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HomeMy WebLinkAbout939002 Return To: Bank of the West Post Closing 13505 California st. NE-BBP-LL-P Omaha, NE 68154 RECEIVED 5/14/2008 at 1:50 PM RECEIVING # 939002 BOOK: 694 PAGE: 582 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY Prepared By: Kathryn A Suchy 13505 California st Omaha, NE 68154 ù00582 ISpace AIt",," This Line F"r R.c"rlling Oala I MORTGAGE MIN 100104088003906391 DEFINITIONS ¿- /, } ~~' Words used in multiple sections of this document are defìned below émd other words are defined in Sections 3, I I, 13, 18, 20 and 21. Certain rules regarding the usage of words useù in this document are also provided in Section 16. IA) "Security Instrument" means this document. which is daledMay 09, 2008 logether with all Riders to this document. (B) "Borrower" is PATRICIA A KRULJAC and JAMES W KRULJAC, WIFE AND HUSBAND II ..( i) Borrower is the mortgagor tmder this Security IJlstrtIDlent. (C) "MERS" is Mortgage Electronic Registration Systems, Inc. MERS is a separate corporation that is acting solely as a nominee for Lender and Lender's successors and assigns. MERS is the mortgagee under this Security Instrument, MERS is organized émd existing lmder the laws of Delaware, and has an address émd telephone number of P.O. Box 2026, Flint, MI 4850 J -2026, tel. (888) 679-MERS. 8800390639 8800390639 WYOMING-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT WITH MERS Form 3051 1/01 . -6A(WY} (0005)03 /:;?Y (/'-k-'/ Page r of '15 Inilla~. r ) _ VM PM orlgage Solutions. Inc; (D) "Lender" is Bank of the West, a. California state banking corp, 000583 Lender is a corporation org,mized and existing \.IDder the laws of The state of California Lender's address is 13505 California st, NE-BBP-LL-P, Omaha, NE 68154 (E) "Note" me,IDS tile promissory note signed by Borrower and dated May 09, 2008 The Note states that Borrower owes Lender Two Hundred Eight Thousand And Zero/100 Dollars (D. S. $ 208,000,00 ) 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 (F) 'Troperty" means the property that is described below under the heading "Transfer of Rights in the Property. " (G) ''Loan'' means thc debt cvidenccd by the Note. plus interest, any prepayment charges and latc charges due under the Note. ,md all sums due under this Security Instrument, plus interest. (H) "Riders" means all Riders to this Security Instnllnen\ th~¡t are executed by Burrower. The following Riders are to he executed by Borrower [chcck box as applicclhle]: D Adjustahle Rate Rider D Bailoon Rider D VA Rider D Condominium Rider [i] Planned t Jnil Development Rider D Biweekly Payment Rider D SeC\)nd I(ome Rider D 1-4 Familv Rider D Othcr(s) [~pecify] (I) "Applicable Law" me,IDS all controlling applicable federal, state and local statutes, regulations. ordinances ,md administrative rules and orders (that have tile effect of law) as well as all applicable tìnal, non-appealable judicial opinions. (J) "Community Association Dues, Fees, and Assessments" meéms all dues, fees. assessments and other charges that are imposed on Borrower or tile Property by a condominitml association, homeowners association or similar organization. (K) "Electronic Funds Transfer" means ,IDY transfer of funds. other than a transaction originated by check, draft, or similar paper instrlIDlent, which is initiated through an electronic terminal. telephonic instrlU1lent, computer, or magnetic tape so as to order, instruct, or authorize a tìmmcial institution to debit or credit an aCCOlIDt. Such term includes. but is not limited to. point-or-sale transfers, automated teller machine transactions, transfers initiated by telephone, wire transfers, ,md automated clearinghouse transfers. (L) "Escrow Items" means those items that are described in Section 3. (M) "Miscellaneous Proceeds" means any compensation, scttlement, award of d,mlages, or proceeds paid hy any tilird party (other than insurance proceeds paid under tile coverages described in Section 5) f(Jr: (i) damage to, or destruction of. the Property; (ii) condemnation or otiler taking of all or ,my part of the Property; (iii) conveyance in lieu of condemnation; or (iv) misreprcsentations of, or omissions as to, the value and/or condition of the Property. (N) "Mort~agc Insurance" means insuram:e proteding I.ender against the nOnpa)1nent of". or default on, the LmID. (0) 'Teriodic Payment" n1l:ans the regularly schcdukd aTllount due for (i) principal and intere.~t under the Note. plus (ii) any aTllounts under Sec\Ìonl of this Security Instrumcnt. (P) "RESP ^" means tile Real Estate Settlement Procedures Act (12 US C. Section 26() I et SClj.) ,md its implementing regulation. Regulation X (24 C. F. R. Part 350(), as they might he amended from time to time. or any additional or successor legislation or regulation that governs tile same subject matter. As uscd in this Security lnstrlIDlent, "RESP A" refers to all reljuirements and restrictions tiwt are imposed in regard to a "federally related mortgage loan" even if the Loan does 110t qualify as a "federally related mortgage loan" under RESPA. 8800390639 Page 2 of 15 Inlllal~ 91<- 8800390639 S-6A(WY) 10005).03 (!) Form 3061 1101 000584 (Q) "Succes.~or in Interest of Borrower" means any parly 01<11 has taken title to the Property. whether or nol 01al parly has assumed Burrowcr's ohligations under the Notc andim this Se<.:urity Instrument. TRANSFER OF RIGHTS IN THE PROPERTY This Security Instrument secures to Lemkr: (i) Ole repayment of the Loan. and all renewals, extensions and modifications of the Note; and (ii) the perfbrmance of Borrower's covenants and agreements Uflder this Security Instrument lmd the Note. For this purpose, Borrower does hereby mortgage, gnmt and convey to MERS (solely as nominee for Lender and Lender's successors and assigns) émd to the successors and assigns of MERS, with power of sale, the following described property located in the County of Lincoln ¡Type of Recording Jurisdiction] [Name of Recording JurisdictionJ LOT 11 OF STAR VALLEY RANCH PLAT 16, LINCOLN COUNTY, WYOMING AS DESCRIBED ON THE OFFICIAL PLAT FILED ON SEPTEMBER 27, 1978 AS INSTRUMENT NO, 544467 OF THE RECORDS OF THE LINCOLN COUNTY CLERK, Parcd ID Number: 35183130200800 464 CEDAR CREEK DRIVE THAYNE ("Property Address"): which currently has the address of IStre"lj ICity] , Wyoming 83127 ¡Zip Cod", TOGETHER WITH all the improvements now or hereafter erected on the property, and all casements, appurtenances, and fixtures now or hC'feafter a part of the property. All replacements and additions shall also be covered by this Security Instrtill1ent. NI of the foregoing is referred to in this Security Instrument as the "Property." Borrower tillderstémds and agrees Ùlat MERS holds only legal title to the interests granted by Borrower in this Security Instrument, but, if necessary to comply with I"w or custom, MERS (as nominee for Lender and Lender's suc¡,;essors and assigns) has the right: to exercise any or all of Ù]ose interests, including, but not limited to, the right to tÖreclose and sel] the Property; and to take any action required of Lender including, but not limited to, releasing and clmceJing this Security JIlStrument. BORROWER COVENANTS that Borrower is ]awtÌJlly seised of the estate hereby conveyed and has the right to mortgage, gnmt and convey the Property and that the Property is Uflencumbered, except for encumbrances of record. Borrower warrants and wi II defend generally the title to the Property against all claims and Jemamls, subject to any enclill1brances of record. T[-nS SECURITY INSTRUM EN'/' <.:ombines uni form w\'CJlants for national use and non-uniform C(}\'emmts with limited variations by jurisdi<.:tioJl to COJlstitute ¡¡ uniform security instnm1cn\ covering real property. Page 3 of 15 ,n,(i?fL 91<· 8800390639 8800390639 .