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HomeMy WebLinkAbout935141 \ !, ì " tU J /",. .i)'~ j ., (./ ..) t? '" 6010716153 Return To: CU Members Mortgage 13601 Preston Rd Suite 800 West Dallas, TX. 75240 Prepared By: Colonial Savings, F.A. RECEIVED 11/26/2007 at 3:23 PM RECEIVING # 935141 BOOK: 679 PAGE: 614 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY Colonial Savings, F.A. 13601 Preston Rd Suite 800 West, Dallas, TX. 75240 00061.4 [Space Abuve Tlús Line For Recurding Data] MORTGAGE MIN 100029008231531789 DEFINITIONS Words used in muHiple sections of this document are defined be]ow and other words are defined in Sections 3, 11, 13, 18, 20 and 21. Certain rules regarding the usage of words used in tlùs document are also provided in Section 16. (A) "Security Instrument" means tlùs document, which is dated November 16 I 2007 together with all Riders to tl1Ìs document. (B) "Borrower" is Noel Lee Crown and Velma J. Crown " Borrower is the mortgagor under tl1Ìs Security Instrument. (C) "MERS" is Mortgage ElectrOl1Ìc 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 mOlotgagee under this Secudty Instrument. MERS is orgaI1Ìzed and existing under the laws of DelawaI'e, and has an address and telephone number ofP,O, Box 2026, Flint, MI 48501-2026, tel. (888) 679-MERS. 823153 WYOIVlING-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT WITH MERS Form 3051 1/01 G -6A(WY) 100051.03 ® Page 1 of 15 nitiaIS:~ .~ II1I1111III1111111111111111111111111111111111111111111I VMP Mortgage Solutions, Inc. 11/15/2007 7:10:26 PM 178C1 823153 (D) "Lender" is Sooper Credit Union Lender is a Credit Union organized and existing under the laws of state of Colorado Lender's address is 5590 West Evans Avenue, Denver, CO. 80227 00061.5. (E) "Note" means the promissory note signed by Borrower and dated Novernber 16, 2007 The Note states that Borrower owes Lender one hundred forty-three thousand and 00/100 Dollars (U ,S, $ 143 I 000 . 00 ) plus interest. Borrower has promised to pay this debt in regular Periodic Payments and to pay the debt in full not later than December 1, 2022 (F) "Propel-ty" means the property tllat is described below under the heading "Transfer of Rights in the Property, " (G) "Loan" means the debt evidenced by the Note, plus interest, any prepayment charges and late charges due under the Note, and all sums due under this Security Instnunent, plus interest. (H) "Riders" means all Riders to this Security Instrument that are executed by Borrower. The following Riders are to be executed by Borrower [check box as applicable]: D Adjustable Rate Rider D Balloon Rider D VA Rider D Condominium Rider D Second Home Rider D Planned Unit Development Rider D 1-4 Family Rider D Biweekly Payment Rider D 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 Borrower or the Property by a condominium association, homeowners association or similar organization. (K) "Electronic Funds Transfer" means any transfer of funds, other than a transaction 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 term 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. (lVI) "IVliscellaneous Proceeds" means any compensation, settlement, award of damages, or proceeds paid by any third party (other than insurance proceeds paid under the coverages described in Section 5) for: (i) damage to, or destruction of, the Property; (ii) condemnation or otller taking of all or any part of the Property; (iii) conveyance in lieu of condemnation; or (iv) misrepresentations of, or omissions as to, the value and/or condition of the Property, (N) "Mortgage Insurance" means insurance protecting Lender against tlle 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" means the Real Estate Settlement Procedures Act (12 U.S.C. Section 2601 et seq,) and its implementing regulation, Regulation X (24 C.F ,R. Part 3500), as tlley might be amended from time to time, or any additional or successor legislation or regulation that governs the same subject matter. As used in this Security Instrument, "RESPA" refers to all requirements and restrictions tllat are imposed in regard to a "federally related mortgage loan" even if the Loan does not qualify as a "federally related mortgage loan" under RESP A, 823153 G -6A(WY) 100051.03 ® Page 2 of 15 In¡tials:~ -æ-- Form 3051 1/01 11/15/2007 7:10:26 PM 178C1 823153 00061.6 (Q) "SuccessOI" in Intel"est of Borrower" means any party that has taken title to tlle Property, whether or not that party has assumed Borrower's obligations under the Note and/or tlÜs Security Instrument. TRANSFER OF RIGHTS IN THE PROPERTY This Security Instrument secures to Lender: (i) the repayment of the Loan, and all renewals, extensions and l11oditications of the Note; and (ii) the performance of Borrower's covenants and agreements under this Security Instrument and the Note. For tillS purpose, Borrower does hereby mortgage, grant and convey to MERS (solely as nominee for Lender and Lender's successors and assigns) and to the successors and assigns of MERS, WitII power of sale, the following described property located in the County of Lincoln I Typc of Rccording Jurisdiclion] [Name of Recording Jurisdiclion] Lot 14 of East Acres Subdivision, Phase I, Lincoln County, Wyoming as described on the official plat thereof. ParcellD Number: 123219310052600 1627 Allred County Road 135 Afton ("Property Address "): which currently has tile address of [Slreel] [Cily] , Wyoming 83110 [Zip Code] TOGETHER WITH all tile improvements now or hereafter erected on tile property, and all easements, appurtenances, and tixtures now or hereafter a part of tile property. All replacements and additions shall also be covered by this Security Instrument. All of the foregoing is referred to in this Security Instrument as tile "Property." Borrower understands and agrees tIlat MERS holds only legal title to the interests granted by Borrower in tIÜs Security Instrument, but, if necessary to comply witII law or custom, MERS (as nonúnee for Lender and Lender's successors and assigns) has tile right: to exercise any or all of those interests, including, but not linúted to, tile right to foreclose and sell tile Property; and to take any action required of Lender including, but not linúted to, releasing and canceling tIÜs Security Instrument, BORROWER COVENANTS tIlat Borrower is lawfully seised of the estate hereby conveyed and has the right to mortgage, grant and convey tile Property and tIlat tile Property is unencumbered, except for encumbrances of record. Borrower warrants and will defend generally tile title to the Property against all claims and demands, subject to any encumbrances of record. THIS SECURITY INSTRUMENT combines Ulúform covenants for national use and non-Ulúfoflll covenants witII linllted variations by jurisdiction to constitute a Ulúfoflll security instrument covering real property. 