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HomeMy WebLinkAbout873866 Return To: INDYMAC BANK, F.S.B. 155 NORTH LAKE AVENUE/ATTN: PASADENA, CA 91101 Prepared By: INDYMAC BANK, F.S.B. 3465 EAST FOOTHILL BLVD. PASADENA. CA 91107 DO~ :NT MANAGEMENT Ö 3866 UNe RECEIVED OLN COUNTY CLERK o I Il]~J I 3 "d. " r, . I"N 2: 1,0 JgANNE !'c/.:"\'f' f(EMMfm,'('¡ ,'¡\:v/'J" F-? . ...11, if, YOMING 461-'" 1 A ~) BOOK - ,t) .PR PAGE~_~_ [Space Above is Line For Recording Data] DEFINITIONS MORTGAGE Loan Number: 1010272 Words used in muJtiple sections of this docu nent are defined below and other words are defined in Sections 3, 11,13, 18,20 and 21. Certain rul s regarding the usage of words used in this document are also provided in Section 16. CÃ/L. 19 (ß MAY -l~, 2001 ~ rt .¿, (A) "Security Instrument" means this documen , which is dated together with all Riders to this document. (B) "Borrower" is EDWIN O. KELLEY AND JERRIANNE KELLEY. AKA JERRI A. KELLEY, HUSBAND AND WIFE Borrower is the mortgagor under this Security I strument. (C) "Lender" is INDYMAC 3ANK. F.S.B.. Lender is a a federal y chartered savings bank organized and existing under the laws of THE UNITED STATES OF AMERICA WYOMING·Single Family-Fannie Mae/Freddie Mac U IFORM INSTRUMENT _ -6(WY) 100051 (&) Page 1 of 15 Initials: ilfL ~ f-r VMP MORTGAGE FORMS - {8001521-7291 DDS-WY4 .--------_._.._'-------_.__._------_.__."..__.._.,._~_.......-..--..-..-.----- - Form 3051 1/01 1I111111111111111111111111111111111 ,_, ~_H_" ___ __~: - - . 1A.d 'j~1 ····_···._·_P..v·.____. ...._ _····___......m Form 3051 1/01 ~ 11- ,~ paga 2 of 15 _ -6(WY) (0005) <!> DDS·WY4 Initials: [2tL-- (H) "Applicable Law" means all controllin.g¡ applicable federal, state and local statutes, regulations, ordinances and administrative rules and orders :that have the effect of law) as well as all applicable final, non-appealable judicial opinions. (I) "Community Association Dues, Fees, andjAssessments" means all dues, fees, assessments and other charges that are imposed on Borrower or th ~ Property by a condominium association, homeowners association or similar organization. (J) "Electronic Funds Transfer" means any transfer of funds, other than a transaction originated by check, draft, or similar paper instrument, wh ch 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 tenn includes, but is not limited to, point-of-sale transfers, automated teller machine transactions, transfers initiated byelephone, wire transfers, and automated clearinghouse transfers. (K) "Escrow Items" means those items that are described in Section 3. (L) "Miscellaneous Proceeds" means any com lensation, settlement, award of damages, or proceeds paid by any third party (other than insurance procee ls paid under the coverages described in Section 5) for: (i) damage to, or destruction of, the Property; (i) condenmation or other taking of all or any part of the Property; (iii) conveyance in lieu of condenma ion; or (iv) misrepresentations of, or omissions as to, the value and/or condition of the Property. (M) "Mortgage Insurance" means insurance p~'Otecting Lender against the nonpayment of, or default on, the Loan. (N) "Periodic Payment" means the regularly s heduled amount due for (i) principal and interest under the Note, plus (ii) any amounts under Section 3 of t lÍs Security Instrument. (0) "RESPA" means the Real Estate Settleme t Procedures Act (12 V.S.C. Section 2601 et seq.) and its implementing regulation, Regulation X (24 C. ~.R. Part 3500), as they might be amended from time to time, or any additional or successor legislation )r regulation that governs the same subject matter. As used in this Security Instrument, "RESPA" refers to all requirements and restrictions that are imposed in regard to a "federally related mortgage loan" even if he Loan does not qualify as a "federally related mortgage loan" under RESPA. D COndOminium~Rider D Second Home Rider D Planned Unit levelopment Rider D 1-4 Family Rider D Biweekly Pay lent Rider D Other(s) [specify] D Adjustable Rate Rider D Balloon Rider D VA Rider Lender's address is 155 NORTH LAKE AVEN\JE PASADENA. CA 91101 Lender is the mortgagee under this Security Insqum(~nt. (D) "Note" means the promissory note signed b~ Borrower and dated The Note states that Borrower owes Lender Eighty- Five Thousand Five HUndre¡ & 00/100 Dollars (D .S. $ 85.500.00 ) plus interest. Borrower has promised to pay this debt in regular Periodic Payments and to pay the debt in full not later th n June 01. 2021 (E) "Property" means the property that is des ribed below under the heading "Transfer of Rights in the Property. " \ (F) "Loan" means the debt evidenced by the Nj,te, plus interest, any prepayment charges and late charges due under the Note, and all sums due under this Security Instrument, plus interest. (G) "Riders" means all Riders to this Security Instrument that are executed by Borrower. The--following Riders are to be executed by Borrower [check b 'x as applicable]: O!/L, 19 MAY ±6, 2001 1144 U8738bG - .. - u~.r738()6 445 (P) "Successor in Interest of Borrower" mean any party that has taken title to the Property, whether or not that party has assumed Borrower's obligatio .s under the Note and/or this Security Instrument. TRANSFER OF RIGHTS IN THE PROPERTY This Security Instrument secures to Lender: (i) t Ie repayment of the Loan, and all renewals, extensions and modifications of the Note; and (ii) the perfo ,ance of Borrower's covenants and agreements under this Security Instrument and the Note. For this purp)se, Borrower does hereby mortgage, grant and convey to Lender and Lender's successors and assigns, wi:h power of sale, the following described property located in the COUNTY of LINCOLN [Type of Recording Jurisdiction] [Name of Recording Jurisdiction] LOT 1 OF BLOCK 5 OF THE LINCOLN HEIGHTS 21D SUBDIVISION TO THE TOWN OF KEMMERER. LINCOLN COUNTY. WYOMING AS DESCtIBED ON THE OFFICIAL PLAT THEREOF. TOGETHER WITH all the improveme ts now or hereafter erected on the property, and all easements, appurtenances, and fixtures now 0' 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 Borrow r is lawfully seised of the estate hereby conveyed and has the right to mortgage, grant