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RECEIVED 12/31/2007 at 2:03 PM
RECEIVING # 935921
BOOK: 682 PAGE: 564
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, WY
000564
;
\
MORTGAGE
KNOW ALL MEN BY THESE PRESENTS, that ,JAMES V. PETERSON and
SHERRIE L. PETERSON, husband and wife, of 765 Terrace Drive, PO Box 3160, Alpine,
County of Lincoln, State of WYoiming, (hereafter "Mortgagor"), to secure the payment
of the principal sum of ONE HUNDRED FIFfY THOUSAND DOLLARS AND NO
CENTS ($150,000.00), as evidenced by a Promissory Note dated of even date herewith,
to the order of GA YLON G. HEINER AND KRISTI G. HEINER, husband and wife, of
3549 County Road 123, Bedford, County of Lincoln, State of Wyomíng, (hereafter
"Mortgagee") to be paid as follows:
A. Upon the execution ofthis Promissory Note ("Note") and Mortgage of even
date, the Mortgagor agrees and states that tbe Mortgagor owes the Mortgagee the amount
of ONE HUNDRED FIFIYTHOUSAND DOLLARS AND NO CENTS ($150,000.00), and.
win pay the Mortgagee this amount plus late charges and penalties, pursuant to the terms
of this Note and Mortgage of even date.
./.1
B. The principal amount of ONE HUNDRED FIFfY THOUSAND DOLLARS
AND NO CENTS ($150,000.00), shall be made in one payment as follows:
C. The Borrower wiII pay the Noteholder all amounts due and owing which will
be ONE HUNDRED FIFI'Y THOUSAND DOLLARS ($150,000.00) on January 11, 2008.
D. The Mortgagor may prepay the principal amount in whole or in part at any
time without penalty. Any partial prepayment shall be applied against the principal amount
outstanding and shall not postpone the due date of any subsequent monthly installments
or change the amounts of such installments, unless the Mortgagee shall agree in writing.
E. If any payment is made more than thirty (30) days after the date due, the
Mortgagor shall pay an additional two hundred and fifty dollars ($250.00) in the form of
a late payment charge and penalty to the Mortgagee.
TJowe"l Law O.fJiCR
p, 0. ROlf 1550
Afion. wr 83/10
3n7-88J-fJ64
Page 1 of 13
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MORTGAGOR hereby mortgages to Mortgagee, the following described real estate,
situated in the County of Lincoln, State of Wyoming: 000565
Lot 103 of Pine View Airpark, NE 1/4 NE 1/4 of Section 10, T33N, Ru8W, Lincoln
County, Wyoming.
Together with aU water rights, mineraI rights, improvements
and appurtenances thereon situate or in anywise appertaining
thereunto. Subject, however, to all reservations, restrictions,
exceptions, easements and rights~of-way of record or in use.
MORTGAGOR COVENANTS that Mortgagor is lawfully seized of the estate hereby
conveyed and bas the right to mortgage, grant and convey the Property and that the
Property is unencumbered, except for encumbrances of record. Mortgagor warrants and
wiU defend generaUythe title to the Property against all c1 aims and den1ands, subject to any
encumbrances of record and additionally covenants and promises:
1. Payment of Principal and Late Charges. Mortgagor sball pay when due the
principal of the debt evidenced by the Note of even date ("NoteU), and anylate charges due
under the Note. Payments due under the Note and tlús Security Instrument shall be made
in U.S. currency. However, if any check or other instrument received by Mortgagee as
payment under the Note or this Security Instrument is returned to Mortgagee unpaid,
Mortgagee may require that any or all subsequent payments due under the Note and this
Security Instrument be made in oo,e or more of the foUowing forms, as selected by
Mortgagee: (a) cash; (b) money order; (c) certified cbeck, bank checl{, 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 Mortgagee when received at the location
designated in the Note or at such other location as may be designated by Mortgagee in
accordance witb the notice provisions in this document and Note. Mortgagee may return
any payment or partial payment if the payment or partial payments a.re insufficient to bring
the Loan current. Mortgagee 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 Mortgagee is not obligated to
apply such payments at the time such payments are accepted. Mortgagee may hold such
unapplied funds until Mortgagor makes payment to bring the Loan CUlTent. If Mortgagor
does not do so within a reasonable period of time, Mortgagee shall either apply such funds
or return them to Mortgagor. If not applied earlier, such funds will be applied to the
outstanding principal balance under the Note immediately prior to foreclosure. No offset
or claim which Mortgagor might have now or in the future against Mortgagee shall relieve
Mortgagor 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
hI.I righl(l to the Ulle Df this documtnt
rc ;c~d by:
bDWElrs Law Firm, PC
Post. Office Box ~550
Aft(ln, WyDmlns 83110-1550
Page 2 of I,:~
000566
Section 2, an paymen.ts accepted and applied by Mortgagee shall be applied as 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 Security Instrument, and then to reduce the principal
balance ofthe Note.
