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HomeMy WebLinkAbout936917 I CIJ. II ,H\lU IV I I ì'f1IYI ù II U ~ II U II ~ r I I'~ l 0 d 11 ~ I~ 0, U / .., ......6", 6010816368 AMr Recording Retum To: SHOSHONE FIRST BANK 1401 SHERIDAN AVENUE CODV¡ WYOMING 82414 RECEIVED 2/13/2008 at 3:10 PM RECEIVING # 936917 BOOK: 686 PAGE: 609 JEANNE WAGNER LINCOLN CQUNTY CLERK, KEMMERER, WY [Space Above ThIs Line For Recording Data] 000;609 MORTGAGE DEFINITIONS Words used. in multiple sections of this document are defined below and other words are defined in Sectíons 3, 11, 13, 18, 20 and 21. Certaing rules regarding the usage of words u$ed 1n th.is document are also provided in Section 16. , -' (A) "Security Agreement" means this document, whlcll Is dated F e b r u a r y 8. zoO 8 together with all Riders to this document. (9) "Borrower," is To d d MoO res, i'J sin 9 1 e per son Borrower is the mortgagor under this Security Agreement. (C) "Lender" Is SHOSHONE FIRST BANK _ Lender Is a Statê Bank organized and existing under the laws of the State of WyomIng. Lender'$ address is 1401 Sheridan Ave.! P.O. Box 1330, Cody, Wyoming 82414. Lender is the mortgagee under this Security Instrument. (D) "Note" means the promissory note sígnad by Borrower and dated F e b r u a r y 8. 2 0 0 B The Note stàtes that Borrower owes Lender Two H I,i.n d r eo d T wen t y N 1 n EI Thousand' Four Hundred Dollars and no/IOD Donars (US $ 2 2 9 , 4 0 0 . 0 0 ) plus interest. Borrower has promised to pay this dêbt in regular Periodic Payments and to pay the debt in full no later than M 1\ r c h 1. 2 0 I B (E) "prop$rty" means the property that is described below under the heading "Transfer of Propérty." (F) II LQa.n" means the debt evldenced by the Note. plus interest, any prepayment charges and late charges due under the Note. a.nd all sums due under this Securìty I nstrument, plus interest. (G) "Riders" means all Riders to this Security lr)Strumemt that a.re executed by Borrower. The followlr:,g Rìders are to be executed by Borrower [check box as applicable}: g]Adjuste\ole Rate Rider Dcondominium Rider OSecond Home Rider ~Balloon ttider o Planned Unit Development Rldsr DOther(s)[speCIM D 1·4 Family R.ider D BìwEllikly Payment Rider WYOMING...SINGLE FAMILY--FaTlOle MawFrøddla Mac UNIFORM INSTRUMENT Form 3051 1/01 (pagq 1 Q11tJpBgSS) T-£ '4:'- - 101(111/(/1 00061.0 (H) "Applloable Law" means all controlling applicable federaJ, 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. (I) "Coml11unity 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. (J) "Electronic Funds Transfer" means any transfer of funds, other than a transaction originated by check, draft, or similar paper Instrument, which is initiated through an electronic terminal, telephonic instrument, computer, or magnetic tape so as to order, instruct, or authorize a financial 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. (K) IIEscrcw Items" means those items that are described in Section 3. (L) "Miscellaneous Proceeds" means any compensation, settlement, award of damages, or proceecls pard 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. (M) "Mortgage Insurancell means insurance protecting lender against the nonpayment of, or default on, the Loan. (N) "Periodic Payment" means the regularly scheduled amount due for (i) principal and interest under the Note, plus (ii) any amounts under Section 3 of this Security Instrument. (0) IIRESPA'J means the Real Estate Settlement Procedures Act (12 use 5s2601 et seq.) and its implementing regulation, Regulation X (24 e.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 Instrument, "RESPA" refers to all requirements and restrictions that are imposed in regard to a "federally related mortgage loan" even if the Loan does not qualify as a IIfederally related mortgage loan" under RESPA. (P) "Successor In Interest of Borrower" means any party that has taken title to the Property, whether or not that party has assumed Borrower's obligations under the Note and/or this Security Instrument. TRANSFER OF RIGHTS IN THE PROPERTY This Security Instrument secures to Lenqer: (i) the repayment of the Loan, and all renewals, extensions and modifications of the Note; and (II) the performance of Borrower's covenants and agreements under this SecurIty Instrument and the Note. For this purpose, borrower does hereby mortgage, grant and convey to Lender and Lender's successors and assigns, with power of sale, the following described WYOMING-SINGLE FAMILY-Fannie MaelFreddle Mac UNIFORM INSTRUMENT Form 3051 1/01 (page 2 of 16 psges) 7-1 .M-- 1n/llsls property located in the County of L i n C 01 n , 000611- All of the Northwest Quarter of the Southwest Quarter of Section 20, of the Resurvey of Township 22 North. Range 115 West of the 6th P.M., Lincoln County, WYOming lying North of the North right of way boundary of U.S. Highway'189 as described' and recorded in Book 20 of Deeds on page 194 on file in the office of the Lincoln County Clerk. LESS AND EXCEPT any land within the Westr1dge Holdings Subdivision. Lincoln County, Wyoming filed December 8, 2006 as Instrument No. 925169 of the records of the Lin'coln County Clerk, which currently has the address of Kemmerer [City] 44065 US Hwy 189 N [Street] ,Wyoming 8 3 1 9 1 - [Zip Code] TOGETHER WITH all improvements now or hereafter erected on the property, and all easements, appurtenances, and fixtures now or hereafter a part of the property. All replacements and additions shall be covered by this Security Instrument. All of the foregoing Is referred to In this Security Instrument as ·Property.· BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has the right to mortgage. grant and convey tl:'le Property and that the Property is unencumbered, except for encumbrances of record. Borrower warrants and will defend generally the title to the Property against all claims and demands, subject to any encumbrances of record. THIS SECURITY INSTRUMENT combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows; 1. Payment of Principal, Interest, Escrow Items, Prepayment Charges, and Late Charges. Borrower shall pay when due the principal of, and interest on, the debt evidenced by the Note and any prepayment charges and late charges due under 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 US 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 and all subsequent payments due under the Note and this Security Instrument be made in one or more of the following forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, treasurer's check or cashier's check, provided any such check is drawn upon an WYOMING-SINGLE FAMlL V-Fannie MaelFredle Mac UNIFORM INSTRUMENT Form 3051 1/01 (p;x¡¡S I] of 18 PBf Ss) ~- InlrJa/s Institution whose deposits are insured by a federal agency, instrumentality, or