823153 . -GA(WY) 100051.03 ® Page 3 of 15 Initjals:~ ~ Form 3051 1/01 11/15/2007 7:10:26 PM 178C1 823153 000617 UNIFORM COVENANTS, Borrower and Lender covenant and agree as follows: 1. Payment of' Principal, Interest, Escrow Items, Prepayment Charges, and Late Charges. Borrower shall pay when due the principal of, and interest on, the debt evidenced by the Note and any prepayment charges and late charges due under the Note. Borrower shall also pay funds for Escrow Items pursuant to Section 3, Payments due under the Note and this Security Instrument shall be made in U,S. currency, However, if any check or other instrument received by Lender as payment under the Note or this Security Instrument is returned to Lender unpaid, Lender may require that any or all subsequent payments due under the Note and this Security Instrument be made in one or more of the following forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, treasurer's check or cashier's check, provided any such check is drawn upon an institution whose deposits are insured by a federal agency, instrumentality, or entity; or (d) Electronic Funds Transfer. Payments are deemed received by Lender when received at the location designated in the Note or at such 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 insut1icient to bring the Loan current. Lender may accept any payment or partial payment insutticient to bring the Loan current, without waiver of any rights hereunder or prejudice to its rights to refuse such payment or partial payments in the future, but Lender is not obligated to apply such payments at the time such payments are accepted, If each Periodic Payment is applied as of its scheduled due date, then Lender need not pay interest on unapplied funds. Lender may hold such unapplied funds until Borrower makes payment to bring the Loan current. If Borrower does not do so within a reasonable period of time, Lender shall either apply such funds or return them to Borrower. If not applied earlier, such funds will be applied to the outstanding principal balance under the Note immediately prior to foreclosure. No offset or claim which Borrower might have now or in the future against Lender shall relieve Borrower ti"om making payments due under the Note and this Security Instrument or performing the covenants and agreements secured by this Security Instrument. 2. Application of Payments or Proceeds. Except as otherwise described in this Section 2, all payments accepted and applied by Lender shall be applied in the following order of priority: (a) interest due under the Note; (b) principal due under the Note; (c) amounts due under Section 3. Such payments shall be applied to each Periodic Payment in the order in which it became due. Any remaining amounts shall be applied tirst 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 ti'om Borrower for a delinquent Periodic Payment which includes a sutticient amount to pay any late charge due, the payment may be applied to the delinquent payment and the late charge. If more than one Peliodic Payment is outstanding, Lender may apply any payment received from Borrower to the repayment of the Periodic Payments if, and to the extent that, each payment can be paid in full. To the extent that any excess exists after the payment is applied to the full payment of one or more Periodic Payments, such excess may be applied to any late charges due. Voluntary prepayments shall be applied J-irst to any prepayment charges and then as described in the Note. Any application of payments, insurance proceeds, or Miscellaneous Proceeds to principal due under the Note shall not extend or postpone the due date, or change the amount, of the Periodic Payments. 3. Funds for Escrow Items. Borrower shall pay to Lender on the day Periodic Payments are due under the Note, until the Note is paid in full, a sum (the "Funds") to provide for payment of amounts due for: (a) taxes and assessments and other items which can attain priority over this Security Instrument as a lien or encumbrance on the Property; (b) leasehold payments or ground rents on the Property, if any; (c) premiums for any and all insurance required by Lender under Section 5; and (d) Mortgage Insurance premiums, if any, or any sums payable by Borrower to Lender in lieu of the payment of Mortgage Insurance premiums in accordance with the provisions of Section 10. These items are called "Escrow Items." At origirmtion or at any time during the tenn of the Loan, Lender nlliY require that Community Association Dues, Fees, and Assessments, if any, be escrowed by Borrower, and such dues, fees and assessments shall be an Escrow Item. Borrower shall promptly funúsh to Lender all notices of amounts to be paid under this Section, Borrower shall pay Lender the Funds for Escrow Items mùess Lender waives Borrower's obligation to pay the Funds for any or all Escrow Items. Lender may waive Borrower's obligation to pay to Lender Funds for any or all Escrow Items at any time. Any such waiver may OlÙY be in writing, In the event of such waiver, Borrower shall pay directly, when and where payable, the amounts 823153 . -6A(WY) 10005).03 ® Page 4 of 15 Initials:fll.r ..¡ .