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ACADEMY MORTGAGE CORPORATION
4055 SOUTH 700 EAST, SUITE 200
SALT LAKE CITY, UTAH 84107
Attn.: SHIPPING DEPT.lDOC. CONTROL
Prepared By:
RECEIVED 11/21/2007 at 4:06 PM
RECEIVING # 935096
BOOK: 679 PAGE: 468
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, WY
000468
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[Space Above This Line For Recording Data]
12---%(% -~(- 'Z--'O-3--lE/.OVMORTGAGE
MIN 1000608-0711010684-9
MERS TELEPHONE: (888) 679-6377
DEFINITIONS
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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 rules regarding the usage of words used in this document are
also provided in Section 16.
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(A) "Security Instrument" means this document, which is dated November 16, 2007, together with
all Riders to this document.
(B) "Borrower" is CURTIS A. HALL, A MARRIED MAN. Bon'ower is the mortgagor under this
Security Instrument.
(C) "MERS" is Mortgage Electronic Registration Systems, Inc. MERS is a separate corporation that
is acting solely as a nominee for Lender and Lender's successors and assigns. 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 ACADEMY MORTGAGE CORPORATION, a UTAH Corporation. Lender is
a corporation organized and existing under the laws of the Statc of UTAH. Lender's address is 4055
SOUTH 700 EAST, SUITE 200, SALT LAKE CITY, UTAH 84107.
(E) "Note" means the promissory note signed by B011'ower and dated November 16, 2007. The Note
WYOMING-Single Family- Fannie Mae/Freddie Mac UNIFORM INSTRUMENT WITH MERS Form 3051 1/01
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states that BOlTower owes Lender Two Hundred Ninety Two Thousand And 00/100 Dollars (U.S.
$292,000.00) plus interest. Bon'ower has promised to pay this debt in regular Periodic Payments and
to pay the debt in full not later than December 1,2037.
(F) "Property" means the property that is described below under the heading "Transfer of Rights in
the Property."
(G) "Loan" means the debt evidenccd by thc Note, plus interest, any prepayment charges and late
charges due under the Note, and all sums due under this Security Instrument, plus interest.
(H) "Riders" means all Riders to this Security Instrument that arc executed by BOlTower. The
following Riders are to be executed by Bon-ower [check box as applicable]:
[ ] Adjustable Rate
Rider
[ ] Balloon Rider
[] VA Rider
[] Condominium Rider
[X] Planned Unit
Development Rider
[ ] Biweekly Payment Rider
[X] Second Home Rider
[] 1-4 Family Rider
[] Other(s) [specify]
(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) "Electl'onic Funds Transfel'" means any transfer of funds, other than a transaction originated by
check, draft, or similar 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 tel111 includes, but is not limited to, point-of-sale transfers, automated
teller machine transactions, transfers initiated by telephone, wire transfers, and automated
clearinghouse transfers.
(L) "Escrow Items" means those items that are described in Section 3.
(M) "Miscellaneous Proceeds" means any compensation, settlement, award of damages, or proceeds
paid by any third party (other than insurance proceeds paid under the coverages described in Section 5)
for: (i) damage to, or destTLlction of, the Propel1y; (ii) condemnation or other taking of a1l or any part of
the Property; (iii) conveyance in lieu ofconde11l\1ation; or (iv) misrepresentations of, or omissions as
to, the value and/or condition of the Propel1y.
(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) "RESPA" mcans the Real Estate Settlement Procedures Act (12 V.S.C. Section 260] et seq.) and
its implementing regulation, Regulation X (24 C.F.R. PaI1 3500), as they might be amended from time
to time, or any additional or successor legislation or regulation that govems the same subject matter.
As used in this Security Instrument, "RESP A" refers to all requirements and restrictions that are
imposed in regard to a "federally related moI1gage loan" even if the Loan does not qualify as a
"federally related m0l1gage loan" under RESPA.
(Q) "Successor in Interest of Borrower" means any pm1y that has taken title to the Propel1y,
whether or not that party has assumed Bon-ower's obligations under the Note and/or this Security
Instrument.
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TRANSFER OF RIGHTS IN THE PROPERTY
This Security Instrument secures to Lender: (i) the repayment of the Loan, and all renewa1s, extensions
and modifications of the Note; and (ii) the perfOlmance of BOITower's cOÝenants and agreements under
this Security Instrument and the Note. For this purpose, BOITower does hereby mortgage, grant and
convey to MERS (sole1y 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 [Type of Recording Jurisdiction] of LINCOLN [Name of Recording Jurisdiction 1:
LOT 95 OF STAR V ALLEY RANCH PLAT 10, LINCOLN COUNTY, WYOMING, AS
DESCRIBED ON THE OFFICIAL PLAT FILED ON MARCH 16, 1976, AS
INSTRUMENT NO. 476273 OF THE RECORDS OF THE LINCOLN COUNTY CLERK.
Parce1 ID Number: 12-3518-31-2-03-081.00
which cUITently has the address of
58 SUGAR LOAF DRIVE [Street]
STAR VALLEY RANCH [City], Wyoming 83127 [Zip Code] ("Property Address"):
TOGETHER WITH all the improvements now or hereafter erected on the property, and all
easements, appurtenances, and fixtures now or hereafter a part of the property. An replacements and
additions shan also be covered by this Security Instrument. An of the foregoing is refeITed to in this
Security Instrument as the "Property." BO!Tower understands and agrees that MERS ho1ds on1y 1egal
title to the interests granted by BOITower in this SecUlity Instrument, but, if necessary to comp1y with
law or custom, MERS (as nominee for Lender and Lender's successors and assigns) has the right: to
exercise any or an of those interests, inc1uding, but not limited to, the right to forec1ose and sell the
Property; and to take any action required of Lender inc1uding, but not limited to, releasing and
cance1ing this Security Instrument.