-6A/WY) ,00051.03 @ Form 3051 1/01 ù00585 UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 1. Payment of Principal, Interest, Escrow Items, Prepayment Charges, and Late Charges. Borrower shall pay when due the principal of, and interest on, the debt evidenced by tJle Note and ,my prepayment charges and late charges due under the Note. Borrower shalJ also pay lì.mds for Escrow Items pursuant to Section 3. Payments due undcr the Note and this Security InstnmlC!1I shalJ 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 Sentritv InstIument be made in one or more of Ule following forms. as selected by Lender: (a) cash; (b) n1011\;Y order: (c) certified check. bank check, treasuH.'r's check or cashier's check. provided any such check is drawn upon an institution whose deposits are insured by a federal agelll.:y, instrumentality, or entity: or (d) Electronic funds Transfer. Payments are deemed received by Lender when received al the location designated in the Note or at SLlch OÙler location as Illay be designated by Lender in acconlaJl\;c with the notice provisions in Section] 5. Lender may return any payment or partial payment if the paY1llent or partial payments are insufficient to bring the Loan current. Lender may accept any payment or partial payment insufficient to bring the Loan current, WiUlout waiver of any rights hereunder or pr~judice to iL'ì rights to refuse such payment or partial payments in tJle future, but Lender is not obligated to apply such payments at the time such payments are accepted. If each Periodic Payment is applied as of its scheduled due date, then Lender need not pay interest on unapplied flmds. Lender may hold such unapplied nmds lmtil Borrower makes payment to bring the Loan current. If Borrower does not do so witJlin a reasonable period of time, Lender shall either apply such fUnds or return them to Borrower. If not applied earlier, such funds will be applied to the outstanding principal balance under the Note immediately prior to foreclosure. No offset or claim which Borrower might have now or in the nlture against Lender shall relieve Borrower from making payments due under the Note ,md this Security Instnmlent or performing tJle covenants ,md agreements secured by tJ1Ìs Security Instrument. 2. Application of Payments or Proceeds, Except as otherwise described in this Section 2, all payments accepted and applied by Lender shall be applied in Ule following order of priority: (a) interest due under the Note; (b) principal due under the Note; (c) ,mlOunts due tmder Section 3. Such payments shall be applied to each Periodic Payment in Ule order in which it became due. Any remaining anlolUlts shall be applied tirst to late charges, second to any other amounts due lUlder this Security Instnmlent, ,md then to reduce the principal balance of tJle Note. If Lender reœives a payment from Borrower for a deJinquent Periodic Pa}1llent which includes a sufticient amount to pay any late charge due, the payment may be applied to the delinquent payment ami the late charge. If more tJlan one Periodic Payment is outstanding. Lender may apply any payment received from Borrower to tJle repayment of the Periodic Payments if, dnd to the extent that, each payment can be paid in full. To the extent that dny cxcess exists ¡¡fler tJle pa)1nenl is applied to JH~ full payment of onc or more Periodic Payments, such excess Illay be applied to any 1¡¡le charges due. Voluntary prcpayments shall be applied lìrst to any prepayment charges and thcn as described in the Note. Any application of payments, insur¡¡nce proceeds. or Miscellaneous Proceeds to prim:ipal due under the Note shall not extend or postpone the due date, or ch,mge Jle amount, of the Periodic Payments. 3. Funds for Escrow Hems. Borrower shall pay to Lender on the day Periodic Payments are due under Ule Note, until tJle Note is paid in fuJI, a sum (the "Funds") to provide fÖr payment of amowlts due tÖr: (a) taxes and assessments and other items which can attain priority over tl1Ìs Security Instrlmlent 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 InsUf,mce premiums, if any, or any sums payable by Borrower to Lender in lieu of the payment of Mortgage Insurance premiums in accordance WitJl 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 tJlat Community Association Dues, Fees, and Assessments, if any, be escrowed by Borrower, ,md such dues, fees and assessments shall be an Escrow Hen1. Borrower shall promptly lì.lrnish to Lender äll notices of ,IDlounts to be paid under this Section. Borrower shall pay Lender tJle Funds For Escrow Items unless Lender waives Borrower's obligation to pay the Flmds for any or all Escrow Items. Lender may waive Borrower's obligation to pay to Lender Funds for any or all Escrow Items at ,my time. Any such waiver may only be in writing. In the event of such w,Üver, Borrower shall pay directly, when ,md where payable, the amounts Paga 4 of 15 'ft 8800390639 8800390639 .-6A(WY) 100051.03 <!> Form 3051 1/01 000586 ùue for any Escrow Items for which paymént of Funds has been waived by Lender and, if Lender requires, shall furnish to Lender receipts evidencing such payment within such time period as Lender may require. Borrower's obligation to make such payments and to provide receipts shall for all purposes be deemed to be a covenant and agreement contained in this Security Instrumi;.TIt, as the phrase "covemmt and agreement" is used in Section 9. ]1' Borrower is obli.gated to pay Escrow Items directly, pursuant to a waiver, and Borrower fiÜls to pay the an10Lmt due tÖr an Escrow Item, Lender may exercise its rights under Section 9 emd pay such amOlmt eUld Borrower shall then be obligated under Section 9 to repay to Lender any such eUl1OtUlt. Lender may revoke the waiver as to any or all Escrow Items at any time by a notice given in accord,mce with Section 15 and, upon such revocation, Borrower shall pay to Lender all Ftmds, and in such an10lmts, that are then required under this Section J. Lender may, at any time, collect and hold Funds in an amount (a) sufticient to permit Lender to apply Úle Funds at tl1e time specitìed under RESP A. and (b) not to exceed the maximum amount a lender can require under RES!' A. Lender shall estimate the amOlmt of Funds due on the basis of current data and reasonable estimates of expenditures of future Escrow Items or otherwise 'in acwnlance with Applicable Law. The Funds shall be hcld in an institution whose deposits arc insured hy a l'ederal agency. instnm1entality, or entity (including Lender, if Lender is an institution whose deposits arc so insured) or in any Federal I [ome Loan Bank. Lender shall apply the Funds tlJ pi'y the Escrow Items no later than the time specitìed lmder RE~W A. Lender shall not charge Borrower Il1r holding and applying the Funds, aJUlually analyzing the escrow account, or verilying the Escrow Items, unless Lender pays Borrower interest on the Flmds emd Applicable Law permits Lender to make such a charge. Unless an agreement is maùe in writing or Applicable Law requires interest to be paid on the Funds, Lender shall not be required to pay Borrower emy interest or earnings on tlle Funds, Borrower and Lender can abrree in writing, however, that interest shall be paid on the Funds. Lender shall give to Borrower, without charge, em mmual accounting of the Funds as required by RESP A. ]1' there is a surplus of Funds held in escrow, as detìned under RESP A, Lender shall accOlmt to Borrower for the excess funds in accordance with RESPA. If there is a shortage of Funds held in escrow, as defined underRESPA, Lender shaH notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to make up the shortage in accordance with RESP A. but in no more than 12 monthly payments. If there is a detìciency of Funds held in escrow, as detìned under RESP A, Lender shall notify Borrower as required by RESP A, and Borrower shall pay to Lender the amolU1t necessary to make up the detìciency in accordance WiÚl RESP A. but in no more them 12 monÚlly payments. Upon payment in ftùl of aH sums secured by this Security ]nstrunlent, Lender shall promptly refund to Borrower any Funds held by Lender. 