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HomeMy WebLinkAbout936492 r', {'i.· I i I JV 6010816350 Return To: FHHL - POST CLOSING MAIL ROOM 1555 W WALNUT HILL LN #200 MC 6712 IRVING, TX 75038 RECEIVED 1/25/2008 at 12:47 PM RECEIVING # 936492 BOOK: 684 PAGE: 788 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY Prepared By: FIRST HORIZON HOME LOANS, A DIVISION OF FIRST TENNESSEE BANK N.A. 1075 S. UTAH, SUITE 100 IDAHO FALLS, ID 83402 000788 I SplH:e Ahove This Line For Recording Data] 0062809736 MORTGAGE MIN 100085200628097364 ~1 DEFlNITLONS Words used in multiple sections of this document are de tined below and other words are detined 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, I ! (A) "Security Instrument" J1l~ans this document, which is dated January 21s t, 2008 together with all Riders to this document. (B) "Borrower" is : KELLY P BENNION, Husb~nd & Wife KALLIE J BENNION, Wifê & Husband Borrower 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 t(¡r 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. WYOMING -Single Family- Fannie Mae/Freddie Mac UNIFORM INSTRUMENT WITH MERS Form 3051 1/01 ~ -6A(WY) (0005) 02 -w Page 1 01 15 Initials VMP Mortgage Solutions, Inc S' 11111111111111111111111111111111111 (D) "Lender" is FIRST HORIZON HOME LOANS, A DIVISION OF FIRST TENNESSEE BANK N.A. Lender is a NATIONAL BANK organized and existing under ùle laws of THE UNITED STATES OF AMERICA Lender's address is 4000 HORIZON WAY, IRVING, TEXAS 75063 000789 (E) "Note" means the promissory note signed by Borrower and dated January 21st, 2008 The Note states Ùlat Borrower owes Lender ONE HUNDRED SEVENTY EIGHT THOUSAND & 00/100 Dollars (U. S, $ 178 , 000 . 00 ) plus interest. Borrower has promised to pay this debt in regular Periodk Payments and to pay Ùle debt in full not later ùlan FEBRUARY 1, 2038 (F) "Property" means the property that is described below under the heading "Transfer of Rights in the Property. " (G) "Loan" means ùle debt evidelwed by úle Note, plus interest, any prepayment charges and late charges due under the Note, and all sums due under ùlis Security Instrument, plus interest. (H) "Riders" means all Riders to this Security Instrument that are executed by Borrower. The following Riders are to be executed by Borrower [check box as applicable]: D Adjustable Rate Rider D Bailoon Rider D VA Rider D Condominium Rider D Planned Unit Development Rider D Biweekly Payment Rider D Second Home Rider D 1-4 Family Rider D OÚler(s) [specify] (l) "Applicable Law" means all controlling applicable federal, state and local statutes, regulations, ordinances and administrative rules and orders (that have Úle 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 oÚler charges that are imposed on Borrower or Ùle 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 tenllinal, telephonic instrument, computer, or magnetic tape so as to order, instruct, or auúlorize a tinancial institution to debit or credit an account, Such term includes, but is not limited to, point-of-sale transfers, automated teller machine transactions, transfers initiated by telephone, wire transfers, and automated clearinghouse transfers. (L) "Escrow Items" means Úlose items úlat are described in Section 3, (IV£) "Miscellaneous Proceeds" means any compensation, settlement, award of déU11ages, or proceeds paid by any ùlird party (oÚler Úlan insurance proceeds paid under Úle coverages described in Section 5) for: (i) damage to, or destruction of, the Property; Oi) condemnation or oÚler taking of all or any part of the Property; (iii) conveyance in lieu of condemnation; or (iv) misrepresentations of, or omissiollS as to, Úle value and/or condition of the Property, (N) "Mortgage Insurance" means insurance protecting Lender against Úle nonpayment of, or default on, Úle Loan. (0) "Periodic Payment" means the regularly scheduled amount due for (i) principal and interest under the Note, pills (ii) any amounts under Section 3 of úlis Security Instrument. (P) "RESPA" means the Real Estate Settlement Procedures Act (12 U.s.e. Section 2601 et seq,) and its implementing regulation, Regulation X (24 c.F.R. Part 3500), as they might be amended from time to time, or any additional or successor legislation or regulation Ùlat governs ùle SéUlle subject matter, As used in this Security Instrument, "RESPA" refers to all requirements and restrictions Ú1at are imposed in regard to a "federally related mortgage loan" even if Úle Loan does not qualify as a "federally related mortgage loan" under RESPA, 0062809736 . -6A(WY) (0005).02 ® Page 2 of 15 Initials: -Ø ~ Form 3051 1/01 (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 111strumentOOO?90 TRANSFER OF RIGHTS IN THE PROPERTY This Security Instrument secures to Lender: (i) ùle repayment of ùle Loan, and all renewals, extensions and modi tications of the Note; and (ii) the perfonnance of Borrower's covenants and agreements under ùlis Security Instrument and the Note, For ùlis purpose, Borrower does hereby mortgage, grant and convey to MERS (solely as nominee for Lender and Lender's successors and assigns) and to the successors and assigns of MERS, with power of sale, the following described property located in Ù1e County of Lincoln ¡Type or Reem'ding Jurisdiction) [Name of Recording Jurisdiction] LOT 9, HIALEAH SUBDIVISION, LINCOLN COUNTY, WYOMING, AS DESCRIBED ON THE OFFICIAL PLAT FILED ON MAY 27, 1982 AS INSTRUMENT NO. 578121 OF THE RECORDS OF THE LINCOLN COUNTY CLERK. ParcellD Number: County: City: 270 COUNTY ROAD 405 Afton (" Property Address "): which currently has ùle address of Slreel [City] , Wyoming 83110 [Zip Code I TOGETHER WITH all the improvements now or hereafter erected on ùle property, and all easements, appurtenances, and tixtures now or hereafter a part of the property. All replacements and additions shall also be covered by this Security Instrument. All of the foregoing is referred to in this Security Instrument as the "Property," Borrower understands and agrees ùlat MERS holds only legal title to the interests granted by Borrower in this Security Instrument, but, if necessary to comply Wiùl law or custom, MERS (as nominee for Lender and Lender's successors and