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HomeMy WebLinkAbout939345 Return To: WFHM FINAL DOCS X9999-01M 1000 BLUE GENTIAN ROAD EAGAN, MN 55121 Prepared By: WELLS FARGO BANK, N. A. RECEIVED 5/28/2008 at 2:40 PM RECEIVING # 939345 BOOK: 695 PAGE: 546 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER. WY Ü00546 1919 DOUGLAS" OMAHA, NE 681010000 ¡Space Above This Line For Recording Data) MORTGAGE DEFINITIONS Words used In multiple sections of this document are defined below and other words are defined m é / SectIons 3, 11, 13, 18, 20 and 21. Certam rules regarding the usage of words used in this document are -r) also provIded in SectlOn 16. (A) IISecurityInstrumentl' means this document, which is datedMAY 21, 2008 together with all Riders to this document. ,.",. (B) 1tBorrower"is BEAU E DEAN AND CHRISTIE M DEAN, HUSBAND AND WIFE Î Borrower ]5 the mortgagor under this SecurIty Instrument. (C) 1tLender"is WELLS FARGO BANK, N .A. Lender IS a NATIONAL ASSOCIATION organized and eXIsting under the laws of THE UNITED STATES 0087383808 WYOMING-5ingla Family-FannlllMaelFreddle Mac UNIFORM INSTRUMENT Form 3051 1/01 . .6(WY) (0005) Page ~Of'5 ,n'UB,sBp ~ VMP MORTGAGE FORMS. (800)521-7291 (;;00547 Lender's address IS P.o. BOX 117Q1, NEWARK, NJ 071014701 Lender IS the mortgagee under this SecurIty Instrument. (D) "Note" means the promissory note signed by Borrower and datedMAY 21, 2008 The Note states that Borrower owes LenderTWO HOODRED TWENTY. THOUSAND FOUR HUNDRED AND 00/100 Dollars (U.S. $ ****220,400.00 ) plus mterest. 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 m 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 Secunty Instrument that are executed by Borrower. The followmg Riders are to be executed by Borrower [check box as applicable]: o Adjustable Rate Rider 0 CondommIUm Rider 0 Second Home Rider o Balloon Rider 0 Planned Unit Development Rider D 1-4 Family Rider o VA Rider 0 Biweekly Payment Rider DOther(s) [specify] (H) "Applicable Law" means all controlling applicable federal, state and local statutes, regulations, ordinances and admimstrative rules and orders (that have the effect of law) as well as an applicable fmal, non-appealable JudicIal opInions. (1) "Community Association Dues, Fees, and Assessments" means all dues, fees, assessments and other chàrges that are Imposed on BOlTower or the Property by a condonumum assocIation, homeowner$ assocIation or simIlar orgamzation. (J) "Electronic Funds Transfer" means any transfer of funds, other than a transaction origmated by check, draft, or sImilar paper instrument, which IS InItiated through an electronic termmal, telephomc Instrument, computer, or magnetic tape so as to order, instruct, or authorize a financial institution to debit or credit an account. Such' tenn mc1udes, but is not liInlted to, pomt-of-sale transfers, automated tener machine transactions, transfers Initiated by telephone, WIre transfers, and a"Utomated clearinghouse transfers. (K) "Escrow Items" means those items that are described in Section 3. (L) "Miscellaneous Proceeds" means any compensation, settlement, award of damages, or proceeds paid by any third party (other than msurance proceeds paid under the coverages desctlbed 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 III lieu of condemnation; or (iv) misrepresentations of, or omiSSIOns as to, the value and/or condition of the Property. (M) "Mortgage Insurance" means Insurance protecting Lender agamst the nonpayment of, or default on, the Loan. (N) "Periodic Payment" means the regularly scheduled amount due for (i) prmcipal and interest under the Note, plus (ii) any amounts under SectIOn 3 of this Secunty Instrument. (0) flRESPA" means the Real Estate Settlement Procedures Act (12 V.S.C. Section 2601 et seq.) and its Implementing regulation, Regulation X (24 C.E.R. Part 3500), as they might be amended from time to time, or any additional or successor legislatIon or regulation that governs the same subject matter. As used 111 this Security Instrument, "RESPA" refers to all reqUIrements and restrictIOns that are imposed in regard to a "federaUy related mortgage loan" even if the Loan does not qualify as a tlfederaUy related mortgage loan" under RESP A. G .6(WY) (0005) II> Page 2 of 15 Inluals:1)P ~ Form 3051 1 f01 L'00548 (P) "Successor in Interest of Borrower" means any party that has taken· title to tbe Property, whether or not that party has assumed Borrower's obligations under the Note and/or this Security Instrument. TRANSFER OF RlGHTS IN THE PROPERTY This Secunty Instrument secures to Lender: (i) the repayment of the Loan, and all renewals, extensions and modificatlOns of the Note; and (ii) the performance of Borrower's covenants and agreements under this Security Instrument and the Note. For this purpose, Borrower does hereby mortgage, grant and convey to Lender and Lender's successors and aSSIgns, With power of sale, the followmg descnbed property located in the COUNTY of LINCOLN [Type of Recording JUrisdictIOn) [N1Ul16 of RecordÎDg Jurisdiction] LOT 1 BLOCK 12 OF LINCOLN HEIGHTS 4TH SUBDIVISION, LINCOLN COUNTY, WYOMING AS DESCRIBED ON THE OFFICIAL PLAT FILED ON OTCOBER 3, 1977 AS INSTRUMENT NO..499086 OF THE RECORDS OF THE LINCOLN COUNTY, CLERK. THIS IS A PURCHASE MONEY SECURITY INSTRUMENT. TAX STATEMENTS SHOULD BE SENT TO: WELLS FARGO HOME MORTGAGE, P.O. BOX 11701, NEWARK, NJ 071014701 Parcel ID Number: 1423 CANYON ROAD KEMMERER ("Property Address"): which currently has the address of [Street) [City] , Wyoming 83101 [Zip Code] 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. AU replacements and additions shaU also be covered by this Security Instrument. All of tbe foregomg is referred to In this Security Instrument as the "Property." BORROWER COVENANTS that Borrower IS lawfully seised of the estate hereby conveyed and has the nght 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 agamst all claIms and demands, subject to any encumbrances of record. THIS SECURITY INSTRUMENT combines umfoffil covenants for national use and non-uniform covenants With limited vanatlOns by junsdiction to constitute a umform security instrument covenng œal property. UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 1. Payment