4, Charges; Liens, Borrower shaH pay all taxes, assessments, charges. tìnes, and impositions attribut.able to the Property which can attain priority over this Security [nstrumenl. leasehold payments or grOlmd rents on Ú1e Property, i I' any, and Community Association Dues, Fees, and Assessments, if any. To the extent that these it.ems are Escrow Items, Borrower shall pay them in the manner provided in Section J. Borrower shall promptly discharge any I ien which has rriurity 0\'Cf this Security l.nstrul11ent unless Borrower: (a) agrees in writing 10 the payment of the obligati\Jl1 secured hy the lien in a manner accept<lhle to Lemler, hut only so long as Borrower is pertÙrming such a~reement; (b) contests the lien in good raith hy, or defends against enforcement or the lien in, legal proceedings which in Lender's opinion operate to prevent the enforcement or the lien while t.hose proceedings are pending, hut only unt.il such proceedings are concluded; or (c) secures from the holder or the lien an agreement satisl'c1ctory to Lender subordinating the lien to Ú1Ìs Security Instrument. If Lender determines that any part of the Property is subject to a lien which Can attain priority over tills Security Instrument, Lender may give Borrower a notice identifying the Page 5 of 15 Inilia~ 1r' 8800390639 8800390639 S-6A(WY) (0005).03 (!) Form 3051 1/01 ú00587 lien. Within 1 () days or the dale on which that notice is gÍ\·en. Borrower shall satisl\ the lien or take one or more or tIH:: actions set !(Hth above.in this Section 4. Lender may require Borrower to pay a one-time charge !()r a real estate tax veri tication and/or reporting service used by Lender in connection with this Loan. 5. Property Insurance, Borrower shall keep the improvements now existing or hereaJter erected on the Property insured against loss by fire, hazards included witIlin tIle term "extended coverage," and any other hazards including, but not limited to, earthquakes ,md floods, for which Lender requires insurance. This insurance shall be maintained in the amounts (including deductible levels) ,md for the periods that Lender requires. What Lender requires pursmmt to the preceding sentences can change during the term of the LOCill. The insmance carrier providing the insurance shall be chosen by Borrower subj ect to Lender's right to disapprove Borrower's choice, which right shall not be exercised unreasonably. Lender may require Borrower to pay, in connection with this Loan, either: (a) a one-time ch,\Ige for flood zone determination, certification and tracking services; or (b) a (me-time charge for flood zone determination and certification services ,illd subsequent charges each time remappings or similar changes occur which reasonably might affect such determination or certification. Borrower shall also be responsible for the payment of any fees imposed by the Federal Emergency Management Agency in connection with the review of any flood zone determination resulting from an objection by Borrower, If Borrower ~lils to maintain any of the coverages described above. Lender may obtain insurance coverage, at Lender's option and Borrower's expense. Lender is tmder no obligation to purchase any particular type or amôtmt of coverage. Therefore, such coverage shall cover Lemler, but m.ight or might not protect Borrower, Borrower's equity in the Property, or the contents or the Property, against any risk, hazard or liability and might provide greater or lesser CO\'erilge than was previously in elrec\. Borrower acknowledges thaI the cost or the insurance coverage so obtained might signilìcantly exceed the cost or insurance thaI Borrower could have ohtained. Any amounts disbursed by Lender under this Section 5 shall hecome addilional debt or Borrower secured by this Security Inslrument. These amounts shall bear interest at the Nole rate [Tolll the dale of disbursement and shall be payable, with such interest, upon notice ¡rom Lender to Borrower requesting payment. All insuram:e policies required by Lender and renewals of such polit:ies shall be subject to Lender's right to disapprove such policies, shall include a standard mortgage clause, and shall mUlle Lender as mortgagee and/or as an additional loss payee. Lender shall have the right to hold the policies and renewal certilìcates. If Lender requires, Borrower shall promptJy 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 mUlle Lender as mortgagee and/or as a11 additional loss payee. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. Unless Lender ,U1d Borrower otherwise agree in writing, ,my insurance proceeds, whetIler or not the underlying insurance was required by Lender, shall be applied to restoration or repair of tIle Property, if Ihe restoration or repair is economical]y feasible and Lender's security is not lessened. During such repair and restoration period, Lender shall have the right to hold such insurance proceeds until Lender has had an opportunity to inspect such Property to ensure tIle work has been completed to Lender's satisfaction, provided that such inspection shall be Wldertaken promptly. Lender may disburse proceeds for the repairs ,md restoration in a single payment or in a series of progress payments as the work is completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such insurance proceeds, Lender shall not be required to pay Borrower any interesl or earnings on ~l.lch proceeds. Fees for puhlic ,ldiuslers, or otIler third parties, retained by Borrower shall not be paid out or the insurance proceeds and shall be the sole obligation or Borrower. II' t.he restoration or repair is not eCI)f]ol1lit:alh- feasible or Lender's security would he lesscned. the insurance proceeds shall be applied t() the sums secured by this Security Instrument. whether or not then due, with 8800390639 . -6A(WY) 10005103 @ Page 60115 '~ 8800390639 Form 3061 1/01 000588 the excess, if any, paid to Borrower. Such insurance proceeds shall be applied in the order provided for in Section 2. If Borrower abandons the Property, Lender may file, negotiate and settle any avai lable insunmce daim and related matters. I f Borrower does not respond wiÙ1in 30 days to a notice from Lender that tile insurance carrier has offered to settle a claim, then Lender may negotiate and seUle the claim. The 3D-day period will begin when the notice is given. In eiÙ1er event, or if Lender acquires the Property under Section ~2 or otherwise, Borrower hereby assigns to I,emler (a) Borrower's rights to any insurance proceeds in an amount not to excced Ùle amounts unpaid under lJle Note or this Security Instnmlent, and (b) any oÙler of Borrower's rights (ot.her than the right to any refLUld of unearned premiums paid by Borrower) under all insurance poli¡:ies c\l\'ering the Properly, insofar ¡IS such rights ¡He applicable to the coverage of t.he Property. Lender may use the insuran¡:e prm:eeds eiÙler t.o repair or restore the Property or to pay amounts unpaid under t.he Note or t.his Security I.nstrument wheùler or not then due. 6, Occupancy, Borrower shall occupy, establish, and use tile Properly as Borrower's principal residence within 6D days after Ù1e execution of this Security Instrument and shall continue to occupy the Property as Borrower's principal residence for at least one year aller the date of occup,mcy. unless Lender oÙ1erwise agrees in writing, which consent sha]] not be lU1feasonably withheld, or lmless extenuating circumstances exist which are beyond Borrower's control. 