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HomeMy WebLinkAbout941634 6010816876 After Recording Return To: VANDERBILT MORTGAGE AND FINANCE, INC. 510 ALCOA TRAIL MARYVILLE, TN 37804 60\)2\135 [Space Above This Line For Recording Data} Loan Number 364985 MORTGAGE DEFINITIONS Words used in multiple sections of this document are defined below and other words are defmed in Sections 3, 11, 13, 18, 20 and 21. Certam rules regarding the usage of words used in this document are also provlded in Section 16. ? ,,/ ,.I 'f «, (A) "Security Instrument" means this document, which is dated AUGUST 22, 2008, together with all Riders to this document. (B) "Borrower" is STEVEN E. JOHANSEN and TRACY K. JOHANSEN, HUSBAND And WIFE. Borrower is the mortgagor under this Security Instrument. (C) IILender" is VANDERBILT MORTGAGE AND FINANCE, INC., ISAOA, ATIMA. Lender is a MORTGAGE & FINANCE organized and existing under the laws of THE STATE OF TENNESSEE. Lender's address is 510 ALCOA TRAIL, MARYVILLE, TN 37804. Lender is the mortgagee under this Security Instrument. (D) "Note" means the promissory note signed by Borrower and dated AUGUST 22, 2008. The Note states that Borrower owes Lender ONE HUNDRED FIFTY-EIGHT THOUSAND FIVE HUNDRED FIFTY-EIGHT AND OO/lOOths Dollars (U,8.$158,558.00) plus ìnterest. Borrower has promised to pay this debt lD regular Periodic Payments and to pay the debt In full not later than SEPTEMBER I, 2028. (E) "Property" means the property that 1S described below under the heading "Transfer of Rights in the Property. " (F) "Loan" means the debt evidenced by the Note, plus interest, any prepayment charges and late charges due under the Note, and all sums due under this Security Instrument, plus interest. RECEIVED 8/27/2008 at 12:02 PM RECEIVING # 941634 BOOK: 703 PAGE: 265 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY Borrower Initials V ¿;( WYOMING--Singlc Family-Fannie MaelFreddie Mac UNIFORM INSTRUMENT Form 3051 1101 (page 1 of 13 pages) ÜOv266 (G) "Riders" means all Riders to this Security Instrument that are ex.ecuted by Borrower. The following Riders are to be ex.ecuted by Borrower [check box as applicable}: o Adjustable Rate Rider 0 Condominium Rider 0 Second Home Rider o Balloon Rider 0 Planned Unit Development Rider 01.4 Family Rider OBiweekly Payment Rider (II) "Applicable Law" means all controlling apphcable federal, state and local statutes, regulations, ordinances and admmlstrative rules and orders (that have the effect of law) as well as all applicable final, non-appealable judiclal opinions. (I) "Community Association Dues, Fees, and Assessments" means all dues, fees, assessments and other charges that are imposed on Borrower or the Property by a condonuniwn association, homeowners association or similar organization, (J) "Electronic Funds Transfer" means any transfer of funds, other than a transaction originated by checlc, draft. or similar paper instrument, which is initiated through an electronic terminal, telephonic instrument, computer, or magnetic tape so as to order, instruct, or authorize a financial institution to debit or credit an account. Such term includes, but is not limited to, point-of-sale transfers, automated teller machine transactions, transfers initiated by telephone, wire transfers, and automated c1eannghouse transfers. (K) "Escrow Items" means those Items that are described in Section 3. (L) "Miscellaneous Proceeds" means any compensation. settlement. award of damages. or proceeds paid by any third party (other than Insurance proceeds paid under the coverages described in Section 5) for: (i) damage to, or destructIOn of, the Propelty; (ii) condemnation or other taking of all or any part of the Property; (iii) conveyance in lieu of condemnation; or (iv) misrepresentations of, or omissions as to, the value and/or condition of the Property. (M) "Mortgage Insurance" means insurance protecting Lender against the nonpayment of. or default on, the Loan. (N) "Periodic Payment" means the regularly scheduled amount due for (i) principal and interest under the Note. plus (ii) any amounts under SectIon 3 of this Security Instrument. (0) "RESPA" means the Real Estate Settlement Procedures Act (12 U.S.C. § 2601 et seq.) and its Implementing regulation. Regulation X (24 C.F.R. Part 3500), as they might be amended from time to time, or any additional or successor legislation or regulation that governs the same subject matter. As used in this Security Insttument. "RESPA" refers to all requirements and restrictions that are imposed in regard to a "federally related mortgage loan" even if the Loan does not qualify as a "federally related mortgage loan" under RBSPA. (P) "Successor in Interest of Borrower" means any party that has taken title to the Property. whether or not that party has assumed Borrower's obligations under the Note and/or this Security Instrument. TRANSFER OF RIGHTS IN THE PROPERTY This Secunty Instrument secures to Lender: (i) the repayment of the Loan, and all renewals, extensions and modifications of the Note; ànd (ii) the perfonnance of Borrower's covenants and agreements under this Security Instrument and the Note. For this purpose, Borrower does hereby mortgage, grant and convey to Lender and Lender's successors and assigns. With power of sale, the following described property located In the County of LINCOLN [Type of Recording Jurlsdiction} [Name of Recording Junsdiction) SEE ATTACHED EXHmIT A Borrower Initials ~J V WYOMING-Single Fam¡]y··Fannle Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 1/01 (page 2 0113 pages) 000267 which currently has the address of 4848 CR 123 [City] . Wyoming [Street] 83112 ("Property Address"): [Zip Code] BEDFORD TOGETHER WITH all the improvements now or hereafter erected on the property, and all easements, appurtenances, and fixtures now or hereafter a part of the property. All replacements and additions shall also be covered by this Security 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 nght to mortgage, grant and convey the Property and that the Property is unencumbered, except for encumbrances· of record. Borrower warrants and will defend generally the title to the Property against all claims and demands, subject to any encumbrances of record. THIS SECURITY INSTRUMENT combines unifonn covenants for national use and non-unifonn covenants with limited vanations by jurisdictIon to constitute a unifonn security instrwnent covering real property. UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 1. Payment of Principal, Interest, Escrow Items, Prepayment Charges, and Late Charges. Borrower shall pay when due the princ1pal