If Mortgagee receives a payment from Mortgagor for a delinquent Periodic Payment
which includes a sufficient amount to pay any late charge due, the payment may be applied
to the delinquent payment and the late cha.rge. If more than one Period1c Payment is
ou.tstanding, Mortgagee may apply any payment received from Mortgagor to the repayment
of the Periodic Payments if, and to the extent tbat, eacb payment can be paid in full. To tbe
extent that any excess exists after the payment is applied to the full payment of one or more
Periodic Payments, such excess may be applied to any late charges due. Voluntary
prepayments shall be applied first to any prepayment charges and then as described in the
No~. '
Any application of payments, insurance proceeds, or Miscellaneous Proceeds to
principal due under the Note shall not extend or postpone the due date, or change the
amount, of tb.e Periodic Payments.
3. Charges; Liens. Mortgagor shall pay all taxes, assessments, charges, fines, and
impositions attributable to the Property which can attain priority over this Security
Instrument, leasehold payments or ground rents on the Property, if any, and Community
Association Dues, Fees, and Assessments, if any. Mortgagee may pay any tax assessment
or other costs associated with the property, if delinquent. Any delinquent tax, assessment
or charge paid by the Mortgagee shall constitute default under this security agreement.
Mortgagor shall promptly discharge any lien which has priority over this Security
Instrument unless Mortgagor: (a) agrees in writing to the payment of the obligation
secured by the lien in a manner acceptable to Mortgagee, but only so long as Mortgagor is
performing such agreement; (b) contests the lien in good faith by, or defends against
enforcement of the lien in, legal proceedings which in Mortgagee's opinion operate to
prevent the enforcement of the lien while those proceedings are pending, but onJy until
such proceedings are concluded; or (c) secures from the holder of the lien an agreement
satisfactory to Mortgagee subordinating the lien to this Security Instrument. If Mortgagee
determines that any part of the Property is subject to a lien which can attain priority over
this Security Instrument, Mortgagee may give Mortgagor a notice identifying the lien.
Within 10 days of the date on which that notice is given, Mortgagor shall satisfy the
lien or take one OJ: more of the actions set forth above in this Section 3.
Mortgagee may require Mortgagor to pay a one-time charge for a real estate tax
verification and/or reporting service used by Mortgagee in connection with this Loan.
4· Property Insurance. Mortgagor shall keep the improvements now existing or
hereafter erected on the Property insured against loss by fire, hazards included within the
term "extended coverage," and any other hazards including, but not limited to,
earthquakes and floods, for which Mortgagee requires insurance. This insurance shall be
maintained in the amounts (including deductible levels) and for the periods that
Mortgagee requires. What Mortgagee requires pursuant to the preceding sentences can
All righttl to the UtlE of this document
re6erved by:
Bowc~ t.aw Firm, pc
PORt office Box 1550
Armn, Wyoming 8,1110"1550
Page 3 of 13
000567
Mortgagee shall not be required. to pay Mortgagor any interest or earnings on such
proceeds. Fees for public adjusters, or other trurd parties, retained by Mortgagor shall not
be paid out ofthe insurance proceeds and shalI be the sole obligation ofMo~gagor. If the
restoration or repair is not economically feasible or Mortgagee's secunty. would ?e
lessened, the insurance proceeds shall be applied to th~ sums s~ct1red by this Secunty
Instrument, whether or not then due, with tbe excess, If any, pald to Mortgagor. Such
insurance proceeds shall be applied in the order provided for in Section 2.
If Mortgagor abandons the Property, Mortgagee may file, negotiate and settle any
available insurance claim and related matters. If Mortgagor does not respond within 30
days to a notice from Mortgagee that the insurance carrier has offered to settle a claim,
then Mortgagee may negotiate and settle the claim. The 30-day period will begin when the
n.otice is given. In either event, or if Mortgagee acquires the Property under Section 19 or
otherwise, Mortgagor here,by assigns to Mortgagee (a) Mortgagor's rights to any insurance
proceeds in an amount not to exceed the amounts unpaid under the Note or this Security
Instrument, and (b) any other of Mortgagor's rights (other than the right to any refund of
unearned premiums paid by Mortgagor) under all insurance policies covering the
Property, insofar as such rights are applicable to the coverage of the Property, Mortgagee
may use the insurance proceeds either to repair or restore the Property or to pay amounts
unpaid under the Note or this Security Instroment, whether or not then due.
