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HomeMy WebLinkAbout936095 After Recording Refilm To: Taylor, Bean & Whitaker Mortgage Corp. 1417 North Magnolia Ave. Ocala, FL 34475 "'t~ ' knd lltle = (9mpany SINCE 1904 (j t17f1 RECEIVED 1/8/2008 at 2:47 PM RECEIVING # 936095 BOOK: 683 PAGE: 287 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY 0'00287 ' [Space Above Tlús LIne For Recor(ling Data] MORTGAGE ~IN:100029500022642478 DEFINITIONS Words used in multiple sections of this document are detined 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. 1 (A) "Security Instrument" means this document, which is dated December 31, 2007 Riders to this document. , together with all t (B) "Borrower" is BENJAMIN SESSIONS and KARA SESSIONS, HUSBAND AND WIFE Bon-ower is the mortgagor under this Security Instrument. (C) "MERS" is Mortgage Electronic Registration Systems, Inc. MERS is a separate corporation that is acting solely as a nominee for Lender and Lender's successors and assigns. MERS is the mortgagee under this Security Instrument. MERS is organized and existing under the laws of Delaware, and has an address and telephone number of P.O. Box 2026, Flint, MI 48501-2026, tel. (888) 679-MERS. (D) "Lender" is Taylor, Bean & Whitaker Mortgage Corp. Lender is a a Florida Corporation the laws of FL 1417 North Magnolia Ave, Ocala, FL 34475 organized and existing under . Lender's address is (E) "Note" means the promissory note signed by Bon-ower and dated December 31, 2007 . The Note states that Bon-ower owes Lender One Hundred Seventy Six Thousand and no/100 Dollars (U.S. $176,000.00 ) plus interest. Bon-ower has promised to pay this debt in regular Periodic Payments and to pay the debt in full not later than January 01, 2038 (F) "Property" means the property that is described below under the heading "Transfer of Rights in the Property.n WYOMING-Single Family-FannIe MaelFreddie Mac UNIFORM INSTRUMENT ITEM T2769L1 (0011 )-MERS (Page J (~(J2 pages) Form 30511/01 GREATLAND. To Order Cell: 1-800-530-9393 o Fe.: 616-791-1131 111111111111111111111111111111111111111111/11111111111111111111111111111111 '0241102264247* / I ! 000288 (G) "Loan" means the debt evidenced by the Note, plus interest, any prepayment charges and late charges due under the Note, and all sums due under this Security Instrument, plus interest. (H) "Riders" means all Riders to this Security Instnunent that are executed by Borrower. The following Riders are to be executed by Borrower [check box as applicable]; D Adjustable Rate Rider D Balloon Rider D Condominium Rider D Second Home Rider D Planned Unit Development Rider D Other(s) [specify] D 1-4 Family Rider D Biweekly Payment Rider (I) "Applicable Law" means all controlling applicable federal, state and local statutes, regulations, ordinances and administrative rules and orders (that have the effect of law) as well as all applicable final, non-appealable judicial opinions. (J) "Community Association Dues, Fees, and Assessments" means all dues, fees, assessments and other charges that are imposed on Borrower or the Property by a condominium association, homeowners association or similar organization. (K) "Electronic Funds Transfer" means any transfer of funds, other than a transaction originated by check, draft, or similar paper instrument, which is initiated through an electronic tenl1inal, telephonic instrument, computer, or magnetic tape so as to order, instruct, or authorize a financial institution to debit or credit an account. Such tenn includes, but is not limited to, point-of-sale transfers, automated teller machine transactions, transfers initiated by telephone, wire transfers, and automated clearinghouse transfers. (L) "Escrow Items" means those items that are described in Section 3. (M) "Miscellaneous Proceeds" means any compensation, settlement, award of damages, or proceeds paid by any third party (other than insurance proceeds paid under the coverages described in Section 5) for: (i) damage to, or destruction of, the Property; (ii) condemnation or other taking of all or any part of the Property; (iii) conveyance in lieu of condemnation; or (iv) misrepresentations of, or omissions as to, the value and/or condition of the Property. (N) "Mortgage Insurance" means insurance protecting Lender against the nonpayment of, or default on, the Loan. (0) "Periodic Payment" means the regularly scheduled amount due for (i) principal and interest under the Note, plus (ii) any amounts under Section 3 of this Security Instrument. (P) "RESPA" means the Real Estate Settlement Procedures Act (12 U.S.C. §2601 et seq.) and its implementing regulation, Regulation X (24 C.F.R. Part 3500), as they might be amended from time to time, or any additional or successor legislation or regulation that governs the same subject matter. As used in this Security Instnunent, "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" under RESP A. (Q) "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 and/or this Security Instrument. WYOMING-Single Family-Fannie MaelFreddie Mac UNIFORM INSTRUMENT ITEM T2769l2 (0011 )-MERS (Page 2 of'l2 page.