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HomeMy WebLinkAbout941491 C/\ RECEIVED 8/22/2008 at 12:31 PM RECEIVING # 941491 BOOK: 702 PAGE: 811 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY ~ Igpd lìtle . (9rñpany SINCE 1904 Ü00~.t1 {,:~..J... [Space Above This Uue For Recording 01111 FOrni RD 3550-14 WY (11-96) FOrni Approved OMS No. 0575-0172 United States Department of Agriculture Rural Housing Service MORTGAGE FOR WYOMING TIllS MORTGAGE ("Security Instrument") is made on The mortgagor is SUSANNA CHOI, a single August 21,2008 woman . [Date] ("Borrower"), This Security Instrument is given to the United States of America acting through the Rural Housing Service or successor agency, United States Department of Agriculture ("Lender"), whose address is Rural Housing Service, c/o Centralized Servicing Center, United States Department of Agriculture, P.O. Box 66889, St. Louis, Missouri 63166, Borrower is indebted to Lender under the following promissory notes and/or assumption agreements (herein collective]y called "Note") which have been executed or assumed by Borrower and which provide for month]y payments, with the full debt, if not paid ear]ier, due and payab]e on the maturity date: Date of Instrument AUGUST 21, 2008 Principal Amount $161,000,00 Maturity Date AUGUST 21,2041 This Security Instrument secures to Lender; (a) the repayment ofthe debt evidenced by the Note, with interest, and all renewa]s, extensions and modifications ofthe Note; (b) the payment of all other sums, with interest, advanced under paragraph 7 to protect the property covered by this Security Instrument; (c) the performance of Borrower's covenants and agreements under this Security Instrument and the Note, and (d) the recapture of any payment assistance and subsidy which may be granted to the Borrower by the Lender pursuant to 42 U.S.C. §§ 1472(g) or 1490a. For this purpose, Borrower does hereby mortgage, grant, and convey to Lender, with power of sale, the following described property ]ocated in the County of Lincoln , State of Wyoming: Unit 401 of Building 400, STATELlNE CONDOMINIUMS, PHASE III, as shown on the official plat thereof filed on August 13, 2008, as Document NO, 941246, as Plat NO. 941246, in the Office of the Clerk of Lincoln County, Wyoming, also being a part of Lot 4, STATELlNE ESTATES, as shown on the official plat thereof filed on November 17,2005, as Document NO. 913797, as Plat NO, 293-E, in the Office of the Clerk of Lincoln County, Wyoming, and further defined and described in that certain Declaration of Covenants, Covenants, Conditions and Restrictions for Stateline Condominiums located in Freedom, Lincoln County, Wyoming, Created by Document NO. 941249, in Book 702, at Page 268 or set forth in the related bylaws in any instrument creating the estate or interest insured by this policy; and in any other allied instrument referred to in any of the instruments aforesaid, which has the address of 72 James Way #401 Freedom Wyoming [ZIP] 83120 [Street] ("Property Address"); [City] Public reporting burden for this collection of information is estimated to average 15 minutes per response, including the time for reviewing instruction, searching existing data sources, gathering and maintaining the data needed, and completing and reviewing the collection of information. Send comments regarding this burden estimate or any other aspect oj this collection oj inJormation, including suggestions Jor reducing this burden, to the U.S. Dep(l/'tment of Agriculture, Clearance Officer, STOP-7602, 1400 Independence Ave., S. W:, Washington, D. C. 20250-7602. Please DO NOT RETURN this Jorm to this address. Forward to the local USDA office only. You are not required to respond to this collection oJinJormation unless it displays a currently valid OMB number. Page 10f6 S' ~ ÜOG8j.2 TOGETHER WITH all the improvements now or hereafter erected on the property, and all easements, appurtenances, and fixtures which now or hereafter are a part of the property. 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 COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has the right to grant and convey the Property and that the Property is unencumbered, except for encumbrances of record. Borrower warrants and will defend generally the title to the Property against all claims and demands, subject to any encumbrances of record, THIS SECURITY INSTRUMENT combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 1. Payment of Principal and Interest; Prepayment and Late Charges, Borrower shall promptly pay when due the principal of and interest on the debt evidenced by the Note and any prepayment and late charges due under the Note, 2. Funds for Taxes and Insurance. Subject to applicable law or to a written waiver by Lender, Borrower shall pay to Lender on the day monthly payments are due under the Note, until the Note is paid in full, a sum ("Funds") for: (a) yearly taxes and assessments which may attain priority over this Security Instrument as a lien on the