assigns) has ùle right: to exercise any or all of Ùlose interests, including, but not limited to, ùle right to foreclose and sell the Property; and to take any action required of Lender including, but not limited to, releasing and canceling this Security Instrument, BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has the right to mortgage, grant and convey ùle Property and that the Property is unencumbered, except for encumbrances of record, Borrower warrants and will defend generally the title to the Property against all claims and demands, subject to any encumbrances of record, TH IS SECURITY INSTRUMENT combines unifonn covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property, 0062809736 . ·6A(WY) (0005102 @ Page 3 of 15 Initials -W ~ Form 3051 1/01 000791. UNIFORM COVENANTS, Borrower and Lender covenant and agree as fÖllows: 1. Payment of Principal, Interest, Escrow Items, Prepayment Charges, and Late Charges. Borrower shall pay when due the principal of, and interest on, the debt evidenced by the Note and any prepayment charges and late charges due under the Note. Borrower shall also pay funds for Escrow Items pursuant to Section 3. Payments due under the Note and this Security Instrument shall be made in U.S. currency, However, if any check or other instrument received by Lender as payment under the Note or this Security Instrument is returned to Lender unpaid, Lender may require that any or all subsequent payments due under ùle Note and this Security Instrument be made in one or more of ù1e following fonns, as selected by Lender: (a) cash; (b) money order; (c) certitied check, bank check, treasurer's check or cashier's check, provided any such check is drawn upon an institution whose deposits are insured by a federal agency, instrumentality, or entity; or (d) Electronic Funds Transfer. Payments are deemed received by Lender when received at the location designated in the Note or at such other location as may be designated by Lender in accordance wiili ù1e notice provisions in Section 15. Lender may retum any payment or partial payment if ùle payment or partial payments are insufficient to bring the Loan current, Lender may accept any payment or partial payment insufficient to bring ùle Loan current, wiÙlout waiver of any rights hereunder or prejudice to its rights to refuse such payment or partial payments in the future, but Lender is not obligated to apply such payments at the time such payments are accepted. If each Periodic Payment is applied as of its scheduled due date, ù1en Lender need not pay interest on unapplied funds, Lender may hold such unapplied funds until Borrower makes payment to bring ilie Loan current. If Borrower does not do so within a reasonable period of time, Lender shall eiilier apply such funds or return them to Borrower. If not applied earlier, such funds will be applied to the outstanding principal balance under the Note immediately prior to foreclosure, No offset or claim which Borrower might have now or in the future against Lender shall relieve Borrower from making payments due under the Note and this Security Instrument or performing the covenants and agreements secured by iliis Security Instrument. 2. Application of Payments or Proceeds. Except as où1erwise described in iliis Section 2, all payments accepted and applied by Lender shalJ be applied in ilie following order of priority: (a) interest due under the Note; (b) principal due under the Note; (c) amounts due under Section 3. Such payments shalJ be applied to each Periodic Payment in the order in which it became due. Any remaining amounts shalJ be applied tirst to late charges, second to any other amounts due under this Security Instrument, and then to reduce ùle principal balance of the Note, If Lender receives a payment ti'om Borrower for a delinquent Periodic Payment which includes a sufticient amount to pay any late charge due, the payment may be applied to the delinquent payment and ùle late charge. If more than one Periodic Payment is outstanding, Lender may apply any payment received from Borrower to the repayment of the Periodic Payments if, and to the extent that, each payment can be paid in full. To the extent that any excess exists after ùle 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 tirst to any prepayment charges and ùlen as described in ilie 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 ù1e amount, of ùle Periodic Payments. 3. Funds for Escrow Items. Borrower sllall pay to Lender on the day Periodic Payments are due under the Note, until the Note is paid in full. a sum (the "Funds") to provide for payment of éU110unts due for: (a) taxes and assessments and other items which can attain priority over this Security Instrument as a lien or cncumbrance on the Property; (b) leasehold payments or ground rents on ilie Property, if any; (c) premiums for any alld all insurance required by Lender under Section 5; and (d) Mortgage Insurance premiums, if any, or any sums payable by Borrower to Lender in lieu of ù1e payment of Mortgage Insurance premiums in accordance with the prÖvisions of Section 10. These items are called "Escrow Items. " At origination or at any time during the term of Ù1e Loan, Lender may require iliat COlmnunity Association Dues, Fees, and Assessments, if any, be escrowed by Borrower, and such dues, fees and assessments shall be an Escrow Item. Borrower shall promptly furnish to Lender all notices of amounts to be paid under iliis Section. Borrower shall pay Lender the Funds for Escrow Items unless Lender waives Borrower's obligation to pay ilie 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 ùle event of such waiver, Borrower shall pay directly, when and where payab]e, Ù1e amounts due for any Escrow Items for which payment of . -6A(WY) (0005) 02 @ Page 4 of 15 InltialS~ ~ Form 3051 1/01 060792 Funds has been waived by Lender and, if Lender requires, shall furnish to Lender receipts evidencing such payment within such time period as Lender may require. Borrower's obligation to make such payments and to provide receipts shall for all purposes be deemed to be a covenant and agreement contained in this Security Instrument, as the phrase "covenant