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HomeMy WebLinkAbout935279 RetlUll To: Meridian Trust Federal Credit Union 2223 WaITen AVenue Cheyenne, Wy 82001 Prepared By: Meridian Trust Federal Credit Union 2223 Warren A venue Cheyenne, WY 82001 RECEIVED 11/30/2007 at 3:39 PM RECEIVING # 935279 BOOK: 680 PAGE: 126 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY 000126 [Space Above "l:his Lillc' For R~\lrdißg Data] Loan Number: 60]72.703 , MORTGAGE \ , />1' DEFINITIONS o Word, ."d in m.¡Upl. ..otio.. of this dO'Ulnent are d'fined below and otber words are defmed in 3ecrion< 3, 11, 13, 18, 20 and 21. Certain rules regarding the usage ofwotds used in this document are also provided in Section 16. ' (A) "Security InstnJrnenttr means thî~ docUment, which is dated 'November 20,2007 together with aU Riders to this document. (B) trBorrowcr" is Gem: W, Jr. VickreyAND Ritä K. Vickrey, HUSBAND AND W1FE (Parce12) , . '- " . - (Parcell) W Jr VJ.·ckrey and Rita k. VJ.ckrey Gene. .' Husb~nd and Wife (0: Borrower is the mortgagor under this Security Instrument. (g"Lender" is M~rìdian Trust Federa! Credit Union Lender is a . organized ~d exìstíng under the Jaws of WYOMING WYOMING -Single Family- Fannie Mas/Freddie Maç UNIFORM INSTRUMENT ~ -êrNY) (0006).01 P8ieldl15 Iß~uel.; r<: V VMP MDrtg.ge 6o/uUDns, hie. DDS -WY4 Form 3051 1'01 ,¡¡. 11¡¡U¡;::UU'( J"'''''' "'J\À, JU,(UJ~U;::(4 v l1.tH~: '" '" "': "': !\:::ïl tgju;::u Lcnder's address is 2223 Warten Avcllue Cheyenne, WY 82001 Lender is the mongagee under this Security Instrument. (D) ~'Note" means the promissory note sigoed by Borrower and dated The Note states that Borrower owes Lender Sixty~Or¡e Thousand 8Jld 0011 00 Dollars (U.S. $ 61,000.00 ) plus interest. Borrower has promised to PAY tl1is debt in reglllar Pcriodic Payments and to pay the debt in full not later than December 5,2022 (E) "Property" means the property that is described below under the heaóing "Transfer of Rights in the Property." (F) "Loan" means the debt eViclenced by the Note, plus interest, any prepayment charges and late charges due under the Note, and all sums due under this Security Instrument, plus interest. (G) II 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 appllcable]: o Adjustable Rate Rider 0 Condominium Rider o Balloon Rider 0 Planned Unit Development Rider o VA Rider 0 Biweekly Payment Rider OOOj,27 November 26,2007 o Second Home Rider o 1~4 FamiJy Rider o Other(s) [specit)1J (H) "A pplicable Law" means all controlling applicable federal, state and local statutes, regulations, ordinances and administrative rules and orders (that have the effect ofIaw) as well as ail applicable Dnal, non-appealable judicial opinions. (1) "Community Association Diles, Foes, and Assessments" means all dues, fees, assessments and other charges that are ' imposed On Borrower or the Property by II condominium association, homeowners l1$$ociation or simílarorganlzatîor¡, (J) "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 magt1etic taþe so 8$ to order, 'instruct, or authorize a financial institution to debit or credit an account. Such tenn includes, but is not limited to, point- of-sale transfers, automated teller machine transactions, transfers Initiated by telephone, wiro transfers, and automated clearinghouse traTlsfers. (I\) "EscroW,Items" lt1eans those items that are descdbed in Section 3. (L) "Miscellaneous ~roceed$" 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, oJ'destruction of, the Property; (îi) condemnation or other takiIJi of all or any part of the Property; (iii)coJtveyance in lieu of condemnation; Or (iv) rnisrepresel1tations of, or omissions as to, the value andlor condition of the Property. (M) "Mortgage Insurance" means insurance protecting Lender agaÍJ1St the nonpayment of, or default on, the Loan. (N) "Periodic Payment" means the regularly ,scheduled amount due for (i) principal and interest under the Note, plus (H)IIJ1Y amoW1ts under Section 3 of this Security InstnJment ' (0) "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 they might be amended from time to time, Or any additional or suocessor legislation or regulation that governs the same subject matter. As used in this Security Instrument, "RES.fIA" refers to all requirements and restrictions that are imposed in regard to II. "federally related mortgage loan" cven if the Loan does not qualitY as a "federally related mortgage loan" under RESPA. ~ .fi(WY) (0005).01 DDS ·WY4' Page ~ 'of 15 ~ Form 3051 1101 (P) "Sucmsor in Interest oCBorrower" means any party that has taken title to the Propeny, whether or not that party has assumed Borrower's obligations under tl¡e Note and/or this Seèurity Instrument TRANSFER OF RIGHTS IN THE PROPERTY This Security Instrument 3ecures to Lender: (i) the repayment of the Loan, and all ren~wals, extensions and modifications of the Note; and (ii) the perrormance of Borrower's COVènants and agreements under this Security lnsttument and the Note. For this purpose, Borrower does hereby mortgage, grant and convey to Lender and Lender's successors and assigns, with power of sale, the following described property located in the County of Lincoln [Type of Recording lwi3l;liction] [Name of Rccording Jurisdiction] Lot 12 of Block Sin the Original Town of Kemmerer, Lincoln County, Wyoming as described On the official plat thereof. (parceI2)Lots 10 and 11 of Block 5 ofthe Town of Opal, Lincoln County, Wyoming as described on the official plat thereof (Parcel 1) 0001.28 Parcel ID Number: 501 Pine Ave which currently has the address of Kemmerer (" Property Address"): TOGETHER WITH aU the" hnprovements now or hereafter erected On tbe property, and all casements, appurtenanoes. and fixtures now or hereafter a part of the property. All replaoements and additions shaU also be covered by this Security Instrument All of the foregoing is referred to in this Security Instrument as the "Property." BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has the right to mortgage, grant and convey the Property