BORROWER COVENANTS that BOITower is 1awfully seised of the estate hereby conveyed
and has the right to mortgage, grant and convey the Property and that the Propel1y is unencumbered,
except for encumbrances of record. BOlTower wan-ants and will defend generany the title to the
Property against an c1aims and demands, subject to any encumbrances of record.
THIS SECURITY INSTRUMENT combines uniform covenants for national use and non-
unif01l11 covenants with limited variations by jurisdiction to constitute a uniform seculity instrument
covering real property.
UNIFORM COVENANTS. Bon-ower and Lender covenant and agree as fonows:
1. Payment of Principal, Interest, Escrow Items, Prepayment Charges, and Late
Charges. BOlTower shan 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. Bon-ower shall a1so pay funds
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for Escrow Itcms pursuant to Scction 3. Paymcnts due under the Note and this Sccurity Instrument
shall bc madc in U.S. cUlTcncy. However, if any check or other instrument receivcd by Lender as
payment under the Note or this Sccurity Instrument is returned to Lender unpaid, Lender may require
that any or all subsequent paymcnts due under the Note and this Security Instrument bc made in one or
more ofthc following fon11s, as selected by Lender: (a) cash; (b) money ordcr; (c) certified check, bank
check, trcasurer's check or cashier's check, provided any such check is drawn upon an institution
whose deposits are insured by a federal agency, instrumentality, or entity; or (d) Electronic Funds
Transfer.
Payments are deemcd received by Lender when received at the location dcsignated 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 any payment or partial payment if the payment or partial payments
are insufficient to bling the Loan CU1Tent. Lender may accept any payment or partial payment
insufficient to bring the Loan cUlTent, without waiver of any rights hereunder or prejudice to its rights
to refuse such payment or pal1ial payments in the future, but Lender is not obligated to apply such
payments at the timc such payments are accepted. If each Pcriodic Payment is appJied as of its
scheduled due date, then Lender need not pay interest on unapplied funds. Lender may hold such
unapplied funds until Bonower makes payment to bring the Loan CUlTent. If BOlTower does not do so
within a reasonable period of time, Lendcr 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 foreclosurc. No offset or claim which BOlTower might have now or in the future
against Lender shall relieve Bon'ower from making payments duc undcr the Note and this Security
Instrument or pcrforming thc covcnants and agreemcnts 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 thc 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 BOIl'ower 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 from BOIl'ower 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 exists after the payment is applied to
the full paymcnt of one or more Periodic Payments, such excess may be applied to any late charges
due. Voluntary prepayments shall be applied first to any prepayment charges and then as described in
the Note.
Any application of payments, insurance proceeds, or Miscellaneous Proceeds to principal due
under the Note shall not extend or postpone the due date, or change the amount, of the Periodic
Payments.
3. Funds for Escrow Items. BOlTower 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 itcms which can attain priority over this Security
Instrument as a lien or encumbrance on the Property; (b) leasehold payments or ground rents on the
Propel1y, if any; (c) premiums for any and aU insurance required by Lendcr under Section 5; and (d)
Mortgage Insurance premiums, if any, or any sums payable by Bonower to Lender in lieu of the
payment of Mortgage Insurance premiums in accordance with the provisions of Section 10. These
items are called "Escrow Items." At origination or at any time during the term of the Loan, Lender
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may require that Community Association Dues, Fees, and Assessments, if any, be escrowed by
Bon-ower, and such dues, fees and assessments shall be an Escrow Item. BOITower shall promptly
fumish to Lender all notices of amounts to be paid under this Section. BOITower shall pay Lender the
Funds for Escrow Items unless Lender waives BOITower's obligation to pay the Funds for any or all
Escrow Items. Lender may waive BOITower's obligation to pay to Lender Funds for any or all Escrow
Items at any time. Any such waiver may only be in writing. In the event of such waiver, BOITower
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 rcquires, shall fumish to Lender receipts
evidencing such payment within such time period as Lender may require. Bon-ower'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 Instrument, as the phrase "covenant and agreement" is used in
Section 9. If Bon'ower is obligated to pay Escrow Items directly, pursuant to a waiver, and BOITower
fails to pay the amount due for an Escrow Item, Lender may exercise its rights under Section 9 and pay
such amount and BOITower shall then be obligated under Section 9 to repay to Lender any such
amount. Lender may revoke the waiver as to any or all Escrow Items at any time by a notice given in
accordance with Section 15 and, upon such revocation, BOITo~er shall 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 penl1it Lender
to apply the Funds at the time specified under RESPA, and (b) not to exceed the maximum amount a
lender can require under RESP A. Lender shall estimate the amount of Funds due on the basis of
CUITent data and reasonable estimates of expenditures of future Escrow Items or otherwise in
accordance with Applicable Law.