and convey the Pr )pel1y and that the Property is unencumbered. except for encumbrances of record. Borrower warrants an . will defend generally the title to the Property against all claims and demands. subject to any encumbranc s of record. THIS SECURITY INSTRUMENT combi les uniform covenants for national use and non-uniform covenants with limited variations by jurisdictio to constitute a uniform security instrument covering real property. UNIFORM COVENANTS. Borrower and :"ender covenant and agree as follows: 1. Payment of Principal, Interest, Esc 'ow Items, Prepayment Charges, and Late Charges. Borrower shall pay when due the principal of. and interest on, the debt evidenced by the Note and any prepayment charges and late charges due under :he Note. Borrower shall also pay funds for Escrow Items pursuant to Section 3. Payments due under the Note and this Security Instrument shall be made in U.S. currency. However, if any check or other instru oent received by Lender as payment under the Note or this Initials: £Ct¿ \ð fr \< Parcel ID Number: 21162310812400 1321 4TH WEST AVENUE KEMMERER ("Property Address"): . -6(WYI (00051 <!> DDS-WY4 . _ ._...___~~..____.___~_...._.._ om ...__......_...__...,..._.__..___..__ - which currently has the address of [Street] [City] , Wyoming 83101 [Zip Code] Page 3 of 15 Form 3051 1/01 - - Form 3051 1/01 %\\-\-t Page 4 0115 . ·6(WY) 100051 <!> DDS·WY4 Initials: ~~~ <'; Security Instrument is returned to Lender unpai , Lender may require that any or all subsequent payments due under the Note and this Security Instrum nt be made in one or more of the following forms, as selected by Lender: (a) cash; (b) money orde '; (c) certified check, bank check, treasurer's check or cashier's check, provided any such check is dr twn upon an institution whose deposits are insured by a federal agency, instrumentality, or entity; or (d) ~lectronic Funds Transfer. Payments are deemed received by Lender .hen received at the location designated in the Note or at such other location as may be designated by Len ler in accordance with the notice provisions in Section 15. Lender may return any payment or partial pay .ent if the payment or partial payments are insufficient to bring the Loan current. Lender may accept any ?ayment or partial payment insufficient to bring the Loan current, without waiver of any rights hereunder )f prejudice to its rights to refuse such payment or partial payments in the future, but Lender is not obliga ed to apply such payments at the time such payments are accepted. If each Periodic Payment is applied as of its scheduled due date, then Lender need not pay interest on unapplied funds. Lender may hold su :h unapplied funds until Borrower makes payment to bring the Loan current. If Borrower does not do so wi:hin a reasonable period of time, Lender shall either apply such funds or return them to Borrower. If not a plied earlier, such funds will be applied to the outstanding principal balance under the Note immediately )rior to foreclosure. No offset or claim 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 perfo lng the covenants and agreements secured by this Security Instrument. 2. Application of Payments or Procee s. 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) principal due under th: Note; (c) amounts due under Section 3. Such payments shall be applied to each Periodic Payment in t e order in which it became due. Any remaining amounts shall be applied first to late charges, second to ny other amounts due under this Security Instrument, and then to reduce the principal balance of the Note. If Lender receives a payment from Borro Ner for a delinquent Periodic Payment which includes a sufficient amount to pay any late charge due, t e payment may be applied to the delinquent payment and the late charge. Ifmore than one Periodic Paym nt is outstanding, Lender may apply any payment received from Borrower to the repayment of the Periodi 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 ap )lied to any late charges due. Voluntary prepayments shall be applied first to any prepayment charges and t .en as described in the Note. Any application of payments, insurance p ceeds, or Miscellaneous Proceeds to principal due under the Note shall not extend or postpone the due da e, or change the amount, of the Periodic Payments. 3. Funds for Escrow Items. Borrower sall pay to Lender on the day Periodic Payments are due under the Note, until the Note is paid in full, a >um (the "Funds") to provide for payment of amounts due for: (a) taxes and assessments and other items rhich can attain priority over this Security Instrument as a lien or encumbrance on the Property; (b) lease old payments or ground rents on the Property, if any; (c) premiums for any and all insurance required )y Lender under Section 5; and (d) Mortgage Insurance premiums, if any, or any sums payable by orrower to Lender in lieu of the payment of Mortgage Insurance premiums in accordance with the p ovisions of Section 10. These items are called "Escrow Items." At origination or at any time during t e term of the Loan, Lender may require that Community Association Dues, Fees, and Assessments, if illY, 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. Borrower shall pay Lender the Funds for Escrow Items unless Lender waives Borrower's obligation to pay the Funds for ny or all Escrow Items. Lender may waive Borrower's obligation to pay to Lender Funds for any or al Escrow Items at any time. Any such waiver may only be in writing. In the event of such waiver, Borrow ,r shall pay directly, when and where payable, the amounts ~ '1 4 () 08738{;b - .. - 087386{) 44'7 due for any Escrow Items for which payment of Funds has been waived by Lender and, if Lender requires, shall furnish to Lender receipts evidencing suc payment within such time period as Lender may require. Borrower's obligation to make such payments nd to provide receipts shall for all purposes be deemed to be a covenant and agreement contained in this S :curity Instrument, as th~ phrase "covenant and agreement" is used in Section 9. If Borrower is obligated to pay Escrow Items directly, pursuant to a waiver, and Borrower fails to pay the