and that the Property is unencum bered, except for encura branee, of record. Barrower warrants and wIll defend generally the, title to the Property against all claims and demands, subject to any enCUIT) brances of record. (City] ,Wyoming 83101 [Streel] [Zip Code] THIS SECURITY INSTR.UMENT combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument cover!ng real property. UNIFORM COVENANTS. Borrower and Lender covenant and agree as foJ1ows: 1. Payment of Prindpal, Interest, Escrow Items, PrepaYßlcnt Charges, and .'Late Charges. BOrrower sl1aU 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 , Instrumol1t shall be made in U,S. currency. However, if any check or other instrument received by Lender 8$ payment under the Note or this Security Instrument is retut11ed to Lender unpaid, Lender may require that any or all subsequent payments due under the Note and this Security Instrument be made ìn ono Qr morc of the following forms, as selected by Lender: (a) cash; (b) money order; (0) 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 Ii federal agency, instrumentality, or entity; Or (d) Electronic Funds Transfer. -. .G(WY). (0005),01 DDS .WY4 pege 3 of 15 7#;,',.10; ~~ ,II Form 3051 1101 11/21/2007 ]~.~O PAX 3076380274 (;W:H:'ENNI<' 1<',\:)1' I{!,J u,,~ 000129, P<\yments are deemed received by Lender when received at the 10catiQn designated in the Note or at such other location as may be designated by Lender in accordance with the notice provisiQJ]s in Section 15. Lender may return any payment or partial pa.ymcnt if the payment Qr partial payments are insufficient to bring the Loan current Lender may ~ccept any payment or partial payment insufficient to bring the Loan current, without waiver of any rights hereunder or prejudice to its rights to refuse such payment or partial payments in the future, but Lender is not obligated to apply such payments at the time such payments are accepted. If each Periodic Payment is applied as of its scheduled due date, then Lender need not pat interest On unapplied funds. Lender may hold such unappHed 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 retijrn them to Borrower. If not applied earlier, such :funds will be applied to thc outstanding prIncipal balance under the Note immediately priorto foreclosure. No offset or claim which Borrower might have now Or in the future against Lender shall relieve Borrower from making payments, due under the Note and this Security Instrument or perfonning the covenants and agreements secured by this Security Instrument. " 2. Application of Pa)'ments Or Proceeds. Except as otherwise described in this Section 2, aU payments accepted and applied by Lender shall be applied in the following order of priority: (a) interest due under the Note; (b) prinoipal 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 shan be applied first to late charges, second to any other amounts due under this Seourity Instrument, and th~n "to reduce the principal 'balance of the Note. If Lender receives a payment ITom Borrower for a delinquent Periodic Payment which includes a sufficient amount to pay any late charge due, the paymellt 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 Borrowcr to the repayment of the Periodic Payments i~ and to the extent tha~ 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 latw chargcs due. Voluntary prepayments shall be applied first to any prepayment charges and then as described in the Note. Any appJication of payments, insurance proceeds, or Miscellaneous Proceeds to principal due under the Note shall not extcnd or postpone the due date, or change the amount, of the Periodic Payments. ' 3, Funds Cor Escrow {terns. Borrower shaU pay to Lender on the day Periodic Payments are due undcr the Note, until the Note is paid in fujI, a sum (the "Funds") to provide for payment of amounts due for: (a) taxes and assessments and other items which Can attain priority over tllis Security Instrument as a lien or encwnbrance on the Property; (b) leasehold payments or ground rents 011 the Property, if any; (c) premiums for any and' all ins\lrance required oy 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 origination or at any time during the term of the Loan, Lender may require that Community Association Dues, Fees, and Assessments, if any, be escrowed by Borrower, and such dues, fees and assessments sball be an Escrow Item. Borrower shall promptly furnish to Lender all notices of amounts' to be paid under this Secti~n. Borrower shall pay Lender the Funds for Escrow Uems unless 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 arJy 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 Ilny Escrow Items for which payment of Funds hôlS bccll waived by Lender and, if Lender requireS, shall fUI'l ìsh to Lender receipts evidencing such payment within such time period 8.$ Lender may require. Borrower's obligation tQ make such payments and to provide receipts shaH for all purposes be d,eemed 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 anc pay such amount and Borrower shaH 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 ín accordance with Scction 15 and, upon such revocation, BoO'ower shal1 pay to Lender al1 Funds, and in such amounts, tha~ are then required under this Section 3. _ -$<WY) (OOO$ ,U ODS ·WY4 Pug, 4 or 15 ~ FOrm 3061 1/01 Lender may, at any time, collect and hold Funds in an amount (a) sufficient to permit Lender to apply the Funds at the time specified under RESPA, and (b) not to exceed the m8XÌJJ1wn amount a lender Carl require under RESPA. Lender shall estimate the amount of Funds due on the basís of current data and reasol1able estimates of expenditures of future Escrow Items Or otherwise in accordance with Applicable Law. 000:130 The Funds shall be held in an Institution whose deposits are insured by a federal agency, ins~uJJ1enta1ity. or entity , (including Lender, if Lender is an institution whose deposits are so insured) Or in any Federal Home LOan Bank;. Lender shaJl apply the Funds to pay the