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HomeMy WebLinkAbout940412 I c.¡ ~ 'j Ie '7 l I v After Recording Return To: RECEIVED 7/9/200~ at 3:52 PM RECEIVING # ~40412 BOOK: 699 ~AGE: 527 JEANNE AGNER LINCOLN COUNTY CL RK, KEMMERER, WY GMAC Mortgage, LLC 4405 E COTTON CENTER BLVD Phoenix, AZ 85040 ATTN: Sandi McArthur [Space Above This Line For Recording Data) J1 Loan No. 187320007 MIN 1000375-018732 007-7 \:-00527 MORTGAGE DEFINITIONS Words used in multiple sections of this document are defined below and other words e defined in Sections 3, 11, 13, 18, 20 and 21. Certain rules regarding the usage of words sed in this document are also provided in Section 16. (A) "Security Instrument" means this document, which is dated July 3, 2 0 0 8 , together with all Riders to this document. (B) "Borrower"is KEVIN SIMPSON and JAMIE SIMPSON, husband and wife Borrower is the mortgagor under this Security Instrument. (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 a d assigns. MERS is the mortgagee under this Security Instrument. MERS is organized a d existing under the laws of Delaware, and has an address and telephone number of P.O. Box 2 26, Flint, MI 48501-2026, tel. (888) 679-MERS. WYOMING -- Single Family -- Fannie MaeIFreddie Mac UNIFORM INSTRUMENT Form 3051 1/01 (Page 1 of 18) 425977592 Initials: GMACM - CMS.0042.WY (OOOl) (D) "Lender"is GMAC Mortgage, LLC f/k/a GMAC Mortgage Corporation 0-00528 Lender is a limited liability company laws of Delaware 1100 Virginia Drive, Fort Washington, PA organized and existi under the . Lender' address is 19034 (E) "Note"means the promissory note signed by Borrower and dated July 3 2 0 0 8 . The Note states that Borrower owes Lender Two Hundred Eighteen Thousand Six Hundred Eighty Six and 0/100 Dollars (U.S. $ 218, 686 . 00 ) plus interest. Borrower has promised to pay this debt in regular Periodic Payments and to pay the debt in full not later than August 1, 2038 (F) "Property" means the property that is described below under the heading" ransfer of Rights in the Property." (G) "Loan" means the debt evidenced by the Note, plus interest, any prepay and late charges due under the Note, and all sums due under this Security Ins interest. (H) "Riders" means all Riders to this Security Instrument that are executed b The following Riders are to be executed by Borrower [check box as applicable]: D Adjustable Rate Rider D Condominium Rider D Second H me Rider D Balloon Rider D Biweekly Payment Rider D 1-4 FamijY Rider D Other(s) [specify] D Planned Unit Development Rider (1) "Applicable Law" means all controlling applicable federal, state and 10 al statutes, regulations, ordinances and administrative rules and orders (that have the effect of l~w) as well as all applicable final, non-appealable judicial opinions. (J) "Community Association Dues, Fees, and Assessments" means all ues, fees, assessments and other charges that are imposed on Borrower or the Property by a c ndominium association, homeowners association or similar organization. (K) "Electronic Funds Transfer" means any transfer of funds, other than a transaction originated by check, draft, or similar paper instrument, which is initiated through a electronic terminal, telephonic instrument, computer, or magnetic tape so as to order, instruct, r authorize a financial institution to debit or credit an account. Such term includes, but is no limited to, point-of-sale transfers, automated teller machine transactions, transfers initiated b telephone, wire transfers, and automated clearinghouse transfers. (L) "Escrow Items" means those items that are described in Section 3. (M) "Miscellaneous Proceeds" means any compensation, settlement, award of, amages, or proceeds paid by any third party (other than insurance proceeds paid under th coverages described in Section 5) for: (i) damage to, or destruction of, the Property; (ii) cond mnation or other taking of all or any part of the Property; (iii) conveyance in lieu of condemna ion; or (iv) misrepresentations of, or omissions as to, the value and/or condition of the Property. GMACM - CMS.0042.WY (0001) (Page 2 of 18) Initial WYOMING -. Single Family - Fannie MaeIFreddie Mac UNIFORM ·!NSTRUMENT Form 3051 1/01 '''1;00529 (N) "Mortgage Insurance" means insurance protecting Lender against the non ayment of, or default on, the Loan. (0) "Periodic Payment" means the regularly scheduled amount due for (i) pr ncipal and interest under the Note, plus (ii) any amounts under Section 3 of this Security Instru ent. (P) "RESPA" means the Real Estate Settlement Procedures Act (12 U.S.C. §2 01 et seq.) and its implementing regulation, Regulation X (24 C.F.R. Part 3500), as the might be amended from time to time, or any additional or successor legislation or regulation t at governs the same subject matter. As used in this Security Instrument, "RESPA" reters to all requirements and restrictions that are imposed in regard to a "federally related mortgage loan" even if the Loan does not qualify as a "federally related mortgage loan" under RESP . (Q) "Successor in Interest of Borrower" means any party that has taken itle to the Property, whether or not that party has assumed Borrower's obligations under the ote and/or this Security Instrument. TRANSFER OF RIGHTS IN THE PROPERTY This Security Instrument secures to Lender: (i) the repayment of the Loan, and a I renewals, extensions and modifications of the Note; and (ii) the performance of Borrower's co enants and agreements under this Security Instrument and the Note. For this purpose, Bo ower does hereby mortgage, grant and convey to MERS (solely as nominee for Lender aJd Lender's successors and assigns) and to the successors and assigns of MERS, with power bf sale, the following described property located in the County [Type of Recording Jurisdiction) of Lincoln [Name of Recording Jurisdiction) SEE SCHEDULE "A" ATTACHED HERETO AND MADE A PART HERE F. which currently has the address of 908 US Hwy 233, {Street] Kemmerer , Wyoming 83101 ("Property Address"): {City] {Zip Code] TOGETHER WITH all the improvements now or hereafter erected on the Prperty, and all easements, appurtenances, and fixtures now or hereafter a part of the pr perty. All replacements and additions shall also be covered by this Security Instrument. All of the foregoing is referred to in this Security Instrument as the "Property." Borrower und rstands and agrees that MERS holds only legal title to the interests granted by Borrower in t is Security Instrument, but, if necessary to comply with law or custom, MERS (as nominee for ILender and Lender's successors and assigns) has the right: to exercise any or all of thosb interests, including, but not limited to, the right to foreclose and sell the Property; and to takî any action required of Lender including, but not limited to, releasing and canceli g tbis Security Instrument. GMACM - CMS.0042.WY (0001) (Page 3 of J 8) Initials' WYOMING .. Single Family .