of, and interest on, the debt evidenced by the Note and any prepayment charges and late charges due under the Note. Borrower shall also pay funds for Escrow Items pursuant to Section 3. Payments due under the Note and this Security Instrwnent shall be made in D,S, currency. However, if any check or other instrument received by Lender as payment under the Note or this Security Instrumenc is returned to Lender unpaid, Lender may require that any or all subsequent payments due under the Note and this Security Instrument be made in one or more of the following forotS, as selected by Lender: (a) cash; (b) money order; (c) certIfied check, bank check, treasurer's check or cashier's check, prov1ded any such check is drawn upon an lDStttution whose depOSlts are insured by a federal agency, instrumentality, or entity; or (d) Electronic Funds Transfer. Payments are deemed received by Lender when received at the location designated in the Note or at such other location as may be designated by Lender ln accordance with the notice provisions in Section 15. Lender may return any payment or partial payment if the payment or partial payments are insufficient to bring the Loan current. Lender may accept any paym~t or partial payment insufficient to bring the Loan current, without waiver of any nghts hereunder or prejudice to its rights to refuse such payment or partial payments in the future, but Lender is not obligated to apply such payments at the time such payments are accepted. If each Periodic Payment 1S applied as of its scheduled due date, then Lender need not pay interest on unapplied funds. Lender may hold such unapplied funds until Borrower makes payment to bring the Loan current. If Borrower does not do so w1thin a reasonable perIOd of t1me, Lender shall e1ther apply such funds or return them to Borrower. If not applied earlier, such funds will be applied to the outstanding prmcipal balance under the Note immediately prior to foreclosure. No offset or chum which Borrower might have now or in the future against Lender shall relieve Borrower from making payments due under the Note and this Security Instrument or performing the covenants and agreements secured by this Security Instrument. Borrower lniliala ~.I.' s.:...; WYOMING--Single Family-Fannie MaetFreddie Mac UNIFORM INSTRUMENT Form 3051 1/01 (page 3 of 13 pages) 00&26,8 2. Application of Payments or Proceeds. Except as otherwise described in this Section 2, all payments accepted and applied by Lender shall be applied in the following order of priority: (a) interest due under the Note; (b)pnnc1pal due under the Note; (c) amounts due under Section 3. Such payments shall be applied to each Periodic Payment in the order in which it became due. Any remaining amounts shall be applied fmt to late charges, second to any other amounts due under this Security Instrument, and then to reduce the princìpal balance of the Note. If Lender receives a payment from Bon-ower for a delinquent Periodic Payment which includes a sufficient amount to pay any late charge due, the payment may be applied to the delinquent payment and the late charge. If more than one Periodic Payment is outstanding. Lender may apply any payment received from Borrower to the repayment of the Periodic Payments if, and to the extent that, each payment can be paid in full. To the extent that any excess exists after the payment is applied to the full payment of one or more Periodic Payments, such excess may be applied to any late 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 Proceeds to prmcipal 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. Bon-ower shall pay to Lender on the day PerIodic Payments are due under the Note, until the Note is paid in full, a sum (the "Funds") to provide for payment of amounts due for: (a) taxes and assessments and other items which can attam pnority over this SecurIty Instrument as a lien or encumbrance 011 the Property; (b) leasehold payments or ground rents on the Property, if any; (c) premiums for any and all lllsurance requ1red by Lender under Section 5; and (d) Mortgage Insurance premiums, 1f any, or any sums payable by Borrower to Lender m lieu of the payment of Mortgage Insurance premîums in accordance with the provIsions of Section 10. These items are called "Escrow Items." At origination or at any time during the term of the Loan, Lender may requ1re that Community Association Dues, Fees. and Assessments, if any,. be escrowed by Borrower, and such dues, fees and assessments shall be an Escrow Item. Borrower shall promptly furnish to Lender all notices of amounts to be paid under this Section. Bon-ower shall pay Lender the Funds for Escrow Items unless Lender waives Borrower's obligation to pay the Funds for any or all Escrow Items. Lender may waive Bon-ower's obligatlon to pay to Lender Funds for any or all Escrow Items at any time. Any such waIver may only be in WrIting. In the event of such Watver, Borrower shall pay directly, when and where payable, the amounts due ·for any Escrow Items for which payment of Funds has been waived by Lender and, 1f Lender requires, shall furnish to Lender receipts evidencmg such payment within such time period as Lender may require. Borrower's obligation to make such payments and to provide receipts shall for all purposes be deemed to be a covenant and agreement contained in this Security Instrument, as the phrase "covenant and agreement" is used in Section 9, If Borrower is obligated to pay Escrow Items directly, pursuant to a waiver, and Bon-ower fails to pay the amount due for an Escrow Item, Lender may exercise its nghts under Section 9 and pay such amount and Bon-ower shall then be obligated under Section 9 to repay to Lender any such amount. Lender may revoke the waiver as to any or all Escrow Items at any time by a notice given in accordance with Section 15 and, upon such revocation, Bon-ower shall pay to Lender all Funds, and in such amounts, that are then required under this Section 3. Lender may, at any time, collect and hold Funds in an amount (a) sufficient to permit Lender to apply the Funds at the time' specified under RESPA, and (b) not to exceed the maxunum amount a lender can require under RESPA. Lender shall estimate the amount of Funds due on the basis of current data and reasonable estimates of expenditures of fu.ture Escrow Items or otherwise in accordance with Applicable Law, The Funds shall be held in an institution whose deposits are insured by a federal agency, instrumentality, or entIty (including Lender, if Lender IS an mstitution whose deposits are so insured) or in any Federal Home Loan Bank. Lender