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HomeMy WebLinkAbout937174 b1 '7 1 :J '\ I ¡1' ~ , 6010816439 After Recording Return To: Taylor, Bean & Whitaker Mortgage Corp. 1417 North Magnolia AVe. Oeala, FL 34475 RECEIVED 2/25/2008 at 3:30 PM RECEIVING # 937174 BOOK: 687 PAGE: 822 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER. WY 000822 [Space Above This Line For Recording Data) MORTGAGE ~IN:100029500023991338 DEFINITIONS Words used in multiple sections of this docnment are defined below and other words are defined in Sections 3. ) I. 13, 18, 20 and 21. Certain rules regarding tile nsage of words IIsed ill this docllment are also provided in Section 16, (A) "Security Instrument" means this docllment. which is dated February 20,2008 Riders to this document. . together wit.h all (B) "Borrower" is JOHN W, HUTCHISON BOlTower is the mortgagor under this Security Insl1'ument.. (C) ;¡~ERS" is Mortgage EIecl1'onic Regisl1'atjon Systems, Inc, MERS is a separate corporatjon that is acting solely as a nominee for Lender and Lender's successors and assigns, ~ERS Is the mortgagee under this Security Instrument. MERS is organized and existing under the laws of Delaware, and has an address and telephone number of P.O. Box 2026, Flint, MI 48501-2026, tel. (888) 679-MERS, (D) "Lender" is Taylor, Bean & Whitaker Mortgage Corp. Lender is a a Florida Corporation the laws of FL 1417 North Magnolia Ave, Oeala, FL 34475 organized and existing under . Lender's address is (E) "Note" means tlle promissory not.e signed by Bon'ower and elat.ed February 20, 2008 . The Not.e states tllat. Borrower owt'.s Lender Three Hundred Two Thousand and no/100 DolJars (U.S. $302,000,00 ) pins interest. B01Tower has promised to pay tllis debt. in regula.r Periodic Payment.s and to pay the rlebt in full not later tiJan Mareh 01, 2038 (F) "Property" means tile property that is desclibed below IInder the heading "Transfer of Right.s in tlle Property," WYOMING-Single Family-Fannie MaelFreddie Mac UNßi'ORM INSTRUMENT Form 30511/01 GREATLAND. To Ord.r CaN: 1-800-530-9393 0 Fax: 616-791-1131 ITEM T2769L1 (OOI1)-MERS (Page 1 of 12pages) 1111111111111111111111111111111111111 11111111111111111111 11111 1111111111111 *0241102399133* 00\)823 (G) ''Loan'' means the debt evidenced by the Note, plus interest, any prepayment charges and late charges due under the Note, and all sums due under tllis Security Instmment, plus interest. (H) "Riders" means all Riders t.o t.his Securit.y Inst.rument tllat. are executed by Bon'ower. The following Riders are t.o be executed by BOll'ower [check box as applic.able]: ŒJ Adjustable Rat.e Rider D Condominium Rider D Second Home Rider D Balloou Rider D Planued Uuit Developmeut. Rider D Other(s) [specify] D 1-4 Family Rider D Biweekly Payment Rider (I) "Applicable Law" means all controlling applicable federal, state and local statutes, regulations, ordinances and administrative rules and orders (tllat have the effect of law) as well as all applicable final, non-appealable judicial opinions. (J) "Community Association Dues, Fees, and Assessments" means all dues, fees, assessments and other charges that are imposed on Bon-ower or the Property by a condominium association, homeowners association or similar organization. (K) "ElectronIc Funds Transfer" means any transfer of funds, otller tllan a transact.ion originated by check, draft, or similar paper instrument, which is initiated through an electronic temlÍnal, telephonic instrument, computer, or magnetic tape so as to order, instruct, or autllOrize a financial institution to debit or credit an account. Such tel1n includes, but is not limited to, point-of-sale transfers, automated teller machine transactions, transfers initiated by telephone, wire transfers, and automated clearinghouse transfers. (L) "Escrow Items" means those items that are described in Section 3. (M) "Miscellaneous Proceeds" means any compensation, settlement. award of damages, or proceeds paid by any third party (otller tllan insurance proceeds paid under the coverages described in Section 5) for: (i) damage t.o, or destruction of, tlle Property; (ii) condemnation or ot.her 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 Propert.y. (N) "Mortgage Insurance" means insurance prot.ecting Lender against t.he nonpaymenl of. or default on. t.he Loan. (0) "Perlodlc Payment" means the. regularly scheduled amount due for (i) principal aud interest under t.he Note, plus (ii) any amounts under Section 3 of tllis Securit.y Instrument. (P) "RESPA" means tlle Real Estate Settlement Procedures Act (12 D.S.C. §2601 et seq,) and its implementing regulation, Regulation X (24 C,F,R, Part 3500), as they might be amended from time to time, or any additional or successor legislation or regulation that governs the same subject matter. As used in this Security Instrument, "RESPA" refers to all requirements and restrictions that are imposed in regard to a "federally related mortgage loan" even if tlle Loan does not qualify as a "federally related mortgage loan" under RESP A, (Q) "Successor In Interest of Borrower" means any party tllat has taken title to the Property, whether or not tllat party has assumed Borrower's obligations under the Note and/or this Security Instrument. WYOMING-Single. Family-Fannie MaelFreddle Mac UNIFORM INSTRUMENT ITEM T2769L2 (0011 )-MERS (Page 2 of /2 page.r ) Form 3051 1101 GREATLAND. To Ordor CaN: 1-60D-53D-9393 D Fax: 616-791-1131 TRANSFER OF RIGHTS IN THE PROPER TY 000824 This Security Instrument secures to Lender: (i) the repayment of the Loan, and all renewals, extensions and modifications of the Note; and (ii) the perfonnance of Bon-ower' s covenants and agreements under this Security Instrument and tlle Note. For tllÌs purpose, Bon-ower· does hereby mortgage, grant and convey to MERS (solely as nonlÌnee 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 the County of LINCOLN [Type of Recording Jurisdiction] [Name of Recording Jurisdiction] See Attached Exhibit A. which cun-ently has tlle address of 105281 Hwy 89 [Street] ETNA [City] , Wyoming 83118 [Zip Code] ("Property Address"): TOGETHER WITH all tlle improvements now or hereafter erected on the property, and all easements, appurtenances, and fixtures now or hereafter a part of tlle property. All replacements and additions shaH also be covered by this Security Instrument. All of the foregoing is refen-ed to in tllis Security Instrument as the "Property." Bon-ower understands and agrees tllat MERS holds only legal title to the interests granted by Bon'ower in tllis Security Instrument, but, if necessary to comply with law or custom, MERS (as nominee for Lender and Lender's successors and assigns) has tlle right: to exercise any or all of tllose interests, including, but not limited to, the 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 tllat Bon-ower is lawfully seised of tlle estate hereby conveyed and has tlle right to mortgage, grant and convey the Property and tllat t.be Property is unencumbered, except for encumbrances of record. Bon-ower waITants and will defend generally the title to the Propel1y against all claims and demands. subject to any encumbrances of record. THIS SECURITY INSTRUMENT combines unifornl covenant.s for national use and non-uniform covenants willl limited variations by jurisdiction to const.it.nte a unifollU security inst.rument covering real propert.y. UNIFORM COVENANTS. BOll'ower and Lender covenant and agree as follows: 1. Payment of Principal, Interest, Escrow Items, Prepayment Charges, and Late Charges. BOITower shaH pay when due tlle principal of, and int.erest on, tlle