- Fannie MaeIFreddie Mac UNIFORM INSTRUMENT Form 3051 1/01 000530 BORROWER COVENANTS that Borrower is lawfully seised of the es ate hereby conveyed and has the right to mortgage, grant and convey the Property and that the roperty is unencumbered, except for encumbrances of record. Borrower warrants and ill defend generally the title to the Property against all claims and demands, subject to any en, umbrances of record. THIS SECURITY INSTRUMENT combines uniform covenants for natio al use and non-uniform covenants with limited variations by jurisdiction to constitute a unifor: security instrument covering real property. UNIFORM COVENANTS. Borrower and Lender covenant and agree as fol ows: 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 eJ~idenced by the Note and any prepayment charges and late charges due under the Note. Borrow r shall also pay funds for Escrow Items pursuant to Section 3. Payments due under the No e and this Security Instrument shall be made in U.S. currency. However, if any check or othe},instrument received by Lender as payment under the Note or this Security Instrument is returne to Lender unpaid, Lender may require that any or all subsequent payments due under the N te and this Security Instrument be made in one or more of the following forms, as selected by tender: (a) cash; (b) money order; (c) certified check, bank check, treasurer's check or casher's check, provided any such check is drawn upon an institution whose deposits are insured y a federal agency, instrumentality, or entity; or (d) Electronic Funds Transfer. Payments are deemed received by Lender when received at the location d signated in the Note or at such other location as may be designated by Lender in accordance wit the notice provisions in Section 15. Lender may return any payment or partial payment if the ayment or partial payments are insufficient to bring the Loan current. Lender may accept any ayment or partial payment insufficient to bring the Loan current, without waiver of any rights h reunder or prejudice to its rights to refuse such payment or partial payments in the future, but L nder is not obligated to apply such payments at the time such payments are accepted. If ea h Periodic Payment is applied as of its scheduled due date, then Lender need not pay interest 0 unapplied funds. Lender may hold such unapplied funds until Borrower makes payment to bri g the Loan current. If Borrower does not do so within a reasonable period of time, Lender hall either apply such funds or return them to Borrower. If not applied earlier, such funds wil be applied to the outstanding principal balance under the Note immediately prior to foreclosure I No offset or claim which Borrower might have now or in the future against Lender shall relieJïe Borrower from making payments due under the Note and this Security Instrument or per rming the covenants and agreements secured by this Security Instrument. 2. Application of Payments or Proceeds. Except as otherwise descri ed in this Section 2, all payments accepted and applied by Lender shall be applied in the fì. 01l4wing order of priority: (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 Periodic Payment in the or~er in which it became due. Any remaining amounts shall be applied first to late charges, second to any other amounts due under this Security Instrument, and then to reduce the principal bal nce of the Note. LOAN NO: 187320007 /LJ~ WYOMING -- Single Family -- Fannie MaeIFteddie Mac UNIFORM INSTRUMENT Form 3051 1101 GMACM - CMS.0042.WY (ODD!) (Page 4 of 18) Initials: 000531 If Lender receives a payment from Borrower for a delinquent Periodic Pay ent which includes a sufficient amount to pay any late charge due, the payment may be ap~lied to the delinquent payment and the late charge. If more than one Periodic Payment is ~utstanding, 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 ext nt that any excess exists after the payment is applied to the full payment of one or more Periodi Payments, such excess may be applied to any late charges due. Voluntary prepayments shall be applied first to any prepayment charges and then as described in the Note. Any application of payments, insurance proceeds, or Miscellaneous roceeds to principal 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 d y Periodic Payments are due under the Note, until the Note is paid in full, a sum (the "Funds")1 to provide for payment of amounts due for: (a) taxes and assessments and other items whicft can attain priority over this Security Instrument as a lien or encumbrance on the Property; ~) leasehold payments or ground rents on the Property, if any; (c) premiums for any and a I insurance required by Lender under Section 5; and (d) Mortgage Insurance premiums, if any, r any sums payable by Borrower to Lender in lieu of the payment of Mortgage Insurance p emiums in accordance with the provisions of Section 10. These items are called "Escrow terns." At origination or at any time during the term of the Loan, Lender may require that ommunity Association Dues, Fees and Assessments, if any, be escrowed by Borrower, and suc dues, fees, and assessments shall be an Escrow Item. Borrower shall promptly furnish to Lende all notices of amounts to be paid under this Section. Borrower shall pay Lender the Funds or Escrow Items unless Lender waives Borrower's obligation to pay the Funds for any or all Es row Items. Lender may waive Borrower's obligation to pay to Lender Funds for any or all Escr w Items at any time. Any such waiver may only be in writing. In the event of such waiver, Bo ower shall pay directly, when and where payable, the amounts due for any Escrow Items for which payment of Funds has been waived by Lender and, if Lender requires, shall furnis 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 d emed to be a covenant and agreement contained in this Security Instrument, as the phrase "c venant and agreement" is used in Section 9. If Borrower is obligated to pay Escrow Ite s directly, pursuant to a waiver, and Borrower fails to pay the amount due for an Escrow Item, ender may exercise its rights under Section 9 and pay such amount and Borrower shall then [Obligated under Section 9 to repay to Lender any such amount. Lender may revoke the waiv r as to any or all Escrow Items at any time by a notice given in accordance with Section 15 and upon such revocation, Borrower shall pay to Lender all Funds, and in such amounts, that are t n required under this Section 3. Lender may, at any time, collect