HomeMy WebLinkAbout873867
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Form 3051 1/01
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WYOMING-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT WITH MERS
MFWY7770 (11/00) / 041-269694-0
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VMP MORTGAGE FORMS -18001521-7291 K. ¡;. . C:::s
Borrower is the mortgagor under this Security ~lstrument.
(C) "MERS" is Mortgage Electronic Registrat on Systems, Inc. MERS is a separate corporation that is
acting solely as a nominee for Lender and Le ¡der's successors and assigns. MERS is the mortgagee
under this Security Instrument. MERS is orga lÎzed and existing under the laws of Delaware, and has an
address and telephone number of P.O. Box 202 , Flint, MI 48501-2026, tel. (888) 679-MERS.
(A) "Security Instrument" means this documenl, which is dated JUNE 8TH, 2001
together with all Riders to this document.
(B) "Borrower" is
ROD B. GARDNER AND RACHEL E. GARD1:1fER, HUSBAND AND WIFE
Words used in multiple sections of this docu*ent are defined below and other words are defined in
Sections 3, 11, 13, 18, 20 and 21. Certain rulej; regarding the usage of words used in this document are
also provided in Section 16.
DEFINITIONS
MOH..TGAGE MIN 100062604126969403
...
[Space Above ThI~ LíJ~e For Recording Data]
BOOK 466 PR PAGE ,¡ 5 d.
REGf: IVE. D
LINCOLN COUNTY CLERK
o ¡ ,II IN I 3 PH 2: I, 1.
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KEMMErŒFì. WYOMING
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Prepared By: HomeComings Financial Fetwork
14850 Quorum Drive, Su!Lte 450
Dallas, TX 75240
73867
Return To:
HOMECOMINGS FINANCIAL NE1WORK, INC
ONE MERIDIAN CROSSING, STE 100
MINNEAPOLIS, MN 55423
Loan Number: 041-269694-0
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o Adjustable Rate Rider 0 Condominium Rider 0 Second Home Rider
o Balloon Rider 0 Planned Unit Þevelopment RideD 1-4 Family Rider
o VA Rider 0 Biweekly Pay ent Rider 0 Other(s) [specify]
0873867 453
(D) "Lender" is HOMECOMINGS FINANCI ~ NETWORK INC.
Lender is a CORPORATION
organized and existing under the laws of DEL .WARE
Lender's address is 14850 QUORUM DRIVE, SUITE 450
DALLAS, TX 75240
(E) "Note" means the promissory note signed by Borrower and dated JUNE 8 TH, 2001
The Note states that Borrower owes Lender SEVENTY ONE THOUSAND FOUR HUNDRED AND
NO/100 Dollars
(U.S. $ 71,400 . 00 ) plus interest. Borrower has promised to pay this debt in regular Periodic
Payments and to pay the debt in full not later th nJULY 1ST, 2031
(F) "Property" means the property that is desc ~ibed below under the heading "Transfer of Rights in the
Property."
(G) "Loan" means the debt evidenced by the N Ite, plus interest, any prepayment charges and late charges
due under the Note, and all sums due under thi Security Instrument, plus interest.
(H) "Riders" means all Riders to this Security [nstrument that are executed by Borrower. The following
Riders are to be executed by Borrower [check b x as applicable]:
(I) "Applicable Law" means all controlling lpplicable federal, state and local statutes, regulations,
ordinances and administrative rules and orders (:hat have the effect of law) as well as all applicable final,
non-appealable judicial opinions.
(J) "Community Association Dues, Fees, and \ssl~ssments" 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.
(K)"Electronic Funds Transfer" means any ransfer of funds, other than a transaction originated by
check, draft, or similar paper instrument, whi h is initiated through an electronic terminal, telephonic
instrument, computer, or magnetic tape so as to )rder, instruct, or authorize a financial institution to debit
or credit an account. Such term includes, but i ¡ not limited to, point-of-sale transfers, automated teller
machine transactions, transfers initiated by t :lephone, wire transfers, and automated clearinghouse
transfers.
(L) "Escrow Items" means those items that are scribedin Section 3.
(M) "Miscellaneous Proceeds" means any com ensation, settlement, award of damages, or proceeds paid
by any third party (other than insurance procee s paid under the coverages described in Section 5) for: (i)
damage to, or destruction of, the Property; (ii) condemnation or other taking of all or any part of the
Property; (iii) conveyance in lieu of condemnatlon; or (iv) misrepresentationsof, or omissions as to, the
value and/or condition of the Property.
(N) "Mortgage Insurance" means insurance pr tecting Lender against the nonpayment of, or default on,
the Loan.