5· Preservation, Maintenance and Protection of the Property; Inspections. Mortgagor
shaH not destroy, damage or impair the Property, allow the Property to deteriorate or
commit waste on the Property. Whether or not Mortgagor is residing in the Property,
Mortgagor shall maintai.n the Property in order to prevent the Property from deteriorating
or decreasing in value due to its condition. Unless it is determined pursuant to Section 4
that repair or restoration is not economically feasible, Mortgagor shall promptly repair the
Property if damaged to avoid further deterioration or damage. If insurance or
condemnation proceeds are paid in connection with damage to, or the taking of, the
Property, Mortgagor shaH be responsible for repairing ot' restoring the Property only if
Mortgagee has released proceeds for such purposes. Mortgagee may disburse proceeds for
the repairs and .restoration in a single payment or in a series of progress payments as the
work is completed. If the insurance or cond.emnation proceeds are not sufficient to repair
or restore tbe Property, Mortgagor is not relieved of Mortgagor's obligation for the
completion of such repair or restoration.
Mortgagee or its agent may make reasonable entries upon and inspections of the
Property. If it has reasonable cause, Mortgagee may inspect the interior of the
i~provements on the Property. Mortgagee shall give Mortgagor notice at the time of or
pnor to such an interior inspection specifying such reasonable cause.
6. Mortgagor's Loan Application. Mortgagor shall be in default if, during the Loan
application process, Mortgagor or any persons or entities acting at the direction of
M~rtgagor or. with MO,rtgagor's knowledge or consent gave materially false, misleading,
or ma~curate mformatIon or statements to Mortgagee (or failed to provide Mortgagee with
matenal il1formation) in connection with the Loan.
7. Protection of Mortgagee's Interest in the Property and Rights Under this Security
An righ!.'! 10 the \15eofthll' doc:\\mcot
reserved hy:
Bower, l..aw Finn, PC
PO$t Office BOJr: 1550
AftO", Wyomll\S 83110-1550
Page 5 of 13
000568
Instrument. If (a) Mortgagor fails to perform the cove~ants and ~ee~en~5. contained in
this Security Instrument, (b) there is a legal proceeding that mJght slgmflcantlyaffect
Mortgagee's interest in the Property and/or rights under this Security Instrument (such
as a proceeding in bankruptcy, probate, for condemnation or forfeitur~, for enforcement
of a lien which may attain priority over this Security Instrument or to enforce laws or
regulations), or (c) Mortgagor has abandoned the Property, then Mortgagee may do and
pay for whatever is reasonable or appropriate to protect Mortgagee's interest in ~e
Property and rights under this Security Instrument, inclu.ding protecting and/ or assessIng
the value of the Property, and securing and/or repairing the Property. Mortgagee's actions
can include, but are not limited to: (a) paying any sums secured by a lien wbich has
priority over this Security Instrument; (b) appearing in court; and (c) paying reasonable
'attorneys' fees to protect its interest in the Property and/or rigbts under this Security
Instrument, including its secured position in a bankruptcy proceeding. Secwing the
Property includes, but is not limited to, entering the Property to make repairs, change
locks, replace or board up doors and windows, drain water from pipes, eliminate building
or other code violations or dangerous conditions, and have utilities turned on or off.
Although Mortgagee may take action under this Section 7, Mortgagee does not have to do
so and is not under any duty or obligation to do so. It is agreed tbat Mortgagee incurs no
liability for not taking any or all actions authorized under this Section.
Any amounts disbursed by Mortgagee under this Section sbaH become additional
debt of Mortgagor 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 Mortgagee to Mortgagor requesting payment,
If this Security Instrument is on a leasehold, Mortgagor shall comply with all the
provisions of the lease. If Mortgagor acquires fee title to the Property, the leasehold and
the fee title shall not merge unless Mortgagee agrees to the merger in writing.
8. Assignment of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds
are hereby assigned to and shall be paid to Mortgagee.