and hold Funds in an amount (a) sufficíe t 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 fu re Escrow Items or otherwise in accordance with Applicable Law. (>00532 The Funds shall be held in an institution whose deposits are insured b a federal agency, instrumentality, or entity (including Lender, if Lender is an institution wh se deposits are so insured) or in any Federal Home Loan Bank. Lender shall apply the Funds to pay the Escrow Items no later than the time specified under RESP A. Lender shall not charg Borrower for holding and applying the Funds, annually analyzing the escrow account, or v rifying the Escrow Items, unless Lender pays Borrower interest on the Funds and Applicable aw permits Lender to make such a charge. Unless an agreement is made in writing or Appl cable Law requires interest to be paid on the Funds, Lender shall not be required to pay Bo ower any interest or earnings on the Funds. Borrower and Lender can agree in writing, ho ever, that interest 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, ender shall account to Borrower for the excess funds in accordance with RESPA. If there is a hortage of Funds held in escrow, as defined under RESP A, Lender shall notify Borrower as equired by RESP A, and Borrower shall pay to Lender the amount necessary to make up the hortage in accordance with RESPA, but in no more than 12 monthly payments. If there is deficiency of Funds held in escrow, as defined under RESP A, Lender shall notify Borrower as equired by RESP A, and Borrower shall pay to Lender the amount necessary to make up the d ficiency in accordance with RESP A, but in no more than 12 monthly payments. Upon payment in full of all sums secured by this Security Instrument, promptly refund to Borrower any Funds held by Lender. 4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines, and impositions attributable to the Property which can attain priority over this Security nstrument, leasehold payments or ground rents on the Property, if any, and Community Associ tion Dues, Fees, and Assessments, if any. To the extent that these items are Escrow Items, Bo ower shall pay them in the manner provided in Section 3. Borrower shall promptly discharge any lien which has priority over t is Security Instrument unless Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender, but only so long as Borrower is perfo ing such agreement; (b) contests the lien in good faith by, or defends against enforcement of the lien in, legal proceedings which in Lender's opinion operate to prevent the enforcement of th lien while those proceedings are pending, but only until such proceedings are concluded; or (c) secures from the holder of the lien an agreement satisfactory to Lender subordinating the' lien to this Security Instrument. If Lender determines that any part of the Property is subje t to a lien which can attain priority over this Security Instrument, Lender may give Borro er a notice identifying the lien. Within 10 days of the date on which that notice is given, Bo ower shall satisfy the lien or take one or more of the actions set forth above in this Section 4. Lender may require 'Borrower to pay a one-time charge for a real estate tax and/or reporting service used by Lender in connection with this Loan. 5. Property Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included wit in the term "extended coverage," and any other hazards including, but not limited t~, eart uakes and floods, for which Lender requires insurance. This insurance shall be maintained in he amounts GMACM - CMS.0042.WY (0001) (Page 6 of 18) Inlti WYOMING .. Single Family - Fannie MaeIFreddie Mac UNIFORM INSTRUMENT Form 3051 1/01, (;~OC533 (including deductible levels) and for the periods that Lender requires. What Len er requires pursuant to the preceding sentences can change during the term of the Loan. Th insurance carrier providing the insurance shall be chosen by Borrower subject to Lende 's right to disapprove Borrower's choice, which right shall not be exercised unreasonably. ender may require Borrower to pay, in connection with this Loan, either: (a) a one-time char e for flood zone determination, certification and tracking services; or (b) a one-time charge for flood zone determination and certification services and subsequent charges each time remapping or similar changes occur which reasonably might affect such determination or certification. Bo ower shall also be responsible for the payment of any fees imposed by the Federal Emergency anagement Agency in connection with the review of any flood zone determination resulti g from an objection by Borrower. If Borrower fails to maintain any of the coverages described above, Lender may obtain insurance coverage, at Lender's option and Borrower's expense. Lender is under n obligation to purchase any particular type or amount of coverage. Therefore, such coverage shall cover Lender, but might or might not protect Borrower, Borrower's equity in the Prop rty, or the contents of the Property, against any risk, hazard or liability and might provide grea er or lesser coverage than was previously in effect. Borrower acknowledges that the cost of t insurance coverage so obtained might significantly exceed the cost of insurance that Borrower could have obtained. Any amounts disbursed by Lender under this Section 5 shall become ad 'tional debt of Borrower secured by this Security Instrument. These amounts shall bear interest at the Note rate from the date of disbursement and shall be payable, with such interest, upon notice from Lender to Borrower requesting payment. ~ All insurance policies required by Lender and renewals of such policies shal be subject to Lender's right to disapprove such policies, shall include a standard mortgage clausf' and shall name Lender as mortgagee and/or as an additional loss payee. Lender shall have he right to hold the policies and renewal certificates. If Lender requires, Borrower shall prom tly give to Lender all receipts of paid premiums and renewal notices. If Borrower obtains a y form of insurance coverage, not otherwise required by Lender, for damage to, or· destruc ion of, the Property, such policy shall include a standard mortgage clause and shall name Lender as mortgagee and/or as an additional loss payee. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, any insurance proceeds, whether or not the underlying insurance was required by Lender, shall be applied to restoration or repair of the Pro erty, if the restoration or repair is economically feasible and Lender's security is not lessened. uring such repair and restoration period, Lender shall have the right to hold such insurance pr ceeds until Lender has had an opportunity to inspect such Property to ensure the work has bee completed to Lender's satisfaction, provided that such inspection shall be undertaken prompt y. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as the work is completed. Unless an agreement is made in writing or . Applicable Law requires interest to be paid on such insurance proceeds, Lender s all not be required to pay Borrower any interest or earnings on such proceeds. Fees for publi adjusters, GMACM - CMS.0042.WY (0001) (Page 7 of 18) LOAN NO: 187320007 WYOMING -- Single Family -- Fannie MaeIFrc:ddie Mac UNIFORM INSTRUMENT Form 3051 11 Init 000534 or other third parties, retained by Borrower shall not be paid out of the insurance p oceeds and shall be the sole obligation of Borrower. If the restoration or repair is not economic lly feasible or Lender's security would be lessened, the insurance proceeds shall be applied t the sums secured by this Security Instrument, whether or not then due, with the excess, if y, paid to Borrower. Such insurance proceeds shall be applied in the order provided for in Sec ion 2. If Borrower abandons the Property, Lender may file, negotiate and settle a y available insurance claim and related matters. If Borrower does not respond within 30 days to a notice from Lender that the insurance carrier has offered to settle a claim, then Lender m y negotiate and settle the claim. The 3D-day period will begin when the notice is given. In eith r event, or if Lender acquires the Property under Section 22 or otherwise, Borrower hereb assigns to Lender (a) Borrower's rights to any insurance proceeds in an amount not to exceed e amounts unpaid under the Note or this Security Instrument, and (b) any other of Borrower's r ghts (other than the right to any refund of unearned premiums paid by Borrower) under a I insurance policies covering the Property, insofar as such rights are applicable to the cove age of the Property. Lender may use the insurance proceeds either to repair or restore the Pr perty or to pay amounts unpaid under the Note or this Security Instrument, whether or not then ue. 6. Occupancy. Borrower shall occupy, establish, and use the Property as Borrower's principal residence within 60 days after the execution of this Security Instrume t and shall continue to occupy the Property as Borrower's principal residence for at least one y ar after the date of occupancy, unless Lender otherwise agrees in writing, which consent s all not be unreasonably withheld, or unless extenuating circumstances exist which are beyond Borrower's control. 7. Preservation, Maintenance and Protection of the Property; spections. Borrower shall not destroy, damage or impair the Property, allow the Property to d teriorate or commit waste on the Property. Whether or not Borrower is residing in the Prope , Borrower shall maintain the Property in order to prevent the Property from deteriorating or d creasing in value due to its condition. Unless it is determined pursuant to Section 5 th t repair or restoration is not economically feasible, Borrower shall promptly repair the Property if damaged to avoid further deterioration or damage. If insurance or condemnation proceeds are paid in connection with damage to, or the taking of, the Property, Borrower shall be res onsible for repairing or restoring the Property only if Lender has released proceeds for suc purposes. Lender may disburse proceeds for the repairs and restoration in a single payment or i a series of progress payments as the work is completed. If the insurance or condemnation proc eds are not sufficient to repair or restore the Property, Borrower is not relieved of Borrower's 0 ligation for the completion of such repair or restoration. Lender or its agent may make reasonable entries upon and inspections of t e Property. If it has reasonable cause, Lender may inspect the interior of the improvements on t e Property. Lender shall give Borrower notice at the time of or prior to such an interio inspection specifying such reasonable cause. 8. Borrower's Loan Application. Borrower shall be in default if, duri g the Loan application process, Borrower or any persons or entities acting at the direction of orrower or with Borrower's knowledge or consent gave materially false, misleading, 0 inaccurate information or statements to Lender (or failed to provide Lender with material inti rmation) in WYOMING _ ....,..." _ ,... M""....;. ... """'''' m",u."", '~'M' ,., d GMACM - CMS.0042.WY (0001) (Page 8 of J 8) Inlt~ (:.00535 connection with the Loan. Material representations include, but are not imited to, representations concerning Borrower's occupancy of the Property as Borrower' principal residence. 9. Protection of Lender's Interest in the Property and Rights Under t is Security Instrument. If (a) Borrower fails to perform the covenants and agreements conta ned in this Security Instrument, (b) there is a legal proceeding that might significantly affe t Lender's interest in the Property and/or rights under this Security Instrument (such as a pr ceeding in bankruptcy, probate, for condemnation or forfeiture, for enforcement of a lien whic may attain priority over this Security Instrument or to enforce laws or regulations), or (c) B rrower has abandoned the Property, then Lender may do and pay for whatever is reasonable or appropriate to protect Lender's interest in the Property and rights under this Security Instrumen, including protecting and/or assessing the value of the Property, and securing and/or re airing the Property. Lender's actions can include, but are not limited to: (a) paying any sumsiecured by a lien which has priority over this Security Instrument; (b) appearing in court; an (c) paying reasonable attorneys' fees to protect its interest in the Property and/or rights under t is Security Instrument, including its secured position in a bankruptcy proceeding. Securing t e Property includes, but is not limited to, entering the Property to make repairs, change locks replace or board up doors and windows, drain water from pipes, eliminate building or other code violations or dangerous conditions, and have utilities turned on or off. Although ender may take action under this Section 9, Lender does not have to do so and is not under ny duty or obligation to do so. It is agreed that Lender incurs no liability for not taking any 0 all actions authorized under this Section 9. Any amounts disbursed by Lender under this Section 9 shall become additi nal debt of Borrower secured by this Security Instrument. These amounts shall bear interest at t e Note rate from the date of disbursement and shall be payable, with such interest, upon notice om Lender to Borrower requesting payment. If this Security Instrument is on a leasehold, Borrower shall comply ith 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 writing. 