~) Form 30511/01 GREATLAND. To Order Call: 1-800-530-9393 DFax: 616-791-1131 TRANSFER OF RIGHTS IN TIlE PROPERTY 000289 111is Security Instrument secures to Lender: (i) the repayment of the Loan, and all renewals, extensions and modifications of the Note; and (ii) the perfonuance of Borrower's covenants and agreements under this Security Instrument and the Note. For tlns purpose, Borrower does hereby mortgage, grant and convey to MERS (solely as nonnl1ee for Lender and Lender's successors and assigns) and to the successors and assigns of MERS, with power of sale, the following described property located in tl1e County of LINCOLN [Type of Recording Jurisdiction] [Name of Recording Jurisdictionl See Attached Exhibit A. which currently has tl1e address of 110 COUNTY ROAD 187 [Street] BEDFORD [City] , Wyoming 83112 [Zip Code] ("Property Address"): TOGETHER WITH all the improvements now or hereafter erected on tl1e property, and all easements, appurtenances, and fixtures 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 tl1e "Property." Borrower understands and agrees that MERS holds only legal title to tl1e interests grmlted by Borrower in tl1is Secmity Instrument, but, if necessary to comply with law or custom, MERS (as nominee for Lender and Lender's successors and assigns) has tl1e right: to exercise any or all of those interests, including, but not limited to, tl1e right to foreclose mld sell the Property; mld to take any action required of Lender including, but not limited to, releasing and cmlceling this Secmity Instrument. BORROWER COVENANTS tl1at Borrower is lawfully seised of tl1e estate hereby conveyed and has the right to mortgage, grmlt and convey the Property and that tl1e 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 encumbrmlces of record. THIS SECURITY INSTRUMENT combines uniform covenants for national use mld non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. UNIFORM COVENANTS. Borrower mld Lender covenant and agree as follows: 1. Payment of Principal, Interest, Escrow Items, Prepayment Charges, and Late Charges. BOlTower shall pay wheu due tl1e principal of, mld interest on, tl1e debt evidenced by the Note mld mlY prepayment charges and late charges due under the Note. Borrower shall also pay funds for Escrow Items pursuant to Section 3. Payments due under tl1e Note and tl1is Security Instrument shall be made in U.S. currency. However, if any check or other instrument received by Lender as payment under the Note or this Security Instrument is retumed to Lender unpaid, Lender may require tl1at mlY or all subsequent payments due under the Note and this Security Instrument be made in one or more of the following fonlls, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, treasmer'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 tl1e Note or at such otl1er location as may be designated by Lender in accordmlce witl1 the notice provisions in Section 15. Lender may return mlY payment or WYOMING-Single Family-Fannie MaelFreddie Mac UNIFORM INSTRUMENT ITEM T2769L3 (0011 )-MERS (Page 3 of 12 pages) Form 30511101 GREATLAND. To Ordor Call: 1-800-530-9393 [J Fax: 616-791-1131 / I 000290 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 lights 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 rettml them to Borrower. If not applied earlier, such funds will be applied to the outstanding principal balance under the Note immediately plior to foreclosure. No offset or claim which Borrower might have now or in the future against Lender shall relieve Borrower from making payments due under the Note and tlllS Security Instrument or perfonning tlle covenants and agreements secured by tlllS 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 priolity: (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 tlle order in which it became due. Any remaining amounts shall be applied first to late charges, second to any otller amounts due under tlllS Security Instrument, and tllen to reduce the principal balance of tlle Note. If Lender receives a payment from BOITower for a delinquent Periodic Payment which includes a sufficient amount to pay any late charge due, the payment may be applied to tlle 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 tlle Periodic Payments if, and to tlle extent tllat, each payment can be paid in full. To the extent tlIat 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 tllen as described in the Note. Any application of payments, insurance proceeds, or Miscellaneous Proceeds to principal due under the Note shall not extend or postpone the due date, or change the amount, of the Periodic Payments. 3. Funds for Escrow Items. Borrower shall pay to Lender on tlle day Periodic Payments are due under the Note, until tlle Note is paid in full, a sum (tlle "Funds") to provide for payment of amounts due for: (a) taxes and assessments and otller items which can attain pliority over this Security Iustrument as a lien or encumbrance on the Property; (b) leasehold payments or ground rents on tlle Property, if any; (c) prenllums for any and all insurance required by Lender under Section 5; and (d) Mortgage Insurance premiums, if any, or any SUlns payable by Borrower to Lender in lieu of the payment of Mortgage Insurance premiums in accordance with tlle provisions of Section 10. These items are called "Escrow Items." At origination or at any time duling tlle tenn of the Loan, Lender may require that Community Association Dues, Fees, and Assessments, if any, be escrowed by Borrower, and such dues, fees and assessments shall be an Escrow Item. Borrower shall promptly fumish 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 may only be in writing. In the event of such waiver, BOlTower shall pay directly, when and where payable, tlle amounts 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 peliod 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 Instnllnent, as the phrase "covenant and agreement" is used in Section 9. If BOlTower is obligated to pay Escrow Items directly, pursuant to a waiver, and Borrower fails to pay tlle amount due for an Escrow Item, Lender may exercise its lights under Section 9 and pay such amount and Borrower shall tllen be obligated under Section 9 to repay to Lender any such amount. Lender may revoke the waiver as to any or all Escrow Items at any time by a notice given in accordance with Section 15 and, upon such revocation, Borrower shall pay to Lender all Funds, and in such amounts, tllat are then required under this Section 3. Lender may, at any