(0) "Periodic Payment" means the regularly sc eduled amount due for (i) principal and interest under the
Note, plus (ii) any amounts under Section 3 of t is Security Instrument.
(P) "RESPA" means the Real Estate Settlement Procedures Act (12 U.S.C. Section 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 0 ' regulation that governs the same subject matter. As used
in this Security Instrument, "RESP A" refers to a 1 requirementsand restrictions that are imposed in regard
to a "federally related mortgage loan" even if t e Loan does not qualify as a "federally related mortgage
loan" under RESP A.
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TOGETHER WITH all the improvemen_s 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 Securit ' Instrument. All of the foregoing is referred to in this
Security Instrumentas the ItProperty.1t Borrowe understands and agrees that MERS holds only legal title
to the interests granted by Borrower in this Sec trity Instrument, but, if necessary to comply with law or
custom, MERS (as nomineefor Lender and Len ler's successors and assigns) has the right: to exercise any
or all of those interests, including, but not limit ~d to, the right to foreclose and sell the Property; and to
take any action required of Lender including, mt not limited to, releasing and canceling this Security
Instrument.
BORROWERCOVENANTSthat Borrowe 'is lawfully seised of the estate hereby conveyed and has
the right to mortgage, grant and convey the Prperty 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 encumbranc ~s of record.
THIS SECURITYINSTRUMENTcombi es uniform covenants for national use and non-uniform
covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real
property.
which currently has the address of
[Street]
[City] , Wyoming 83110 [Zip Code]
Parcel ID Number: 31180630403000
176 CIRCLE DRIVE
AFTON
(ItProperty Addresslt):
This Security Instrumentsecures to Lender: (i) t ~ repayment of the Loan, and all renewals, extensions and
modifications of the Note; and (ii) the perfo mance of Borrower's covenants and agreements under
this Security Instrumentand the Note. For this p rpose, Borrower does hereby mortgage, grant and convey
to MERS (solely as nominee for Lender and Lender's successors and assigns) and to the successors
and assigns of MERS, with power of sale, the following described property located
in the COUNTY of LINCOLN
[Type of Recording Jurisdiction] [Name of Recording Jurisdiction]
LOT 28 OF THE WESTVIEW VILLAGE SU DIVISION, LINCOLN COUNTY, WYOMING
AS DESCRIBED ON THE OFFICIAL PLAT THEREOF.
(Q) "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~ls under the Note and/or this Security Instrument.
TRANSFER OF RIGHTS IN THE PROPERTjy
450
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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, md 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 Instrumentshall be made in U.S.
currency. However, if any check or other instru lent received by Lender as payment under the Note or this
Security Instrumentis 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 order; (c) certified check, bank check, treasurer's check or
cashier's check, provided any such check is dr IWll upon an institution whose deposits are insured by a
federal agency, instrumentality, or entity; or (d) Electronic 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 Jayment or partial payment insufficient to bring the Loan
current, without waiver of any rights hereunder )r 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 1S of its scheduled due date, then Lender need not pay
interest on unapplied funds. Lender may hold suh unapplied funds until Borrower makes payment to bring
the Loan current. If Borrower does not do so wi hin a reasonableperiod of time, Lender shall either apply
such funds or return them to Borrower. If not ap plied earlier, such funds will be applied to the outstanding
principal balance under the Note immediately ,riOI' 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 Instrumentor perfor ing the covenants and agreements secured by this Security
Instrument.
2. Application of Payments or Proceed ¡. 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 th ~ order in which it became due. Any remaining amounts
shall be applied first to late charges, second to allY other amounts due under this Security Instrument, and
then to reduce the principal balance of the Note
If Lender receives a payment from Borro ver for a delinquent Periodic Payment which includes a
sufficient amount to pay any late charge due, th ~ payment may be applied to the delinquent payment and
the late charge. If more than one Periodic Paymelltis outstanding, Lendermay 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 ap )lied to any late charges due. Voluntary prepayments shall
be applied first to any prepayment charges and tl1en as described in the Note.
Any application of payments, insurance pr )ceeds, or Miscellaneous Proceeds to principal due under
the Note shall not extend or postpone the due d lte, or change the amount, of the Periodic Payments.