7. Preservation, Maintenance and Protection of the Property; Inspections. Borrower shall not destroy, danlage or impair tile Property, allow the Property to deteriorate or conmlil waste on Ù1e Property. Whether or not Borrower is residing in Ùle Property, Borrower shall maint.ain the Property in order to prevent Ù1e Property from deteriorating or decreasing in value due to its condition, Unless it is determined pursuant to Section 5 Ù1at repair or restoration is not economicaJly feasible, Borrower shall promptly repair the Property if damaged to avoid furÙ1er deterioration or damage. I I' insurance or condenmation 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 tile repairs ,md 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 obligation for the completion of such repair or restoration. Lender or its agent may make reasonable entries upon and inspections of the Property. If it has reasoné1ble cause, Lender may inspect the interior of the imprtJ\'ements on the Property. Lender shall give Borrower not.ice at Ù1e time of or prior to such an interior inspection speci I'ying sllch reasonahle cause. S, Borrower's Loan ApplicAtion, BlJrrower shall be in del~1Ult if. during the Loan application process. Borrower or ,my p¡;;rsons or ¡;;ntities acting at th¡;; direction of Borf()\\,¡;;r or with Borrower's knowledg¡;; or consent gave materially I~llse. misleading, or inrlccurate in (¡rmation or statenmlts to Lend¡;;r (or t~liled to provide Lender with mliterial il1tbrmal.Íol1) in connection with ùle Loan. Material representations include, but Hre not. limited to, representations concerning Borrower's occupancy of the Property as Borrower's principal residence. 9, Protection of Lender's Interest in the Property and Rights Under this Security Instrument. If (a) Borrower t~lÎls to perform Ù1e covt.'I1ants and agreements contained in Ù1is Security Instrument, (b) there is a legal proceeding Ù1at might significantly affect Lender's interest in the Property and/or rights under this Security Instrument (such as a proceeding in b,mkruptcy, probate, for condemnation or forfeiture, for entbrcement of a lien which may attain priority over this Security Instrument or to enforce laws or regulations), or (c) Borrower has abandoned the Property, Ù1el1 Lender may do and pay for whatever is reasonable or appropriate to protect Lender's interest in Ù1e Property and rights under ùlis Security Instrument, including protecting ancl/or assessing tile value of the Property, and securing and/or repairing the Property. Lender's actions can include, but are not limited to: (a) paying ,my sums secured by a lien which has priority Over Ù1is Security Instrument; (b) appearing in court; and (c) paying reasonable Page 7 of 15 Inilial~ c¡f- ' 8800390639 8800390639 .-6A(WY) (0005103 ® Form 3051 1/01 000589 attorneys' fees to protect its interest in the Property and/or rights under this Security Instnunent, including its secured position in a bankruptcy proceeding. Securing the Property includes, but is not limited to, entering tlle Property to make repairs, change locks, replace or board up doors and windows, drain water from pipes, elinùnate building or other code violations or dangenHls conditions, cmd have utilities turned on or off. AItll0Ugh Lender m"y take action under this Section 9, Lender does not have to do so and is not under any duty or obligation to do so. It is agreed that Lt.'I1der incurs no liability for not taking any or all actions autllorized under tllis Section 9. Any amOlmts disbursed by Lender under tllis Section <) shall become additional debt of Borrower secured by tllis Security Instrunlent. These amOlmts shall bear interest at the Note rate from the date 0 f disbursement cmd shall be payable, with such interest, upon notice from Lender to Borrower requesting payment. If this Security Instrument is on a leasehold, Borrower shall comply with i:\1I tlle provisions of the lei:\se, If Borrower acquires fee tiLle to the Property, the leasehold emd the fee title shall not merge \.mless Lender i:\grees to tlle merger in writing. to, Mortgage Insurance. If Lender r<::quired Mortgage Insurance as a condition of making tlle Loan, Borrower shall pay Ùle premiums required to maintain the Mortgage Insurance in effect. If, for any reason, the Mortgage Insurance coverag<:: required by L<::ncl<::r ceas<::s tll b<:: available from ¡h<:: mortgage insurer ÙU11 J1re\'ioIL~ly prm'ilkd such insurance and B'Jrrml'er \vas required to make separately designated pw,~nents toward the premiums I()r Mmtgage Insurance. BorrO\\'L~r shall pay tJ1C pr<::miul11s r<::quired to ohtain coverage substantially <::quinllent to th<:: Mortgage Insuranœ prel'iously in <::fIÇct. at a cost substéU1tially <::quivalt:nt to the cost. to Borrower ur th<:: Murtgag<:: Insurance previously in elhx:t, ¡rom an alternate mortgage insurer selected by Lender. If substantii:\lly equivalent Mortgage Insunmce cov(;''fi:\ge is not available, Borrower shall continue t.o pi:\Y to Lender tlle amount of tlle separat.ely desib'11ated payments tJ1Clt were due when tlle insurance coverage ceased to be in effect. Lender will at:cept, use and retain these payments as a non-retì.mdable loss reserve in lieu of Mortgage Insunmce. Such loss reSl'fVe shall be non-retì.mdi:\bJe, notwithstmcling the fact tlle,lt the Loan is ultimately paid in full, émd Lender shall not be required to Pi:\Y Borrower any interest. or earnings on such loss reserve, Lender can no longer require loss reserve payments if Mortgi:\ge Insuri:\nce coveri:\ge (in the amOlmt md for the period that Lender requires) provided by an insurer selected by Lender again becomes available. is obtained, cmd Lender requires separi:\tely designated payments toward the premiums for Mortgage InsllTi:\nce. If Lender required Mortgage Insurance as a condition of making the Locm and Borrower was required to make separately designated payments toward the premiums for Mortgage Insuri:\nce, Borrower shi:\1I pay the premiums required to maintain Mortgi:\ge Insuri:\nce in elTect, or to provide a non-refundi:\ble loss reserve, untiJ Lemler's requirement for Mortgage Insurance ends in accordance with any written agreement between Borrower and Lender providing for such termination or until termination is required by Applicable Li:\w. Nothing in tllis Section 10 atTects Borrower's obligation to pay interest at the rate provided in the Note. Mortgage Insurance reimburses Lender (or any entity that purchases the Note) for certain losses it may incur if Borrower does not repay the UnUl as agreed. Borrower is not a party to the Mortgage Insurance. Mortgage insurers evaluate their total risk on aJl such insurance in ((Jrce [Tom time to time, and may enter into agreements with oÙler parties that share or modi I): their risk, or redu\:e losses. Th<::se i:\greemcnts are on t.erms émd conditions that are satistilt:tory to tht: mortgage insurer and the other party (or parties) to Ùlese agreements. These agreements may r<::quire the mortgage insurer to make payments using any source of lì.mds tJlat the mortgage insurer may hm'e available (which may include funds obtained (Tom Mortgage Insurance premiums). As a result of these agreements, (.ender. any purchaser or the Note. another insurer, any reinsurer. any other entity, or any arnliate of any of the !