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 Mortgagee's security is not lessened. During such repair and restoration period,
Mortgagee shaH have the right to hold such Miscellaneous Proceeds until Mortgagee has
had an opportunity to inspect such Property to ensure the work .bas been completed to
Mortgagee's satisfaction, provided that such inspection shall be undertaken promptly.
Mortgagee 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
Qr Applicable La~ requires interest to be paid on such Miscellaneous Proceeds, Mortgagee
shall not be requited to pay Mortgagor any interest or earnings on such Miscellaneous
Proceeds. If the restoration or repair is not economically feasible or Mortgagee's security
w~uld be l~ssened, the Miscellaneous Proceeds shaU be applied to the sums secured by
tbls Secunty Instrument, whether or not then due, with the excess, if any, paid to
Mo~agor. Such Miscellaneous Proceeds shall be applied in tbe order provided for in
Sectlon 2.·
AI! }'í¡bt$ tn the "sc of thi, doc:ument
reserved by:
Bow~rR rAw Firm, ~C
Pn~ Office Box 1.51;0
Afto". Wyoming 83110-\550
Page 6 of 13
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000569
In the event of a total taldng, destruction, or loss in value of th~ Property, the
Miscellaneous Proceeds shall be applied to the sums secured by this SecurIty Instrument,
whether or not then due, witb the excess, if any, paid to Mortgagor. ..
In the event of a partial taking, destruction, or loss in value of tbe P!operty m whIch
the fair market value of the Property immediately before the partial taking, d~structi~n,
or loss in val ue is equal to or greater than the amount of the s~ms secured. by thIs Secunty
Instrument immediately before the partial taking, destructIon, or loss In value, un1~ss
Mortgagor and Mortgagee otherwise agree in wri,tin.g, the sums secured by this Security
Instrument shall be reduced by tb amount of the Miscellaneous Proceeds multiplied by
the following fraction: (a) the total amount of the sums secured immediately before the
partial taking, destruction, or loss in value divided by (b) the fair market value of the
Property immediately before the partial talring, destruction, or loss in value. Any balance
shall be paid to Mortgagor.
In the event of a partial taldng, destruction, or loss in value of the Property in which
tbe 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, orloss in value, unless Mortgagor and Mortgagee otherwise agree in
writing, the Miscellaneous Proceeds shaU be applied to the sums secured by this Secu.rity
Instru.ment whether or not the sums are then due.
If the Property is abandoned by Mortgagor, or if, after notice by Mortgagee to
Mortgagor that the Opposing Party (as defined in the next sentence) offers to make an
award to settle a claim. for damages, Mortgagor fails to respond to Mortgagee within 30
days after the date the notice is given, Mortgagee is authorized to collect and apply the
Miscellaneous Proceeds either to r.estoration or repair of the Property or to the sums
secured by this Security Instrument, whether or not then due. "Opposing Party" means the
third party that owes Mortgagor MisceIJaneous Proceeds or tbe party against whom
Mortgagor has a right of action in regard to Miscellaneous Proceed.s.
Mortgagor shall be in default if any action or proceeding, whether civil or criminal,
is begun that, in Mortgagee's judgment, could result in forfeiture of the Property or other
material impairment of Mortgagee's interest in the Property or rights under this Security
Instrument. Mortgagor can cure such a default a.nd, if acceleration has occurred, reinstate
as provided in Section 19, by causing the action or proceeding to be dismissed with a ruling
that, in Mortgagee's jud.gment, precludes forfeiture of the Property or other material
impairment of Mortgagee's interest in the Property or rights WJder this Security
~nstr.'ument. The proceeds of any award or claim for damages tbat are attributable to the
Impairment of Mortgagee's interest in the Property are hereby assigned and shan be paid
to Mortgagee. .
An Miscellaneous Proceeds that are not applied to restoration or repair of the
Property shall be applied in the order
provided for in Section 2.
. 9· Mortgagor Not Released; Forbearance By Mortgagee Not a Waiver. Extension of
the tin1.e for payment or modification of amortization of the sums secured by this Security
Instrument granted. by Mortgagee to Mortgagor or any Successor in Interest of Mortgagor
All right~ t.o tbe use of thlll document
rc.<\t.'TVed by:
Bowers Ü\W Finn. PC
Post Office B01\ 1550
Man, Wyomin~ 83UO-1550
Page 7 of 13
000570
constitute a waiver of any right of action Mortgagor might have arising out of such
overcharge. . ...
