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HomeMy WebLinkAbout935458 \ \. p -" 601U/l.OL.u2 Return To: WFHM FINAL DOCS X9999-01M 1000 BLUE GENTIAN ROAD EAGAN, MN 55121 Prepared By: WELLS FARGO BANK, N.A. RECEIVED 12/7/2007 at 4:24 PM RECEIVING # 935458 BOOK: 680 PAGE: 689 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY 1919 DOUGLAS" OMAHA, NE 681010000 000689 [Space Above This Line For Recording Data] MORTGAGE DEFINJTIONS Words used in multiple sections of this document are defined below and other words are defined in Sections 3, 11, 13, 18, 20 and 21. Certain rules regarding the usage of words used in this document are also provided in Section 16. (A) "Security lnstmment" means this document, which is dated DECEMBER 03, 2007 together with all Riders to this document. (B) "Borrower" is DAVID ROLAND MINSON AND SUSAN KAY MINSON, HUSBAND AND WIFE '. Borrower is the mortgagor under this Security Instrument. (C) "Lender" is WELLS FARGO BANK, N .A. Lender is a NATIONAL ASSOCIATION organized and existing under the laws of THE UNITED STATES 0081950354 WYOMING-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form3051 1/01 G -6(WY) 100061 @ Page 1 of 16 000690 Lt:ndt:r's addrt:ss is P.O. BOX 11701, NEWARK, NJ 071014701 Lt:ndt:r is the mortgagt:e under this Security Instrument. (D) "Note" mt:ans the promissory note signed by Borrower and datedDECEMBER 03, 2007 Tht: Nott: statt:s that Borrower owes Lender ONE HUNDRED FORTY THOUSAND AND 00/100 Dollars (U ,S, $ ** * * 14 0 , 000 . 00 ) plus interest. Borrower has proIIÚsed to pay this debt in regular Periodic Payments and to pay tht: debt in full not later than JANUARY 01, 2038 (E) "Property" means the property that is described below under the heading "Transfer of Rights in the Property, " (F) "Loan" mt:ans tht: debt evidenced by the Note, plus interest, any prepayment charges and late charges dut: undt:r tht: Note, and all sums due under this Security Instrument, plus interest. (G) "Riders" means all Riders to this Security Instrument that are executed by Borrower. The following Ridt:rs art: to bt: executed by Borrower [check box as applicable]: D Adjustable Rate Rider D Balloon Rider D VA Rider D CondomÌIúum Rider D Second Home Rider D Planned U¡út Development Rider D 1-4 FaIIÚly Rider D Biweekly Payment Rider D Other(s) [specify] (H) "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 tin'll, non-appealable judicial opi¡ùons. (I) "Community Association Dues, Fees, and Assessments" means all dues, fees, assessments and other chargt:s that are imposed on Borrower or the Property by a condoIIÚnium association, homeowners association or similar organization, (J) "Electronic Funds Transfe¡"" means any transfer of funds, other than a transaction originated by check. draft. or similar paper instrument, which is initiated through an electrOlúc ternúnal, telephonic instrument, computer, or magnetic tape so as to order. instruct, or authorize a tinancial institution to debit or credit an account. Such term includes, but is not linúted to, point-of-sale transfers, automated teller machine transactions, transfers i¡ùtiated by telephone. wire transfers, and automated clearinghouse transfers, (K) "Escrow Items" means those items that are described in Section 3, (L) "Miscellaneous Proceeds" means any compensation, settlement, award of damages, or proceeds paid by any third party (other than insurance proceeds paid under the coverages described in Section 5) for: (i) damage to. or destruction of, the Property; (ii) condenmation or other taking of all or any part of the Propt:rty; (iii) conVt:yanCt: in lieu of condemnation; or (iv) ¡nisrepresentations of, or omissions as to, the valut: and/or condition of the Property. 0\'1) "Mortgage Insurance" means insurance protecting Lender against the nonpayment of, or default on, tht: Loan, (N) "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. (0) "RESPA" means the Real Estate Settlement Procedures Act (12 U.S,c. Section 2601 et seq,) and its implemt:nting regulation, Regulation X (24 C.F .R. Part 3500), as they núght 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 that are imposed in regard to a "federally related mortgage loan" even if the Loan does not qualify as a "federally related mortgage loan" undt:r RESPA, cD -6(WY) 100051 @ Page 2 of 15 ,nit~dwl ~--/ ~ ' - Fo'm 3051 1/01 000691. (P) "Successor in Interest of Borrower" means any party that has taken title to the Property, whether or not that party has assumed Borrower's obligations under the Note andlor this 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 moditications of the Note; and (ii) the perfonnance of Borrower's covenants and agreements under this Security Instrument and the Note. For this purpose, Borrower does hereby mortgage, grant and convey to Lellder and Lender's successors and assigns, with power of sale, the following described property located ill the COUNTY of LINCOLN [Type or Re¡;ording Jurisdiction] [Name of Recording Jurisdiction] LOT 90 ROCKBRIDGE MEADOWS FIRST ADDITION TO THE TOWN OF AFTON, LINCOLN COUNTY, WYOMING AS DESCRIBED ON THE OFFICIAL PLAT FILE ON JULY 14, 2005 AS INSTRUMENT NO. 909983 OF THE RECORDS OF THE LINCOLN COUNTY CLERK. TAX STATEMENTS SHOULD BE SENT TO: 