3. Funds for Escrow Items. Borrower sh ill pay to Lender on the day Periodic Payments are due
under the Note, until the Note is paid in full, a urn (the "Funds") to provide for payment of amounts due
for: (a) taxes and assessments and other items w lich can attain priority over this Security Instrument as a
lien or encumbrance on the Property; (b) leaseh )ld 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 B )rrower to Lender in lieu of the payment of Mortgage
Insurance premiums in accordance with the pr )visions of Section 10. These items are called "Escrow
Items." At origination or at any time during th : term of the Loan, Lender may require that Community
Association Dues, Fees, and Assessments, if a lY, be escrowed by Borrower, and such dues, fees and
assessments shall be an Escrow Item. Borrower hall promptly furnish to Lender all notices of amounts to
be paid under this Section. Borrower shall pay ,ender the Funds for Escrow Items unless Lender waives
Borrower's obligation to pay the Funds for a IY or all Escrow Items. Lender may waive Borrower's
obligation to pay to Lender Funds for any or all Escrow Items at any time. Any such waiver may only be
in writing. In the event of such waiver, Borrowe: shall pay directly, when and where payable, the amounts
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due for any Escrow Items for which payment of lunds has been waived by Lender and, if Lenderrequires,
shall furnish to Lender receipts evidencing such payment within such time period as Lender may require.
Borrower's obligation to make such payments ad to provide receipts shall for all purposes be deemed to
be a covenant and agreementcontainedin this Se :urity 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
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 b~ obligated under Section 9 to repay to Lender any such
amount. Lender may revoke the waiver as to a lY or all Escrow Items at any time by a notice given in
accordance with Section 15 and, upon such rev Jcation, 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 F mds in an amount (a) sufficient to permit Lender to apply
the Funds at the time specified under RESP A, nd (b) not to exceed the maximum amount a lender can
require under RESP A. Lender shall estimate th : amount of Funds due on the basis of current data and
reasonable estimates of expenditures of future scrow Items or otherwise in accordance with Applicable
Law.
The Funds shall be held in an institut' on whose deposits are insured by a federal agency,
instrumentality, or entity (including Lender, if L mder is an institution whose deposits are so insured) or in
any Federal Home Loan Bank. Lender shall appl ' the Funds to pay the Escrow Items no later than the time
specified under RESP A. Lender shall not charg Borrower for holding and applying the Funds, annually
analyzing the escrow account, or verifying the E ¡crow Items, unless Lender pays Borrower interest on the
Funds and Applicable Law permits Lender to m ke such a charge. Unless an agreementis made in writing
or Applicable Law requires interest to be paid 0 the Funds, Lender shall not be required to pay Borrower
any interest or earnings on the Funds. Borrowe' and Lender can agree in writing, however, that interest
shall be paid on the Funds. Lender shall give t I Borrower, without charge, an annual accounting of the
Funds as required by RESP A.
If there is a surplus of Funds held in esc ~ow, as defined under RESP A, Lender shall account to
Borrower for the excess funds in accordance wit RESP A. If there is a shortage of Funds held in escrow,
as defined under RESP A, Lender shall notify Bo rower as required by RESP A, and Borrower shall pay to
Lender the amount necessary to make up the sho tage in accordance with RESP A, but in no more than 12
monthly payments. If there is a deficiency of Fu ds held in escrow, as defined under RESP A, Lender shall
notify Borrower as required by RESP A, and Bo rower shall pay to Lender the amount necessary to make
up the deficiency in accordance with RESP A, but in no more than 12 monthly payments.
Upon payment in full of all sums secured y this Security Instrument, Lender shall promptly refund
to Borrower any Funds held by Lender.
4. Charges; Liens. Borrower shall pay ill taxes, assessments, charges, fines, and impositions
attributable to the Property which can attain pri rity over this Security Instrument, leasehold payments or
ground rents on the Property, if any, and Comm nity Association Dues, Fees, and Assessments, if any. To
the extent that these items are Escrow Items, Borrower shall pay them in the manner provided in Section 3.
Borrower shall promptly discharge any lie which has priority over this Security Instrument unless
Borrower: (a) agrees in writing to the payment 0 the obligation secured by the lien in a manner acceptable
to Lender, but only so long as Borrower is perf rming such agreement; (b) contests the lien in good faith
by, or defends against enforcement of the lien i , legal proceedings which in Lender's opinion operate to
prevent the enforcement of the lien while those Jroceedings are pending, but only until such proceedings
are concluded; or ( c) secures from the holder of he lien an agreementsatisfactory to Lender subordinating
the lien to this Security Instrument. If Lender d termines that any part of the Property is subject to a lien
which can attain priority over this Security Instr ment, Lender may give Borrower a notice identifying the
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087386"';
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lien. Within 10 days of the date on which that no ice is given, Borrower shall satisfy the lien or take one or
more of the actions set forth above in this Sectiotl4.
Lender may require Borrower to pay a ne-time charge for a real estate tax verification and/or
reporting service used by Lender in connection IÌth this Loan.