shall apply the Funds to pay the Escrow Items no later than the time specified under RESPA. Lender shall not charge Borrower for holding and applying the Funds, annually analyzing the escrow account, or venfying the Escrow Items, unless Lender pays Bon-ower mterest on the Funds and Applicable Law perm1ts Lender to make such a charge. Unless an agreement 1S made in writing or Applicable Law requires interest to be patd on the Funds, Lender shall not be required to pay Borrower any interest or earnings on the Funds. BOfl'ower and Lender can agree in writing, however, that 1nterest shall be patd on the Funds. Lender shall g1ve to Borrower, without charge, an annual accounting of the Funds as required by RESPA. Borrower lnitiats $/ ~ WYOMING-Single Family--Fannio Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 1/01 (page 4o¡:¡;;ages) ÜOû269 If there IS a surplus of Funds held in escrow, as defined under RESPA, Lender shall account to Borrower for the excess funds in accordance with RESP A. If there is a shortage of Funds held in escrow, as dermed under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to make up the shortage in accordance with RESPA, but in no more than 12 monthly payments. If there is a deficiency of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as required by RESP A, and Borrower shall pay to Lender the amount necessary to make up the deficIency in accordance with RESPA, but in no more than 12 monthly payments. Upon payment in full of all sums secured by this Security Instrument, Lender shall promptly refund to Borrower any Funds held by Lender. 4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines, and impositions attnbutable to the Property which can attain pflOrity over this SecUflty Instrument, leasehold payments or ground rents on the Property, if any, and Commuruty Association Dues, Fees, and Assessments, .if any. To the extent that these Hems are Escrow Items, Borrower shall pay them in the manner provided in Section 3. Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a) agrees in wflting to the payment of the obligation secured by the lien in a manner acceptable to Lender, but only so long as Borrower is perfonning such agreement; (b) contests the lien in good faith by, or defends agatnst enforcement of the lien in. legal proceedings which in Lender's opinion operate to prevent the enforcement of the lien while those proceedings are pending, but only until such proceedings are concluded; or (c) secures from the holder of the lien an agreement satisfactory to Lender subordinating the,lien to this Security Instrument. If Lender determines that any part of the Property is subject to a lien which can attain priority over this Security Instrument, Lender may give Borrower a notice identifying the lien. Within 10 days of the date on which that notice is given, Borrower shall satisfy the lien or take one or more of the actions set forth above In this Section 4. Lender may require Borrower to pay a one-time charge for a real estate tax. verification and/or reporting service used by Lender in connection with this Loan. S. Property Insurance. Borrower shall keep the unprovements now eXIsting or hereafter erected on the Property Insured agmnst loss by fire, hazards included within the term "extended coverage, If and any other hazards Including, but not limited to, earthquakes and floods, for which Lender requires insurance. This msurance shaU be maintained in the amounts (including deductible levels) and for the periods that Lender requires. What Lender requires pursuant to the preceding sentences can change dunng the term of the Loan. The Insurance carrier providing the ll1surance shall be chosen by Borrower subject to Lender's right to disapprove Borrower's ChOIce, which right shall not be exercIsed unreasonably. Lender may require Borrower to pay, in connection wIth this Loan, either: (a) a one-time charge for flood zone determination, certification and tracking sefV1~; or (b) a one-time charge for flood zone determination and certification services and subsequent charges each time remappings or similar changes occur which reasonably mìght affect such determinatIOn or certification. Borrower shall also be respoDS1òle for the payment of any fees imposed by the Federal Emergency Management Agency in connection with the revIew of any flood zone determination resulting from an objection by Borrower. If Borrower fails to mw.ntain any. of the coverages described above, Lender may obtam insurance coverage, at Lender's optIon and Borrower's expense. Lender is under no obligation to purchase any particular type or amount of coverage. Therefore, such coverage shall cover Lender, but Dllght or might not protect Borrower, Borrower's equity in the Property, or the contents of the Property, against any risk, hazard or liability and might provide greater or lesser coverage than was previously in effect. Borrower acknowledges that the cost of the insurance coverage so obtained might significantly exceed the cost of insurance that Borrower could have obtained. Any amounts disbursed by Lender under this SectIon 5 shall become additional debt of Borrower secured by this Securtty 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 shall be subject to Lender's nght to disapprove such policies, shall include a standard mortgage clause, and shall name Lender as mortgagee and/or as an additional loss payee. Lender shall have the right to hold the policies and renewal certificates. If Lender requires, Borrower shall promptly give to Lender all receipts of paid premiums and renewal notices. If Borrower obtains any form of InSurance coverage, not otherwise required by Lender, for damage to, or destruction of, the Property ,such policy shall include a standard mortgage clause and shall name Lender as mortgagee anellor as an additional loss payee. Borrower lnitiala-~ J );... J c../ WYOMlNG-Single Family--Fannle Mae/Freddie Mac UNIFORM INSTRUMENT Forœ30S1 1/01 (page 5 of 13 pages) 000270 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 Property, if the restoration or repair is economically feasible and Lender's secunty is not lessened. During such repair and restoration period, Lender shall have the right to hold such insurance proceeds until Lender has had an opportunity to mspect such Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may disburse proceeds for the repairs and restoration m a single payment or in a series of progress payments as the work is completed. Unless an agreement is made m writing or Applicable Law requires interest to be patd on such insurance proceeds, Lender shall not be required