of Principal, Interest, Escrow Items, Prepayment Charges, and Late Charges. BOITower shall pay when due the pnnclpal of, and interest on, the debt evidenced by the Note and any prepayment charges and la.te charges due under the Note. Borrower sball also pay funds for Escrow Items pursuant to Section 3. Payments due under the Note and this Security Ins.trument shall be made m U.S. currency. However, if any check or other instrument received by Lender as payment under the Note or this Inlllala:~ G -6(WY) (0005) IX> Page 3 ot 16 Form 3051 1/01 ~'00549 Security Instrument IS returned to Lender unpaid, Lender may requIre that any or all subsequent payments due under the Note and this Secunty Instrument be made In one or more of the followmg 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 mstitutlOn whose deposits are 1Dsured by a federal agency, mstrumentality, or entity; or (d) Electromc Funds Transfer. Payments are deemed received by Lender when received at the location designated in the Note or at such other locatwn as may be designated by Lender m accordance with the notice provisions in Section 15. Lender may return any payment or partial payment if the payment or partial payments are InsufficIent to bring the Loan CUITent. Lender may accept any payment or partial payment insufficient to bnng the Loan current, wIthout waIver of any rights hereunder or prejudice to its rights to refuse such payment or partial payments in the future, but Lender is not obligated to apply such payments at the time such payments are accepted. If each Penodic Payment IS applied as of its scheduled due date, then Lender need not pay mterest on l.mapplied funds. Lender may hold such unapplied funds until Bon-ower makes payment to bnng the Loan current. If Borrower does not do so within a reasonable penod 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 princJpal balance under the Note Immediately pnor to foreclosure. No offset or claIm which Bon-ower rrught have now or m the future agamst Lender shall relieve Borrower from making payments due under the Note and this Security Instrument or perfonnmg the covenants and agreements secured by this Security Instrument. 2. Application of Payments or Proceeds. Except as otherwise described in this Section 2, all payments-accepted and applied by Lender shall be applied in the following order of pnority: (a) interest due under the Note; (b) principal due under the Note; (c) amounts due under Section 3. Such payments shall be applied to each Penodic Payment in tbe order In which Jt became due. Any remaming amounts shall be applied first to late charges, second to any other amounts due under this Security Instrument, and then to reduce the pnnclpal balance of the Note. If Lender receIves a payment from Borrower for a delinquent Peraodic Payment which mcludes 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 charges due. Voluntary prepayments shall be applied first to any prepayment charges and then as descnbed in the Note. Any app1ícatlon of payments, insurance proceeds, or Miscellaneous Proceeds to pnncJpal due under the Note shall not extend or postpone the due date, or change the amount, of the Periodic Payments. 3. Funds for Escrow Items. Borrower shall pay to Lender on the day Periodic Payments are due under the Note, 'Until the Note IS paJd in full, a sum (the "Funds") to provlde for payment of amounts due for: (a) taxes and assessments and other Items which can attam priOrity over this Secunty Instrument as a lien or encumbrance On the Property; (b) leasehold payments or ground rents on the Property, If any; (c) premJums for any and all insurance required by Lender under Section 5; and (d) Mortgage Insurance premiums, Jf any, or any sums payable by Borrower to Lender in lieu of the payment of Mortgage Insurance premiums 111 accordance with the provIsions of Section 10. These items are 'called "Escrow Items." At origination or at any time dunng the term of the Loan, Lender may require that Community AsSOcIatIOn Dues, Fees, and Assessments, if auy, be escrowed by Borrower, and such dues, fees and 3ðsessments shall be an Escrow Item. Borrower shall promptly furnIsh to Lender a1l notices of amounts to be paid under this Section. Borrower shall pay Lender the Funds for Escrow Items unless Lender WaIves Borrower's obligatlon to pay the Funds for any or all Escrow Items. Lender may' waIve Borrower's obligation to pay to Lender Funds for any or all Escrow Items at any time. Any such waIver may only be m wnting. In the event of such waIver, Borrower shall pay directly, when and where payable, the amounts G .6(WY) (0006) ið> InlllalS'þ ~ Page 4 Df 15 Form 3051 1/01 t>00550 due for any Escrow Items for which payment of Funds has been wa1Ved by Lender and, ¡f Lender requITes, shall furnish to Lender receipts evidencing such pa.yment wIthin such time period as Lender may requue. Borrower's obligatIOn to make such payments and to proVide receipts shall for aU purposes be deemed to be a covenant and agreement con tamed in thi$ Security Instrument, as the phrase "covenant and agreement" is used in SectIOn 9. If Borrower is obligated to pa.y Escrow Items directly, pursuant to a wa1Ver, and Borrower fails to pay the amount due for an Escrow Item, Lender may exercise its nghts 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 wa]ver as to any or all Escrow Items at any time by a notice gIven in accordance wIth Section 15 and, upon such revocation, Borrower shaH pay to Lender an Funds, and in such amounts, that are then required under this Section 3. Lender may, at any time, collect and hold Funds m an amount (a) sufficient to permit Lender to apply the Funds at the time specified under RESP A, and (b) not to exceed the maximum amount a lender can requIre under RESP A. Lender shall estimate the amount of Funds due on the baSIS of current data and reasonable estimates of expenditures of future Escrow Items or otherwtse m accordance with Applicable Law. The Funds shall be held in an institutíon whose deposits ate Insured by a federal agency, mstrumentality, or entity (including Lender, if Lender is an mstitution whose depostts are so msured) or m any Federal Home Loan Bank. Lender shall apply the Funds .to pay