The Funds shall be held in an institution whose deposits are insured by a federal agency,
instrumentality, or entity (including Lender, if Lender is an institution whose deposits are so insured)
or in any Federal Home Loan Bank. Lender shall apply the Funds to pay the Escrow Items no later
than the time specified under RESP A. Lender shall not charge Bon-ower for holding and applying the
Funds, annually analyzing the escrow account, or verifying the Escrow Items, unless Lender pays
Bon-ower interest on the Funds and Applicable Law pennits Lender to make such a charge. Unless an
agreement is made in wliting or Applicable Law requires interest to be paid on the Funds, Lender shall
not be required to pay Bon'ower any interest 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 Bon'ower, without
charge, an annual accounting of the Funds as required by RESPA.
, If there is a surplus of Funds held in escrow, as defined under RESP A, Lender shall account
to Bon'ower 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 BOITower as required by RESPA, and BOITower
shall pay to Lender the amount necessary to make up the shortage in accordance with RESP A, but in
no more than 12 monthly payments. If there is a deficiency of Funds held in escrow, as defined under
RESP A, Lender shall notify BOITower as required by RESP A, and Bon-ower shall pay to Lender the
amount necessary to make up the deficiency in accordance with RESPA, but in no more than 12
monthly payments.
Upon payment in full of all sums secured by this Security Instrument, Lender shall promptly
refund to Bon-ower any Funds held by Lender.
4. Charges; Liens. Bon-ower shall pay all taxes, assessments, charges, fines, and
impositions attributable to the Property which can attain priority over this Security Instrument,
leasehold payments or ground rents on the Property, if any, and Community Association Dues, Fees,
and Assessments, if any. To the extent that these items are Escrow Items, Bon-ower shall pay them in
the manner provided in Section 3.
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Bon'owcr shall promptly discharge any lien which has priority over this Security instrument
unless Bon'ower: (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 perfonTIing 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
until such proceedings are concluded; or (c) secures from the holder of the lien an agreement
satisfactory to Lender subordinating the lien to this Security instrument. if Lender detellTIines that any
part of the Property is subject to a lien which can attain priority over this Security Instrument, 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'owcr shall keep the improvements now existing or hereafter
erected on the Property insured against loss by fire, hazards included within the tellTI "extended
coverage," and any other hazards including, but not limited to, earthquakes and floods, for which
Lender requires insurance. This insuraÙce 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 tellTI of the Loan. The insurance carrier providing the insurance shall
be chosen by BOl1'0wer subject to Lender's right to disapprove BOl1'0wer's choice, which right shall
not be exercised unreasonably. Lender may require BOl1'0wer to pay, in connection with this Loan,
either: (a) a one-time charge for flood zone detcnTIination, certification and tracking services; or (b) a
one-time charge for flood zone determination and certification services and subsequent charges each
time remappings or similar changes occur which reasonably might affect such detenTIination or
certification. Bon'ower 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 detellTIination
resulting from an objection by BOl1'0wer.
If BOl1'0wer fails to maintain any of the coverages described above, Lender may obtain
insurance coverage, at Lender's option and BOITower's expense. Lender is under no obligation to
purchase any particular type or amount of coverage. Therefore, such coverage shall cover Lender, but
might or might not protect BOl1'0wer, BOl1'0wer's equity in the Property, or the contents of the
Property, against any risk, hazard or liability and might provide greater or lesser coverage than was
previously in effect. Bon'ower aclmowledges 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 Bon'ower 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 BOlTower 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 cel1ificates. If Lender requires, BOl1'0wer shaIr promptly give to Lender all
receipts of paid premiums and renewal notices. If BOl1'0wer obtains any fon11 of insurance coverage,
not otherwise required by Lender, for damage to, or destruction of, the Propel1y, 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'owcr shall give prompt notice to the insurance camel' and Lender.
Lender may make proof of loss if not made promptly by BOlTower. Unless Lender and BOITower
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otherwise agree in writing, any insurance proceeds, whether or not the underlying insurance was
required by Lender, shan 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
peliod, 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 sha1l be undertaken 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 sha1l not be required to pay BOITower any interest or eamings on such proceeds.
Fees for public adjusters, or other third parties, retained by BOlTower sha1l not be paid out of the
insurance proceeds and shall be the sole obligation of Bon-ower. 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 secured by this Security Instrument, whether or not then due, with the excess, if any, paid
to BOITower. Such insurance proceeds shall be applied in the order provided for in Section 2.
If Bon'ower abandons the Property, Lender may file, negotiate and settle any available
insurance claim and related matters. If BOlTower does not respond within 30 days to a notice from
Lender that the insurance catTier 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, Bon'ower hereby assigns to Lender (a) BOITower'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 BOlTower's rights (other than the right to any refund of
uneamed premiums paid by BOITower) under all insurance policies covering the Property, insofar as
such rights are applicable to the coverage of the Property. Lender may use the insurance proceeds
either to repair or restore the Propeliy or to pay amounts unpaid under the Note or this Security
Instrument, whether or not then due.
6. Occupancy. BOITower sha1l occupy, establish, and use the Property as BOlTower's
principal residence within 60 days after the execution of this Security Instrument and sha1l continue to
occupy the PropeJiy as Bon'ower's principal residence for at least one year after the date of occupancy,
unless Lender otherwise agrees in writing, which consent shall not be unreasonably withheld, or unless
extenuating circumstances exist which are beyond BOITower's control.