amount due for an Es:row Item, Lender may exercise its rights under Section 9 and pay such amount and Borrower shall then )e obligated under Section 9 to repay to Lender any such amount. Lender may revoke the waiver as to my or all Escrow Items at any time by a notice given in accordance with Section 15 and, upon such re 'ocation, Borrower shall pay to Lender all Funds, and in such amounts, that are then required under this :ection 3. Lender may, at any time, collect and hold ~unds in an amount (a) sufficient to permit Lender to apply the Funds at the time specified under RESPA, and (b) not to exceed the maximum amount a lender can require under RESPA. Lender shall estimate t Ie 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 in an institu :ion whose deposits are insured by a federal agency, instrumentality, or entity (including Lender, if ,ender is an institution whose deposits are so insured) or in any Federal Home Loan Bank. Lender shall app 'y the Funds to pay the Escrow Items no later than the time specified under RESPA. Lender shall not chare Borrower for holding and applying the Funds, annually " analyzing the escrow account, or verifying the ~scrow Items, unless Lender pays Borrower interest on the Funds and Applicable Law permits Lender to ake such a charge. Unless an agreement is made in writing or Applicable Law requires interest to be paid n the Funds, Lender shall not be required to pay Borrower any interest or earnings on the Funds. Borrow:r and Lender can agree in writing, however, that interest shall be paid on the Funds. Lender shall give :0 Borrower, without charge, an annual accounting of the Funds as required by RESP A. If there is a surplus of Funds held in es:row, as defined under RESPA, Lender shall account to Borrower for the excess funds in accordance w'th RESPA. If there is a shortage of Funds held in escrow, as defined under RESPA, Lender shall notify Bmower as required by RESPA, and Borrower shall pay to Lender the amount necessary to make up the sh)rtage in accordance with RESPA, but in no more than 12 monthly payments. If there is a deficiency of F nds held in escrow, as defined under RESPA, Lender shall notify Borrower as required by RESPA, and B mower shall pay to Lender the amount necessary to make up the deficiency in accordance with RESPA, b It 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 attributable to the Property which can attain pr ority over this Security Instrument, leasehold payments or ground rents on the Property, if any, and Co unity Association Dues, Fees, and Assessments, if any. To the extent that these items are Escrow Items, Bo :rower shall pay them in the manner provided in Section 3. Borrower shall promptly discharge any li :n which has priority over this Security Instrument unless Borrower: (a) agrees in writing to the payment )f the obligation secured by the lien in a manner acceptable to Lender, but only so long as Borrower is per 'omring such agreement; (b) contests the lien in good faith by, or defends against enforcement of the lien n, legal proceedings which in Lender's opinion operate to prevent the enforcement of the lien while thos proceedings are pending, but only until such proceedings are concluded; or (c) secures from the holder 0 the lien an agreement satisfactory to Lender subordinating the lien to this Security Instrument. If LenderetenllÌnes that any part of the Property is subject to a lien which can attain priority over this Security Inst ument, Lender may give Borrower a notice identifying the _ -6(WY) 10005) <!> DDS·WY4 InitiaIS:~ Page 5 of 15 ~~\~ Form 3051 1/01 ----------.--.---____.~.___.__.._._....____.._,_ _..........__m__ __._____.__,__ __..~_______._____~: ________._.._. _ ____ - - - Form 3051 1/01 ~ \t\~ Page 6 of 15 ""----- . ... -----....--...--..--..... .,.-.... - --_._-_.~--_._-""--"-"-"-'" Initi8IS:.!ilÞ1::. .. -6(WY) IÖ005) ~ DDS-WY4 lien. Within 10 days of the date on which that n ¡tice is given, Borrower shall satisfy the lien or take one or more of the actions set forth above in this Sectio 14. Lender may require Borrower to pay a me-time charge for a real estate tax verification and/or reporting service used by Lender in connection rith this Loan. 5. Property Insurance. Borrower shall k ep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazar Is included within the term "extended coverage," and any other hazards including, but not limited to, ear~hqUakes and floods, for which Lender requires insurance. This insurance shall be maintained in the amo mts (including deductible levels) and for the periods that Lender requires. What Lender requires pursuan to the preceding sentences can change during the term of the Loan. The insurance carrier providing the i1surance 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 servic :s; or (b) a one-time charge for flood zone determination and certification services and subsequent char e:s each time remappings or similar changes occur which reasonably might affect such determination or certification. Borrower shall also be responsible for the payment of any fees imposed by the Federal Emergency Management Agency in connection with the review of any flood zone determination resultin from an objection by Borrower. If Borrower fails to maintain any of the :overages described above, Lender may obtain insurance coverage, at Lender's option and Borrower's ~xpense. Lender is under no obligation to purchase any particular type or amount of coverage. Therefo:e, such coverage shall cover Lender, but might or might not protect Borrower, Borrower's equity in the )roperty, or the contents of the Property, against any risk, hazard or liability and might provide greater O' lesser coverage than was previously in effect. Borrower acknowledges that the cost of the insurance co v'erage so obtained might significantly exceed the cost of insurance that Borrower could have obtained. A lY amounts disbursed by Lender under this Section 5 shall become additional debt of Borrower secured by this Security Instrument. These amounts shall bear interest at the Note rate from the date of disbursement md 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 right to disapprove such