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HomeMy WebLinkAbout938902 - ._- - - - -- CJ" Afler Recording Return Tu: COUNTRYWIDE BANK, FSB MS SV-79 DOCUMENT PROCESSING P.O. Box 10423 Van Nuys, CA 91410-0423 Prepared By: TRENA OFFRET RECEIVED 5/9/2008 at 3:24 PM RECEIVING # 938~O.? BOOK: 694 PAGE: 239 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY 000239 [Space At"H'e This Line For Recording Data] 6010816614 [Escrow/Closing #) 00019212032905008 [Doc 10 #J MORTGAGE DEFINITIONS Words used in multiple sections of this document f\J'e defined helow and other words are defined in Sections 3. 11. 13, 18, 20 and 21, Certain rules regarding the usage of words used in this document are also provided in Section 16. (A) "Security Instrument" means this document, which is dated MAY 08, 2008 document. (B) "Borrower" is RACHEL A WARREN , together with all Riders to this b) ~IO Borrower is the mortgagor under this SecUIity Instrument. (C) "Lender" is COUNTRYWIDE BANK, FSB Lender is a FED SVGS BANK organized and existing under the laws of THE UNITED STATES Lender's address is 1199 North Fairfax St. Ste.500, Alexandria, VA 22314 Lender is the mortgagee under this Security Instl1lmcl1l. (D) "Note" means the promissory note signed hy Borrower and dated MAY 08, 2008 Borrower owes Lemler ONE HUNDRED FIFTY FOUR THOUSAND and 00/100 . The Note slates that Dollars (U.S. $154,000.00 ) plus interest. Borrower has promised to pay this debt in regular Periodic Payments and to pay the debt in full not later than JUNE 01, 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 Note, plus interest, any prepayment charges and late charges due under the Note. and all sums due under this Security Instrument, plus interest. (G) "Riders" means all Riders to this Security Instrument that are executed by Borrower. The following Riders arc to be exccuted by Borrower [check box a~ applicable]: o Adjustable Rate Rider 0 Condominium Rider 0 Second Home Rider o Balloon Rider 0 Planned Unit Development Rider ŒJ 1-4 Family Rider o V A Rider 0 Biweekly Payment Rider 0 Other(s) [specify] (H) "Applicable Law" means all controlling applicable federal. statc and local statutes. regulations. ordinances and administrative rules and orders (that have the effect of law) as well as all applicahlc final, non-appealahle judicial opinions. WYOMING-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Mortgage-WY 2006--WY (05/07)(d/i) Page 1 of 8 Form 3051 1/01 '23991' I ! I III II UU 1111111 , 192 1 203 2 900 0 0 0 2 006 - . VUU~40 DOC ID #: 00019212032905008 (I) "Community Association Dues, Fees, and Assessments" means all dues, fees, asscssments and other charges that are imposed on Borrower or the Property by a condominium association, homeowners association or similar organization. (J) "Electronic Funds Transfer" means any transfer of funds, other than a transaction originated by check, draft, or similar paper instrument, which is initiated through an electronic terminal, telephonic instnnnent, computer, or magnctic tape so as to order, instruct, or authorize a financial institution to debit or credit an account. Such term includes, but is not limited to, point-of- sale transfers, automated teller machine transactions, transfers initiated by telephone, wire transfers, and automated clearinghouse transfers. (K) "Escrow Items" mcans those items that arc described in Section 3. (L) "Miscellancous Proceeds" means any compensation. selllement. award of damages. or proceeds paid by any third party (other than insurance proceeds paid under the coverages descrihed in Section 5) for: (i) damage to, or destruction of, the Property; (ii) condemnation or other taking of all or any part of the Property; (iii) conveyance in licu of condemnation; or (iv) rnisrepresenlations of, or omissions as to. the value andlor condition of the Property. (M) "Mortgage Insurance" means insurance protecting Lender against the nonpayment of, or default on, the Loan. (N) "Periodic Paymcnt" means the regularly scheduled amount due for (i) principal and interest under the Note, pills Iii) any amounts under Section 3 of this Security Instl1Jmenl. (0) "RESPA" means the Real Estate Selllement Procedures Act (12 U.S,C, Section 2601 et seq.) and its implementing regulation, Regulation X (24 C.F.R. Part 35(0), 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 Instmment, "RESPA" refers to all requirements and restrictions that are imposed in regard to a "federally related mortgage loan" even if the Loan does not qualify as a "federally related mortgage loan" under RESPA. (P) "Successor in Interest of Borrower" means any party that has taken title to the Property, whether or not that party has assumed BOIl'ower's obligations under the Note andlor this Security Instrument. TRANSFER OF RIGHTS IN THE PROPERTY This Security Instmment secures to Lender: (i) the repayment of the Loan, and all renewals, extensions and modifications of the Note; and (ii) the performance of Borrower's covenants and agreements under this Security Instmment and the Note. For this purpose, Borrower does hereby mortgage, grant and convey to Lcnder ancl Lender's successors and assigns, with power of sale, the following described property located in the COUNTY [Type of Recording Jurisdiction] LOT 63 OF STAR VALLEY RANCH PLAT OFFICIAL PLAT FILED ON MARCH 16, LICOLN COUNTY CLERK. of LINCOLN [Name of Recording Jurisdiction] 10, LINCOLN COUNTY, WYOMING AS DESCRIBED ON THE 1976 AS INSTRUMENT NO. 476273 OF THE RECORDS OF THE Parcel ID Number: which currently has the address of 4300 MUDDY STRING RD, THAYNE ¡Street/City] Wyoming 83127 [Zip Code) ("Property Address"): 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 replacements and additions shall also be covered by this Security Instl1Jmenl. All of the foregoing is referred to in this SecUlity Instrument as the "Property." BORROWER COVENANTS that Borrower is lawfÌJlly 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 encumbrances of record. Borrower warrants and will defend generally the title to the Property against all' claims and demands. subject to any encumbrances of record. THIS SECURITY INSTRUMENT combines uniform covenants for national use and non-uniform covenants with limited vmiations by jurisdiction to constinJte a uniform security instrument covering: real property. UNIFORM COVENANTS. Borrower and Lender covenant and agree ¡t~ follows: 1. Payment o/' PrincipHI, Inlerest, Escrow Hcms, Prepuymcnt Churgcs, und Lull' Chilrgcs. Borrower shall pay when due the principal of, and interest on. the deb! evidenced hy the Note and any prepaymen! charges and late charges due under the Note. Borrower shall also pay funds for Escrow Ilems pursuant 10 ScclitHl 3. Payments due under the Note and this Securi!y Instrument shall be made in U.S. currency. However, if any check or other instrument received by Lender as payment under the Note or this Security Instrument is returned to Lender unpaid, Lender may require that any or all subsequent payments due under the Note and this Security Instrument bc made in one or morc of the following fonTIs, 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 deposit" are insured by a federal agency, instmmentality, or entity; or (d) Elcctronic Funds Transfer. Payments are deemed received by Lender when rcceived at the location designated in the Note or at such other location as may be designated by Lender in accordance with the notice provisions in Section 15. Lender may return any payment or partial payment if the payment or partial payments me insufficient to bring the Loan current. Lender may accept any payment or partial payment insufficient to bring the Loan current, without waiver of any rights hereunder or prejudicc 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 arc accepted. If each Periodic Payment is applied as of its scheduled due date, then Lender need not pay interest on unapplicd fÌJnds. 