7. Preservation, Maintenance and Protection of the Property; Inspections. BOlTower
shan not destroy, damage or impair the Property, allow the Property to deteriorate or commit waste on
the Propeliy. Whether or not BOITower is residing in the Property, BOlTower shall maintain the
Propeliy in order to prevent the Property from deteriorating or decreasing in value due to its condition.
Unless it is detennined pursuant to Section 5 that repair or restoration is not economica1ly feasible,
Bon-ower 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
Propeliy, BOITower shaH 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 selies of progress payments as the work is completed. If the insurance or
condemnation proceeds are not sufficient to repair or restore the Property, BOITower is not relieved of
BOlTower'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 BOITower notice at the time of or prior to such an interior inspection specifying such
reasonable cause,
8. Borrower's Loan Application. Bon'ower shaH be in default if, during the Loan
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application process, BOlTower or any persons or entities acting at the direction of Bon-ower or with
BOlTower's knowledge or consent gave materially false, misleading, or inaccurate infonnation or
statements to Lender (or failed to provide Lender with material infonnation) in connection with the
Loan. Material representations include, but are not limited to, representations concerning BOITower's
occupancy of the Property as BOlTower's principal residence.
9. Protection of Lender's Interest in the Property and Rights Under this Security
Instrument. If (a) BOlTower fails to perfonn 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 priOlity over this Security
Instrument or to enforce laws or regulations), or (c) BOlTower 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 Prope11y. Lender's actions can include, but are not limited
to: (a) paying any sums secured by a lien which has priority over this Security Instrument; (b)
appearing in cou11; 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 banIa-uptcy proceeding.
Securing the Propel1y includes, but is not limited to, entCling 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 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
BOlTower secured by this Security Instrument. These amounts shall bear interest at the Note rate trom
the date of disbursement and shall be payable, with such interest, upon notice from Lender to BOITower
requesting payment.
If this Security Instrument is on a leasehold, BOlTower shall comply with all the provisions of
the lease. If BOlTower acquires fee title to the Prope11y, the leasehold and the fee title shall not merge
unless Lender agrees to the merger in writing.
10. Mortgage Insurance. If Lender required M0I1gage Insurance as a condition of making
the Loan, BOlTower shall pay the premiums required to maintain the Mortgage Insurance in effect. If,
for any reason, the Mortgage Insurance coverage required by Lender ceases to be available trom the
mortgage insurer that previously provided such insurance and BOlTower was required to make
separately designated payments toward the premiums for Mortgage Insurance, BOITower shall pay the
premiums required to obtain coverage substantially equivalent to the Mortgage Insurance previously in
effect, at a cost substantially equivalent to the cost to Bon'ower of the M0I1gage Insurance previously
in effect, from an alternate mortgage insurer selected by Lender. If substantially equivalent Mortgage
Insurance coverage is not available, BOlTower shall continue to pay to Lender the amount of the
separately designated payrnents 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 BOlTower any interest or eamings on
such loss reserve. Lender can no longer require loss reserve payments if Mortgage Insurance coverage
(in the amount and for the period that Lender requires) provided by an insurer selected by Lender again
becomes available, is obtained, and Lender requires separately designated payments toward the
premiums for M0I1gage Insurance. If Lender required M0I1gage Insurance as a condition of making
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the Loan and Borrower was required to make separately designated payments toward the premiums for
M011gage Insurance, Borrower shall pay the premiums required to maintain M011gage Insurance in
effect, or to provide a non-refundable loss reserve, until Lender's requirement for Mortgage Insurance
ends in accordance with any written agreement between Borrower and Lender providing for such
telmination or until te1l11ination is required by Applicable Law. Nothing in this Section 10 affects
Bon'ower's obligation to pay interest at the rate provided in the Note.
M011gage Insurance reimburses Lender (or any entity that purchases the Note) for certain
losses it may incur if Bon'owcr does not repay the Loan as agreed. Borrower is not a party to the
M011gage Insurance.
Mortgage insurers evaluate their total risk on all such insurance in force from time to time,
and may enter into agreements with other pm1ies that share or modify their risk, or reduce losses.
These agreements are on tenllS and conditions that are satisfactory to the mortgage insurer and the
other pm1y (or pm1ies) to these agreements. These agreements may require the mortgage insurer to
make payments using any source of funds that the m011gage insurer may have available (which may
include funds obtained from Mortgage Insurance premiums).
As a result of these agreements, Lender, any purchaser of the Note, another insurer, any
reinsurer, any other entity, or any affiliate of any of the foregoing, may receive (directly or indirectly)
amounts that derive from (or might be characterized as) a portion of Borrower's payments for
M011gage 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 arrangement is often telwed "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 tennination.
11. Assignment of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are
hereby assigned to mld shall be paid to Lender.
If the Property is damaged, such Miscellaneous Proceeds shall be applied to restoration or
repair of the Propel1y, if the restoration or repair is economically feasible and Lender's security is not
lessened. During such repair and restoration pedod, 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. 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
Borrower any interest or eamings on such Miscellaneous Proceeds. If the restoration or repair is not
economically feasible or Lender's security would be lessened, the Miscellaneous Proceeds shall be
applied to the sums secured by this Secudty Instrument, whether or not then due, with the excess, if
any, paid to Borrower. Such Miscellaneous Proceeds shall be applied in the order provided for in
Section 2.
WYOMING-Single Family- Fannie Mae/Freddie Mac UNIFORM INSTRUMENT WITH MERS Fonn 3051 1/01
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In the event of a total taking, destruction, or loss in value of the Property, 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 Borrower.