debt evidenced by tlle Note and any prepayment charges and late charges due under tlle Note. BOlTower shall also pay funds for Escrow Items pursuant to Section 3, Payments due under tlle Note and this Security Instrument shall be made in D,S. cun-ency. However, if any check or otller instrument received by Lender as payment under tlle Note or this Security Instrument is returned to Lender unpaid, Lender may require that any or all subsequent payments due under the Note and Illis Seclllity Instrument be made in one or more of the following fOrIllS, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, treasurer's check or cashier's check, provided any such check is drawn upon an institution whose deposits are insured by a federal agency, instrumentality, or entity; or (d) Electronic Funds Transfer. Payments are deemed received by Lender wben received at tlle location designated in the Note or at such olller location as may be designated by Lender in accordance willl the notice provisions in Section 15, Lender may return any payment or WYOMING-Single Family-Fann.ie"Mae/Freddle Mac UNIFORM INSTRUMENT ITEM T2769L3 (0011 )-MERS (Page 3 of /2pageJ) Form 3051 1/01 GREATLAND. To Order Cag: 1-ðOo-53o-9393 DFax: 616-791-1131 000825 partial payment if the payment or partial payment<; are insufficient to bring tlle Loan Clln"ent. Lender may accept any payment or partial payment insufficient to bring the Loan CUlTent, willlOUt waiver of any right<; hereunder or prejudice to its rights t.o refuse such payment or partial payment.s in Ille future, but Lender is not obligated to apply such payments at the time such payment<; are accepted. If each Periodic Payment is applied as of it<; scheduled due date, then Lender need not pay interest on unapplied funds. Lender may hold such unapplied funds until BOlTower makes payment to bring tlle Loan cunen!.. If BOITower does not do so within a reasonable period of time, Lender shall either apply such funds or return them to BOlTower, If not applied earlier, such funds will be applied to the out<;tanding principal balance under the Note immediately prior to foreclosure. No offset or claim which Bonower might have now or in the future against Lender shall relieve BOlTower from making payments due under the Note and tllis Security Instrument. or performing the covenant.s and agreements secured by tllis SecUlity Instrument. 2. Application of Payments or Proceeds, Except as otherwise described in this Section 2, all payments accepted and applied by Lender shall be applied in the following order of priority: (a) interest due under the Note; (b) principal due under the Note; (c) amounts due under Section 3. Such payment<; shall be applied to each Periodic Payment in tlle order in which it became due. Any remaining amounts shall be applied first to late charges, second to any other amounts due under tllis Security Instrumen~ and then to reduce the principal balance of the Note. If Lender receives a payment from Borrower for a delinquent Periodic Payment which includes a sufficient amount to pay any late charge due, the payment may be applied to the delinquent payment and the late charge. If more than one Periodic Payment is out<;tanding, Lender may apply any payment. received from BOlTower to tlle repayment. of tlle Periodic Payment.s if, and to the extent. that., each payment. can be paid in full. To t.he ext.ent. tllat any excess exist.s after tlle payment is applied to the full payment of one or more Periodic Payment<;, such excess may be applied to any late charges due. Voluntary prepayments shall be applied first to any prepayment charges and tJlen as described in tJ}e Note. Any application of payments, inslU"ance proceeds, or Miscellaneous Proceeds to principal due under the Note shall not. extend or postpone the due date, or change tlle amount, of the Periodic Payments. 3. Funds for Escrow Items, Bon'ower shall pay to Lender on the day Periodic Payments are due under the Note, until Ille Note is paid in full, a sum (Ille "Funds") t.o provide for payment of amounts due for: (a) taxes and assessments and olller items which can attain priOlity over Illis Security Instrument as a lien or encumbrance on Ille Property; (b) leasehold payment<; or ground rents on Ille Property, if any; (c) premiums for any and all insurance required by Lender under Section 5; and (d) Mortgage Insurance premiums, if any, or any sums payable by Bon'ower to Lender in lieu of tlle payment of Mortgage Insurance premiums in accordance with the provisions of Section 10. These items are called "Escrow Items." At origination or at any time during the term of the Loan, Lender may require that Community Association Dues, Fees, and Assessments, if any, be escrowed by BOlTower, and such dues, fees and assessments shall be an Escrow Item. BOlTower shall promptly fumish to Lender all notices of amounts to be paid under this Section. Borrower shall pay Lender the Funds for Escrow Items unless Lender waives Bon'ower's obligation to pay tlle Funds for any or all Escrow Items. Lender may waive Bon'ower'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 Ille event of such waiver, Bon'ower shall pay directly, when and where payable, the amount<; due for any Escrow Items for which payment of Funds has been waived by Lender and, if Lender requires, shall furnish to Lender receipts evidencing such payment within such time period as Lender may require, Borrower's obligation to make such payments and to provide receipt<; shall for all purposes be deemed to be a covenant and agreement contained in tllis Security Instrument, as the phrase "covenant and agreement" is used in Section 9. If BOlTower is obligated to pay Escrow Items directly, pursuant to a waiver, and BOlTower fails to pay the amount due for an Escrow Item, Lender may exercise it<; rights under Section 9 and pay such amount and B011'ower shall then be obligated under Section 9 to repay to Lender any such amount. Lender may revoke tile waiver as to any or all Escrow Items at any time by a notice given in accordance witll Section IS and, upon such revocation, Borrower shall pay t.o Lender all Funds, and in such amounts, that are then required under tllis Section 3. Lender may. at any time, colle.ct and hold Funds in an amounl (a) sufficient t.o pennit Lender to apply the Funds at the tinle specified under RESPA, and (b) not to exceed the maximum amount a lender can reqnire under RESPA. Lender shall estimate Jle amount of Funds due on t.he basis of CllJ1'ent data and reasonahle estimates of expenditures of future Escrow Items or otllerwise in accordance with Applicable Law. The Funds shall be held in an institution whose deposits are insured by a federaJ agency, insl11lment.ality, or entity (including Lender, if Lender is an institution whose deposits are so insured) or in any Federal Home Loan Bank. Lender shall apply tlle Funds to pay the Escrow Items no later than the time specified under RESP A. Lender shall not charge BOlTower for holding and applying the Funds, annually analyzing the escrow accoun~ or verifying tlle Escrow Items, unless Lender pays BOlTower interest on tlle Funds and Applicable Law pennits Lender to make such a charge. Unless an agreement is made in writing or Applicable Law requires interest to be paid on tlle Funds, Lender shall not be required to pay Bon-ower any interest WYOMING-Single Family-Famúe MaelFreddie Mac UNIFORM INSTRUMENT ITEM T2769L4 (0011 )-MERS (Page 4 of 12 pageJ) Form 3051 1/01 GREATLAND. To Order Cal: 1-ðOG-53G-9393 CJ Fax: 616-791-1131 000826 or earnings on the Funds. Bon'ower 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 Bon'ower shaU pay to Lender tIle amount necessary to make up the shortage in accordance Witll RESPA, but in no more than] 2 monthly payments. If there is a deficiency of Funds held in escrow, as defined under RESPA, Lender shaU notify Borrower as required by RESPA, and Borrower shaU pay to Lender tlle amount necessary to make np the deficiency in accordance with RESPA, bul in no more than] 2 monthly payments. Upon payment in fuU of aU sums secured by this Security Inst.rlll1lellt. Lender shall prompt.ly refund to Borrower any Funds held by Lender. 