and agreement" is used in Section 9. If Borrower is obligated to pay Escrow Items directly, pursuant to a waiver, and Borrower fails to pay the amount due for an Escrow Item, Lender may exercise its rights under Section 9 and pay such amount and Borrower shall then be obligated under Section 9 to repay to Lender any such amount. Lender may revoke the waiver asto any or all Escrow Items at any time by a notice given in accordance with Section 15 and, upon such revocation, Borrower shall pay to Lender all Funds, and in such amounts, that are then required under this Section 3, Lender may, at any time. collect and hold Funds in an amount (a) sufticient to pem1it Lender to apply the Funds at the time specitied under RESPA, and (b) not to exceed the maximum amount a lender can require under RESPA, Lender shall estimate the amount of Funds due on the basis of current data and reasonable estimates of expenditures of future Escrow Items or otherwise in accordanCE with Applicable Law, The Funds shall be held in an institution whose deposits are insured by a federal agency, instrumentality, or entity (including Lender, if Lender is an institution whose deposits are so insured) or in any Federal Home Loan Bank. Lender shall apply ùle Funds to pay the Escrow Items no later than ù1e time specitied under RESPA, Lender shall not charge Borrower for holding and applying ùle Funds, allliually analyzing ùle 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 writing or Applicable Law requires interest to be paid on the Funds, Lender shall not be required to pay Borrower any interest or earnings on the Funds, Borrower and Lender can agree in writing, however, that interest shall be paid on ùle Funds. Lender shall give to Borrower, without charge, an annual accounting of ù1e Funds as required by RESPA, If there is a surplus of Funds held in escrow, as de tined under RESPA, Lender shall account to Borrower for the excess funds in accordance WÎÙl RESPA, If ùlere is a shortage of Funds held in escrow, as detined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to make up the shortage in accordance with RESPA, but in no more than 12 monthly payments, If ùlere is a deticiency of Funds held in escrow, as de tined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender ùle amount necessary to make up the deticiem:y in accordance with RESPA, but in no more Ù1an 12 monù11y payments. Upon payment in full of all sums secured by this Security Instrument, Lender shall promptly refund to Borrower any Funds held by Lender. 4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, tines, and impositions attributable to the Property which can attain priority over this Security Instrument, leasehold payments or ground rents on the Property, if any, and Community Association Dues, Fees, and Assessments, if any, To the extent that these items are Escrow Items, Borrower shall pay them in the manner provided in Section 3. Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a) agrees in writing to the payment of ù1e obligation secured by ù1e lien in a manner acceptable to Lender, but only so long as Borrower is perfc)1111ing 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 entÖrcement of the lien while those proceedings are pending, but only until such proceedings are concluded; or (c) secures frol!1 the holder of the lien an agreement satisfactory to Lender subordinating the lien to ù1is Security Instrument. If Lender detennines that any part of ùle Property is subject to a lien which can attain priority over this Security Instrument, Lender may give Borrower a notice identifying the lien, WÎÙ1in 10 Initials: ~ ~ Form 3051 1/01 . -6A(WY) (0005)02 <!> Page 5 of 15 000793 days of the date on which that notice is given, Borrower shall satisfy the lien or take one or more of the actions set fÖrth 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 cOllJlection with this Loan, 5. Property I nSlIrance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by tire, hazards included within ùle tenn "extended coverage," and any other hazards including, but not limited to, earùlquakes and tloods, for which Lender requires insurance, This insurance shall be maintained in the CUl10unts (including deductible levels) and for Ùle periods that Lender requires, What Lender requires pursuant to the preceding sentences can change during ùle tenn of Ùle Loan. The insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's right to disapprove ßorrower's choice, which right shall not be exercised unreasonably. Lender may require Borrower to pay, in connection WiÙl ùlis Loan, eiÙler: (a) a one-time charge for t100d zone detennination, certification and tracking services; or (b) a one-time charge for t100d zone detennination and certitication services and subsequent charges each time remappings or similar changes occur which reasonably might affect such determination or certification. Borrower shall also be responsible for the payment of any fees imposed by the Federal Emergency Management Agency in connection WÌÙl ùle review of any tlood zone determination resulting from an objection by Borrower, If Borrower fails to maintain any of the coverages described above, Lender may obtain insurance coverage. at Lender's option and Borrower's expense. Lender is under no obligation to purchase any particular type or amount of coverage, Therefore, such coverage shall cover Lender, but might or might not protect ßorrower, Borrower's equity in Ùle Property, or the contents of Ùle Property, against any risk, hazard or liability and might provide greater or lesser coverage than was previously in effect. Borrower acknowledges that the cost of Ùle insurance coverage so obtained might signitìcantly exceed ùle 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 frolll the date of disbursement and shall be payable, with such interest, upon notice from Lender to Borrower requesting payment. All insurance policies required by Lender and renewals of such policies shall be subject to Lender's right to disapprove such policies, shall include a standard mortgage clause, and shall name Lender as mortgagee and/or as an additional loss payee, Lender shall have Ùle right to hold