Property; (b) yearly leasehold payments or ground rents on the Property, if any; (c) yearly hazard or property insurance premiums; and (d) yearly flood insurance premiums, if any. These items are called "Escrow Items," Lender may, at any time, collect and hold Funds in an amount not to exceed the maximum amount a lender for a federally related mortgage loan may require for Borrower's escrow account under the federal Real Estate Settlement Procedures Act of 1974 as amended from time to time, 12 U,S.c. § 2601 et seq. ("RESPA"), unless another law or federal regulation that applies to the Funds sets a lesser amount. If so, Lender may, at any time, collect and hold Funds in an amount not to exceed the lesser amount. Lender may estimate the amount of Funds due on the basis of current data and reasonable estimates of expenditures of future Escrow Items or otherwise in accordance with applicable law. The Funds shall be held by a federal agency (including Lender) or in an institution whose deposits are insured by a federal agency, instrumentality, or entity, Lender shall apply the Funds to pay the Escrow Items. Lender may not charge Borrower for holding and applying the Funds, annually analyzing the escrow account, or verifying the Escrow Items, unless Lender pays Borrower interest on the Funds and applicable law permits Lender to make such a charge, However, Lender may require Borrower to pay a one-time charge for an independent real estate tax reporting service used by Lender in connection with this loan, unless applicable law provides otherwise, Unless an agreement is made or applicable law requires interest to be paid, Lender shall not be required to pay Borrower any interest or earnings on the Funds, Borrower and Lender may agree in writing, however, that interest shall be paid on the Funds. Lender shall give to Borrower, without charge, an annual accounting of the Funds, showing credits and debits to tb.e Funds and the purpose for which each debit to the Funds was made, The Funds are pledged as additional security for all sums secured by this Security Instrument. . If the Funds held by Lender exceed the amounts permitted to be held by applicable law, Lender shall account to Borrower for the excess funds in accordance with the requirements of applicable law. If the amount of the Funds held by Lender at any time is not sufficient to pay the Escrow Items when due, Lender may so notify Borrower in writing, and, in such case Borrower shall pay to Lender the amount necessary to make up the deficiency. Borrower shall make up the deficiency in no more than twelve monthly payments, at Lender's sole discretion, Upon payment in full of all sums secured by this Security Instrument, Lender shall promptly refund to Borrower any Funds held by Lender. If Lender shall acquire or sell the Property after acceleration under paragraph 22, Lender, prior to the acquisition or sale of the Propeliy, shall apply any Funds held by Lender at the time of acquisition or sale as a credit against the sums secured by this Security Instrument. 3. Application of Payments, Unless applicable law or Lender's regulations provide otherwise, all payments received by Lender under paragraphs I and 2 shall be applied in the following order of priority: (1) to advances for the preservation or protection of the Property or enforcement of this lien; (2) to accrued interest due under the Note; (3) to principal due under the Note; (4) to amounts required for the escrow items under paragraph 2; (5) to late charges and other fees and charges. 4. Charges; Liens, Borrower shall pay all taxes, assessments, charges, fines and impositions attributable to the Property which may attain priority over this Security Instrument, and leasehold payments or ground rents, if any. Borrower shall pay these obligations in the manner provided in paragraph 2, or if not paid in that manner, Borrower shall pay them on time directly to the person owed payment. Borrower shall promptly furnish to Lender all notices of amounts to be paid under this paragraph. If Borrower makes these payments directly, Borrower shall promptly furnish to Lender receipts evidencing the payments, Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Lender has Page 2 of6 ~' r,~o ~" . o v8:!.3 agreed in writing to such lien or Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender; (b) contests in good faith the lien by, or defends against enforcement of the lien in, legal proceedings which in the Lender's opinion operate to prevent the enforcement of the lien; 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 subject to a lien which may attain priority over this Security Instrument, Lender may give Borrower a notice identifying the lien, Borrower shall satisfy the lien or take one or more of the actions set forth above within ten (IO) days of the giving of notice, Borrower shall pay to Lender such fees and other charges as may now or hereafter be required by regulations of Lender, and payor reimburse Lender for all of Lender=s fees, costs, and expenses in connection with any full or partial release or subordination of this instrument or any other transaction affecting the property. 