policies, shall includ: a standard mortgage clause, and shall name Lender as mortgagee and/or as an additional loss payee. e:nder shall have the right to hold the policies and renewal certificates. If Lender requires, Borrower shall )romptly 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 and/or as an ad litionalloss payee. In the event of loss, Borrower shall give lrompt 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 lot the underlying insurance was required by Lender, shall be applied to restoration or repair of the Prope :y, if the restoration or repair is economically feasible and Lender's security is not lessened. During such r~pair and restoration period, Lender shall have the right to hold such insurance proceeds until Lender has lad an opportunity to inspect such Property to ensure the work has been completed to Lender's satisfa tion, provided that such inspection shall be undertaken promptly. Lender may disburse proceeds for th : repairs and restoration in a single payment or in a series of progress payments as the work is completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such insurance p oceeds, Lender shall not be required to pay Borrower any interest or earnings on such proceeds. Fees 'Or public adjusters, or other third parties, retained by Borrower shall not be paid out of the insuranc proceeds and shall be the sole obligation of Borrower. If the restoration or repair is not economically fea ible or Lender's security would be lessened, the insurance proceeds shall be applied to the sums secured y this Security Instrument, whether or not then due, with 448 - - 0873866 .... U8~;38G6 448 the excess, if any, paid to Borrower. Such insu ance proceeds shall be applied in the order provided for in Section 2. If Borrower abandons the Property, Lener may file, negotiate and settle any available insurance claim and related matters. If Borrower does no respond within 30 days to a notice from Lender that the insurance carrier has offered to settle a claim, t len Lender may negotiate and settle the claim. The 30-day period will begin when the notice is given. I 1 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 amou ts unpaid under the Note or this Security Instrument, and (b) any other of Borrower's rights (other th the right to any refund of unearned premiums paid by Borrower) under all insurance policies coverin the Property, insofar as such rights are applicable to the coverage of the Property. Lender may use the i sunmce proceeds either to repair or restore the Property or to pay amounts unpaid under the Note or this Se~urity Instrument, whether or not then due. 6. Occupancy. Borrower shall occupy, ~stablish, 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 t least one year after the date of occupancy, unless Lender otherwise agrees in writing, which consent sall not be unreasonably withheld, or unless extenuating circumstances exist which are beyond Borrower's control. 7. Preservation, Maintenance and Prot ~ti()n of the Property; Inspections. Borrower shall not destroy, damage or impair the Property, all w the Property to deteriorate or commit waste on the Property. Whether or not Borrower is residing in the Property, Borrower shall maintain the Property in order to prevent the Property from deteriorating or decreasing in value due to its condition. Unless it is detennined pursuant to Section 5 that repair 0: 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 t Ie Property only if Lender has released proceeds for such purposes. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as the work is completed. I the insurance or condemnation proceeds are not sufficient to repair or restore the Property, Borrower is ot relieved of Borrower's obligation for the completion of such repair or restoration. Lender or its agent may make reasonabl ~ entries upon and inspections of the Property. If it has reasonable cause, Lender may inspect the interi >1' of the improvements on the Property. Lender shall give Borrower notice at the time of or prior to such I interior inspection specifying such reasonable cause. 8. Borrower's Loan Application. Borr wer 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 materially false, mi leading, or inaccurate infonnation or statements to Lender (or failed to provide Lender with material infonnation) in connection with the Loan. Material representations include, but are not limited to representations concerning Borrower's occupancy of the Property as Borrower's principal residence. 9. Protection of Lender's Interest in the Property and Rights Under this Security Instrument. If (a) Borrower fails to perfonn the covenants and agreements contained in this Security Instrument, (b) there is a l~gal proceeding that might significantly a 'fect Lender's interest in the Property and/or rights under this Security Instrument (such as a proceeding i bankruptcy, probate, for condemnation or forfeiture, for enforcement of a lien which may attain prio ity over this Security Instrument or to enforce laws or regulations), or (c) Borrower has abandoned t e Property, then Lender may do and pay for whatever is reasonable or appropriate to protect Lender's interest in the Property and rights under this Security Instrument, including protecting and/or assessi g the value of the Property, and securing and/or repairing the Property. Lender's actions can include, but are not limited to: (a) paying any sums secured by a lien which has priority over this Security Instru lent; (b) appearing in court; and (c) paying reasonable Initials: 8¡¿ .. -6(WY) 10005) ~ DDS-WY4 PagEl 7 of 15 ~rtk Form 3051 1/01 .~---~--_._.. _._--_..--,.--....._.._...~._-,_.~. --'-~.-~.._...__." ."--.., _.~ . 0'. ..,. ..._._........._____...... ______._._,.._~_._~ n..' 'W....... - - - ..._.._~--_..._. _'_._.a. .r"- --.- "_..~"-..... ...---.-.- ~,."..."---",-,_..,,, Form 3051 1/01 ~ rt J<. Page 8 of 15 _ -6IWY) (0005) <!