time, collect and hold Funds in an amount (a) sufficient to pennit Lender to apply the Funds at the time specified under RESPA, and (b) not to exceed tlle maximum amount a lender can require under RESPA. Lender shall estimate the amount of Funds due on the basis of current data and reasonable estimates of expenditures of future Escrow Items or otherwise in accordance witll Applicable Law. TIle Funds shall be held in an institution whose deposits are insured by a federal agency, instnuuentality, or entity (including Lender, if Lender is an institution whose deposits are so insured) or in any Federal Home Loan Bank. Lender shall apply the Funds to pay the Escrow Items no later than the time specified under RESP A. Lender shall not charge Borrower for holding and applying tlle Funds, annually analyzing the escrow account, or verifying the Escrow Items, unless Lender pays Borrower interest on the Funds and Applicable Law permits Lender to make such a charge. Unless an agreement is made in wliting or Applicable Law requires interest to be paid on tlle Funds, Lender shall not be required to pay Borrower any interest WYOMING-Single Family-Fannie MaelFreddle Mac UNIFORM INSTRUMENT ITEM T2769L4 (0011 )-MERS (Page 4 ofî2 pages) Form 30511101 GREATLAND. To Order Call: HlOQ-S30-9393 o Fax: 616-791-1131 000291. or eamings on the Funds. Borrower and Lender can agree in writing, however, that interest shall be paid on the Funds. Lender shall give to Borrower, without charge, an annual accounting of the Funds as required by RESP A. If there 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 there is a shortage of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the mnount necessary to make up the shortage in accordance with RESPA, but in no more than 12 monthly payments. If there is a deficiency of Funds held in escrow, as defined under RESP A, Lender shall notify Borrower as required by RESP A, and Borrower shall pay to Lender the amount necessary to make up the deficiency in accordance with RESPA, but in no more than 12 monthly payments. Upon payment in full of all sums secured by this Security Instrument, Lender shall promptly refund to Borrower any Funds held by Lender. 4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines, and impositions attributable to the Property which can attain priority over this Secmity Instrument, leasehold payments or ground rents on the Propelty, if any, mId Community Association Dues, Fees, mId Assessments, if any. To the extent that these items are Escrow Items, Borrower shall pay them in the mmmer provided in Section 3. Borrower shall promptly discharge mlY lien which has priority over this Security Instnunent unless BOlTower: (a) agrees in writing to the payment of the obligation secured by the lien in a mmmer acceptable to Lender, but only so long as Borrower is perfonning such agreement; (b) contests the lien in good faith by, or defends against enforcement of the lien in, legal proceedings which in Lender's opinion operate to prevent the enforcement of the lien wlnle those proceedings are pending, but only until SUC~1 proceedings are concluded; or (c) secures from tlle holder of the lien an agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determines that any part of the Property is subject to a lien which can attain priority over this Security Instrument, Lender may give Borrower a notice identifying the lien. Within 10 days of the date on which that notice is given, Borrower shall satisfy the lien or take one or more of the actions set forth above in this Section 4. Lender may require Borrower to pay a one-time charge for a real estate tax 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 fire, hazm'ds included within the term "extended coverage," and any other hazards including, but not limited to, earthquakes and floods, for which Lender requires insurance. This insurance shall be maintained in tlle amounts (including deductible levels) mId for the peliods that Lender requires. What Lender requires pursumlt to the preceding sentences cml 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 uureasonably. Lender may require Borrower to pay, in connection with this Loan, either: (a) a one-time charge for flood zone detennination, certification and tracking services; or (b) a one-time charge for flood zone determination and certification services mId subsequent charges each time remappings or similar changes occur which reasonably might affect such determination or certification. Borrower shall also be responsible for the payment of any fees imposed by the Federal Emergency Mmlagement Agency in connection with the review of mlY flood zone determination resulting from an objection by Borrower. If Borrower fails to maintain mlY 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. 11lerefore, such coverage shall cover Lender, but might or might not protect Borrower, Borrower's equity in the Propelty, or the contents of the Property, against mlY risk, hazard or liability mId might provide greater or lesser coverage than was previously in effect. Borrower acknowledges that the cost of the insurmlce 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 mOltgagee and/or as an additional loss payee. Lender shall have the right to hold the policies and renewal certificates. If Lender requires, Borrower shall promptly give to Lender all receipts of paid premiums and renewal notices. If Borrower obtains any fonn of insurance coverage, not otherwise required by Lender, for damage to, or destruction of, the Property, such policy shall include a standard mortgage clause mId shall name Lender as mOltgagee and/or as an additional loss payee. In the event of loss, Borrower shall give prompt notice to the insurance cmTier and Lender. Lender may make proof of loss if not made promptly by Borrower. Unless