~ Form 3051 1/01 11/15/2007 7:10:26 PM 178C1 823153 00061.8 due for any Escrow Items for which payment of Funds has been waived by Lender and, if Lender requires, shall furnish to Lender receipts evidencing such payment within such time period as Lender may require. Borrower's obligation to make such payments and to provide receipts shall for all purposes be deemed to be a covenant and agreement contained in this Security Instrument, as the phrase "covenant and agreement" is used in Section 9, If Borrower is obligated to pay Escrow Items directly, pursuant to a waiver, and Borrower fails to pay the amount due for an Escrow Item, Lender may exercise its rights under Section 9 and pay sudl amount and Borrower shall then be obligated under Section 9 to repay to Lender any such amount. Lender may revoke the waiver as to any or all Escrow Items at any time by a notice given in accordance with Section 15 and, upon such revocation, Borrower 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) sufticient to pernùt Lender to apply the Funds at the time specitied under RESP A, and (b) not to exceed the maximum amount a lender can require under RESPA. Lender shall estimate the amount of Funds due on the basis of current data and reasonable estimates of expenditures of future Escrow Items or otllerwise 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 Barllc Lender shall apply the Funds to pay the Escrow Items no later than the time specitied under RESPA. Lender shall not charge Borrower for holding and applying the Funds, a11l1ually analyzing the escrow account, or verifying tlle Escrow Items, unless Lender pays Borrower interest on the Funds and Applicable Law pernùts Lender to make such a charge. Unless an agreement is made in writing or Applicable Law requires interest to be paid on the Funds, Lender shall not be required to pay Borrower any interest or earnings on the Funds. Bon-ower and Lender can agree in writing, however, that interest shall be paid on the Funds. Lender shall give to Borrower, without charge, an annual accounting of the Funds as required by RESPA. If there is a surplus of Funds held in escrow, as detined under RESPA, Lender shall account to Borrower for the excess funds in accordance with RESPA. If there is a shortage of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to make up the shortage in accordance with RESP A, but in no more than 12 monthly payments, If there is a deticiency of Funds held in escrow, as detined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to make up the deticiency 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 Borrower any Funds held by Lender. 4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, tines, and impositions attributable to the Property which can attain priority over this Security Instrument, leasehold payments or ground rents on tlle Property, if any, and Community Association Dues, Fees, and Assessments, if any. To the extent that these items are Escrow Items, Borrower shall pay them in the manner provided in Section 3. Borrower shall promptly discharge any lien wlùch has priority over tlùs Security Instrument unless Borrower: (a) agrees in writing to tile payment of tile obligation secured by tile lien in a ma1lller acceptable to Lender, but only so long as Borrower is perfornùng such agreement; (b) contests tile lien in good faitll by, or defends against enforcement of tile lien in, legal proceedings which in Lender's opi1ùon operate to prevent the enforcement of tile lien while tllose proceedings are pending, but OlÙY until such proceedings are conduded; or (c) secures from tile holder of tile lien an agreement satisfactory to Lender subordinating tile lien to tllis Security Instrument. If Lender deternùnes tllat any part of tile Property is subject to a lien which can attain priority over this Security Instrument, Lender may give Borrower a notice identifying the 823153 G -6A(WY) 10005103 Page 5 of 15 ® 11/15/2007 7:10:26 PM 178C1 823153 Initials: f\Lr --K:.- Form 3051 1/01 00061.9 lien, Within 10 days of the date on which that notice is given, Borrower shall satisfy the lien or take one or more of the actions set forth above in this Section 4. Lender may require Borrower to pay a one-time charge for a real estate tax veritication and/or reporting service used by Lender in connection with this Loan. 5. Prope.·ty Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by tire, hazards included within the term "extended coverage," and any other hazards including, but not limited to, earthquakes and floods, for which Lender requires insurance. This insurance shall be maintained in the amounts (including deductible levels) and for the periods that Lender requires. What Lender requires pursuant to the preceding sentences can change during the term of the Loan, The insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's right to disapprove Borrower's choice, which right shall not be exercised umeasonably. Lender may require Borrower to pay, in connection with this Loan, either: (a) a one-time charge for flood zone determination, certitication and tracking services; or (b) a one-time charge for Hood zone determination and certi 'ication services and subsequent charges each time remappings or similar changes occur which reasonably might affect such determination or certitication, Borrower shall also be responsible for the payment of any fees imposed by the Federal Emergency Management Agency in connection with the review of any Hood zone determination resulting ÍÌ"om an objection by Borrower. If Borrower fails to maintain any of the coverages described above, Lender nmy obtain insurance coverage, at Lender's option and Borrower'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 Borrower, Borrower's equity in the Property, or the contents of the Property, against any risk, hazard or liability and might provide greater or lesser coverage tllan was previously in effect. Borrower acknowledges that the cost of the insurance coverage so obtained might signiticantly exceed the cost of insurance that Borrower could have obtained. Any amounts disbursed by Lender under this Section 5 shall become additional debt of Borrower secured by this Security lnstrùment. These amounts shall bear interest at the Note rate from the date of disbursement and shall be payable, with such interest, upon notice tì'om Lender to Borrower requesting payment. All insurance policies required by Lender and renewals of such policies shall be subject to Lender's right to disapprove such policies, shall include a standard mortgage clause, and shall name Lender as mortgagee andlor as an additional loss payee. Lender shall have the fight to hold the policies and renewal certiticates. If Lender requires, Borrower shall promptly give to Lender all receipts of paid premiums and renewal notices, If Borrower obtains any form of insurance coverage, not otherwise required by Lender, for damage to, or destruction of, tlle Property, such policy shall include a standard mortgage clause and shall name Lender as mortgagee and/or as an additional loss payee. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower, Ulùess Lender and Borrower otherwise agree in writing, any insurance proceeds, whether or not the underlying insurance was required by Lender, shall be applied to restoration or repair of the Property, if the restoration or repair is economically feasible and Lender's security is not lessened. During such repair and restoration period, Lender shall have the right to hold such insurance proceeds until Lender has had an OpportUlùty to inspect such Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as the work is completed. Ulùess an agreement is made in writing or Applicable Law requires interest to be paid on such insurance proceeds, Lender shall not be required to pay Borrower any interest or earnings on such proceeds, Fees for public adjusters, or other third parties, retained by Borrower shall not be paid out of tlle insurance proceeds and shall be the sole obligation of Borrower. If the restoration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be applied to the sums secured by tl1Ìs Security Instrument, whether or not tlleIl due, with 823153 Page 6 of 15 Initials: ru..,. ~ . -6A(WY) (0005).03 ® Form 3051 1/01 11/15/2007 7:10:26 PM 178C1 823153 000620 the excess, if any, paid to Borrower, Such insurance proceeds shall be applied in the order provided for in Section 2, If Borrower abandons the Property, Lender lllay tile, negotiate and settle any available insurance claim and related matters. If Borrower does not respond within 30 days to a notice from Lender that the insurance carrier has offered to settIe a claim, then Lender may negotiate and settIe tIle claim. The 3D-day period will begin when the notice is given. In either event, or if Lender acquires tIle Property under Section 22 or otherwise, Borrower hereby assigns to Lender (a) Borrower's rights to any insurance proceeds in an amount not to exceed the amounts unpaid under the Note or tI1Ïs Security Instrument, and (b) any other of Borrower's rights (other than the right to any refund of unearned premiums paid by Borrower) 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 Property or to pay amounts unpaid under tIle Note or this Security Instrument, whether or not then due. 6. Occupancy. Borrower shall occupy, establish, and use tIle Property as Borrower's principal residence within 60 days after tIle execution of tI1Ís Security Instrument and shall continue to occupy the Property as Borrower's principal residence for at least one year after tIle date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be unreasonably withheld, or Ulùess extenuating circumstances exist which are beyond Borrower's control. 7. PI'eservation, Maintenance and Protection of the Property; Inspections. Borrower shall not destroy, damage or impair the Property, allow the Property to deteriorate or commit waste on the Property. Whether or not Borrower is residing in the Property, Borrower shall maintain the Property in order to prevent the Property from deteriorating or decreasing in value due to its condition. U¡ùess it is determined pursuant to Section 5 that repair or restoration is not econon1Ícally feasible, Borrower shall promptly repair the Property if damaged to avoid furtIler deterioration or damage. If insurance or condenumtion proceeds are paid in connection with damage to, or the taking of, the Property, Borrower shall be responsible for repairing or restoring tlle Property only if Lender has released proceeds for such purposes. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as the work is completed. If the insurance or condemnation proceeds are not sufficient to repair or restore the Property, Borrower is not relieved of Borrower's obligation for the completion of such repair or restoration. Lender or its agent may nmke reasOlmble entries upon and inspections of the Property. If it has reasonable cause, Lender may inspect the interior of the improvements on the Property. Lender shall give Borrower notice at tIle time of or prior to such an interior inspection specifying such reasonable cause. 8. Borrower's Loan Application. Borrower shall be in default if, during tIle Loan application process, Borrower or any persons or entities acting at the direction of Borrower or with Borrower's knowledge or consent gave materially false, misleading, or Í1mccurate infonnation or statements to Lender (or failed to provide Lender with nmterial infornmtion) in connection with the Loan. Material representations include, but are not limited to, representations concen1Ïng Borrower's occupancy of the Property as Borrower's principal residence. 9. PJ"Otection of Lender's Intel"est in the Property and Rights Undel" this Secul"Ìty Instrument. If (a) Borrower fails to perform tIle covenants and agreements contained in this Security Instrument, (b) there is a legal proceeding that nught significantly affect Lender's interest in the Property and/or rights under this Security Instrument (such as a proceeding in bankruptcy, probate, for condennmtion or forfeiture, for enforcement of a lien which may attain priority over this Security Instnllnent or to enforce laws or regulations), or (c) Borrower has abandoned tIle Property, then Lender nmy do and pay for whatever is reasonable or appropriate to protect Lender's interest in the Property and rights under tI1Ïs Security Instrument, including protecting and/or assessing the value of the Property, and securing and/or repairing the Property. Lender's actions can include, but are not limited to: (a) paying any sums secured by a lien which has priority over this Security Instrument; (b) appearing in court; and (c) paying reasonable 823153 . ·6A(WY) 10005J.03 ® Page 7 of 1 5 Initials: {ì.l.( ~ Form 3051 1/01 11/15/2007 7:10:26 PM 178C1 823153 000621. attorneys' fees to protect its interest in the Property and/or rights under this Security Instrument, including its secured position in a bankruptcy proceeding. Securing the Property includes, but is not limited to, entering the Property to make repairs, change locks, replace or board up doors and windows, drain water from pipes, eliminate building or other code violations or dangerous conditions, and have utilities turned on or off. Although Lender may take action under this Section 9, Lender does not have to do so and is not under any duty or obligation to do so, It is agreed that Lender incurs no liability for not taking any or all actions authorized under this Section 9, Any amounts disbursed by 'Lender under this Section 9 shall become additional debt of Borrower secured by this Security Instrument. These amounts shall bear interest at the Note rate from the date of disbursement and shall be payable, with such interest, upon notice from Lender to Borrower requesting payment. If this Security Instrument is on a leasehold, Borrower shall comply with all the provisions of the lease, If Borrower acquires fee title to the Property, the leasehold and the fee title shall not merge unless Lender agrees to the merger in writing. 10. Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan, Borrower shall pay the premiums required to lnaintain the Mortgage Insurance in etIect. If, for any reason, the Mortgage Insurance coverage required by Lender ceases to be available from the mortgage insurer that previously provided such insurance and Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower 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 Borrower of the Mortgage Insurance previously in effect, from an alternate mortgage insurer selected by Lender. If substantially equivalent Mortgage Insurance coverage is not available, Borrower shall continue to pay to Lender the amount of the separately designated payments that were due when the insurance coverage ceased to be in effect. Lender will accept, use and retain these payments as a non-refundable loss reserve in lieu of Mortgage Insurance. Such loss reserve shall be non-refundable, notwithstanding the fact that the Loan is ultimately paid in full, and Lender shall not be required to pay Borrower any interest or earnings on such loss reserve. Lender can no longer require loss reserve payments if Mortgage Insurance coverage (in the amount and for the period that Lender requires) provided by an insurer selected by Lender again becomes available, is obtained, and Lender requires separately designated payments toward the premiums for Mortgage Insurance. If Lender required Mortgage . Insurance as a condition of making the Loan and Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiums required to maintain Mortgage Insurance in effect, or to provide a non-refundable loss reserve, until Lender's requirement for Mortgage Insurance ends in accordance with any written agreement between Borrower and Lender providing for such termination or until termination is required by Applicable Law. Nothing in this Section 10 affects Borrower's obligation to pay interest at the rate provided in the Note. Mortgage Insurance reimburses Lender (or any entity that purchases the Note) for certain losses it may incur if Borrower does not repay the Loan as agreed. Borrower is not a party to the Mortgage Insurance, Mortgage insurers evaluate their total risk on all such insurance in force from time to time, and may enter into agreements with other parties that share or modify their risk, or reduce losses. These agreements are on terms and conditions that are satisfactory to the mortgage insurer and the other party (or parties) to these agreements, These agreements may require the mortgage insurer to make payments using any source of funds Úlat Úle mortgage 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 OÚler entity, or any aftiliate of any of the foregoing, may receive (directly or indirectly) amounts that derive from (or might be characterized as) a portion of Borrower's payments for Mortgage Insurance, in exchange for sharing or modifying Úle mortgage insurer's risk, or reducing losses. If such agreement provides that an affiliate of Lender takes a share of the insurer's risk in exchange for a share of the premiums paid to the insurer, the arrangement is often termed "captive reinsurance." FurÚler: (a) Any such agreements will not affect the amounts that Borrower has agreed to pay for Mortgage Insumnce, OJ' any other tenns of the Loan. Such agreements will not increase the amount Borrower will owe I' 01' Mortgage Insurance, and they will not entitle Borrower to any refund. 823153 . -6A(WY) (00051.03 Page 8 of 15 ® 11/15/2007 7:10:26 PM 178C1 823153 InitiaIS:~ Form 3051 1/01 ·000622 (b) Any such ag¡"eements will not affect the rights Borrower has - if any - with respect to the MOI"tgage Insurance under the Homeowne¡"s 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 te¡"minated automatically, and/or to receive a refund of any Mortgage Insurance premiums that were unearned at the time of such cancellation or termination. 11. Assignment of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned to and shall be paid to Lender. If the Property is damaged, such Miscellaneous Proceeds shall be applied to restoration or repair of the Property, if the restoration or repair is economically feasible and Lender's security is not lessened. During such repair and restoration period, Lender shall have the right to hold such Miscellaneous Proceeds until Lender has had an opportunity to inspect such Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. 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 earnings on such Miscellaneous Proceeds. If the restoration or repair is not economically feasible or Lender's security would be lessened, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. Such Miscellaneous Proceeds shall be applied in ùle order provided for in Section 2. In the event of a total taking, destruction, or loss in value of the Property, ùle Miscellaneous Proceeds shall be applied to ùle sums secured by this Security Instlwnent, whether or not then due, with ùle excess, if any, paid to Borrower. In the event of a partial taking, destruction, or loss in value of the Property in which Ùle fair market value of the Property immediately before the partial taking, destruction, or loss in value is equal to or greater Ùlan ùle amount of ùle sums secured by this Security Instrument immediately before the partial taking, destruction, or loss in value, unless Borrower and Lender oùlerwise agree in writing, the sums secured by ù1Ïs Security Instrument shall be reduced by the amount of the Miscellaneous Proceeds multiplied by ùle following ÍÌ"action: (a) the total amount of ùle sums secured immediately before ùle partial taking, destruction, or loss in value divided by (b) the fair market value of ùle Property immediately before the partial taking, destruction, or loss in value. Any balance shall be paid to Borrower. In the event of a partial taking, destruction, or loss in value of Ùle Property in which the fair market value of the Property immediately before Ùle partial taking, destruction, or loss in value is less Ùlan Ùle amount of Ùle 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 Ùle sums secured by this Security Instrument whether or not the sums are Ùlen due. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that Ùle Opposing Party (as detined in the next sentence) offers to make an award to settle a claim for damages, Borrower fails to respond to Lender wiù1Ïn 30 days after Ùle date the notice is given, Lender is auùlOrized to collect and apply Ùle Miscellaneous Proceeds eiÙler to restoration or repair of ùle Property or to ùle sums secured by ù1Ïs Security Instrument, whether or not then due. "Opposing Party" means Ùle third party that owes Borrower Miscellaneous Proceeds or Ùle party against whom Borrower has a right of action in regard to Miscellaneous Proceeds. Borrower shall be in default if any action or proceeding, whether civil or crin1Ïnal, is begun that, in Lender's judgment, could result in forfeiture of the Property or other material impairment of Lender's imerest in the Property or rights under this SecUlity Instrument. Borrower can cure such a default and, if acceleration has occurred, reinstate as provided in Section 19, by causing the action or proceeding to be dismissed with a ruling ùlat, in Lender's judgment, precludes forfeiture of the Property or other material impairment of Lender's interest in tlle Property or rights under this Security Instrument. The proceeds of any award or claim for damages ùlat are attributable to ùle impairment of Lender's interest in the Property are hereby assigned and shall be paid to Lender. All Miscellaneous Proceeds that are not applied to restoration or repair of Ùle Property shall be applied in ùle order provided for in Section 2. 823153 . -6A(WY) 100051.03 ® Page 9 of 15 Initials:f\1< . ~ Form 3051 1/01 11/15/2007 7:10:26 PM 178C1 823153 000623 12. ßorrowel" Not Released; FOI"bearance By Lender Not a Waiver. Extension of the time for payment or moditication of amortization of the sums secured by this Security Instrument granted by Lender to Borrower or any Successor in Interest of Borrower shall not operate to release the liability of Borrower or any Successors in Interest of Borrower. Lender shall not be required to COlmnence proceedings against any Successor in Interest of Borrower or to refuse to extend time for payment or otherwise modify amortization of Úle sums secured by this Security Instrument by reason of any demand made by the original Borrower or any Successors in Interest of Borrower. Any forbearance by Lender in exercising any right or remedy including, without limitation, Lender's acceptance of payments from third persons, entities or Successors in Interest of Borrower or in amounts less than the amount Úlen due, shall not be a waiver of or preclude Úle exercise of any right or remedy. 13. Joint and Several Liability; Co-signel"s; Successors and Assigns Bound. Borrower covenants and agrees Úlat Borrower's obligations and liability shall be joint and several. However, any Borrower who co-signs this Security Instrument but does not execute Úle Note (a "co-signer"): (a) is co-signing tlùs Securi ty Instrument O1ù y to mortgage, grant and convey the co-signer' s interest in tlle Property under the terms of this Security Instrument; (b) is not personally obligated to pay the sums secured by tlùs Security Instrument; and (c) agrees tllat Lender and any otller Borrower can agree to extend, modify, forbear or make any acconmlodations wiúl regard to tlle tenus of tlùs Security Instrument or the Note witllOut the co-signer's consent. Subject to Úle provisions of Section 18, any Successor in Interest of Borrower who assumes Borrower's obligations under tlùs Security Instrument in writing, and is approved by Lender, shall obtain all of Borrower's rights and benetits under tlùs Security Instrument. Borrower shall not be released from Borrower's obligations and liability under úÜs Security Instrument U1ùess Lender agrees to such release in writing, The covenants and agreements of tlùs Security Instrument shall bind (except as provided in Section 20) and benetit Úle successors and assigns of Lender. 14. Loan Charges. Lender may charge Borrower fees for services performed in cOlmection witll Borrower's default, for the purpose of protecting Lender's interest in tlle Property and rights under tlùs Security Instrument, including, but not linùted to, attorneys' fees, property inspection and valuation fees. In regard to any other fees, tlle absence of express authority in tlÜs Security Instrument to charge a specitic fee to Borrower shall not be construed as a prohibition on tlle charging of such fee. Lender may not charge fees Úlat are expressly prohibited by tlùs Security Instrument or by Applicable Law. If the Loan is subject to a law wlùch sets maximum loan charges, and tllat law is finally interpreted so Úlat Úle interest or OÚler loan charges collected or to be collected in cOlillection Witll tlle Loan exceed the permitted limits, tllen: (a) any such loan charge shall be reduced by tlle amount necessary to reduce tlle charge to the pernùtted linùt; and (b) any sums already collected from Borrower which exceeded permitted limits will be refunded to Borrower. Lender may choose to make this refund by reducing the principal owed under úle Note or by making a direct payment to Borrower. If a refund reduces principal, tlle reduction will be treated as a partial prepayment without any prepayment charge (wheúler or not a prepayment charge is provided for under tlle Note). Borrower's acceptance of any such refund made by direct payment to Borrower will constitute a waiver of any right of action Borrower nùght have arising out of such overcharge, 15. Notices. All notices given by Borrower or Lender in cOlmection Witll tlùs Security Instrument must be in writing. Any notice to Borrower in connection Wiúl tlùs Security Instrument shall be deemed to have been given to Borrower when mailed by first class lnail or when actually delivered to Borrower's notice address if sent by oÚler means. Notice to anyone Borrower shall constitute notice to all Borrowers Ulùess Applicable Law expressly requires otllerwise. The notice address shall be tlle Property Address Ulùess Borrower has designated a substitute notice address by notice to Lender. Borrower shall promptly notify Lender of Borrower's change of address. If Lender specifies a procedure for reporting Borrower's change of address, Úlen Borrower shall OlÙy report a change of address tlll"ough tllat specitied procedure. There may be only one designated notice address under tlùs Security Instrument at anyone time. Any notice to Lender shall be given by delivering it or by mailing it by tirst class mail to Lender's address stated herein Ulùess Lender has designated anotller address by notice to Borrower. Any notice in connection with úùs Security Instrument shall not be deemed to have been given to Lender until actually received by Lender. If any notice required by tlùs Security Instrument is also required under Applicable Law, Úle Applicable Law requirement will satisfy the corresponding requirement under tlÜs Security Instrument. 