to pay Borrower any interest or earnmgs on such proceeds. Fees for public adjusters, or other third parties, retained by Borrower shall not be paid out of the Insurance proceeds and shall be the sole obligation of Borrower. If the restoration or repair is not econoffilcally feasible or Lender's security would be lessened, the insurance proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, If any, paid to Borrower. Such insurance proceeds shall be applied in the order provided for in Section 2. If Borrower abandons the Property, Lender may file, negotiate and settle any available Insurance claun 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 chum, then Lender may negotiate and settle the claim. The 30-day period wIll begin when the notice is gIven. In either event, or if Lender acquires the Property under Section 22 or otherwise, Borrower hereby assigns to Lender (a) Borrower's rights to any insurance proceeds in an amount not to exceed the amounts unpaid under the Note or this Secunty Instrument, and (b) any other of Borrower's rights (other than the nght to any refund of unearned premiums paid by Borrower) under all insurance policies covering the Prbperty. insofar as such rights are applicable to the coverage of the Property. Lender may use the insurance proceeds either to repair or restore the Property or to pay amounts unpaid under the Note or this Security Instrument, whether or not then due. 6. Occupancy. Borrower shall occupy, establish, and use the Property as Borrower's principal residence within 60 days after the execution of this Security Instrument and shall continue to occupy the Property as Borrower's principal residence for at least one year after the date of occupancy, unless Lender otherwise agrees In writing, which consent shall not be unreasonably withheld, or unless extenuating circumstances exist which are beyond Borrower's control. 7. Preservation, Maintenance and Protection of the Property; Inspections. Borrower shall not destroy, damage or impatr the Property, allow the Property to deteriorate or commit waste on the Property. Whether or not Borrower IS residing in the Property, Borrower shall maintain the Property 1n order to prevent the Property from detenorating or decreasing In value due to its condition. Unless it is determined pursuant to Section 5 that repair or restoration is not economiCally feasIble, Borrower shall promptly repair the Property if damaged to aVOId further deterioration or damage. If insurance or condemnation proceeds are paid in connection with damage to, or the taking of, the Property, Borrower shall be responsible for repairing or restoring the Property. only If Lender has released proceeds for such purposes. Lender may disburse proceeds for the repairs and restoration in a single payment or m a series of progress payments as the work is completed. If the insurance or condemnation proceeds are not sufficient to repair or restore the Property, Borrower is not relieved of Borrower's obligation for the completion of such repair or restoration. Lender or its agent may make reasonable entries upon and inspections of the Property. If it has reasonable cause, Lender may inspect the interior of the improvements on the Property. Lender shall give Borrower nouce at the time of or pnor to such an interior inspection specifying such reasonable cause. 8. BOlTower's Loan· Application. Borrower shall be in default if, during the Loan application process, Borrower or any persons or entities acting at the direction of Borrower or with Borrower's knowledge or consent gave matenally false, misleading, or inaccurate mformation or statements to Lender (or failed to provIde Lender With material infonnation) in connection with the Loan. Matenal representations include, but are not limited to, represencations concerning Borrower's occupancy of the Property as Borrower's principal residence. Borrower Initials :þ /. ~ L WYOMING--Single FamiIy-FlIlll11e Mae/Freddie Mac UNIFORM JNSI'RUMENT Form 3051 1/01 (page 6 of 13 pages) ÛOV2f~.!1. 9. Protection of Lender's Interest in the Property and Rights Under tbis Security Instrument. If (a) Borrower fails to perform the covenants and agreements contained in this Security Instrument, (b) there is a legal proceeding that might sigmficantly affect Lender's mterest in the Property and/or rights under this Seeunty Instrument (such as a proceeding in bankruptcy, probate, for condemnation or forfeiture, for enforcement of a lien which may attain priorìty over this Security Instrument or to enforce laws or regulations), or (c) Borrower has abandoned the Property, then Lender may do and pay for whatever is reasonable or appropnate to protect Lender's interest in the Property and rights under this Security Instrument, including protecting and/or assessing the value of the Property, and securing and/or repairing the Property. Lender's actions can include, but are not litmted to: (a) paying any sums secured by a lien which has prìority over this Security Instrument; (b) appeanng in court; and (c) paying reasonable attorneys' fees to protect its interest in the Property and/or rights under this Secunty Instrument, including its secured posItion in a bankruptcy procet:ding. Secunng the Property mc1udes, but is not limited to, entering the Property to make repairs, change locks, replace or board up doors and wmdows, drain water from pipes, eliminate building or other code vIolations or dangerous conditions, and have utllities turned on or off. Although Lender may take action under this Section 9, Lender does not have to do so and is not under y duty or obligation to do so. It is agreed. that Lender incurs no liability for not taking any or all actlons autho ized. under this Section 9. Any amounts disbursed by Lender under this Section 9 s all become additional debt of Borrower secured by this Secunty Instrument. These amounts shall bear intere t at the Note rate from the date of disbursement and shall be pay~ble, WIth such interest, upon notice from Lend r to Borrower requesting payment. If this Security Instrument is on a leasehold, Borrower sh 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 m writing. 10. Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan, Borrower shall pay the premiwns reqUired to maintain the Mortgage Insurance in effect. If, fOf any reason, the Mortgage Insurance coverage required by Lender ceases to be available from the mortgage insurer that previously provided such ll1Surance and Borrower was reqUired to make separately designated payments toward the prenuWDS for Mortgage Insurance, Borrower shall pay the premiwnsrequired to obtam coverage substanually equivalent to the Mortgage Insurance previously in effect, at a cost substantially equivalent to the cost to Borrower of the Mortgage Insurance previously in effect, from an alternate mortgage insufer selected by Lender. If substantially equivalent Mortgage Insurance coverage is not available, Borrower shall continue to pay to Lender the amount of the separately designated payments that were due when the insurance coverage ceased to be m effect. Lender will accept, use and retam 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 paId 111 full, and Lender shall not be required to pay Borrower any interest or earnings on such loss reserve. Lender can no longer requIre loss reserve payments if Mortgage Insurance coverage (in the amount and for the penod that Lender requires) provided by an ll1Surer selected by Lender agam becomes available, is obtamed, and Lender requires separately designated payments toward the premiums for Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan and Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the premìums required to m81l1tain Mortgage Insurance m effect, or to provide a non-refundable loss reserve, until Lender's reqUirement for Mortgage Insurance ends in accordance with any written agreement between Borrower and Lender provIding for such tennination or until termination is required by Applicable Law. Nothing in this Section 10 affects Borrower's obligation to pay interest at the rate provided in the Note. Mortgage Insurance reimburses Lender (or any entity that purchases the Note) for certain losses it may incur if Borrower does not repay the Loan as agreed. Borrower is not a party to the Mortgage Insurance. Mortgage msurers evaluate theIr total risk on all such insurance in force from time to time, and may enter mto agreements with other parties that share or modify their risk, or reduce losses. These agreements are on terms and conditions that are satisfactory to the mortgage insurer and the other party (or parties) to these agreements. These agreements may requIre the mortgage insurer to make payments using any source of funds that the mortgage insurer may have available (which may include funds obtained from Mortgage Insurance premlUms). Borrower Initials ¿;l ~// WYOMING--Single Pamtly--FaÍUlie MaelFreddie Mac UNIFORM INSTRUMENT Form 3051 1/01 (page 70/13 pages) (;Ov272 As a result of these agreements, Lender, any purchaser of the Note, another insurer, any reinsurer, any other entity, or any affiliate of any of the foregoing, may receive (directly or indirectly) amounts that derive from (or might be characterized as) a portion Of Borrower's payments for Mortgage Insurance, in exchange for sharing or modifying the mortgage insurer's risk, or reducing losses, If such agreement provides that an aftìliate of Lender takes a share of the msurer's risk in exchange for a share of the premiums paid to the insurer, the arrangement,1s often termed "captive reinsurance." Further: (a) Any such agreements will not affect the amounts that Borrower has agreed to pay for Mortgage Insurance, or any other terms of the Loan. Such agreements will not increase the amount Borrower will owe for Mortgage Insurance, ~nd they will 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 1998 or any other law. These rights may include the right to receive certain disclosures, to request and obtain cancellation of the Mortgage Insurance, to have the Mortgage Insurance terminated automatically, and/or to receive a refund of any Mortgage Insurance premiums that were unearned at the time of such cancellation or termination. 11. Assignment of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned to and shall be paid to Lender. If the Property 1S damaged, such Miscellaneous Proceeds shall be applied to restoration or repair of the Property, If the restoraUon or repau 1S econoffilcally feasible and Lender's security is not lessened, Duong such repair and restoration period, Lender shall have the right to hold such Miscellaneous Proceeds until Lender has had an opportunity to inspect such Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may pay for the repairs and restoration in a single disbursement or in a senes of progress payments as the work is completed. Unless an agreement is made in writing or Applicable Law requires mterest to be p81d on such Miscellaneous Proceeds, Lender shall not be required to pay Borrower any interest or earnmgs on such Miscellaneous Proceeds. If the restoration or repair is not economically feasible or Lender's security would be lessened, 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. Such Miscellaneous Proceeds shall be applied in the order provided for in Section 2. In the event of a total taking, destruction, or loss in value of the Property, the Miscellaneous Proceeds shall be applied to the SUl11S secured by this Security Instrument, whether or not then due. with the excess, if any, paid to Borrower. In the event of a. parttal taking, destructlOn, or loss in value of the Property in which thé fair market value of the Property In1111ediately before the partial taking, destruction, or loss in value is equal to or greater than the amount of the sums secured by this Security Instrument immediately before the partial taking, destruction, or loss 111 value, unless Borrower and Lender otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by the amount of the Miscellaneous Proceeds multiplied by the following fraction: (a) the total amount of the sums secured immediately before the partial taking, destruction, or loss in value divided by (b) the fair market value of the Property immediately before the partial taking, destruction, or loss in value. Any balance shall be paid to Borrower. In the event pf a partial taking, destruction, or loss In value of the Property in which the fair market value of the Property immediately before the partial taking, destruction, or loss in value is less than the amount of the sums secured unmediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree m writing, the Miscellaneous 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 that the Opposing Party (as defined in the next sentence) offers to make an award to settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date the notice is given, Lender is authorized to collect and apply the Miscellaneous Proceeds either to restoration or'repair of the Property or to the sums secured by this Security Instrument, whether or not then due. "Opposing Party" means the third party that owes Borrower Miscellaneous Proceed& or the party against whom Borrower has