any othcr rcmedies IJermitted by alJI>licable law. Lender shall be cntitled to collect all eXJJcnses incurred in pursuing the remedies provided in this IHlragrnph 18, including, but not limited to, reasonable attomeys' fees and costs of title evidence. ll' Lendcr involœs thc power of sale, Lender shall give noticc of intent to foreclose to Borrowcr and to the pcrson in possession of the Propeliy, if different, in accordance with applicable law. Lendcr shall givc notice of the sale to Borrowcr in the manncr IJrovided in paragraph 13. Lemler shall publish the notice of salc, and thc Propeliy shall be sold in the manner In·esclibed by apIJlicable law. Lcnder or its dcsignee may lJUrchase thc PrOIJeliy at any sale. Thc proceeds of the sale shall be applied in the following order: (a) to all expenses of the sale, including, but not limited to, reasonable attomeys' fees; (b) to all sums secured by this Security Instrument; and (c) ¡my excess to the IJerson or persons legally entitled to it. ll' the Lender's interest in this Secmity Instrument is held by the Secretary and the Secretary requires immediate payment in full under Paragraph 9, the Secretary may involœ the nonjudicial power of sale provided in the Single Family MOligage Foreclosure Act of 1994 ("Act'~ (12 U. S. C. 3751 et seq.) by re1luesting a foreclosure commissioner designated under the Act to commence foreclosure and to sell the Propeliy as provided in the Act. Nothing in the preceding sentence shall deprive the Sccrctary of any lights othcrwise av¡úlable to a Lender undcr this ParagralJh 18 or applicable law. 19. Release. Upon payment of all smns secm-ed by this Security Instnunent, Lender shall release tiùs Secmity hlstnunent WitilOut charge to Borrower. Borrower shall pay any recordation costs. 20. Waivers. Borrower waives all tights of homestead exemption in tile Property and relinqlùshes all rights of curtesy and dower in the Property. 21. Riders to this Secmity Instrument. If one or more riders are executed by Borrower and recorded togetiler Witil tiùs Secmity hlstnunent, tile covenants of each such tider shall be incorporated into and shall amend and supplement the covenants and agreements of tIùs Secmity hlstnuuent as if tile rider(s) were a pé1l1 of tllis Secmity Instnunent. [Check applicable box(es)]. D Condomirrium Rider D Planned UIùt Development Rider D Growing Equity Rider D Graduated Payment Rider [X] Other [specify] Mortgage Addendum-Tax Exempt Rider 8800304900 .-4R(WY) (0500) @ Paoe 7 of 9 8800304900 Initials: -:SU 000464 BY SIGNING BELOW, Borrower accepts and agrees to the terms contained in tillS Seem-it)' Instnunent and in an)' rider(s) executed by Borrower and recorded WitIl it. Witnesses: (Seal) -Borrower (Seal) ,Borrower (Seal) -Borrower 8800304900 .-4R(WY) (0509) ® /;r 'f U~ Jr oJ; S F VANDERWALL JR (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower 8800304900 Page 8 of 9 STATE OF WYOMING, LINCOLN County ss: The foregoing instrument was acknowledged before me this November 20, 2007 by JAMES F VANDERWALL JR 000465 My Conul1ission Eð.1Jires: a~~/ df;2/~ Notary Public LORI KALAN - NOTARY PUBLIC COUNTY OF LINCOLN STATE OF WYOMING My Commission Expires Feb, 26, 2011 ~ 8800304900 .-4R(WY) (0509) ® Page 9 of 9 8800304900 Initials: ifv MORTGAGE ADDENDUM The following is an Addendum to the Mortgage. The addendum shall be incorporated into, and recorded with, the Mortgage. TAX EXEMPT FINANCING RIDER 000466 This Tax-Exempt Financing Rider is incorporated into and shall be deemed to amend the terms of the Mortgage to which it is attached. In addition to the covenants and agreements made in the Security instrument, Borrower and Lender further covenant and agree as follows: Lender, or such of its successors or assigns as may, by separate instrument, assume responsibility for assuring compliance by the Borrower with the provisions of this Tax Exempt Financing Rider, may require immediate payment in full of all sums secured by this Security a) All of part of the Property sold or otherwise transferred (other than by devise, descent or operation of law) by Borrower to a purchaser or other transferee: i) Who cannot reasonably be expected to occupy the property or transfer, all as provided in Section 143(c) and (i) (2) of the Internal Revenue Code; or ii) Who has had a present ownership interest in a principal residence during any part of the three year period ending on the date of the sale or transfer, all as iii) At an acquisition code which is greater than 90 percent of the average area purchase price (greater than 110 percent for targeted area residences), all as iv) Whose family income exceeds applicable income limits as provided in Section 143(f) and (i) (2) of the Internal Revenue Code. Borrower fails to occupy the property described in the Security Instrument without prior written consent of the lender or its successors or assigns described at the beginning of this Tax Exempt Financing Rider, or Borrower omits or misrepresents a fact that is material with respect to the provisions of Section 143 of the Internal Revenue Code in an application for the loan secured by this Security Instrument. References are to the Internal Revenue Code as amended, in effect on the date of execution of the Security Instrument and are deemed to include the implementing regulations. b) c) BY SIGNING BELOW, Borrower Tax-Exempt Financing Rider. ~-rr 1< ' mrower accepts and agrees to the terms and provisions in this Borrower Borrower Borrower 8800304900 MPP 210-8 (Revised 12/95) CF124401 (6/06)