Lender and Bon'ower otherwise agree in writing, any insurance proceeds, WYOMING-Single Family-Fannie MaelFredlUe Mac UNIFORM INSTRUMENT ITEM T2769l5 (0011 )-MERS (Page 5 ofî2 page,,) Form 30511/01 GREATLANO. To Order Call: 1-800-530-9393 o Fax: 616-791-1131 / I 000292 whether or not the underlying insurance was required by Lender, shall be applied to restoration or repair of the Property, if the restoration or repair is economically feasible and Lender's security is not lessened. During such repair and restoration period, Lender shall have the right to hold such insurance proceeds until Lender has had an 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. U¡ùess an agreement is made in writing or Applicable Law requires interest to be paid on such insurance proceeds, Lender shall not be required to pay Borrower any interest or earnings on such proceeds. Fees for public adjusters, or other third parties, retained by Borrower shall not be paid out of the insurance proceeds and shall be the sole obligation of 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 the excess, if any, paid to Borrower. Such insurance proceeds shall be applied in the order provided for in Section 2. If Borrower abandons the Property, Lender may file, negotiate and settle any available insurance claim and related matters. If Borrower does not respond within 30 days to a notice from Lender tl1at the insurance carrier has offered to settle a claim, then Lender may negotiate and settle the claim. 111e 30-day period will begin when tl1e notice is given. In either event, or if Lender acquires the Property under Section 22 or otherwise, Borrower hereby assigns to Lender (a) Borrower's rights to ffiIY insurance proceeds in an amount not to exceed the ffillounts unpaid under the Note or this Security Instnullent, and (b) any other of Borrower's rights (otl1er than the right to any refund of unearned premiums paid by Borrower) under all insurance policies covering the Property, insofar as such rights are applicable to the coverage of the Property. Lender may use tl1e insurance proceeds eitl1er to repair or restore tl1e Property or to pay ffillounts unpaid under the Note or this Security Instrument, whetl1er or not then due. 6. Occupancy. Borrower shall occupy, establish, and use the Property as Borrower's principal residence within 60 days after the execution of this Security Instnllllent and shall continue to occupy the Property as Borrower's principal residence for at least one year after the date of OCCUPffilCY, unless Lender otherwise agrees in writing, which consent shall not be uureasonably withheld, or unless extenuating circumstances exist which are beyond Borrower's control. 7. Preservation, Maintenance and Protection of the Property; Inspections. Borrower shall not destroy, damage or impair the Property, allow the Property to detedorate or commit waste on the Property. Whether or not Bonuwer is residing in the Property, Borrower shall maintain the Property in order to prevent the Property from deteriorating or decreasing in value due to its condition. Unless it is determined purSUffilt to Section 5 that repair or restoration is not economically feasible, Borrower shall promptly repair the Property if damaged to avoid furtl1er deterioration or dffillage. If insurance or condemnation proceeds are paid in connection with damage to, or the taking of, the Property, Borrower shall be responsible for repairing or restoring tl1e Property only if Lender has released proceeds for such purposes. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as the work is completed. If the insurffiIce or condemnation proceeds are not suftïcient to repair or restore the Property, Borrower is not relieved of Borrower's obligation for the completion of such repair or restoration. Lender or its agent may make reasonable entries upon ffiId inspections of the Property. If it has reasonable cause, Lender may inspect the interior of tl1e improvements on the Property. Lender shall give Borrower notice at the time of or prior to such an interior inspection specifying such reasonable cause. 8. Borrower's Loan Application. Borrower shall be in default if, during the Loan application process, Borrower or ffiIY persons or entities acting at the direction of Borrower or witl1 Borrower's knowledge or consent gave materially false, misleading, or inaccurate infonl1ation or statements to Lender (or failed to provide Lender with material information) in connection witl1 the Loan. Material representations include, but are not limited to, representations concerning Borrower's occupancy of tl1e Property as Borrower's principal residence. 9. Protection of Lender's Interest in the Property and Rights Under this Security Instrument. If (a) Borrower fails to perfonl1 the covenants and agreements contained in this Security Instrument, (b) there is a legal proceeding that might signific~Ultly affect Lender's interest in the Property and/or rights under this Security Instrument (such as a proceeding in bankruptcy, probate, for condemnation or forfeiture, for enforcement of a lien which may attain priority over this Security Instrument or to enforce laws or regulations), or (c) Borrower has abandoned the Property, then Lender may do and pay for whatever is reasonable or appropriate to protect Lender's interest in the Property and rights under this Security Instnnllent, including protecting and/or assessing tl1e value of the Property, and securing and/or repairing the Property. Lender's actions can include, but are not limited to: (a) paying ffiIY sums secured by a lien which has priority over tl1is SeclUity Instrument; (b) appearing in court; and (c) paying reasonable attorneys' fees to protect its interest in the Property and/or rights under this Security Instrument, including its secured position in a bffiIkruptcy 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 WYOMING-Single Family-Fannie MaelFreddie Mac UNIFORM INSTRUMENT ITEM T2769L6 (0011 )-MERS (Page 6412 pages) Form 30511101 GREATLANO. To Order Call: 1-800-530-9393 o Fax: 616-791-1131 000293 pipes, eliminate building or other code violations or dangerous conditions, and have utilities tumed on or off. Although Lender may take action under this Section 9, Lender does not have to do so and is not under any duty or obligation to do so. lt is agreed that Lender incurs no liability for not taking any or all actions authorized under this Section 9. Any amOlUlts 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 titIe to tIle Property, the leasehold and tIle fee titIe shall not merge unless Lender agrees to the merger in writing. 10. Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan, Borrower shall pay the premiums required to maintain the Mortgage Insurance in effect. If, for any reason, the Mortgage hlsurance coverage required by Lender ceases to be available from the 1ll00tgage insurer that previously provided such insurance and Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiums required to obtain coverage substantially equivalent to the Mortgage Insurance previously in effect, at a cost substantially equivalent to the cost to Borrower of the Mortgage Insurance previously in effect, hom an alternate mortgage insurer selected by Lender. If substantially equivalent Mortgage hlsurance coverage is not available, Borrower shall continue to pay to Lender the amount of tIle separately designated payments tIlat were due when the insurance coverage ceased to be in effect. Lender will accept, use and retaiu these payments as a non-refundable loss reserve in lieu of Mortgage Insurance. Such loss reserve shall be non-refundable, notwithstanding the fact tIlat the Loan is ultimately paid in full, and Lender shall not be required to pay Borrower any interest or eamings on such loss reserve. Lender can no longer require loss reserve payments if Mortgage Insurance coverage (in tIle 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 preminms for Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan and Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiums required to maintain Mortgage Insurance in effect, or to provide a non-refundable loss reserve, until Lender's requirement for M0l1gage Insurance ends in accordance with any written agreement between Borrower and Lender providing for such tennination or until tennination 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 tIlat 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 tIleir total lisk on all such insurance in force from time to time, and may enter into agreements with other parties tIlat share or modify their risk, or reduce losses. These agreements are on tenns and conditions that are satisfactory to the mortgage insurer and tIle other party (or parties) to tIlese agreements. These agreements may require tIle mortgage insurer to make payments using any source of funds that the mortgage insurer may have available (which may include funds obtained from Mortgage Insurance premiums). As a result of these agreements, Lender, any purchaser of the Note, another insurer, any reinsurer, any other entity, or any affiliate of any of the foregoing, may receive (directly or indirectIy) amounts that derive from (or might be characterized as) a portion of Borrower's payments for M0l1gage Insurance, in exchange for sharing or modifying the mortgage insurer's risk, or reducing losses. If such agreement provides that an affiliate of Lender takes a share of the insurer's risk in exchange for a share of the premiums paid to the insurer, the arrangement is often termed "captive reinsurance." Further: (a) Any such agreements will not affect the amounts that Borrower has agreed to pay for Mortgage Insurance, or any other terms of the Loan. Such agreements will not increase the amount Borrower will owe for Mortgage Insurance, and they will not entitle Borrower to any refund. (b) Any such agreements will not affect the rights Borrower has-if any-with respect to the Mortgage Insurance under the Homeowners Protection Act of 1998 or any other law. These rights may include the right to receive certain disclosures, to request and obtain cancellation of the Mortgage Insurance, to have the Mortgage Insurance terminated automatically, and/or to receive a refund of any Mortgage Insurance premiums that were unearned at the time of such cancellation or termination. 11. Assignment of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned to and shall be paid to Lender. If tIle Property is damaged, such Miscellaneous Proceeds shall be applied to restoration or repair of tlle Property, if tIle 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 snch Miscellaneous Proceeds until Lender has had an opportunity to inspect such Property to ensure tIle work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. WYOMING-Single Family-Fannie MaelFreddie Mac UNIFORM INSTRUMENT ITEM T2769L7 (0011 )-MERS (Page 7 of 12 pages) Form 30511/01 GREA TLAND . To Order Call: 1-800-530-9393 OFa.: 616-791-1131 \ 000294 Lender may pay for the repairs and restoration in a single disbursement or in a series of progress payments as the work is completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such Miscellaneous Proceeds, Lender shall not be required to pay Borrower any interest or eamings on such Miscellaneous Proceeds. If the restoration or repair is not economically feasible or Lender's security would be lessened, the Miscellaneous Proceeds shall be applied to the sums secured by tI1Ïs Security hlstrument, whetIler or not then due, with the excess, if any, paid to Borrower. Such Miscellaneous Proceeds shall be applied in tile 