10. Mortgage Insurance. If Lender required Mortgage Insurance as a ondition of making the Loan, Borrower shall pay the premiums required to maintain the Mortga e Insurance in effect. If, for any reason, the Mortgage Insurance coverage required by Lender eases to be available from the mortgage insurer that previously provided such insurance and B rrower was required to make separately designated payments toward the premiums for Mortgag Insurance, Borrower shall pay the premiums required to obtain coverage substantially equiv lent to the Mortgage Insurance previously in effect, at a cost substantially equivalent to he cost to Borrower of the Mortgage Insurance previously in effect, from an alternate mort age insurer selected by Lender. If substantially equivalent Mortgage Insurance coverage is n t available, Borrower shall continue to pay to Lender the amount of the separately designated p ments that were due when the insurance coverage ceased to be in effect. Lender will accept, us and retain these payments as a non-refundable loss reserve in lieu of Mortgage Insurance. Such loss reserve shall be non-refundable, notwithstanding the fact that the Loan is ultimately aid in full, and Lender shall not be required to pay Borrower any interest or earnings on such 1 ss reserve. Lender can no longer require loss reserve payments if Mortgage Insurance cove age (in the LOAN NO: 187320007 L WYOMING - Single Family -- Fannie MaelFreddie Mac UNIFORM INSTRUMENT Form 3051 liD GMACM - CMS.0042.WY (0001) (Page 9 of 18) Init' . \2"00536 amount and for the period that Lender requires) provided by an insurer selected by ender again becomes available, is obtained, and Lender requires separately designated payment toward the premiums for Mortgage Insurance. If Lender required Mortgage Insurance as a ondition of making the Loan and Borrower was required to make separately designated payment toward the premiums for Mortgage Insurance, Borrower shall pay the premiums required to maintain Mortgage Insurance in effect, or to provide a non-refundable loss reserve, until e Lender's requirement for Mortgage Insurance ends in accordance with any written agree ent between Borrower and Lender providing for such termination or until termination is equired by Applicable Law. Nothing in this Section 10 affects Borrower's obligation to pay i terest at the rate provided in the Note. Mortgage Insurance reimburses Lender (or any entity that purchases th Note) for certain losses it may incur if Borrower does not repay the Loan as agreed. Borro er is not a party to the Mortgage Insurance. Mortgage insurers evaluate their total risk on all such insurance in force om time to time, and may enter into agreements with other parties that share or modify their ris , or reduce losses. These agreements are on tefII)s and conditions that are satisfactory to t e mortgage insurer and the other party (or parties) to these agreements. These agreements ma require the mortgage insurer to make payments using any source of funds that the mortgage 'nsurer may have available (which may include funds obtained from Mortgage Insurance premiu s). As a result of these agreements, Lender, any purchaser of the Note, ano her insurer, any reinsurer, any other entity, or any affiliate of any of the foregoing, may receiv (directly or indirectly) amounts that derive from (or might be characterized as) a portion 0 Borrower's payments for Mortgage Insurance, in exchange for sharing or modifying the mortg ge insurer's risk, or reducing losses. If such agreement provides that an affiliate of Lender tak s a share of the insurer's risk in exchange for a share of the premiums paid to the insurer, the angement is often termed "captive reinsurance." Further: (a) Any such agreements will not affect the amounts that Borrower h s agreed to pay for Mortgage Insurance, or any other terms of the Loan. Such agreeme ts will not increase the amount Borrower will owe for Mortgage Insurance, and they wi! not entitle Borrower to any refund. (b) Any such agreements will not affect the rights Borrower has - if any - with respect to the Mortgage Insurance under the Homeowners Protection Act of 998 or any other law. These rights may include the right to receive certain disclosures, to equest and obtain cancellation of the Mortgage Insurance, to have the Mortgage Insuranc terminated automatically, and/or to receive a refund of any Mortgage Insurance premiu s that were unearned at the time of such cancellation or termination. 11. Assignment of Miscellaneous Proceeds; Forfeiture. All Miscellane us Proceeds are hereby assigned to and shall be paid to Lender. WYOMING -- Single Family -- Fannie Mae/F,eddie Mac UNIFORM INSTRUMENT Form 3051 1/01 / A / GMACM - CMS.0042.WY (0001) (Page 10 of 18) Inlti~- L'00S37 If the Property is damaged, such Miscellaneous Proceeds shall be applied t restoration or repair of the Property, if the restoration or repair is economically feasible a d Lender's security is not lessened. During such repair and restoration period, Lender shall h e the right to hold such Miscellaneous Proceeds until Lender has had an opportunity to i spect such Property to ensure the work has been completed to Lender's satisfaction, provid d that such inspection shall be undertaken promptly. Lender may pay for the repairs and rest ration in a single disbursement 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 pa d 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 economicall feasible or Lender's security would be lessened, the Miscellaneous Proceeds shall be applied 0 the sums secured by this Security Instrument, whether or not then due, with the excess, if ny, paid to Borrower. Such Miscellaneous Proceeds shall be applied in the order provided for i Section 2. In the event of a total taking, destruction, or loss in value of the P perty, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. In the event of a partial taking, destruction, or loss in value of the Prope in which the fair market value of the Property immediately before the partial taking, destruc ion, or loss in value is equal to or greater than the amount of the sums secured by this Securi Instrument immediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the sums secured by this Security Instrument shall be re Uced by the amount of the Miscellaneous Proceeds multiplied by the following fraction: (a) the t tal amount of the sums secured immediately before the partial taking, destruction, or loss in v lue divided by (b) the fair market value of the Property immediately before the partial taking, de truction, or loss in value. Any balance shall be paid to Borrower. In the event of