823153 . -6A(WY) 100051.03 ® Page 10 of 15 Initials: f'\.l.c, .-zt:-- Form 3051 1/01 11/15/2007 7:10:26 PM 178C1 823153 000624 16. Govcrning Law; Scvcmbility; Rules of Construction. This Security Instrument shall be governed by federal law and the law of the jUllsdiction in which the Property is located. All rights and obligations contained in this Security Instrument are subject to any requirements and limitations of Applicable Law. Applicable Law might explicitly or implicitly allow the parties to agree by contract or it might be silent, but such silence shall not be construed as a prohibition against agreement by contract. In the event that any provision or clause of this Security Instrument or the Note cont1icts with Applicable Law, such cont1ict shall not affect other provisions of this Security Instrument or the Note which can be given effect without the cOllt1icting provision. As used in this Security Instrument: (a) words of the masculine gender shall mean and include corresponding neuter words or words of the fem.iJùne 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. Borrower's Copy. Borrower shall be given one copy of the Note and of this Security Instrument. 18. Transfe¡" of the Property or a Beneficial Interest in Borrower. As used in this Section 18, "Interest in the Property" means any legal or beneficial interest in the Property, including, but not limited to, those beneticial interests transferred in a bond for deed, contract for deed, installment sales contract or escrow agreement, the intent of which is the transfer of title by Borrower at a future date to a purchaser. If al1 or any part of the Property or any Interest in the Property is sold or transferred (or if Borrower is not a natural person and a beneficial interest in Borrower is sold or transferred) without Lender's prior written consent, Lender may require immediate payment in full of all sums secured by this Security Instrument. However, this option shall not be exercised by Lender if such exercise is prohibited by Applicable Law, If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days ÍÌ"om the date the notice is given in accordance with Section 15 within which Borrower must pay all sums secured by this Security Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies permitted by this Security Instrument without further notice or demand on Borrower. 19. Bon"ower's Right to Reinstate After Accclcmtion. If Borrower meets certain conditions, Borrower shall have the right to have enforcement of this Security Instrument discontinued at any time prior to the earliest of: (a) tive days before sale of the Property pursuant to any power of sale contained in this Security Instrument; (b) such other period as Applicable Law nùght specify for the ternùnation of Borrower's right to reinstate; or (c) entry of a judgment enforcing this Security Instrument. Those conditions are that Borrower: (a) pays Lender all sums which then would be due under tllÏs Security Instrument and the Note as if no acceleration had occurred; (b) cures any default of any otller covenants or agreements; (c) pays all expenses incurred in enforcing tl1Ìs Security Instrument, including, but not limited to, reasonable attorneys' fees, property inspection and valuation fees, and otller fees incurred for the purpose of protecting Lender's interest in the Property and rights under this Security Instrument; and (d) takes such action as Lender may reasonably require to assure tllat Lender's interest in tlle Property and rights under tl1Ìs Security Instnunent, and Borrower's obligation to pay the sums secured by this Security Instrument, shall continue unchanged. Lender may require tllat Borrower pay such reinstatement sums and expenses in one or more of tlle following forms, as selected by Lender: (a) cash; (b) money order; (c) certitied 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, tllis Security Instrument and obligations secured hereby shal1 remain fully effective as if no acceleration had occurred. However, tllis right to reinstate shall not apply in the case of acceleration under Section 18. 20. Sale of' Note; Change of' Loan Servicer; Notice of' Grievance. The Note or a partial interest in the Note (together Witll tl1Ìs Security Instrument) can be sold one or more times without prior notice to Borrower. A sale might result in a change in tlle entity (known as the "Loan Servicer") tllat collects Periodic Payments due under tlle Note and tl1Ìs Security Instrument and performs otller mortgage loan servicing obligations under tlle Note, tl1Ìs Security Instrument, and Applicable Law. There also might be one or more changes of tlle Loan Servicer unrelated to a sale of tlle Note. If tllere is a change of the Loan Servicer, Borrower will be given written notice of tlle change which will state tlle name and address of the new Loan Servicer, the address to which payments should be made and any otller information RESPA Page 11 of 15 Initials:~ ~ 823153 . -GA(WY) 100051.03 ® Form 3051 1/01 11/15/2007 7:10:26 PM 178C1 823153 000625 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 mortgage loan servicing obligations to Borrower will remain with the Loan Servicer or be transferred to a successor Loan Servicer and are not assumed by the Note purchaser unless otherwise provided by the Note purchaser. Neither Borrower nor Lender may commence, join, or be joined to any judicial action (as either an indi vidual litigant or the member of a class) that arises from the other party I 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 such Borrower or Lender has notitied the other party (with such notice given in compliance with the requirements of Section 15) of such alleged breach and atIorded the other party hereto a reasonable period after the giving of such notice to take corrective action. If Applicable Law provides a time period which must elapse before certain action can be taken, that time period will be deemed to be reasonable for pU1l.Joses of this paragraph. The notice of acceleration and opportunity to cure given to Borrower pursuant to Section 22 and the notice of acceleration given to Borrower pursuant to Section 18 shall be deemed to satisfy the notice and opportunity to take corrective action provisions of this Section 20. 