> DDS·WY4 attorneys' fees to protect its interest in the Prop rty and/or rights under this Security Instrument, including its secured position in a bankruptcy proceedin~. Securing the Property includes, but is not limited to, entering the Property to make repairs, change lIcks, replace or board up doors and windows, drain water from pipes, eliminate building or other code vi )lations or dangerous conditions, and have utilities turned on or off. Although Lender may take action und~r this Section 9, Lender does not have to do so and is not under any duty or obligation to do so. It is agr ed that Lender incurs no liability for not taking any or all actions authorized under this Section 9. Any amounts disbursed by Lender Underjthis Section 9 shall become additional debt of Borrower secured by this Security Instrument. These am ,unts shall bear interest at the Note rate from the date of disbursement and shall be payable, with such ioterest, upon notice from Lender to Borrower requesting payment. If this Security Instrument is on a leaseh Id, Borrower shall comply with all the provisions of the lease. If Borrower acquires fee title to the Prop ~rty, the leasehold and the fee title shall not merge unless Lender agrees to the merger in writing. . 10. Mortgage Insurance. If Lender requir ~d Mortgage Insurance as a condition of making the Loan, Borrower shall pay the premiums required to m intain the Mortgage Insurance in effect. If, for any reason, the Mortgage Insurance coverage required by L :nder ceases to be available from the mortgage insurer that previously provided such insurance and Borro ler was required to make separately designated payments toward the premiums for Mortgage Insuranc , Borrower shall pay the premiums required to obtain coverage substantially equivalent to the Mortg 1ge Insurance previously in effect, at a cost substantially equivalent to the cost to Borrower of the M rtgage Insurance previously in effect, from an alternate mortgage insurer selected by Lender. If subs :antially equivalent Mortgage Insurance coverage is not available, Borrower shall continue to pay to Le lder the amount of the separately designated payments that were due when the insurance coverage ceased to be in effect. Lender will accept, use and retain these payments as a non-refundable loss reserve in lieu of Mortgage Insurance. Such loss reserve shall be non-refundable, notwithstanding the fact that th~ Loan is ultimately paid in full, and Lender shall not be required to pay Borrower any interest or earnin ~s on such loss reserve. Lender can no longer require loss reserve payments if Mortgage Insurance covera ~e (in the amount and for the period that Lender requires) provided by an insurer selected by Lender a ain becomes available, is obtained, and Lender requires separately designated payments toward the pre ums for Mortgage Insurance. If Lender required Mortgage Insurance asa condition of making the Loan nd Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiums required to maintain Mortgage Insurance in effect, or t provide a non-refundable loss reserve, until Lender's requirement for Mortgage Insurance ends in acc )rdance with any written agreement between Borrower and Lender providing for such tennination or until ennination is required by Applicable Law. Nothing in this Section 10 affects Borrower's obligation to pay nterest 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 L an as agreed. Borrower is not a party to the Mortgage Insurance. Mortgage insurers evaluate their total ris~on all such insurance in force from time to time, and may enter into agreements with other parties that sh :e or modify their risk, or reduce losses. These agreements are on tenns and conditions that are satisfacto to the mortgage insurer and the other party (or parties) to these agreements. These agreements may requir ~ the mortgage insurer to make payments using any source of funds that the mortgage insurer may have av ilable (which may include funds obtained from Mortgage Insurance premiums). As a result of these agreements, Lender, 'my purchaser of the Note, another insurer, any reinsurer, any other entity, or any affiliate of any of the ~)regoing, may receive (directly or indirectly) amounts that derive from (or might be characterized as) a prtion of Borrower's payments for Mortgage Insurance, in exchange for sharing or modifying the mortg ge insurer's risk, or reducing losses. If such agreement provides that an affiliate of Lender takes a s .are of the insurer's risk in exchange for a share of the premiums paid to the insurer, the arrangement i often tenned "captive reinsurance." Further: (a) Any such agreements will not afC :t the amounts that Borrower has agreed to pay for Mortgage Insurance, or any other terms of t le Loan. Such agreements will not increase the amount Borrower will owe for Mortgage Insurance, a Id they will not entitle Borrower to any refund. Inltials:~ 450 - - U87~18b6 08738(:)G 451 (b) Any such agreements will not affect the rights Borrower has - if any - with respect to the Mortgage Insurance under the Homeowners fJrotection Act of 1998 or any other law. These rights may include the right to receive certain d sclosures, to request and obtain cancellation of the Mortgage Insurance, to have the Mortgage I Isurance 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 Proce ~ds; Forfeiture. All Miscellaneous Proceeds are hereby assigned to and shall be paid to Lender. If the Property is damaged, such Miscell leous Proceeds shall be applied to restoration or repair of the Property, if the restoration or repair is ec nomically feasible and Lender's security is not lessened, During such repair and restoration period, Lend :r 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 disbursem nt or in a series of progress payments as the work is completed. Unless an agreement is made in writ ng or Applicable Law requires interest to be paid on such Miscellaneous Proceeds, Lender shall not be r quired to pay Borrower any interest or earnings on such Miscellaneous Proceeds. If the restoration or repair is not economically feasible or Lender's security would be lessened, the Miscellaneous Proceeds shall b: applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if an , paid to Borrower. Such Miscellaneous Proceeds shall be applied in the order provided for in Section 2. In the event of a total taking, destructi n, or loss in value of the Property, the Miscellaneous Proceeds shall be