4. Charges; Liens. Bon'ower shaU pay aU taxes. assessments, charges, fines, and impositions attributable to tlle Property which can attain priority over tl1Ìs 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 tllis Security Instrument unless Borrower: (a) agrees in writing to the payment of the obligation secured by tlle lien in a manner acceptable to Lender, but only so long as Bon'ower is performing such agreement; (b) contests tlle lien in good faith by, or defends against enforcement of the lien in, legal proceedings which in Lender's opinion operate to prevent tlle enforcement of the lien while those proceedings are pending, but only until such proceedings are conduded; or (c) secures from tlle holder of the lien an agreement satisfactory to Lender subordinating tlle lien to tllis Security Instrument. If Lender determines tllat any part of the Property is sul:!ject to a lien which can attain priority over tl1Ìs Security Ins111lment, Lender may give Borrower a notice identifying the li~n. Within 10 days of the date on which tllat notice is given, Bon'ower shall satisfy the lien or take one or more of tlle actions set forth above in this Section 4. Lender may require Bon'ower to pay a one-time charge for a real estate tax verification and/or reporting service used by Lender in connection witll this Loan. 5. Property Insurance. BOITower shall keep the improvements now existing or hereafter erected on tlle Property insured against loss by fire, hazards included within the teml "extended coverage," and any otller hazards including, but not limited to, eartllquakes and floods, for which Lender requires insurance. This insurance shalJ be maintained in the amounts (including deductible levels) and for the peliods Illat Lender requires. What Lender requires pursuant to tlle preceding sentences can change during the teml of tlle Loan. The insurance caITier providing the insurance shaU be chosen by Bon'ower subject to Lender's light to disapprove Bon'ower's choice, which light shaU not be exercised unreasonably. Lender may require BOITower to pay, in connection with this Loan, either: (a) a one-t.i.me charge for tlood zone detem1Ínation, certification and tracking services; or (b) a one-tilne charge for tlood zone determination and certification services and subsequent charges each time remappings or similar changes occur which reasonably might affect such detel1uination or certification. BOlTower shall also be responsible for t.he payment of any fees imposed by tlle Federal Emergency Management Agency in connection with tlle review of any flood zone determination resulting from an objection by BOITower, If BOITower fails to maintain any of the coverages described above, Lender may obtain insurance coverage, at Lender's option and BOITower's expense, Lender is under no obligation to purchase any particular type or amount of coverage, Therefore, such coverage shall cover Lender, but might or might not protect Borrower, BOITower's equity in the Property, or tlle contents of the Propel1y, against any risk, hazard or liability and might provide greater or lesser coverage than was previously in effect. Borrower acknowledges that tlle cost of the insurance coverage so obtained might significantly exceed tlle cost of insurance tllat BOITower could have obtained. Any amounts disbursed by Lender under this Section 5 shall become additional debt of BOITower secured by this· Security Insl11Jment. These amounts shall bear interest at the Note rate from tlle date of disbursement and shall be payable, Witll such interest, upon notice ti'om Lender to BOITower 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 tlle right to hold tlle policies and renewal certificates. If Lender requires, BOITower shall promptly give to Lender all receipts of paid premiums and renewal notices. If BOIl'ower obtains any foml of insurance coverage, not otl1erwise 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. In tlle event of loss, Borrower shall give prompt notice to tlle insurance carrier and Lender. Lender may make proof of loss if not made prompt.ly by Borrower. Unless Lender ami BOITower otllerwise agree in writing, any insnrance proceeds, WYOMING-Single FOlllily-Fol1lùe M,¡elFreddie Mac UNIFORM INSTRUMENT ITEM T2769L..5 (0011 )-MERS (Page 5 oj /2 pagel) Form 3051 1/01 OREATlAND. To Ordor CaN: 1-800-530-9393 OFax: 616-791'1131 ù00827 whether or not the underlying insurance was required by Lender, shall be applied to restoration or repair of the Property, if the restoration or repair is economically feasible and Lender's security is not lessened. During such repair and restoration period, Lender shall have the right to hold such insurance proceeds unÜl Lender has had an opportunity to inspect such Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as the work is completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such insurance proceeds, Lender shall not be required to pay Borrower any interest or earnings on such proceeds. Fees for public adjusters, or other third parties, retained by Borrower shall not be paid out of tbe insurance proceeds and shall be tlle sole obligation of Borrower, If the restoration or repair is not economically feasible or Lender's security would be lessened, tlle insurance proceeds shall be applied to the sums secured by tllis Security Instrument, whetller or not then due, with the excess, if any, paid to BOITower. Such insurance proceeds shalJ be applied in tlle order provided for in Section 2. If Borrower abandons tlle Property, Lender may file. negotiate and settle any available insurance claim and related matters. If Borrower does not respond witllin 30 days to a notice from Lender that tbe insurance carrier bas offered to settle a claim, tllen Lender may negoHate and settle tbe claim. The 30-day period will begin when the notice is given. In either event, or if Lender acquires tlle Property under Section 22 or ot.herwise. BOlTower hereby assigns to Lender (a) Borrower's rights to any insurance proteeds in an alnount not to exceed tilt'. anlouuts unpaid nnder the Not.e or tllis Securit.y In strullleuI., and (b) any other of Borrower's rights (other than the right to any rduud of unearned premiums paid by Borrower) under alJ insurance policies covering the Property, insofar as such rights are applicable to tlle coverage of tlle Property. Lender may use tbe insurance proceeds eitller to repair or restore tlle Property or to pay amounts unpaid under the Note or this Security Instrument, whether or not tllen due. 6. Occupancy. Borrower shall occupy, establish, and use tlle Property as Borrower's principal residence witllin 60 days after the execution of tllis Security Instrument and shall continue to occupy the Property as BOITower's principal residence for at least one year after tlle date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be unreasonably withheld, or unless extenuating circumstances exist which are beyond Borrower's control. 