eDtlty; or (d) Electronic Funds Transfer. Payments are deemed received by Lender when received at the location designated in the Note 00061.2 or at such other location as may be designated by Lender in accordance with the notice provisions in Section 15. Lender may return any payment or partial payment if the payment or partial payments are Insufficient to bring the L.oan current. Lender may accept any payment or partial payment insufficient to bring the Loan current, without waiver of any rights hereunder or prejudice to its rights to refuse such payment or partial payments in the future, but Lender is not obligated to apply such payments at the time such payments are accepted. If each Periodic Payment is applied as of its scheduled due date, then lender need not pay interest on unapplied funds. Lender may hold such unapplied funds until Borrower makes payment to bring the Loan current. If Borrower does not do so within a reasonable period of time, Lender shall either apply such funds or return them to Borrower. If not applied earlier, such funds will be applied to the outstanding principal balance under the Note 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 this Security Instrument. 2. Application of Payments or Proceeds. Except as otherwise described In this Section 2, all payments acceþted and applied by Lender shall be applied in the following order of priority: (a) interest due under the Note; (b) principal due under the Note; (c) amounts due under Section 3. Such payments shall be applied to each Periodic Payment in the order in which it became due. Any remaining amounts shall be applied first to late charges, second to any other amounts due under this Security Instrument, and then to reduce the principaJ balance of the Note. If Lender receives a payment from Borrower for a delinquent Periodic Payment which includes a sufficient amount to pay any Jate charge due, the payment may be applied to the delinquent payment and the late charge. If more than one Periodic Payment is outstanding, Lender may apply any payment received from 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 the payment is applied to the full payment of one or more Periodic Payments, such excess may be applied to any late charges due. Voluntary prepayments shall be applied first to any prepayment charges and then as described in the Note. Any application 01 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 the day Periodic Payments are due undElr the Note, until the Note is paid in full, a sum (the "Funds·) to provide for payment of amounts due for: (a) taxes and assessments and other items which can attain priority over this Security Instrument as a lien or encumbrance on the Property; (b) leasehold payments or ground rents on the Property, if any; (c) premiums for any and all insurance required by Lender under Section 5; and (d) Mortgage Insurance Premiums in accordance with the provisions of Section 10. These items are called "Escrow Items." At origination or at any time during the term of the Loan, Lender may require that Community AssociatIon Dues, Fees, and Assessments, if any, be WYOMING··SINGLE FAMIL Y··Fannie Mae/Freddie Maç UNIFORM INSTRUMENT Form 3051 1/01 (page 4 o( 16 pages) I~, ir1i/lals 000613 escrowed by Borrower, and such dues, fees and assessments shall be an Escrow Item. Borrower shall promptly furnish to Lender all notices of amounts to be paid under this Section. Borrower shall pay Lender the Funds for Escrow Items unless Lender waives Borrower's obligation to pay the Funds for any or all Escrow Items. Lender may waive Borrower's obligation to pay to Lender Funds for any and all Escrow Items at any time. Any such waiver may only be in writing. In the event of such waiver, Borrower shall pay directly, when and where payable, the amounts due f.or any Escrow Items for which payment of Funds has been waived by Lender and, if Lender requires shall fumish to Lender receipts evidencing such payment within such time period as Lender may require. Borrower's obligation to make such payment~ 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 sorrower is obligated to pay Escrow Items directly, pursuant to a waiver, and Borrower falls to pay the amount que for an Escrow Item, Lender may exercise its rights 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, ßorrower 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) sufftcient to permit Lender to appfy the Funds at the time specìfied 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 the Funds to pay the Escrow Items no later than the time specified under RESPA. Lender shall not charge Borrower for holding and applying the 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 writing or Applicable law requires interest to be paid on the Funds, Lender shaH not be required to pay Borrower any interest or earnings on the Funds. Borrower and lender can agree in writing, however, that interest shall be paid on the Funds. Lender shall give to Borrower, without charge, an annual accounting of the Funds as required by RESPA. If there is a surplus of Funds held in escrow, as defined under RESPA, Lender shall account to Borrower for the excess funds in accordance with RESPA. If there is a shortage of Funds held in escrow, as defined under RESPA, Lender shall 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 there is a deficiency of Funds held in escrow, as defined under RESPA, Lender shalf notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to make up the deficiency in accordance with RESPA, but in no more than 12 monthly payments. Upon payment in full of sums secured by this Security Instrument, Lender shall promptly refund to Borrower any Funds held by Lender, WYOMING·oSINGLE FAMILY-Fannie MaelFreddfe Mac UNIFORM INSTRUMENT Form 3051 1/Q1 (page 5 of 1IJ pages) /. 1 V"}l ~ /niUa/s ' 000614 4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines and Impositions attributable to the Property which can attain priority over this Security Instrument, leasehold payments or ground rents on' the Property, if any, and Community Association Dues, Fees, and Assessments, if any. . 