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HomeMy WebLinkAbout938872 '( J ¡, t; VI After Recording Return To: Susan Fuller Allied First Bank,sb PO Box 9000 Oswego, IL 60543 RECEIVED 5/9/2008 at 11 :52 AM RECEIVING # 938872 BOOK: 694 PAGE: 167 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, wy )00167 (Space Above This Line For Recording Data) MORTGAGE (OPEN END CREDIT-THIS MORTGAGE SECURES FUTURE ADVANCES) DEFINITIONS Words used in multiple sections of this document are defined below and other wordsa re defined in Sections 6, 8, 13, and 15. Certain rules regarding the usage of words used in this document are also provided in Section 11. !J (A) "Security Instrument" means this document, which is dated April 28, 2008 together with all Riders to this document. (B) "BolTower" is M. DANIEL CAREY AND NANCY SUE CAREY, HUSBAND AND WIFE, AS TENANTS Borrower is the mortgago~ under this Security Instrument (C) "Lender" is Allied First Bank,sb . Lender is a State Chartered Non-Member Bank under the laws of Illinois is 3201 Orchard Road, Oswego, IL 60543 Lender is the mortgagee under this Security Instrument. (D) "Agreement" means the Credit Line Account Variable Interest Rate Home Equity Secured Open-End Credit Agreement and Truth-In-Lending Disclosure signed by Borrower and dated April 28, 2008 The Agreement states that Borrower may, ITom time tot ime, obtain advances not toe xceeda t anyt Ime, an amount equal to the Maximum Credit Limit (as defined therein) of One Hundred Thousand Dollars And No Cents Dollars (U .S. $ 100,000.00 ) plus interest. Borrower has promisedt op ayt his debt in regular Periodic Payments and to pay the debt in full not later than May 1, 2038 (E) "Property" means the property that is described below under the heading "Transfer of Rights in the Property". (F) "Loan" means the debt evidenced by the Agreement, plus interest, any late charges or other fees and charges due under the Agreement, and all sums due under this Security Instrument, plus interest. (G) "Applicable Law" meansa 11 controlling applicable federal, state and local statutes, regulations, ordinances and administrative rules and orders (that have the effect of law) as well as all applicable final, non-appealable judicial opinions. (H) "Community Association Dues, Fees, and Assessments" means all dues, fees, assessments and other charges that are imposed on Borrower or the Property by a condominium association, homeowners association or similar organization. (I) "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. (J) ''Miscellaneous Proceeds" means any compensation, settlement, award of damages, or proceeds paid by any third party (other than insurance proceeds paid under the coverages described in Section 3) 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. organized and existing Lender's address (pa ge 1 018 pag es) ü-001.68 (K) "Mortgage Insurance" means insurance protecting Lender against the nonpayment of, or default on, the Loan. (L) "Periodic Payment" means the reglÙarly scheduled amount due for principal and interest under the Agreement. (M) "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 Agreement and/or this Security Instrument. TRANSFER OF RIGHTS IN THE PROPERTY This SecurityI nstrument secures toL ender: (i) the repayment of the Loan, anda II renewals, extensions and modifications of the Agreement; and( ii) the performance of Borrower's covenants and agreements under this Security Instrument and the Agreement. For this purpose, Borrower doesh ereby mortgage, grant and convey to Lender, with power of sale, the following described property located in the County of Lincoln [Name of Recording Jurisdiction] A TRACT OF LAND IN THE SE/4 SW/4 OF SECTION 15, T34N R119W OF THE 6TH P.M., LINCOLN COUNTY, WYOMING, BEING MORE, PARTICULARLY DESCRIBED AS FOLLOWS: BEGINNING AT THE SOUTHWEST CORNER OF A TRACT OF RECORD FOUND IN BOOK 147PR, PAGE 564 IN THE OFFICE OF THE LINCOLN COUNTY CLERK, AND RUNNING THENCE WEST 114.47 FEET, ALONG THE NORTH LINE OF THE MARK LARSEN TRACT; THENCE NORTH 300 FEET; THENCE EAST 214.47 FEET; THENCE SOUTH 300 FEET, MORE OR LESS, TO THE SOUTHEAST CORNER OF THE ABOVE DESCRIBED TRACT OF RECORD; THENCE WEST, ALONG THE SOUTH LINE OF SAID TRACT OF RECORD 100.00 MORE OR LESS TO THE POINT OF BEGINNING SUBJECT TO RESTRICTIONS, RESERVATIONS, EASEMENTS, COVENANTS, OIL, GAS OR MINERAL RIGHTS OF RECORD, IN ANY. [Type of Recording Jurisdiction] PERMANENT PARCEL NUMBER: 31491530020400 which currently has the address of 1055 County Road 125 [Street] , Wyoming 83127-9718 [Zip Code] (" Property Address"): Thayne [City] TOGETHER WITH all the improvements now or hereafter erected on the property, and all easements, appurtenances, and fixtures now or hereafter a part of the property. All replacementsa nd additions shall also be covered by this Security Instrument. All of the foregoing is referred to in this Security Instrument as the "Property". BORROWER COVENANTS that Borrower isl awfully seised of the estate hereby conveyed and has the right to mortgage, grant and convey the Property and that the Property is unencumbered, except for encumbranceso f record. Borrower warrants and will defend generally the title to the Propertya gainst all claims and demands, subject to any encumbrances of record. (page 2 0111 pages) Borrower and Lender covenant and agree as follows: 1. Payment oIP rincipal, Interest, Late Charges or other Fees and Charges. Borrower shall pay when due the principal of, and interest on, the debt owed