7. Preservation, Maintenance and Protection of the Property; Inspections, Borrower shall not destroy, damage or impair the Property, allow the Property to deteriorate or commit waste on the Property. Whetller 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 determined pursuant to Section 5 that repair or restoration is not economically feasible, Borrower. shall promptly repair tlle Property if damaged to avoid furtller deterioration or damage. If insurance or condemnation proceeds are paid in connection with damage to, or the taking of, the Property, BOITower shall be responsible for repairing or restoring tlle Property only if Lender has released proceeds for such purposes. Lender may disburse proceeds for tlle repairs and restoration in a single payment or 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 not relieved of BOITower' s obligation for tbe completion of such repair or restoration. Lender or its agent may make reasonable entries upon and inspections of the Property. If it has reasonable cause, Lender may inspect tlle interior of the improvements on the Property. Lender shalJ give Bon'ower noÜce at the time of or prior to such an interior inspection specifying such reasonable cause. 8. Borrower's Loan Application, Bon'ower shaJl be in default if, during the Loan application process, Bon'ower or any persons or entities acting at the direction of Bon'ower or with BOl1'ower's knowledge or consent gave materially false. misleading, or inaccurate information or statelnenls to Lender (or failed to provide Lemler with material infol11latjon) in connection witll tlle Loan. Material representations include, but are not limited to. representations concerning Borrower's occupancy of tlle Property as BOITOwer's principal residence. 9. Protection of Lender's Interest In the Property and Rights Under this Security Instrument. If (a) Bonower fails to perform the covenants and agreements contained in tllis 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 a proceeding in bankruptcy, probate, for condemnation or forfeiture, for enforcement of a lien which may attain priority over this Security Instrument or to enforce laws or regulations), or (c) BOll'ower has abandoned tlle Property, then Lender may do and pay for whatever is reasonable or appropriate to protect Lender's interest in tlle Property and rights under this Secmity Instrument, including protecting andlor assessing the value of tlle Property, and securing andlor repairing the Property. Lender's actions can include, but are not limited to: (a) paying any sums secured by a líen which has priority over this Security Instrument; (b) appearing in court; and (c) paying reasonable attorneys' fees to protect its interest in tlle Property andlor rights under this Security Instrumen~ including its secUl'ed position ill a bankruptcy proceeding. Securing tlle Property includes, but is Ilot limited to, entering the Property to make repairs, change locks, replace or board up doors and windows, drain water from WYOMJNG-Sillgle Family-FannJe Mae/Freddie Mac UNIFORM INSTRUMENT I rEM T2769L6 (0011 )-MERS (Page 6 of /2 pa¡¡eJ) Form 3051 1/01 GREATLAND. To Ordor CaP: ·'-800-530-9393 o Fax: 616-791-1131 ù008ZB pipes, eliminate building or other code violations or dangerous conditions, and have utilities tumed on or off. Although Lender may take action under this Section 9, Lender does not have to do so and is not under any duty or obligation to do so. H is agreed that Lender incurs no liability for not taking any or all actions authorized under this Section 9. Any amounts disbursed by Lender under this Section 9 shall become additional debt of Borrower secured by this Security Instrument. These amounts shall bear interest at the Note rate from the date of disbursement and shall be payable, with such interest, upon notice from Lender to Borrower requesting payment. If this Security Instrument is on a leasehold, Boo'ower shall comply with all the provisions of the lease. If Bon-ower acquires fee titIe to the Property, the leasehold and tIle fee title shall not merge unless Lender agrees to tlle merger in writing. 10. Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan, Borrower shall pay the premiums required to maintain tIle Mortgage Insurance in effect. If, for any reason, tlle Mortgage Insurance coverage required by Lender ceases to be available from the mortgage insurer that previously provided such insurance and Bon-ower was required to make separately designated payments toward tIle premiums for Mortgage Insurance, BOlTower shall pay tIle premiums required to obtain coverage substantially equivalent to the Mortgage Insurance previously in effect, at a cost substantially equivalent to tlle cost to Boo'ower of tIle Mortgage Insurance previously in effect, from an alternate mortgage insurer selected by Lender. If substantially equivaJent Mortgage Insurance coverage is not available, Bon-ower shall continue t.o pay t.o Lender the anlOunt. of tIle separately designat.ed paymênt.s that. were due when the insurance coverage ceased to be in effect.. Lender will accept, use and retain t.hese payment.s as a non-refundable loss reserve in lieu of Mort.gage Insurance. Such loss reserve shall be non-refundable. uot.wit.hstanding the factlhat the Loan is ultimat.ely paid in full. and Lender shall not. be required to pay Borrower any interest or earnings 011 slIeh loss reserve, Lender cau 110 longer reqllire loss reserve payments if Mortgage Insurance coverage (in tlle arnouut and for t.he period that Lender requires) provided by an insurer select.ed by Lender again becomes available. is obtained. and Ll~lIder requires separate.ly desi¡"'T¡ated payment.s toward the premiums for Mort.gage Insurance. If Lender required Mortgage Insurance as a condi60n of making the Loan and BOITower was required t.o make separately designated payments toward the premiums for Mortgage Insurance, Bon-ower shall pay the premiums required to maintain Mortgage Insurance in effect, or t.o provide a non-refundable loss reserve, until Lender's requirement for Mortgage Insurance ends in accordance Witll any written agreement between Bon-ower and Lend·e¡· providing for such tem1Ínation or until termination is required by Applicable Law. NotIling in this Section 10 affects Bon-ower's obligation to pay interest at the rate provided in. tIle Note. Mortgage Insurance reimburses Lender (or any entity that purchases the Note) for certain losses it may incur if Bon-ower does not repay tIle Loan as agreed. Borrower is not a party to tIle Mortgage Insurance. Mortgage insurers evaluate tIleir total risk on all such insurance in force from time to time, and may enter into agreements with otIler parties that share or modify their risk, or reduce losses. These agreements are on terms and conditions tIlat are satisfactory to the mortgage insurer and tIle otIler party (or parties) to these agreements. These agreements may require the mortgage insurer to make payments using any source of funds tllat tlle mortgage insurer may have available (which may include funds obtained from MOltgage Insurance premiums). As a result of these agreements, Lender, any purchaser of the Note, anotIler insurer, any reinsurer, any other entity, or any affiliate of any of the foregoing, may receive (directly or indirectly) amounts tllat derive from (or might be characterized as) a portion of Bon-ower' s payments for Mortgage Insurance, in exchange for sh31ing or modifying tIle mortgage insurer's risk, or reducing losses. If such agreement provides that an affiliate of Lender takes a share of the insurer's risk in exchange for a share of the premiums paid t.o tlle insurer, tIle