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 Instnllnent, whetIler or not then due, with the excess, if any, paid to Borrower. In the event of a partial taking, destmction, or loss in value of the Property in which tile fair market value of the Property immediately before the partial taking, destmction, or loss in value is equal to or greater tIlan tile amount of the sllIns secured by this Security Instnllnent immediately before tile partial taking, destnlction, or loss in value, unless Borrower and Lender otherwise agree in writing, tile sUlns secured by this Security Instnuuent shall be reduced by tile amOlUlt of the Miscellaneous Proceeds multiplied by tile following fraction: (a) the total amount of the sums secured immediately before the partial taking, destruction, or loss in value divided by (b) tile fair market value of tile Property immediately before the partial taking, destruction, or loss in value. Any balance shall be paid to Borrower. In tile event of a partial taking, destruction, or loss in value of the Property in which the fair market value of the Property inlluediately before the partial taking, destruction, or loss in value is less than the amount of the sUlns 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 tile sums secured by tI1is Security Instrllluent whether or not the sUlns are then due. If tile Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the Opposing Party (as defined in tile next sentence) offers to make an award to settIe a claim for dmnages, Bon-ower fails to respond to Lender witl1Ïn 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 SUlUS secured by this Security Instnllnent, whether or not tIlen due. "Opposing Party" memls tile tIlird party that owes Borrower Miscellmleous Proceeds or the party against whom Borrower has a right of action in regard to Miscellmleous Proceeds. Borrower shall be in default if any action or proceeding, whether civil or criminal, is begun tIlat, in Lender's judgment, could result in forfeiture of the Property or otIler material impainnent of Lender's interest in the Property or rights under tIlis Security hlstrument. Borrower cml cure such a default and, if acceleration has occurred, reinstate as provided in Section 19, by causing the action or proceeding to be dismissed with a nùing that, in Lender's judgment, precludes forfeiture of the Property or otIler material impainnent of Lender's interest in the Propelty or rights under tlús Security Instrument. The proceeds of any award or claim for dmnages that are attributable to the impainnent of Lender's interest in tile Property are hereby assigned and shall be paid to Lender. All Miscellmleous Proceeds tIlat are not applied to restoration or repair of tile Property shall be applied in the order provided for in Section 2. 12. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of tile time for payment or modification of amortization of the SUlUS secured by this Secmity Instrument granted by Lender to Borrower or mlY Successor in hlterest of Borrower shall not operate to release the liability of Borrower or mlY Successors in Interest of Borrower. Lender shall not be required to commence proceedings against any Successor in Interest of Borrower or to refuse to extend time for payment or otherwise modify amortization of the sums secured by this Security Instrument by reason of mlY demmld made by the original Borrower or any Successors in Interest of Borrower. Any forbearance by Lender in exercising mlY right or remedy including, WitIlout limitation, Lender's acceptance of payments from tllird persons, entities or Successors in Interest of Borrower or in amounts less thml tile muount tllen 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 tlús Security Instrument but does not execnte 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 tile tenus of this Security Instrument; (b) is not personally obligated to pay tile SUlllS secured by this Security Instrument; and (c) agrees tIlat Lender and any other Borrower can agree to extend, modify, forbear or make mlY 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 BOlTower who assumes Borrower's obligations under this Secnrity Instrument in wliting, and is approved by Lender, shall obtain all of Bon-ower' s rights and benefits under WYOMING-Single Family-Fannie MaelFreddie Mac UNIFORM INSTRUMENT ITEM T2769L8 (0011 )-MERS (Page 8 (!f 12 page.,) Form 30511/01 GREATLAND. To Order Call: 1-800-530-9393 o Fa.: 616-791-1131 000295 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 may charge Borrower fees for services pelfonned in connection with Borrower's default, for the purpose of protecting Lender'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 authOl;ty in tlns Security Instrument to charge a specitic fee to Borrower shall not be constmed as a prohibition on the charging of such fee. Lender may not charge fees tl1at are expressly prohibited by this Security Instrument or by Applicable Law. If the Loan is subject to a law wInch sets maximum loan charges, and that law is finally interpreted so that the interest or otl1er loan charges collected or to be collected in connection witl1 tl1e Loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to the pennitted limit; and (b) any smns already collected from BOITower which exceeded pennitted limits will be reftmded to BOITower. Lender may choose to make this refund by reducing tl1e principal owed under tl1e 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 (whetl1er or not a prepayment charge is provided for under the Note). BOITower's acceptance of any such refund made by direct payment to BOITower 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 cOlUlection with this Security Instrument nUlst be in writing. Any notice to Borrower in connection with this Security Instrument shall be deemed to have been given to Borrower when mailed by first 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 shaIl only report a change of address through that specified procedure. There may be OlÙY one designated notice address under this Security Instnllnent at anyone time. Any notice to Lender shall be given by delivering it or by mailing it by tirst class mail to Lender's address stated herein unless Lender has designated another address by notice to BOlTower. Any notice in connection with this Secm-ity 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 Applicable Law requirement wiII satisfy tl1e cOlTesponding requirement under this Security Instrument. 