12. Notices. AIl n.otices given by Mortgagor or Mortgagee In connection WIth ~s
Security Instrument must be in writing. Any noti.ce to Mortgagor in connection with thIS
Security Instrument shall be ~eemed to have been given to Mortgag~r ~hen mailed by
first class mail or when actually delivered to Mortgagor's notice address 1f sent by other
means. Notice to anyone Mortgago.r shall constitute notice to all Mortgagors unless
Applicable Law expressly requires otherwise. The notice address shall be the Property
Address unless Mortgagor has designated a substitute notice address by notice to
Mortgagee. Mortgagor shall promptly notify Mortgagee of Mortgagor's change of address.
If Mortgagee specifies a procedure for reporting Mortgagor's cbange of address, then.
Mortgagor shall only report a change of address through that specified procedure. There
may be only one designated notice address undertbis Security Instrument at anyone time.
Any notice to Mortgagee shall be given by delivering it OT by mailing it by first class mail
to Mortgagee's address stated herein unless Mortgagee has designated another address
by notice to Mortgagor. Any notice in connection with this Security Instrument shall not
be deemed to have been given to Mortgagee until actually received by Mortgagee, If any
notice required by this Security Instrument is also required under Applicable Law, the
Applicable Law requirement win satisfy the corresponding requirement under this
Security Instrument.
13. Governing Law; Severability; Rules of Construction. This Security Instrument
shaU 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 oftbis Security Instrument or the Note conflicts wi.th Applicable Law,
such conflict shall not affect other provisions of this Security Instrument or the Note
which can be given effect without the conflicting provision.
As used in this Security Instrument: (a) words of the masculine gender shall mean
and include corresponding neuterwords 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.
14. Mortgagor's Copy. Mortgagor shall be given one copy of the Note and of this
Security Instrument.·
15. Transfer of the Property or a Beneficial Interest in Mortgagor. As used in this
~ectio~ 15, "Interest in the Property" means any legal or beneficial interest in the Property,
mcludmg, but not limited to, those beneficial interests transferred ìn a bond for deed,
contract for deed, installment sales contract or escrow agreement, the intent of which
is the transfer of title by Mortgagor at a future date to a purchaser.
If all or any part of the Property or any Interest in tbe Property is sold or
transferred (or if Mortgagor is not a natural person and a beneficial interest in
Mortgagor is sold or transferred) without Mortgagee's prior written. consent,
A.11 rights to the Wit: of tbie dowment
reserved by:
BOWCTR Law fiTID, PC
Poet Office Box 1550
Mon, Wyoming 83UO-l.550
Page 9 of 13
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00057j.
shan not operate to release the liability of Mortgagor or any Successors in In~erest of
Mortgagor~ Mortgagee shall not be required to comme~ce proceedings agaInst a,ny
Successor in Interest of Mortgagor or to refuse to extend t1me for payment or otherwIse
modify amortization of the sums secured by this Security Instrument by reason of any
demand made by the original Mortgagor or any Successors .in Interest of Mortgagor. Any
forbeara1)ce by Mortgagee in exercising any right or remedy i~~luding, without ~imitation,
Mortgagee's acceptance of payments from third persons, entities or Successors.lI:' Interest
of Mortgagor or in amounts less than the amount then due, shall not be a WaIver of or
preclude the exercise of any fight or remedy.
. 10. Joint and Several Liability; Co-signers; Successors and Assigns Bound.
Mortgagor covenants and agrees that Mortgagor's ob1igations and liability shan be joint
and several. However, any Mortgagor who co-signs this Security Instrument but does not
execute the Note (a "coNsigner"): (a) is co-signing this Security Instrument only to
mortgage, grant and convey tbe co-signer's interest in the Property under the terms ofthis
Secu.rity Instrument; (b) is not personaHy obligated to pay the sums secured by this
Security Instrument; and (c) agrees that Mortgagee and any other Mortgagor can agree
to extend, modify, forbear or mal(,e any accommodations with regard to the terms of this
Security Instrument or the Note without the cONsigner's consent.
Subject to the provisions of Section 15, any Successor in Interest of Mortgagor who
assumes Mortgagor's obligations under this Security Instrument in writing, and is
approved by Mortgagee, shall obtain an of Mortgagor's rights and benefits under this
Security Instrument. Mortgagor shall not be released from Mortgagor's obligations and
liability underthjs Security Instrument un1e...qs Mortgagee agrees to such release in writing.
The covenants and agreements of this Security Instrument shall bind (except as provided
in Section 17) and benefit the successors and assigns of Mortgagee.
