Loading...
HomeMy WebLinkAbout946818 -0 6010917731 Return To; WFHM FINAL DOCS X2599-024 405 SW 5TH STREET DES MOINES, IA 5030.9-4600 RECEIVED 4/29/2009 at 2:55 PM RECEIVING # 946818 BOOK: 721 PAGE: 651 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY Prepared By; WELLS FARGO BANK, N. A. 2701 WELLS FARGO WAY, X9901-115, MINNEAPOLIS, MN 000651 [Space Above This Line For Recording Data] MORTGAGE DEFINITIONS Words used in multiple sections of thiS document are defined below and other words are defined m Sections 3, 11, 13, 18, 20 and 21. Certain rules regardmg the usage of words used in this document are also provided in Section 16. (A) "Security Instrument" means thiS docwnent, which ís datedAPlUL 24, 2009 together with all Riders to this document. (8) "Borrower"is MARK J. BENNION, A MARRIED PERSON AND ANNE BENNION, A MARRIED PERSON Borrower IS the mortgagor under this Security Instrument. (C) "Lender"is WELLS FARGO BANK, N .A. Lender is a NA'l'IONAL ASSOCIATION organized and existing under the laws of'l'HE UNI'l'ED S'l'ATES Lender's address is P.O. BOX 11701, NEWARK, NJ 071014701 I Lender is the mortgagee under thiS Security I*strument. I 0100138692 , WYOMING. Single F'amlly . F'annle Mae/Freddie Mac UNIFORM INSTRUMENT VMP@ i Wollers Khme, Financial SelVloe. NMFL 3061 (WYCM) Rev 612008 ~ FOrni 30611101 Inlll~. ~. .-: VMP6(WY (0803),00 ~/':i .. Pago 1 0116 1111111111111111111111 00&652 (D) "Note"mealls the promissory note signed by Borrower and datedAPRIL 24, 2009 The Note states that Borrower owes LenderTH1Ui:E HUND1ŒD TWELVE THOUSAND AND 00/100 Dollars (U.S. $ ****312,000.00 ) plus interest. Borrower has promised to pay this debt in regular Periodic Payments and to pay the debt ín full not later than MAY 01, 2024 (E) "Property" means the property that is described below under the heachng "Transfer of Rights m the Property." (F) "Loan" means the debt evidenced by the Note, plus interest, any prepayment charges and late charges due under the Note, and aU 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 box as applIcable]: o Adjustable Rate Rider 0 Condominium Rider D Second Home Rider o Balloon Rider [X] Planned Unit Development Rider D 1-4 Family Rider o VA Rider D BIweekly Payment Rider D Other(s) [specifY] (H) "Applicable Law" means all controllmg apphcable federal, state and local statutes, regulations, orchnances and admiIÚstrattve rules and orders (that have the effect of law) as well as all applicable final, non-appealable judicial opimons. (I) "Community Association Dues, Fees, and Assessments" means all dues, fees, assessments and other charges that are imposed on Borrower or the Property by a condomintum association, homeowners association or similar organization. (J) "Electronic Funds Transfer" means any transfer of funds, other than a transactton origmated by check, draft, or similar paper instrument, which is lIÚtiated through an electronIc tenmnal, telephonic mstrument, computer, or magnetic tape so as to order, instruct, or authorIZe a financial mstitutton to debit or credit an accOtmt. Such term mcludes, but is not limited to, point-of-sale transfers, automated teller machine transacttons, transfers· Initiated by telephone, wtre transfers, and automated clearinghouse transfers. (K) "Escrow Items" means those items that are described in Section 3. (L) "Miscellaneous Proceeds" means any compensation, settlement, award of damages, or proceeds paid by any third party (other than tnsurance proceeds paid under the coverages described m Section 5) for: (i) damage to, or destruction of, the Property, (ii) condemnatton or other takmg of all or any part of the Property; (iii) conveyance In heu of condemnation; or (iv) misrepresentations of, or omis&ions as to, the value and/or condition of the Property, (M) "Mortgage Insurance" means insurance protecttng Lender agamst the nonpayment of, or default on, the Loan. (N) "Periodic Payment" means the regularly scheduled amount due for (í) pnnclpal and mterest under the Note, plus (ii) any amounts under Section 3 of this Security Instrument. (0) "RESPA" means the Real Estate Settlement Procedures Act (12 U.S.C. Sectton 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 legislatton or regulatton that governs the same subject matter. As used m thIS Security Instrument, "RESP A" refers to all requirements and restrictions that are Imposed in regard to a "federally related mortgage loan" even if the Loan does not qualify as a "federally related mortgage loan" under RESP A. WYOMING· Single Family· Fannia Mae/Freddie Mac UNIFORM INSmUMENT VMP@ Woltara Kluwar Flnencl.1 Services ø' fX.S0 Form 3051 1101 /~ VMP5(WY~::~3¡:~e 000653 (P) "Successor in Interest of Borrower" means any party that has taken title to the Property, whether or not that party has as5umed Borrower's obligations under the Note and/or t1ús Security Instrument. TRANSFER OF RIGHTS IN THE PROPERTY ThIS Security Instrument secures to Lender: (i) the