the policies and renewal certificates, If Lencler requires, Borrower shall promptly give to Lender all receipts of paid premiw11S and renewal notices, If Borrower obtains any foml of insurance coverage, not oùlerwise required by Lender, for damage to, or destruction of, the Property, such policy shall include a standard mortgage clause and shall name Lender as mortgagee and/or as an additional loss payee, 1n the event of loss, Borrower shall give prompt notice to Ùle insurance carrier and Lender, Lender may make proof of loss if not made prompt]y by Borrower. Unless Lender and Borrower otherwise agree in writing, any insurance proceeds, whether or not ùle underlying insurance was required by Lender, shall be applied to restoration or repair of the Property, if ùle 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 ùle work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as the work is completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such insurance proceeds, Lender shall not be required to pay Borrower any interest or earnings on such proceeds. Fees for public adjusters, or oùler ùlird parties, retained by Borrower shalJ not be paid out of the insurance proceeds and shall be Ùle sole obligation of Borrower. If Ùle restoration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be applied to G -6A(WY) (0005102 ® Page 6 of 15 ,.",. --if Form 3051 1/01 000794 the ~UIm ~ecured by thi~ Security In~trument, whether or not then due, with Ùle excess, if any, paid to Borrower, Such in~urance proceeds shall be applied in the order provided for in Section 2. lJ Borrower abandon~ the Property, Lender may tile, negotiate and settle any available insurance claim and related matters, If Borrower doe~ not respond wiÙlin 30 days to a notice from Lender that Ùle insurance carrier ha~ offered to settle a claim, then Lender may negotiate and ~ettle Ùle claim. The 30-day period will begin when the notice is given. In eiùler event, or if Lender acquires the Property under Section 22 or otherwise, Borrower hereby assigns to Lender (a) Borrower's rights to any insurance proceeds in an amount not to exceed the amounts unpaid under Ùle Note or ùlis Security Instrument, and (b) any other of Borrower's right~ (other than the right to any refund of unearned premiums paid by Borrower) under all insurance p{)licie~ covering the Property, inwhlr a~ ~uch right~ are applicable to Ùle coverage .:If the Property, Lender may u~e the imurance proceed~ either to repair or restore Ùle Property or to pay amounts unpaid under the Note or thi~ Security Instrument, whether or not Ùlen due, 6. Occupancy. Borrower shall occupy, establish, and use ùle Property as Borrower's principal residence within 60 days after the execution of this Security Instrument and shall continue to occupy the Property as Borrower'~ principal residence for at least one year after Ùle date of occupancy, unless Lender otherwise agree~ in writing, which consent shall not be unrea~onably wiù1held, or unless extenuating circumstances exist which are beyond B()rrower'~ control. 7. Preservation, Maintenance and Protection of the Property; Inspections. Borrower shall not de~troy, damage or impair the Property, allow the Property to deteriorate or commit waste on Ùle Property. Whether or not Borrower i~ residing in the Property, Borrower shall maintain Ùle Property in order to prevent the Property from deteriorating or deGreasing in value due to its condition. Unless it is detennined pursuant to SeGtion 5 that repair or re~toration i~ not economically feasible, Borrower 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, Ùle Property, Borrower shall be responsible for repairing or restoring Ùle Property only if Lender has released proceeds for such purposes. Lender may disburse proceeds for the repairs and re~toration in a single payment or in a series of progress payments as Ùle work is completed, If the insurance or condemnation proceeds are not suftìcient to repair or restore Ùle Property, Borrower is not relieved of Borrower's obligation for Ùle completion of such repair or restoration. Lender or it~ agent may make reasonable entries upon and inspections of ùle Property. If it has reasonable cause. Lender may inspect the interior of lie improvements on ùle Property. Lender shall give Borrower notice at the time of or prior to SUGh an interior inspection specifying such reasonable cause. S. Borrower's Loan Application. Borrower shall be in default if, during Ùle Loan application process, ßorrower or any per~ons or entities acting at the direGtion of Borrower or with Borrower's knowledge or l'on~ellt gave materially false, misleading, or inaccurate information or statements to Lender (or failed to provide Lender with material information) in connection WiÙl Ùle Loan, Material representations include, but are not limited to, representations concerning Borrower's occupancy of Ùle 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 perfOn1l the covenants and agreements contained in ùlis Security Instrument, (b) Ùlere is a legal proceeding that might signitìcantly affect Lender's interest in Ùle Property and/or rights under ùlis Security Instrument (such as a proceeding in bankruptcy, probate, for condemnation or forfeiture, for enforcement of a lien which may attain priority over ùlis Security Instrument or to enforce laws or regulations), or (c) Borrower has abandoned the Property, Ùlen Lender may do and pay for whatever is reasonable or appropriate to protect Lender's interest in the Property and rights under ùlis Security Instrument, including protecting and/or assessing Ùle value of the Property, and securing and/or repairing the Property, Lender's action~ can include. but are not limited to: (a) paying any sums secured by a lien which has priority over this Security Instrument; (b) appearing in court; and (c) paying reasonable Initials Y(tJ ~ Form 3051 1/01 . -6A(WY) (0005102 ® Page 7 of 15 ÒO'0795 attorneys' fees to protect its interest in the Property and/or rights under Ùlis Security Instrument, including its secured position in a bankruptcy proceeding, Securing the Property includes, but is not limited to, entering the Property to make