In the event of a pmiial taking, destruction, or loss in value of the Property in which the fair
market value of the Property immediately before the paliial taking, destruction, or loss in value is equal
to or greater than the amount of the sums secured by this Security Instrument immediately before the
pmiial taking, destruction, or loss in value, unless Bon'ower and Lender otherwise agree in writing, the
sums secured by this Security Instrument shall be reduced by the amount of the Miscellaneous
Proceeds multiplied by the following fraction: (a) the total amount of the sums secured immediately
before the paliial taking, destruction, or loss in value divided by (b) the fair market value of the
Propeliy immediately before the pmiial taking, destruction, or loss in value. Any balance shall be paid
to Bon·ower.
In the event of a pmiial taking, destruction, or loss in value of the Propeliy in which the fair
market value of the Propeliy immediately 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 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 BOlTower, 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,
BOll'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
Propeliy or to the sums secured by this Security Instrument, whether or not then due. "Opposing
Party" means the third paliy that owes BOll'ower Miscellaneous Proceeds or the party against whom
Borrower has a right of action in regard to Miscellaneous Proceeds.
BOlTower 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 Propeliy or other material impaiIment of
Lender's interest in the Property or rights under this Security Instrument. BOll'ower can cure such a
default and, if acceleration has occull'ed, reinstate as provided in Section 19, by causing the action or
proceeding to be dismissed with a ruling that, in Lender's judgment, precludes forfeiture of the
Property or other material impairment of Lender's interest in the Propeliy or rights under this Security
Instrument. TIle proceeds of any award or claim for damages that are attributable to the impainllent of
Lender's interest in the Propeliy 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 amortization of the sums secured by this Security Instrument
granted by Lender to BOITower or any Successor in Interest of Boll' ower shall not operate to release the
liability of BOll'ower or any Successors in Interest of BOll·ower. Lender shall not be required to
commence proceedings against any Successor in Interest of BOll'ower or to refuse to extend time for
payment or otherwise modify amOliization of the sums secured by this Security Instrument by reason
of any demand made by the original Borrower or any Successors in Interest of Borrower. Any
forbearance by Lender in exercising any right or remedy including, without limitation, Lender's
acceptance of payments from third persons, entities or Successors in Interest of BOll'ower 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 BOll"OWer's obligations and liability shall be joint and several. However, any
WYOMING-Single Family- 11annie Mae/FI"eddie Mac UNIFORM INSTRUMENT WITH MERS Form 3051 1/01
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BOlTOwer who co-signs this Security Instrument but docs not cxecute the Note (a "co-signer"): (a) is
co-signing this Security Instrument only to m0l1gage, grant and convcy the co-signer's interest in the
Propelty under the tcrms of this Security Instrument; (b) is not personally obligated to pay the sums
secured by this Security Instrumcnt; and (c) agrecs that Lender and any other Borrower can agree to
extend, modify, forbear or make any accommodations with regard to thc tcnns of this Security
Instrument or the Note without the co-signer's conscnt.
Subject to thc provisions of Section 18, any Successor in Intcrest of Borrower who assumes
Borrower's obligations under this Security Instrument in writing, and is approved by Lcnder, shall
obtain all of Borrower's rights and benefits undcr this Security Instrument. BOITower shall not be
released from BOlTower'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 thc successors and assigns of Lcnder.
14. Loan Chal"ges. Lender may charge BOlTower fecs for scrvices performed in conncction
with Borrower's dcfault, for the purposc of protecting Lcndcr's interest in the Propel1y and rights
undcr this Security Instrument, including, but not limited to, attomeys' fees, propel1y inspection and
valuation fees. In regard to any other fees, the absence of express authority in this Security Instrument
to charge a specific fec to Bon'ower shall not be construed as a prohibition on the charging of such fee.
Lender may not chargc fees that are expressly prohibited by this Sccurity Instrument or by Applicable
Law.
If the Loan is subject to a law which sets maximum loan charges, and that law is finally
interpreted so that the interest or other loan charges collected or to be collected in connection with the
Loan exceed the pennitted limits, then: (a) any such loan charge shall be reduced by the amount
necessary to reduce thc charge to the pcnnittcd limit; and (b) any sums already collected from
BOlTower which exceeded pennitted limits will be refunded to BOl1'ower. Lender may choose to make
this refund by reducing the principal owed under the Notc or by making a direct paymcnt to BOITower.
If a refund reduccs principal, the reduction will be tTeated as a partial prepayment without any
prepayment chargc (whether or not a prepaymcnt charge is providcd for undcr the Note). BOl1'owcr's
acceptancc of any such refund madc by direct paymcnt to BOlTowcr will constitutc a waiver of any
right of action Borrower might havc arising out of such overchargc.
15. Notices. All notices given by BOITower or Lender in connection with this Security
Instrument must be in writing. Any notice to BOITower in conncction with this Sccurity Instrumcnt
shall be dcemed to havc been given to Bon'ower when mail cd by first class mail or whcn actually
delivered to BOlTower's notice address if sent by othcr means. Noticc to anyone BOl1'ower shall
constitute notice to all BOl1'owers unless Applicable Law exprcssly requires otherwise. The notice
address shall be the Property Address unless BOl1'ower has designated a substitute notice address by
notice to Lender. Bon'ower shall promptly notify Lender of BOlTower's change of address. If Lender
specifies a procedure for reporting BOl1'ower's change of address, then Bon'ower shall only rep0l1 a
change of address through that spccified procedure. There may be only onc designated notice address
undcr this Security Instrumcnt at any onc time. Any noticc to Lender shall be given by delivering it or
by mailing it by first class mail to Lender's address stated hcrein unless Lendcr has designated anothcr
address by noticc to BOlTower. Any notice in connection with this Security Instrument shall not be
deemed to have bcen given to Lendcr until actually received by Lender. If any notice requircd by this
Security Instrument is also required under Applicable Law, the Applicable Law requirement will
satisfy the cOlTesponding requirement under this Security Instrument.