the Escrow Items no later than the time specIfied under RESP A. Lender shall not charge Borrower for holding and applying the Funds, annually analyzmg the escrow account, or venfyíng the Escrow Items, unless Lender pays Borrower mterest on the Funds and Applicable Law permits Lender to make such a charge. Unless an agreement is made m wnting or Applicable Law requITes mterost to be paid on the Funds, Lender shall not be requITed to pay Borrower any interest or earnings on the Funds. Borrower and Lender can agree m wIlting, however, that mterest shall be paId on the Funds. Lender shall gIve to Borrower, without charge, an annual accounting of the Funds as required by RESP A. If there is a surplus of Funds held in escrow, as defined under RESP A, Lender shall account to Borrower for the excess funds 111 accordance with RESP A. If there is a shortage of Funds held in escrow, as defined under RESPA, Lender shall nottfy Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to make up the shortage In accordance with RESPA, but in no more than 12 monthly payments. If there ]s a deficwncy of Funds held in escrow, as defined under RESP A, Lender shall notify Borrower as requIred by RESP A, and Borrower shall pay to Lender the amount necessary to make up the deficiency m accordance wIth RESPA, but 111 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. Charges; Liens. BOlTower shan pay all taxes, assessments, charges, fines, and impositions attnbutable to the Property which can attain pnority OYer this Security Instrument, leasehold payments or ground rents on the Property, if any, and Community Associa.tion Dues, Fees, and Assessments, If any. To the extent that these Items are Escrow Items, Borrower shall pay them in the manner proVided in Section 3. Borrower shall promptly discharge any lien which has pnority over this Security Instmment unless Bon-ower: (a) agrees m writing to the payment of the obligation secured by the lien m a manner acceptable to Lender, but only so long as Borrower IS performmg such agreement; (b) contests the lien in good faith by, or defends agamst enforcement of the lien in, legal proceedings which m Lender's opimon opemte 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 agreementsatisfa.ctory to Lender subordinatmg the lien to this Secunty Instrument. If Lender determmes that any part of the Property IS subject to a lien which can attam pnority over this Secunty Instrument, Lender may gIve Borrower a notice Identtfying the G -6{WY) (0005> I!> InIUal.~ Page 6 Df 15 Form 3051 1/01 t:'00551. Hen. Within 10 days of the date on which that notice IS given, Borrower shall satisfY the lien or take one or more of the actions set forth above in this Section 4. Lender may requlte Borrower to pay a one-time charge for a real estate tax venfication and/or reportmg service used by Lender m connection wIth this Loan. 5. Pr!)p~rty Insurance. Borrower shall1ceep the tmprovements now existing or hereafter erected on the Property insured against loss by fire, hazards included Within the tenn Uextendod coverage," and any other hazards including, but not limIted to, earthquakes and floods, for which Lender requires insurance. This msurance shall be mamtaínedin the amounts (including deductible levels) and for the periods that Lender requires. What Lender requires pursuant to the preceding sentences can change during the term of the Loan. The msurance catTier providing the msurance shall be chosen by Borrower subject to Lender's fight to disapprove Borrower's choice, which right shall not be exercIsed unreasonably. Lender may reqUIre Borrower to pay, m connectIon wIth this Loan, eIther: (a) a one-time charge for flood zone detenmnation, certificatIOn and tracking services; or (b) a one-time charge for flood zone detemunation and certificatIOn services and subsequent charges each time remappmgs or simIlar changes occur which reasonably might affect sucb determmation or certification. Borrower shall also be responsible for the payment of any fees lillposed by the Federal Emergency Management Agency in connection WIth the review of any flood zone detennmation resulting ftom an objection by Borrower. ' If Borrower fails to mamtam 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 sball cover Lender, but might or might not protect Borrower, Borrower's equity m the Property, Of 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 obtained might sigmficantly exceed the cost of msurance that Borrower could have obtamed. Any amounts disbursed by Lender under this Section 5 shall become additional debt of Borrower secured by this Secunty Instrument. These amounts shall bear mterest at the Note rate ITom the date of disbursement and shall be payable, with sucb interest, upon notice from Lender to Borrower reC]l!esting payment. All insurance policies required by Lender and renewals of such policIes shall be subject to Lender's nght 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 fight to hold the policies and renewal certificates. If Lender requires, Borrower shall promptly give to Lender all receipts of paíd premiums and renewal notices. If Borrower obtains any form of insurance coverage, not otherwise required by Lender, for damage to, or destruction of, tbe Property, such policy shall include a standard mortgage clause and shall name Lender as mortgagee and/or as an additional loss payee. In the event of loss, Borrower shaU give prompt notice to the msurance camer and Lender. Lender may make proof of loss If not made promptly by Borrower. Unless Lender and Borrower otherwise agree III wnting, any msurance proceeds, whether or not the underlymg 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. Dunng such repaU' and restoration penod, Lender shaH have the right to hold such msurance proceeds until Lender has had an opportumty to mspect such Property to ensure the work has been completed to Lender's satisfaction, provided that such mspection shall be undertaken promptly. Lender may disburse proceeds for the repau-s and restoration in a smgle payment or in a series of progress payments as the work IS completed. Unless an agreement ìs made in wnting or Applicable Law requires mterest to be pa.ld on such insurance proceeds, Lender