11. Loan Charges. Mortgagee may charge Mortgagor fees for services performed in
con.nection with Mortgagor's defau.lt, for the purpose of protecting Mortgagee's interest
in the Property and rights under this Security Instrument, including, but not limited to,
attorneys' 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
Mortgagor shall not be construed as a prohibition on the charging of such fee. Mortgagee
may not charge fees that are expressly prohibited by this Security Instrument or by
Applicable Law.
If the Loan is subject to a law which sets maximum loan charges, and that law is
finally interpreted so that the interest or other loan charges colJected or to be collected in
connection with the Loan exceed the permitted limits, then: (a) any such loan charge shall
be reduced by the amount necessary to reduce the charge to the permitted limit; and (b)
any sums already collected from Mortgagor which exceeded permitted limits win be
re~~ed to Mortgagor. Mortgagee may choose to make this refund by reducing the
pnncJpal o~e? under the Note or by malting a direct payment to Mortgagor. If a refund
reduces pnnclpal, the reduction will be treated as a partial prepa}'ment without any
prepayment charge (whether or not a prepayment charge is provided for under the Note).
Mortgagor's acceptance of any such refund made by direct payment to Mortgagor will
An right.~ to the UIII: of this document
reserved by:
BOWer, Law Firm. PC
Potlt O(fiœ Box 1550
A.~on, WYQming 83J10.15,~O
Page 8 of 13
000572
change during the term of the Loan. The insurance carrier providing' the insurance s~all
be chosen by Mortgagor subject to Mortgagee's right to disapprove. Mortgagor's choIce,
which right shall not be exercised unreasonably. Mortgagee may require Mortgago~to pay,
in connection with tbis Loan either: (a) a one-time charge for flood zone determmation,
certification and trackin.g se~ces; 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. Mortgagor shan
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 from an objection by Mortgagor.
If Mortgagor fails to maintain any of the coverages described above, Mortgagee may
obtain insurance coverage, at Mortgagee's option and Mortgagor's expense. Mortgagee is
under no obligation to purchase any particular type or amount of coverage. Therefore,
such coverage shan cover Mortgagee, but might or might not protect Mortgagor,
Mortgagor'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. Mortgagor acknowledges that the cost of the insurance coverage so obtained might
significantly exceed the cost of insurance that Mortgagor could have obtained. Any
amounts disbursed by Mortgagee under this section shall become additional debt of
Mortgagor secured by this Security Instrument. These amounts shall bear interest at the
Note rate from the date of disbursement and shan be payable, with :mch interest, upon
notice from Mortgagee to Mortgagor requesting payment.
All insurance policies required by Mortgagee and renewals of s\lch policies shall be
subject to Mortgagee's right to disapprove such policies, shall include a standard mortgage
clause, aud shall name Mortgagee as mortgagee and/or as an additional loss payee.
Mortgagee shall have the right to bold the policies and renewal certificates. If Mortgagee
requires, Mortgagor shall promptly give to Mortgagee all receipts of paid premium.s and
renewal notices. If Mortgagor obtains any form of insurance coverage, not otherwise
required by Mortgagee, for damage to, or destruction of, the Property, such policy shan
include a standard mortgage clause and shaH name Mortgagee as mortgagee and/or as an
additional loss payee.
In the event of1oss, Mortgagor shall give prompt notice to the insurance carrier and
Mortgagee. Mortgagee may malta proof ofloss if not made promptly by Mortgagor, Unless
Mortgagee and Mortgagor otherwise agree in writing, any insurance proceeds, whether or
not the ~1nderlying insurance was required by Mortgagee, shall be applied to restoration
or repaIr of the Property, if the restoration or repair is economically feasible and
Mortgagee's security is not lessened. During such repair and restoration period, Mortgagee
shall have the right to hold such insurance proceeds until Mortgagee has had an
opportunity to inspect sllch Property to ensure the work has been completed to
Mortgagee's satisfaction, provided that such inspection shall be undertaken promptly.
~ortg~ee may dIsburse proceeds for the repairs and restoration in a single payment or
~n a s~~es of progr~ payments as the work is completed. Unless an agreement is made
lD wrIting or ApplIcable Law requires interest to be paid on such insurance proceeds,
All rigbts to -the: utle of this documelJt
n:served by:
Bower ; Low F'iI'ID, PC
PÜ\lt offlçe Box 1550
AftQn, Wyomin !: 83110-1550
Page 4 of 13
000573
Mortgagee may require immediate payment in full of all sums secured by this Security
Instrument. However, th.IS optJon shan not De exercised by M.ortgagee If such exerCIse
is prohibited by Applicable Law. .