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 BOIl'owel'; If not applied earlier, such funds will Mortgage-WY 2006--WY (05/07) Page 2 of 8 Form 3051 1/01 000241 DOC ID #: 00019212032905008 be applied to the outsk'lnding principal balance under the Note immediately prior to foreclosure, No nffsel or claim which BOITower might have now or in the future against Lender shall relievc Bon'ower from making payments duc under the Note and this Security Instrument or performing the covenants and agreements secured by this Security Instmment. 2. Application (I ' Payments or Proceeds. Except as otherwise described in this Section 2. all payments accepted and applicd by Lender shall be applied in the following order of PliOlity: (a) interest due under Ihe Note; (b) principal due under the Note; (c) amounts due under Section 3. Such payments shall be applied to each Periodic Payment in the order in which it became due. Any remaining amounts shall be applied first to laic charges, second to any other amounts due undcr this Securily Instrument, 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 outstanding, Lender may apply any payment received from Borrower to the repayment of the Periodic Payments if, and to the extent that, each payment can be paid in full. To the extent that any excess exists after the payment is applied to the full payment of one or more Periodic Payments, such excess may be applied to any late chw'ges due. Voluntary prepayments shaH be applied first to any prepayment charges and then as described in the Note. Any application of payments, insurance proceeds, or Miscellaneous Proceeds to principal due under the Note shall not extend or postpone the duc date, or change the amount, of the Periodic Payment~. 3. Funds for Escrow Items. Borrower shalJ pay to Lender on thc day Periodic Payments are due under the Note, until the Note is paid in fulJ, a sum (the "Funds") to provide for payment of amounts due for: (a) taxes and assessments and other items which can attain priority over this Security Instrument as a lien or encumbrance on the Property; (b) leasehold payments or ground rents on the Property, if any; (c) premiums for any and all insurance required by Lender under Section 5; and (d) Mortgage Insurance premiums, if any, or any sums payable by Borrower to Lcnder in lieu of the 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 Borrower, and such dues, fces and assessments shall be (If) Escrow Item. Borrower shall promptly furnish to Lender all notices of amounts to be paid undcr this Section. Borrower shall ray Lender the Funds for Escrow Ilems unless Lender waives Borrower's obligation to pay the Funds for any or all Escrow Items, Lendcr Illay waive Borrower's ohligation to pay to Lcnder Funds for any or all Escrow Items at any time, Any such waiver may only be in writing, In the cvent of such waiver, Borrower shall pay directly, when and where payable, the amounts due for any Escrow Items for which payment of Funds has been waived by Lender and, if Lender requires. shall furnish to Lender receipts evidencing such paymcnt within such time period as Lender may require. Borrower's obligation to make such payments and to provide receipts shall for all purposes be deemed to be a covenant and agreement contained in this Security Instrument, as the phrase "covenant and agreement" is used in Section 9. If Borrower is obligated to pay Escrow Items directly, pursuant to a waiver, and Borrower fails to pay the amount due for an Escrow Item, Lender may exercise its rights under Section 9 and pay such amount and Borrower shall then be obligated under Section 9 to repay to Lender any such amount. Lender may revoke the waiver as to any or all Escrow Items at any time by a notice given in accordance with Section] 5 and, upon such revocation, Borrower shall pay to Lender all Funds, and in such amounts, that are then required under this Section 3. Lender may, at any time, collect and hold Funds in an amount (a) sufficient to pennit Lender to apply the Funds at the time specified under RESPA, and (b) not to exceed the maximum amount a lender can require under RESPA. Lender shall estimate the amount of Funds due on the basis of current data and reasonable estimates of expenditures of future Escrow Items or otherwise in accordance with Applicable Law. The Funds shall be held in an institution whose deposits are insured by a federal agency, instrumentaJity, or entity (including Lender, if Lender is an institution whose deposits are so insured) or in any Federal Home Loan Bank. Lender shall apply the Funds to pay the Escrow Items no later than the time specified under RESPA. Lender shall not charge Borrower for holding and applying the Funds, annually analyzing the escrow account, or verifying the Escrow Items, unless Lender pays Borrower interest on the Funds and Applicable Law pelmit~ Lender to make such a charge. Unless an agreement is made in writing or Applicable Law requires interest to be paid on the Funds, Lender shall not be required 10 pay Borrower any interest or earnings on the Funds. Borrower and Lender can agree in wliting, however. that interest shall he paid on the Funds. Lender shall give to Borrower, without charge, an annual accounting of the Funds as required by RESPA, [I' there is a surplus of Funds held in escrow. as defined under RESPA. Lender shall account 10 Borrower for the excess funds in accordance with RESPA. [I' there is a shortage of Funds held in escrow, as derïned under RESPA, Lender shall notify Borrower as required by RESP A, and Borrower shall pay to Lender the amount necessary to make up the sh0l1age in accordance with RESPA. but in no more than 12 monthly payments. If there is a deficiency of Funds held in escrow, as defined under RESPA. Lender shall notify Borrower as required by RESP A, and BOIl'owcr shall pay to Lender the amount necessary to make up the deficiency in accordance with RESP A, but in no more than 12 monthly payments. Upon payment in full of all sums secured by this Security Instrument, Lender shall promptly refund to Borrower any Funds held by Lender. 