repairs, change locks, replace or board up doors and windows, drain water from pipes, eliminate building or other code violations or dangerous conditions, and have utilities turned on or off. Although Lender may take action under this Section 9, Lender does not have to do so and is not under any duty or obligation to do so. It is agreed that Lender incurs no liability for not taking any or all actions authorized under this Se¡;tion 9, A ny amounts disbursed by Lender under this Section 9 shall bewme additional debt of Borrower secured by this Se¡;urity Instrument. These amounts shall bear interest at the Note rate from Ùle date of disbursement and shall be payable, WiÙl such interest, upon notice from Lender to Borrower requesting payment. If this Se¡;urity Instrument is on a leasehold, Borrower shall comply with all Ùle provisions of ùle lease, If Borrower a¡;quires fee title to the Property, the leasehold and the fee title shaH not merge unless Lender agrees to Ùle merger in writing. 10. Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making Ùle Loan, Borrower shall pay the premiums required to maintain the Mortgage Insurance in effect. If, for any reason, the Mortgage Insurance coverage required by Lender ceases to be available from the mortgage insurer ùlat previously provided such insurance and Borrower was required to make separately designated payments toward the premiums fÖr Mortgage Insurance, Borrower shaH pay the premiw1lS req1,.ured to obtain coverage substantially equivalent to the Mortgage Insurance previously in effect, at a (;()st substantially equivalent to the cost to Borrower of the Mortgage Insurance previously in effect, from an alternate mortgage insurer selected by Lender. I f substantially equivalent Mortgage Insurance (;Overage is not available, Borrower shall conti nue to pay to Lender the amount of the separately designated payments Ùlat were due when Ùle insurance coverage ceased to be in effect. Lender will aœept, use and retain ùlese payments as a non-refundable loss reserve in lieu of Mortgage Insurance. Such loss reserve shaH be non-refundable, notwithstanding ùle fact ùlat the Loan is ultimately paid in full, and Lender shall not be required to pay Borrower any interest or earnings on such loss reserve. Lender can no longer require loss reserve payments if Mortgage Insurance coverage (in the amount and for the period that Lender requires) provided by an insurer selected by Lender again becomes available, is obtained, and Lender requires separately designated payments toward Ùle premiums for Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making ùle Loan and Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiullls required to maintain Mortgage Insurance in effect, or to provide a non-refundable loss reserve, until Lender's requirement for Mortgage Insurance ends in accordance with any written agreement between ßorrower flnd Lender providing for such tennination or until temlination is required by Applicable Law, Nothing in this Section 10 affe¡;ts Borrower's obligation to pay interest at ùle rate provided in ùle Note. Mortgage Insurance reimburses Lender (or any entity Ùlat purchases the Note) for certain losses it may incur if Borrower does not repay ùle Loan as agreed, Borrower is not a party to ùle Mortgage Insurance, Mortgage insurers evaluate Ùleir total risk on all su¡;h insurance in force from time to time, and may enter into agreements with other parties Ùlat share or modify ùleir risk, or reduce losses. These agreements are on terms and conditions that are satisfactory to ùle mortgage insurer and ùle Oùler party (or parties) to ùlese agreements, These agreements may require the mortgage insurer to make payments using any source of funds that the mortgage insurer may have available (which may include funds obtained from Mortgage Insurance premiums) , As a result of these agreemems, Lender, any pur¡;haser of ùle Note, another insurer, any reinsurer, any other entity, or any aftiliate of any of the foregoing, may receive (directly or indirectly) éUnounts Ù1al derive from (or might be characterized as) a portion of Borrower's payments for Mortgage Insurance, in exchange for sharing or modifying the mortgage insurer's risk, or reducing losses. If such agreement provides ùlat an aftiliate of Lender takes a share of the insurer's risk in exchange for a share of ùle 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 incl"ease the amount Borrower will owe for Mortgage Insurance, and they will not entitle Borrower to any refund. . -6A(WY) (00051 02 ® Page 8 of 15 Initials· -.ro ~ Form 3051 1/01 00'0796 (b) Any such agreements will not affect the rights Borrower has - if any - with respect to the Mortgage Insurance under the Homeowners Protection ActoI' 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 J\'Iortgage Insurance premiums that I"ere unearned at the time of such cancellation or termination. 11. Assignment of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned to and shall be paid to Lender. if the Property is déUllaged, such Miscellaneous Proceeds shall be applied to restoration or repair of tlle Property, if the restoration or repair is economically feasible and Lender's security is not lessened, During wch repair and restoration period, Lender shall have the right to hold such Miscellaneous Proceeds until Lender has had an opportunity to inspect such Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly, Lender may pay for the repairs and restoration in a single disbursement or in a series of progress payments as the work is completed, UlÙess an agreement is made in writing or Applicable Law requires interest to be paid on such Miscellaneous Proceeds, Lender shall not be required' to pay Borrower any interest or earnings on such Miscellaneous Proceeds, If tlle restoration or repair is not economically feasible or Lender's security would be lessened, tlle Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if any. paid to Borrower. Such Miscellaneous Proceeds shall be applied in the order provided for in Section 2. In the event of a total taking, destruction, or loss in value of the Property, tlle Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. In