under the Agreement and late charges or other fees and charges due under the Agreement Payments due under the Agreement and this Security Instrument shall be made in U.S. currency. However, if any check or other instrument received by Lender as payment under the Agreement or this Security Instrument is retumed to Lender unpaid, Lender may require that any or all subsequent payments due under the Agreement and this Security Instrument be made in one or more of the following forms, ass elected 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 when received at the location designated in the Agreement or at such other location as may be designated by Lender in accordance with the notice provisionsi n Section 10. Lender may return any payment or partial payment if the payment or partial payments are insufficient to bring the Loan current. If Borrower has breached any covenant or agreement in this Security Instrument and Lender has accelerated the obligations of Borrower hereunder pursuant to Section 16 then 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 applieda s 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 Agreement immediately prior to foreclosure. No offset or claim which Borrower might have now or int he future against Lender shall relieve Borrower from makingp ayments due under the Agreement and this Security Instrument or performing the covenants and agreements secured by this Security Instrument. 2. Charges; Liens, Borrower shall pay all taxes, assessments, charges, fines, and impositions attributable to the Property which can attain priority over thisS ecurity Instrument, leasehold payments or ground rentso n the Property, if any, and Community Association Dues, Fees, and Assessments, if any. Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender, but only so long as Borrower is perfonning such agreement; (b) contests the lien in good faith by, or defends against enforcement of the lien in, legal proceedings which in Lender's opinion operate to prevent the enforcement of the lien while those proceedings are pending, but only until such proceedingsa re concluded; or (c) secures ITom the holder of the lien an agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determines that any part of the Property is subject to a lien which can attain priority over this Security Instrument, Lender may give Borrower a notice identifying the lien. Within 10 days of the date on which that notice is given, Borrower shall satisfy the lien or take one or more of the actions set forth above in this Section 2. 3. 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, "a nd any other hazards including, but not limited to, earthquakes and floods, for which Lender requires insurance. This insurance shall be maintainedi n the amounts (including deductible levels) andf or the periods that Lender requires. What Lender requires pursuant to the preceding sentences can change duringt he term of the Loan. The insurance carrier providing the insurance shall be chosen by Borrower subject toL ender's right to disapprove Borrower's choice, which right shall not be exercised unreasonably. Borrower shall be responsible for the payment of any fees imposed by the Federal Emergency Management Agency in connection witht he review of any floodz one determination resulting ITom an objection by Borrower. If Borrower fails to maintain any of the coverages described above, Lender may obtain insurance coverage, at Lender's option and Borrower's expense. Lender is under no obligation to purchase any particular type or amount of coverage. Therefore, such coverage shall cover Lender, but might or might not protect Borrower, Borrower's equity in the Property, or the contentso f the Property, against anyr isk, 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 disbursedb yL ender under this Section 3s hall become additional debt of Borrower secured by this Security Instrumet:lt. These amounts shall bear interest at the rate chargeable for advances under the Agreement from the date of disbursement and shall be payable, with such interest, upon notice ITom Lender toB orrower requesting payment. 0001.69 (pa ge 3 ofS psg os) ûOO1.70 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 the right toh oldt he 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 otherwise 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 the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of lossi f 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 of the Property, if the restoration or repair is economically feasible and Lender's security is not lessened. During such repair and restorationp eriod, Lender shall have the right toh old such insurance proceeds until Lender has had an opportunity to inspect such Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as the work isc ompleted. 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 the insurance proceeds and shall be the sole obligation of Borrower. If the restoration or repair is not econom ¡cally feasible or Lender's security wouldb e lessened, the insurance proceeds shall be appliedt 0 the sums securedb y this Security Inslrument, whether or not then due, with the excess, if any, paid to Borrower. If Borrower abandons the Property, Lender may file, negotiate and settle any available insurance claim and related matters. If Borrower do~sn ot respond within 30 days to a notice from Lender that the insurance carrier has offered to settle a claim, then 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 Section 16 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 Agreement or this Security Instrument, and (b) any other of Borrower's rights( other than the right to any refund of lIDearned premiumsp aid by Borrower) 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 tor epair or restore the Property or top aya mounts unpaidu nder the Agreement or this Security InSlrument, whether or not then due. 4. 