Escrow Items no later than the time specified under RESPA. Lender shaU not chstge Borrower for holding and applying the Funds, annually analyzing the escrow account, or veri1ÿing the Escrow Items, unless Leflder pays Borrower Jnterest On the Funds and Applicable Law pennits Lender to make such a charge. Unless an agreement is made in writing or Applicable Law requires interest to be paid on the Funds, Lcnder shall not be required to pay Borrower any interest or earnings on the Funds. Borrower and Lender can agree in writing, however, that interest shall'be paid on the Funds, Lender shall give to Borrower, without charge, an annual accounting of the Funds as required by RESPA. If there is a surplus of Funds held in escrow, as defined 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 notiry Borrower as req,uired by RESPA, Md Borrower shall pay to Lender the amolmt necessary to make up the shortage jn accordance with RESPA, but in no more tl1an 12 monthly payments. If there is a deficiency' ofFllnds 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 deficiency in accordance with RESPA, but in no more than 12 monthly payments. Upon payment in full of al! swns secured by this Security Instrument, Lender shall promptly refund to Borrower any Funds held by Lender. 4. Charges; Liens. Borrower shall pay aIJ taxes, assessments, charges, fines, and impositions attributable to the Property which can attaio priority OVer this Security Instrument, leß$ehold 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, Borrower shall pay them in the manner provided in Section 3. , Borrower shall promptly discharge any Hen which has priority over this Security Iostrument unless Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender, but only so long as Borrower is perfonnin ;t 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 trom the holder of the lien an agreement satisfactory to Lender subordinatil1g the lien to this Security Instrument. If Lender detennines that any part of the Property is subject to a lien which can attain priority OVer this Security Instrument, Lender may give BOlTower a notice identiiÿing the lien. Within 10 days of the date on which that notice is' given, Borrower shaH satis1ÿ the lien or take one or more of the actions set forth above in this Section 4. ~ -6(WY) 10005/,01 DDS ·WY4 Page 5 Q{15 I~d~ Form 3051 1101 .1.1/ '"'.1/ ,",UUI ,l:;HI 1:'ð.A JUI UJOU,", ('" \,;.I:1tiXì'·I~I~"'; "',1\;:;1' lí{JuJu 000:131 Lender tnay require Borrower to pay a one~time charge for a real estate tax: verification and/or reporting service taed by Lender in conncctiol) with this Loan. 5. Property Ißlurance, Borrower shall keep the improvements now existing or hereafter erected on the Property insured against 1055 by fire,hazards included within the tenn "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 Ic:vels) and for the periods that Lender requires. What Lender requires pursuant to the preceding sentences can change during the tenn of the Loan. The insurance carrier providing the insurance shall be chosen by BOlTower subject to Lender's right to disapprove Borrower's choice, which right shall not be exercised unreasonably. Lender may require BotTower to pay, in conllection with this Loan,either: (a) a one-time charge for flood zone detennination, certification and tIacking 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 determination or certification, Borrower shall also be responsible for the payment of any fees imposed by the Federal ,Emergency Management Agency in connection with the review of any flood zone determination resulting ÍÌ'om an objection by Borrower, If Borrower fajls to maintain any of the coverages described above, Lender may obtain insurance coverage, at Lender's option aml BotTower's expense. Lender Is under no obligation to purchase 8.I1y particular type or amount of coverage. Therefore, such coverage shan cover Lender, but might or might not Protect Borrower, Borrower's equity in the Property, ot the contents of the Property, against any risk, hazard or liability 8.I1d might provide greater or lesser coverage than was previously in effect. Borrower acknowledges that the cost of the insurance coverage so obtained might significantly exceed the cost of Insurance that Borrower could have obtained. Any amounts disbursed by Lender under this Section 5 shall become additional debt of BorrOwer 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 BotTower requesting payment. All insurance poUcies required by Lender and renewals of such policies shall be subject to Lender's right to disapprove such policies, shall Include a standard mortgage claus\!, and shall name Lender as mortgagee and/or as an additional loss payee. Lender shaH have the, right to hold the policies and renewal certificates. If Lender requires, Borrower shall promptly , give to Lender all receipts of paid premiums and rcnewal notices. If Borrower obtains any form of insurance coverage, not otherwise required by Lender, for damage to, or destruction of, the Property, suoh policy shall include a standard mortgage clause and shall name Lender as mortgagee andlor as an additional loss payee. In the event of loss, BOITower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not m~e promptly by Borrower. Unless Lender and BotTower otherwise agree in writing, any Insurance proceeds, whether or not the underlying insurance was required by Lender, shall be appJied 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 shaH have the right to hold such insurance proceeds until Lender has had an opportunity to inspect such Property to ensure the work has been completed to Lender's satisfaction, provIded that such inspection shall be undertaken promptly. Lender may disburse proceeds for the repairs and restoration in a single pS)'JDent or in a series of progress payments as the work: is completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such insurance proceeds, Lender shall not be required to pay Borrower any interest or earnings on