If Mortgagee exercises this option, Mortgagee shall give Mortgagor notIce of
acceleration. The notice shan. provide a period of not less than 30 days from the date
the notice is given in ac<:ordance with Section 12 within ",:hich Mortgagor must p~y all
sums secured by this Security Instrument. If Mortgagor falls to pay these sums prIor to
the expiration of this period, Mortgagee may invoke any remedies permitted by this
Security Instrument without further notice or demand on Mortgagor. .
16, Mortgagor's Right to Reinstate After Acceleration. If Mortgagor m~ets cert~
conditions, Mortgagor shall have the right to bave enforcement of thIs Secunty
Instrument discontinued. at any time prior to the earliest of: (a) five days before sale of
the Property pursuant to any power of sa1e contained in this Secul'ity Instrument; (b)
such other period as appHcable law might specify for the termination of Mortgagor's
right to reinstate; or (c) entry of a judgment enforcing this Security Instrument. Those
conditions are that Mortgagor: (a) pays Mortgagee all sums which then would be due
under this Security Instrument 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 the
purpose of protecting Mortgagee's interest in the Property and rights under this
Security Instrument; and Cd) takes such action as Mortgagee may reasonably require to
assu.re that Mortgagee's interest in the Property and rights under this Security
Instrument, and Mortgagor's obligation to pay the sums secured by this Security
Instrument, shall continue unchanged. Mortgagee may require that Mortgagor pay
such reinstatement sums and expenses in o.ne or more of the following forms, as
selected by Mortgagee: (a) cash; (b) money order; (c) certified .:heck, bank check,
treasurer's check or cashier's check, provided any such checl< is drawn upon an
institution whose deposits are insu.red by a federal agency, instru.mentality or entity; or
(d) Electronic Funds Transfer. Upon reinstatement by Mortgagor, 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 15,
17· SaIe of Note; Change of Loan Servicer. The Note or a partial interest in the
Note (together with this Security Instr.ument) can be sold one or more times without
prior notice to Mortgagor. A sale might result in a change in the entity (known as the
"Loan Servicer") that collects Periodic Payments due under the Note and this Security
Instrument and periorms other mortgage löan servicing obligations under the Note
and this Security Instrument.
18. Hazardous Substances. Ai; used in tWs Section 18: (a) "Hazardous Substances"
ate !bose substances defined as toxic or hazardous substances, pollutants, or wastes by
EnvIronmental Law and the following substances: gasoline, l,erosene, other flammable
or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials
All rights to the use ot thil1 document
reserved by:
Bowcl'$ f..aw Firm, PC
Pn(lt office BOil 1.550
Aftol1, Wyoming 83110-)550
Page 10 of 13
000574
containing asbestos or formaldehyde, and radioactive materials; (b) "~nvironmental
Law" means federal laws and laws of the jurisdiction where the Property IS located tha.t
relate to health, safety or environmental protection; (c) "Envir?nmental C~eanuf
includes any response action, remedial action, or removal action, as defmed In
Environmental Law; and Cd) an "Environmental CO.ndition" means a condition that can
cause, contribute to, or otherwise trigger an Environmental Cleanup.
Mortgagor sball not cause or permit the presence, use, disposal, storage, or relea~e
of any Hazardous Substances, or threaten to release any Hazardous Substances, on or In
the Property. Mortgagor shall not do, nor allow anyone else to do, anythi~ affecting the
Property (a) that is in violatiou of any Environmental Law, (b) whu;h creates an
Environmental Conditiop, 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. Tbe preceding two sentences shall not apply to the presence, Use, or storage
on the Property of small quantities of Hazardou.s Substances that are generally
recognized to be appropriate to normal residential uses and to maintenance of the
Property (including, but not limited to, hazardous substan.ces in consumer products).
Mortgagor shall promptly give Mortgagee written notice of (a) any investigation,
claim, demand, lawsuit or other action by any governmental or regtùatory agency or
private party involving the Property and any Hazardous Substance or Environmental
Law of which Mortgagor has actual knowledge, (b) any Environmental Condition,
including but not limited to, any spilling, lealdng, discharge, releasl~ or threat of release
of any Hazardous Substance, and (c) any condition caused by the presence, use or
release of a H3.7,ardous Substance which ad.versely affects the value of the Property. If
Mortgagor 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, Mortgagor shall promptly take all necessary
remedial actions in accordance with Environmental Law. Nothing herein shall create
any obligation on Mortgagee for an Environmental Cleanup.