repayment of the Loan, and all renewals, eJ\tenslOns and modifications of the Note; and (ii) the performance of Borrowers covenants and agreements under tillS Security Ins1rument and the Note. For this purpose, Borrower does hereby mortgage, grant and convey to Lender and Lender's successors and assigns, with power of sale, the following described property located in the COUNTY of LINCOLN [Type of Recording l\lIi8dicti~nJ SEE ATTACHED LEGAL DESCRIPTION [Name of Recordmg Juns<hctLOn] TAX STATEMENTS SHOULD BE SENT TO: 11701, NEWARK, NJ 071014701 WELLS FARGO HOME MORTGAGE, P.O. BOX Parcel ID Number: 471 REDWOOD ROAD STAR VALLEY RANCH ("Property Address"): which currently has the address of [Street] [City], Wyoming 83127 [ZIp Code] TOGETHER WITH all the improvements now or hereafter erected on the property, and all easements, appurtenances, and fIxtures now or hereafter a part of the property. All replacements and additions shall also be covered by this Security Instrument. AU of the foregomg is referred to in tlus SecurIty Instrument as the "Property." BORROWER COVENANTS that Borrower IS lawfully seIsed of the estate hereby conveyed and has the right to mortgage, grant and convey the Property and that the Property is unencumbered, except for encumbrances of record. Borrower warrants and will defend generally the title to the Property against all clauns and demands, subject to any encumbrances of record. THIS SECURITY INSTRUMENT combines uniform covenants for natIonal use and non-uniform covenants with limited variations by Jurisdiction to constitute a uniform security instrument covenng real property. WYOMING· Slngll Family· Fannia MaelFraddll Mec UNIFORM INSTRUMENT VMPI ) W"IIe~ Kluwer Financial Slmcss ß/~ A~ F"nn 30511101 ~ ' , VMP6(WYJ (0803).00 . Pagl3", 18 ÜOû654 UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows. 1. Payment of Principal, Interest, Escrow Items, Prepayment Charges, and Late C~arges. Borrower shall pay when due the pnncipal of, and interest on, the debt evidenced by the Note and any prepayment charges and late charges due under the Note. Borrower shall also pay funds for Escrow Items pursuant to Sectton 3. Payments due under the Note and thiS Security Instrument shall be made In U.S. currency. However, if any check or other instrument received by Lender as payment under the Note or this Security Instrument is returned to Lender unpaid, Lender may reqUITe that any or all subsequent payments due under the Note and thiS Security Instrument 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 drawn 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 when received at the location designated in the Note or at such other location as may be designated by Lender in accordance with the nouce provisions in Section 15. Lender may return any payment or partial payment if the payment or partial payments are insufficient to bring the Loan current. Lender may accept any payment or partial payment insufficient to bring the Loan current, without waiver of any nghts hereunder or prejudice to its rights to refuse such payment or partial payments in the future, but Lender is not obhgated to apply such payments at the time such payments are accepted. If eaCh Periodtc Payment is apphed as of its scheduled due date, then Lender need not pay interest on unapplied funds. Lender may hold such unapphed funds until Borrower makes payment to bnng the Loan current. If Borrower does not do so within a reasonable period of time, Lender shall either apply such funds or return them to Borrower. If not applied earlier, such funds will be applied to the outstanding principal balance under the Note unmechately prior 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 performing the covenants and agreements secured by this Security Instrument. 2. Application of Payments or Proceeds. Except as otherwise described In this SectIon 2, all payments accepted and applied by Lender shall be apphed m the following order of prionty (a) interest due under the Note; (b) principal due under the Note, (c) amounts due under Section 3. Such payments shall be applied to each Periodic Payment III the order in which it became due. Any remmhmg amounts shall be apphed first to late charges, second to any other amounts due under thiS Security Instrument, and then to reduce the principal balance of the Note. If Lender receives a payment from Borrower for a delinquent Periodic Payment which mcludes a sufficient amount to pay any late charge due, the payment may be applied to the delmquent payment and the late charge. If more than one Periochc Payment is outstanchng, Lender may apply any payment received from Borrower to the repayment of the Penodic Payments if, and to the e.xtent that, each payment can be paid ín full. To the extent that any excess eXists after the payment is apphed to the ,full payment of one or more Periodic Payments, such excess may be applied to any late charges due. Voluntary prepayments shall be applied first to any prepayment charges and then as described In the Note. Any application of payments, insurance proceeds, or Miscellaneous Proceeds to prmcipal due under the Note shall not extend or postpone the due date, or change the amount, of the Periodic Payments. 