such proceeds. Fees for public adjusters, or other third parties, retained by Borrower shall not be paid out of the insurance proceeds and shall be the sole obligation of 80rrower. If the restoration Dr repair is not economically feasible Or Lender's security would be lessened, the' insurance proceeds shall be appJied to the Sums secured by this SecUrity Instrument, whether or not then due, with the excess, if any, paid to Borrower. Such insurance proceeds shall be applied in the order provided for in Seotion 2. . ~ -6(WY) (0006),QI DDS -WY4 Pøge8 0[15 7* Form 3051 1/01 OO()132 If Borrower abandons the :Property, Lender may filet, negotiate and settle any available insurancecJaim and related matters. If Borrower does not respond within 30 days to a notice from Cender that the insurance carder has offered to settle a cJaim, then Lender may negotiate and settle the claim. The 30'day period will begin when the notice is gi\'eD. In either event, or if Lender acquires the Property under Section 22 Or otherwise, Borrower hereby' assigns to lender (a) Borrower's rights to any insurance proceeds in an amount not to exceed the amollnts ILnpaid under the Note or this Sec\l.rity 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 polioies covering the Property, insofar as such rights arc applicable to the coverage of the Property. Lender may use the insurance proceeds either to repair or restore the Property or to pay amounts unpaid under the Note or tbis Security Instrument, whether or not then due. 6. Oeeupam:y. Borrower shall oCcupy, establish, and use the Property as BOJrower's principal residence wIthin 60 days after the execution of this Security Instrument and shall continue to occupy the Property as Borrower's prinCipal residence for at least one year after the date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be unreasonably withheld, or unless extenuating circumstances exist which are beyond Borrower's control. 7. Preservation, MalntenQnce and Protection of the Property: Inspections. Borrower shal] not destroy, damage or implÙr 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 fi-om deteriorating or decreasing in value due to its condition. Unless it is detennined pursuant to Section 5 that repair or re$toration is not economically feaslbJc, Borrower shaH promptly repair the Property if damaged to avoid further deterioration Or damage. If insurance or condemnation proceeds are pl!.id in connection with damage to, or the taking of, the Property, Borrower sh~n be responsible for repairing or restoring the Property only if Lender has released proceeds for such purposes. Lènder may disburse procceds for the repairs and restoration in a single payment Or in a series ofprogre$S 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 oblígation for the completion of such repair or restoration. Lender or its agent may make reasonable entries upon and ÎnJpections of the Property, Ifithas reasonable cause, Lender . may inspect the interior of the improvemc:nts on the Property. Lender shall give Borrower notice at the time of or priorto such an interior ínspection specifYin¡ such reasonable cause. S. Borrower's Loan Applieation. Borrower shall be in default if, during the Loan appJication process, Borrower or any persons or entities acting at the direction of Borrower or with Borrower's knowledge or consent gave materially false, misleáding, or inaccurate information or statements to Lender (or failed to provide Lender with material information) In connectiOn with the Loan. Material representations include, but arc not limited to, representations concerning Borrower's occupancy of the Property as Borrower's principal residence. 9. Protection of Lender's Interestln the :Property and RI¡bts Under thiJ Security Instrument. 1£ (~) Borrower fails to perform the covenants and agreements contained in this Security Instrument, (b) there is a legal proceeding that might significantly affect Lender's interest in the Property and/or tights under this Security Instrument (such as a proceedillg In bankruptcy, probate, for condémnation or forfeiture, for enforcement of a lien which may attain priority over this Security Instrument or to enforce laws or regij ations), or (c) Borrower has ablUldoned the Propeny, then Lender may do aM pay for whatever is reasonable or appropriate to protect Lender's in,terest in the Property aud rights under this Security Il1strument, including protecting él1ld/or assessing the value of the Property, and securing and/or repairIng the Property. Lender's actions can incJude, but are not limited to: (a) paying any sums secured by a lien, which has priority over this Security In,strument; (b) appearing in court; and (c) paying reasonable attorneys' fees to protect its interest in the Property and/or rights under this Security Instrument, inclu.ding its secured position in a bankruptcy proceeding. Securing the Property includes, but is Dot limited 'to, entering the Property to make repairs, change locks, repJace 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 thb Section 9, Lender does not have to do so and is not under any duty or obligation to do SQ, It is agreed that Lender incurs no liability for not taking' any or all actions authorized under this Section 9. ~ -8(WY) (OClO5 ,OI DDS .WY4 Palla 7 or 15 .~ Form 30$1 1101 .L.L/~.L/~VVI )'_,1., rl1A "V/O"OV~/'i vlU>lr,"",., ,.,11"1 Igj U"" 000f33 Any arnoutJts disbursed by Lender under this Section 9 shall become additional debt ofJ;Jorrower secured by this Security Instrument. These amounts shall bear interest at the Note rate from the date of disbursement and shall be payable, with ~uch interest, upon notice tram Lender to Borrower rcqI,lesting payment. If this Security Instrument is on a leasehold, Borrower shaH comply with all the provisions of the lease. {f Borrower acquires fee title to the Property, the leasehold and the fee title sha1l not merge unlC$s Lender agrcesto the merger in writing. 