alTangement. is often t.ermed "captive reinsurance." Further: (a) Any such agreements will not affect the amounts that Borrower has agreed to pay for Mortgage Insurance, or any other terms of the Loan, Such agreements will not Increase the amount Borrower will owe for Mortgage Insurance, and they will not entitle Borrower to any refund. (b) Any such agreements will not affect the rights Borrower has-If any-with respect to the Mortgage Insurance under the Homeowners Protection Act of 1998 or an)' other law, These rights may Include the right to receive certain disclosures, to request and obtain cancellation of the Mortgage Insurance, to have the Mortgage Insurance terminated automatically, and/or to receive a refund of any Mortgage Insurance premiums that were unearned at the time of such cancellation or termination, 11. Assignment of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned to and shall be paid to Lender. If the Propert.y is damaged, such Miscellaneous Proceeds shall be applied to restoration or repair of tlle Property, if t.he 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 tIle work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. WYOMING-Single Family-Fannie Mae!Freddie Mac UNIFORM INSTRUMENT ITEM T2769L7 (0011 )-MERS (Page 7of12pageJ) Form 3051 1/01 GREATLAND. TD Order CoM: 1-800-530-9393 [J Fax: 616-791-1131 / 000829 Lender may pay for the repairs and restoration in a single disbursement or in a series of progress payments as tile 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 Bon'ower any interest. or earnings on such Miscellaneous Proceeds. If the restoration or repair is not economically feasible or Lender's securit.y would be lessened, t11e Miscellaneous Proceeds shall be applied to the sums secured by tllis Securit.y Instrument. whetller or not. t.hen clue, with t.he excess, if any, paid t.o Bon-ower. Such Miscellaneous Proceeds shall be applied in t.he order provided for in Section 2. In t.he event. of a tot.al taking, destruction, or loss in valne of the Property, t.he Miscellaneous Proct'.eds shall be applied t.o tlle sums secured by this Security Instl1Jment., whether or not. !lIen dne, will! t11e excess, if any, paid to BOITower. In tlle event of a partial taking, dest.l1Iction, or Joss in value of the Property in which tbe fair market value of the Property immediately before tile part.ial taking, dest.ruction, or loss in value is equal to or greater tl1an tbe amount of tile sums secured by this Security Instollllent immediately before tlle pal1.ial taking, destruction, or loss in value, unless Bon-ower and Lender otherwise agree in writing, tile sums secured by this Security Instrument. shall be reduced by tile amount of tbe 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, desullction, or loss in value of tile Propelty in which tile fair market value of the Property immediately before tile partial taking, desu'uction, or loss in value is less than tile amount of tile sums secured immediately before the partial taking, destruction, or loss in value, unless BOITower and Lender otherwise agree in writing, t.be Miscellaneous Proceeds shall be applied to the sums secured by tllis Security Instrument whetber or not the sums are tilen due, If the Property is abandoned by BOITower, or if, after notice by Lender to BOITower that the Opposing Party (as defined in tlle next sentence) offers to make an award to settie a claim for damages, Bon-ower fails to respond to Lender within 30 days after tile date the notice is given, Lender is autilorized to collect and apply tile Miscellaneous Proceeds either to restoration or repair of tile Property or to the sums secured by tilis Secl1Iity Instrument, whetiler or not tilen due, "Opposing Party" means the third party that owes Bon'ower Miscellaneous Proceeds or the party against whom BOITower has a right of action in regard to Miscellaneous Proceeds. Bon'ower shall be in default if any act.ion or proceeding, whet.her civil or crùllÌnal, is begun t11at, in Lender's judgment, could result in forfeiture of the Property or otlw.r material impairrnent. of Lender's int.erest. in tile Propert.y or rights under !llis Securit.y Instrument. Bon'ower can cure sllch a defanlt and. if ac.celeration has oc.cnn'ed, reinst.at.e as provided in Section] 9, by causing the act.ion or proceeding t.o be disrnissl>d wit.h a ruling that. in Lender's judgment, precludes forfeit.ure of t.he Property or otller material impairment. of Lender's int.erest iu Ihe Property or right.s under t.his Senility Inst.rnment. The proceeds of any award or claim for damages that. are attribnt.able 10 the illlpainnent. of Lender's int.erest in t.he Property are hereby assigned and shall be paid to Lender. All Miscellaneous Proceeds that are not applied to restoration or repair of t11e Property shall be applied in tile 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 amOltization of the sums secured by tbis Security Instrument granted by Lender to Bon-ower or any Successor in Interest of Bon-ower 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 Bon-ower or any Successors in Interest of Bon-ower. Any forbearance by Lender in exercising any right or remedy including, witilout limitation, Lender's acceptance of payments from tilird persons, entities or Successors in Interest of Borrower or in amounts less tban t11e amount tben due, shall not be a waiver of or preclude tbe exercise of any light or remedy. 13. Joint and Several Llablllty; Co-signers; Successors and Assigns Bound, BOll'ower covenants and agrees tilat Borrower's obligations and liability shall be joint and several. However, any BOITower who co-signs tilis Security Instrument but does not execute tile Note (a "co-signer"): (a) is co-signing tbis Security Instrument only to mortgage, grant and convey tile co-signer's interest in tile Property under tile tel1l1S of this Security Instrument; (b) is not personally obligated to pay tbe sums secured by tilis Security Instrument; and (c) agrees tllat Lender and any otiler BOITower can agree to extend, modify, forbear or make any accommodations with regard to the terms of tllis Security Instrument or tile Note wit110ut the co-signer's consent. Subject to tlle provisions of Sect.ion ] 8, any Successor in Iuterest of Borrower who assumes BOJl'ower's obligations under tilis Security Instrument in writing, and is approved by Lender, shall obtain all of Bon'ower' s right.s and benefits under WYOMING-Sin~1e Farnily-Fanlúe M"elFred¡Ue M"c UMFORM INSTRUMENT ITEM T2769L8 (0011 )-MERS (Page Ii of 12 pages) Furm 3051 1/01 GREATLAND. To Ordor CaR: 1,800-530-9393 DFax: 616-791-1131 õ00830 this Security Instrument. BOlTower shall not be released ti'om BOlTower's obligations and liability under ti1Ìs Security Instrument unless Lender agrees to such release in writing. The covenants and agreements of tilis Security Instrument shall bind (except as provided in Section 20) and benefit tile successors and assigns of Lender. 