shall not be requued to pay Borrower any mterest or earnings on such proceeds. Fees for public adjusters, or other third parties, retained by Borrower shall not be paId out of the insurance proceeds and shaU be the sole obligation of Borrower. If the restoratIOn or repalf 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 G .6(WY) (0006) ill Page 6 of 16 Inlllel;;::zf> ()J() Form 3051 1/01 (,:;00552 the excess, If any, paid to Borrower. S1Jch msu.rance proceeds shall be applied in the order provided for in Section 2. If Borrower abandons the Property, Lender may file, negotiate and settle any available InSUrance claim and related matters. If Borrower does not respond within 30 days to a notice tTom Lender that the insurance carner has offered to settle a claim, then Lender may negotiate and settle the claim. The 3D-day penod wtll begin when the notice IS given. In either event, or û Lender acqUlres the Property under Section 22 or othelWlse, Borrower hereby assigns to Lender (a) Borrower's rights to any msurance proceeds m an amount not to exceed the amounts 1Jnpald under the Note or this Secunty Instrument, and (b) any other of Borrower's nghts (other than the right to any refund of unearned preml1Jms paId by Borrower) under all insurance policIes covermg the Property, msofar as such nghts are applicable to the coverage of the Property. Lender may use the msurance proceeds eIther to repair or restore the Property or to pay amounts unpaId under the Note or this Security Instrument, whether or not then due. 6. Occupancy. Borrower shall occupy, establish, and use the Property as Borrower's pnncipal residence wlthin 60 days after the execution of tllis Security Instrument and shall continue to occupy the Property as Borrower's pnnclpal resldence for at least one year after tbe date of occ1Jpancy, unless Lender othelWise agrees in wnting, which consent shall not be unreasonably withheld, or unless extenuating circumstances eXist which are beyond Borrower's control. 7. Preservation, Maintenance and Protection of the Property; Inspections. Borrower shall not destToy, damage or ImpaIr the Property, allow the Property to deteriorate or commit waste on the Property. Whether or not Borrower 1S residing in the Property, Borrower shall mamtain tbe Property 111 order to prevent the Property from deteriorating or decreasmg in value due to Its condition. Unless It is determmed pursuant to Section 5 that repaJr or restoratIon 1S not economically feasIble, Borrower shall promptly repalr the Property If damaged to avoid further deterioration or damage. If insurance or condemnation proceeds are paid in COllilectlOn wHh damage to, or the taking of, the Property, Borrower shall be responsible for repatring or restormg the Property only if Lender bas released proceeds for such purposes. Lender may disburse proceeds for the repalfs and restoration 111 a smgle payment or In a series of progress payments as the work is completed. If the insurance or condemnation proceeds are not suffic1ent 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 miy make reasonable entries upon and lllspections of the Property. If it has reasonable cause, Lender may mspect the interior of the 1ll1provements on the Property. Lender shall give Borrower notIce at the time of or prior to such an mterior lnspection specifying such reasonable cause. 8. Borrower's Loan AppUclltion. Borrower sball be in default if, dunng the Loan appHcation process, Borrower or any persons or entities acting at the direction of Borrower or With Borrower's knowledge or consent gave matenally false, misleading, or inaccurate infonnation or statements to Lender (or failed to provide Lender Wlth matenal mformation) in connection with the Loan. Material representatlOns lllclude, but are not limIted to, representations eoncemmg 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 fails to perfonn the covenants and agreements contamed in this Secuflty Instrument, (b) there IS a legal proceeding that might slglllfieantly affect Lender's 111terest 111 the Property and/or rights under this Security Instrument (such as a proceeding III bankruptcy, probate, for condemnation or forfeiture, for enforcement of a lien which may attain pnonty over this Secunty Instrument or to enforce laws or r~gulations), or (c) Borrower bas abandoned the Property, then Lender may do and pay for whatever LS reasonable or appropnate to protect Lenders mterest m the Property and nghts under this Securtty Instrument, including protecting and/or assessmg the value of the Property, and securmg and/or repa1ring the Property. Lender's actions can include, but are not litmted to: (a) paymg any sums seemed by a lien which has pnonty over this SeeUflty Instrument; (b) appearing 111 court; and (c) paying reasonable ... .6(WY) (0005) (!) Inlllal':~ Form 3051 1/01 Page 7 of 15 L;Oú553 attorneys' fees to protect its mterest in the Property and/or nghts "Under this Sec"Unty Instrument, mcluding its secured position m a bankruptcy proceeding. Securing the Property includes, but is not Hmited to, entering the Property to make repairs, change locks, replace or board up doors and wmdows, drain water from pipes, eliminate budding or other code violations or dangerous conditions, and have utilities turned on or off. Although Lender may take action under this Section 9, Lender does not have to do so and is not under any duty or obligation to do so. It is agreed that Lender incurs no liability for not taking any or all actiOns authofJzed under this Section 9. Any amounts disbursed by Lender under this Section 9 shall become additíona.1 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, Wlth such mterest, upon nobce from Lender to Borrower requesting payment. If this Security 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 title shall not merge unless Lender agrees to the merger in wnting. 