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 fa the payment of the obligation secured by the lien in a manner acceptable to Lender, but only so long as Borrower is performing such agreement; (b) contests the lien In good faith by, or defends against enforcement of the lien in, legal proceedings which in Lender's opinion operate to prevent, the enforcement of the lien while those proceedings are pending, but only until such proceedings are concluded or (c) secures from the holder of the lien an agreement satisfactory to lender subordinating the Uen 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·tlme 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, hazards Included within the term "extended coverage" and any other hazards including, but not limited to, earthqu~kes and floods, for which lender requires Insurance. This insurance shall be maintained in the amounts (including deductible levels) and for the periods that Lender requires. What Lender requires pursuant to the preceding sentences can change during the term of the Loan. The insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's right to disapprove Borrwer's choice, which right shall not be exercised unreasonably. Lender may require Borrower to pay, In connection with this Loan, either: (a) a one-time charge for flood zone determination, certificatl.on and tracking services; or (b) a one-time charge for flood zone and certiftcation services and subsequent charges each time remappJngs or similar charges occur which reasonably mIght affect such determination or certification. Borrower shall also be responsible for the payment of any fees imposed by the Federal Emergency Management Agency in connection with the review of any flood zone determination resulting 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. Lendèr is under no obligation to purchase any particular type or amount of coverage. Therefore, such coverage shall cover Lender, but might or might not protect Borrower, Borrower's equity in the Property, or the contents of the Property 1 against any risk, hazard or liability and might provide greater or lesser coverage than was previously In effect. Borrower aCknowledges that the cost of the insurance coverage so obtained might significantly exceed the cost of insurance that Borrower could have obtained. Any amounts disbursed by Lender under thIs Section 5 shall become additional debt of Borrower secured by this Security Instrument. These amounts shall bear interest at the Note rate from the date of disbursement and shall be payable, with such Interest, upon notice from Lender to Borrower requesting payment. WYOMING-8INGLE FAMilY-Fannie Mae/Fredle Mac UNIFORM INSTRUMENT Form 3051 1/01 (page 6 c/16 PßflÐS) 7-J-JtL- initials All insurance policies required by Lender and renewals of such policies shall be sUbject tP0061.S Lender's right to disapprove such policies, shall include a standard mortgagee clause, and shall name Lender as mortgagee and/or as an additionaJ 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 form of insurance coverage, not otl:terwlse required by Lender, for damage to, or destruction of. the Property, such policy shall include a mortgage clause and shall name Lender as mortgagee and/or as an additional loss payee. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may, make proof of loss if not made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, any insurance proceeds, whether or not the underlying insurance was required by Lender, shall be applied to restoration or repair 9f 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 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 other third parties, retained by Börrower 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 thÌs 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 fi/e, negotiate and settle any available Insurance claim and related matters. If Borrower does not respond withIn 30 days to a notice from Lender that the insurance carrier has offered to settle a claim, the Lender may negotiate .and settle the claim. The 30-day period will begin when the notice is given. In either event, or If Lender acquires the Property under Seètlon 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 the Note or this Security Instrument, and (b) any other of Borrower's rights (other than the right to any refund of uneamed premiums paid by Borrqwer) under all insurance policies covering the Property, insofar as such rights are applicable to the coverage of the Property. Lender may use the Insurance proceeds either to repair or restore the Property or to pay amounts unpaid under the. Note or this Security Instrument, Whether 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 Instrument and shall continue to occupy the Property as Borrower's principal residence for at least one year after the date of occupancy, unless Lender otherwise agrees in writing, whIch consent shall not be unreasonably wlthheldþ 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 deteriorate or commit waste on the wYOMING-SINGLE FAMILY-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 1/01 (¡Jag/! 7 of 16 p.9(J9$) ¡:L./ft ... Inmal8 00061.6 Property. Whether or not Borrower 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 deb:lrmilled pursuant to Section 5 that repair or restoration is not economically feasible, Borrower shall promptlY1epalr 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 oft the Property, Borrower shall be responsible for repairing or restoring the Property only if Lender has released praceedsfor such purposes. lender may disburse proceeds for the repairs and restoration in a single payment ör In a series of progress payments as the work is completed. If the Insurance or condemnation proceeds are not sufficient to repair or restore the Property, Borrower is nat relieved of Borrower's obligation for the completion of such repair or restoration. Lender or its agent may make reasonable entrIes upon and Inspections of the Property. If It has rea$onable cause, Lender may inspect the Interior of the Improvements on the Property~ Lender shall give Bo.rrower notice at the time of or prior to such an Interior inspection specifying such reasonable cause. 8. Borrower's Loan Application. Borrower shall be in default if, during the Loan application process, Borröwer or any person or entitie.s acting at the direction of Borrower or with Borrower's knowle(tge or consent gave materially false, misleading, or Inaccurate information. or statements to Lender (or failed to provide Lender with material Information) in connection with the Loan. Material Jeptesentations include, but are not limited to, representations concerning Borrower's ocoupancy of the Property as. Borrower's principal residence. 