14. Loan Charges, Lender may charge BOlTower fees for services performed in connection witil BOlTower's default, for tile purpose of protecting Lender's interest in the Property and rights under this Security Instrument, including, but not limited to, attorneys' fees, property inspection and valuation fees. In regard to any other fees, the absence of express autilority in tl1Ìs Security Instrument to charge a specific fee to Borrower shall not be constJ1Jed 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 tile Loan is subject to a law which sets maximum loan charges. and t.hat law is finally interpret.ed so that the interest or otiler loan charges collected or to be collected in connection with the Loan exceed Ule permitted limits, then: (a) any such loan charge shall be reduced by the amount necessary to rednce 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 tile principal owed under the Note or by making a direct payment to BOlTower. If a refund reduces principal, tile reduction will be treated as a partial prepayment without any prepayment charge (whether or not a prepayment charge is provided for under tile Note). Bon-ower's acceptance of any such refund made by direct payment to BOlTower will constitute a waiver of any right of action BOlTower might have alising out of such overcharge. 15. Notices. All notices given by BOlTower or Lender in connection with this Security Instrument must be in writing. Any notice to BOlTower in connection with this Security Instrument shall be deemed to have been given to BOlTower when mailed by first class mail or when actually delivered to Borrower's notice address if sent by other means. Notice to anyone Bon'ower shall constitute notice to all BOlTowers unless Applicable Law expressly requires otherwise. The notice address shall be tbe Property Address unless BOll'ower has designated a substitute notice address by notice to Lender. BOlTower shall promptly notify Lender of Borrower's change of address. If Lender specifies a procedure for reporting BOlTower's change of address, tilen BOITower shall only report a change of address tilrough tbat specified procedure. There may be only one designated notice address under tilis Security Inst.l1lment at anyone time. Any notice to Lender shall be given by delivering it or by mailing it by first class mail to Lender's address stated herein unless Lender has designated anotber address by notice to BOITower. Any notice in connection Witil tilis 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, tbe Applicable Law requirement will satisfy the cOll'esponding requirement under this Security Instrument. 16. Governing Law; Severability; Rules of Construction. This Security Instrument shall be govemed by federaJ law and the law of the jurisdiction in which tile Property is located. All rights and obligations contained in tilis Security Instrument are subject to any requirements and limitations of Applicable Law. Applicable Law might explicitly or implicitly allow the pa¡1ies to agree by contract or it might be silent, but snch siJence shaJl not be construed as a prohibition against agreement by contract. In the event tilat any provision or c.lanse of this Security Instrnment or the Note conflicts Witil Applicable Law, snch conflict shall not affect other provisions of this Secnrity Instrnment or the Note which Clin be given effect willlout the conflicting provision. As used in this Security Instrument: (a) words of the masculine gender shall mean and include cOll'esponding neuter words or words of the feminine gender; (b) words in the singular shall mean and include tlle plural and vice versa; and (c) tbe word "may" gives sole discretion witi10ut any obligation to take any action. 17. Borrower's Copy. Bon'ower shall be given one copy of tile Note and of this Security Instrument. 18. Transfer of the Property or a Beneficial Interest In Borrower. As used in tilis Section 18, "Interest in the Property" means any legal or beneficiaJ interest in tile Property, including, but not limited to, those beneficial interests transfelTed in a bond for deed, contract for deed, installment sales contract or escrow agreement, the intent of which is tile transfer of title by BOll'ower at a future date to a purchaser. If all or any part of the Property or any Interest in the Property is sold or transfelTed (or if BOll'ower is not a natural person and a beneficial interest in BOll'ower is sold or transferred) Witilout Lender's prior written consent, Lender may require immediate payment in fuIl 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 Illis 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 Witil Section 15 witilin which BOll'ower must pay all sums secured by this Security Instrument. If BOITower fails to pay these sums prior to the expiration of tl1Ìs period, Lender may invoke any remedies pennitted by this Security Instrument without further notice or demand on BOlTower. 19. Borrower's Right to Reinstate Arter Acceleration. If BOll'ower meets certain conditions, BOITower shall have ti1e right to have enforcement of tilis Security Instrument discontinued at any time Plior to the earliest of: (a) five days before WYOMING-Single Family-Fannie MaeIFreddie Mae UNIFORM INSTRUMENT ITEM T27691.9 (0011 )-MERS (!'age 9 oJ /2 p"g'J / Fonn 3051 1/01 GREATLAND. To Order Call: 1-800-530-9393 [JFax: 616-791-1131 000831. sale of the Property pursuant to any power of sale contained in this Security Instrument; (b) such other period as Applicable Law might specify for the termination of Bon'ower's right to reinstate; or (c) entry of a judgment enforcing this Security Instrument. Those conditions are that Bon'ower: (a) pays Lender all sums which then would be due under this Security Instrument and the Note as if no acceleration had occUlTed; (b) cures any default of any other covenants or agreements; (c) pays all expenses inCUlTed in enforcing this Security Instrument, including, but not limited to, reasonable attorneys' fees, property inspection and valuation fees, and other fees incun-ed for the purpose of protecting Lender's interest in the Property and rights under this Security Instrument; and (d) takes such action as Lender may reasonably require to assure that Lender's interest in the Property and rights under this Security InstJ1lment, and BOlTower's obligation to pay the sums secured by this Security Instrument, shall continue unchanged, Lender may require that Bon-ower pay such reinstatement sums and expenses in one or more of the following fOlTlls, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, treasurer's check or cashier's check, provided any such check is drawn upon an institution whose deposits are insured by a federal agency, instrumentality or entity; or (d) Electronic Funds Transfer. Upon reinstatement by BOi1"ower, this Security Instrument and obligations secured hereby shall remain fully effective as if no acceleration had occun-ed. However, this right to reinstate shall not apply in t11e 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 Wit11 this Securit.y Instrument.) can be sold one or more t.imes wit.hollt prior not.ice t.o Bon·ower. A sale might result in a change in the entity (known as t.he "Loan Servicd') t.hat collect.s Periodic Paymellt.s due IIlIder t11e Not.e and this Security Instrument and performs ot.her mortgage loan servicing obligalions under t.he Not.e. t.his Security Instrument. and Applicable Law. There also might be one or more changes of t.he Loan Servicer IInrelated to a sale of the Note. If there is a change of t.he Loan Service¡" BOlTower will be given written not.ice of t.he change which will st.ate t.he name and address of the new Loan Servicer, t11e address to which payments should be made and any other infol111ation RESPA requires in connection Witll a notice of transfer of servicing. If the Note is sold and thereafter tlle Loan is serviced by a Loan Servicer other t.han the purchaser of t11e Note, the m0l1gage loan servicing obligations t.o BOlTower will remain with the Loan Servicer or be tmnsferred to a successor Loan Servicer and are not assumed by t11e Note purchaser unless otherwise provided by the Note purchaser. Neither BOlTower nor Lender may commence, join, or be joined to any judicial action (as either an individual litigant or t11e member of a class) tilat arises from tile otiler party's actions pursuant to this Security Instrument or tilat alleges that the other party has breached any provision of, or any duty owed by reason of, this Security Instrument, until such Bon-ower or Lender has notified tile other party (with such notice given in compliance with the requirements of Section 15) of such alleged breach and afforded the otiler party hereto a reasonable period after tile giving of such notice to take cOlTective action. If Applicable Law provides a time period which must elapse before certain action can be taken, that time period will be deemed to be reasonable for purposes of tilis paragraph. The notice of acceleration and opportunity to cure given to BOi1"ower pursuant to Section 22 and tile notice of acceleration given to BOlTower pursuant to Section 18 shall be deemed to satisfy tile notice and opportunity to take cOi1"ective action provisions of tilis Section 20. 