4, Chargcs; Liens. Borrower shall pay all taxes, assessment~, charges, fines, and impositions attributable to the Property which can attain priOlity over this Security Instmment, leasehold payments or ground rents on the Property, if any, and Community Association Dues, Fees, and Assessment~, if any. To the extent that these ilems are Escrow Items, Borrower shall pay them in the manner provided in Section 3. Borrower shall promptly discharge any lien which has priority over this Security Instl1Jment 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 performing such agreement; (b) contest~ the lien in good faith by, or defends against enforcement of the lien in. legal proceedings which in Lender's opinion operate to prevent the enforcement of the lien while those proceedings are pending, but only until such proceedings are concluded; or (c) secures from the holder of the lien an agreement satisfactory to Lender subordinating the lien to this Security InstI1Jment. If Lender detelmines that any pm1 of the Property is subject to a lien which can attain pliority over this Security Instmment, Lender may give BOll'ower a notice identifying the lien. Within 10 days of the date on which that notice is given. Borrower shall satisfy the Uen or take one or more of the actions set forth above in this Section 4. Lender may require Borrower to pay a one-time charge for a real estate tax verification andlor reporting service used by Lender in connection with this Loan. 5. Property Insurance. Borrower shall keep the improvements now existing or hereaftcr erected on the Property insured against loss by fire, hazw'ds included within the term "cxlended coverage." and any other haz¡mls including, but not limited to, earthquakes and 1100ds, for which Lender rcquires insurance, This IIlsIJrancc shall be mainLHined in the amounts (including deductible levels) and for the periods that Lender rcqulres, What Lender rcquires pursuantlo the preceding sentences can change during the term of the Loan. The insurancc carrier pnJVIding the insurance shall be chosen by Borrowcr subject to Lcnder's right Mortgage-WY 2006--WY (05/07) Page 3 of 8 Form 3051 1/01 - - ........ ~... DOC ID #: 00019212032905008 La disapprove BOlTower's choice, which right shaH not be exercised unreasonably. Lender may require BOITower to pay, in connection with this Loan, either: (a) a one-time charge for flood zone determination, certification and tracking services; or (b) a one-time charge for flood zone dete¡mination and certification services and subsequent charges each time remappings or similar changes occur which reasonably might affect such dctennination or certification. Borrower shall also be responsible for the payment of any fees imposed by the Federal Emergency Management Agency in connection with the review of any flood zone detennination resulting from an objection by Borrower. If Borrower fails to maintain any of the coverages described above, Lender may obtain insurance coverage, at Lender's option and Borrower's expense. Lender is under no obligation to purchase any particular type or amount of coverage. Therefore, such coverage shall cover Lender, but might or might not protect Borrower, Borrower's equity in the Property, or the contents of the Property, against any risk, hazard or liability and might provide greater or lesser coverage than was previously in effect. Borrower acknowledges that the cost of the insurance coverage so ohtained might significantly exceed the cost of insurance that Borrower could have obtained. Any amounts dishursed by Lender under this Section 5 shall become additional debt of BOll'ower secured by this Security Instrument. These amounts shélll bew' interest at the Note rate from the dale of disbursement and shall be payable, with such intcrest, upon notice from Lender to Borrower requesting payment. All insurance policies required by Lender and rcnewals 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 to hold thc policies and renewal certi ficates. 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 rcquired by Lendcr, 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, BOITower shalJ give prompt notice to the insurance canier and Lender. Lender may make proof of loss if not made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, any insurance proceeds, whether or not the underlying insurance was required by Lender, shall be applied to restoration or repair of the Property, if the restoration or repair is economically feasible and Lender's security is not lessened. During such repair and restoration pe¡iod, Lender shall have the right to hold such insurance proceeds until Lender has had an opportunity to inspect such Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as the work is completed. Unless an agreement is made in wliting 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 pm'ties, ret¡úned by Borrower shall not be paid out of the insurance proceeds and shall be the sole obligation of Borrower. If the restoration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. Such insurance proceeds shall be applied in the order provided for in Section 2. If Borrower ahandons the Property, Lender may nlc, negotiate and seule any available insurance claim and related matters, If Borrower does not respond within 30 days to a notice from Lcndcr thai the insurance c<UTier héls offercd to settle a claim, then Lender may negotiate and settlc the claim. The 30-day period will begin when the notice is given. In either cvent, or if Lender acquires the Property under Section 22 or otherwise, BOlTowcr hcrehy assigns to Lender (¡I) Borrower's rights to any insurance proceeds in an amount not to exceed the amounts unpaid under the Note or this Securily Instl1Jment, and (h) any other of Borrower's rights (other than the right to any refund of unearncd premiums paid hy Borrower) under all insurance policies covcring the Property, insofw' as such rights are applicahle to the covcragc of the Property. Lender may use the insurance proceeds either to repair or restore thc Propcrty or to pay amounts unpaid undcr the Note or this Security Instrument, whether or not then due. 6. Occupancy. BOlTower shall occupy, cstablish, and use the Property as Borrower's principal residence within 60 days after the execution of this SeclJlity Instrument and shall continue to occupy the Property as BOlTower's principal residence for at least one year after the date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be unreasonably withheld, or unless extenuating circumstances exist which are beyond Borrower's control. 