5. Hazard or Property Insurance. Borrower shall keep the in1provements now existing or hereafter erected on the Property insured against loss by fire, hazards included within the term "extended coverage" and any other hazards, including floods or flooding, for which Lender requires insurance, This insurance shall be maintained in the amounts and for the periods that Lender requires, The insurer providing the insurance shall be chosen by Borrower subject to Lender's approval which shall not be unreasonably withheld. If Borrower fails to maintain coverage described above, at Lender's option Lender may obtain coverage to protect Lender's rights in the Property pursuant to paragraph 7. All insurance policies and renewals shall be in a form acceptable to Lender and shall include a standard mortgagee clause, Lender shall have the right to hold the policies and renewals, If Lender requires, Borrower shall promptly give to Lender all receipts of paid premiwns and renewal notices, 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, insurance proceeds shall be applied to restoration or repair of the Property damaged, if the restoration or repair is economically feasible and Lender's security is not lessened, If the restoration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with any excess paid to Borrower. If Borrower abandons the Property, or does not answer within thirty (30) days a notice from Lender that the insurance carrier has offered to settle a claim, then Lender may collect the insurance proceeds, Lender may use the proceeds to repair or restore the Property or to pay sums secured by this Security Instrument, whether or not then due. The thirty (30) day period will begin when the notice is given. Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shall not extend or postpone the due date of the monthly payments referred to in paragraphs I and 2 or change the amount of the payments, If after acceleration the Property is acquired by Lender, Borrower's right to any insurance policies and proceeds resulting from damage to the Property prior to the acquisition shall pass to Lender to the extent of the sums secured by this Security Instrument immediately prior to the acquisition. 6. Preservation, Maintenance, and Protection of the Property; Borrower's Loan Application; Leaseholds, Borrower shall not destroy, damage or impair the Property, allow the Property to deteriorate, or commit waste on the Property. Borrower shall maintain the improvements in good repair and make repairs required by Lender, Borrower shall comply with all laws, ordinances, and regulations affecting the Property, Borrower shall be in default if any forfeiture action or proceeding, whether civil or criminal, is begun that in Lender's good faith judgment could result in forfeiture of the Property or otherwise materially impair the lien created by this Security Instrument or Lender's security interest. Borrower may cure such a default by causing the action or proceeding to be dismissed with a ruling that, in Lender's good faith determination, precludes forfeiture of the Borrower's interest in the Property or other material impairment of the lien created by this Security Instrument or Lender's security interest. Borrower shall also be in default if Borrower, during the loan application process, gave materially false or inaccurate information or statements to Lender (or failed to provide Lender with any material information) in connection with the loan evidenced by the Note, 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 writing. 7. Protection of Lender's Rights in the Property, If Borrower fails to perform the covenants and agreements contained in this Security Instrument, or there is a legal proceeding that may significantly affect Lender's rights in the Property (such as a proceeding in bankruptcy, probate, for condemnation or forfeiture or to enforce laws or regulations), then Lender may do and pay for whatever is necessary to protect the value of the Property and Lender's rights in the Property. Lender's actions may include paying any sums secured by a lien which has priority over this Security Instrument, appearing in court, paying reasonable attorneys' fees and entering on the Property to make repairs, Although Lender may take action under this paragraph 7, Lender is not required to do so, Any amounts disbursed by Lender under this paragraph 7 shall become additional debt of Borrower secured by this Security Instrument. Unless Borrower and Lender agree to other terms of payment, these amounts shall bear interest from the date of disbursement at the Note rate and shall be payable, with interest, upon notice from Lender to Borrower requesting payment. 8. Refinancing. If at any time it shall appear to Lender that Borrower may be able to obtain a loan from a Page 3 of6 ~.) ~.