5. Property Insurance. Borrower shall ke :p the improvements now existing or hereafter erected on
the Property insured against loss by fire, hazar s included within the term "extended coverage," and any
other hazards including, but not limited to, eart lquakesand floods, for which Lender requires insurance.
This insurance shall be maintained in the amo nts (including deductible levels) and for the periods that
Lender requires. What Lender requires pursuant to the preceding sentences can change during the term of
the Loan. The insurance carrier providing the i surance 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 his Loan, either: (a) a one-time charge for flood zone
determination, certification and tracking service;; or (b) a one-time charge for flood zone determination
and certification services and subsequent charg :s each time remappings or similar changes occur which
reasonably might affect such determination or ~ertification. Borrower shall also be responsible for the
payment of any fees imposed by the Federal ~mergency ManagementAgency 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. Therefoe, 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 or lesser coverage than was previously in effect. Borrower
acknowledges that the cost of the insurance co erage so obtained might significantly exceed the cost of
insurance that Borrower could have obtained. A y 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 disbursementarrd shall be payable, with such interest, upon notice from
Lender to Borrower requesting payment.
All insurance policies required by Lender .lid 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. Lnder 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 if insurance coverage, not otherwise required by Lender,
for damage to, or destruction of, the Property, mch policy shall include a standard mortgage clause and
shall name Lender as mortgagee and/or as an a Iditionalloss payee.
In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender
may make proof of loss if not made promptly b Borrower. Unless Lender and Borrower otherwise agree
in writing, any insurance proceeds, whether or n)t the underlying insurance was required by Lender, shall
be applied to restoration or repair of the Proper 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 ad an opportunity to inspect such Property to ensure the
work has been completed to Lender's satisfac ion, provided that such inspection shall be undertaken
promptly. 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. Jnless an agreementis made in writing or Applicable Law
requires interest to be paid on such insurance pr )ceeds, Lender shall not be required to pay Borrower any
interest or earnings on such proceeds. Fees f)r 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 economically feas ble or Lender's security would be lessened, the insurance
proceeds shall be applied to the sums secured b ' this Security Instrument, whether or not then due, with
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the excess, if any, paid to Borrower. Such insurajlce proceeds shall be applied in the order provided for in
Section 2.
If Borrower abandons the Property, Lend r may file, negotiate and settle any available insurance
claim and related matters. If Borrower does not 'espond within 30 days to a notice from Lender that the
insurance carrier has offered to settle a claim, th n Lender may negotiate and settle the claim. The 3D-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 amount; unpaid under the Note or this Security Instrument, and
(b) any other of Borrower's rights (other than :he right to any refund of unearned premiums paid by
Borrower) under all insurance policies covering he Property, insofar as such rights are applicable to the
coverage of the Property. Lender may use the ins trance 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, e tablish, and use the Property as Borrower's principal
residence within 60 days after the execution of t lis 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' control.
7. Preservation, Maintenance and Prote tiOD of the Property; Inspections. Borrower shall not
destroy, damage or impair the Property, allo the Property to deteriorate or commit waste on the
Property. Whether or not Borrower is residing i I the Property, Borrower shall maintain the Property in
order to prevent the Property from deterioratin 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 void further deterioration or damage. If insurance or
condemnation proceeds are paid in connection w th damage to, or the taking of, the Property, Borrower
shall be responsible for repairing or restoring th : Property only if Lender has released proceeds for such
purposes. Lender may disburse proceeds for the r :pairs and restorationin a single payment or in a series of
progress payments as the work is completed. If t Ie insurance or condemnationproceeds are not sufficient
to repair or restore the Property, Borrower is no 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 interio of the improvements on the Property. Lender shall give
Borrower notice at the time of or prior to such a l interior inspection specifying such reasonable cause.
8. Borrower's Loan Application. Borro 'er shall be in default if, during the Loan application
process, Borrower or any persons or entities a ;ting at the direction of Borrower or with Borrower's
knowledge or consent gave materially false, mislading, or inaccurate information or statementsto Lender
(or failed to provide Lender with material nformation) in connection with the Loan. Material
representations include, but are not limited to, epresentationsconcerning Borrower's occupancy of the
Property as Borrower's principal residence.