7. Preservation, Maintenance and Protection of the Property; Inspections, BOll'ower shaJJ not destroy, damage or impair the Property, aJ)ow the Property to deteriorate or commit waste on the Property. Whether or not Borrower is residing in the Property, Borrower shall maintain the Property in order to prevent the Property from deteriorating or decreasing in value due to its condition. Unless it is detennined pursuant to Section 5 that repair or restoration is not economically feasible, Borrower shall promptly repair the Property if damaged to avoid further deterioration or damage. If insurance or condemnation proceeds are paid in connection with damage to, or the taking of, 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, Borrower is not relieved of Borrower's obJigation 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 intelÌor inspcction specifying such reasonahle cause, 8. Borrower's Loan Application. Borrower shall be in default iI', during the Loan application process. Borrower or any persons or entities a¡;ting at the dire¡;tion of BLJlTOWer or with Borrower's knowledge or ¡;onsent gavc materially false, misleading, or inaccurate information or statements to Lcnder (or railed to provide Lcnder with material information) in connection with the Loan. Matelial representations includc, hut arc not limited to, representations concerning Borrower's oœupancy of the Property as Borrower's principal residencc. 9. Protection of Lender's Interest in the Property and Rights Under this Security Instrument. If (a) BOlTower fails to perfOlm the covenantc; and agreements contained in this Security Instrument, (b) there is a legal proceeding that might significantly affect Lender's interest in the Property and/or rights under this Security Instrument (such as a proceeding in bankruptcy, probate, for condemnation or forfeiture, for enforcement of a lien which may attain priority over this Security Instl1Jment or to enforce laws or regulations), or (c) Borrower hac; abandoned the Property, then Lender may do and pay for whatever is reasonable or appropriate to protect Lender's interest in the Property and rightc; under this Security Ins tl1lmen t, including protecting and/or ac;sessing 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 Instrument; (b) appearing in court; and (c) paying reasonable attorneys' fees to protect its interest in the Property and/or rights under this Security Instl1Jment, including its secured position in a bankl1Jptcy proceeding. Securing the Property includes, but is not limited to, entering the Property to make repairs, change locks, replace or board up doors and windows, drain water from pipes, eliminate building or other code violations or dangerous conditions, and have utilities turned on or off. Although Lender may take action under this Section 9, Lender does not htive to do Mortgage-WY 2006--WY (05/07) Page 4 of 8 Form 3051 1/01 .JL oUU243 DOC 1D #: 00019212032905008 so and is not under any duty or obligation to do so. It is agreed that Lender incurs no liability for not laking 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 Lendcr to Borrower requesting payment. If this Securily Instrument 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 tiLle shall not merge unless Lender agrees to the merger in writing. 10. Morlgage Insurance, If Lender required Mortgage Insurance as a condition of making the Loan, Borrower shall pay the premiums requircd to maintain the Mortgage Insurance in cHect. If, for any reason, the Mortgage Insurance coveragc requircd by Lender ceases to be available from the mortgage insmer that previously provided such insurance and Borrower was required to make separately designated payments towmd the premiums for Mortgage Insurance, Borrower shall pay the premiums required to obtain coverage substantially equivalent to the Mortgage Insurance previously in effect, at a cost substantially equivalent to the cost to Borrower of the Mortgage Insurance previously in effect, from an alternate mortgage insurer selected by Lender. If substantially equivalent Mortgage Insurance coverage is not available, Borrower shall continue to pay to Lender the amount of the separately designated payments that were due when the insurance coverage ceased to be in effect. Lender will accept, use and relain these payments as a non-refundable loss reserve in lieu of Mortgage Insurance. Such loss rescrve shall be non-refundable, notwithstanding the fact that the Loan is ultimately paid in full, and Lender shall not be required to pay Borrower any interest or earnings on such loss reserve. Lender can no longer require loss reserve payments if Mortgage Insurancc coverage (in the amount and for the period that Lender requires) provided by an insurer selected by Lender again becomes available, is obtained, and Lender requires separately designated payments toward the premiums for Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan and Borrower was required to make separately designated payments towcu'd the premiums for Mortgage Insurance, Borrower shall pay the premiums required to maintain Mortgage Insurance in effect, or to provide a non-refundable loss reserve, until the Lender's requirement for Mortgage Insurance ends in accordance with any written agreement bel ween Borrower and Lender providing for such telmination or until telmination is required by Applicable Law. Nothing in this Section 10 affects Borrower's obligation to pay interest at the rate provided in the Note. Mortgage Insurance reimburses Lendcr (or any entity that purchases the Notc) ror cerlain losses it may incur if Borrower does not repay the Loan as agreed. Borrower is not a party to the Mortgage Insurancc, Mortgage insurers evaluate their tOlal risk on all such insurance in force rrom time to time, and may enter into agreements with other parties that share or modify thcir risk, or reduce losses, These agreements arc on tClms and conditions that arc satisfactory to the mortgage insurèr and the othcr party (or parties) to thcse agrccments, These agreements may require the mortgagc insurer to make payments using any sourcc or runds that the mortgage insurer may have available (which may include funds obtained from Mortgage Insurance premiums). As a result of these agreements, Lender, any purchaser of the Note, another insurer, any reinsurer, any other entity, or any affiliate of any of the foregoing, may receive (directly or indirectly) amounts that derive from (or might be characterized as) a portion of Borrower's payment~ for Mortgage Insurance, in exchange for sharing or modifying the mortgage insurer's risk, or reducing losses. If such agreement provides that an affiliate of Lender takes a share of the insurer's lisk in exchange for a share of the premiums paid to the insurer, the arrangement is often ten1Jed "captive reinsurance." Further: (a) Any such agreements will not aJTcct the amounls that Borrower has agreed to pay for Mortgage Insurance, or nny olher tenns of the Loan. Such agreements wiJI nol increase lhe amounl Borrower will owe for Mortgnge Insurance, and lhey will not entitle Bon'nwer to any refund. (b) Any such agreements will nol affecllhe rights Borrower has - if any· with respecl to lhe Mortgage Insurance under the Homcowners Protection Act of 1998 or any other law. These righls may include the right to receive