-/ Ö008~*1 responsible cooperative or private credit source, at reasonable rates and tenns for loans for similar purposes, Borrower will, upon the Lender's request, apply for and accept such loan in sufficient amount to pay the note and any indebtedness secured hereby in full. 9. Inspection, Lender or its agent may make reasonable entries upon and inspections of the Property, Lender shall give Borrower notice at the time of or prior to an inspection specifying reasonable cause for the inspection, 10. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of any part of the Property, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. In the event of a total taking of the Property, the proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with any excess paid to Borrower, In the event of a partial taking of the Property in which the fair market value of the Property immediately before the taking is equal to or greater than the amount of the sums secured by this Security Instrument immediately before the taking, unless Borrower and Lender otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by the amount of the proceeds multiplied by the following fraction: (a) the total amount of the sums secured immediately before the taking, divided by (b) the fair market value of the Property immediately before the taking. Any balance shall be paid to Borrower. In the event of a partial taking of the Property in which the fair market value of the Property immediately before the taking is less than the amount of the sums secured hereby immediately before the taking, unless Borrower and Lender otherwise agree in writing or unless applicable law otherwise provides, the proceeds shall 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 notice by Lender to Borrower tbat tbe condemnor offers to make an award or settle a claim for damages, Borrower fails to respond to Lender within thirty (30) days after the date the notice is given, Lender is authorized to collect and apply the proceeds, at its option, either to restoration or repair of the Property or to the sums secured by this Security Instrument, whether or not then due, Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shall not extend or postpone the due date of the monthly payments referred to in paragraphs 1 and 2 or change the amount of such payments, 11. Borrower Not Released; Forbearance By Lender Not a Waiver, Extension of the time for payment or modification of amortization of the sums secured by this Security Instrument granted by Lender to Borrower and any successor in interest of Borrower shall not operate to release the liability of the original Borrower or Borrower's successors in interest. Lender shall not be required to commence proceedings against any successor in interest or 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 Borrower or Borrower's successors in interest. Any forbearance by Lender in exercising any right or remedy shall not be a waiver of or preclude the exercise of any right or remedy, 12. Successors and Assigns Bound; Joint and Several Liability; Co-signers. The covenants and agreements of this Security Instrument shall bind and benefit the successors and assigns of Lender and Borrower, subject to the provisions of paragraph 16, Borrower's covenants and agreements shall be joint and several. Any Borrower who co-signs this Security Instrument but does not execute the Note: (a) is co-signing this Security Instrument only to mortgage, grant and convey that Borrower's interest in the Property under the tenns of this Security Instrument; (b) is not personally obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower may agree to extend, modify, forbear or make any accommodations with regard to the tenns of this Security Instrument or the Note without that Borrower's consent. 13. Notices. Any notice to Borrower provided for in this Security Instrument shall be given by delivering it or by mailing it by first class mail unless applicable law requires use of another method. The notice shall be directed to the Property Address or any other address Borrower designates by notice to Lender. Any notice to Lender shall be given by first class mail to Lender's address stated herein or any other address Lender designates by notice to Borrower. Any notice provided for in this Security Instrument shall be deemed to have been given to Borrower or Lender when given as provided in this paragraph, 14. Governing Law; Severability. This Security Instrument shall be governed by federal law, In the event that any provision or clause 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, To this end the provisions of this Security Instrument and the Note are declared to be severable. This instrument shall be subject to the present regulations of Lender, and to its future regulations not inconsistent with the express provisions hereof. All powers and agencies granted in this instrument are coupled with an interest and are irrevocable by death or otherwise; and the rights and remedies provided in this instrument are cumulative to remedies provided by law. 15. Borrower's Copy. Borrower acknowledges receipt of one confonned copy of the Note and of this Security Instrument. 