10. Mortgage Insuran~e. If Lender requìred Mortgage Insurance as a condition of making the Loan, Borrower shall pay the premiums required to' maintain the Mortgage Insurance in effect If, for any reason, the Mortgage Insurluçc coverage r"quired by Lender ceas,es to be available froltt the mortgage insurer that previously provided such insurance and Borrower was required to make separately designated payments toward the premiuttlS for Mortgage {nBurance, Borrower $/11111 pay the premiunu required to obtaIn coverage substantially equivalent to the Mortgage Insurance previously in effect, at a cost sUDstautially equivalent to the cost to Borrower of the Mortgage Insurance previously in effect, from an aJtl!rnate mortgage in$urei' 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 bè in effect, Lender wìlJ açcept, usc and retain these paymqnts as a non-refundable loss reserve in lieu of Mortgage Insurllnce. Such loss reserve shall be non-refundable, notwithstanding the fact that the Loan is ultimately paid in 1ùl1, and Lender shall not be required to pay Borrower any interest or earnings On such loss reserve; Lender can no longer require loss reserve payment$ if Mortgage Insurance Coverage (in the amount and fOr the period that Lender requires) provided by an insurer selectcd by Lender again becomes available, is obtained, and Lender requires separately designated payments toward the premiums for Mortgllge Insurance. If Lender required MortGage Insurance as a conditiòn of making the Loan and Borrower 'was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiums requìred to maintain Mortgage Insurance in effect, or to provide a non-refundable Joss 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 termißlltion is required by Applicable Law. Nothing in this Section 10 affects Borrower's obligation 10 pay interest at the rate provided in the Note. Mortgage Insurance reimburses Lender (or any entity that purchases the Note) for oertain losses it may incur IfBolTower 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 timé to time, and may enter into agreements with other parties that share or modiry 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 that the mortgage insurer may,have available (which may ÎlI~lude funds obtained from Mortgage Insurance premiums). As a result of these agreements, Lender, any purchaser of the Note, another insurer, any rel.nsurer, 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 Mortgage Insurance, in exchange for shriug or modifying the mortgage insurer's risk, or reducing losses. If such agreement provides that an affiliate ofLender takes a share of the insurer's risk in exchange for a share of the premiums paid to the insurer, the Hrrangement is often termed "captive reinsurance." Further: (a) Any soch agreements will not affect the amounts that Borrower has Agreed to pay for Mortgage Insuranu, Or any other term. ofthe LO~Q, Such agreements will riot incnase tile anwunt Borrower will owe for Mortgage Insurance, and they will not entitle Borrower ~o IIny refund. ~ -8(WY, (øoOS ,DI DDS -WY4 "Iil 8 of 15 ~ Form 3061 1101 · OOO~34 (b) Any such agreelnents will not affect the rigbts Borrowu has - if auy - with respect to the Mortgage IDsuran~e under the Romeowners Protection Act of 1998 or auy otber law. 'I'hese ri£hts may Include the right to reclive certain disclosures, to request and obtain eanc:ellation of tbe Mortgage Jnsurauce, to have tlie Mortgage Insuunee terminated automatically, and/or to receive a refund of any Mortgage Insbranee premiums that were unearned at the time of such uncellation Or termination. 11. Assignment of Miscellaneous Proceeds: Forfeiture. AU Miscellaneous Proceeds are hereby assigned to and shall be paid to Le,nder. If tho Property is damaged, such MisceIlaneou$ Proceeds shall be applied to restoration or repaír of the Property, if the restoration or repair is economicaily feasible and Lender's security is not lessened. During such repair and restoration period, Lender shall have the right to hold such MiscellanCQus Proceeds !lntH 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 disbu~ement 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 shan be applied to the sums secured by this Security Instrument, whether or not then duc, with the excess, Ifany, paid to Borrower. Such Miscellaneous Proceeds shall be applied in the order provided for in Section 2. In the event of a total taking, destruction, or loss in value of the Property, the MiscclJaneous Proceeds shall be applied to the SUms secured by this Security Instrument, whether or not then due, with the excess, ifany, paid to Borrower. tn the ~vent of a partial taking, destruction, or Joss in value of the Property in which the faír market value of the Property immediately before the partial taking, destroction, or loss in valu\!: is 'equal to or greater than the tmount of the SUms secured by this Sli!curity Instrument immcdiately before the panial taking, destructIon, or loss in value, unless Borrower 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 bction: (a) the' total 8I110unt of the sums secured immediately before the partial taking, destruction, or loss in value divided by (b) the fair market vaIue of the Property immediately before the partial taking, destruction, or loss in value, Any balanco shall be paid to Borrower. In the event of a partial taking. destruction, or loss in value of the Property in which the fair market value of the Property immediately before the partial taking, destruction, or loss in value is less than the amount of the SWTIs secuted immediately before 'the partial taking, destruction, Or loss in value, unless Borrower and Lender otherwise agree in writing, th", Miscellaneous Procceds shaH be applied to the SWTIS secured by thIs Security Instrument .whether or not the sums are then due, If the Property is a.bandoned by Borrower, or if, after notice by Lel'lder to Borrower that the Opposing Party (as defined in the next sentence) offers to make an award to senle a claim for damages, Borrower fails to respond to Lender within 