9. Protection of Lender's Interest in the roperty and Rights Under this Security Instrument. If
(a) Borrower fails to perform the covenants and a ~reementscontainedin this Security Instrument, (b) there
is a legal proceeding that might significantly aff:ct Lender's interest in the Property andjorrights under
this Security Instrument (such as a proceeding in bankruptcy, probate, for condemnation or forfeiture, for
enforcement of a lien which may attain priori y 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 appropriate to protect Lender's ioterest in the Property and rights under this Security
Instrument, including protecting andjorassessing the value of the Property, and securing andjorrepairing
the Property. Lender's actions can include, but re not limited to: (a) paying any sums secured by a lien
which has priority over this Security Instrum nt; (b) appearing in court; and (c) paying reasonable
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attorneys' fees to protect its interest in the Prop rty and/orrights 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 1 cks, 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 agre ~d that Lender incurs no liability for not taking any or all
actions authorized under this Section 9.
Any amounts disbursed by Lender under his 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 . lterest, upon notice from Lender to Borrower requesting
payment.
If this Security Instrumentis on a leaseh ld, 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 Lenderrequir :dMortgage Insurance as a condition of making the Loan,
Borrower shall pay the premiums required to ma ntain the Mortgage Insurancein effect. If, for any reason,
the Mortgage Insurance coverage required by Leader ceases to be available from the mortgage insurer that
previously provided such insurance and Borro 'er 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 ge Insurance previously in effect, at a cost substantially
equivalent to the cost to Borrower of the Mo ~tgage 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 der the amount of the separately designated payments that
were due when the insurance coverage ceased 0 be in effect. Lender will accept, use and retain these
payments as a non-refundable loss reserve in ieu 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 011 such loss reserve. Lender can no longer require loss
reserve payments if Mortgage Insurance cover a e (in the amount and for the period that Lender requires)
provided by an insurer selected by Lender ag in becomes available, is obtained, and Lender requires
separately designated payments toward the prem'l1msfor Mortgage Insurance. If Lender required Mortgage
Insurance as a condition of making the Loan a ld Borrower was required to make separately designated
payments toward the premiums for Mortgage nsurance, Borrower shall pay the premiums required to
maintain Mortgage Insurance in effect, or to provide a non-refundable loss reserve, until Lender's
requirementfor Mortgage Insurance ends in acc rdance with any written agreement between Borrower and
Lender providing for such termination or until trminationis required by Applicable Law. Nothing in this
Section 10 affects Borrower's obligation to pay i lterest at the rate provided in the Note.
Mortgage Insurance reimburses Lender (0 any entity that purchases the Note) for certain losses it
may incur if Borrower does not repay the Lo m as agreed. Borrower is not a party to the Mortgage
Insurance.
Mortgage insurers evaluate their total risk In all such insurance in force from time to time, and may
enter into agreementswith other parties that shar ~ or modify their risk, or reduce losses. These agreements
are 011 terms and conditions that are satisfactory :0 the mortgage insurer and the other party (or parties) to
these agreements. These agreementsmay requir the mortgage insurer to make payments using any source
of funds that the mortgage insurer may have av ¡lable (which may include funds obtained from Mortgage
Insurance premiums).
As a result of these agreements, Lender, a lY purchaser of the Note, another insurer, any reinsurer,
any other entity, or any affiliate of any of the fo regoing, may receive (directly or indirectly) amounts that
derive from (or might be characterized as) a po tion of Borrower's payments for Mortgage Insurance, in
exchange for sharing or modifying the mortga ~e insurer's risk, or reducing losses. If such agreement
provides that an affiHate of Lender takes a sh tre of the insurer's risk in exchange for a share of the
premiums paid to the insurer, the arrangement i¡ often termed "captive reinsurance." Further:
(a) Any such agreements will not affec the amounts that Borrower has agreed to pay for
Mòrtgage Insurance, or any other terms of th ~ Loan. Such agreements will not increase the amount
Borrower will owe for Mortgage Insurance, and the:y will not entitle Borrower to any refund.
2'
Initials: ¡< ....6 ~
MFWY7770 (11/00) I 041-269694-0
G -6A(WY (0005),01
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'ago 9 of 15
MFWY7770 (11/00) I 041-269694-0
.. -6A(WYII00051.01
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(b) Any such agreements will not affect~the rights Borrower has - if any - with respect to the
Mortgage Insurance under the Homeowners Jrotection 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 I surance 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 Miscellaeous Proceeds shall be applied to restoration or repair of
the Property, if the restoration or repair is eco omically feasible and Lender's security is not lessened.