16. Governing Law; Severability; Rules of Construction. This Security Instrument shall
be govel11ed by federal law and the law of the jurisdiction in which thc Propel1y is located. All rights
and obligations containcd in this Sccurity Instrument arc subject to any requiremcnts and limitations of
WYOMING-Single Family- Fannic Mac/Frcddie Mac UNIFORM INSTRUMENT WITH MERS Form 3051 1/01
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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 Security Instrument or the
Note which can be given effect without the conflicting provision.
As used in this Security Instrument: (a) words of the masculine gender shall mean and include
corresponding neuter words or words of the ferrllnine gender; (b) words in the singular 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. Borrowcr's Copy. BOlTOwer shall be given one copy of the Note and of this Security
Instrument.
18. Transfer oCthe Property or a Bcneficial 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 beneficial interests transfelTed in a bond for deed, contract for deed, installment sales
contract or escrow agreement, the intent of which is the transfer of title by Borrower at a future date to
a purchaser.
If all or any part of the Propeliy or any Interest in the Property is sold or transferred (or if
BOITower is not a natural person and a beneficial interest in BOl1"0wer is sold or transfelTed) without
Lender's prior written consent, Lender may require inmlediate payment in fuB 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 BOlTower 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 Bon'ower must pay all sums secured by this Security Instrument. IfBol1"0wer
fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies
permitted by this Security Instrument without fUliher notice or demand on BOITower.
19. Borrowcr's Right to Reinstate After Acceleration. If BOITower meets certain
conditions, BOITower shall have the right to have enforcement of this Security Instrument discontinued
at any time prior to the earliest of: (a) five days before sale of the Propeliy pursuant to any power of
sale contained in this Security Instrument; (b) such other period as Applicable Law might specify for
the tenllination of BOlTower's right to reinstate; or (c) entry of a judgment enforcing this Security
Instrument. Those conditions are that BOlTower: (a) pays Lender all sums which then would be due
under this Security Instrument and the Note as if no acceleration had occulTed; (b) cures any default of
any other covenants or agreements; (c) pays all expenses incuITed in enforcing this Security
Instrument, including, but not limited to, reasonable attomeys' fees, propel1y inspection and valuation
fees, and other fees incuITed 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 reasonably require to assure
that Lender's interest in the Property and rights under this Security Instrument, and BOITower's
obligation to pay the sums secured by this Security Instrument, shall continue unchanged. Lender may
require that Bon'ower pay such reinstatement sums and expenses in one or more of the following
fOlIDS, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, treasurer's
check or cashier's check, provided any such check is drawn upon an institution whose deposits are
insured by a federal agency, instrumentality or entity; or (d) Electronic Funds Transfer. Upon
reinstatement by Borrower, this Security Instrument and obligations secured hereby shall remain fully
effective as ifno acceleration had occurred. 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 pa¡1ial
WYOMING-Single Family, Fannie Mae/Freddie Mac UNIFORM INSTRUMENT WITH MERS }'oI'D13051 1/01
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interest in the Note (together with this Security Instrument) can be sold one or more times without
prior notice to Bon-ower. 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 perfonns other
mortgage loan servicing obligations under the Note, this Seculity 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 wil1 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 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 purchaser of the Note, the
mOligage loan servicing obligations to Bon'ower wil1 remain with the Loan Servicer or be transfen'ed
to a successor Loan Servicer and are not assumed by the Note purchaser unless otherwise provided by
the Note purchaser.
Neither Bon-ower 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 paliy's actions pursuant
to this Security Instrument or that alleges that the other party has breached any provision of, or any
duty owed by reason of, this Security Instrument, until sueh 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 paliy 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 wi11 be deemed to be reasonable for purposes 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 Bon-ower pursuant to Section 18 shall be deemed to satisfy the notice and
oppOliunity to take corrective 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 flammable or toxic petroleum products, toxic
pesticides and herbicides, volatile solvents, materials containing asbestos or fOlmaldehyde, and
radioactive materials; (b) "Environmental Law" means federal laws and laws of the jurisdiction where
the Propeliy is located that relate to health, safety or cnvironmental protection; (c) "Environmental
Cleanup" includes any response action, remedial action, or removal action, as defined in
Environmental Law; and (d) an "Environmental Condition" means a condition that can cause,
conhibute to, or othetwise higger an Environmental Cleanup.
Borrower shaH not cause or pennit the presence, use, disposal, storage, or release of any
Hazardous Substances, or threaten to release any Hazardous Substances, on or in the Propeliy.