16. Governing Law; Severability; Rules of Construction. This Security Instrument shall be govel11ed by federal law and the law of the jurisdiction in which tl1e Property is located. All rights and obligations contained in tlns 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 tins Security Instrument or the Note which can be given effect without the cont1icting provision. As used in tI1Ïs Security Instrument: (a) words of the masculine gender shall mean and include corresponding neuter words or words of tl1e feminine gender; (b) words in the singular shall mean and include the plural and vice versa; and (c) the word "may" gives sole discretion WitIlOut any obligation to take any action. 17. Borrower's Copy. Borrower shall be given one copy of the Note and of tins 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 beneticial interest in the Property, including, but not limited to, tIlOse beneficial interests transferred in a bond for deed, contract for deed, installment sales contract or escrow agreement, tl1e 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 transfelTed (or if Borrower is not a natural person and a beneficial interest in Borrower is sold or trans felTed) without Lender's prior written consent, Lender may require immediate payment in full of all sums secured by this Security Instnllnent. However, this option shall not be exercised by Lender if such exercise is prolnbited by Applicable Law. If Lender exercises tins option, Lender shall give BOlTower notice of acceleration. The notice shall provide a period of not less than 30 days from the date the notice is given in accordance with Section 15 within which Borrower nUlst pay all smns secured by this Security Instrument. If Bon-ower fails to pay tI1ese sums prior to the expiration of tIns period, Lender may invoke any remedies pennitted by this Security Instrument without further notice or demand on Bon-ower. 19. Borrower's Right to Reinstate After Acceleration. If BOlTower meets certain conditions, Bon-ower shall have the right to have enforcement of this Security Instrument discontinued at any time prior to the earliest of: (a) five days before WYOMING-Single Family-Fannie MaelFreddie Mac UNIFORM INSTRUMENT ITEM T2769L9 (0011 )-MERS (Page 9 (Jf12 pages) Form 3051 ]jOl GREATLANO. To Order Call: 1-800-530-9393 o Fax: 616-791-1131 \ / / 000296 sale of the Property pursuant to any power of sale contained in tillS Security Instrument; (b) such other period as Applicable Law might specify for the tennination 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 SUll1S which then would be due under tl1is 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 tillS Security Instrument, including, but not limited to, reasonable attorneys' fees, property inspection and valuation fees, and other fees incurred for the purpose of protecting Lender's interest in tl1e Property and rights under this Security Instrument; and (d) takes such action as Lender may reasonably require to assure that Lender's interest in tl1e Property and rights under this Security Instnnl1ent, and Borrower's obligation to pay the SUll1S secured by this Security Instrument, shall continue unchanged. Lender may require that Borrower pay such reinstatement SUll1S and expenses in one or more of the following forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, treasurer's check or cashier's check, provided any such check is drawn upon an institution whose deposits are insured by a federal agency, instnllnentality or entity; or (d) Electronic Funds Transfer. Upon reinstatement by Borrower, tl1is 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 18. 20. Sale of Note; Change of Loan Servicer; Notice of Grievance. The Note or a partial interest in the Note (together witl1 this Security Instnlll1ent) can be sold one or more times without prior notice to Borrower. 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 performs other mortgage loan servicing obligations under the Note, this Security Instmment, and Applicable Law. There also might be one or more changes of the Loan Servicer unrelated to a sale of the Note. If tl1ere is a change of the Loan Servicer, Bonuwer will be given wIitten notice of the change which will state the name and address of tl1e new Loan Servicer, the address to which payments should be made and any other information RESP A requires in connection with a notice of transfer of servicing. If the Note is sold and tl1ereafter tl1e Loan is serviced by a Loan Servicer other than the purchaser of the Note, the mortgage loan servicing obligations to Borrower will remain with the Loan Servicer or be transferred to a successor Loan Servicer and are not assumed by tl1e Note purchaser unless otl1erwise provided by the Note purchaser. Neither Borrower nor Lender may commence, join, or be joined to any judicial action (as eitl1er an individual litigant or the member of a class) that arises from the other party's actions pursuant to this Security Instnllnent or that alleges that the other party has breached any provision of, or any duty owed by reason of, tIllS Security Instnnl1ent, until such Borrower or Lender has notified tI1e otI1er party (with such notice given in compliance with the requirements of Section 15) of such alleged breach and afforded the other party hereto a reasonable period after the giving of such notice to take corrective action. If Applicable Law provides a time period which nUlst elapse before certain action can be taken, that time period will be deemed to be reasonable for purposes of this paragraph. TI1e 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 con'ective action provisions of this Section 20. 