a right of action in regard to Miscellaneous Proceeds. Borrower shall be m default if any action or proceeding, whether civil or criminal, is begun that, In Lender's judgment, could result in forfeiture of the Property or other matenal impairment of Lender's interest Borrower Initials ~/ ~ WYOMING--Single Famtly-Fawûe Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 1/01 (page 8 o¡f{p~ges) 00ô273 In the Property or rights under this Security Instmment. Borrower can cure such a default and, if acceleration has occurred, reinstate as provided in Section 19, by causmg 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 Lender's interest In the Property or nghts under this Security Instrument. The proceeds of any award or claim for damages that are attributable to the impaIrment of Lender's Interest in the Property are hereby assigned and shall be paid to Lender. All Miscellaneous Proceeds that are not applied to restoration or repair of the Property shall be applied in the order provided for in Section 2. 12. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or modificatIon of amortization of the sums secured by this Security Instrument granted by Lender .to Borrower or any Successor in Interest of Borrower shall not operate to release the liability of Borrower or any Successors In Interest of Borrower. Lender shall not be required to commence proceedings against any Successor in Interest of Borrower 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 Borrower or any Successors m Interest of Borrower. AIly forbearance by Lender in exercIsing any nght or remedy including, without lirrutation, Lender's acceptance of payments from third persons, entities or Successors in Interest of Borrower or 111 amounts less than the amount then 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 Assigns Bound. Borrower covenants and agrees that Borrower's obligations and liability shall be joint and several. However, any Borrower who co-signs this Security Instrument but does not execute the Note (a "co-signer"): (a) is co-sigmng this Security Instrument only to mortgage, grant and convey the eo-signer's interest in the Property under the terms 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 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 proV1sions of Section 18, any Successor in Interest of Borrower who assumes Borrower's obligations under this Security Instrument in wnting, and is approved by Lender, shall obtain all of Borrower's rights and benefits under this Securlty Instrument. Borrower shall not be released from Borrower's obligations and liability under this Security Instrument unless Lender agrees to such release in writing. The covenants and agreements of this Security Instrument shall bind (except as provided in Section 20) and benefit the successors and assigns of Lender. 14. Loan Charges. Lender may charge Borrower fees for services perfonned in connection with Borrower's default, for the purpose of protecting Lender's interest in the Property and rights under this Secunty Instrument, including, but not limited to, attorneys' fees, property inspection and valuation fees. In regard to any other fees,the absence of express authority m this Secunty Instrument to charge a specific fee to Borrower shall not be construed as a prohibition on the charging of such fee. Lender may not charge fees that are expressly prohibited by this Security Instrument or by Applicable Law, If the Loan 1S subject to a law which sets maxímwn loan charges, and that law is fmally interpreted so that the interest or other loan charges collected or to be collected in connection with the Loan exceed the pemutted limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to the permitted lirrut; and (b) any sums already collected from Borrower which exceeded permitted linúts wiH be refunded to Borrower. Lender may choose to make this refund by reducing the principal owed under the Note or by making a direct payment to Borrower. If a refund reduces principal. the reduction will be treated as a partial prepayment without any prepayment charge (whether or not a prepayment charge is provided for under the Note). Borrower's acceptance of any such refund made by direct payment to Borrower will constitute a waiver of aI1Y right of action Borrower might have arising out of such overcharge. IS. Notices. All notIces given by Borrower or Lender in connection with this Security Instrument 11UlSt be 111 writing. Any notice to Borrower in connection with this Security Instrument shall be deemed to have been gIVen to Borrower when mailed by first class lIUUl or when actually delivered to Borrower's notice address if sent by other means. Notice to anyone Borrower shall constitute notice to all Borrowers unless Applicable Law expressly requires otherwise. The notice address shall be the Property Address unless Borrower has designated a substitute notlCe address by notice to Lender. Borrower shall promptly notify Lender of Borrower's change of address. If Lender specifies a procedure for reporting Borrower's change of address, then Borrower Initials ~ ~L WYOMING--Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 1/01 (page 9 of 3 pages) 00ô274 Bon-ower shall only report a change of address through that specified procedure. There may be only one desIgnated notice àddress under this SecUrIty Instrument at anyone time. Any notice to Lender shall be given by delivering it or by mailing It by first class mail to Lender's address stated herein unless Lender has designated another address by noûce to Borrower. Any notice in connection with this Security Instrument shall not be deemed to have been given to Lender until actually received by Lender. If any notice required by this Security Instrument IS also required under Applicable Law, the Applicable Law requirement will satisfy the corresponding requirement under this Security Instrument. 16. Governing Law; Sev(!rabllity; Rules of Construction. 'This Security Instrument shall be governed by federal law and the law of the jUrisdiction in which the Property IS located. All rights and obligations contaIned In this SecurIty Instrument are subject to any requirements and limitations of Applicable Law. Applicable Law might explicitly or implicitly allow the parties to agree by contract or It might be silent, but such silence shall not be construed as a prohibition against agreement by contract. In the event that any provision or clause of this SecurIty Instrument or the Note conflicts with Applicable Law, such conflict 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 shall mean and include corresponding neuter words or words of the feminine gender; (b) words in the singular shall mean and include the plural and vice versa; and (c) the word "may" gives sole discretion without any obligation to take any action. 