(¡regoing, may receive (direcLly or indirectly) amounts tJlat derive from (or might be characterized as) a port.ion of Borrower's payments I()r Mortgage Insurance, in exchange I(H sharing or modiJ)/ing the mortgage insurer's risk. or reducing losses. If such i:\greement provides that an afliliate of Lender takes a share of the insurer's risk in exchémge l'or a share of the prenùums paid to the insurer, the arrangement is onen t(;''fmed "captive reinsurance." Furùler: (a) Any such agreements will not affect the amounts that Borrower has agreed to IJaY for J\10rtgage Insurance, or any other terms of the Loan. Such agreements will not increase the amount Borrower will owe for Mortgage Insurance, and they will not entitle Borrower to any refund, Page 8 or 15 Inlll~~ ~. 8800390639 8800390639 .-6A(WY) (0005).03 @ Form 3051 1/01 ~2100590 (b) Any sllch agreements will not affect the rights Borrower hils - if nny - with re.~ Ject to the Mortgllge Insurnnce under the Homeowner.~ Protection Act of 1998 or IIny other III,,", These rights may include the right to receive certain disclosures, to request and ohtain cancellution of the Mortgage Insurance, to have the Mortgage Insurunce terminAted automaticAlly, and/or to receive a refund of any Mortgage Insurance premiums thAt were unearned at the time of such cancellation or termination, 11. Assignment of Miscellaneous Proceeds; Forfeiture. AJI Miscellaneous Proceeds are hereby assigned to and shall be paid to Lender. If the Property is damaged, such Miscellaneous Proceeds shall be applied to restoration or repair of the Property, if the restoration or repair is economically feasible and Lender's security is not lessened. During such repair and restoration period, Lender shall have the right to hold such Miscellaneous Proceeds until Lender has had an opportunity to inspect such Property to ensure the work 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 progrcss payments as thc work is completed. Unless an agrecment is made in writing or Applicable Law requires interest to be paid on such Miscellaneous Proceeds, Lender shall not be required to pay Borrower any interest or earnings on such Miscellaneous Proceeds. If the restoration or repair is not economicalJy feasible or Lender's security would be lessened, the Miscellaneous Proceeds shall be applied to the SlmlS secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. Such MiscelJaneous Proceeds sha1l be applied in the order provided for in Section 2. In the event of a total taking, destruction, or loss in value of the Property, the Miscellaneous Proceeds shall be applied to the sums secured by this Security lnstrunlent, whether or not then clue, with the excess, if any, paid to Borrower. I.n the eventnf a partial taking, destruclÍon, or loss in v<1lue of the Property in which the fair market value of the Property immediately befÖre the partial taking, destru.:tion. or ]nss in value is ellual tn or !,.'Teater than the alllount of the sums sl;)cured by this Security Instrument immediately before the partial taking, destruction. or loss in value, unless Borrower allll Lendl:r nÙlerwise agrel: in writing, Ùle sums secured by this Security Instnullenl shall be rlXl\ll:ed by thc amount of' Ùle Miscell,meous Proceeds lllultiplied by the f'ollowing rradion: (a) the total éllllount PI' t.he stuns secured immediately bel'ore thl: partial taking, destruction, or loss in value divided by (b) the fair market value or the Property immediately before the partial taking, destruction, or loss in value. Any balance shall be paid to Borrower. In the event of a partial taking, destruction, or loss in value of Ùle Property in which Ùle fair market value of the Property immediately before the partial taking, destruction, or loss in value is less Ùlan the éilllount of the sums secured immediately before the partial taking, destruction, or Joss in value, unless Borrower and Lender otherwise agree in writing, the Miscell,illeous Proceeds shall be applied to the SlilllS secured by this Security Instrlilllent whether or .not the SunlS are then due. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the Opposing Party (as defìned in the next sentence) offers to make an award to settle a claim for damages, Borrower ÜÜls to respond to Lender within 30 days after the date the notice is given, Lender is m¡thorized to collect and apply the MisceUaneous Proceeds either to restoration or repair of the Property or to the SunlS secured by this Security Instrunlent, whether or not then due. "Opposing Party" me,ms the third party that owes Borrower Miscell,meous Proceeds or the party against whom Borrower has a right of action in regard to Miscellaneous Proceeds. Borrower shall be in defmùt if any action or proceeding, whether civil or criminal, is beglill that, in Lender's judgnlent, could resuJt in forfeiture of the Property or other material impairment of Lender's interest in the Property or rights under this Security Instrlmlent. Borrower can cure such a default and, if acceleration has occurred, reinstate as provided in Section Il), by causing the action or proceeding tn 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 ùlis Security Instnmlenl. The proceeds of any award or claim f'or damages that are attributable t.o the impairment of Lender's interest in Ùle Property are hereby assigned and shall be paid to l.end",'f. All Miscellancous Prm;l:eds Ùlat are not applied to restlJra\.Íon or repair or the Pwperty shall be applied in the order provided IÖr in Section ~. Page 9 or 15 Inlll'l~ ~~ 8800390639 8800390639 S-6A(WY) 10005103 <!J Form 3051 1/01 ù0059:l 12. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or modification of éUllortization Óf Ùle sums 'secured hy Ùlis Security Instrument granted by Lender to Borrower or any Successor in Interest of Borrower shall not operate to release the liability of Borrower or any Successors in Interest of Borrower. Lender shall not he required to commence proceedings against any Successor in Interest or Borrower or to refuse \0 I;:xtend time for payment or otherwise moùit)' amortization of the sums securtx\ by this Security Instrument by reason of any demand made hy the original Borrower or any Successors in Interest of Horrowcr. Any forbeanlnce hy Lender in exercising any right or remedy including, wiUlOut limitation. Lender's acCt.:p\<lflcc lIf payments From third persons. entities or Successors in Interest of Bllrfl)WCr or in amounts less than the anlOllTlt then due. shall not be a waiver lIf or preclude Ùle exercise of any right or remedy. 