11701, NEWARK, NJ 071014701 WELLS FARGO HOME MORTGAGE, P.O. BOX Parcel ID Number: 21 ROCKRIDGE DRIVE AFTON ("Property Address"): which currently has the address of I Street) ICity) , Wyonúng 83110 [Zip Code] TOGETHER WITH all the improvements now or hereafter erected on the property, and all easements, appurtenances, and tixtures now or hereafter a part of the 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 the "Property," BORROWER COVENANTS that Borrower is lawfully seised of tlle estate hereby conveyed and has the right to mortgage, grant and convey the Property and that the Property is unencumbered, except for encumbrances of record. Borrower warrants and will defend generally the title to the Property against all claims and demands, subject to any encumbrances of record. THIS SECURITY INSTRUMENT combines Ulúform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a Ulúform security instrument covering real property, UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 1. Payment of Principal, Interest, Escrow Items, Prepayment Charges, and Late Charges. Borrower shall pay when due the principal of, and interest on, the debt evidenced by the Note and any prepayment charges and late charges due under tlle 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 ayment under the Note or this G -6(WY) 100051 ® Initi : Form 3051 1/01 Page 3 of 15 000692 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 insufficient to bring the Loan current. Lender may accept 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 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 inunediately prior to foreclosure, No onset 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 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 remaiIÙng amounts shall be applied tirst to late charges, second to any other amounts due under tIùs Security Instrument, and then to reduce the principal balance of tile Note, If Lender receives a payment from Borrower for a delinquent Periodic Payment which includes a sufficient amount to pay any late charge due, the payment lnay 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 Borrower to the repayment of the Periodic Payments if, and to tile extent tIlat, each payment can be paid in full. To tile extent tIlat 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 first to any prepayment charges and then as described in the Note, Any application of payments, insurance proceeds, or Miscellaneous Proceeds to principal due under the Note shall not extend or postpone tile due date, or change the amount, of the Periodic Payments. 3. Funds for Escrow Items. Borrower shall pay to Lender on tile day Periodic Payments are due under the Note, until the Note is paid in full, a sum (tile "Funds") to provide for payment of amounts due fÖr: (a) taxes and assessments and otIler items which can attain priority over tI1Ís Security Instrument as a lien or encumbrance on tile 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 origination or at any time during tile term of tile Loan, Lender lnay require that COlmnunity 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 furnish to Lender all notices of amounts to be paid under this Section. Borrower shall pay Lender the Funds for Escrow Items unless Lender waives Borrower's 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 lnay only be in writing, In the event of such waiver, Borrower shall pay directly, when and where payable, tlle amounts Initi(1t1/ ~' ~ Form 3051 1/01 C -6(WY) (COOS) <!> Page 4 of 1 S 000693 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 such amount and Borrower shall then be obligated under Section 9 to repay to Lender any such amOUllt, 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 llJay, 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 lnaximum amount a lender can require under RESP A, Lender shall estimate the amount of Funds due on the basis of current data and reasonable estimates of expenditures of future Escrow Items or otherwise in accordance with Applicable Law. The Funds shall be held in an institution whose deI10sits are insured by a federal agency, instrumentality, or entity (including Lender, if Lender is an insti;tution whose deposits are so insured) or in any Federal Home Loan Bank. Lender shall apply tlle 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, annually analyzing the escrow account, or verifying the Escrow Items, m)less Lender pays Borrower interest on the Funds and Applicable Law permits Lender to make such a char~e, Unless an agreement is made in writing or Applicable Law requires interest to be paid on the Funds, Lender shall not be required to pay Borrower any interest or earnings on the Funds. Borrower and Lender dn agree in writing, however, that interest shall be paid on tile Funds. Lender shall give to Borrower, wiµlOut charge, an allliual accounting of the Funds as required by RESPA, I If tllere is a surplus of Funds held in escrow, as defined. under RESP A, Lender shall account to Borrower for the excess funds in accordance with RESPA. If tllbre 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 tile shortage in accord*nce with RESP A, but in no more than 12 monthly payments, If there is a deficiency 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 deticiency in accordance witll RESPA, but in no more thall 12 monthly payments. Upon payment in full of all sums secured by tl1Ìs Security ¡Instrument, Lender shall promptly refund to Borrower any Funds held by Lender. ! 