17. Borrower's Copy. Borrower shall be given one copy of the Note and of this SecurIty Instrument. 18. Transfer of the Property or a Beneficial InteI'"est in Borrower. As used in this Section 18, "Interest in the Property" means any legal or beneficial interest 111 the Property, including, but nç¡t linnted to, those beneficial interests transferred in a bond for deed, contract for deed, installment sales contract or escrow agreement, the intent of which is the transfer of title by Borrower at a future date to a purchaser. If all or any part of the Property or any Interest in the Property is sold or transferred (or if Borrower IS not a natural person and a beneficIal interest in Borrower is sold or transferred) without Lender's prior written consent, Lender may requìre immediate payment in full of all sums secured by this Security Instrument. However, this option shall not be exercised by Lender if such exercise is prohibited by Applicable law. If Lender exercIses this option, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days from the date the notice is given m accordance with Section 15 within which Borrower must pay all sums secured by this Security Instrument. If Borrower fails to pay these sums prIor to the expiration of this period, Lender may invoke any remedies pennitted by this Security Instrument without further notice or demand on Borrower. 19. Borrower's Right to Reinstate After Acceleration. If Borrower meets certain conditions,Borrower shall have the right to have enforcement of this Security Instrument discontinued at any time prior to the earliest of: (a) five days before sale of the Property pursuant to any power of sale contained in this Security Instrument; (b) such other perIod as Applicable Law might SpecIfy for the tennination of Borrower's right to reinstate; or (c) entry of a judgment enforcing this Security Instrument. Those conditions are that Borrower: (a) pays Lender all sums which then would be due under this Security Instrument and the Note as if no acceleration had occurred; (b) cures any default of any other covenants or agreements; (c) pays all expenses incurred in enforcmg this SecurIty Instrument, including, but not limited to, reasonable attorneys' fees, property inspection and valuation fees, and other fees incurred for the purpose of protecting Lender's interest in the Property and rights under this Security Instrument; and (d) takes such action as Lender may reasonably require to assure that Lender's interest In the Property and rights under this Security Instrument, and Borrower's obligation to pay the sums secured by this Security Instrument, shall continue unchanged. Lender may require that Borrower pay such remstatement sums and expenses in one or more of the following forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank: check, treasurer's check or cashier's check, provided any such check is drawn upon an mstitution whose deposits are insured by a federal agency, instrumentality or entity; or (d) Electronic Funds Transfer. Upon remstatement by Borrower, this Secunty Instrument and obligations secured hereby shall remain fully effective as if no acceleration had occurred. However, this right to reinstate shall not apply in the case of acceleration under Section 18. Borrower Inilials 'y ~ ¿ WYOMING--Single Famlly--Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 1/01 (page 10 of 13 pages) OOû275 20. Sale of Note; Change of Loan Servicer; Notice of Grievance. The Note or a partial interest in the Note (together with this SecurIty Instrument) can be sold one or more times without prior notice to Borrower. A sale might result in a change m the entity (known as the "Loan Servicer") that collects Periodic Payments due under the Note and this Security Instrument and performs other mortgage loan servicing obligations under the Note, this Security Instrument, and Applicable Law. There also might be one or more changes of the Loan Servicer unrelated to a sale of the Note. If there is a change of the Loan Servicer, Borrower will be given WrItten notice of the change which will state the name and address of the new Loan Servicer, the address to which payments should be made and any other information RESPA requires in connection with a notice of transfer of servIcing. If the Note IS sold and thereafter the Loan is serviced by a Loan Servicer other than the purchaser of the Note, the mortgage loan servicing obligations to Borrower will remain with the Loan Servicer or be transferred to a successor Loan Servicer and are not assumed by the Note purchaser unless otherwise provIded by the Note purchaser. Neither Borrower nor Lender may commence, Join, or be joined to any judicial action (as either an mdivIdual litigant or the member of a class) that arises from the other party's actions pursuant to this Security Instnunent or that alleges that the other party has breached any provision of, or any duty owed by reason of, this Security Instrument, until such Borrower or Lender has notified the other party (with such notice gIven in compliance with the requIrements of Section 15) of such alleged breach and afforded the other party hereto a reasonable period after the gIving of such notice to take corrective action. If Applicable Law provides a time penod which must elapse before certam actlon can be taken, that time period will be deemed to be reasonable for purposes of this paragraph. The notice of acceleration and opportumty to cure gIven to Borrower pursuant to SectIon 22 and the notice of acceleration gIven to Borrower pursuant to Section 18 shall be deemed to satisfy the notice and opportunity to take corrective action provisions of this Section 20. 21. 