a partial taking, destruction, or loss in value of the Prope in which the fair market value of the Property immediately before the partial taking, destruc ion, or loss in value is less than the amount of the sums secured immediately before the pial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in iting, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrum nt whether or not the sums are then due. If the Property is abandoned by Borrower, or if, after notice by Lender t Borrower that the Opposing Party (as defined in the next sentence) offers to make an awar to settle a claim for damages, Borrower fails to respond to Lender within 30 days after the dat the notice is given, Lender is authorized to collect and apply the Miscellaneous Procee s either to restoration or repair of the Property or to the sums secured by this Security Instrum nt, whether or not then due. "Opposing Party" means the third party that owes Borrower M scellaneous Proceeds or the party against whom Borrower has a right of action in regard to M scellaneous Proceeds. LOAN NO: 187320007 ~ WYOMING .. Single Family .. Fannie MacIFreddie Mac UNIFORM INSTRUMENT Form3051 1/01 , GMACM - CMS.0042.WY (0001) (Page 11 of 18) Initials ~'OC538 Borrower shall be in default if any action or proc,eeding, whether civil or criminal, is begun that, in Lender's judgment, could result in forfeiture of the Property or ot er material impairment of Lender's interest in the Property or rights under this Security Instrument. Borrower can cure such a default and, if acceleration has occurred, reinstate as rovided in Section 19, by causing the action or proceeding to be dismissed with a ruling that, in Lender's judgment, precludes forfeiture of the Property or other material impairment of Len r's interest in the Property or rights under this Security Instrument. The proceeds of any award r claim for damages that are attributable to the impairment of Lender's interest in the Propert are hereby assigned and shall be paid to Lender. All Miscellaneous Proceeds that are not applied to restoration or repair of e Property shall be applied inthe order provided for in Section 2. 12. Borrower Not Released; Forbearance By Lender Not a Waiver. xtension of the time for payment or modification of amortization of the sums secured by t9-is Security Instrument granted by Lender to Borrower or any Successor in Interest of BorroWn shall not operate to release the liability of Borrower or any Successors in Interest of Borro er. Lender shall not be required to commence proceedings against any Successor in Interest of orrower or to refuse to extend time for payment or otherwise modify amortization of the sums secured by this Security Instrument by reason of any demand made by the original Borro er or any Successors in Interest of Borrower. Any forbearance by Lender in exercising y right or remedy including, without limitation, Lender's acceptance of payments ITom th' d persons, entities or Successors in Interest of Borrower or in amounts less than the amount th n due, shall not be' a waiver of or preclude the exercise of any right or remedy. 13. Joint and Several Liability; Co-signers; Successors and Assi ns Bound. Borrower covenants and agrees that Borrower's obligations and liability shall e joint and several. However, any Borrower who co-signs this Security Instrument but does no execute the Note (a "co-signer"): (a) is co-signing this Security Instrument only to mortgag , grant and convey the co-signer's interest in the Property under the terms of this Security Ins ment; (b) is not personally obligated to pay the sums secured by this Security Instrument; and (c agrees that Lender and any other Borrower can agree to extend, modify, forbear or make any accommodations with regard to the terms of this Security Instrument or the Note without the co-signer's consent. Subject to the provisions of Section 18, any Successor in Interest of Bo ower who assumes Borrower's obligations under this Security Instrument in writing, and is pproved by Lender, shall obtain all of Borrower's rights and benefits under this Security Instrument. Borrower shall not be released ITom Borrower's obligations and liability under t is Security Instrument unless Lender agrees to such release in writing. The covenants and a eements of this Security Instrument shall bind (except as provided in Section 20) and benefit th successors and assigns of Lender. ("'OC539 14. Loan Charges. Lender may charge Borrower fees for services p rformed in connection with Borrower's default, for the purpose of protecting Lender's int rest in the Property and rights under this Security Instrument, including, but not limited to, att rneys' fees, property inspection and valuation fees. In regard to any other fees, the absenc of express authority in this Security Instrument to charge a specific fee to Borrower shall not e construed as a prohibition on the charging of such fee. Lender may not charge fees that e 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 I w is finally interpreted so that the interest or other loan charges collected or to be collected i connection with the Loan exceed the permitted limits, then: (a) any such loan charge shall be re uced by the amount necessary to reduce the charge to the permitted limit; and (b) any sums alrea y collected from Borrower which exceeded permitted limits will be refunded to Borrower. ender may choose to make this refund by reducing the principal owed under the Note or by m ing a direct payment to Borrower. If a refund reduces principal, the reduction will be treated as a partial prepayment without any prepayment charge (whether or not a prepayment charge is rovided for under the Note). Borrower's acceptance of any such refund made by direct ayment to Borrower will constitute a waiver of any right of action Borrower might have arisin out of such overcharge. 15. Notices. All Notices given by Borrower or Lender in connectio with this Security Instrument must be in writing. Any notice to Borrower in connection with is Security Instrument shall be deemed to have been given to Borrower when mailed by first ass mail or when actually delivered to Borrower's notice address if sent by other means. Notic to anyone Borrower shall constitute notice to all Borrowers unless Applicable Law expres ly requires otherwise. The notice address shall be the Property Address unless Borrower has esignated a substitute notice address by notice to Lender. Borrower shall promptly noti Lender of Borrower's change of address. If Lender specifies a procedure for reporting Borro er's change of address, then Borrower shall only report a change of address through th t specified procedure. There may be only one designated notice address under this Security I strument at anyone time. Any notice to Lender shall be given by delivering it or by mailin it by first class mail to Lender's address stated herein unless Lender has designated anothe address by notice to Borrower. Any notice in connection with this Security Instrument shall no be deemed to have been given to Lender until actually received by Lender. If any notice req ired by this Security Instrument is also required under Applicable Law, the Applicable Law requ rement will satisfy the corresponding requirement under this Security Instrument. 