Borrower shaH 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 Propeliy. The preceding two sentences shall not apply to the presence, use, or storage on
the Property of small quantities of Hazardous Substances that are generally recognized to be
appropriate to nOlmal residential uses and to maintenance of the Propeliy (including, but not limited to,
hazardous substances in consumer products),
Bon-ower shall promptly give Lender written notice of (a) any investigation, claim, demand,
lawsuit or other action by any governmental or regulatory agency or private party involving the
Property and any Hazardous Substance or Environmental Law of which BOlTower has actual
lmowledge, (b) any Environmental Condition, including but not limited to, any spilling, leaking,
discharge, release or threat ofrelease of any Hazardous Substance, and (c) any condition caused by the
presence, use or release of a Hazardous Substance which adversely affects the value of the Property. If
WYOMING-Single Family- Fannie Mae/Freddie Mac UNIFORM INSTRUMENT WITH MERS Form 3051 1/01
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Initials: V V'\
000481.
BOlTower ¡eams, or is notified by any govemmental or regulatory authority, or any private party, that
any removal or other remediation of any Hazardous Substance affecting the Property is necessary,
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 pl'ior 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 I'equire 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 I'emedies provided in this Section 22, including, but not limited to, reasonable
attorneys' fees and costs of title evidence.
If Lender involœs the power of sale, Lender shall give notice of intent to foreclose to
Borrower and to the person in possession of the Property, if different, in accordance with
Applicable Law. Lender shall give notice of the sale to Borrower in the manner provided in
Section 15. Lendel' shall publish the notice of sale, and the Property shall be sold in the manner
prescribed by Applicable Law. Lendel' 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
Instrumcnt; and (c) any exccss to the person or persons legally entitled to it.
22. Release. Upon payment of all sums secured by this Security Instrument, Lender shall
release this Security Instrument. BOlTower shall pay any recordation costs. Lender may charge
Bon-ower 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 pelmitted under Applicable Law.
23. Waivers. Bon-ower releases and waives all rights under and by virtue of the homestead
exemption laws of Wyoming,
WYOMING-Single Family, Fannie Mae/Freddie Mac UNIFORM INSTRUMENT WITH MERS Form 3051 1/01
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Illilials:~
000482
BY SIGNING BELOW, BOlTower accepts and agrees to the tenl1S and covenants contained in
this Security Instrument and in any Rider executed by Borrower and recorded with it.
Witnesses:
wÞ/UL
CURTIS A. HALL
(Seal)
-BolTower
(Seal)
-Bon'ower
(Seal)
-Bon'ower
(Seal)
-BolTower
i 1 .W'L cr ] J ?eheJV'
STATEOF~ · V 1../
The foregoing instrument was acknowledged before me this
by CURTIS A. HALL,
My Corom;,,;on Exp;"" ~Ilel tf7
County ss:
f\jrN~l (p (?lP))--
ýZ ~ ~ ~ fi1¥, iPiWj¡I ~ ..... VMÞ ... 1I:i!'M.1I Ii,,-
" Nota!y- Public U
~ ~~" CYDNEE SMITH f,
I . ~ 5434 SOUIh Freeway Park DrIYe '
1. ~ f'IIl/8IIåIo. UIIh 04405 r
~ ·...;,1 Mý'~EIpìI~'
I .".' "'¡'~IaÎI!lUøGJII i,
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i,:; tII(gI) ~'VØU ~1 l'/I"I'fJ;~ I'I'rg, 7.;:;'_. 'rpþM! .'ØIIftI!I' _.,,~.., ,¡tf'¡;
WYOMING-Single Family- Fannic Mac/Frcddic Mac UNIFORM INSTRUMENT WITH MERS Form 3051 1/01
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000483
PLANNED UNIT DEVELOPMENT RIDER
TI-IIS PLANNED UNIT DEVELOPMENT RIDER is made this 16th day of November,
2007, and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of
Trust, or Security Decd (the "Security Instrument") of the same date, given by the undersigned (the
"BolTower") to secure Bon'ower's Note to ACADEMY MORTGAGE CORPORATION, a UTAH
Corporation (the "Lender") of the same date and covering the Propeliy described in the Security
Instrument and located at:
58 SUGAR LOAF DRIVE, STAR VALLEY RANCH, WYOMING 83127
[Propeliy Address]
The Property includes, but is not limited to, a parcel of land improved with a dwelling,
together with other such parcels and certain common areas and facilities, as described in the
Covenants, Conditions and Restrictions of the STAR VALLEY RANCH (the "Declaration"). The
Property is a pm1 of a planned unit development known as
STAR VALLEY RANCH
[Name of Planned Unit Development]
(the "PUD"). The Property also includes Bon'ower's interest in the homeowners association or
equivalent entity owning or managing the common areas and facilities of the PUD (the "Owners
Association") and the uses, benefits and proceeds of BOlT ower's interest.
PUD COVENANTS. In addition to the covenants and agreements made in the Security
Instrument, BOlTower and Lender fUl1her covenant and agree as follows:
A. PUD Obligations. BOlTower shall perfOlm all of BOlT ower's obligations under the PUD's
Constituent Documents. The "Constituent Documents" are the (i) Declaration; (ii) al1ic1es of
incorporation, trust instrument or any equivalent document which creates the Owners Association; and
lVIUL TIST ATE PUD IUDER - Single Family -I<'annie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3150 I/Ol
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usc3l50
00048,4
(iii) any by-laws or other rules or regulations of the Owners Association. BOlTower shall promptly
pay, when due, all dues and assessments imposed pursuant to the Constituent Documents.