the event of a partial taking, destruction, or loss in value of the Property in which the fair market value of the Property immediately before the partial taking, destruction, or loss in value is equal to or greater than the amount of the sums secured by tllis Security Instrument immediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the sums secured by tllis Security Instrument shall be reduced by tlle amount of the Miscellaneous Procl;;eds 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 t~lir market value of the Property immediately before tlle partial taking, destruction, or loss in value, Any balance shall be paid to Borrower. In the event of a partial taking, destruction, or loss in value of the Property in which the t~lir market value of the Property immediately before tlle partial taking, destruction, or loss in value is less than the amount of the sums secured immediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otllerwise agree in writing, the Miscellaneous Proceeds shall be applied to the sums secured by this Security lnstrument whether or not the sums are then due. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the Opposing Party (as detined in the next sentence) offers to make an award to settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date the notice is given, Lender is authorized to collect and apply the !'vi iscellaneous Proceeds either to restoration or repair of the Property or to the sùms secured by tllis Security Instrument, whether or not tllen due, "Opposing Party" means the third party that owes Borrower Miscellaneous Proceeds or the party against whom Borrower has a right of action in regard to Miscellaneous Proceeds, Borrower shall be in det~lUlt if any action or proceeding, whetller civil or criminal, is begun tllat, in Lender's judgment, could result in forfeiture of the Property or other material impainnent of Lender's interest in the Property or rights under this Security Instrument. Borrower can cure such a default and, if acceleration lias occurred. reinstate as provided in Section 19, by causing tlle action or proceeding to be dismissed with a ruling that. in Lender's judgment. precludes fÖrfeiture of the Property or otller material impainnent of Lender's interest in the Property or rights under this Security Instrument. The proceeds of any award or claim for damages that are attributable to the impainnent of Lender's interest in the Property are hereby assigned and shall be paid to Lender, All Miscellaneous Proceeds that are not applied to restoration or repair of the Property shaH be applied in the order provided for in Section 2, Initíals ~ ~ Form 3051 1/01 82 -6A(WY) (0005).02 ® Page 9 0115 000797 12. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time fÖr payment or moditication of cullortization of the sums secured by this Security Instrument granted by Lender to Borrower or any Successor in Interest of Borrower shall not operate to release the liability of Borrower or any Successors in Interest of Borrower. Lender shall not be required to conunence proceedings against any Successor in Interest of Borrower or to refuse to extend time for payment or otherwise modify amortization of the sums secured by this Security Instrument by reason of any demand made by the original Borrower or any Successors in Interest of Borrower. Any forbearance by Lender in exercising any right or remedy including. without limitation, Lender's acceptance of payments from third persons, entities or Successors in Interest of Borrower or in amounts less thán the amount then due, shall not be a waiver of or preclude the exercise of any right or remedy, 13. Joint and Several LiabilitYi Co-signers; Successors and Assigns Bound. Borrower covenants and agrees that Borrower's obligations and liability shall be joint and several. However, any Borrower who co-signs this Security Instrument but does not execute ùle Note (a "co-signer"): (a) is co-signing ùlis Security Instrument only to mortgage, grant and convey ùle co-signer's interest in the Property under the tenns of ùlis Security Instrumellt; (b) is not personally obligated to pay ùle sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower can agree to extend, modify, forbear or make any accol1llllodations with regard to the terms of ùlis Security Instrument or the Note without the co-signer's consent. Subject to the provisions of Section 18, any Successor in Interest of Borrower who assumes Borrower's obligations under this Security Instrument in writing, and is approved by Lender, shall obtain all of Borrower's rights and benetits under this Security Instrument. Borrower shall not be released trom Borrower's obligations and liability under ùlis Security Instrument unless Lender agrees to such release in writing, The covenants (ind agreements of this Security [nstrument shall bind (except as provided in Section 20) and benetit the successors and assigns of Lender. 14. Loan Charges. Lender may charge Borrower fees for services perfonned in cOImection with Borrower's default, for the purpose of protecting Lender's interest in the Property and rights under ùlis Security Instrument, including, but not limited to, attorneys' fees, property inspection and valuation fees. In regard to any other fees, the absence of express aUùlority in this Security Instrument to charge a specitic fee to Borrower shall not bi: construed as a prohibition on ùle charging of such fee. Lender may not charge fees that are expressly prollibited by this Security Instrument or by Applicable Law. [1' the Loan is subject to a law which sets maximum loan charges, and ùlat law is tinally interpreted so that the interest or other loan charges collected or to be collected in cOlmection with ùle Loan exceed ùle permitted limits, then: (a) any such loan charge shall be reduced by the éUnount necessary to reduce ùle charge to the permitted lilllit; and (b) any sums already coJlected from Borrower which ex:.:eeded pennítted limits will be refunded to Borrower. Lender may choose to make ùlis refund by reducing ùle principal owed under the Note or by making a direct payment to Borrower. If a refund reduces principal. ùle reduction will be treated as a partial prepayment without any prepayment charge (wheÙler or not a prepayment charge is provided for under the Note), Borrower's acceptance of any such refund made by direct payment to Borrower will constitute a waiver of any right of action Borrower might have arising out of such overcharge. 