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 fIanunable or toxic petroleum products, toxic pesticides and herbicides, volatIle solvents, materials contaming asbestos or formaldehyde, and radioactive materials; (b) "Environmental Law" means federal laws and laws of the jurisdiction where the Property IS located that relate to health, safety or environmental protectIon; (c) "Environmental Cleanup" mcludes any response action, remedial action, or removal action, as defmed lD EnvIronmental Law; and (d) an "Environmental Condition" means a condition that can cause, contrIbute to, or otherwise trigger an EnvlIonmental Cleanup. Borrower shall not cause or permit the presence, use, disposal, storage, or release of any Hazardous Substances, or threaten to release any Hazardous Substances, on or in the Property. Borrower shall not do, nor allow anyone else to do, anything affecting the Property (a) that is m violation of any Environmental Law, (b) which creates an Environmental Condition, or (c) which, due to the presence, use, or release of a Hazardous Substance, creates a condition that adversely affects the value of the Property. The preceding two sentences shall not apply to the presence, use, or storage on the Property of small quantities of Hazardous Substances that are generally recognized to be appropriate to normal residential uses and to maintenance of the Property (including, but not limited to, hazardous substances in consumer products). Borrower shall promptly gIve Lender written notice of (a) any investigation, claim, demand, lawsuit or other actIon by any governmental or regulatory agency or private party involving the Property and any Hazardous Substance or Environmental Law of which Borrower has actual knowledge, (b) any Environmental Condition, including but not limited to, any spilling, leaking, discharge, release or threat of release of any Hazardous Substance, and (c) any condition caused by the presence, use or release of a Hazardous Substance which adversely affects the value of the Property. If Borrower learns, or is notified by any governmental or regulatory authorIty, or any pn vate party, that any removal or other remediation of any Hazardous Substance affecting the Property is necessary, Borrower shall promptly take all necessary remedial actions in accordance WIth Environmental Law. Nothing herem shall create any oblIgation on Lender for an EnvIronmental Cleanup. NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows: 22. Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration following Borrower's breach of any covenant or agreement in this Security Instrument (but not prior to acœIeration under Section 18 unless Applicable Law provides otherwise). The notice shall specify: (a) the default; (b) the action required to cure the default; (c) a date, not less than 30 days from the date the notice is given to Borrower, by which the default must be cured; and (d) that failure to cure the default on or before the Borrower Initials .~./ ~/. WYOMING··Single Family-Fannie MaeIFreddle Mac UNIFORM INSTRTJMENT Form 3051 1/01 (page 11 0113 pages) 000276 date specified in the notice may result in acceleration of the sums secured by this Security Instrument and sale of the Property. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to bring a court action to assert the non-existence of a default or any other defense of Borrower to acceleration and sale. If the default is not cured on or before the date specified in the notice, Lender at its option may require immediate payment in fuJI of all sums secured by this Security Instrument without further demand and may invoke the power of sale and any other remedies permitted by Applicable Law. Lender shall be entitled to collect all expenses incurred in pursuing the remedies provided in this Section 22, including, but not limited to, reasonable attorneys' fees and costs of title evidence. If Lender invokes the power of sale, Lender shall give notice of intent to foreclose to Borrower and to the 'person in possession of the Property, if different, in accordance with Applicable Law. Lender shall give notice of the sale to Borrower in the manner provided in Section 15. Lender shall publish the notice of sale, and the Property shall be sold in the manner prescribed by Applicable Law. Lender or its designee may purchase the Property at any sale. The proceeds. of the sale shall be applied in the following order: (a) to all expenses of the sale, including, but not limited to, reasonable attorneys' fees; (b) to all sums secured by this Security Instrument; and (c) any excess to the person or persons legally entitled to it. 23. Release. Upon payment of all sums secured by this Security Instrument, Lender shall release this Security Instrument. Borrower shall pay any recordatlon costs. Lender may charge Borrower a fee for releasing this Security Instrument, but only If the fee is paid to a third party for services rendered and the charging of the fee IS permitted under Appli~ble Law. 24. Waivers. Borrower releases and waives all rights under and by virtue of the homestead exemption laws of Wyommg. BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this Security Instrument and in any Rider executed by Borrower and recorded with it. Wjtne8ses: !1)(<i4~, .(6u JðDvì X~A~>Y\ /ì)uR'ðJ>¡ ~ .;:rL~ / ¿ STEVE . JOHANSEN (Seal) -Borrower ~ K~ðy '7E//Ú-J 'h~~) TRA Kf.ÍÚBANSEN -Borrower by Steven E. Johansen as Attorney in fad (Seal) (Seal) -Borrower -Borrower WYOMING.-Single Family-Fannie MaelFreddle Mac UNIFORM INSTRUMENT Form 3051 1/01 (page 12 of 13 pages) 000277 [Space Below This Line For Acknowledgment] THESTATEOPukb..,.. ) COUNTY OP ~ ) This instrument was acknowledged before me on JOHANSEN. 11 Á 111 ~/- ~:J.-- . 2~ by STEVEN E. (Seal, if any) ~,~ MJ)Oy\ (i ture of notarial officer) My commission expires: f¥'vÎ V(I A ,'3, (~n)o fi06 .~~ Title (and Rank f~----Ñ~õiP~b"~---: I LOU ANN POULSON I I 1440 S. HlghW'll)' 117 I I Mount Pleesant, UT 84847 I , II.. My COmm....' "",- : :. ....1 March J, 2010 Q I " .... " State of Utah I ·--------~-~~-M_______M_____' WYOMING--Single Family--Fannie MaeIFreddie Mac UNIFORM INSTRUMENT Form 3051 1/01 (page 13 of 13 pages) 1L u.ta}"') STATE OF WYOMIIiG ) ~ _p n ) 8S. COUNTY OF <..-() f't{Ü{ -g ) rwaš-~Nií9tiëëlõtèime on I1nA'lJßf- ~:J... meyb.~arRAO'IY' K. ~OHAN~SBAND And WIFE. 1440 S. Highway 117 a Ii Moum Pleasant, UT &01647 I & (Ø My Commlasion Expires : Ii ,/) n (S~, ..' s::~ifR:h: u~ r()("--J~ .. - - -.. --.. -.... -.............. -.. - -.. - - __a (Signature of notarial officer) Nok~ Title (and R~ 000278 ,200ßby Steven E. My commissIOn expires: ¥.Y)1 rch :5 ~OJD , EXIllBIT A 00&279 Part of the Southeast Quarter ofthe Northeast Quarter of Section 15, Township 33 North, Range 118 West, 6th P.M. Wyoming, more particularly described as follows: Beginning at the Southeast comer of the Northeast Quarter of said Section 15 and running thence North, along section line a distance of 394.07 feet; thence West, parallel to quarter-section line, a distance of331.62 feet; thence North, parallel to section line, a distance of 150.00 feet; thence West, parallel to quarter-section line a distance of 160.13 feet; thence South, parallel to section line, a distance of 544.07 feet; thence East, along quarter-section line, a distance of 491.75 feet to the Place of Beginning.