10. Mortgage Insurance. If Lender requIred Mortgage Insurance as a condition of making the Loan, Borrower shall pay the premiums required to maintam the Mortgage Insurance m effect. If, for any reason, the Mortgage Insurance coverage reqUlred by Lender ceases to be available ftom the mortgage insurer that prevIOusly proVided such Insurance and Borrower was requU'ed to make separately designated payments toward the premIums for Mortgage Insurance, Borrower shall pay the premiums required to obtain coverage substantíally equivalent to the Mortgage Insurance previously in effect, at a cost substantially equivalent to the cost to Borrower of the Mortgage Insurance preVIously m effeçt, from an alternate mortgage insurer selected by Lender. If substantially eqUIvalent Mortgage Insurance coverage is not available, Borrower sha.ll contmue to pay to Lender tbe amount of the separately desIgnated payments that were due when the msutance coverage ceased to be În effect. Lender win accept, use and retain these payments as a non-refundable loss reserve in lieu of Mortgage Insurance. Such loss reserve shaIl be non-refundable, notwithstanding the fact that the Loan IS ultimately paid in full, and Lender shall not be requU'ed to pay Borrower any mterest or eammgs on such loss reserve. Lender can no longer requIre loss reserve payments if Mortgage Insurance coverage (in tbe amount and for the penod that Lender requires) provided by an Insurer selected by Lender agam 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 toward the premiums for Mortgage Insurance, Borrower shall pay the premIUms required to mamtam Mortgage Insurance In effect, or to provide a non-refundable loss reserve, until Lender's reqUirement for Mortgage Insurance ends in accordance with any wrItten agreement between Borrower and Lender proVIding for such termination or unnl termmatIOn is required by Applicable Law. Nothing m this Section 10 affects 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 certam losses It may mcur if Borrower does not repay the Loan as agreed. Borrower IS not a party to the Mortgage Insurance. Mortgage insurers evaluate their total rIsk On all such ínsurance in force ftom time to time, and may enter into agreements With other partIeS that share or modify therr risk, or reduce losses. These agreements are on terms and conditions that are satisfactory to the mortgage insurer and the other party (or parties) to these agreements. These agreements may requU'e the mortgage insurer to make payments using any source of funds that the mortgage msurer may have available (wWch may niclude funds obtamed from Mortgage Insurance premIUms). As. a result of these agreements, Lender, any purcbaser 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 denve from (or might be characterized as) a portion of Borrower's payments for Mortgage Insurance, m exchange for shanng or modifying the mortgage msurer's risk, or reducing losses. If such agreement provides that an affiliate of Lender takes a share of the maurer's nsk In exchange for a share of the prenuums paid to the msurer, the arrangement is often termed "captive remsurance.1I ;Further: (a) Any such agreements will not affect the amounts that Borrower has agreed to pay for Mortgage Insurance, or any other terms of the Loan. Such agreements will not increase the amount Borrower will owe for Mortgage Insurance, and they will not entitle Borrower to any refund. Inltlal~ ~b ca -6(WY) (0006) (8) Page 8 or 15 Form 3051 1f01 t.;00554 (b) Any such agreements will not affect the rights Borrower has - if any - with respect to the Mortgage Insurance under the Homeowners Protection Act of 1998 or any other law. These rights may include the right to receive certain disclosures, to request and obtain cancellation of the Mortgage Insurance, to have the Mortgage Insurance terminated automatically, and/or to receive II refund of any Mortgage Insurance premiums that were unearned at the time of such cancellation or termination. 11. Assignment of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assIgned to and shaU be pa1d to Lender. If the Property IS damaged, such Miscellaneous Proceeds shall be applied to restoration or reparr of the Property, if the restoration or repaIr IS economically feasible and Lender's secunty is not lessened. Dunng such repaIr and restoration period, Lender shan 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 II single disbursement or in a senes of progress payments as the work is completed. Unless an agreement is made in writing or Applicable Law reqUIres interest to be paId on such Miscellaneous Proceeds, Lender shall not be required to pay Borrower any mterest or eamings on such Miscellaneous Proceeds. If the restoration or repaIr is not economically feasIble or Lender's security would be lessened, the MisceUaneous Proceeds shall be applied to the SUms secured by this Security Instrument, whether or not then due, With the excess, if any, paid to Borrower. Such Miscellaneous Proceeds shall be applied in the order provIded for 111 Section 2. In the event of a total taking, destruction, or loss III value of the Property, the MiscelJaneous Proceeds shall be applied to the sums secured by this Secunty Instrument, whether or Dot then due, With the excess, if any, paid to Borrower. In the event of a partial taking, destruction) or loss lU value of the Property in which the fair market value of the Property immediately before the partIal taking, destruction, or loss in value is equal to or greater than the amount of the sums secured by this Security Instrument unmediately before the partial taking, destruction, or loss m value, unless Borrower and Lender otherwIse agree 111 writing, the sums secured by this Secunty Instrument shan be reduced by the amount of the Miscellaneous Proceeds multiplied by the followmg fraction: (a) the total amount of the sums secured immediately before tbe partial taking, destruction, or loss 111 value divIded by (b) the fair market value of the Property immediately before tbe partial taking,destructlOn, or loss tn value. Any balance shall be paid to Borrower. In the event of a partial taking, destruction, or loss lU value of the Property ín which the fair market value of the Property immediately before the partIal taking, destruction, or loss in value is less than the amount of the sums secured inunediately before the partIal taking, destruction, or loss in value, unless Borrower and Lender otherwise agree 10 writing, the Miscellaneous Proceeds shaH be applied to the sums secured by this Security Instrument whether or not