4. Charges; Liens. Borrower shall pay all taxes, assdsments, charges, fines, and impositions attributable to the Property which can attain priority over this Security Instrument, leasehold payments or ground rents on the Property, if any, and Community Associatioh Dues, Fees, and Assessments, if any. To the extent that tllese items are Escrow Items, Borrower shall pay ¡them in the manner provided in Section 3, Borrower shall promptly discharge any lien which has pri'ority over this Security Instrument 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 performing such agreement; (b) contests the lien in good faith by. or defends against enforcement of the lien in, legal proceed~ngs which in Lender's opinion operate to prevent the enforcement of the lien while tllose proceedings are: pending, but only until such proceedings are conduded; or (c) secures tì'om tile holder of the lien an agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determines tllat a~y part of the Property is subject to a lien which can attain priority over this Security Instrument, Lender Iþay give Borrower a notice identifying the I cD ·6(WY) 100051 @ Page 5 of 15 Initif!Jì¡¡¡ ~ ~ Form J051 1/01 000694 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 forÚl above in úlis Section 4. Lender may require Borrower to pay a one-time charge for a real estate tax verification and/or reporting service used by Lender in connection with this Loan, 5. Property Insurance. Borrower shall keep the 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 induding, but not limited to, earthquakes and tloods, 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 unreasonably. Lender may requi re Borrower to pay, in connection WiÚl this Loan, either: (a) a one-time charge for nood zone determination, certitication and tracking services; or (b) a one-time charge for nood zone determination and certitication services and subsequent charges each time relnappings 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 Úle review of any Hood zone determination resulting from an objection by Borrower. If Borrower fails to maintain any of the coverages described above, Lender may 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 than was previously in effect. Borrower acknowledges that the cost of Úle 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 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 and/or as an additional loss payee. Lender shall have Úle right 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, t()r damage to, or destruction of, the Property, such policy shall include a standard mortgage clause and shall name Lender as mortgagee and/or as an additional loss payee, In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender, Lender may make proof of loss if not made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, any insurance proceeds, wheÚler 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 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 payment or in a series of progress payments as the work is completed, Unless an agreement is made in writing or Applicable Law requires interest to be paid on such insurance proceeds, Lender shall not be required to pay Borrower any interest or eanùngs on such proceeds, Fees for public adjusters, or other tllird parties, retained by Borrower shall not be paid out of Úle 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 this Security Instrument, whether or not then due, with G -6(WY) I0005} @ Page 6 of 15 Initial /ì},/\ /...,." A. ./ ~rl Form 3051 1/01 000695 the excess, if any, paid lo Borrower. Such insurance proceeds $hall be applied in the order provided for in Section 2. i If Borrower abandons the Property, Lender may file, nfgotiate and settle any available insurance claim and related matters, If Borrower does not respond withih 30 days to a notice from Lender that the insurance carrier has offered to settle a claim, then Lender ma~ negotiate and settle the claim. The 30-day period will begin when the notice is given, In either event, lor if Lender acquires the Property under Section 22 or otherwise, Borrower hereby assigns to Lendqr (a) Borrower's rights to any insurance proceeds in an amount not to exceed the amounts unpaid undet tlle Note or this Security Instrument, and (b) any other of Borrower's rights (other than the right to Jny refund of unearned premiums paid by Borrower) under all insurance policies covering the Property, ~nsofar 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 lO pay amounts unpaid under the Note or this Security Instrumeht, whether or not then due. 6, Occupanty, Borrower shall occupy, establish, and ~se the Property as Borrower's principal residence within 60 days after tlle execution of this Security I¥strument and shall continue to occupy the Property as Borrower's principal residence for at least one yeaI'I after the date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be unrfasonably withheld, or unless extenuating circumstances