During such repair and restorationperiod, Lendrshall have the right to hold such Miscellaneous Proceeds
until Lender has had an opportunity to inspect mch Property to ensure the work has been completed to
Lender's satisfaction, provided that such inspect on shall be undertakenpromptly. 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 agreementis made in writitlg or Applicable Law requires interest to be paid on such
Miscellaneous Proceeds, Lender shall not be re uired to pay Borrower any interest or earnings on such
Miscellaneous Proceeds. If the restoration or rep lÍr 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 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, destructÍ<~n, or loss in value of the Property, the Miscellaneous
Proceeds shall be applied to the sums secured bjr 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 p lrtial taking, destruction, or loss in value is equal to or
greater than the amount of the sums secured b r this Security Instrument immediately before the partial
taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the sums
secured by this Security Instrument shall be 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 livided by (b) the fair market value of the Property
immediately before the partial taking, destructi n, 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 rtial taking, destruction, or loss in value is less than the
amount of the sums secured immediately befor ~ the partial taking, destruction, or loss in value, unless
Borrower and Lender otherwise agree in writing 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 Borrow ~r, 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 d IYs after the date the notice is given, Lender is authorized
to collect and apply the Miscellaneous Proceed; 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 he 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 0' the Property or other material impairment of Lender's
interest in the Property or rights under this Sec rity 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 judgm mt, precludes forfeiture of the Property or other material
impairment of Lender's interest in the Property ::Jr rights under this Security Instrument. The proceeds of
any award or claim for damages that are attribut lble 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 pplied to restoration or repair of the Property shall be
applied in the order provided for in Section 2.
46G
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u~r738G"";
MFWY7770 (11100) / 041-269694-0
Q -6A(WY) 100051.01
(!)
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Initi.ls: ~ 6-
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Form 3051
1/01
US738b7
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12. Borrower Not Released; Forbearan e By Lender Not a Waiver. Extension of the time for
payment or modification of amortization of the SIms secured by this Security Instrumentgranted 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. Lener shall not be required to commence proceedings against
any Successor in Interest of Borrower or toefuse to extend time for payment or otherwise modify
amortization of the sums secured by this Securit Instrumentby reason of any demandmade by the original
Borrower or any Successors in Interest of Borro Ner. Any forbearanceby Lender in exercising any right or
remedy including, without limitation, Lender' acceptance of payments from third persons, entities or
Successors in Interest of Borrower or in amount ìless 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 Borrowerwho
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 ;cnally 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 Instr Imentin 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 S ~curity Instrumentunless Lender agrees to such releasein
writing. The covenants and agreements of thi: Security Instrument shall bind (except as provided in
Section 20) and benefit the successors and assig IS of Lender.
14. Loan Charges. Lender may charge :orrower fees for services performed in connection with
Borrower's default, for the purpose of protecti Lg Lender's interest in the Property and rights under this
Security Instrument, including, but not limited to, attorneys' fees, property inspection and valuation fees.
In regard to any other fees, the absence of expre :s authority in this Security Instrumentto 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 I Instrument or by Applicable Law.
If the Loan is subject to a law which sets m lXÎmum loan charges, and that law is finally interpretedso
that the interest or other loan charges collected )r 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 lready collected from Borrower which exceeded permitted
limits will be refunded to Borrower. Lender m~y choose to make this refund by reducing the principal
owed under the Note or by making a direct ayment 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 N )te). Borrower's acceptance of any such refund made by
direct payment to Borrower will constitute a wai 'ef of any right of action Borrower might have arising out
of such overcharge.
15. Notices. All notices given by Borrow:r or Lender in connection with this Security Instrument
must be in writing. Any notice to Borrower in c ,nnection with this Security Instrumentshall be deemed to
have been given to Borrower when mailed by irst 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 wise. The notice address shall be the Property Address
unless Borrower has designated a substitute nof ce address by notice to Lender. Borrower shall promptly
notify Lender of Borrower's change of address. If Lender specifies a procedurefor 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 addr :ss 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 a lather address by notice to Borrower. Any notice in
connection with this Security Instrument shall n >t be deemed to have been given to Lender until actually
received by Lender. If any notice required by t Lis Security Instrumentis also required under Applicable
Law, the Applicable Law requirement will sa isfy the corresponding requirement under this Security
Instrument.
-----,---_._._~- '--"-'------"'-------'-.- _._---_...._..,.-._--_.,,-_..~_.,_._.__.._._,_.__.~.,-,--_._~-------
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MFWY7770 (11/00) / 041-269694-0
.. -6A(WYI (00051.01
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16. Governing Law; Severability; Rule of Construction. This Security Instrument shall be
governed by federal law and the law of the juri diction in which the Property is located. All rights and
obligations contained in this Security Instrum nt are subject to any requirements and limitations of
Applicable Law. Applicable Law might explicitl 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 S curity Instrument or the Note conflicts with Applicable
Law, such conflict shall not affect other provisi [1S of this Security Instrumentor the Note which can be
given effect without the conflicting provision.