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. Whether or not Borrower isr esiding 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 3 that repair or restorationi s not economicallyf easible, Borrower shall promptly repair the Property if damagedt 0 avoid further deterioration or damage. If insurance or condemnation proceeds are paid in connèction with damage to, or the taking of, the Property, Borrower shall be responsible for repairing or restoring the Property only if Lender has released proceeds for such purposes. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as the work is completed. If the insurance or condemnation proceeds are not sufficient to repair or restore the Property, Borrowcr is not relieved of Borrower'so bligation 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 reasonable cause, Lender may inspect the interior of the improvements on the Property. Lender shall give Borrower notice at the time of or prior to such an interior inspection specifying such reasonable cause. 5. Protection of Lender's Interest in the Property and Rights Under this Security Instrument, If (a) Borrower fuils to perform the covenants and agreements contained in this Security Instrwnent, (b) there isa legal proceeding that might significantly affect Lender's interest int he Propertya nd/ or rights under this Security Instrument (such as a proceeding in bankruptcy, probate, for condemnation or forfeiture, for enforcement of a lien which may attain priority over this Security Instrument or to enforce lawso r regulations), or (c) Borrower has abandoned the Property, then Lender may do andp ay for whatever is reasonable or appropriate to protect Lender's interest in the Property and rightsu nder this Security Instrwnent, including protecting and/or assessing the value of the Property, and securing and/or repairing the Property. Lender's actions can include, but are not limited to: (a) paying any sums secured by a lien which has priority over this Security Inslrument; (b) appearing in court; and (c) paying reasonable attorneys' feest 0 protect its interest in the Property and/or rights under this Security Instrument, including its secured position in a bankruptcy proceeding. Securing the Property includes, (page 4 0111 pages) (:00171. but is not limited to, entering the Property to make repairs, change locks, replace or board up doors and windows, drain water ITom pipes, eliminate building or other code violations or dangerousc onditions, and have utilitiest urned on or off. Although Lender may take action under thisS ection 5, Lender does not have to do so and isn ot under any duty or obligation to do so. It is agreed that Lender incursn 0 liability for not taking any or all actions authorized under this Section 5. 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. trom the date of disbursement and shall be payable, with such interest, upon notice rrom Lender to Borrower requesting payment. If this SecurityI nstrument is on a leasehold, Borrower shall comply with all the provisions of the lease. If Borrower acquires fee title to the Property, the leasehold and the fee title shall not merge unlessL ender agrees to the merger in writing. 6. Assignment of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceed~ are hereby assignedt 0 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 econom ically feasible and Lender's security is not lessened. During such repair and restoration period, Lender shall have the right to hold such Miscellaneous Proceedsu ntil Lender has had an opportunity to inspect such Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may pay for the repairs and restoration in a single disbursement or in a series of progress payments as the work is completed. Unless an agreement is made inw riting or Applicable Law requires interest to be paid on such Miscellaneous Proceeds, Lender shall not be required to pay Borrower any interest or earnings ons uch MiscellaneousP roceeds. If the restorationo r repair is not economically feasible or Lender's security would be lessened, the Miscellaneous Proceeds shall be appliedt 0 the sums secured by this SecurityI nstrument, whether or not thend ue, witht he excess, if any, paid to Borrower. 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, des1ruction, or loss in value of the Property in which the fair market value of the Property immediatelyb efore the partial taking, destruction, or lossi n value is equal to or greater than the amount of the sums secured by thisS ecurity Ins1rument 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 rraction: (a) the total amount of the swns secured immediately before the partial taking, destruction, or lossi n 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, des1ruction, or loss in value of the Property in which the fair market value of the Property immediatelyb efore the partial taking, des1ruction, 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 inw riting, the Miscellaneous Proceeds shall be appliedt ot he sums securedb yt his Security Instrument whether or not the sums are then due. If the