the sums are then due. If the Property is abandoned by Borrower, or if, after notìce by Lender to Borrower that the OppOSIng Party (as defined in the next sentence) offers to malce an award 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 coHect and apply the Miscellaneous Proceeds eIther to restoration or repair of the Property or to the sums secured by this Security Instrument, whether or not then due. "OppOS111g Party" means the third party that owes Borrower Miscellaneous Proceeds or the party agamst whom Borrower has a nght of action lU regard to Miscellaneous Proceeds. Borrower shall be in default if any action or proceeding, whether cml or criminal, is begun that, in Lender's judgment, could result m forfeiture of the Property or other material impairment of Lender's mterest in the Property or rights under this Secunty Instrwnenl Borrower can cure such a default and, if acceleration has occurred, remstate as proVided in Section 19, by causíng the action or proceeding to be dismissed WIth a ruling that, in Lender's judgment, precludes forfeiture of the Property or other material ImpalIID.ent of Lender's interest in the Property or rights under this Secunty Instrument. The proceeds of any award or claIm for damages that are attributable to tbe impairment of Lender's interest in the Property are hereby assIgned and shall be paid to Lender. All Miscellaneous Proceeds that are not applied to restoratlOn or repaIr of the Property shall be applied in the order provided for in 8ectlOn 2. cSi>. -6(WY) (0005) <II Inll~l:iJ¡) (}.tÜ Page 9 of 16 Form 3051 1/01 (,00555 12. Borrower Not ReJeased; Forbearance By Lender Not a Waiver. Extension of the bme for payment or modificatIOn of amortization of the sums secured by this Secunty 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 shal1 not be required to commence proceedings agamst any Successor m Interest of Borrower or to refuse to extend time for payment or otherwise modify amortIzatIon of the sums secured by this Secunty Instrument by reason of any demand made by the origínal Borrower or any Successors in Interest of Borrower. Any forbearance by Lender in exercising any right or remedy mcludíng, WIthout limitation, Lender's acceptance of payments from third persons, entíties or Successors In Interest of Borrower or ìn amounts less than the amount then due, shan not be a waIver of or preclude the exercise of any nght or remedy. 13. Joint Bnd Several Liability; Co-signers; Successors and Assigns Bound. Borrower covenants and agrees that Borrower's obligations and liabílíty shall be joint and several. However, any Borrower who CO-SignS this Secunty Instrument but does not execute the Note (a "co-signer"): (a) is co-sIgnlng this Secunty Instrument only to mortgage, grant and convey the co-sIgner's mterest m the Property under the terms of this Security Instrument; (b) is not personally obligated to pay the sums secured by this Secunty Instrument; and (c) agrees that Lender and any other Borrower can agree to extend, modifY, forbear or make any accommodations with regard to the te1ms of this Security Instrument or the Note witho"Ut the co-signer's consent. Subject to the provIsions of SectIOn 18, any SUccessor In Interest of Borrower who assumes Borrower's obligations under this Security Instrument In wnting, and is approved by Lender, shall obtam all of Borrower's rights and benefits under this Security Instrument. Borrower shall not be released from Borrower's obligations an.d liability under this SecurIty Instrument unless Lender agrees to such release 111 wrIting. The covenants and agreements of this Secunty Instrument shall bind (except as proV1ded in Section 20) and benefit the Successors and assIgns of Lender. 14. Loan Charges. Lender may charge Borrower fees for services performed m connectIOn with Borrower's defa"Ult, for the purpose of protecting Lender's interest In the Property and nghts under this SecurIty Instrument, including, but not limited tOJ attorneys' fees, property mspection and valuation fees. In regard to any other fees, the absence of express authonty 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 this Security Instrument or by Applicable Law. If the Loan IS subject to a law which sets maximum loan charges, and that law is finally interpreted so that the Interest or other loan charges collected or to be collected in connection With the Loan exceed the permitted limIts, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to tbe penmtted limIt; and (b) any sums already collected from Borrower which exceeded penmtted limIts will be refunded to Borrower. Lender may choose to make this refund by reducmg the principal owed under the Note or by making a direct payment to Borrower. If a refund reduces prIncipal, the reduction wIll be treated as a parbal prepayment without any prepayment charge (whether or not a prepayment charge IS provided for under the Note). Borrower's acceptance of any sucQ refuI1d made by direct payment to Bon-ower will constltute a waiver of any right of action Borrower might have arIsing out of such overcharge. 15. Notices. All notices gIVen by Borrower or Lender m connectIOn with this Secunty Instrument must be in wnting. Any notice to Borrower In connection with this Secunty Instrument shall be deemed to have been given to Borrower when matled by first class mall or when actually delivered to Borrower's notIce address if sent by other means. Notice to anyone Borrower shall constitute notice to all Borrowers unless Applicable Law expressly requires otherwise. The notice address shall be the Property Address unless Borrower has desJgnated a substitute notIce address by notice to Lender. Borrower shall promptly notifY Lender of Bon-ower's change of address. If Lender specifies a procedure for reporting Borrower's change of address, then Borrower shall only report a change of address through that speclfied procedure. There may be only one designated notice address under this Secunty Instrument at anyone time. Any notice to Lender shall be given by delivenng It or by maIling It by first class mad to Lender's address stated herein "Unless Lender has designated another address by notice to Borrower. AI1y notice III connection with this SecurIty