As used in this Security Instrument: (a) ~lOrds of the masculine gender shall mean and include
corresponding neuter words or words of the fe tÍnine gender; (b) words in the singular shall mean and
include the plural and vice versa; and ( c) the wo ~d "may" gives sole discretion without any obligation to
take any action.
17. Borrower's Copy. Borrower shall be gi en one copy of the Note and of this Security Instrument.
18. Transfer of the Property or a Benefi'ial Interest in Borrower. As used in this Section 18,
"Interest in the Property" means any legal or ben~ficial interest in the Property, including, but not limited
to, those beneficial interests transferred in a bon for deed, contract for deed, installment sales contract or
escrow agreement, the intent of which is the tran ;fer of title by Borrower at a future date to a purchaser.
If all or any part of the Property or any Int restin the Property is sold or transferred ( or if Borrower
is not a natural person and a beneficial interesti Borroweris sold or transferred)without Lender's prior
written consent, Lender may require immediat : payment in full of all sums secured by this Security
Instrument. However, this option shall not be exercised by Lender if such exercise is prohibited by
Applicable Law.
If Lender exercises this option, Lender sha I give Borrower notice of acceleration. The notice shall
provide a period of not less than 30 days from t le date the notice is given in accordance with Section 15
within which Borrower must pay all sums secur ~d by this Security Instrument. If Borrower fails to pay
these sums prior to the expiration of this peri d, Lender may invoke any remedies permitted by this
Security Instrument without further notice or de land on Borrower.
19. Borrower's Right to Reinstate Afte Acceleration. If Borrower meets certain conditions,
Borrower shall have the right to have enforcem~nt of this Security Instrument discontinued at any time
prior to the earliest of: (a) five days before sale 0 the Property pursuant to any power of sale contained in
this Security Instrument; (b) such other period IS Applicable Law might specify for the termination of
Borrower's right to reinstate; or (c) entry of a judgment enforcing this Security Instrument. Those
conditions are that Borrower: (a) pays Lender 1I1 sums which then would be due under this Security
Instrumentand the Note as if no acceleration had occurred; (b) cures any default of any other covenants or
agreements; ( c) pays all expenses incurred in enf rcing this Security Instrument, including, but not limited
to, reasonable attorneys' fees, property inspect' on and valuation fees, and other fees incurred for the
purpose of protecting Lender's interest in the Pr ¡perty and rights under this Security Instrument; and (d)
takes such action as Lender may reasonably req lÍre to assure that Lender's interest in the Property and
rights under this Security Instrument, and Borro er's obligation to pay the sums secured by this Security
Instrument, shall continue unchanged. Lenderm .y require that Borrower pay such reinstatementsums and
expenses in one or more of the following form, 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 institution whose deposits are insured by a fe teral agency, instrumentality or entity; or (d) Electronic
Funds Transfer. Uponreinstatementby Borrowe , this Security Instrumentand 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 1 .
20. Sale of Note; Change of Loan Service ï Notice of Grievance. The Note or a partial interest in
the Note (together with this Security Instrumen ) can be sold one or more times without prior notice to
Borrower. A sale might result in a change in he 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 Securi y Instrument, and Applicable Law. There also might be
one or more changes of the Loan Servicer unrelaed to a sale of the Note. If there is a change of the Loan
Servicer, Borrowerwill be given written notice 0' the change which will state the name and address of the
new Loan Servicer, the address to which paymnts should be made and any other information RESPA
t168
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0873867
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Uß73~b7
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 Borrowerwill remain with the Loan Servicer )r be transferred to a successor Loan Servicer and are not
assumed by the Note purchaser unless otherwis provided by the Note purchaser.