applied to the sums secured y this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. In the event of a partial taking, destructio , or loss in value of the Property in which the fair market value of the Property immediately before the artial 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 in value, unless B ,rrower 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 t )tal 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, destructio I, or loss in value. Any balance shall be paid to Borrower. In the event of a partial taking, destructio , or loss in value of the Property in which the fair market value of the Property immediately before the p mial taking, destruction, or loss in value is less than the amount of the sums secured immediately befo e the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writin " the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument whether or ot the sums are then due. If the Property is abandoned by Borro er, or if, after notice by Lender to Borrower that the Opposing Party (as defined in the next sentenc~) offers to make an award to settle a claim for damages, Borrower fails to respond to Lender within 30 ays 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, wheth~r or not then due. "Opposing Party" means the third party that owes Borrower Miscellaneous Proceeds or the party against whom Borrower has a right of action in regard to Miscellaneous Proceeds. Borrower shall be in default if any action >r proceeding, whether civil or criminal, is begun that, in Lender's judgment, could result in forfeiture f the Property or other material impairment of Lender's interest in the Property or rights under this Sec lrity Instrument. Borrower can cure such a default and, if acceleration has occurred, reinstate as provided in Section 19, by causing the action or proceeding to be dismissed with a ruling that, in Lender's judg ent, precludes forfeiture of the Property or other material impairment of Lender's interest in the Property or rights 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 Ipplied to restoration or repair of the Property shall be applied in the order provided for in Section 2, .. -6(WYI (0005) <!> DDS-WY4 Page 9 of 15 Initials:Zðt-- ~ J1)~ Form 3051 1/01 . __·.·_·.··.·e·__..__~___._~_,__.+_..." -_._~-"-_...._.__.__._."...-." ~ ~ ~m-- --~~...~ . - - - ·._+._._~-_. .._-----~_._-_.._-----_._._- form 3051 1/01 ~/}I¿ Page 10 of 15 . ·6(WY) 100051 <!> DDS·WY4 ø;/ Initials: (j,/''c- 12. Borrower Not Released; Forbearan e By Lender Not a Waiver. Extension of the time for payment or modification of amortization of the s Ims secured by this Security Instrument granted by Lender to Borrower or any Successor in Interest of Bor ower shall not operate to release the liability of Borrower or any Successors in Interest of Borrower. Len er shall not be required to commence proceedings against any Successor in Interest of Borrower or to efuse to extend time for payment or otherwise modify amortization of the sums secured by this Securit Instrument by reason of any demand made by the original Borrower or any Successors in Interest of Borro ver. Any forbearance by Lender in exercising any right or remedy including, without limitation, Lepder' acceptance of payments from third persons, entities or Successors in Interest of Borrower or in amount 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·sign rs; Successors and Assigns Bound. Borrower covenants and agrees that Borrower's obligations and liabil ty 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-signing this Security Instrument only to mortgage, grant an convey the co-signer's interest in the Property under the terms of this Security Instrument; (b) is not per ,onally 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 t~rms of this Security Instrument or the Note without the co-signer's consent. Subject to the provisions of Section 18, any Successor in Interest of Borrower who assumes Borrower's obligations under this Security Inst lment in writing, and is approved by Lender, shall obtain all of Borrower's rights and benefits under this Security Instrument. Borrower shall not be released from Borrower's obligations and liability under this ecurity Instrument unless Lender agrees to such release in writing. The covenants and agreements of thi ¡ Security Instrument shall bind (except as provided in Section 20) and benefit the successors and assig s of Lender. 14. Loan Charges. Lender may charge lorrower fees for services performed in connection with Borrower's default, for the purpose of protecti 19 Lender's interest in the Property and rights under this Security Instrument, including, but not limited 0, attorneys' fees, property inspection and valuation fees. In regard to any other fees, the absence of expre¡s authority in this Security Instrument to charge a specific fee to Borrower shall not be construed as a proh bition on the charging of such fee. Lender may not charge fees that are expressly prohibited by this Securit ' Instrument or by Applicable Law. If the Loan is subject to a law which sets axirnum loan charges, and that law is finally interpreted so that the interest or other loan charges collected or to be collected in connection with the Loan exceed the permitted limits, then: (a) any such loan charg : shall be reduced by the amount necessary to reduce the charge to the permitted limit; and (b) any sums ùready collected from Borrower which exceeded permitted limits will be refunded to Borrower. Lender ay choose to make this refund by reducing the principal owed under the Note or by making a direct layment to Borrower. If a refund reduces principal, the reduction will be treated as a partial prepay lent without any prepayment charge (whether or not a prepayment charge is provided for under the ote). Borrower's acceptance of any such refund made by direct payment to Borrower will constitute a wa' ver of any right of action Borrower might have arising out of such overcharge. 