16. Transfer of the Property or a Beneficial Interest in Borrower. If all or any part of the Property or any interest in it is leased for a tenn greater than three (3) years, leased with an option to purchase, sold, or transferred (or if a beneficial interest in Borrower is sold or transferred and Borrower is not a natural person) without Lender's prior written consent, Lender may, at its option, require immediate payment in full of all sums secured by this Security Instrument. Page 4 of6 @ 00\)815 17. Nondiscrimination, If Borrower intends to sell or ren~the Property or any part of it and has obtained Lender's consent to do so (a) neither Borrower nor anyone autho ' ed to act for Borrower, will refuse to negotiate for the sale or rental of the Property or will otherwise make unav ilable or deny the Property to anyone because of race, color, religion, sex, national origin, handicap, age, or famil al status, and (b) Borrower recognizes as illegal and hereby disclaims and will not comply with or attempt to enfo ce any restrictive covenants on dwelling relating to race, color, religion, sex, national origin, handicap, age or famil al status, 18. Sale of Note; Change of Loan Servicer, The Note 0 a partial interest in the Note (together with this Security Instrument) may be sold one or more times without prior otice to Borrower. A sale may result in a change in the entity (known as the "Loan Servicer") that collects monthl payments due under the Note and this Security Instrument. There also may be one or more changes of the Loan ervicer unrelated to a sale of the Note. If there is a change of the Loan Servicer, Borrower will be given written nofce of the change in accordance with paragraph 13 above and applicable law. The notice will state the name and ad ess of the new Loan Servicer and the address to which payments should be made. 19. Uniform Federal Non-Judicial Foreclosure, If a unifo federal non-judicial foreclosure law applicable to foreclosure of this security instrument is enacted, Lender sha I have the option to foreclose this instrument in accordance with such federal procedure, 20. Hazardous Substances, Borrower shall not cause or pe it the presence, use, disposal, storage, or release of any hazardous substances on or in the Property, The precedin sentence shall not apply to the presence, use, or storage on the Property of small quantities of hazardous substanc s that are generally recognized to be appropriate to normal residential uses and to maintenance of the Property, B rrower shall not do, nor allow anyone else to do, anything affecting the Property that is in violation of any federal, s ate, or local environmental law or regulation. Borrower shall promptly give Lender written notice of any in estigation, claim, demand, lawsuit or other action by any governmental or regulatory agency or private party invol ing the Property and any hazardous substance or environmental law or regulation of which Borrower has actual kn wledge, If Borrower learns, or is notified by any governmental or regulatory authority, that any removal or other mediation of any hazardous substance affecting the Property is necessary, Borrower shall promptly take all necess remedial actions in accordance with applicable environmental law and regulations, As used in this paragraph "hazardous substances" are those su stances defined as toxic or hazardous substances by environmental law and the following substances: gasoline, kerosene, other flammable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, mat rials containing asbestos or formaldehyde, and radioactive materials. As used in this paragraph, "environmental w" means federal laws and regulations and laws and regulations of the jurisdiction where the Property is locate that relate to health, safety or environmental protection, 21. Cross Collateralization. Default hereunder shall cons 'tute default under any other real estate security instrument held by Lender and executed or assumed by Borro er, and default under any other such security instrument shall constitute default hereunder. NON-UNIFORM COVENANTS, Borrower and Lender fu her covenant and agree as follows: 22. SHOULD DEFAULT occur in the performance or di charge of any obligation in this instrument or secured by this instrument, or should the parties named as Borro er die or be declared incompetent, or should any one of the parties named as Borrower be discharged in bankruptc or declared an insolvent, or make an assignment for the benefit of creditors, Lender, at its option, with or without otice may: (a) declare the entire amount unpaid under the note and any indebtedness to Lender hereby secured . ediately due and payable, (b) for the account of Borrower incur and pay reasonable expenses for repair or mainten nce of and take possession of, operate or rent the