Instrument shall not be deemed to have been given to Lender until actuaHy 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 Secunty Instrument. $(I,)-6(WY) (0005) Paga 100f 15 Inklal~ ~~b Form 3051 1/01 (,00556 16. Governing Law; Severability; Rules of Construction. This Secunty Instrument shall be governed by federal law and the law of the junsdiction in which the Property is located. All nghts and obligaÌlons contained in this Security Instrument are subject to any requirements and limitations of Applicable Law. Applicable Law might explícltly or implicItly allow the parties to agree by contract or it might be silent, but such silence shall not be construed as a prohibition agamst agreement by contract. In the event that any prOVISIon or clause of this Secunty Instrument or the Note conflicts with Applícable Law, such conflict shall not affect other provIsions of this Security Instrument or the Note which can be given effect WIthout the conflícting provision. As used In this Secunty Instrument: (a) words of the masculine gender shall mean and mclude corresponding neuter words or words of the feminine gender; (b) words In the singular shaH mean and mclude the plural and vice versa; and (c) the word "may" gives sole discretion without any obligation to take any action. 17. Borrower's Copy. Borrower shall be given one copy of the Note and of this Secunty Instrument. 18. Transfer of the Property or a Beneficial Interest in Borrower. As used in this SectlOn 18, "Interest in the Property" means any legal or beneficial interest in the Property, including, but not limIted to, those beneficial interests transferred in a bond for deed, contract for deed, instalIment sales contract or escrow agreement, the mtent of which IS the transfer oftide by Borrower at a future date to a purchaser. If all or any part of the Property or any Interest in tbe Property is sold or transferred (or If Borrower IS not a natural person and a beneficial interest m Borrower IS sold or transferred) wIthout Lender's pnor wntten consent, Lender may require immediate payment m full of all sums secured by this Secunty Instrument. However, this option shall not be exerCised by Lender If such exercise IS prohibited by Applicable Law. If Lender exerCJses this option, Lender sball give Borrower notice of acceleration. The notice shall provIde a perIod of not less than 30 days ftom the date the notice is given m accordance WIth Section 15 wIthin which Borrower must payaH sums secured by this Secunty Instrument. If Borrower faUs to pay these sums prior to the eXpIratIOn of this penod, 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 certam conditions, Borrower shaH bave the right to bave enforcement of this Security Instrument discontínued at any time prior to the earliest of: (a) five days before sale of the Property pursuant to any power of sale contained in this Security Instrument; (b) such other period as Applicable Law mIght specify for the tennination of Borrower's nght to remstate; or (c) entry of a judgment enforcmg this Secunty Instrument. Those conditions are that Borrower: (a) pays Lender aU sums which then would be due under this Security Instrument and the Note as If no acceleratIOn had occurred; (b) cures any default of any other covenants or agreements; (0) pays aU expenses mcurred in enforcing tbis Secunty Instrument, including, but not limited to, reasonable attorneys' fees, property inspection and valuation fees, and other fees incurred for the purpose of protecting LendelJs interest in tbe Property and nghts under this Security Instrument; and (d) takes such action as Lender may reasonably require to assure that Lender's mterest in the Property and rights under this Security Instrument, and Borrower's obligatIOn to pay the sums secured by this Secunty Instrument, shaH continue unchanged. Lender may reqU1re that Borrower pay such reinstatement sums and expenses in one or more of tlle folJowmg forms, as selected by Lender: (a) cash; (b) money order; (c) certIfied check, bank check, treasurer's check or cashier's check, provIded any such check is drawn upon an mstitutlOn whose deposits are msured by a federal agency, instrumentality or entity; or (d) Electronic Funds Transfer. Upon remstatement by Borrower, this Secunty Instrument and obligatlOns secured hereby shall remam fully effective as If no acceleratIOn bad occurred. However, this right to remstate shall not apply m the case of acceleration under SectiOn 18. 20. Sale of Note; Change of Loan Serl'icer; Notice of Grievance. The Note or a partial interest in the Note (together with this Secunty Instrument) can be sold one or more times without pnor notice to Borrower. A sale mIght result In a change m the entity (known as the "Loan Servicer") that collects Periodic Payments due under the Note and this Security Instrument and perfonns other mortgage loan servicmg obligations under the Note, this Security Instrument, and Applicable Law. There also might be one or more changes of the Loan Semcer unrelated to a sale of the Note. If there IS a change of the Loan Semcer, BOlTower wIll be glVen wntten notice of the change which will state the name and address of the new Loan Servlcer, the address to which payments should be made and any other mfonnatlon RESPA G -6(WY) (0005) <!) In tlaI8;~ Page 11 of 16 Form 3051 1/01 (,'000557 reqUires m connection with a notIce of transfer of servicmg. If the Note IS sold and thereafter the Loan is serviced by a Loan ServlCer other than the purchaser of the Note, the mortgage loan semcmg obligations to Borrower wi]] remam with the Loan Servicer or be transferred to a successor Loan Servlcer and are not assumed by the Note purchaser unless otherwise provided by the Note purchaser. Neither Borrower nor Lender may commence, Jom, or be jomed to any j\'Jdicial action (as either an mdiVIdual litigant or the member of a class) that arises from the other party's actions pursuant to this Security Instrument or that alleges that the other party bas breached any provision of, or any duty owed by reason of, this Secunty Instrument, until such Borrower or Lender has notified the other party (with such nobce given m compliance with the reqUirements of SectIon 15) of such alleged breach and afforded the other party hereto a reasonable period after the givmg of such nobce to take corrective action. If Applicable Law provides a bme penod which must elapse before certam action can be taken, that time period wIll be deemed to be reasonable for purposes of this paragraph. The notice of acceleratIOn and opportumty to CUre given to Borrower pursuant to Section 22 and the notice of acceleration given to Borrower pursuant to Section 18 shall be deemed to satisfy the notice and opportunity to take corrective action provisions of this SectIOn 20. 