9. Protection of Lender's Intel'$st In the Property Qnd Rights Under this Security Instrument. If (a) borrower fails to perform the covenants and agreements contained in this Security Instrument, (b) there is a legal proceeding that might significantly affect Lender's interest in the Property andlor rights under this Security Instrument (such as proceeding In bankruptcy, probate, for condemnat.ion 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 Instrument, including protecting andlor assessing the value of the Property, and securing andlor repairing the Property. Lender's actions can include, but ar~ 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 attorney's fees to protect Its interest in the Property andlor rights under this Security Instrument, Including its secured position in a bankruptcy proceeding. Securing the Property ihcludes, but is not nmited to, entering the Property to make repairs, change 10cks,repJace 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 Section 9. Any amounts disbursed by Lender under this Section 9 shall become additional debt of Borrower secured by this Security Instrument. These amounts shall bear interes,t at the Note rate from the date of disbursement and shall be payable, with such interest, upon nötice from lender to Borrower requesting payment. WYOMING-SINGLE FAMIL V-Fannie MaeJFreddle Mac UNIFORM INSTRUMENT Form 3051 1101 (pÐge 8 of 16 pagss) z.£.df1- InlllBl$ 00061.7 If this Security Instrument is on a leasehold, Borrower shall comply with all the provisions of the le~se. Borrower shall not surrender the leasehold estate and interests herein conveyed or terminate or cancel the ground lease. Borrower shall not, without the express written consent of Lender, alter or amend the ground lease. If Borrower acquires fee title to the Property, the leasehold and the fee title shall not merge unless Lender agrees to the merger In writing. 10. Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan, So~rower shall pay the premÌl,lms required to maintain the Mortgage .Insurance in effect. If, for any reason, the Mortgage Insurance coverage reqµired by lender ceases to be available from the mortgage 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 equívalent to the Mortgage Insurance previously in effect, at a cost substantially equivalent to the cost to Borrower of the Mortage Insurance previously in effect, from an alternate mortgage insurer selected by Lender. If sUbstantially equívalent Mortgage Insurance is not available, Borrower shall continue to pay to lender the amount of the separately designated payments that were due when the insurance coverage ceased to be in effect. Lender will accept, use and retain these payments as a non-refundable loss reseNe in lieu of Mortgage Insurance. Such loss reseNe shall be non-refundable notwithstanding the fact that the Loan is ultimately paìd in full, and Lender shall not be required to pay Borrower any interest or earnings on such Joss reseNe. Lender can no longer require loss reseNe payments if Mortgage Insurance coverage (in the amount and for the period that Lender requlres)provided by an Insurer selected by Lender again becomes available, is obtained, and Lender requires separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiums required to maintain Mortgage Insurance in effect"or provide a non-refundable loss reserve, until Lender's requirement for Mortgage Insurance ends in accordance with any written agreement between Borrower and Lender providing for such termination or until termination is required by Applicable Law. Nothing in this Section 10 affects Borrower's obligation to pay interest at the rate prpvided in the Note. Mortgage I nsurance reimburses Lender (or any entity that purchases the Note) for certain losses it may incur if Borrower does not repay the Loan as agreed. Borrower is not· a party to the Mortgage Insurance. Mortgage insurers evalµate their total risk on all such insurance in force from tirn e to time, and may enter into agreements with other parties that share or modIfy their risk or reduce losses. These agreements are on terms and conditions that are satisfactory to the mortgage insurer and the other party (or parties) to these agreements. These agreements may require the mortgage insurer to make payments using any source of funds that the mortgage Insurer may have available (which may include funds obtaIned from Mortgage Insurance premiums). As a result of these agreements, Lender, any purchaser of the Note, another insurer, any rei01:!urer, any··other entity, or any affiliate of any of the foregoing, may receive, (directly or indirectly) amounts that derive from (or might be characterized as) a portion of Borrower's payments for Mortgage Insurance, in exchange for sharing or modifying the mortgage insurer's rIsk in exchange for a share of the premiums paid to the insurer, the arrangement is often termed Ucaptíve reJnsurance." Further: WVOMING-SINGLE FAMIL Y-Fannle MaeIFreddle Mac UNIFORM INSTRUMENT Form 3061 1/01 (page 9 of 1(1 pagt1$) l:.U:.t . 11If/f( /s·. 00061.8 (a) Any such agreements will not effect 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 wUl not affect the rights Borrower has-if any- with respect to the Mortgage,lnsurance under the Homeowners Protection Aot of 1998 or any other law. These rights may Incl.ude the right 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 assigneq to and shall be paid to Lender. If the Property is damaged, such Miscellaneous Proceeds shall be applied to restoration or repair of the Property, if the restoration or repair is economically feasible and Lender's securIty is not lessened. During such repair and restoration period, Lender shall have the right to hold such Miscellaneous Proceeds until Lender has had an opportunity to Inspect such Property to ensure the work hç¡s been completed to Lender's satisfaction, provided that such Inspection shall be undertaken promptly. Lender may pay for the repairs and restoration in a single disbursement or in a series of progress payments as the work is completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such Miscellaneous Proceeds, Lender shall not be required to pay Borrower any interest or earnings on such Miscellaneous Proceeds. If the restoration or repair is not economically feasible or Lender's security would be lessened, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. Such Miscellaneous Proceeds shall be applied in the order provided for in Section 2. In the event of a total taking, destruction, or loss in value of the Property, the Miscellaneous Proceeds shall be applied to the sums secured by this Security 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 partial taking, destruction, or loss in value is equal to or greater than the amount of the sums secured by this Security Instrument Immediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the sums .secured by this Security Instrument shall be reduced by the amount of the Miscellaneous Proceeds multiplied by the following fraction: (a) the total amount of the sums secured immediately before the partial taking, destruction, or loss in value divided by (b) the fair market value of the Property immediately before the partial 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 fair market value of the Property immediately before the partial taking, destruction, or loss in value is less than the amount of the sums secured immediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the Miscellaneous Proceeds shall be applied to the sums .secured by this Security Instrument whether or not the sums are then due. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the Opposing Party (as defined in the next sentence) offers to make an award to settle a claim for WYOMING--SINGLE FAMILY·-Fannle Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 1/01 (pag9 I() Qf 16 pages) 7J. ·111- initials 000619 damages, Borrower fails to respond to Lender within 30 days after the date the notice is given, Lender is authorized to collect and apply the Miscellaneous Proceeds either to restoration or repair of the Property or to the sums secured by this Security Instrument, whether or not the due. "OpposIng Party" 'means the third party that owes Borrower Miscellaneous Proceeds orthe party against whom Borrower has a right of action in regard to Miscellaneous Proceeds. Borrower shall be in default If any action or proceeding, whether civil or criminal, is begun that, in Lender's judgment, could result in forfeiture of the Property or other material Impairment of Lender's interest In the Property or rights under this Security Instrument. Borrower can cure such a default an, if acceleration has occurred, reinstate as provided in Section 19, by causing the action or proceeding to be dismissed with a ruling that, in Lender's judgment, precludes forfeiture of the Property or other material impairment of Lender's Interest in the Property or rights under this Security Instrument. The proceeds of any award or claim for damages that are attributable to the impairment of Lender's 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 shall be applied In the order provided for In Section 2. 12. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or modification of amortization of the sums secured by this Security Instrument granted by Lender to Borrower or any Successor in Interest of Borrower shall not operate to release the liability of Borrower or any Successors in Interest of Borrower. Lender shall not be required to Commence proceedings against any Successor in Interest of Borrower or to refuse to extend time for payment or otherwise modIfy amortization of the sums secured by this Security Instrument by reason of any demand made by the original Borrower or any Successors in Interest of Borrower. Any forbearance by Lender In exercising any right or remedy including, without limitation, Lender's acceptance of payments from third persons, entities or Successors in Interest of Borrower or in amounts less than the amount due, shall not be a waiver of or preclude the exercise of any right or remedy. 13. Joint and Several LlablUty; Co-signers; Successors and Assigns Bound. Borrower covenants and agrees that Borrower's obligations and liability shall be jOint ,and several. However, any Borrower who co-signs this Security Instrument but does not execute the Note (a "co-signer"): (a) is co-signing this Security Instrument only to mortgage, grant and convey the co-slgner's interest in the Property under the terms of this Security Instrument; (b) is not personally obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower can agree to extend, modify, forbear or make any accomodations with regard to the te~ms of this Security Instrument or the Note without the co-signer's consent. Subject to the provisions of Section 18, any Successor in Interest of Borrower who assumes Borrower's obligations under this Security Instrument in writing, and Is approved by Lender, shall obtain all of Borrower's rights and benefits under this Security Instrument. Borrower shall not be released from Borrower's obligations and liability under this SecurIty Instrument unless Lender agrees to such release in writing. The covenants and agreements of this Security Instrument shall bind (except as provided in Section 20) and benefit the Successors and assigns of lender. 14'. loan Charges. Lender may charge Borrower fees for services performed in connection wIth Borrower's default, tor the purpose of protecting Lender's interest In the Property and rights under this Security Instrument, including, but not limited to, attorney's fees, property inspection and valuation fees. [n regard to any other fees, the absence of express authority in this Security WYOMING-SINGLE FAMILY-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 '1/01 (pag9 t t of 6 pages) r¡:¡ . fft - II1/1/ols 000620 Instrument to charge a specific fee to Borrower shall not be construed as a prohibition on the charging of such fee. Lender may not charge fees that are expressly prohibited by this Security Instrument or by Applicable Law. If the Loan is subject to a law which sets maximum loan charges, and that law Is finally Interpreted so that the Interest or other loan charges collected In connection with the loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to the permitted limit; and (b) any sums .already collected from Borrower which exceeded permitted limits will be refunded to Borrower. lender may choose to make this refund by reducing the principal owed under the Note or by making a direct payment to Borrower. If a refund reduces the principal, the redµction will be treated as a partial prepayment without any prepayment charge (whether or nQ.t a prepayment charge is provided for under the Note). Borrower's acceptance of 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. 16. ~ot¡ces. All notices given by Borrower or Lender in connection with this Security Instrument must be in writing. Any notice to Borrower in connection with this Security Instrument shall be deemed to have been 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 Làw expressly requires otherwise. The notice address shall be the Property Address unless Borrower has designated a substitute notice address by notice to Lender. Borrower shall promptly notify lender of Borrower's change of address. If lender specifies a procedure for reporting Borrower's change of address, then Borrower shall only report a change of address through that specified procedure. There may be only one designated notice address under this Security Instrument at anyone time. Any notice to Lender shall be given by delivering it or by mailing it by first class mall to Lender's address stated herein unless Lender has designated another address by notice to Borrower. Any notice in connection with this Security Instrument shall not be deemed to have been given to Lender until actually received by Lender. If any notice required by this Security Instrument is also required under Applicable Law, the Applicable Law requirement will satisfy the corresponding requirement under this Security Instrument. 