cerwin disclosures, 10 request and obtain cancelIntion of the Mortgage Insurnnce, 10 have lhe Mortgage Insurance lerminated automatically, andlor 10 receive a refund of any Morlgage Insurance preßÚums lhat were unearned nt the time of such cancellation or tenninalion, 11. Assignment of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds cu'e hereby assigned to and shall be paid to Lender. If the Property is damaged, such Miscellaneous Proceeds shall be applicd to restoration or repair of the Propcrty, 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 Miscelhmeous Proceeds until Lender ha~ had an opportunity to inspect such Property to ensure the work has been completed to Lender's satisfaction. provided that sll\;h inspection shall bc undertaken promptly. Lender may pay for the repairs and restoration in a singlc dishursement or in a series of progress payments as thc work is completed. Unless an agreement is made in writing or Applicahle Law requires interest to be paid on such Miscellaneous Proceeds. Lender shall not be required to pay Borrower any interest or earnings on such Misccllancous Proceeds. If the restoration or repair is not economically feasible or Lender's security would be lessened, the Miscellaneous Proceeds shall he applied to the sums secured by this Security Instrument, whether or not then due, with the cxccss. if any, paid to Borrower, Such Miscellaneous Proceeds shall be applied in the order providcd for in Section 2. In the event of a tOlallaking, destl11ction, or loss in value of the Property, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instl1lment, whether or not then due, with the excess, if any, paid to Borrower. In the event of a pcu·tial taking, desu1Jction, or loss in value of the Property in which the fair market value of the Property immediately before the partial laking, destmctÎon, or loss in value is equal to or greater than the amount of the sums securcd by this Security Insu1Jment immediately before the partial laking, desu1Jetion, or loss in value, unless Borrower and Lender otherwise agree in writing, the sums secured by this Security Instillment shall be reduced by the amount of the Miscellaneous Proceeds multiplied by the following fraction: (a) the tOlal 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 pcutial taking, destruction, or loss in value. Any balance shall be paid to Borrower, In the event of a partial taking, destl11ction, or loss in value of the Property in which the fair market value of the Property immediately before the partial taking, destmction, or loss in value is less than the amount of the sums secured immediately before the partial laking, destruction, or Joss in value, unless Borrower and Lender otherwise agree in writing, the Miscellancous Proceeds shall be applied to the sums secured by this Security InSll1Jment whether or not the sums w'e thèn due. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the Opposing Party (as defined in the next sentence) offers to make an awcu'd to settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date the notice is given, Lender is authorized to collect and apply the Miscellaneous Procced~ either to restoration or repair of the Property or to the sums secured by this Security Instrumcnt, whether or lIot !hen due. "Opposing Party" means thc third party that Mortgage-WY 2006--WY (05/07) Page 5 of 8 Form 3051 1/01 UUU~qq DOC 1D #: 00019212032905008 owes Borrower Miscellaneous Proceeds or the party against whom Borrower has a right of action in regard to Miscellaneous Proceeds. Bon-ower shall be in default if any action or proceeding, whether civil or criminal, is begun that, in Lender's judgment, could result in forfeiture of the Property or other material impairment of Lender's interest in the Property or rights under this Security Instrument. Borrower can cure such a default and, if acceleration has occurred, reinstate as provided in Section 19, by causing the action or proceeding to be dismissed with a I1Jling that, in Lender's judgment, precludes forfeiture of the Property or other material impainnent of Lender's interest in the Property or rights under this Security InstI1Jmenl. The proceeds of any award or claim for damages that are attributable to the impainnent of Lender's interest in the Property are hereby assigned and shall be paid to Lender. All Miscellaneous Proceeds that are not applied to restoration or repair of the Property sh¡ùl be applied in the order provided for in Section 2. 12. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or modification of amortization of the sums secured by this Security InstI1Jment granted by Lender to Borrower or any Successor in Interest of Borrower shall not operate to release the liahility of Borrower or any Successors in Interest of Borrower. Lendcr shall not be required to commence proceedings against any Successor in Interest of Borrower or to refuse to extend time for paymenl or otherwise modify amortization of the slims secured hy Ihis Security Instrument by reason of any demand made by the original Borrower or any Successors in Interest of Borrower. Any forbearance by Lender in exercising any right or remedy including, without limitation, Lendcr's acceptance of payments from third persons, entities or SlIccessors in Intcrest of Borrower or in amounts less than the amount thcn due, shall not bc a waiver of or preclude the exercise of any right or remedy. 13. Joint and Several Liability; Co-signers; Successors and Assigns Bound, Borrower covenants and agrces that Borrower's obligations and liability shall be joint and severaL However. any Borrower who co-signs this Security [nstrument but does not execute the Note (a "co-signer"): (a) is co-signing this Security [nstrument only to mortgage, grant and convey the co- signer's interest in the Property under the terms of this Security InstI1Jment; (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 Note without the co-signer's consent. Subject to the provisions of Section 18, any Successor in Interest of Borrower who assumes Borrower's obligations undcr this Security Instrument in writing, and is approved by Lender, shall obtain all of Borrower's rights and benefits under this Security Instmment. Borrower shall not be released from Borrower's obligations and liability under this Security Instrument unless Lender agrees to such release in writing. The covenants and agreement~ of this Security InstI1Jment shall bind (except as provided in Section 20) and benefit thc successors and assigns of Lender, 14. Loan Charges, Lender may charge Borrower fees for services performed in connection with Borrower's defàult, 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 vaJuation fees. In regard to any other fees, the absence of express authority in this Security Instrument to charge a specific fee to BOITower shall not be constmed as a prohibition on the charging of such fee. Lender may not charge fees that are expressly prohibited by this Security Instmment 