21. Hazardous Substances. As used in tIùs Section 21: (a) "Hazardous Substances" are those . substances defined as toxic or hazardous substances, pollutants, or wastes by Enviromnental Law and tile following substances: gasoline, kerosene, otIler flanunable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or fonnaldehyde, and radioactive lnaterials; (b) "Environmental Law" means federal laws and laws of tile jurisdiction where tile Property is located tIlat relate to health, safety or environmental protection; (c) "Enviromnental Cleanup" includes any response action, remedial action, or removal action, as defined in Environmental Law; and (d) an "Enviromllental Condition" means a condition tIlat can cause, contribute to, or otIlerwise trigger an Environmental Cleanup, Borrower shall not Cause or permit tile presence, use, disposal, storage, or release of any Hazardous Substances, or threaten to release any Hazardous Substances, on or in tile Property. Borrower shall not do, nor allow anyone else to do, any tiling affecting tile Property (a) that is in violation of any Environmental Law, (b) which creates an Environmental Condition, or (c) which, due to tile presence, use, or release of a Hazardous Substance, creates a condition tIlat adversely affects the value of tile Property. The preceding two sentences shaJl not apply to the presence, use, or storage on tile Property of small quantities of Hazardous Substances that are generaJly recognized to be appropriate to normal residential uses and to maintenance of the Property (including, but not limited to, hazardous substances in consumer products). Borrower shall promptly give Lender written notice of (a) any investigation, claim, demand, lawsuit or other action by any govenlluental or regulatory agency or private party involving the Property and any Hazardous Substance or Envirolllnental Law of wllich Borrower has actual knowledge, (b) any Environmental Condition, including but not liInited to, any spilling, leaking, discharge, release or tIlIeat of release of any Hazardous Substance, and (c) any condition caused by tile presence, use or release of a Hazardous Substance which adversely affects the value of the Property. If Borrower learns, or is notified by any governmental or regulatory autIlOrity, or any private party, tIlat any removal or otIler remediation of any Hazardous Substance affecting tile Property is necessary, Borrower shall promptly take all necessary remedial actions in accordance witII Environmental Law. Notlling herein shall create any obligation on Lender for an Environmental Cleanup. 823153 . -6A(WY) 10005).03 Page 12 of 15 @ 11/15/2007 7:10:26 PM 178C1 823153 Initials: o..l.:..- .~ Form 3051 1/01 000626 NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows: 22. Accelemtion; Remedies. Lender shall give notice to Borrower prior to acceleration following Bon"ower's breach of any covenant or agreement in this Security Instrument (but not prior to acceleration under Section 18 unless Applicable Law pl"Ovides otherwise). The notice shall specify: (a) the default; (b) the action I"ecluired to CUI"e the default; (c) a date, not less than 30 days fl"Om the date the notice is given to BOITowel", by which the default must be cUl"ed; and (d) that failure to cure the dcfault on or before the date specified in the notice may result in accelemtion of the sums secured by this Security Instrument and sale of the Property. The notice shall further inform Borrower of the right to reinstate a!'tel" acceleration and the right to bring a court action to assert the non-existence of a default or any othcr dcfense of Borrowel" to acceleration and sale. If the default is not cured on or before the date specified in the notice, Lender at its option may require immediate payment in full of all sums secured by this Security Instmment without further demand and may invoke the power of sale and any othcr I"emedies pel"mitted by Applicable Law. Lender shall be entitled to collect all expenses inculTed in pursuing the remedies pl"ovided in this Section 22, including, but not limited to, reasonable attorncys' fees and costs of title evidence. If' Lcnder invokes the powel" of sale, Lender shall give notice of intcnt to foreclose to Borrower and to the person in possession of the Pl"Operty, if different, in accordance with Applicable Law. Lender shall give notice of the sale to BOITowel" in the manner provided in Section 15. Lender shall publish the notice of sale, and the Property shall be sold in the manner prescl"ibed by Applicable Law. Lender 01" its designee may purchase thc Propclty at any sale. The procceds of the sale shall be applied in the following ordcr: (a) to all expenses of the sale, including, but not limited to, reasonable attorneys' fees; (b) to all sums secured by this Security Instmment; and (c) any excess to the person or pel"sons legally entitled to it. 23. Releasc. Upon payment of all sums secured by this Security Instrument, Lender shall release tlns Security Instrument. Borrower shall pay any recordation costs. Lender may charge Borrower a fee for releasing tl1is Security Instrument, but only if tl1e fee is paid to a tlnrd party for services rendered and tl1e charging of the fee is pernùtted under Applicable Law, 24. Waivers. Borrower releases and waives all rights under and by virtue of tl1e homestead exemption laws of Wyoming. 823153 cD -6A(WY) 100051.03 Page 13 of 15 ® 11/15/2007 7:10:26 PM 178C1 823153 Initials: fL.k- -X-- Form 3051 1/01 000627 BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this Security Instrument and in any Rider executed by Borrower and recorded with it. Witnesses: ~J?~-tL.-~J¥' Noel Lee Crown (Seal) -Borrower û ç,~~ Velma J. Crown (Seal) -Borrower (Seal) (Seal) , - Borrower -Borrower (Seal) -Borrower (Seal) -Borrower 823153 S-6A(WY) 100051.03 ® Page 14 of 15 Form 3051 1/01 11/15/2007 7:10:26 PM 178C1 823153 000628 ST A TE OF WYOMING, ~ County ss: J 61J vlay 1 NO?)"": / 2 00 7 The foregoing instrument was acknowledged before me this by Noel Lee Crown and Velma J. Crown My Commission Expires: 9 -/5 - II ~~aJ~ ~ Notary Public County of Lincoln NOTARY PUBLIC State of Wyoming . My Commission Expires Seplamber 15, 2011 " -6A(WY) (00051.03 Page 15 of 15 ® 11/15/2007 7:10:26 PM 178C1 823153 Initials: ~..... ~ 823153 Form 3051 1/01