16. Governing Law; Severability; Rules of Construction. This Security Instrument shall be governed by federal law and the law of the jurisdictIon in which the Property is located. All rights and obligations contained in this Security Instrument are subject to any requirements and limitations of Applicable Law. Applicable Law might explicitly or implicitly allow the parties to agree by contract or it might be silent, but such silence shall not be construed as a prohibition against agreement by contract. In the event that any provision or clause of this Security Instrument or the Note conflicts with Applicable Law, such conflict shall not affect other provisions of this Security Instrument or the Note which can be given effect without the conflicting provision. As used in this Security Instrument: (a) words of the masculine gender shall mean and include corresponding neuter word or words of the feminine gender; {b) words In the singular shalt mean and include the plural and vice versa; and (0) the word "may· gives sole discretion without any obligation to take any. action. 17. Borrower's Copy. Borrower shall be given one copy of the Note and of this Security Instrument. WYOMING-SINGLE FAMIL V-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 1/01 (pags 12 o( 16 P806'S) z:. L ·111 - lnilials 000621. 18. Transfer of the Property or a Beneficial Interest In Borrower. As used in this Section 18, "Interest in the Property" means any legal or beneficial interest in the Property, Including, but not I.imited to, those. beneficîallnterests transferred in a bond for deed, contract for deed, installment sales contract or escrQw agreement, the Intent of which is the transfer of title by Borrower at a future date to a purchaser. Jf all or any part of the Property or any Interest In the Property Is sold or transferred (or if Borrower is not a natural person and a beneficial interest In Borrower is sold or transferred) without Lender's prior written consent, Lender may require immediate payment in full of all sums secured by this Security 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 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 must pay all sums secured by this Security Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies permitted by this Security Instrument without further notice or demand on Borrower. 19. Borrower's Right to Reinstate After Acceleration. If Borrower meets certain conditions, Borrower shall have the right to have enforcement of this Security Instrument discontinued at any time prior to the earliest of: (a) five days before sale of the Property pursuant to any power of sale contained In t{1ls Security Instrument; (b) such other period as Applicable Law might specify for the termination of Borrower's right to reinstate; or (c) entry of a judgment enforcing this Security Instrument. Those conditions are that Borrower: (a) pays Lender all sums which then would be due under this Security Instrument and the Note as if no acceleration had occurred; (b) cures any default of any other covenants and agreements; (c) pays all expenses incurred in enforcing this Security Instrument, including but not limited to,. reasonable attorneys' fees, property inspection and valuation fees, and other fees incurred for the purpose of protecting Lender's interest in the Property and rights under this Security Instrument, shall continue unchanged. Lender may require that Borrower pay such reinstatement sums and expenses in one or more If the following forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, treasurer's check or cashlerrs check, providßd any such check is drawn upon an institution whose deposits are insured by a federal agency, instrumentality or entity; or (d) ElectronJc Funds Transfer. Upon reinstatement by Borrower, this Security Instrument and obligations secured hereby shall remain fully effective as if no acceleration had occurred. However, this right to reinstate shall not apply In the case of acceleration under SectIon 18. 20. Sale of Note; Change of Loan Servlcer; Notice of Grievance. The Note or a partial Interest in the Note (together with this Security Instrument) can be sold one or more times without prior notice to Borrower. A sale mig~t 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 Instrument, and Applicable Law. There also might be one or more changes of the Loan Servicer unrelated to a sale of the Note. If there is a change of the Loan SeNicer, Borrower will be given written notice of the change which will state the name and address of the new Loan $ervlcer, the address to which payments should be made and any other information RESPA requires In connection with a notice of transfer of servicing. WYOMING-SINGLE FAMILY-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 1/01 (page fa of 16 page$) 7-j-lh- Inltfals 000622 If the Note is sold and thereafter th~ 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 Servlcer or be transférred to a successor Loan Servlcer and are not assumed by the Note purçhaser unless otherwise provided by the Note purchaser. Neither Borrower nor Lender may commence, join, or be joined to any judicial action (as either an individual litigant or the member of a class) that arises from the other party's actions pursuant to this Security Instrument or that alleges that the other party has breached any provision of, or any duty owed by reason of, this Security Instrument, until such Borrower or Lender has notified the other party (with such notice given In compliance with the requirements of Section 15) of such alleged breach and afforded the other party hereto a reasonable period after the giving of such notice to take corrective action. If Applicable Law provides a time perfod which must lapse before certain action can be taken, that time period will be deemed to be reasonable for purposes of this paragraph. The notice of acceleration and opportunity to cure given to Borrower pursuant to Section 22 and the notice of acceleration given to Borrower pursuant to Section 18 shall be deemed to satisfy the notice and opportunity to take corrective action provisions of this Section 20. 