13, Joint and Several Liahility; Co-signers: Successors and Assigns Bound, Borrower covenants and a¡.,rrees iliat Borrower's obligations eUld liability shall be joint and several. However. any Borrower who co-signs· this Security Instrument but does not execute the Note (a "co-signer"): (ei) is co-signing this Security Instrument only to mortgage. grant and convey ilie co-signer' s interest in the Property under the terms of iliis Security InstnUllent; (h) is not personally obligated to pay the sums secured hy this Security Instrument; emd (c) agrees that Lender and any other Borrower can agree to extend, modify. forbear or make any accommodations with regard to the terms of iliis Security InstrlIDlent or the Note without the co-signer's consent. Subject to the provisions of Section 18, any Successor in Interest of Borrower who aSSlIDles Borrower's obligations under this Security Instrument in writing. and is approved by Lender, shall obtain all of Borrower's rights and benefits under iliis Security Instrument. Borrower shall not be released ITom Borrower's obligations and liability under this Security Instrument unless Lender agrees to such release in writing. The covenants and agreements 01' this Security Instrument shall bind (except as provided in Section 20) and benefit the successors and assigns of Lender. 14. Loan Charges. Lender may charge Borrower fees for services performed in connection with Borrower's detàult, tor the purpose of protecting Lender's interest in the Properly emd rights under this Security Instrument, including, but not limited to, attorneys' fees. property inspection and valuation fees. In regard to emy other fees, ilie absence of express authority in 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 iliis Security Instrument or by Applicable Law. If the Loan is subject to a law which sets maximum loan charges. and that law is tìnally interpreted so that the interest or other loan charges collected or to be collected in connection with ilie Loan exceed the permitted limits. then: (a) any such loan charge shall he reduced by the HmOtllll necessary to reduce the charge to the permitted limit: and (b) any sums already collected ITom Borrower which exceeded permiL1ed limits wi II be refunded to Borrower. Lender may choose to make this reli.md by reducing the principal owed under the Note or hy making a direct payment to Borrower. If a relÜnd reduces principal, 1JlC reduction will he treated as a partial prepayment without ¡my prepayment charge (wheUler or not a prepayment charge is provided l'or tUlder the Note). Borrower's acceptance of any such refì.md madc by direct paymcnt to Borrower will constitute a wain,,- of any right 0" action Borrower might have arising out of such ov(.,-charge. 15. Notices. All notices ¡.,'Íven by Borrower or Lender in connection with this Security Instrument must be in writing. Any notice to Borrower in connection wiili iliis Security Instnunent shall be deemed to have been given to Borrower when mailed by tirst class mail or when actually delivered to Borrower's notice address if sent by other means. Notice to anyone Borrower shall constitute notice to all Borrowers unless Applicable Law expressly requires oÙlerwise. The notice address shall be the Property Address lIDless Borrower has designated a substitute notice address by notice to Lender. Borrower shall promptly notity Lender of Borrower's clléUlge of address. If Lender speci fies a procedure for reporting Borrower's change of address, then Borrower shall only report a change of address through that specitìed procedure. There may be only one designated notice address under tl1Ìs Security Instrtmlent 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 lIDless Lender has designated another address by notice to Borrower. Any notice in connection with this Security Instrtmlent shall not be deemed to have been given to Lender until actually received by Lender. If any notice required by this Security InstrlUllent is aJso required under Applicable Law, the Applicable Law requirement will satisfy ilie corresponding requirement tmder this Security InstrlUllent. 8800390639 . -6A(WY) 10005103 <!J Page 10 of 15 '""~ 8800390639 Form 3 0 51 1/01 000592 16. Governing Law; Severability; Rules of Construction, This Security Instnmlent shall be governed by federal law and the law of the jurisdiction in which the Property is located. All rights and obligations contained in this Security Instrument are subject to any requirements and limitations of Applicable Law. Applicable Law might explicitly or implicitly allow the parties to abTfee 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 tllis Security Instrument or the Note conflicts with Applicable Law. such contlict shaH not affect other provisions of tllis Security Instrument or the Note which can be given effect without the cont1icting provision, As used in this Security Instrument: (a) words of the masculine gender shall mean and include corresponding neuter words or words of the feminine gender; (b) words in tlH~ singular shall mean ¡md include the plural and vice versa; and (c) the word "may" gives sole discretion without ,my obligation to take any action. 17. Borrower's Copy, Borrower shall be given one copy of the Note and of this Security Instrument. 18. Transfer of the Property or a Beneficial Interest in Borrower, As used in this Section 18. "Interest in the Property" means any legal or bendicial interest in the Property, induding, but not limited to. tllose beneticial interests transfcrred in a bond li)r deed. contract li)r deed. installment sales contract or escrow abTfeement. the intent or which is the transler of title by Borrower at a future date to a purchaser. If all or any part of the Property or any Interest in tile Properly is sold or transferred (or if Borrmver is not a natlu,¡1 person and a henencial interest in Borrower is sold or transferred) without Lender's prior written consent, I.ender may reljuire immediate pa)1llent in rull or all sums secured by this Security Instrument. However. this option shall not be exen.:ised by Lender if such exercisl.: is prohibited by Applicable Law. If Lender exercises this option. Lender shall give Borrower notice of acceleration. The notice shall provide ,1 period of not less th,m 30 days [tom the date the notice is given in accordanc.c with Section 15 within which Borrower must pay all sums secured by this Security Instrument. If Borrower t~1Íls to pay these swns prior to· the expiration of this period, Lender may invoke any remedies permitted by this Security Instrument without further notice or demand on Borrower. 19, Borrower's Right to Reinstate After Acceleration. If Borrower meets certain conditions, Borrower shall have the right to have enforcement of this Security Instrument discontinued at any time prior to the earliest of: (a) five days before sale of tile Property pursucmt to any power of sale contained in tllis Security InstrlUllent; (b) such other period as Applicable Law might speci fy for the termination of Borrower's right to reinstate; or (c) entry of a judgment enforcing tllis Security Instrument. Those wnditions are that Borrower: (a) pays Lt.'1der aJl sums which then would be due under this Security Instrument and the Note as if no acceleration had occurred; (b) cures ,my detàult of any other covemmts or agreements; (c) pays all expenses incurred in enforcing this Security Instrument, including, but not limited to, reasonable attorneys' fees, property inspection ,md val W:ltÎon fees, and other fees incurred for the purpose of protecting Lender's interest in the Property ,md rights under tllis Security Instrument; ,md (d) takes such action as Lender may reasonably require to assure that Lender's interest in the Property ,md rights under this Security Instrument, and Borrower's obligation to pay the SunlS secured by this Security