16. Governing Law; Severability; Rules of Construction. This Securi Instrument shall be governed by federal law and the law of the jurisdiction in which the Prope is located. All rights and obligations contained in this Security Instrument are subject to any r quirements and limitations of Applicable Law. Applicable Law might explicitly or implicit allow the parties to agree by contract or it might be silent, but such silence shall not bè co strued as a 000540 prohibition against agreement by contract. In the event that any provision or cl use of this Security Instrument or the Note conflicts with Applicable Law, such conflict shall not affect other provisions of this Security Instrument or the Note which can be given effect without the conflicting provision. As used in this Security Instrument: (a) words of the masculine gender sh I mean and include corresponding neuter words or words of the feminine gender; (b) words in he singular shall mean and include the plural and vice versa; and (c) the word "may" gives so e discretion without any 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 beneficial interest in t e Property, including, but not limited to, those beneficial interests transferred in a bond for d ed, contract for deed, installment sales contract or escrow agreement, the intent of which is th transfer of title by Borrower at a future date to a purchaser. . If all or any part of the Property or any Interest in the Property is sold 0 transferred (or if Borrower is not a natural person and a beneficial interest in Borrower is sold or transferred) without Lender's prior written consent, Lender may require immediat payment in full of all sums secured by this Security Instrument. However, this option shall not e exercised by Lender if such exercise is prohibited by Applicable Law. If Lender exercises this option, Lender shall give Borrower notice of accel ration. The notice shall provide a period of not less than 30 days from the date the notice is given in accordance with Section 15 within which Borrower must pay all sums secured by is Security Instrument. If Borrower fails to pay these sums prior to the expiration of this pe . od, Lender may invoke any remedies pennitted by this Security Instrument without further notic or demand on Borrower. 19. Borrower's Right to Reinstate After Acceleration. If Borrower eets certain conditions, Borrower shall have the right to have enforcement of this Securit Instrument discontinued at any time prior to the earliest of: (a) five days before sale of e Property pursuant to any power of sale contained in this Security Instrument; (b) such oth r period as Applicable Law might specify for the tennination of Borrower's right to reinstate; 0 (c) entry of a judgment enforcing this Security Instrument. Those conditions are that Borrow r: (a) pays Lender all sums which then would be due under this Security Instrument and the ote as if no acceleration had occurred; (b) cures any default of any other covenants or agreeme ts; (c) pays all expenses incurred in enforcing this Security Instrument, including, but nO~limited to, reasonable attorneys' fees, property inspection and valuation fees, and other fees inc rred for the purpose of protecting Lender's interest in the Property and rights under this Securi Instrument; and (d) takes such action as Lender may reasonably require to assure that Lender's i terest in the Property and rights under this Security Instrument, and Borrower's obligation to ay the sums secured by this Security Instrument, shall continue unchanged. Lender may equire that Borrower pay such reinstatement sums and expenses in one or more of the followi g fonns, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, trea rer's check or cashier's check, provided any such check is drawn upon an institution whose deposits are insured by a federal agency, instrumentality or entity; or (d) Electronic Fun s Transfer. WYOMING -- Singl. Family -- Fanni. M..IF,.ddi. Mac UNIFORM INSTRUMENT Form 3051 1/01 GMACM - CMS.0042.WY (0001) (Page 14 of 18) Upon reinstatement by Borrower, this Security Instrument and obligations secured ereby shall remain fully effective as if no acceleration had occurred. However, this right, to re'nstate shall not apply in the case of acceleration under Section 18. 20. Sale of Note; Change of Loan Servicer; Notice of Grievance. Th Note or a partial interest in the Note (together with this Security Instrument) can be sold ne or more times without prior notice to Borrower. A sale might result in a change in the enti (known as the "Loan Servicer") that collects Periodic Payments due under the Note and t is Security Instrument and performs other mortgage loan servicing obligations under the Note, is Security Instrument, and Applicable Law. There also might be one or more changes of the L an Servicer unrelated to a sale of the Note. If there is a change of the Loan Servicer, Borro er will be given written notice of the change which will state the name and address of th new Loan Servicer, the address to which payments should be made and any other informa ion RESP A requires in connection with a notice of transfer of servicing. If the Note is sold a d thereafter the Loan is serviced by a Loan Servicer other than the purchaser of the Note, the m rtgage loan servicing obligations to Borrower will remain with the Loan Servicer or be tran ferred to a successor Loan Servicer and are not assumed by the Note purchaser unless otherw se provided by the Note purchaser. Neither Borrower nor Lender may commence, join, or be joined to any ju icial action (as either an individual litigant or the member of a class) that arises from the iher party's actions pursuant to this Security Instrument or that alleges that the other party has eached any provision of, or any duty owed by reason of, this Security Instrument, until such orrower or Lender has notified the other party (with such notice given in compliance with the quirements of Section 15) of such alleged breach and afforded the other party hereto a reaso able period after the giving of such notice to take corrective action. If Applicable Law pro ides a time period which must elapse before certain action can be taken, that time period will b deemed to be reasonable for purposes of this paragraph. The notice of acceleration and oppo nity to cure given to Borrower pursuant to Section 22 and the notice of acceleration given 0 Borrower pursuant to Section 18 shall be deemed to satisfy the notice and opportunity to ta e corrective action provisions of this Section 20. 