15. Notices. All notices given by Borro er or Lender in connection with this Security Instrument must be in writing. Any notice to Borrower in cJnnection with this Security Instrument shall be deemed to have been given to Borrower when mailed by first class mail or when actually delivered to Borrower's notice address if sent by other means. Notice to anyone Borrower shall constitute notice to all Borrowers unless Applicable Law expressly requires othe ise. The notice address shall be the Property Address unless Borrower has designated a substitute no ice 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 shall only re)ort a change of address through that specified procedure. There may be only one designated notice add ess under this Security Instrument at anyone time. Any notice to Lender shall be given by delivering 't or by mailing it by first class mail to Lender's addr.ess stated herein unless Lender has designated nother address by notice to Borrower. Any notice in connection with this Security Instrument shall .ot be deemed to have been given to Lender until actually received by Lender. If any notice required by his Security Instrument is also required under Applicable Law, the Applicable Law requirement will s tisfy the corresponding requirement under this Security Instrument. ,152 Ü8738b{) - - - - - U873866 453 ~ 16. Governing Law; Severability; Rul:s 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 Instru ent are subject to any requirements and limitations of Applicable Law. Applicable Law might explicit y or implicitly allow the parties to agree by contract or it might be silent, but such silence shall not be c nstrued as a prohibition against agreement by contract. In the event that any provision or clause of this :ecurity Instrument or the Note conflicts with Applicable Law, such conflict shall not affect other provis ons 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 t minine gender; (b) words in the singular shall mean and include the plural and vice versa; and (c) the ord "may" gives sole discretion without any obligation to take any action. 17. Borrower's Copy. Borrower shall be ¡ven one copy of the Note and of this Security Instrument. 18. Transfer of the Property or a Beneficial Interest in Borrower. As used in this Section 18, "Interest in the Property" means any legal or beneficial interest in the Property, including, but not limited to, those beneficial interests transferred in a bo d for deed, contract for deed, installment sales contract or escrow agreement, the intent of which is the tr sfer of title by Borrower at a future date to a purchaser. If all or any part of the Property or any Inerest 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 require immedia:e payment in full of all sums secured by this Security Instrument. However, this option shall not b: exercised by Lender if such exercise is prohibited by Applicable Law. If Lender exercises this option, Lender s all give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days from the date the notice is given in accordance with Section 15 within which Borrower must pay all sums sec red by this Security Instrument. If Borrower fails to pay these sums prior to the expiration of this perlod, Lender may invoke any remedies permitted by this Security Instrument without further notice or de nand on Borrower. 19. Borrower's Right to Reinstate Af er Acceleration. If Borrower meets certain conditions, Borrower shall have the right to have enforce lent 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 perio as Applicable Law might specify for the termination of Borrower's right to reinstate; or (c) entry o' a judgment enforcing this Security Instrument. Those conditions are that Borrower: (a) pays Lende all sums which then would be due under this Security Instrument and the Note as if no acceleration haj occurred; (b) cures any default of any other covenants or agreements; (c) pays all expenses incurred in enforcing this Security Instrument, including, but not limited to, reasonable attorneys' fees, property inspe tion and valuation fees, and other fees incurred for the purpose of protecting Lender's interest in the roperty 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 Borr Iwer's obligation to pay the sums secured by this Security Instrument, shall continue unchanged. Lender lay require that Borrower pay such reinstatement sums and expenses in one or more of the following fo IS, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, treasurer's check r cashier's check, provided any such check is drawn upon an institution whose deposits are insured by a 'ederal agency, instrumentality or entity; or (d) Electronic Funds Transfer. Upon reinstatement by Borrow:r, this Security Instrument and obligations secured hereby shall remain fully effective as if no acceleratio 1 had occurred. However, this right to reinstate shall not apply in the case of acceleration under Section 1~. 20. Sale of Note; Change of Loan Servier¡ Notice of Grievance. The Note or a partial interest in the Note (together with this Security Instrume It) can be sold one or more times without prior notice to Borrower. A sale might result in a change i the entity (known as the "Loan Servicer") that collects Periodic Payments due under the Note and th lS Security Instrument and perfonns other mortgage loan servicing obligations under the Note, this Secu :ity Instrument, and Applicable Law. There also might be one or more changes of the Loan Servicer unre ated 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 pay aents should be made and any other infonnation RESP A cD ·6(WY) 100051 ~ DDS~WY4 Page 11 of 1 5 Initials: @¿. CJ0k Form 3051 1/01 -------....----..---..-."..----.........--.. __M ,.- ._,.-._.~,._-_.,~_,....,___, _MM'___M"'~""___M__"'''____~___ ,---.-..---.--.....- ___MIT: ___,.....__ ,-..-.<,-".,,-..-....