30 days after the date the notìce is given, Lender is authorized to collect and apply the Miscellaneous Proceeds either to restoration or repair of the Property or to the sums secured by this Security Instrument, whether or not then dUIi!." Opposing Party" mcans the third party that owes Borrower Miscellaneous Proceeds or the party against whom Borrower has a right of action in regard to Miscellaneous Proceeds. Borrower shaU be in default if any action or proceeding, whether civil or criminal, is begun that, in Lender's judgment, could result in forfeiture of the Property or other material impairmeQt of Lender's intcrcst in the Property or rights under this Security Instrument. Borrower can cure s¡¡ch a default and, if acceleration has occurred, reinstate as provided in Section 19, by causing the action or proceeding to be dismissed whh Ii ruling that, in Lender's judgment, precludes forfeiture of the Property or other material impainnent of Lender's interest in the Property or rights under this Security Instrument The proceeds of any award or claim for damages, that are attributable to the impairment of Lender's interes:t in the Property are hereby assigned and shall be: paid to Lender. All Miscellaneous Proceeds that are not applied to restoration or repair of the Property shall be applied 'in the order provided for În Section 2. ; , _ .6(WY) (0005/,01 PCS ·WY4 Pqg, 9 0115 JtÞ Form 3051 1101 1l/Zl/ZUU7 1 '7 . .,,, ¡"'AA JU'IUJöUH4, (;!::lJ:!;XJ<,,\lN¡'" ""A::iT I(& UJq 000135 12. Borrower Not Released; Forbear~nce By Lender Not a Waiver. Extension of the time for payment or modification of amortization of the swns secured by this Security Instrument granted by Lender to Borrower or any Successor in Interest of BOliower shall not operate to release the liability of Borrower or any Successors in Interest of Borrower. Lender shall not be required to commence proceedings against any Successor in Interest of Borrower or to refuse to extend time for payment or otherwise modifY amortization of the sums secured by this Security Instrument by reason of any demand made by the original Borrower or any Successors in Interest of Borrower. Any forbearance by Lender in exercising any right or remedy including, without limitation, Lenders acceptance of payments £fom third persons, entities or Successors in Interest of Borrower 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; SuccessDrs and Assigns Bound. Borrower covenants and agrees that Borrower's obligations and liability shall be Joint and several. However, any Borrower who cQ-signs this Security Instrument but does not execute the Note (a I' co·signer")~ (a) is co-signing this Security ImtrQment only to mortgage, grant and convey the co-signer's interest in the Property under the tenns of this Security Instrument; (b) is not per~onal1y obligated to pa.y the sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower can agree to extend, modifY, forbear or make any accommodations with regard to the terms of this Security Instrument or the Note without the co.signer's consent. Subj<!:ct to the provisions of Section 18, any Successor in Interest of Borrower who assumes Borrower's oblIgations under this Security lnstrument in writing, and is approved by Lender, shall obtain all of Borrower's rights and J;Jenefits under this Security Instrument. Borrower shall not be rele8$ed ftom Borrower's obligations and liability under this Security Instrument unless Lender agrees to such release in writing. The COvenants and agreements ohhis Security Instrument shall bind (except as provided in Section 20) and benefit the SUccessors and assigns of Lel1der. 14. Loan Charges. Lender may charge Borrower fees for services perfonned in connection with Borrower's default, for the pW'pose of protecting Lender's interest in the Property 8I1d rights under this Security Instrument, including, but not limited to, attomeys' fees, property inspection and valuation fees. In regard to any other fees, the absence of express authority in this Security Instrument to charge a specific fee to Borrower shall not be construed as a prohibition on the charging of such fee. Lender tnay not charge fees that arc expressly prohibited by this Security Instrument or by Applicable Law. If the Loan is subject to a law which sets maximwn loan ,charges, and that law is flnaJ1y 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 sucl1 loan charge shall be reduced by the amount necessary to reduce the charge to the penuittel! limit¡ and (b) eny sums already collected ITom Borrower which exceeded pennitted limits will be refunded to Borrower. Lender may choose to make tbis refund by reducing the principal owed under the Note or by making a direct payment to Borrower. If a refund reduces principal, the reduction will be treated as a partial prepayment without any prepayment charge (whether or not a prepayment charge is provided for under the Note), Borrower's acceptanoe of any such refund made by direct payment to Borrower will constitute a waiver of any right of action Borrower might have arising out of such overcharge. 15. Notices. All notices given by Borrower or Lender.in connection with this Sccwity Instrument must be in writing. Any notice to Borrower in connection, with this Security Instrwnent shaJJ be dcemed to have been gIven to Borrower when mailed by first class mail or when actually delivered to Borrower's notice address ¡fsent by other mll'ans. Notice to anyone Borrower shall constitute notice to all Borrowers unJl'!SS Applicable Law expressly requires otherwise. The notice address shall be the Property, Address unless Borrower has designated a substitute notice address by notice to Lender. 