Instrlmlent, shall contimte unchanged. Lender may require that Borrower pay SUdl reinstatement sums and . expenses in one or more of the foJlowing ¡(¡rms, as selected by Lender: (a) cash; (b) money order; (c) certi lìed check, bank check, treasurer's check or cashier's check. provided emy such check is drawn upon an institution whose deposits are insured by a federal agency. instrumentality or entity; or (d) Electronic Funds Transfer. Upon reinstatement by Rorn)\ver, this Security Instrument and ohligat.ions secured hereby shall remain fully en~ctive as if no acceleration had occurred. However, this right t.o reinst.at.e shall not apply in the case of' acceleration under Section IX. 20, Sale of Note; Change of Loan Serviccr: Notice of Grievance, The Not.e ur a partial int.erest. in t.he Note (toget.her wit.h this Security Instrument) can be sold ()Ile or more times without prior notice tt) Borrower. A sale might result in a change in the entity (known as tile "Lo,m Servicer") that collects Periodic Payments due lmder the Note and this Security lnstrument and performs otller mortgage loan servicing obligations under the Note, this Security Instrument, and AppJicable Law. There ,ùso might be one or more changeS of the Loan Servicer unrelated to a sale of the Note. If tllere is a change of the Loan Servicer, Borrower wíll be given written notice of the ch¡mge which will state the name and address of the new Loan Servicer, the address to which payments should be made and any other information RESP A Page 11 or 15 '""'!h (- 8800390639 8800390639 . -6A(WY) (0005).03 <!) Form 3051 1/01 000593 requires in wnnection wit.h a not.ice or transfer or servicing. II' t.he Note is sold ilnd Ùlereatìer Ùle Loan is serviced by a Loan Servicer ot.her t.han the purchaser lJr the N(lle, the mort.gage loan servicing obligations t.o Borrower will remain wit.h Ùle Loan Servicer or be tnmsferred to a successor Loan Servicer and are not asslU1led by the Note purchaser un]ess oÙlerwise provided by Ùle Note purchaser. Neither Borrower nor Lender may commence, join, or be joined to any judicial action (as either an individual litigimt or the member of a class) that arises lÌom the other party's actions purswmt to this Security Instrument or that alleges that ùle other party has breached any provision of~ or imy duty owed by reason of, this Security Instrument, until such Borrower or Lender has notified the other party (with such notice given in compliance Wiùl the requirements of Section 15) of such alleged breach and afforded the oÙ1er party hereto a reasonable period aller the giving of such notice to take corrective action. If Applicable Law provides a time period which mwil e]apse befèm: certain action can be taken, Ù1at time period will be deemed to be reasonable fÖr purposes of this parab'Taph. The notice of acceleration and opportunity to cure given to Borrower pursUimt to Section 22 and the notice of acceleration given to Borrower pursuant to Section ] 8 shall be deemed to satisfy the notice and opportl\Iùty to take corrective action provisions of this Section 20. 21, Hazardous Substances, As used in Ù1is Section 21: (a) "Hazardous Substances" are ùlose substances ddined as toxic or hazardous substances, pollutants, or wastes by Environmental Law and the foJlowing substances: gasoline, keroscne, other tlammable or toxic petroleum products. toxic pesticides and herbicides, volatile solvents, materials clJnlaining asbestos or {)rmaldehyde, and r¡¡(lioactive materials; (b) "Environmental Law" means federal laws and laws (If the jurisdiction where the Properly is located Ù1i1\ relate 10 health, sa fety or el1\·irlJnnlL.1l1a) 1rtJtectilJn: (c) "Environmenlal Cleanup" includes any resplHlse action, remedial action, or remlJ\'(¡] action. as delined in I~m'ironmental Law; and (d) an "Environmental Condition" means a conditilJn that can cause. contribute tu. ur uÙlerwise trigger an Environmental Cleanup. Borrower shall not cause or permit tllC presence, use, disposal, storage, or release of any Hazardous Substances, or threaten to release imy Hazardous Substances, on or in Ùle Property, Borrower shaJl not do, nor iùlow anyone else to do, imything ilffecting ùle Property (a) Ulat is in violation of any Environmental Law, (b) which creates an Environmental Condition, or (c) which, due to the presence, use, or release of a Hazardous Substance, creates a condition that adversely affects Ùle va]ue of the Property. The preceding two sentences shall not apply to Ùle presence, use, or storage on Ù1e Property of small quantities of Hazardous Substances Ù1at are generaJly recognized to be appropriate to normal residential uses and to maintenance of Ù1e 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 oÙ1er action by emy governmental or regulatory agency or private party involving the Property and any Hazardous Substance or Environmental Law of which Borrower has actual knowledge, (b) any Environmental ConditiÓn, incJuding but not limited to, any spilling, leaking, discharge, release or threat. of release of any Hazardous Substimce, imd (c) any condit.ion caused by the presence, use or rele<lse of a Hazardous Substance which adversely affects the value of Ùle Property. If Borrower learns, or is notified by emy govenmlentaJ or regulatory au'thority, or any private party, that any removal or other remediation of any HazardOlL~ Substance a ffecting the Property is necessary, Borrower shall promptly take aJl necessary remedial act.ilJns in accordance with Erl\'ironmentaJ Lim. NlJthing herein shall create any obligation on Lender fè)r an Em'ironmental ('leanup. Page 12 of 1 5 IIL01C Inl<yr- 8800390639 8800390639 .-SA(WY) 100051.03 <!> Form 3051 1/01 000594 NON-lJNIFORM COVENANTS, Borrower and Lender further covenant and abrree as follows: 22. Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration following Borrower's hreach of any covenant or agreement in this Security Instrument (hut not prior to acceleration under Section 18 unless Applieahle Law provides otherwise), The notice shall specify: (a) the default: (h) the action required to cure the default: (c) a date, not less than 311 days from the date the notice is given to Borrower, hy which the default must he cured: and (d) that failure to cure the default on or before the dnte specified in the notice may result in acceleration of the sums secured by this Security I.nstrument and .~ale of the PrOI)erty, The notice shall further inform Borrowcr of the right to reinstate after ncceleration and the right to bring ¡¡ court action to assert the non-existence of a default or any other defense of Borrower to acceleration ¡¡nd sale. If the defnult is not cured on or hefore the dnte specified in the notice, Lender nt its option may re( uire immediate payment in full of all sums secured hy this Security Instrument without further demand and may invol<e the power of sale and any other remedies permitted by Applicahle Law. Lender shall he entitled to collect all ex )enses incurred in pursuing the remedies provided in this Section 22, including, but not limited to, reasonable attorneys' fees fmd costs of title evidence. If Lender invokes the power of sale, Lender shall give notice of intent to foreclose to Borrower and to the person in possession of the Property, if different, in accordance with Applicable Law, Lender shall give notice of the sale to Borrower in the manner provided in Section 15, Lender shall publish the notice of sale, and the Property shall be sold in the manner prescribed by Applicable Law. Lender or its designee may purchase the Property at any sale. The proceeds of the sale shall be applied in the following order: (a) to all expenses of the sale, including, but not limited to, reasonable attorneys' fees; (b) to all sums secured by this Security Instrument: and (c) any exce,~s to the person or persons legally entitled to it, 23. Release. Upon payment of all sums secured by this Security [nstrlUllent. Lender shall release this Security Instrument. Borrower shall pay any recordation costs. Lt.'Ilder may charge Borrower a fee for releasing this Security Instrument. but only if tbe fee is paid to a third party for services rendered and tbe charging of the fee is permitted under Appl ¡cahle Law. 24, Waiver.