-- ... Form 3051 1/01 ~ Jì- J-( >agel 2 of 1 5 _.6(WY) (0005) DDS-WY4 Initi.IS:~ requires in connection with a notice of transfer )f servicing. If the Note is sold and thereafter the Loan is serviced by a Loan Servicer other than the purc laser 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 comrnelce, join, or be joined to any judicial action (as either an individual litigant or the member of a class) t lat arises from the other party's actions pursuant to this Security Instrument or that alleges that the other party has breached any provision of, or any duty owed by reason of, this Security Instrument, until such ,orrower or Lender has notified the other party (with such notice given in compliance with the requireme ts 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 period which must elapse before certain action can be taken, that time period will be deemed to be reasonable for p rposes of this paragraph. The notice of acceleration and opportunity to cure given to Borrower pursu it to Section 22 and the notice of acceleration given to Borrower pursuant to Section 18 shall be deem ~d 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 subst Ices, pollutants, or wastes by Environmental Law and the following substances: gasoline, kerosene, othe flammable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials cont ining asbestos or formaldehyde, and radioactive materials; (b) "Environmental Law" means federal laws an I laws of the jurisdiction where the Property is located that relate to health, safety or environmental prote tion; (c) "Environmental Cleanup" includes any response action, remedial action, or removal action, as efined in Environmental Law; and (d) an "Environmental Condition" means a condition that can cause, contribute to, or otherwise trigger an Environmental Cleanup. Borrower shall not cause or pennit the presence, use, disposal, storage, or release of any Hazardous Substances, or threaten to release any Hazardou Substances, on or in the Property. Borrower shall not do, nor allow anyone else to do, anything affecting the Property (a) that is in violation of any Environmental Law, (b) which creates an Environmental Condi ion, or (c) which, due to the presence, use, or release of a Hazardous Substance, creates a condition that dversely 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 recog iÏzed to be appropriate to normal residential uses and to maintenance of the Property (including, but not imited to, hazardous substances in consumer products). Borrower shall promptly give Lender writt~n 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 limi.ed to, any spilling, leaking, discharge, release or threat of release of any Hazardous Substance, and (c) lY c,ondition caused by the presence, use or release of a Hazardous Substance which adversely affects th: value of the Property. If Borrower learns, or is notified by any governmental or regulatory authority, 0 any private party, that any removal or other remediation of any Hazardous Substance affecting the Prope y is necessary, Borrower shall promptly take all necessary remedial actions in accordance with Environm ntal Law. Nothing herein shall create any obligation on Lender for an Environmental Cleanup. 454 U8738l)b - - ....- 0873866 455 NON-UNIFORM COVENANTS. Borrow r and Lender further covenant and agree as follows: 22. Acceleration; Remedies. Lender shal give notice to Borrower prior to acceleration following Borrower's breach of any covenant or agr :ement in this Security Instrument (but not prior to acceleration under Section 18 unless Applicab,e Law provides otherwise). The notice shall specify: (a) the default; (b) the action required to cure th , 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 date specified in the lotice may result in acceleration of the sums secured by this Security Instrument and sale of the Pro lerty. The notice shall further inform Borrower of the right to reinstate after acceleration and the ri :ht to bring a court action to assert the non-existence of a default or any other defense of Borrower t acceleration and sale. If the default is not cured on or before the date specified in the notice, Lende at its option may require immediate payment in full of all sums secured by this Security Instrument without further demand and may invoke the power of sale and any other remedies permitted by .pplicable Law. Lender shall be entitled to collect all expenses incurred in pursuing the remedies p 'ovided in this Section 22, including, but not limited to, reasonable attorneys' fees and costs of title eV.dence. If Lender invokes the power of sale, Le lder shall give notice of intent to foreclose to Borrower and to the person in possession of the Prop ~rty, if different, in accordance with Applicable Law. Lender shall give notice of the sale to Borro rer 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 th ~ 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 s ured by this Security Instrument; and (c) any excess to the person or persons legally entitled to it. 23. Release. Upon payment of all sums se :ured by this Security Instrument, Lender shall release this Security Instrument. Borrower shall pay any ~cordation costs. Lender may charge Borrower a fee for releasing this Security Instrument, but only if ,e fee is paid to a third party for services rendered and the charging of the fee is permìtted under Applicabl ~ Law. 24. Waivers. Borrower releases and w lÌves all rights under and by virtue of the homestead exemption laws of Wyoming. cD -6(WY) (0005) <!> DDS-WY4 -_..- ,--"""--,,,'-'-"-. ~_.' _..~ ..._..-..,~.-.~----.-'_.._._._.._--.--.--.-'..- """-'--.-.--...---.-'" .......... ...-......---- ----'---'-..---·-·-·-1:..-........ - Page 13 of 1 5 - Initials: fl;:it." ~A-I¿ Form 3051 1/01 - Form 3051 1/01 (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower m'" . Page 14 of 15 ~ Q.. ,~ J A.KELLEY 1321 4TH WEST AVENUE KEMMERER, WY 83101 EDWIN 0, KELLEY 1321 4TH WEST AVENUE KEMMERER, WY 83101 ----'-".--'--'-"--"-.----- .-~...---.-.-.----".,,-.,-- G-6(WY) (0005) ~ DDS-WY4 -BO~:~j~ (Sealjl -Borrowe' ( Seal -Borrowe" , , Witnesses: BY SIGNING BELOW, Borrower accepts land agrees to the terms and covenants contained in this Security Instrument and in any Rider executed by BOlTower and recorded with it. 45G - .. - OS73S()6 .... 087:iS{;G STATE OF WYOMING, ~ .... ""} 't J I Lincoln County ss: The foregoing instrument was acknowledgelbeforemethis 19th day of May, 2001 by Edwin O. Kelley and Jerri A. (elley =."'= ""WWyoll*lg My Commission Expires: February 2, 2)02 . -6(WY) (0005) (J) DDS-WY4 Page 15 of 1 5 InitiaIS:~ ~\\\~ Form 3051 1/01 .--------,-.--...--.....-..., _.~------~...__._-'----_._._....__._-- ",---.---'-.-.- - - -