21, Hazardous Substances, As used in tins Section 21: (a) "Hazardous Substances" are those substances defined as toxic or hazardous subst.ances, pollutants, or wastes by Environmental Law and the following substances: gasoline, kerosene, other flammable or toxic petroleum product.s, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or f0l111aldehyde, and radioactive mat.erials; (b) "Environmental Law" means federal laws and laws of tile jurisdiction where t11e Property is located that relat.e t.o health. safety or environment.al prot.ect.ion: (c) "Environment.al Cleanup" includes any response action, remedial action, or removal act.ion, as defined in Environmellt.al Law: and (d) an "Environmental COllditjon" means a condition tllat. can cause. cOIlt.ribllt.e t.o. or otherwise t.rigger all Environrnental Cle¡mup. BOITower shall not cause or penuit the presence, lise, disposal. storage, or release of any Hazardons Snbstances, or tll\"eaten t.o release any Hazardous Substances, on or ill the Property. Borrower shall not do, nor allow anyone else to do, anytJling affecting the Property (a) that is in violation of any Environmental Law, (b) which creates an Environment.al CondiÜon, or (c) which, due to the presence, use, or release of a Hazardous Substance, creat.es a condition t.hat adversely affects the value of tile Propert.y. The preceding t.wo sentences shall not apply t.o t11e presence, use, or storage on the Property of small quantities of Hazardous Subst.ances that. are generally recognized to be appropriate to normal residential uses and to maintenance of the Property (including, but not. limited t.o, hazardous substances in consumer product.s), BOi1"ower shall promptly give Lender w¡itten notjce of (a) any investigation, claim, demand, lawsuit or otiler action by any governmental or regulat.ory agency or private party involving tile 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 tilreat of release of any Hazardous Substance, and (c) any condition caused by the WYOMING-Single Family-FannJe MaeJFreddfe Mac UNIFORM INSTRUMENT ITEM T2769L1 0 (0011 )-MERS (Page 10 of 12 pages) Form 30511/01 OREATLAND. To Order CaN: 1-800-530-9393 o Fax: 616-791-1131 000832 presence, use or release of a Haza.rdous Substauce which adversely affects tlle value of t.he Property. If BOil-ower learns, or is notified by any govemmental or regulatory authority, or any private party, tllat any removal or otller remediation of any Hazardous Substance affecting tlle Property is necessary, BOil-ower shall promptJy take all necessary remedial actions in accordance willl Environmental Law. Nothing herein shall create any obligation on Lender for an Environmental Cleanup. NON-UNIFORM COVENANTS. Bon-ower and Lender further covenant and agree as follows: 22. Acceleration; Remedies, Lender shall give notice to Borrower prior to acceleration following Borrower's breach of any covenant or agreement In this Security Instrument (but not prior to acceleration under Section 18 unless Applicable Law provides otherwise). The notice shall specify: (a) the default; (b) the action required to cure the default; (c) a date, not less than 30 days from the date the notice Is given to Borrower, by which the default must be cured; and (d) that failure to cure the default on or before the date specified In the notice may result In acceleration of the sums secured by this Security 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·exlstence of a default or any other defense of Borrower to acceleration and sale, If the default Is not cured on or before the date specified In the notice, Lender at Its option may require Immediate payment In full of all sums secured by this Security Instrument without further demand and may Invoke the power of sale and any other remedies permitted by Applicable Law. Lender shall be entitled to collect all expenses Incurred In pursuing the remedies provided In this Section 22, Including, but not limited to, reasonable attorneys' fees and costs of title evidence. If Lender Invokes the power of sale, Lender shall give notice of Intent to foreclose to Borrower and to the person In possession of the Property, If different, In accordance with Applicable Law, Lender shall give notice of the sale to Borrower In 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 sums secured by this Security Instrument; and (c) any excess to the person or persons legally entitled to It. 23, Release. Upon payment of all sums secured by this Security lustrumeut, Lender shall release this Security Instrument. Borrower shall pay any recordation costs. Lender may charge BOil-ower a fee for releasing this Security Instrument, but only if the fee is paid to a Illird party for services rendered and the charging of the fee is permitted under Applicable Law. 24. Waivers. Borrower releases and waives all rights under and by virtue of the homestead exemption laws of Wyoming. WYOMING-Single Family-Famùe MaelFreddle Mac UNIFORM INSTRUMENT ITEM T2769L11 (0011 )-MERS (Page II of 12 pages) Form 3051 1/01 GREATLAND. To Ordor Can: 1-ðOo-53o-9393IJFax: 616-791-1131 000833 BY SIGNING BELOW, BOITower accepts and agrees to the terms and covenants contained in pages 1 through 12 of this Security Instrument and in any Rider executed by Borrower and recorded with it. ~ J N W. H ON c£!J-k~ ~ CHER L A. HUfŒrSON (S eal) -Bonower (Seal) -Bonower (5 eal) . BOlTower (Seal) -Bon·ower (Seal) -Borrower (Seal) -BoLTower Witness: Witness: State of tJ 'j0"YYU/n9. County of ~ ) ) ss ) a....r>cI. Cheryl A. Hutchisonr¡ ~oJvn tV. ~oYTJ The foregoing instrument was acknowledged before me by this ~otA day of aJ!.,~) 2~O'g Witness my hand and official seal. ~IY ~blk County of . Lincoln NOTARY PUBLIC State of Wyoming My commission expires: 9 - /5 - / J ~;. My Commission Expires September 15, 2011 WYOMING-Single Family-Fannie MaelFredrlie Mac UNO<'ORM INSTRUMENT ITEM T2769L12 (0011 )-MERS (Pall' 12 of /2 page.!) Form 305] 1/0] GREATLAND. To Order CaP: 1-800-530-93930fax: 616-791-1131 000834 INITIAL I TERESTsM ADJUSTABLE RATE RIDER (I-Year LIBOR Index - Rate Caps) (Assumable Life of Loan) ST ADruSTABLE RATE RIDER is made this 20th day of February 2008 , and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trus , or Security Deed (the "Security Instrument") of the same date given by the undersigned (the "Barra er") to secure the Borrower's Initial Interest Adjustable Rate Note (the "Note") to Taylor, Bean & Whita er Mortgage Corp. (111e "Lender") ofl11e sam date and covering the property described in the Security Instrument and located at: 105281 Hwy 89 ETNA, WY 83118 rrropelty