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 thc Loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge tn Ihe permilled limit; and (b) any sums aJready collected from Borrower which exceeded permilled limils will be refunded to Borrower, Lender may choose to make this refund by reducing the principal owed under the NOle or hy making a direcl paymenlto Borrower. If a refund reduces principal, the reduction will be treated as a partial prepayment without any prepaymefll ch¡u'ge (whether or not a prepayment chm'ge is provided for under the Note). Borrower's acceptance of any such refund made by direct payment to Borrower will constitute a waiver of any right of action Borrower might have arising out of such overcharge, 15. Notices. All notices given by Borrower or Lender in connection with this Security Instrument must be in writing. Any notice to Borrower in connection with this Security InstI1Jment 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. Thc notice address shaJl be the Propcrly Address unless Borrower has designated a substitute notice address by notice to Lender. Borrower shall promptly notify Lender of Borrower's change of address, If Lender specifies a procedure for reporting BOl1'ower's change of address, then Borrower shall only report a change of address through that specified procedure, There may be only one designated notice address under this Security Instrument at anyone time. Any notice to Lender shall be given by delivering it or by mailing it by first class mail to Lender's address stated herein unless Lender has designated another address by notice to Borrower. Any notice in connection with this Security Instmment shall not be deemed to have bcen given to Lender until actually received by Lender. If any notice required by this Security Instrument is also required under Applicable Law, the Applicable Law requirement will satisfy the corresponding requirement under this Security [nstrument. 16. Govcrning Law; Severability; Rules of Construction. This Security Instrument shall be governed by federal law and the law of the jurisdiction in which the Propel1y is located. All rights and obligations contained in this Security Instrument are subject to any requirements and limitations of Applicable Law. Applicable Law might explicitly or implicitly allow the parties to agree by contract or it might be silent, but such silence shall not be construed as a prohibition against agreement by contract. In the event that any provision or clause of this Security Instrument or the Note conflicts with Applicable Law. such conflict shaJl not affect other provisions of this Security Instrument or the Note which can he given effect without the conflicting provision. As used in this Security Instrument: (a) words of the masculine gender shall mean and include corresponding neuler words or words of the feminine gender; (b) words in the singulcu" shall mean and include the plur¡¡1 and vicc versa; and (c) the word "may" gives sole discretion without any obligation to take any action. 17. Burrower's Copy. Borrower shall be given one copy of the NOle and of this Security Instrument. 18, Transfer of the Property or a Bcneficial Interest in Borrower. As used in this Section 18, "Interest in the Property" mcans any legal or beneficial interest in the Property, including, but not limited to, those benelicial 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. If ~ùl 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 beneficiaJ interest in Borrower is sold or transfened) without Lender's prior written consent, Lender may require immediate payment in full of aJI sums secured by this Security Instillment. However, this option shall not be exercised by Lender if such exercise is prohibited by Applicable Law, If Lender exercises this option, Lender shaJI give Borrower notice of acceleration. The notice shall provide a pcliod of not less than 30 days from the date the notice is given in accordance with Section 15 within which Borrower must pay all sums Mortgage-WY 2006..WY (05/07) Page 6 of 8 Form 3051 1/01 vuv245 DOC ID #; 00019212032905008 secured by this Security Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies pennitted by this Security Instrument without further notice or demand on Borrower. 19. Borrower's Right to Reinstate After Aceeleration. If Borrower meets certain conditions, Borrower shall have the right to have enforcement of this Security Instl1Jment 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 InstJ1Jment; (h) such other period as Applicable Law might specify for the termination of Borrower's right to reinstate: or (c) entry of a judgment enforcing this SecUlily Instrument. Those conditions are that Borrower: (a) pays Lender all slims which then would be due under this SccUlily Instmmenl and the Note as if no acceleration had occurred; (b) cures any defaull of any other covenants or agreements; (C) pays all expenses incurred in enforcing this Security Instrument, including, bUI not limited to, reasonable attorneys' fees, propeI1y inspection and valuation fees, and other fees incurred for the purpose of protecting Lender's interest in the Property and rights under this Security Instmment; and (d) takes such action as Lender may reasonably require to assure that Lender's interest in the Property and lights under this Security Inst.mment, and Borrower's obligation to pay the sums secured by this Security Instmment, shall continue unchanged. Lender may require that Borrower pay such reinstatement sums and expenses in one or more of the following fonns, 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, instl1Jmentality or entity; or (d) Electronic Funds Transfer. Upon reinstatement by Bon'ower, this Security Instmment and obligations secured hereby shall remain fully effective as if no acceleration had occurred. However, this right to reinstate shall not apply in the case of acceleration under Section 18. 20, Sale of Note; Change of Loan Servicer; Notice of Grievance. The Note or a partial interest in the Note (together with this Security Instl1Jment) can be sold one or more times without prior notice to Borrower, A sale might result in a change in the entity (known as the "Loan Servicer") that collects Periodic Payments due under the Note and this SecUlity Instrument and performs other mortgage loan servicing obligations under the Note, this Security Instrument, and Applicable Law. There also might be one or more changes of the Loan Servicer unrelated to a sale of the Note. If there is a change of the Loan Servicer, Borrower will be given written notice of the change which will state the name and address of the new Loan Servicer. the address to which payments should be made and any other information RESPA requircs in connection with a .notice of transfer of servicing. If the Note is sold and thereafter the Loan is serviced by a Loan Servicer other than the purchaser of the Note, the mortgage loan servicing obligations to Borrower will remain