ß. Property Insurance. So long as the Owners Association maintains, with a generally
accepted insurance catTier, a "master" or "blanket" policy insuring the Property which is satisfactory to
Lender and which provides insurance coverage in the amounts (including deductible levels), for the
periods, and against loss by fire, hazards included within the term "extended coverage," and any other
hazards, including, but not limited to, earthquakes and floods, for which Lender requires insurance,
then: (i) Lender waives the provision in Section 3 for the Periodic Payment to Lender of the yearly
premium installments for property insurance on the Property; and (ii) BOlTower's obligation under
Section 5 to maintain property insurance coverage on the Property is deemed satisfied to the extent that
the required coverage is provided by the Owners Association policy.
What Lender requires as a condition of this waiver can change during the ten11 ofthe loan,
Bon-ower shall give Lender prompt notice of any lapse in required property insurance
coverage provided by the master or blanket policy.
In the event of a distribution of propeliy insurance proceeds in lieu of restoration or repair
following a loss to the Property, or to common areas and facilities of the POO, any proceeds payable to
Bon-ower are hereby assigned and shall be paid to Lender. Lender shall apply the proceeds to the
sums secured by the Security Instrument, whether or not then due, with the excess, if any, paid to
Bon·ower.
C. Public Liability Insurance. BOlTower shall take such actions as may be reasonable to
insure that the Owners Association maintains a public liability insurance policy acceptable in f01111,
amount, and extent of coverage to Lender.
D. Condemnation. The proceeds of any award or claim for damages, direct or
consequential, payable to BOlTower in connection with any condemnation or other taking of all or any
part of the Property or the common areas and facilities of the POO, or for any conveyance in lieu of
condellli1ation, are hereby assigned and shall be paid to Lender. Such proceeds shall be applied by
Lender to the sums secured by the Security Instrument as provided in Section 11.
E. Lender's Prior Consent. Bon-ower shall not, except after notice to Lender and with
Lcnder's prior written consent, cither patiition or subdivide the Propeliy or consent to: (i) the
abandonment or tennination ofthe POO, except for abandonment or termination required by law in the
case of substantial destruction by fire or other casualty or in the case of a taking by condemnation or
eminent domain; (ii) any amendment to any provision of the "Constitucnt Documents" if the provision
is for the express benefit of Lender; (iii) termination of professional management and assumption of
self-management of the Owners Association; or (iv) any action which would have the effect of
MUL TISTATE I'UD RIDER - Single Family - Fannie Mac/Freddie Mac UNIFORM INSTRUMENT Form 3150 1/01
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000485
rendering the public liability insurance coverage maintained by the Owners Association unacceptable
to Lender.
F. Remedies. If Bon-ower does not pay PUD dues and assessments when due, then Lender
may pay them. Any amounts disbursed by Lender under this paragraph F shall become additional debt
of Bon"ower secured by the Security Instrument. Unless Bon'ower and Lender agree to other terms of
payment, these amounts shall bear interest from the date of disbursement at the Note rate and shall be
payable, with interest, upon notice from Lender to Bon-ower requesting payment.
BY SIGNING BELOW, BOITower accepts and agrees to the tenllS and covenants contained in this
PUD Rider.
f1wL -c!4t4- (S,,])
CURTIS A. HALL ,Bol1'ower
(Seal)
-Bon-ower
(Seal)
-Borrower
(Seal)
-Bon'Ower
MULTISTATE J'UD RIDER - Single Family - Fannie Mae/J1reddie Mac UNIFORM INSTRUMENT
7R (0411).01 Page 3 of3
Form 3150 1/0J
000486
SECOND HOME RIDER
THIS SECOND HOME RIDER is made this 16th day of November, 2007, and is
incorporated into and shall be deemed to amend and supplement the M0I1gage, Deed of Trust, or
Security Deed (the "Security Instrument") of the same date given by the undersigned (the
"BolTower" whether there are one or more persons undersigned) to secure BOlTower's Note to
ACADEMY MORTGAGE CORPORATION, a UTAH Corporation (the "Lender") of the same
date and covering the Property described in the Security Instrument (the "Property" ), which is
located at:
58 SUGAR LOAF DRIVE, STAR VALLEY RANCH, WYOMING 83127
[Propel1y Address]
In addition to the covenants and agreements made in the Security Instrument, Bon'ower and
Lender f1tl1her covenant and agree that Sections 6 and 8 of the Security Instrument are deleted and
are replaced by the following:
6. Occupancy. BOlTower shall occupy, and shall only use, the Property as BOlTower's
second home. BOlTower shall keep the Property available for BOlTower's exclusive use and
enjoyment at all times, and shall not subject the Propel1y to any timesharing or other shared
ownership alTangement or to any rental pool or agreement that requires Bon'ower either to
rent the Property or give a management finTI or any other person any control over the
occupancy or use of the Property.
MULTI STATE SECOND HOME IUDER, Single Family -Fannie Mae/Freddie Mac UNIFORM INSTRUMENT
Form 3 90 1/01
Page 1 of2
Initials:
use3890
000487
8. Borrower's Loan Application. Borrower 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 materially false, misleading, or inaccurate
infonTIation 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 conceming BOlTower's occupancy of the Property as Borrower's second
home.
BY SIGNING BELOW, Bon'ower accepts and agrees to the tenTIS and provisions
contained in this Second Home Rider.
(Seal)
-Borrower
(Seal)
,Borrower
(Seal)
-Bol1'ower
Form 3890 1/01
Page 2 of2