property, (c) collect the rentals and other income and profits fro the property and apply it against the secured indebtedness, whether or not a receiver shall have been appointed, ut shall not be required or be liable for failure to collect rent or other income, and shall be held accountable for onl such amounts as are actually received, (d) upon application by it and production of this mortgage, without other evidence and without notice of hearing of said application, have a receiver appointed for the property, with the us al powers of receivers in like cases, (e) foreclose this instrument as provided herein or by law, (f) require Borr'owe to surrender to Lender any and all abstracts of title then owned by Borrower covering all or any part of the prop rty, and (g) enforce any and all other rights and remedies provided herein or by present or future law. 23. The proceeds of foreclosure sale shall be applied in the ollowing order to the payment of: (a) costs and expenses incident to enforcing or complying with the provisions hereof, (b) any prior liens required by law or a competent court to be so paid, (c) the debt evidenced by the note nd all indebtedness to Lender secured hereby, (d) inferior liens of record required by law or a competent cou to be so paid, (e) at Lender's option, any other indebtedness of Borrower owing to Lender, and (f) any balance t Borrower. At foreclosure or other sale of all of any part of the property, Lender and its agents may bid and purcl ase as a stranger and may pay Lender's share of the purchase price by crediting such amount on any debts of Bo ower owing to Lender, in the order prescribed above, 24. Borrower agrees that Lender will not be bound by any pre ent or future laws, (a) providing for valuation or Page 5 of6 ~ ÜOvB16 appraisal of the property, (b) prohibiting maintenance of an action for a deficiency judgment or limiting the amount thereof or the time within which such action may be brought, (c) prescribing any other statute of limitations, (d) allowing any right of redemption or possession following any foreclosure sale, (e) requiring possession of the property or appointment of a receiver before Lender is entitled to rents, or (f) limiting the conditions which Lender may by regulation impose, including the interest rate it may charge, as a condition of approving a transfer of the property to a new Borrower. Borrower expressly waives the benefit of any such State laws. Borrower hereby releases and waives all rights under and by virtue of the homestead exemption laws of Wyoming. 25. At the option of Lender this mortgage may be foreclosed by action or advertisement under Power of Sale as provided by law and statute, and Borrower hereby irrevocably vests in Lender the statutory Power of Sale. 26. Borrower hereby assigns to Lender all Borrower's rights under Wyoming Statutes 34-4-113 to surplus proceeds and/or surplus money remaining after sale of the property under statutory Power of Sale or any foreclosure sale or similar sale exercised by any foreclosing party or other party and hereby waives any claim against the officer or person making such sale for paying said surplus on demand of Lender. 27. Riders to this Security Instrument. If one or more riders are executed by Borrower and recorded together with this Security Instrument, the covenants and agreements of each rider shall be incorporated into and shall amend and supplement the covenants and agreements of this Security Instrument as if the rider(s) were a part of this ~u)rity Instrument. [Check applicable box] //~!:f;t Condominium Rider 0 Planned Unit Development Rider 0 Other(s) [specify] ~ ~y SIGNING BELOW, Borrower accepts and agrees to the tenus and covenants contamed m pages 1 through 6 of this Security Instrument and in any rider executed by Borrower and recorded with this Security Instrument _4ä~' Borrower Borrower STATE OF WYOMING COUNTY OF, Cu]~ø'V }s ACKNOWLEDGMENT The foregoing instrument was acknowledged before me by /7 (1/2' {~{ýUVlt.t LYlec and Witness my hand and official seal. this J/ ff day of fj-µ¿yu~f ~···········'··""""""""""I'. = 0, Fenton· Notary Public : - - = County of state of = : Unco!n Wyoming : - . - . = My Commission Expires 10/11/2011 = ...................................... ~g , . (NOTARIAL SEAL) My commission expires: 10 III I jo If Notary Public Page 6 of6 (;Oô817 FormRD3550-l0 (Rev, 8-00) United States Department of A iculture Rural Housing Service CONDOMINIUM DER Form Approved OMB No. 0575-0172 Account # 36707075 THIS CONDOMINIUM RIDER is made this 21st day of August 2008 and is incorporated into and shall be deemed to amend and supplement the Mortgag , Deed of Trust or Security Deed (the "Security Instrument") of the same date given by the undersigned (the "Borrower") to secure Borrower's N te to The united States of America actin throu h the Rural Housin Servi e or successor a enc (the "Lender") of the same date and covering the Property described in the Security Instrument and located at: 72 James