with the Loan Servicer or be trans felTed to a successor Loan ServiceI' and arc not assumed by the Note purchaser unless otherwise provided by the Note purchaser, Neither Borrower nor Lcnder may commence, join, or be joined to any judicial action (as either an individual litigant or the member of a class) that arises from the other party's actions pursuant to this Security Instrument or thai alleges Ihat the other party has breachcd any provision of, or any duty owed by reason of. this Security Instrument, until such Borrower or Lender has notified the other pw'ty (with such noticc given in compliancc with the requirements of Section 15) of such alleged breach and alTorded the other party hereto a reasonable period after the giving of such notice to take corrective action. If Applicable Law provides a time period which must elapse before certain action can be taken, that time period will be deemed to be reasonable for purposes of this paragraph. The notice of acceleration and opportunity to cure given to Borrower pursuant to Section 22 and the notice of acceleration given to Borrower pursuant to Section 18 shall be deemed to satisfy the notice and opportunity to takc cOlTcctive action provisions of this Section 20. 21. Hazal'dous Substances. As used in this Section 2]: (a) "Hazw'dous Substances" are those substances defined as toxic or hazardous substances, pollutants, or wastes by Environmental Law and the following substances: ga<;oline, kerosene, other tlammable 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) "Environmenta] Cleanup" includes any response action, remedial action, or removal action, as defined in Environmental Law; and (d) an "Environmental Condition" means a condition that can cause, contribute to, or otherwise trigger an Environmental Cleanup. Borrower shall not cause or permilthe presence, use, disposal, storage, or release of any Hazardous Substances, or threaten to release any Hazardous Substances, on or in the Property. Borrower shall not do, nor allow anyone else to do, anything affecting the Property (a) that is in violation of any Environmenta] Law, (b) which creates an Environmental Condition, or (c) which, due to the presence, use, or release of a Hazardous Substance, creates a condition that adversely al'fecL<; the value of the Property. The preceding two sentences shall not apply to the presence. use, or storage on the Property of small quantities of Hazardous Substances that are generally recognized to be appropriate 10 normal residential uses and to maintenance of the Property (including, but not limited to, hazardous substances in consumer products), Borrower shall promptly give Lender written notice of (a) any investigation. claim, demand, lawsuit or other action by any governmental or regulatory agency or private pw'ty involving [he Property and any Hazardous Substance or Environmental Law of which Bon'ower has actual knowledge. (h) any Environmental Condition. including but not limited to, any spilling, leaking, discharge, release or threat of release 01' any Hazardous Substance. and (e) any condition caused by the presence, use or release of a Hazardous Substance which adversely affects the value of the Property. If Borrower leams, or is notilïed by any govel11mental or regulatory authority, or any private party, that any removal or other remediation of any Hazru'dous Substance affecting the Property is necessary. Borrower shall promptly take all necessary remedial actions in accordance with Environmenta] Law. Nothing herein shall create any obligation on Lender for an Environmental Cleanup. NON-UNIFORM COVENANTS. Borrower and Lender further covcnant and agree as follows: 22. Acceleration; Remedies, Lender shall give notice to Borrower prior to acceleration following Borrower's h"each or any covenant or agreement in this Security Instnlment (but not prior to acceleration under Section 18 unless Applicable Law provides otherwise). The notice shall specü'y: (a) the default; (b) the action required to cure the defaull; (c) a date, not less than 30 days from the date the notice is given to BornJwer, by which the default must be cured; and (d) that faiJure to cure the default on or before the date speciJied in the notice may result in acceleration of the sums secured by this Secudty Instnunent and sale of the Property, The notice shall further infonn Borrower of the right to reinstate a!'ter acceleration and the right to bring a court action to assert the non-existence of a default or any other defense of' Borruwer to acceleration and sale, If the defauJt 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 sccured 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 an 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 puwer of sale, Lender shall give nutice of intent to foreclose to Borrower and to the person in possession of the Property, if different, in aecordanœ with Applicable Law. Lender shall give notice of the sale to Borrower in the manner provided in Section 15. Lender shall publish the notice 01' sale, and the Property shall be suld in the manner Mortgage-WY 2006--WY (05/07) Page 7 of 8 Form 3051 1/01 - -..... .. '" DOC 1D #: 00019212032905008 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 I'ollowing order: (a) to all expenses 01' the sale, induding, but not limited to, reasonable aUorneys fees; (h) to all sums secured by this Security Instrument; and (c) any excess to the person or persons legally entitled to it, 23, Release, Upon payment of all sums secured by this Security Instrument, Lender shall release this Security Instrument. Borrower shall pay 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. 24. W~livel·s. BOlTower releases and waives all rights under and by virtlle of the homestead exemption Jaws of Wyoming. BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this Securily Instrumenl and in any Rider executed by Borrower and recorded with it. Wdd ---- ~ (Seal) -Borrower RACHEL A. WARREN (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower STA TE OF WYOMING, County ss:U r1tðl V) e '( regl i g in:lrumenl was acknowledged hcfore me lhis '5 L?1/ () ~____ by V1 My Cnron';.,;on EXPkotJIJIIJ{),v'13 /¡ 'ìð/Ò AMY GUEAR - NOTARY PUBLIC NO~~ COUNTY OF ~ STATE OF LINCOLN 'flY! WYOMING MY COMMISSION EXPIRES 1/31/2010 Mortgage-WY 2006--WY (05/07) Page 8 of 8 Form 3051 1/01 000247 1-4 FAMILY RIDER (Assignment of RenL~) 6010816614 [Escrow/Closing #] 00019212032905008 [Doc ID #] THIS 1-4 FAl\1IL Y RIDER is made this EIGHTH day of MAY , 2008 ,and is incorporated into and shaJl be deemed to amend and supplement the Mortgage, Deed of Trust, or Security Deed (the "Security Instrument") of the same date given by the undersigned (the "Borrower") to secure Borrower's Note to COUNTRYWIDE BANK, FSB (the "Lender") of the same date and covering the Property described in the Security Inst11Jment and located at: 4300 MUDDY STRING RD THAYNE, WY 83127- [Property Address] 1·4 FAMILY COVENANTS, In addition to the covenants