Property isa bandoned by Borrower, or if, after notice by Lender to Borrower that the Opposing Party (asd efined in the next sentence) offers to make an award to settle a claim, for damages, Borrower fails to respond to Lender within 30d ays after the date the notice is given, Lender is authorized to collect and apply the Miscellaneous Proceeds either tor estoration or repair of the Property or to the sums secured by this Security Instrument, whether or not then due. "Opposing Party"m eans the third party that owes Borrower Miscellaneous Proceedso r the 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 Ins1rument. Borrower canc ure such a default and, if acceleration has occurred, reinstate as provided in Section 14, 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 at1ributable to the impairment of Lender's interest in the Property are hereby assigned and shall be paid to Lender. 7. 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 Ins1rument 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 proceedingsa gainst any Successor in Interest of (page 5 ot1! pages) 0001.72 Borrower or to refuse to extend time for payment or otherwise modifY amortization of the sumss ecured by this Security Instrument by reason of any demandm ade by the original Borrower or any Successors inI nterest 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 then due, shall not be a waiver of or preclude the exercise of any right or remedy. 8. Joint and Several Liability; Co-signers; Successorsa nd Assigns Bound. The covenants and agreements of this Security Instrument shall bind and benefit the successors and assigns of Lender and Borrower, subject to the provisions of paragraph 13. Borrower covenants and agreest hat Borrower's obligations and liability shall be joint and several. However, any Borrower whoc o-signs this Security Instrument but is not personallyl iable under the Agreement (a "co-signer"): (a) is co-signing this Security Instrument onlyt om ortgage, grant and convey the co-signer's interest in the Property under the terms of this Security Instrum ent; (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 accommodations with regard to the terms of this Security Instrument or the Agreement without the co-signer's consent. 9. Loan Charges. Lender may charge Borrower fees for services perfonned in connectionw ith Borrower's default, for the purpose of protecting Lender's interest in the Property and rights. under this Security Instrument., including, but not limited to, attorneys' fees, property inspection and valuation fees. In regard to any other fees, the absence of express authorityi n this Security 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 or to be collected in connection with the Loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to the permitted limit; and( b) any sums already collected from Borrower whiche xceededp ermitted limits will be refundedt 0 Borrower. Lender may choose to make this refund by reducing the principal owed under the Agreement or by making a direct payment to Borrower. Borrower's acceptance of any such refundm ade by direct payment to Borrower will constitute a waiver of any right of action Borrower might have arising out of such overcharge. 10. Notices. All notices given by Borrower or Lender in connection with thisS ecurity Instrument must be in writing. Any notice to Borrower in connection with this Security Instrument shall be deemed to have been given to Borrower when mailed by first class mail or when actually delivered to Borrower's notice address if sent by other means. Notice to anyone Borrower shall constitute notice to all Borrowers unless Applicable Law expressly requires otherwise. The notice address shall be the Property Address unless Borrower hasd esignated 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 reportingB orrower's change of address, then Borrower shall onlyr eport 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 mail to Lender's address stated herein unless Lender hasd esignated another address by notice to Borrower. Any notice in connection with this Security I nstrument shall not be deemed to have been givent 0 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. 11. Governing Law; Severability; Rules of Construction. This Sec1.1rity 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 requirementsa nd 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 thisS ecurity Instrument or the Agreement conflictsw ith Applicable Law, such conflict shall not affect other provisionso f this Security Instrument or the Agreement 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 wordso r words of the feminine gender; (b) words in the singular shall mean and include the plural and vice versa; and (c) the word "may" gives sole discretion without any obligation to take any action. 12. Borrower's Copy. Borrower shall be given one copy of this Security Instrument. , 13. Transfer of the Property or a Beneficial Interest in Borrower. As used in this Section 13, "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 the transfer of title by Borrower at a future date to a purchaser. (page 6 of1! pages) "{'OO:1...., 3 l:' , '-- 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 sums securedb y 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 giveni na ccordance with Section lOw ¡thin 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 thisS ecurity Instrument without further notice or demand on Borrower. 