15. Notices. All notices given by Borrower or Lender in connection Wiùl this Security Instrument must be in writing, Any notice to Borrower in connection Wiùl this Security Instrument shall be deemed to have been given to Borrower when mailed by tirst class mail or when actually delivered to Borrower's notice address if sent by other means. Notice to anyone Borrower shall constitute notice to all Borrowers unless Applicable Law expressly requires otherwise, The notice address shall be the Property Address unless Borrower has designated a substitute notice address by notice to Lender, Borrower shall promptly notify Lender of Borrower's change of address, If Lender specities a procedure for reporting Borrower's change of address, then Borrower shall on]y report a change of address through that specitied procedure. There may be only one designated notice address under ùlis Security Instrument at anyone time, Any notice to Lender shaJl 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 Borrower, Any notice in connection with this Security Instnunent 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 will satisfy the corresponding requirement under this Security Instrument. G -6A(WY) 10005\ 02 ® Page 100115 InltialS~ ~ Form 3051 1/01 000798 16. Gorerning Law; Severability; Rules of Construction. This Security Instrument shall be governed by federal law and the law of the jurisdiction in which the Property is located, All rights and obligations contained in this Security Instrument are subject to any requirements and limitations of Applicable Law. Applicablt: 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 ùlis Security Instrument or the Note contlicts with Applicable Law, such contlict shall not affect other provisions of this Security Instrument or the Note which can be given effect wiÙ10ut the contlicting provision. As used in ùlis Security Instrument: (a) words of the masculine gender shall mean and include corresponding neuter words or words of the feminine gender; (b) words in ùle singular shall mean and include the plural and vice versa; and (c) Ùle word "may" gives sole discretion without any obligation to take any action. 17. Borrower's Copy. Borrower shall be given one copy of Ù1e Note and of this Security Instrument. 18. Transfer 01' the Property or a Beneficial Interest in Borrower. As used in ùlis Section ] 8, "Imerest in the Property" means any legal or beneticia] interest in Ùle Property, including, but not limited to, those beneticial interests transferred in a bond for deed, contract for deed, installment sales contract or escrow agreement. the intent of which is the transfer of title by Borrower at a future date to a purchaser. I f all or any part of the Property or any Interest in the Property is sold or transferred (or if Borrower is J]ot a natural person and a beneticial interest in Borrower is sold or transferred) without Lender's prior written consent, Lender may require immediate payment in full of all SWllS secured by this Security Instrument. However. this option shall not be exercised by Lender if such exercise is prohibited by Applicable Law, If Lender exercises this option. Lender shall give Borrower notice of accele;-ation. The notice shall provide a period of not less than 30 days fr0111 Ùle date Ùle notice is given in accordalll:e Witll Section ]5 within which Borrower must pay all sums secured by this Security Instrument. If Borrower fails to pay Ùlese SLlIllS prior to the expiration of this period, Lender may invoke any remedies permitted by this Security Instrument without further notice or demand on Borrower. 19. Borrower's RighI to Reinstate After Acceleration. If Borrower meets certain conditions, Borrower shall have the right to have enforcement of ùlis Security Instrument discontinued at any time prior to the earliest ot":(a) tive days before sale of Ùle Property pursuant to any power of sale contained in ùlis 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 ù1Ìs Security Instrument. Those conditions are Ùlat Borrower: (a) pays Lender all sums which then would be due under ùlis Security Instrument and the Note as if no acceleration had occurred; (b) cures any default of any oÙ1er covenants or agreements; (c) pays all expenses incurred in enforcing this Security Instrument, induding, but not limited to, reasonable attorneys' fees, property inspection and valuation fees, and oÙler fees incurred for ùle purpose of protecting Lender's interest in the Property and rights under ù1is Security Instrument; and (d) takes such action as Lender may reasonably require to assure that Lender's interest in Ùle Property and rights under this Security Instrument, and Borrower's obligation to pay the sums secured by ùlis Security Instrument, shall continue unchanged. Lender may require that Borrower pay such reinstatement sums and expenses in one or more of the following forms, as selected by Lender: (a) cash; (b) money order; (c) certitied check, bank check, treasurer's check or cashier':; check, provided any such check is drawn upon an institution whose deposits are insured by a federal ;Igency, instrumentality or entity; or (d) Electronic Funds Transfer, Upon reinstatement by Borrower. ù1is Security Instrument and obligations secured hereby shall remain fully effective as if no acceleration had occurred, However, this right to reinstate sl1all 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 with this Security Instrument) can be sold one or more times WiÙlout prior notice to Borrower. A sale might result in a change in the entity (known as the "Loan Servicer") Ù1at collects Periodic Payments due under the Note and this Security Instrument and perfonns oÙler mortgage loan servicing obligations under the Note, this Security Instrument, and Applicable Law. There also might be one or more changes of the Loan Servicer unrelated to a sale of Ùle Note. If