Neither Borrower nor Lender may comme lce, join, or be joined to any judicial action (as either an
individual litigant or the member of a class) t at arises from the other party's actions pursuant to this
Security Instrumentor that alleges that the other party has breached any provision of, or any duty owed by
reason of, this Security Instrument, until such B )rrower or Lender has notified the other party (with such
notice given in compliance with the requireme tsof Section 15) of such alleged breach and afforded the
other party hereto a reasonable period after he giving of such notice to take corrective action. If
Applicable Law provides a time period which ust: elapse before certain action can be taken, that time
period will be deemed to be reasonable for pu ~poses of this paragraph. The notice of acceleration and
opportunity to cure given to Borrower pursua 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 substa ces, pollutants, or wastes by Environmental Law and the
following substances: gasoline, kerosene, other flammable or toxic petroleum products, toxic pesticides
and herbicides, volatile solvents, materials conta ning asbestos or formaldehyde, and radioactive materials;
(b) "Environmental Law" means federallaws an laws of the jurisdiction where the Property is located that
relate to health, safety or environmental protec ion; ( c) "Environmental Cleanup" includes any response
action, remedial action, or removal action, as d :fined 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 permit the pre ence, use, disposal, storage, or release of any Hazardous
Substances, or threatento release any HazardousSubstances, on or in the Property. Borrower shall not do,
nor allow anyone else to do, anything affecting he Property (a) that is in violation of any Environmental
Law, (b) which creates an Environmental Condit on, or ( c) which, due to the presence, use, or release of a
HazardousSubstance, creates a condition that a lversely 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 recogn ized 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 Lenderwritt n notice of (a) any investigation, claim, demand, lawsuit
or other action by any governmental or regulato y agency or private party involving the Property and any
Hazardous Substance or Environmental Law of which Borrower has actual knowledge, (b) any
EnvironmentalCondition, including but not limit ~d to, any spilling, leaking, discharge, release or threat of
release of any HazardousSubstance, and (c) a y condition 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, or any private party, that any removal or other remediation
of any HazardousSubstance affecting the Proper y is necessary, Borrower shall promptly take all necessary
remedial actions in accordance with Environme:ltaILaw. Nothing herein shall create any obligation on
Lender for an Environmental Cleanup.
MFWY7770 (11/00) / 041-269694-0
G -6A(WY) (00051,01
@
Initials:
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~"(,.'6- Form 3051
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MFWY7770 (11/00) / 041-269694-0
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Initials:
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24. Waivers. Borrower releases and wa~\les all rights under and by virtue of the homestead
exemption laws of Wyoming.
23. Release. Upon payment of all sums SeCjlfed by this Security Instrument, Lender shall release this
Security Instrument. Borrower shall pay any recordation costs. Lender may charge Borrower a fee for
releasing this Security Instrument, but only if th : fee is paid to a third party for services rendered and the
charging of the fee is permitted under Applicabl ~ Law.
If Lender invokes the power of sale, Len ler shall give notice of intent to foreclose to Borrower
and to the person in possession of the Prope 'ty, if different, in accordance with Applicable Law.
Lender shall give notice of the sale to Borrow :r ill the manner provided in Section 15. Lender shall
publish the notice of sale, and the Property ;hall be sold in the manner prescribed by Applicable
Law. Lender or its designee may purchase the Property at allY sale. The proceeds of the sale shall be
applied in the following order: (a) to all xpenses of the sale, including, but not limited to,
reasonable attorneys' fees; (b) to all sums sec red by this Security Instrument; and (c) any excess to
the person or persons legally entitled to it.
22. Acceleration; Remedies. Lender shall ive notice to Borrower prior to acceleration following
Borrower's breach of any covenant or agrement in this Security Instrument (but not prior to
acceleration under Section 18 unless Applicabl 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 lefault must be cured; and (d) that failure to cure the
default on or before the date specified in the n )tice may result in acceleration of the sums secured by
this Security Instrument and sale of the Prop ~rty. The notice shall further inform Borrower of the
right to reinstate after acceleration and the rig It 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 .t its option may require immediate payment in full of
all sums secured by this Security Instrument vithout further demand and may invoke the power of
sale and any other remedies permitted by A Iplicable Law. Lender shall be entitled to collect all
expenses incurred in pursuing the remedies pr Ivided in this Section 22, including, but not limited to,
reasonable attorneys' fees and costs of title evi ence.
N ON- UNIFORM COVENANTS. Borrowe~ and Lender further covenant and agree as follows:
470
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BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this
Security Instrument and in any Rider executed y Borrower and recorded with it.
Witnesses:
(Seal I
-Borrowe '
(Seal)
-Borrowe'
(Seal)
-Borrowe'
MFWY7770 (11/00) / 041-269694-0
G-6A(WY) 100051.01
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ROD B. GARDNER -Borrower
~Çi)ð~ 9-- r;;, ~"'::'-(sea1)
RACHEL E. GARDNER -Borrower
(Seal)
-Borrower
(Seal)
-Borrower
(Seal)
-Borrower
'ago 14 of 15
Form 3051 1/01
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U8738b~;
472
STATE OF WYOMING,
Lincoln
County ss:
by
ROD B. GARDNER AND RACHEL E. GARD~ER, HUSBAND AND WIFE
The foregoing instrument was acknowledg~d before me this Rth dav of .Tunp., 2001
My Commission Expires:
9/18/03
Q{¢fJf/A~
Notary Public p ,V. ones
MFWY7770 (11100) / 041-269694-0
ca -6A(WY) (0005).01
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P g" 1 5 of 1 5
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