8orrower shall promptly notify Lender, of Borrower's change of address. If Lender specifies a procedure for reporting Borrower's chang~ of address, then Borrower shalJ only report a change of address through that specified procedure. There may be only One designated notice address under this Security Instrument at any' one time. Any notice to Lender shall be given by delivering it or by mailing it by first class mail to Lender's address stated herein unless Lender has designated another address by notice to Borrower. Any notice in connection with thi9 Security Instrument shalJ not be deemed to have been given to Lender until actually received by Lender. If any notice requìred by this Secwity Instrument is also requited under AppJioable Law, the Applicable Law requirement will satisfy the corresponding requirement under this Security Instrument ~ ..fi(WY) (0005).01 DDS ·WY4 PIg. 10 0' 15 ' ~ I=orm 3061 1101 / 0001.36 16. Governing Lawr Severability; Rules of Construction. This Security Instrument shall be governed by federal law and the law of the jUrisdiction in which the Property is located, All rights and obligations contained in this Security Instrument are subjeot to any requirements and I1mitations of Applicable taw. Applicable Law might explicitly or implicitly allow the parties to agree by contract ot 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 Applioable 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 tnstrwnent: (a) words of the Masculine gender shall mcø.n And include corresponding neuter, words or words of the feminine gender; (b) words in the singular shall mean and include the plural and vice versa; and (c) the word "may'l gives soJe discretion without any obligation to take any a.ction. 17. norrower's Copy. Borrower shall be given one copy of the Note and of this Security, Instrument. 18. 'rranster oftbe Property or a Bencficial Ioterest io'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 Iransferred in a bond for deed, contract for deed, instalIment sales cOlJtract or esorow agreement, the intent of which is the transfer oftitIe by Borrower at a future date to a purchaser. If all or any part of the Property or allY Interest in the Property is sold or transferred (or ifBolTower 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 swns secured by this Security Instrument. However, this option shaH not be exercised by Lender ifsuch 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 ftom the date the notice is gìven in IIccordance with Section 15 within which Borrower mU$t pay all sums secured by this Security Instrument If Borrower faíls to pay these sums prior to the expiration of this period, Lender may invoke any remedies permitted by this Security lnslT\.Iment without further notice or demand on Borrower. 19. ßorrower's :Right to Reinstate After A.cceleration. .If Borrower meets certain conditions, Borrower shall have the right to have enforcement of this Security Instrument discontinued at Bny time prior to the earliest of: (a) five days before sale of the Property purSulllJt to any pOWer of sale contained in this Security Instrument; (b) such other' period as Applicable Law might specify for the termination of Borrower's right to reinstate; or (c) entry of a judgment enforcing this Security I11strument Those conditions are that Borrower: (a) pays Lender all sums which then would be due under this Security Instrument and the Note as if no acceleration had occurred; (b) cures any default ()f Bny other COvenants or agroements; (0) pays all expenses incurred ,in enforcing this Security Instrument, including, but not liJnited to, reasonable attorneys' fees, property inspection and valuation fees, and other fees incurred for the purpose of protecting Lender's interest IJ1 the Property and rights under this Security Instrument; BJld (d) takes such action as Lender may reasonably require to auure that Lender's illterest in the Property and tights under this Security Instrument, and Botrower's obligation to pay the sums secured by this Security Instrument, shall continue unchanged. Lender may require that Borrower pay slIch reinstatement sums and expenses in one or more of the following forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, treasurer's check or cllshier's check, provided any such check is drawn upon an ÎJlstitution 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 Îfno acccleration had occurred. However, this right to reinstate shall not apply in the case ohcceleration under Section 18. _ .&(WY) (ÐO( ðl.Ø1 DDS -WY4 "a;e 11 øllS ~ Form 3051 1/01 III ~11 ~UU'{ :- '(' '1)< I><'AA JU'{ijJðU~'l4 C1lliïFNI\'I><' l><'A~'l' ~UJ6 , 000137 20. Sale of Note; Cbange of Loan Servieer; Notice of Grievance. The Note or a partial interest in the Note (together with this Security Instrument) can be sold one or more times without prior notice to Borrower- A sale might result ill a change in the entity (known 85 the "Loan Servicer") that collectsPenodic Payments due under the Note and this Security Instrument and petfonns other mortgage Joan servicing oblìgations under the Note, this Security Instrument, and Applicable Law_ There also might be one or more changes of the Loan Servicer unrelated to a sale of the Note. Jf there is It change of the Loan Servicer, Borrower will be given written noticè 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 cormection with a notice of transfer of servicing. If the Note is sold and thereafter the Loan is serviced by a LOM Servicer other than the purchaser of the Note. the mortgage loan servicing obligations 10 Borrower win 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 individual litigant or the member of a class) that arises trom the other party's actions pursuant to this SecUrity Instrument or that alleges that the other pany ha.s breached any provision of, or any duty owed by reason of, this Security Instrument, until such Borrower 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 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 purposes of this paragmph, The notice of acceleration and opportunity to cure given to Borrower pursuant to Section 22 and the notice of acce1emUon 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. Huardous 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 subsÌlU1ces: gasoline, kerosene, other