and agreements made in the Security Instnlment. BomMer and Lender further covenant and agrce as follows: A. ADDITIONAL PROPERTY SUBJECT TO THE SECURITY INSTRUMENT. In addition to the Property descrihed in thc Security Instnnnenl. the following items now or hereaner attachcd to the Property to the cxtenlthey are lìxtures are added to thc Property description, and shall also constitute the Property covered by the Security Instrumelll: building materials. appliances and goods of cvery naturc whatsoever now or hereafter located in. on. or lIsed, or intended to be lIsed in connection with thc PropCrLy. including, but not limited to. thosc for the purposes of supplying or distribuLing hcating, cooling. electricity, gas. water, air and light, fire prevention and extinguishing apparatus. secUlity and access control apparatus. plumbing, bath tubs. water heaters, water closets, sinks, ranges, stoves, refrigerators, dishwashers, disposals, washers, dryers, awnings, storm windows. storm doors, screens. blinds, shades, curtains and curtain rods, attached mirrors, cabinets, paneling and attached floor coverings, a]) of which, including replacements and additions thereto, shaJI be deemed to be and remain a part of the Property covered by the Secmity Inst11Jment. All of the foregoing together with the Property described in the Security Instrument (or the leasehold estate if the Securily Inst11Jment is on a leasehold) :U'C referred to in this 1-4 Family Rider and the Security Instmment as the "Property." B. USE OF PROPERTY; COMPLIANCE WITH LA W, Bon'owershall not seek. agrectoor make a change in the use of the Property or its zoning classification. unless Lender has agreed in writing to the change. Borrower shaJI comply with all laws. ordinances, regulations and requirements of any govemmentaJ body applicable to the Propcrty. C, SUBORDINATE LIENS. Except as permitted by federaJ law, BOITower sh¡ùl not allow any lien inferior to the Security Instl1Jment to be perfected against the Property without Lender's prior written permission. D, RENT LOSS INSURANCE, Bon'ower shalllllaintain insurancc against rent loss in addition to the other hazards for which insurance is required by Section 5. E, "BORROWER'S RIGHT TO REINSTATE" DELETED. Section 19 is deleted. F. BORROWER'S OCCUPANCY. Unless Lender and Borrower otherwise agree in writing. Section 6 concerning BOI1'()\vcr's occupancy of the Property is deleted, G. ASSIGNMENT OF LEASES. Upon Lendcr's requesl aftcr default. Borrower shall assign to Lender all leases of thc Property and all security deposits made in conncction with leases of the Property. Upon thc assignment, Lender shall have the right to modify, extend or tenninate the existing leases and to cxecute new leases, in Lendcr's sole discretion. As used in this paragraph G, the word "lease" shall mean "sublease" if the Security Instl1Jment is on a leasehold. H. ASSIGNMENT OF RENTS; APPOINTMENT OJ<' RECEIVER; LENDER IN POSSESSION. Bon-ower absolutely and unconditionally assigns and transfers to Lender all the rents and revenues ("Rents") of the Property, regardless of to whom the Rents of the Property are payable. Borrower MULTlSTATE 1-4 FAMILY RlDER··Fannic MacfFl'cddic Mac UNIFORM INSTRUMENT 1·4 Family Rider 2057R·XX (09/07)(d/i) Page 1 of 3 Form 3170 1/01 '23991* * 192 1 203 2 9 0 0 0 0 0 2 0 5 7 R . 000248 DOC 1D #: 00019212032905008 authorizes Lender or Lender's agents to collect the Rents, and agrees that each tenant of the Property shall pay the Rent~ to Lender or Lender's agents. However. Borrower shall receive the Rents until (i) Lender has given Borrower notice of default pursuant to Scction 22 of the Security Instl1Jment and (ii) Lender has given notice to the tenant(s) that the Rents are to be paid to Lender or Lender's agent This assignment of Rents constitutes an absolute assignment and not an assignment for additional security only. If Lender gives notice of default to Borrower: (i) all Rents received by Borrower shall be held by Borrower as tmstee for the benefit of Lender only, Lo be applied to the sums secured by the Security Instnllnent; (ii) Lender shall be entitled to collect and receive all of the Rents onhe Property; (iii) Borrower agrees that each tenant of the Property shall pay all Rents due and unpaid to Lender or Lender's agents upon Lender's wliUen dem¡lIId to the tenanl; (iv) unless applicahle law provides otherwi.~e, all Rents collected hy Lender or Lender's agents shall be applied lïrst to the costs of laking control of and managing the Property and collecting the Rents. including. but no! limited to, aUorney's fees. receiver's fees. premiums on receiver's honds, repair and maintenance costs, insunmce premiums. taxes. 'l~sessments and other charges on the Property. and then to the sums secured hy the SecUlity Instillment; (v) Lendcr, Lender's agents or any judicially appointed receiver shall be liahle to account for only those Rents actually received; and (vi) Lender shall be entitled to have a receiver appointed to lake possession of and manage thc Property and collect the Rents and profits derived from the Property without any showing as to the inadequacy of the Property as seculity. If the Rents of the Property are not sufficient to cover the costs of taking control of and managing the Property and of collecting the Rents any funds expended by Lender for such purposes shaH become indebtedness of Borrower to Lender secured by the Security Instillment pursuant to Section 9. Borrower represents and wan'ants that Borrower has not executed any prior assignment of the Rent~ and has not performed. and will not perform, any act that would prevent Lender from exercising its rights under this paragraph. Lender, or Lender's agents or ajudicially appointed receiver, shall not be required to enter upon, take control of or maintain the Property before or after giving notice of default to Borrower. However, Lender, or Lender's agents or a judicially appointed receiver, may do so at any time when a default occurs. Any application of Rent~ shall not cure or waive any default or invalidate any other right or remedy of Lender. This assignment of Rent~ of the ProperLy shall tenninate when all the sums secured by the Security Instl1Jment are paid in full. MULTISTATE 1-4 FAMILY RIDER"-Fannic Mac/Frcddil' Muc UNIFORM r~STRUi\1ENT 1"4 Family Rider 2057R"XX (09/07) Page 2 of 3 Form 3170 1/01 000249 DOC ID #: 00019212032905008 I. CROSS-DEFAULT PROVISION. Borrower's defuull or breach under any nole or agreemenl in which Lender has un inleresl shall be a breach under the SecUJily Inslnnnenl and Lender may invoke any of the remedies pennitted by the SccUlily InslnnnenL BY SIGNING BELOW, B-Offß "'----- o the tellTIS and covenants contained in this 1-4 Famjly Rider. 'V RACHEL A. WARREN (Seal) - BOITower (Seal) - Borrower (Seal) - Borrower (Seal) - Borrower M¡;LTIST^TI~ 1·4 FAMILY RIDER·-Fallni~ MHl'lFn,"di~ MHl'l'!'\II"ORM I"iSTRLMEYI' 1-4 Family Rider 2057R-XX (09/07) Page 3 of 3 Form 3170 1/01