exist which are beyond Borrower's control. i 7, Preservation, Maintenance and Protection of the !troperty; Inspections. Borrower shall not destroy, damage or impair the Property, allow the Propertt to deteriorate or cOlImùt waste on the Property, Whether or not Borrower is residing in the Property, Borrower shall maintain the Property in order to prevelH the Property from deteriorating or decreasing II in value due to its condition, Unless it is determined pursuant lO Section 5 that repair or restoration is ¡not economically feasible, Borrower shall promptly repair the Property if damaged to avoid furtller ~eterioration or damage. If insurance or condelllnation proceeds are paid in connection with dalnage to~ or the taking of, the Property, Borrower shall be responsible for repairing or restoring the Property onl~ if Lender has released proceeds for such purposes. Lender may disburse proceeds for tlle repairs and restpration in a single payment or in a series of progress payments as the work is completed. If the insurance ~r condemnation proceeds are not sufficient lO repair or restore the Property, Borrower is not relieved of 80rrower's obligation for the completion of such repair or restoration. I Lender or its agent may make reasonable entries upon ànd inspections of the Property. If it has I reasonable cause, Lender may inspect the interior of the improyements on the Property. Lender shall give Borrower notice at the time of or prior to such an interior inspe~tion specifying such reasonable cause, 8. BOITower's Loan Application. Borrower shall be in default if, during the Loan application I process, Borrower or any persons or entities acting at the ~irection of Borrower or with Borrower's knowledge or consent gave materially false, misleading, or ina~curate information or statements to Lender (or failed to provide Lender with material information) ~n connection with the Loan, Material representations include, but are not linùted to, representationS concenùng Borrower's occupancy of the Property as Borrower's principal residence. I 9. Protection of Lender's Interest in the Property and Rights Under this Security Instrument. If ~a) Borrower fails,to perforn~ the C.ov:I~ants and a.greements co~~ained i~l tlllS Security Instrume~t, (b) there IS a legal proceedll1g that mIght slgrnhcantly affect Lender's lI~terest III the Property andlor fights under this Security Instl11melH (such as a proceeding in bankruptcy, probate, for condemnation or forfeiture, for ent()rcemelH of a lien which may attain priority over this S~curity Instrument or to enforce laws or regulations), or (c) Borrower has abandoned the Property, theb Lender may do and pay for whatever is reasonable or appropriate to protect Lender's interest in the I Property and right" under this Security Instl11mem, including protecting and/or assessing the value of dIe Property, and securing andlor repairing the Property, Lender's actions can include, but are not linùted Ita: (a) paying any sums secured by a lien which has priority over this Security Instrument; (b) appearing in court; and (c) paying reasonable I I I I I I I I I I Page 7 of 15 Initial~ Form 3051 1/01 G -6(WY) 100051 @ 000696 attorneys' fees to prote<.:t 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 onlJr 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 prenúums required to Inaintain the Mortgage Insurance in effect. If, for any reason, the Mortgage Insurance coverage required by Lender ceases to be available from the mortgage insurer that previously provided such im;uran<.:e and Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the prenúums 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 etlect, from an alternate mortgage insurer sele<.:ted 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 tile insuranœ coverage ceased to be in etlect. 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 eanúngs 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 prenúums for Mortgage Insurance. If Lender required Mortgage Insurance as a <.:ondition 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 ternúnation 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 tlleir 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 tllat 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 Inay include funds obtained tram Mortgage Insurance premiums). As a result of these agreements, Lender, any purchaser of the Note, anotller insurer, any reinsurer, any other entity, or any aftìliate of any of the foregoing, may receive (directly or indirectly) amounts that derive trom (or núght be characterized as) a portion of Borrower's payments for Mortgage Insurance, in exchange for sharing or 1l10di(ying the mortgage insurer's risk, or reducing losses. If such agreement provides that an aftiliate of Lender takes a share of the insurer's risk in exchange for a share of the premiums paid to the insurer, the arrangement is often termed "captive reinsurance," Further: (a) Any sllch agl"eements will not affect the amounts that Borrower has agreed to pay for Mortgage InslIrance, 01" any other terms of the Loan. Such agreements will not increase the amount Borrower will owe for Mortgage Insurance, and they will not entitle Borrower to any refund. C -6(WY) 100051 @ Page 6 of 15 Initi'l~ Form 3051 1/01 000697 (b) Any such agl"eements will not affect the rights Borrower has - if any - with respect to the Mortgage Insurance under the Homeowners Protection Act of 1998 or any other law. These rights may include the right to receive certain disclosures, to request and obtain cancellation of the Mortgage Insurance, to have the Mortgage Insurance terminated automatically, and/or to receive a refund of any Mortgage Insurance premiums that were unearned at the time of such cancellation or 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 the order provided for in Section 2. In the event of a total taking, destruction, or loss in value of the Property, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrum~nt, whether or not then due, with the excess, if any, paid to Borrower. In the event of a partial taking, destIllction, 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 equal to or greater than the amount of the sums secured by this Security Instrument immediaœly before the partial taking, destruction, or loss in value, Ulùess 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 fraction: (a) the total amount of the sums secured inllllediately before the partial taking, destruction, or loss in value divided by (b) the fair market value of the Property immediately bet(¡re the partial taking, destruction, or loss in value, Any balance shall be paid to Borrower. In the event of a partial taking, destruction, or loss in value of the Property in which the fair market value of the Property immediately before the partial taking, destruction, or loss in value is less than the amount of the sums secured immediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument whether or not the sums are then due, If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the 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 within 30 days after the date the notice is given, Lender is authorized to collect and apply the Miscellaneous Proceeds either to restoration or repair of the Property or to the sums secUl'ed by this Security Instrument, whether or not then due, "Opposing Party" means 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 shall be in dehlUlt 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 impainnent of Lender's interest in the Property or rights under tIús Security Instrument. Borrower can cure such a default and, if acceleration has occurred, reinstate as provided in Section 19, by causing tile action or proceeding to be dismissed with a ruling that, in Lender's judgment, precludes forfeiture of the Property or otIler material impairment of Lender's interest in tile Property or rights under tI1Ïs Security InstIllment. The proceeds of any award or claim for damages tImt are attributable to the impairment of Lender's interest in tile 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 tile order provided for in Section 2. cD -6(WY) 100051 <!> Page 9 of 15 ,",,'v Form 3051 1/01 '- 000698 12. Borrower Not Released; Forbearance 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 Sm:cessors 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 induding, without limitation, Lender's acceptance of payments from third persons, entities or Sw,;cessors 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; Successors and Assigns Bound. Borrower covenants and agrees that Borrower's obligations and liability shall be joint and several. However, any Borrower who co-signs this Security Instrument but does not execute the Note (a "co-signer"): (a) is co-signing this Security Instrument only to mortgage, grant and convey the co-signer's interest in the Property under the terms of this Security Instrument; (b) is not personally obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower can agree to extend, modify, forbear or make any accommodations with regard to the terms of this Security Instrument or the Note without the co-signer's consent. Subject to the provisions of Section 18, any Successor in Interest of Borrower who assumes Borrower's obligations under this Security Instrument in writing, and is approved by Lender, shall obtain all of Borrower's rights and benefits under this Security Instrument. Borrower shall not be released from Borrower's obligations and liability under this Security Instrument unless Lender agrees to such release in writing. The covenants and agreements of this Security Instrument shall bind (except as provided in Section 20) and benefit the successors and assigns of Lender. 