21. Hazardous Substances. As used in this Section 21: (a) "Hazardous Substances" are those substances defined as toxic or hazardous substances, pollutants, or wastes by Environmental Law and the following substances: gasoline, kerosene, other flamm ble or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, material containing asbestos or formaldehyde, and radioactive materials; (b) "Environmental Law" mans federal laws and laws of the jurisdiction where the Property is located that relate to heal h, safety or environmental protection; (c) "Environmental Cleanup" includes any response acti n, remedial action, or removal action, as defined in Environmental Law; and (d) an "E ironmental Condition" means a condition that can cause, contribute to, or otherwise trigger an Environmental Cleanup. Borrower shall not cause or permit the presence, use, disposal, storage, or re ease of any Hazardous Substances, or threaten to release any Hazardous Substances, on or in t e Property. Borrower shall not do, nor allow anyone else to do, anything affecting the Property a) that is in violation of any Environmental Law, (b) which creates an Environmental Cond ion, or (c) which, due to the presence, use, or release of a Hazardous Substance, creates a co dition that (;00541. (:'00542 adversely affects the value of the Property. The preceding two sentences shall not pply to the presence, use, or storage on the Property of small quantities of Hazardous Substa ces that are generally recognized to be appropriate to normal residential uses and to mainte ance of the Property (including, but not limited to, hazardous substances in consumer products). Borrower shall promptly give Lender written notice of (a) any investig~tion, claim, demand, lawsuit or other action by any governmental or regulatory agency or ~rivate party involving the Property and any Hazardous Substance or Environmental Law of whi h Borrower has actual knowledge, (b) any Environmental Condition, including but not lim ted 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 whi h adversely affects the value of the Property. If Borrower learns, or is notified by any gov rnmental or regulatory authority, or any private party, that any removal or other remedia ion of any Hazardous Substance affecting the Property is necessary, Borrower shall prom tly take all necessary remedial actions in accordance with Environmental Law. Nothing herei shall create any obligation on Lender for an Environmental Cleanup. NON-UNIFORM COVENANTS. Borrower and Lender further covenant nd agree as follows: 22. Acceleration; Remedies. Lender shall give notice to Borrow r prior to acceleration following Borrower's breach of any covenant or agreement in t is Security Instrument (but not prior to acceleration under Section 18 unless Applicable L w provides otherwise). The notice shall specify: (a) the default; (b) the action required 0 cure the default; (c) a date, not less than 30 days from the date the notice is given to B rrower, by which the default must be cured; and (d) that failure to cure the default on 0 before the date specified in the notice may result in acceleration of the sums secured by t is Security Instrument and sale of the Property. The notice shall further inform Borrower f 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 ale. If the default is not cured on or before the date specified in the notice, Lender at its ption may require immediate payment in full of all sums secured by this Security Instrum nt without further demand and may invoke the power of sale and any other remedies p rmitted by Applicable Law. Lender shall be entitled to collect all expenses incurred in p rsuing the remedies provided in this Section 22, including, but not limited to, reasonabl attorneys' fees and costs of title evidence. If Lender invokes the power of sale, Lender shall give notice of intent 0 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 he manner provided in Section 15. Lender shall publish the notice of sale, and the Prope ty shall be sold in the manner prescribed by Applicable Law. Lender or its designee may p rchase the Property at any sale. The proceeds of the sale shall be applied in the following rder: (a) to all expenses of the sale, including, but not limited to, reasonable attorneys' fee ; (b) to all sums secured by this Security Instrument; and (c) any excess to the person or persons legally entitled to it. GMACM - CMS.0042.WY (0001) (Page 16 of 18) Initials' WYOMING -- SingJeFamily -- Fannie MaeIFreddie Mac UNIFORM INSTRUMENT Form 3051 1/01 . 23. Release. Upon payment of all sums secured by this Security Instru ent, Lender shall release this Security Instrument. Borrower shall pay any recordation costs. Lender may charge Borrower a fee for releasing this Security Instrument, but only if the fee is p id to a third party for services rendered and the charging of the fee is pennitted under Applicabl Law. 24. Waivers. Borrower releases and waives all rights under and by irtue of the homestead exemption laws of Wyoming. BY SIGNING BELOW, Borrower accepts and agrees to the tenns an covenants contained in this Security Instrument and in any Rider executed by Borrower and r corded with it. , ~ LOAN NO: 187320007 Witnesses: WYOMING -- Single Family -- Fannie MaelFreddie Mac UNIFORM INSTRUMENT Form 3051 1/01 GMACM - CMS.0042.WY (0001) (Page 17 of 18) (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (>00543 000544 INDnnDUALACKNOWLEDGMENT STATE OF WYOMING, ) ) SS ) COUNTY OF Lincoln The foregoing instrument was acknowledged before me this July 3, 2008 (date) by KEVIN SIMPSON and JAMIE SIMPSON, husband and wife (person acknowledging) My Commission Expires: ~Lqt8DIO ~\\\\\"IIIII"'/I/, ~\'\ ..... ! U Ir:: ì'/~ ...,,,, .... <Co, ~'I.II'H;; 11'>. íZ S". ...'" . ~..") '% §~.,. o(l~з'þ;aro~o !"'" a ~ s <;>. . ....0,::::: ~ ~ )<13 ~ ª OCWnyOFI.IiCOiN :: - "II" _, _ -, - ::: tP """.,"_·__0"'_""" fJ ~ ~ ~ ~ ÞU"'L\C C!1 ~ ~. r1", "" f;;¡, § ~ '~.. Øo_..... §' ~/ OF W·f.. # "'Il . ,\\~ 1'¡¡¡IIlIJU\\\\~\ WYOMING .. "~,. ,..., - 'm." """"'_. M. """"'" """WMIDIT ,«.~" m:Ø GMACM - CMS.0042.WY (0001) (Page 18 of 18) Initial Schedule A W¥oming Mortgage Glven By: Kevin Simpson and Jamie Simpson LOT 1 OF MOOSE HOLLOW SUBDIVISION, LINCOLN COUNTY, WYOMING AS DESCRIBED ON THE OFFICIAL PLAT THEREOF ~ 'Þ 000545 Page 1