21. Hazardous Substances. As used in this Section 21: (a) "Hazardous Substances" are those substances 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 ànd herbicides, volatile sorvents, materials containing asbestos or formaldehyde, and radioactive materials; (b) IIEnvlronmental Lawll means federal laws and laws of the jurisdiction where the Property is located that relate to health, safety or environmental protection; (c) "Environmental Cleanup" includes any response action. remedial action, or removal action, as defined In Environmental Law; and (d) an "Environmental Condition" means a condition that can cause, contribute to, or otherwise trigger an Environmental Cleanup. Borrower shall not cause or permit the presence, use, disposal, storage, or release of any Hazardous Substances, or threaten to release any Hazardous Substance, on or In the Property. Borrower shall not do, nor allow anyone else to do, anything affecting the Property (a) that is in violation of any Environmental Law, (b) which creates an Environmental Condition, or (c) which, due to the presence, use, or release of a Hazardous Substance, creates a condition that adversely affects the value of the Property. The preceding two sentences shall not apply to the presence, use, or storage on the Property of small quantities of Hazardous Substances that are. generally recognized to be appropriate to 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, discharg~, release or thr'èat of release of any Hazardous Substance, and (c) any condition caused by the presence, use or release of a Hazardous Substance which adversely affects the value of the Property. If Borrower learns, or is notified by any governmental or regulatory authority, or any private party, th.at 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. WYOMING-SINGLE FAMILY-Fannie Mae/Freddle Mac UNIFORM INSTRUMENT F.orm 3051 1/(}1 (pa(J~ 14 of HI pagel» T[·/I1~ ',"/i/IJs 000623' 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 aeeleration 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 þy 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 reme,dies provld,ed in Section 22, including, but not limited to, reasonable attorney's fees and costs if title evidence. If Lende.r invokes the power of sale, lender shall give notice of intent to foreclose to Borrower and to the person in possession of the Property, If different, in accordance with Applicable Law. Lender shall give notice of the sale to .Borrower in the manner provided .in Section 15. Lender shall publish the notice of sale, and the Property shall be sold In the manner prescribed by Applicable Law. LE!nder 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 attorney's fees; (b) to all sums secured by this Security Instrument; and (c) any excess to the person or persons legally entitJed to it. 23. Release. . Upon payment of all sums secured by this Security Instrument, Lender shall release this Security Instrument. Borrower shall pay any recordation costs. Lender may charge Borrower a fee for releasing this Security Instrument, but only jf 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 release and waives all rights under and by virtue of the homestead exemption laws of Wyoming. WYOMING-SINGLE FAMILY-Fannie MaeIFreddle Mac UNfFORM fNSTRUMENT Form 3051 1/01 (PSf19150f18psges) {J../n- InluBIB 000624 BY SIGNING BELOW. Borrower accepts and agrees to the terms and covenants contained in this Security Instrument and In any Aider executed by Borrower and recorded with It. T~~ Todd Moores (Seal) -8orrower . ~ (Seal) -Borrower [Space Below This Line For AcknoWledgment] STATE OF WYOMING, Cou nty $5: L 1 n C 0 1 n The foregoing Instrument was acknowledged before me this o Z I 0 8 / 0 B (date) by Todd Moores (person aoknowladging) ~.//' ~ A My Commission EXPlres:ð..2Þ6ÞO// (~) ~4r.J Ncrlary PUblio LORI KALAN - NOTARY PUBLIC COUNTY OF LINCOLN STATE OF WYOMING My Commission Expires Feb, 26, 2011 WYOMING-SINGLE FAMIL Y··Fannle MaÐ/PNtddle Mac UNlfO~M INSTRUMENT Form 3061 1/01 (psge 16 0/16 P~¡¡¡n¡) zi../J I... Inlll«/II r ,,"'. , . L V V " I V I I I' \111 ,III V ~ II V II C I I f ~ l D 11 fl' No, U,"'" 'I ~ 000625 FIXED! ADJUSTABLE RATE RIDER (LIBOR Oß(~·Year IndeJ: (As PubUshed In The Wall Strte.t Joumal)- Rate Caps) THIS FIXED/ADJUSTABLE RATE RIDER Is made this 8th day of February, 2008 , and is incorporated into and shall be deemed to amend and supplement the Mortgage. Deed of Trust, or Security Deed (the "SecurIty Instrument'" of the same data given by the undersigned ("Sorrower") to secure Borrowerls Fixed/Adjustable Rate Note {the ~Note"} to Shoshone Fi rst Bank, state bank . ("Lender") of the same date a.nd covering the próperty descriÞed in the SecUrity InstruiTIent and IQcated at: 44065 US Hwy 189 N ,Kemmerer [PrOp&fty Address] ,Wy 83191- THE NOTE PROVIDES FOR A CHANGE IN 80RROWER'S' fiXED INTEREST RATE TO AN ADJUSTABLE, INTERI:$T RATE. THE NOTE UMITS THE AMOUNT BORROWER'S ADJUSTABLE INTEREST RATE CAN CHANGE AT ANY ONE TIME AND THE MAXIMuM RATE BORROWER MUST PAY. ADDITIONAL COVENANTS. In addition to the oovenants and agreements made in the Security. Instrument, Borrower and Lender further covenant and agree as follows: A. ADJVSTABLE RATE! AND MONTHLY PAYMENT CHANGES The Nòte provides for an initial fixed Interest rate of 6.5000 %. The Note also provide$ for a ohange In the initial fixed rata to an adjustable Interest rate, as follows: 4. ADJUSTABLE INTEREST RATE AND MONTHLY PAYMENT CHANGES (M Ohange Dates The Initial fixed interest rete I will pay will change to an adjustable Interest rate on the first day of March, 2011 , and the adjustable Interest rate 1 wUl þay may change on that day every 12th mOnth thereafter. The date on which my initial fixed interest rate change$ to an adjustable Interest ràte. and each date on which my adjustable interest rate could change, is called a "Change Date." MOORES, T IT 55185 MW 08101 MULTISTATE FIXED/ADJUSTABLE RATE RIDER - WSJ One~Yøar LlSOR - Single Family. Fannie Mea Uniform Instrument . ~.16aR (0401) Form 31876/01 ' Page 1 of4 Inltials;,r-...Á./t't, VMP Mortgage Solutions (800)521-7291 I 1111111111 flllll 1111 111111 ~IIIIII 00062.6 (B) The Index Beginning with the, first Change Date, my adjustable interest rate will be based 011 an Index. Tl'le lI ndex" is the average of interbank offered rates for ona-year U.S. dollar-denominated deposits in the London market ("L/BOR"), as pubJished in The Wall Street Journal. The most recant Index figl,tre av~lIabJe as of the datI) 45 days before each Change Date is called the "Current Index,'\ If.. the Index Îs no 'longer available, the Note Holder will choosè a new index that is bS6ed upon comparable Information. The Note Holder will give m'e notice of this choice. (C) Calculation of Changes· Before each Change Date, the Note Holder wiJI calculete my new interGst rate by adding Three percentage points ( 3.0000 %) to tl'le Current Index. The Note Holder will then round th6 result of this addition to the nearest one-eighth of one percentage point (0.120%). Subject to the limits statad in Section 4(D) below, this rounded amount will be my new ntere~t rate until the next Chang¡;, Date. The Note Holder wìll,then determine the amount of the monthly paymant that would be sufficient to repay the unpaid principal that t am expected to owe t;\t the Change Date in full on the Maturity Data at my new lnt¢test rate ìo substantially equal payments. The rGsult of this calculation wUl be the new amount of my monthly payment. (D) limits