14. Loan Charges. Lender lnay charge Borrower fees for services performed in cOlmection with Borrower's default, for the purpose of protecting Lender's interest in the Property and rights under this Se¡,;urity Instrument, including, but not linùted to, attorneys' fees, property inspection and valuation fees. [n 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 may not charge fees that are expressly prohibited by this Security Instrument or by Applicable Law, [f the Loan is subject to a law which sets maximum loan charges, and that law is finally interpreted so that the interest or other loan charges collected or to be collected in connection with the Loan exceed the permitted linùts, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to the pernùtted limit; and (b) any sums already collected from Borrower which exceeded perwtted limÜs will be refunded to Borrower. Lender may choose to make this 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 acceptance 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 Security Instrument must be in writing. Any notice to Borrower in cOlmection with this Security Instrument shall be deemed to have been given to Borrower when mailed by tirst class mail or when actually delivered to Borrower's notice address if sent by other means. Notice to anyone Borrower shall constitute notice to all Borrowers unless 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. Borrower shall promptly notify Lender of Borrower's change of address, If Lender specifies a procedure for reporting Borrower's change of address, then Borrower shall OlÙy report a change of address through that specified procedure. There may be only one designated notice address under tllis Security Instrument at anyone time, Any notice to Lender shall be given by delivering it or by lnailing it by first class mail to Lender's address stated hert:Ín unless Lender has designated another address by notice to Borrower. Any notice in connection with this Security Instrument shall not be deemed to have been given to Lender until actually received by Lender. If any notice required by this Security Instrument is also required under Applicable Law, the ApplÌl:able Law requirement will satisfy the corresponding requiremeut under this Security [nstrument. G -6(WY) 100051 @ Page 10 of 15 Initial~ , Form 3051 1/01 000699 ] 6. Governing Law; 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 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 cont1icting provision. As used in this Security Instrument: (a) words of the masculine gender shall mean 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" gives sole discretion without any obligation to take any action. 17. Borrower's Copy. Borrower shall be given one copy of the Note and of this Security Instrument. 18. Transfer of the 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 all or any part of the Property or any Interest in the Property is sold or transferred (or if Borrower is not a natural person and a beneticial 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 lnstrument. However, this option shall not be exercised by Lender if such exercise is prohibited by Applicable Law, lf Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days from the date tlle 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 Slims 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. Borrower's Right to Reinstate After Acceleration. 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 might specify for the termination 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 this Security lnstrument and the Note as if no acceleration had occurred; (b) cures any default of any other covenants or agreements; (c) pays all expenses incurred in enforcing this Security Instrument, including, but not limited to, reasonable attorneys' fees, property inspection and valuation fees, and other fees incurred for tlle purpose of protecting Lender's interest in the Property and rights under tins Security Instrument; and (d) takes such action as Lender may reasonably require to assure tIlat Lender's interest in the Property and rights under this Security Instrument, and Borrower's obligation to pay tile sums secured by tIlÍs Security Instrument, shall continue unchanged, Lender may require that Borrower pay such reinstatement sums and expenses in one or more of tile 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, this Security Instrument and obligations secured hereby shall remain fully effective as if no acceleration had occurred, However, this right to reinstate shall not apply in the case of acceleration under Section IS, 20. Sale of Note; Change of Loan Servicer; Notice of Grievance. The Note or a partial interest in the Note (together with this Security Instrument) can be sold one or more times WitIlOut prior notice to Borrower. A sale núght result in a change in the entity (known as the "Loan Servicer") that collects Periodic Payments due under the Note and this Security Instrument and performs otIler mortgage loan servicing obligations under the Note, this Security Instrument, and Applicable Law. There also might be one or more changes of the Loan ServiceI' unrelated to a sale of the Note. If tIlere is a change of the Loan ServiceI', Borrower will be given written notice of the change which will state the name and address of tile new Loan ServiceI', the address to which payments should be made and any otIler infonnation RESPA G -6(WY) I0005¡ @ Initi~~ Page 11 of 1 5 Form 3051 1/01 000700 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 ServiceI' 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 from the other party'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 notified the other party (with such notice given in compliance with the requirements of Section 15) of such alleged breach and afforded the Oúler 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 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 this