Addre"s THE NOTE CON NS PROVISIONS ALLOWING FOR CHANGES IN THE INTEREST RATE AND THE MONTHLY PAYMENT, THE NOTE LIMITS THE AMOUNT THE BORROWER'S Il'jITEREST RATE CAN CHANGE AT ANY ONE TIME AND THE MAXIMUM RA IE! THE BORROWER MUST PAY, ADDITIONAL C VENANTS, In addition to the covenants and agreements made in the Security Instrument, Borrower and Lender further covenant and agree as follows: A, INTEREST RATE ND MONTHLY PAYMENT CHANGES The Note provides or an initial interest rate of 5,2500%. The Note provides for interest only payments until the firstfu ly amortizing principal and interest payment due date (the "First P&I Payment Due Date"), which is the first day of The Note provides for changes in the interest rate and the monthly payments as follows: 4. INTEREST RATE AND MONTHLY PAYMENT CHANGES (A) Interest Change Dates The interest rate I will pay may change on the fIrst day of March 2011 ,and may change on 111at day every 12111 month thereafter. Each date on which my interest rate could change is called an "Interest Change Date." (B) The Index Beginning with 1111;: first Interest ChéU1ge Date. my interest rate will be based on an Index. TI1e "Index" is the one-year London Interbank Offered Rate ("LIBOR") which is 111e average of interbank offered rates for one-year U.S. dollar-denominated deposit, in 1l1e London market, as published in The Wall Slree/ Journal. TI1e most recent Index figure available as orll1e date 45 days berore each Interest Change Date is called 111e "Current Index." If the Index is no longer available, 111e Note Holder will choose a new index which is based upon comparable infonnation. The Note Holder will give me notice ofl1lis choice. (C) Calculation of Ch lUges Before each Interest Change Date, the Note Holder will calculate my new interest rate by adding Two and One Quarter percentage point(s) ( 2.2500 %) to the Current Index. The Note Holder will then round 111e result of this addition to the nearest one-eighl11 of MULTISTATE INITIAL INTEREST ADJUSTABLE RATE RIDER-I-Year LlBOR Index (Assumable duling Life of Loan)- Single Family-Freddie Mac UNIFORM INSTRUMENT Form 5136 7/05 ITEM 1602L 1 (0508) (Page 1 a{3 pages) GreatDoc. TM To Order Call: 1-800-968-5775 / one percentage point (0.125%). Subject to the limits stated III Section 4(D) below, this rounded amount 'ð'00835 be my new interest rate until the next Interest Change Date. The Note Holder will then detemline the amount of my monthly payment. For payment adjustments occurring before the First P&I Payment Due Date, my monthly payment will be the amount sufficient to repay all accrued interest each month on the unpaid principal balance at the new interest rate. For payment adjustments occurring on or after the First P&I Payment Due Date, my monthly payment will be an amount sufficient to repay the unpaid principal that I am expected to owe at the Interest Change Date in full on the maturity date at my new interest rate in substantially equal payments. The result of this calculation will be the new amount of my monthly payment. (D) Limits on Interest Rate Changes The interest rate I anl required to pay at the first Interest Change Date will not be greater than 7,2500 % or less than 3.2500 'Yo. Thereafter, my interest rate wiJl never be increased or decreased on any single Interest Change Date by more than Two percentage point(s) ( 2,0000 %) from the rate of interest I have been paying for the preceding 12 months. My interest rate will never be greater than 11.2500 'Yo. (E) Effective Date of Changes My new interest rate will become effective on each Interest Change Date. I will pay tile anl0unt of my new monthly payment beginning on tile first montilly payment date after the Interest Change Date until tile anlOunt of my montilly payment changes again. (F) Notice of Changes The Note Holder will deliver or mail to me a notice of any changes in my interest rate ,md the amount of my monthly payment before the dTectivc date of any change. The notice will include information required by law to be given to me and also the title ,Uld telephone number of a person who will answer ,my question I may have regarding the notice. B. TRANSFER OF THE PROPERTY OR A BENEFICIAL INTEREST IN BORROWER Section 18 of the Security Instrument is amended to read as follows: Transfer of the Property or a BeneficialInterest in Borrower, As used in this Section 18, "Interest in the Property" means any legal or beneficial interest in the Property, including, but not limited to, those beneficial interests transferred in a bond for deed, contract for deed, installment sales contract or escrow agreement, the intent of which is tile transfer of title by Borrower at a future date to a purchaser. If all or any part of the Property or any Interest in the Property is sold or transferred (or if Borrower is not a natural person and a beneficial interest in Borrower is sold or transferred) without Lender's prior written consent, Lender may require immediate payment in full of all SunlS secured by tilis Security Instrument. However, this option shall not be exercised by Lender if such exercise is prohibited by Applicable Law. Lender also shall not exercise this option if: (a) Borrower causes to be submitted to Lender infonnation required by Lender to evaluate the intended transferee as if a new loan were being made to the transferee; and (b) Lender reasonably detemlines that Lender's security will not be impaired by the loan assunlption and that the risk of a breach of any covenant or agreement in this Security Instrument is acceptable to Lender. To the extent pennitted by Applicable Law. Lender may charge a reasonable fee as a condition to Lender's consent to the loan assumption. Lender may ,lIso require the transferee to sign an assumption agreement that is acceptable to Lender and that obligates the transferee to keep all the promises and agreements made in the Note and ìn this Security Instrument. Borrower will continue to be obligated under the Note and this Security ùlstrument unless Lender releases Borrower in writing. MULTISTATE INITIAL INTEREST AD,ruSTABLE RATE RIDER-I-Year LIBOR Index (Assumable during Life of Loan)- Single Family-FredcUe Mac UNIFORM INSTRUMENT Form 5136 7/05 ITEM 1602L2 (0508) (Page 2 of 3 pages) On5atDoe. TN To Order Call: 1-ð00-Q68-5775 ,t ú00836 If Lender exercises the option to require immediate payment in full, 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 ] 5 within which Borrower must pay all sums secured by this Security Instrument. If Borrower fails to pay these SiliUS prior to the expiration of this period, Lender may invoke any remedies pemlitted by this Security Instrument without further notice or demand on Borrower. BY SIGNING BELOW, Borrower accepts ¡md agrees to the ten1lS and covencmts contained in pages I through 3 of this Adjustable Rate Rider. df~~ ~.- (Seal) -BOlTOwer (S eal) -BOlTOwer (1ú1/1t,- - A. HUTSON (Seal) -BOlTOwer (Seal) -BOlTOwer (Seal) -BOlTOwer (Seal) -BOlTOwer MULTISTATE INITIAL INTEREST ADJUSTABLE RATE RIDER-I-Year LIBOR Index (Assuwnble duriog Life of Luao)- Single Family-Freddie Mstc UNIFORM INSTRUMENT Forw 5136 7/05 ITEM 1502L3 (0508) (Page j of.> page.,) GreatDoçs'M To Order Call: 1-800-968-5775 Exhibit A File 6010816439 Description 000837 The land referred to in this document is situated in the State of Wyoming, County of Lincoln, and is described as follows: Lot 39 of River Ranches Fishing and Equestrian Estates at Freedom, Lincoln County, Wyoming as described on the official plat filed on November 16, 1994 as instrument No. 793710 of the records of the Lincoln County Clerk.