19· Acceleration; Remedies. Mortgagee shall give notice to Mortgagor prior to
acceleratjon following Mortgagor's breach of any covenant or agreement in this Security
Instrument (but not prior to acceleration under Section 15 unless Applicable Law
provides otherwise). The notice shalls,pecify: (a) the default; (b) tbe action required to
cure the default; (c) a date, not less than 30 days from the date the notice is given to
Mortgagor, 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
~ecw'ed by this Security Instrument and sale of the Property. The notice shall further
mfonn Mortgagor of the right to reinstate after acceleration and the right to bring a
court actio~ to assert the non-existence of a default or any other defense of Mortgagor
to ~cceleration and sale. If the default is not cured on or before the date specified in the
not1.ce1 Mortgagee at its option may require immediate payment to. full of all sums
secured by this Security Instrument without further demand and may invoke the powermof sale and a.ny other remedies permitted by Applicable Law. Mortgagee shall be entitled
to collect aU expenses incurred in pursuing the remedies provided in this Section 19,
A n rights to the use of t!tis document
~efVed by~
"ower/: I~,w firm, t'c
POllt Office Box ~5.;o
Mtnn, Wyoming 83no-~S50
Page 11 of 13
000575
including, but not limited to, reasonable attorneys I fees and costs of title evidence.
If Mortgagee invokes the power of sale, Mortgagee shaH give notice of intent to
foreclose to Mortgagor and to the person in possession of the Property, if different, in
accordance witb Applicable Law. Mortgagee sbaU give notice of the sale to Mortgagor in
the manner provided in Section 12. Mortgagee sha)) publish the notice of saJe, and the
Property shall be sold in the manner prescribed by Applicable Law. Mortgagee or its
designee may purchase the Property at any sale. The proceeds of the sale shaH be
applied in the following order: (a) to aU 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.
20. Release. Upon payment of an sums secured by this Security Instrument,
Mortgagee shall release this Security Instrument. Mortgagor shall pay any recordation
costs. Mortgagee may charge Mortgagor a fee for releasing this Seculity Instrument, but
only if the fee is paid to a third party for services rendered and the charging of the fee is
pennitted under Applicable Law.
21. Waivers. Mortgagor releases and waives all rights under and by virtue of tbe
homestead exemption laws of Wyoming.
22. The covenants herein contained shall bind, and the benefits and advantages
shall inure to, the respective heirs, executors, administrators, successors, and assigns of
the parties hereto. Whenever used, the singular number shall include the plural, the
plural the singular, and the use of any gender shall include all genders.
23· Whenever used herein, the terms "mo.rtgagor" and "mortgagee" include all the
parties to this instrument and the heirs, legal representatives, and assigns of
individuals, and the successors and assigns of cor.porations; and the term "Note"
includes all the notes herein described if more than one.
BY SIGNING BELOW, MORTGAGOR ACCEPTS AND AGREES TO THE TERMS AND
COVENANTS CONTAINED IN THIS SECTJ.RIIY INSTRUMENT AND IN ANY RIDER EXECUTED BY
MORTGAGOR AND RECORT.>E.V WITH IT.
IN WITNESS WHEREOF, this document executed th~ \ 5.'day of .December,
20°7·
~~~
JAMES V. PETERSON
&MJ~iïTM1Ï)
SHERRIE L. P TERSON
All ri~htl.l to tbe use of thie doç"ment
rCAm'tJd by:
Bowers L:\w Finn, PC
Post OfficE: J(IX 1550
Mhln, WYQming 83110-'550
Page 1:Z of 13
The foregoing was acknowledged before my
day of December, 2007.
WITNESS my band and official seal.
STATE OF UI'AH
COUNfY OF SAUl' rAKE
)
) 55.
)
The foregoing was acknowledged befor
day of December, 2007.
WITNESS my hand and official seal.
My commission expires: 10/04/2008
STATE OF' umH
)
) 55.
)
COUNTY OF" SATIl'rAKE
My commission expires:
10/04/2008
All rights to the U(l1 ohhis document
R:$erved by:
Bower~ LAw I='irm, PC
Po.~t Office Box 15SØ
AftOI1, Wyoming 8311D-1550
000576
21st
is 21 st
Page 13 of 13