Ùlere is a change of Ùle Loan Servìcer, Borrower will be given written notice of the change which will state Ùle name and address of Ùle new Loan Servìcer, Ùle address to which payments should be made and any oÙler infonnation RESPA requires in connection Witl1 a G -6A(WY) (0005) 02 @ Page 11 01 15 InltiaIS:~ ~ Form 3051 1/01 ~L 000799 Jlotice of tran~ter of ~ervicing, If the Note is ~old and thereaner the Loan is serviced by a Loan Servicer other than the purchaser of the Note. the mortgage loan servicing obligation~ to Borrower will remain with the Loan Servicer or be transferred to a succes~or Loan Servicer and are not assumed by the Note purchaser unles~ otherwise provided by the Note purchaser. Neither Borrower nor Lender may commence, join, or be joined to any judicial action (as eiÙler an individual litigant or the member of a class) Ùlat arises from Ùle other party's actions pursuant to ùlis Security In~trument or that alleges that ùle other party has breached any provision of, or any duty owed by reason of, this Security In~trulJ1ent, until ~uch Borrower or Lender has notified the other party (with such notice given in compliance with the requirements of Section 15) of such alleged breach and afforded the other party hereto a reasonable period aner the giving of such notice to take corrective action, If Applicable Law provides a time period which must elap~e before certain action can be taken, Ùlat time period will be deemed to be reasonable for purposes of Ùlis paragraph, The notice of acceleration and opportunity to cure given to Borrower pursuant to Section 22 alld the notice of acceleration given to Borrower pursuant to Section 18 shall be deemed to satistY the notice and opportunity to take corrective action provisions of this Section 20, 21. Hazardous Substances. A~ used in this Section 21: (a) "Hazardous Substances" are those ~ub~tance~ defined a~ toxic or hazardous substances, pollutants, or wastes by Environmental Law and the tÜllowing ~ub~tances: gasoline, kerosene, oùler tlammable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, material~ containing asbestos or fonnaldehyde, and radioactive materials; (b) "Environmental Law" means federal laws and laws of the jurisdiction where the Property is located Ùlat relate to health, safety or environmental protection; (c) "Environmental Cleanup" includes any response action, remedial action. or removal action. a~ detined in Environmental Law; and (d) an "Environmental Condition" means a condition that can cau~e, contribute to, or otherwise trigger an Environmental Cleanup. Borrower shall not cause or permit the presence, use, disposal, storage, or release of any Hazardous Substances, or threaten to relea~e any Hazardous Substances, on or in the Property, Borrower shall not do, nor allow anYOJle el~e 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 ~entences shall not apply to the presence, use, or storage on the Property of small qucU1tities of Hazardous Substances that are generally recognized to be appropriate to nOffilal 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 Hazardou~ Substance, and (c) any condition caused by the presence, use or release of a Hazardous Sub~tance which adversely affects the value of the Property, If Borrower learns, or is notitied by any governmental or regulatory authority, or any private party, that any removal or other remediation of any Hazardous Substance affecting tile Property is necessary, Borrower shall promptly take all necessary remedial actiuns in accordance with Environmental Law. Nothing herein shall create any obligation on Lender for an Envirnlllnental Cleanup, . -6A(WY) (0005)02 ® Page 1201 15 InìtìalS~ ~ Form 3051 1/01 000800 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 agi'eement in this Security Instrument (but not prior to acceleration under Section 18 unless Applicable Law provides otherwise). The notice shall specify: (a) the default; (b) the action required to cure the default; (c) a date, not less than 30 days from the date the notice is given to Borrower, by which the default must be cured; and (d) that failure to cure the default on or before the date specified in the notice may result in acceleration of the sums secured by this Security Instrument and sale of the Property. The notice shall further inform Borrower of the right to reinstate at'tel' 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 invol<es the power of sale, Lender shall give notice of intent to fOl'eclose to Borrower and to the person in possession of the Property, if different, in accordance with Applicable Law. Lender shall give notice of the sale to Borrower in the manner provided in Section 15. Lender shall publish the notice of sale, and the 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 Sllll1S 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 ù1is Security Instrument, Lender shall release ùlis Security Instrument. Borrower shall pay any recordation costs, Lender may charge Borrower a fee for releasing this Security Instrument. but only if the fee is paid to a ùlird party for services rendered and ùle charging of the fee is permitted under Applicable Law, 2-t. Waivers. Borrower releases and waives a1l rights under and by virtue of the homestead exemption laws of Wyoming. . -6A(WY) (0005\ 02 @ Initials ~ kp Form 3051 1/01 Page 1301 15 BY SIGNING BELOW, Borrower accepts and agrees to the tenus and covenants contained in tI)ís Security Instrument and in any Rider executed by Borrower and recorded Witl1 it. 000801. Witnesses: ~¥Á~ ~ (Seal) I.fE:LLY BENNI N - -Burrower ~u ~~~~ÂU\1AíY"J",,~~:;: (Seal) (Seal) -Burrower -Burrower (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Borrower -l:Jurrower 0062809736 G-6A(WY) (0005j 02 @ Page 140115 Form 3051 1/01 STATE OF \","YOIVIING, LINCOLN 000802 County ss: bv KELLY P BENNION & KALLIE J BENNION The foregoing instrument was acknowledged bet(¡re me this c;J./d, da.u 0I~) ---7 tI?/' 2008; My COlllmission Expin::s: 9 - /51 / / dff~Y~ 0062809736 . -SA(WY) (0005).02 @ Page 150115 County of Lincoln NOTARY PUBLIC State of Wyoming .. ;' :II!' ':;ommlsslon E),i'¡ res September 15, 2011 .í ':.';'Ul~-¡¡¡""'I~ ,"",." ~ Form 3051 1/01