Way #401 Freedom, WY 83120 [Property Address] The Property includes a unit in, together with an undivided interest in the common lements of, a condominium project known as: [Name of Condominium Proje t] STATELINE CONDOMINIUMS (the "Condominium Project"). If the owners association or other entity which acts for the Condominium Project (the "Owner Association) holds title to property for the benefit or use of its members or shareholders, the property also includes Borrower's interest in the Owners Association and the uses, proceeds and benefits of Borrower's interest. CONDOMINIUM COVENANTS. In addition to the covenants and agreements made in the Security instrument, Borrower and Lender further covenant and agree as follows: A. Condominium Obligations. Borrowers shall perform all of Borrower's obligations under the Condominium Project's Constituent DlJcuments, The "Constituents Documents" are the: (i) Declaration or any other document which creates the Condominium Project; (Ü) by-laws; (iÜ) code of regulations; and (iv) other equivalent documents, Borrower shall promptly pay, when due, all dues and assessments imposed pursuant to the Constituent Documents, B. Hazard Insurance. So long as the Owners Association maintains, with a generally accepted insurance carrier, a "master or "blanket" policy on the Condominium Project which is satisfactory to Lender and which provides insurance coverage in the amounts, for the periods, and against the hazards Lender requires, including fire and hazards included within the term "extended coverage," then: (i) Lender waives the provision in Uniform Covenant 2 for the monthly payment to Lender of the yearly premium installments for hazard insurance on the Property; and (Ü) Borrower's obligation under Uniform Covenant 5 to maintain hazard insurance coverage 'on the Property is deemed satisfied to the extent that the required coverage is provided by the Owners Association policy. Borrower shall give Lender prompt notice of any lapse in required hazard insurance coverage. In the event of a distribution of hazard insurance proceeds in lieu of restoration or repair fo Ilowing a loss to the Property, whether to the unit or to common elements, any proceeds payable to Borrower are hereby assigned and shall be paid to Lender for application to the sums secured by the Security Instrument, with any excess paid to Borrower. C. Public Liability Insurance. Borrower shall take such actions as may be reasonable to insure that the Owners Association maintains a public liability insurance policy acceptable in form, amount, and extent of coverage to Lender, D. Condemnation. The proceeds of any award or claim for damages, direct or consequential, payable to Borrower in connection with any condemnation or other taking of all or any part of the Property, whether of the unit or of the common elements, or for any conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender, Such proceeds shall be applied by Lender to the sums secured by the Security Instrument as provided in Uniform Covenant 10. E. Lender's prior consent. Borrower shall not, except after notice to Lender and with Lender's prior written consent, either partition or subdivide the property or consent to: (i) The abandonment or termination of the Condominium Project, except for abandonment or termination required by law in the case of substantial destruction by fire or other casualty or in the case of a taking by condemnation or eminent domain; (Ü) any amendment to any provision of the Constituent Documents if the provision is for the express benefit of Lender; (iii) termination of professional management and assumption of self-management of the Owner Association; or (iv) any action which would have the effect of rendering the public liability insurance coverage maintained by the Owners Association unacceptable ro Lender. F. Remedies. If rrower does not pay condominium dues and assessments when due, then Lender may pay them. Any amounts disbursed by Lender und this paragraph F shall become additional debt of Borrower secured by the Security Instrument. Unless Borrower and Lender agree to other te s of payment, these amounts shall bear interest from the date of disbursement at the Note rate and shall be payable, with interest, upon notice from Lender t Borrower requesting payment. BY SIGNING BELOW, Borrower accepts and agrees to the terms and provisio contained m th s Cond inium ~der. (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower According to the Paperwork Reduction Act of 1995, no persons a,.e requl,.ed to respond ro a collee/lon of Information unless /I displays a valid OMB control number. The valid OMB control number for tlús Information collection Is 0575-0172. The lime required to complete this Information colleclion Is est/mated to average 5 minutes per response, Including the time for reviewing Instructions, searching existing data sources, gathering and maintaining the data needed, and completing and reviewing the collection of l'!formatlon.