14. Borrower's Right to Reinstate After Acceleration, If Borrower meetsc ertain 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 this Security Instrument; (b) such other period as Applicable Law might specify for the termination of Borrower'sr ight to reinstate; or (c) entry of a judgment enforcing this SecurityI nstrument. Those conditions are that Borrower: (a) pays Lender all sums which then would be due under this Security Instrument and the Agreement as if no acceleration had occurred; (b) cures any detàult of any other covenantso r agreements; (c) paysa II 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; and (d) takes such actiona sLender mayr easonably require to assure that Lender's interest int he Property and rights under this Security Instrument, andB orrower's obligation to pay the sums secured by this Security Instrument, shall continue unchanged. Lender may require that Borrower pay such reinstatement sums and expenses ino ne or more of the following forms, as selectedb y Lender: (a) cash; (b) money order; (c) certified check, bank check, treasurer's checko r cashier's check, provideda ny such check is drawn upon an institutionw hose deposits are insured by a federal agency, instrumentality or entity; or (d) Electronic Funds Transfer. Upon reinstatement by Borrower, this Security Instrument and obligationss ecured hereby shall remain fully effective as if no acceleration had occurred. However, thisr ight to reinstate shall not apply in the case of acceleration under Section 13. 15. Hazardous Su bstances. As used in this Section 15: (a) "Hazardous Substances" are those substances defined as toxic or hazardous substances, pollutants, or wastes by Environmental Law and the following substances: gasoline, kerosene, other flammable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or formaldehyde, and radioactive materials; (b) "Environmental Law" 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 inE nvirorunental 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 HazardousS ubstances, on or in the Property. Borrower shall not do, nor allow anyone else to do, anything affecting the Propcrty (a) that is in violation of any Envirorunental Law, (b) which creates anE nvi,ronmental 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 HazardousS ubstances that are generally recognized to be appropriate to normal residential usesa nd 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 actionb ya ny goverrunental or regulatorya gency or private party involving the Propertya nda ny Hazardous Substance or Environmental Law of which Borrower hasa ctual knowledge, (b) any Environmental Condition, including but not limited to, any spilling, leaking, discharge, release or threat of release of any Hazardous Substance, and (c) any condition caused by the presence, use or release of a Hazardous Substance which adversely affects the value of the Property. If Borrower learns, or is notified by any governmental or regulatory authority, or any private party, that any removal or other remediation of any Hazardous Su bstance 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 Envirorunental Cleanup. (page 7 ofB psg es) 0001.74 16. Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration following BorrowerOs breach of any covenant or agreement in the Agreement under which acceleration is permitted (but not prior to acceleration under Section 13 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-existence of a default or any other defense of Borrower to acceleration and sale. If the default is not cured on or before the date specified in the notice, Lender at its option may require immediate payment in full of all sums secured by this Security Instrument without further demand and may invoke the power of sale and any other remedies permitted by Applicable Law. Lender shall be entitled to collect all expenses incurred in pursuing the remedies provided in this Section 16, 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 10. 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 secu red by this Security Instrument; and (c) any excess to the person or persons legally entitled to it. 17. Release, Upon payment of all stuns secured by this Security Instrument and termination of Borrower's ability to obtain further advances under the Agreement, Lender shall release this Security Instrtunent. Borrower shall pay any recordation costs. Lender may charge Borrower a fee for releasing this Security Instrument, but only if the fee is paid to a third party for services rendered and the charging of the fee is permitted under Applicable Law. 18. Waivers. Borrower releases and waives all rights under and by virtue of the homestead exemption laws of Wyoming. BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this Security Instrument and in any Rider executed by Borrower and recorded with it. Sign and Print Witness Name ~f\~~ NANCY SUE CAR L l'J1l~" )Y\ ' ~ - vj¡J¿;(C CBŒ;~:2, c-cvvu d -Bor~~e:~r Sign Rnd Print Witness Name VA R LA. M, /1/15 '-'SoN ~ '. .~ '/J! f '/uA-¿->- ST ATE OF WYOMING, County ss; The for~oing instrtunent was acknowledged before me this M. DANIEL CAREY and NANCY SUE CAREY by ~ /JYr'YJ E f!J)P-ý / '-~ r¡- /Jf (date) (persrn ackn owled ging) WITNESS my hand and official seal. ~-,~~:;;"'--:~:;;"'~'" .._.;::;-::':;:::::;;:'-':':;::,~JCiÑOïSSIINWO:l "w Nl0:>NI1 :10 A1NOO::> ~31dd3 NNVOl d;fZ6Þ4' ~2 No 'I. ublic My Commission expires: OTBS 093 WY (5/01) Copyright Oak Tree Business Systems, Inc,. 2001. All Righ1s Reserved, (page 8 of 8 pages) "I