21. Hazardous Substances. As used in tIlls Section 21: (a) "Hazardous Substances" are those substances defined as toxic or hazardous substances, pollutants, or wastes by Environmental Law and the following substances: gasoline, kerosene, other flammable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or fOl1l1aldehyde, and radioactive materials; (b) "Environmental Law" means federal laws and laws of the jurisdiction where tI1e Property is located that relate to healtI1, safety or environmental protection; (c) "Environmental Cleanup" includes any response action, remedial action, or removal action, as defined in Environmental Law; and (d) an "Environmental Condition" means a condition tI1at can cause, contribnte to, or otherwise trigger an Environmental Cleanup. Borrower shall not cause or penl1it the presence, use, disposal, storage, or release of any Hazardous Substances, or tI1featen to release any Hazardous Substances, on or in the Property. Borrower shall not do, nor allow anyone else to do, anything affecting the Property (a) that is in violation of any Environmental Law, (b) which creates an Environmental Condition, or (c) which, due to the presence, use, or release of a Hazardous Substance, creates a condition that adversely affects the value of the Property. The preceding two sentences shall not apply to the presence, use, or storage on the Property of small quantities of Hazardous Substauces that are generally recognized to be appropriate to normal residential uses and to maintenance of the Property (including, but not limited to, hazardous substances in consumer products). Borrower shall promptly give Lender written notice of (a) any investigation, claim, demand, lawsuit or other action by any 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 Environmental Condition, including but not limited to, any spilling, leaking, discharge, release or threat of release of any Hazardous Substance, and (c) any condition caused by the WYOMING-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT ITEM T2769L1 0 (0011 )-MERS (Page 10 of" 12 pages) Form 30511/01 GREATLAND. To Order Call: 1-800-530·9393 o Fax: 616-791-1131 000297 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. 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 specüy: (a) the default; (b) the action required to cure the default; (c) a date, not less than 30 days from the date the notice is given to Borrower, by which the default must be cured; and (d) that failure to cure the default on or before the date specified in the notice may result in acceleration of the sums secured by this Security Instrument and sale of the Property. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to bring a court action to assert the non-existence of a default or any other defense of Borrower to acceleration and sale. If the default is not cured on or before the date specified in the notice, Lender at its option may require immediate payment in full of all sums secured by this Security Instrument without further demand and may invoke the power of sale and any other remedies permitted by Applicable Law. Lender shall be entitled to collect all expenses incurred in pursuing the 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 tlle manner provided in Section 15. Lender shall publish the notice of sale, and the Property shall be sold in the manner prescribed by Applicable Law. Lender 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 sums secured by this Security Instrument, Lender shall release this Security Instrument. Borrower shall pay auy recordation costs. Lender may charge Borrower a fee for releasing this Security Instrument, but only if the fee is paid to a third party for services rendered and the charging of the fee is permitted under Applicable Law. 24. Waivers. Borrower releases and waives all rights under and by virtue of the homestead exemption laws of Wyoming. WYOMING-Single Family-Fannie MaelFreddie Mac UNIFORM INSTRUMENT ITEM T2769L11 (0011 )-MERS (Page 11 (if'J2 pages) Form 30511101 GREATLANO. To Order Call: 1-800-530-9393 DFax: 616-791-1131 / / ! 000298 BY SIGNING BELOW, Borrower accepts and agrees to the tenus and covenants contained in pages 1 through 12 of this Security Instrument mId in any Rider executed by Borrower and recorded with it. ~~~l ~ BENJAMIN SESSIONS (Seal) -Borrower ~..;,'~"" ~., /(~ KARA SESSIONS (Seal) -Borrower (Seal) -BOITOwer (S eal) -Borrower (Seal) -Borrower (Seal) -Borrower Witness: Witness: State of 111 ~ tJ; COlUltyof~~ ) ) ss ) The foregoing instrument was acknowledged before me by ~ Jt.s ó J ~ -s t ~ Sè.s.&1 ht.S tllis 31st dayof ~ Witness my hand and official seal. ~T. .....................................~ - D. Fent_on - N~ Public = = = = of State of = = County Wyoming = = UncoIn : - . = My Commlselon expires 10/11/2011 - ;..................................... Notary Public My commission expires: 10/; I/.:J.o II WYOMING-Single Family-Fannie Mae/Fred(Ue Mac UNIFORM INSTRUMENT ITEM T2769L12 (0011 )-MERS (Puge 12 (!f 12 I'uges) Form 30511/01 GREATLAND. To Order Call: 1-800-530-9393 DFax: 616-791-1131 EXHIBIT" A" \0- ()00299 Lot 7 of Townsite of Bedford, Block 12, Second Filing, Lincoln County, Wyoming as described on the official plat No. 185-D, filed June 3,3004, as Instrument No. 899830 of the records of the Lincoln County Clerk.