Section 21: (a) "Hazardous Substances" are those substances detined as toxic or hazardous substances, pollutants, or wastes by Enviromnental Law and the following substances: gasoline, kerosene, other t1almnable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or formaldehyde, and radioactive materials; (b) "Environmental Law" means federal laws and laws of the jurisdiction where the Property is located that relate to health, safety or environmental protection; (c) "Environmental Cleanup" includes any response action, remedial action, or removal action, as defined in Enviromnental Law; and (d) an "Enviromnental Condition" means a condition that can cause, contribute to, or otherwise trigger an Environmental Cleanup. Borrower shall not cause or pernùt 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 Enviromnental 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 recoglùzed to be appropriate to normal residential uses and to maintenance of the Property (including, but not linùted to, hazardous substances in consumer products). Borrower shall promptly give Lender written notice of (a) any investigation, claim, delnand, lawsuit or other action by any governmental or regulatory agency or private party involving the Property and any Hazardous Substance or Environmental Law of which Borrower has actual knowledge, (b) any EnvirolUllental Condition, including but not lhnited 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 of a 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 Hazardous Substance affecting the Property is necessary, Borrower shall promptly take all necessary remedial actions in accordance with Environmental Law, Nothing herein shall create any obligation on Lender for an Environmental Cleanup. G-6(WY) 10005) @ Page 12 of 1 5 Init~ Form 3051 1/01 000701. NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows: 22. Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration following Borrower's breach of any covenant or agreement in this Security Instrument (but not prior to acceleration under Section 18 unless Applicable Law provides otherwise). The notice shall specify: (a) the default; (b) the action required to cure the default; (c) a date, not less than 30 days from the date the notice is given to Borrower, by which the default must be cured; and (d) that failure to cure the default on or before the date specified in the notice may result in acceleration of the sums secured by this Security Instl"Ument and sale of the Property. The notice shall further inform Borrower of the right to ¡"einstate after acceleration and the right to bring a court action to assert the non-existence of a default or any other defense of Borrower to acceleration and sale. If the default is not cured on or before the date specified in the notice, Lender at its option may require immediate payment in full of all sums secm"ed by this Security Instrument without further demand and may invoke the power of sale and any other remedies permitted by Applicable Law. Lender shall be entitled to collect all expenses incurred in pursuing the remedies provided in this Section 22, including, but not limited to, reasonable attorneys' fees and costs of title evidence. If Lender invokes the power of sale, Lender shall give notice of intent to foreclose to Borrower and to the person in possession of the Property, if different, in accordance with Applicable Law. Lender shall give notice of the sale to Borrower in the manner provided in Section 15. Lender shall publish the notice of sale, and the Prope¡"ty shall be sold in the manner prescribed by Applicable Law. Lende¡" or its designee may purchase the Property at any sale. The proceeds of the sale shall be applied in the following order: (a) to all expenses of the sale, including, but not limited to, reasonable attorneys' fees; (b) to all sums secured by this Security Instrument; and (c) any excess to the person or persons legally entitled to it. 23. Release. Upon payment of all StilUS secured by this Security Instrument, Lender shall release this St:curity Instrumt:I1t. Borrower shall pay any recordation costs. Lender Inay charge Borrower a fee for rt:lt:asing this St:curity Instrument, but only if the fee is paid to a third party for services rendered and the chargi ng of tht: fee is permitted under Applicable Law, 24, Waivers. Borrower releases and waives all rights under and by virtue of the homestead exemption laws of Wyoming. G -6(WY) 100051 @ Page 13 of 15 Initi'~ . Form 3051 1/01 BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this Security Ll1stllJll1el1t and in any Rider executed by Borrower and recorded with it. Witnesses: (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower G-6(WY) 100051 @ 000702 \ Q77~ DAVID ROLAND MINSON (Seal) -Borrower ~/~) /SUSAN KAY MINSON' -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower Page 14 of 15 Form 3051 1/01 ,JL STATE OF WYOMING, The foregoing instrument was acknowledged before me this by DAVID ROLAND MINSON AND SUSAN KAY MINSON My COl1unissioll Expires: q ~ / 5 ~ / / ~ County ss: 3RÞ dw¡ r1 £;ec,"/ .2.007 000703 ~~/~~ County of Lincoln State of Wyoming NOTARY PUBLIC My Commission Expires September 15, 2011 G -6G(WY) 100051 Œ> Page150f15 ,.",.~ '.,m30S1 1101