on Interes1 Rate Changes The interest rate I am required to pay at the first Change Date will not be grøater than 8.5000 % or less than 4.5000 'Yo. Thereafter, my adJustabl~ interest rate will never be increased. or decreased on any single Change Date by more than two percentage points from the ratEl of Interest I have been paying for the preceding 1:2 months. My interest rate wIH never be greater than 11 5000 %. (E) Effective Date of Changes . My new interest rate will become ~ffectlve on each Change Date. I will pay the amount of my new monthly payment beginning on the first monthly payment date after the Change Date until the amount of my monthly paymant changes agaÎn. (F) NotIce of Changes The Nota Holder will deliver or mail to me a notice of any changes in my initial fixed interest rate to an adjustable interest rate and of any changes in my adjustable interest ratE! before the effectlva date of any, change. The notice will Include the amount of my monthly payment, any information required by law to be given to me and' also the title! and telephone number of fJ person who will answer any question I may have regarding the notloe. B. TRANSFER OF THE PROPERTY OR A BEN~FICIAL INTEREST IN BORROWER 1. Until Borrower's Initial fixed interest rate changes to an adjustable interest rate under the terms stated in Section A above, Uniform Covenant 1 a of the $aourity Instrument shaU read as follows: MOORES, T IT 55185 ~-16fJR (0401) Page 2 of 4 Initials: !-I-$I- Fonn 3187 6/01 r ~ ). I. I"" n I U ; L U tllVI ~nosnone tl rst uan~ No. 0 '" n '1 11 000627 iransfer of the Property or a Böneficlal Interest in Borrower. As used in this Section 18, "Interest In the Property" means any legal or beneficial Intarest in the Proþerty, Including. but not limited to. those Þeneflcial interests. transferred In a bond 'for deed. oontract for deed, Installment sales contract ,or escrow agreement. the Intent of whJah is the transfar of title by Borrower at a futura date to a purohaser. If all or any part of the Property or any Interest in the Property is sold or transferred (or if BorroWer is not a natural person and a benefiolal Interest in Borrower is sold or transferred) without Lender's; prior written content, Lender may reql,Jire Immediate payment in full of all' sums secured by this Security Instrument. However, ,this option shall not be exercised by Lender if such exercise is prohlblt@d by Applicable Law. If LenderexerclsEls thl~ option, Lender shall give Borrow$r notice of acceleration. The notice shall provide a period of not less than 30 days from the date tl'\e notice is given in accordance with Section 16, within whIch Borrower mu.st pay ~II $ums secured by this Security Im~trument_ If Borrower fails to pay thes8 sums prior to the expiration of this period, lender may Invoke any remedies' permitted ,by this Security In$~rument without further notíoEl or demand on Borrower. 2. When Borrower's initial fixed fttta/'est rate changes to anadju&table intere$t rate under the terms stated in Section ·A above. Uniform Covenant 18 of the Security Instrumant described in Section 81 above shall then CBase to be In effect, and the provisions of Vnlform Covenant 1 a of the Security Instrument shaJl be amended to read ~s follows: Transfer ()f the Property OT a Baneficial Interest in 80rrower. As used in this Section 1 a, "Interest În the Properw" means any legal or beneficial Interest in the Property, Inoluding, but not limited to, those beneficial interests transferred In a bond for deed, contract for deed, installment sales contraot or escrow agreemen1;. the intent of Which is' the transfer of title by Borrower at a future date to a purchaser. If all or any part of the Property or any Interest in the Property IS' sold or transferred (or If Bort'owerls not a natural person and a beneficial Interest in Borrower Is, sold or transferred) without Lender's prIor written consent, Lender may require immediate payment in full of all sums secured by this Security Instrument. However, this optIon shall not be exerolsad by lender If such exercise is prohibited by Applicable Law. Lender also shan not exercise thIs option if: (a) Borrower caU$e$ to be submitted to Lender information required by Lender to evaluate the intended transferee as if a new loan were being made to the transferee; and (b) Lender reasonably determines that Lender's security will not be impaired by the loan assumption and that the fisk of a breach of any covenant or agreement in this Security Instrument is acoeptable to,Lende/'. To the extent permitted by Applicable Law, Lender may charge a reasonable fee as a condItion to Lender's consent to the loan assumption. Lender also may require the transferee to sign an assumption aQr~ernent that is acceptable to Lander and that obligates the transferee to keep all the promises and agreements made in the Note and in this Security Instrument. Borrower will continue to be obligated under the Note and this Security Instrument unless Lander releases Borrower in writing. . If Lender exerc,~u¡¡s the optíon to require immediate payment in fu.lI, Lender shall give Borrower notice of aoceleration. The notice shall provIde a period of not less than 30 days from the date the notioe Is given in acoordance With Section 15 wIthin fjlQRES , T IT ~-16áR (04011 55185 Page 3 of 4 Initials:, 7:l-lh ' Form 3187 6/01 000628 which Borrower must pay all sums secured by this Security Instrument. If Borrower fails to pay these sums prior to the expiration of this perÎod{ Lender may invoke any remedies permitted by this Sf:icurity Instrument without furtner notice or demand on Borrower. BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this Fixed/Adjustable Rate Ridar. ~~~\/~ , Todd Moores . (Seal) -Borrower ($eal) -Borrower (Seal) (Seal) -ÐorrQwe.r -BorrOW9r (Seal) -6orrow9r (Seal) -Borrower (Seal) -BotrowQr (5"'81) -Borrower MOORES, T IT cmt·168R (0401) 55185 Page 4 of 4 Form 3187 6/01 I '" JJ. ,. I \Ill U IJ I l.. I nlv V II V ~ II V II ~ r I r ~ l D d I' . No, U ...., ') 13 ... BALLOON RIDER (ARM) 000629 THIS LOAN IS PAYABLE IN FULL AT MATURITY. YOU MUST REPAY THE ENTIRE PRINCIPAL BALANce OF THE LOAN AND UNPAID INTEREST THEN DUE. LENDER IS UNDER NO OBLIGATION TO REFINANCE THE LOAN AT THAT TIME. YOU WILL, THEREFORE, BE REQUIRED TO MAKE PAYMENT OUT OF OTHER ASSETS THAT YOU MAY OWN, OR YOU WilL. HAVE TO FIND A LENDEA, WHICH MAY bE THE LENDER YOU HAVE THIS LOAN WITH, WILLING TO LEND YOU THE MONEY. IF YOU REFINANCE THIS LOAN AT MATURITY, YOU MAY HAVE TO PAY SOMl': OR ·ALL OF THE CLOSING COSTS NORMALL V ASSOCIATEDWI'TH A NEW LOAN EVEN IF YOU OST AJN REFINANCING FROM THE SAME LENDER. February 8. 2008 [DATE] Kemmerer w y [CITY] [STATE] 44065 US Hwy 189 N [PROPERTY ADDRESS] ~ ~~Q)d [BORROWER] T 0 d .d Moo r e oS (BORROWER]