~. Borrower releases and waives all rights under and by virlllc of the homestead exemption laws of Wyoming. Peg e 1 3 of 1 5 ~ 8800390639 8800390639 S-6A(WY) 10005103 @ Form 3051 1/01 Ú00595 BY SIGNING BELOW, Borrower accepts and ab'Tees to the terms and covemmts contained in this Security Instrument ,md in any I{icler executed by Borrower ancl recorded with it. Witnesses: (Seal) -Borrower (Seal) - Borrower (Seal) -Borrower 8800390639 .-6A(WY) (0005)03 @ PATRICIA A KRULJAC ~ (Seal) -Borrower ~ ~!,:;j;C~S<dI) JAMES W KRULJAC -Bornlw,:r (Seal) -Borrower (Seal) -Borrower (Seal) - Flo rrOWer Page 14 of 15 Form 3051 1/01 8800390639 STATE OF WYOMING, LINCOLN County ss: 000596 The foregoing instnmlent was acknowledged before me Ú1Ìs May 09 ( 2008 by PATRICIA A KRULJAC and JAMES W KRULJAC My Conmlission Expires: b' :;. (/ - ~~II JILL H, LARSON County of Lincoln ~'l~ ,NOMRY PUBLIC ~ State of Wyoming My Commis$i F ' . on~)(ì;) n,~ )l)l1e 20, 201" No.ry ,,,r JJ,r/tUv;JAn-- Page 15 01 15 Inilla~ w-:- 8800390639 8800390639 e-SA(WY) 100051·03 <Ð Form 3061 1/01 000597 PLANNED UNIT DEVELOPMENT RIDER THIS PLANNED UNIT DEVELOPM ENT RIDER is made this 9th day of May, 2008 , and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust, or Security Deed (the "Security Instrument") of the same date, given by the undersigned (the" Borrower") to secure Borrower's Note to Bank of the West, a California state banking corp, (the "Lender") of the same date and covering the Property described in the Security Instrument and located at: 464 CEDAR CREEK DRIVE, THAYNE, WY 83127 [Property Address] The Property includes, but is not limited to, a parcel of land improved with a dwelling, together with other such parcels and certain common areas and facilities, as described in The Deed, The Declaration of Covenants, Conditions and Restrictions. (the "Declaration"). The Property is a part of a planned unit development know n as STAR VALLEY RANCH [Name of Planned Unit Development] (the" PUD"). The Property also includes Borrower's interest in the homeow ners association or equivalent entity owning or managing the common areas and facilities of the PUD (the "Ow ners Association") and the uses, benefits and proceeds of Borrower's interest. PUD COVENANTS. In addition to the covenants and agreements made in the Security Instrument, Borrower and Lender further covenant and agree as follows: A. PUD Obligations. Borrower shall perform all of Borrower's obligations under the PUD's Constituent Documents. The" Constituent Documents" are the (i) Declaration; (ii) articles of incorporation, trust instrument or any equivalent document which creates the Owners Association; and (iii) any by-laws or other rules or regulations of the Owners Association, Borrower shall promptly pay, when due, all dues and assessments imposed pursuant to the Constituent Documents, 8800390639 8800390639 MULTISTATE PUD RIDER - Single Family - Form 3160 1/01 Wolters Kluwer Financial Services VMp®·7R (0411 ).01 Page 1 of 3 Fannie Mac/Freddie Mac UNIFORM INSTRUMENT Iniliõl'if!t 000598 S. Property Insuranoe. So long as the Owners Association maintains, with a generally accepted insurance carrier, a "master" or "blanket" policy insuring the Property which is satisfactory to Lender and which provides insurance coverage in the amounts (including deductible levels), for the periods, and against loss by fire, hazards included within the term "extended coverage," and any other hazards, including, but not limited to, earthquakes and floods, for which Lender requires insurance, then: (i) Lender waives the provision in Section 3 for the Periodic Payment to Lender of the yearly premium installments for property insurance on the Property; and (ii) Borrower's obligation under Section 5 to maintain property insurance coverage on the Property is deemed satisfied to the extent that the required coverage is provided by the Owners Association policy. What Lender requires as a condition of this waiver can change during the term of the loan. Borrower shall give Lender prompt notice of any lapse in required property insurance coverage provided by the master or blanket policy. In the event of a distribution of property insurance proceeds in lieu of restoration or repair following a loss to the Property, or to common areas and facilities of the PUD, any proceeds payable to Borrower are hereby assigned and shall be paid to Lender. Lender shall apply the proceeds to the sums secured by the Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. C. Publio Liability Insuranoe. Borrower shall take such actions as may be reasonable to insure that the Ow ners Association maintains a public liability insurance policy acceptable in form, amount, and extent of coverage to Lender. D. Condemnation, The proceeds of any award or claim for damages, direct or consequential, payable to Borrower in connection with any condemnation or other taking of all or any part of the Property or the common areas and facilities of the PUD, or for any conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. Such proceeds shall be applied by Lender to the sums secured by the Security Instrument as provided in Section 11. E. Lender's Prior Consent. Borrower shall not, except after notice to Lender and with Lender's prior written consent, either partition or subdivide the Property or consent to: (i) the abandonment or termination of the PUD, except for abandonment or termination required by law in the case of substantial destruction by fire or other casualty or in the case of a taking by condemnation or eminent domain; (ii) any amendment to any provision of the "Constituent Documents" if the provision is for the express benefit of Lender; (iii) termination of professional management and assumption of self-management of the Owners Association; or (iv) any action which would have the effect of rendering the public liability insurance coverage maintained by the Ow ners Association unacceptable to Lender. F. Remedies. If Borrower does not pay PUD dues and assessments when due, then Lender may pay them. Any amounts disbursed by Lender under this paragraph F shall become additional debt of Borrower secured by the Security Instrument. Unless Borrower and Lender agree to other terms of payment, these amounts shall bear interest from the date of disbursement at the Note rate and shall be payable, with interest, upon notice from Lender to Borrower requesting payment. 8800390639 VM P®·7R (0411 ).01 Page 2 of 3 In ìtial~f-, ~ 8800390639 Form 3160 1/01 ù00599 BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this PUD Rider. 8800390639 VMP®-7R(0411).01 c0 ~~' /~- . ~ ~ / . (Seal) ;' . ~eal) -Borrower JAMES W KRULJAC -Borrower (Seal) -Borrower (Seal) -Bo rrow er (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Bo rrow er 8800390639 Page 3 of 3 Form 31501/01