flammable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos' or formaldehyde, and radioactive materials; (b) "Environmental Law" means federal laws IIlJd laws of the jurisdiction where the Property is located that relate to health, safety or environmental protection; (c) "Environmental Cleanup" includes any response action, remedial action, or removal action, as defined in Environmental Law; and (d) an "Environmental Condition" me~ a condition that can cause, contribute to, or otherwise trigger an Environmental Cleanup. Borrower shall not cause or permit the presence, use, disposal, storage, or release of any Hazardous Substances, or threaten to release any Hazardous Substances, on or in the Property. :Borrower shall not do, nor allow anyone else to do, anything affecting the Property (a) that is in violation of any Environmental Law, (b) which creates an Environmental Condition, Or (c) which, due to the presence, use, or release of a Hazardous Substance, creates a condition that adversely affects the value of the Property. The preceding two sentences shall not apply to the presence, use, Or storage On the Property of small quantities of Hazardous Substances that are generally recognized to be appropriate to nonnal residential uses and to maintenance of the Property (including, but not limited to, hazardous substances in cClnsumer products). Borrower shall promptly give Lender written notice of (a) any investigation, claim, demand, lawsuit or other action by any governÎnental or regulatory agency or private party involving the Property and any Hazardous Substance Or Environmental Law of which :Sorrower has actual knowledge, (b) any Environmental Condition, including but not limited to, any spilling, leaking, discharge, release or threat of release of any Hazardous Substance, and (c) any condition caused by the presence, use Or release ofa Hazardous Substance which adversely affects the value of the Property. If Borrower learns, or is notified by any governmental or regulatory authority, or any private party, that any removal or other remediation of any Hazardoua Substance affecting the Property is necessary, Borrower sball promptly take all necessary remedial actions in accordance with Environmental Law, Nothing herein shall create any obligation On Lender for an Environmental Cleanup, _ -6(WY) (0005).01 DDS -WY4 Page 12 of 15 ~ Form 3061 1m' NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree !Is follows; 000:138 22, Acceleration; Remedies. Lender sllall give noti~e to Borrower prior to ac~eleratlon following Borrowcr'sbreach of any covenant or agreement In this Security Instrument (but not prior to acceleration under Section 18 uJdess Applicable Law provides otherwise). The notice shall specify: (II) the default; (b) tbe action required to curll the default¡ (11) a date, not less tban 30 days from tbe date tlte notice is given to Borrower, by which the detablt must be cured; and (d) tbat failure to cure the default on or before rhe date specified in the notice may result In acceleration oftbe sums secured by this Security Instrument and sale of the Property. The notice shall fllrther inform Borrower of the right to reinstate after acceleration and the right to bring a court aetion to assert the non-existence of a default or any otber defense of Borrower to acçeleration and sale. U the default is not cured on or before tbe date specified in the noth:e, Lender at its option m.y require immediate payment in full of all Slims secllred by this Security Instrument without further demand :and may invoke tb, power of lale and .nr otber remedies permitted by Applicable Law. Lender shall be entitled to coiled all expenses incurred, In pursuing rhe remedies provided in tbis Section 22, including, but not limited to, reasonable attorneys' rees and cOsts oftftle evidence, If Lender invokes the power of sale, Lender shall give notice of intent to foreclose to Borrower and to the person In possession of the Property, if different, in accordance with Applicable Law.Lender shall give notiu of the lale to Borrower in the manner provided in Section IS. Lender shall publish tbe notice of .ale, .nd the Property shall be sold in tbe manner pre$cribed by Applicable Law. Lender or its designee may purchase the Property at aily sale. The proceed, orrhe sale shill be applied in tbe following order! (a) to all expenses ofthe sale, ineluding, but not limited to, reasonable attorneys' fees (b) to all Sums secured by this Security Instrument; and (c) any excess to the person or persons legally entitled to it. , 23. Release. Upon payment of aU sums secured by this Security Instrument, Lender shall release this Security Instrument. , Bon-ower shalt pay any recordation costs. Lender may charge Borrower a fee for releasing this Security Instrumel1t, but only if the fee is paid to a third party for services rendered éIlld the charging of the' fee is pennitted under Applicable Law. 24. Waivers. Borrower releases and waives all rigbts under éIlld by virtue ,of the homestead exemption I~ws of W yorning. _ -6(WY} (0000),Q1 DOS ·WY4 Pag, 13 0/ 15 ~ Form 3051 1101 .L.Lf ¡;'.Lf ¡;'VV I ,I. I ; 'HI rl\A .JV I O.JOU", I '1 \...11l:I I t<,I" I" t<: t<;A~T ~UJö BY SIGNING BELOW, Borrower accepts and. agrees to the tenns and covenants in any Rider executed by Borrower and recorded. with it, Wimesses: contaíl1ed in this Security Instrument and 000139 ::~H?~ Gene W. Jr. Vickrey (Seal) -Borrower G1 tkt;v: 1t~ Rita K. Vickrey (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -BolTower (Seal) -Borrower ~ -6(WY) (DD05).01 DDS -WY4 pag_ 14111' 15 F:Of/1l 3051 1101 I I I OOOj.40 NOTARY ACKNOWLEDGMENT STATE OF ~1J~(}CO COUNTY OF ~ On this 2U11 day of _NOVW'ik2r 20J[1. &ni vJ, 'Vl¿XYevr t .'Rt~ VlLtr~Y() who personally appeared before me is the signer of the foregoing document and I acknowledge that the signature is I My Commission Expires: ~W£ Notary Public ~ true and correct. McKENZEE ELLIS - NOTARY PUBLIC C~unty of ' State of Lincoln Wyoming My Commission Expires October 19, 2011