21. Haza¡'dous Substances. As used in this Section 21: (a) "Hazardous Substances" are those substances defined as toxic ör hazardous substances, pollutants, or wastes by EnvIronmental Law and the followmg substances: gasoline, kerosene, other flammable or toxic pe1roleum products, toxic pestlcìdes and herbicides, volaílle solvents, materials containing asbestos or formaldehyde, and radioactive matenals; (b) "Environmental Law" means federal laws and laws of the Junsdiction where the Property is located that relate to health, safety or enVIronmental protectIOn; (c) "EnVIronmental C1eanup" includes any response actlOn, remedial achon, or removal actIOn, as defined in EnYlfonmental Law; and (d) an "EnvIronmental Condition" means a condition that can cause, contnbute to, or otherwise trigger an EnVIronmental Cleanup. Borrower shall not cause or perrrut the 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 dp, anything affecting the Property (a) that is in vIOlation of any Environmental Law, (b) which creates an Environmental Condition, or (c) which, due to the presence, use, or release of a Hazardous Substance, creates a condition that adversely affects the value of the Property. The preceding two sentences shall not apply to the presence, use, or storage on the Property of small quantities of Hazardous Substances that are generally recognized to be appropriate to normal residential uses and to maintenance of the Property (induding, but not limited to, hazardous substances in consumer products). Borrower shall promptly give Lender written notice of (a) any mvestigation, claim, demand, lawsuit or other action by any governmental or regulatory agency or private party involVIng the Property and any Hazardous Substance or Enviromnental Law of which Borrower has actual lmowledge, (b) any Environmental Condition, including but not limited to, any spilling, leaking, discharge, release or threat of release of any Hazardous Substance, and (c) any condition caused by the presence, use or release of a Hazardous Substance which adversely affects the value of the Property. If Borrower learns, or is notified by any governmental or regulatory authonty, or any private party, that any removal or other remediatIOn of any Hazardous Substance affecting the Property IS necessary, Borrower shall promptly take an necessary remedial actions In accordance wlth Environmental Law. Nothing herein shan create any obligation on Lender for an Envlfomnental Cleanup. ~.6(WY) (0005) Page 12 or 15 Initials: i?D ~~p Form 3051 1/01 ,}00558 NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows: 22. Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration foJIowing Borrower's breach of any covenant or agreement in this Security Instrument (but not prior to acceleration under Section 18 unless Applicable Law provides otherwise). The notice shall specify: (a) the default; (b) the action required to cure the default; (c) a date, not less than 30 days from the date the notice is given to Borrower, by which the dêfault must be cured; and (d) that faUure to cure the default on or before the date specified in the notice may result in acceleration of the sums secured by this Security Instrument and sale of the Property. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to bring a court action to assert the non-existence of a default or any other defense of Borrower to acceleration and sale. If the default is not cured on or before the date specified in the notIce, Lender at its option may require immediate payment in full of all sums secured by this Security Instrument without further demand and may invoke the power of sale and any other remedies permitted by AppJicable Law. Lender shaU be entided to collect all expenses incurred in pursuing the remedies provided in this Section 22, including, but not limited to, reasonable attorneys' fees and costs of title evidence. If Lender invokes the power of sale, Lender shan 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 shaH be sold in the manner prescribed by Applicable Law. Lender or its designee may purchase the Property at any sale. The proceeds of the sale shall be applied in the following order: (a) to all expenses of the sale, including, but not limited to, reasonable attorneys' fees; (b) to all sums secured by this Security Instrument; and (c) any excess to the person or persons legally entitled to it. Z3. Release. Upon payment of all sums secured by this Secunty Instrument, Lender shan release this SecuIlty Instrument Borrower shall pay any recordation costs. Lender may charge Borrower a fee for reieasmg tbis Security Instrument, but only If the fee IS pa.ld to a third party for services rendered and the charging of the fee IS permitted under Applicable Law. 24. Waivers. Borrower releases and waives all rights under and by virtue of the homestead exemption laws of Wyoming. G -6{WY) (0005) \!) Inlllal.: 1f!;J:/ C~D Page 13 or 15 Form 3051 1/01 ~'Ov559 BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this Secunty Instrument and in any Rider executed by Borrower and recorded with it. Witnesses: ~~§l BEAU E D (Seal) -Bonower ~ (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) ~Borrowe.r (Seal) -Borrower (Seal) -Borrower G·6(WY) (0005) (!) Page 14 of 15 Form 3051 1/01 cf¡£? ~, STATE OF WYOMING, The foregomg mstrument Was acknowledged before me this by BEAU E DEAN AND CHRISTIE M DEAN My CommissIOn Expires; ð'ø2'þ~ Þ 1/ '41418# LORI KALAN - NOTARY PUBLIC Notary l'ublio COUNTY OF LINCOLN STATE OF WYOMING My Commission Expires Feb. 26, 2011 . -6G(WY) (0006) @ Page 15 of 15 (000560 ~/1C{)t.r County ss: éX l!f c6 ,12 Þ1~ I ,2ðoJ; InltØ2lU(Q Form 3051 1/01