3. Funds for Escrow Items. Borrower shall pay to Lender on the day Periodtc Payments are due under the Note, until the Note is paid 1D full, a sum (the "Funds") to provide for payment of amounts due for: (a) taxes and assessments and other items which can attain pnority over 1h1s Security Instrumont as a ~~~ING - Single Flmlly . Fannie Mae/Freddie. Mac UNIFORM INSTRUMENT Wo".... Kluwer Financial Services ~ ~ Form 301511/01 VMP6(WY (0803).00 InIU. ......,. ~8ge 4 of 16 00&655 hen or encumbrance on tile Property; (b) leasehold payments or ground rents on the Property, if any; (c) premIUms for any and a11 Insurance reqUIred by Lender under Section 5, and (d) Mortgage Insurance premIums, if any, or any sums payable by Borrower to Lender In heu of the payment of Mortgage Insurance premiums in accordance with the provisions of SectIon 10. These items are called "Escrow Items." At origination or at any time durmg the tena of the Loan, Lender may require that Community Association Dues, Fees, and Assessments, if any, be escrowed by Borrower, and such dues, fees and assessments shall be an Escrow Item. Borrower shall promptly furnish to Lender all notIces of amounts to be paid under this Section. Borrower shall pay Lender the Funds for Escrow Items unless Lender waIves Borrower's obligation to pay the Funds for any or aU 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, Borrower shall pay directly, when and where payable, the amounts due for any Escrow Items for which payment of Funds has been waived by Lender and, if Lender reqUires, shall furnish to Lender receipts evidencmg such payment withm such time penod as Lender may require. Borrower's obhgation to make s\,lch payments and to provide receipts shall for all purposes be deemed to be a covenant and agreement contained m this Security Instrument, as the phrase "covenant· and agreement" IS used m SectIon 9, If Borrower IS obhgated to pay Escrow Items dJrectly, pursuant to a W8Jver, and Borrower fails to pay the amount due for an Escrow Item, Lender may exercise its dghts under Section 9 and pay such amount and Borrower shan then be obhgated under SectIon 9 to repay to Lender any such amount. Lender may revoke the waiver as to any or all Escrow Items at any time by a notice given in accordance with Section 15 and, upon such revocation, Borrower shaH pay to Lender all Funds, and in such amounts, that are then required under this Section 3. Lender may, at any tIme, collect and hold Funds in an amount (a) sufficient to permit Lender to apply the Funds at the tIme specified under RESPA, and (b) not to exceed the maximum amount a lender can require under RESP A. Lender shall estImate the amount of Funds due on the basis of current data and reasonable estimates of expenditures of future Escrow Items or otherwise in accordance with ApplIcable Law. The Funds shall be held in an institution whose deposits are insured by a federal agency, instrumentality, or entity (includmg Lender, if Lender IS an institutIon whose deposits are so Insured) or In any Federal Home Loan Bank. Lender shal1 apply the Funds to pay the Escrow Items no later than the time specified under RESP A. Lender shall not charge Borrower for holding and applying the Funds, annually analyzmg the escrow account, or verifying the Escrow Items, unless Lender pays Borrower interest on the Funds and ApplIcable Law permits Lender to make such a charge. Unless an agreement IS made in writIng or Applicable Law requires interest to be paid on the Funds, Lender shall not be requIred to pay Borrower any mterest or earmngs on the Funds. Borrower and Lender can agree m writing, however, that interest shall be paid on the Funds. Lender shall give to Borrower, without charge, an annual accountmg of the Funds as required by RESP A. If there IS a surplus of Funds held in escrow, as defined under RESP A, Lender shall account to Borrower for the excess funds m accordance with RESP A. If there IS a shortage of Funds held m escrow, as defined under RESP A, Lender shall notify Borrower as required by RESP A, and Borrower shall pay to Lender the amount necessary to make up the shortage ill accordance with RESPA, but in no more than 12 monthly payments. If there IS a deficiency of Funds held in escrow, as defined under RESP A, Lender shall notifY Borrower as required by RESP A, and Borrower shall pay to Lender the amount necessary to make up the deficIency in accordance with RESPA, but in no more than 12 monthly payments. Upon payment in full of all sums secured by this Security Instrument, Lender shall promptly refund to Borrower any Funds held by Lender. ~~~ING . Single F.mlly . Fannl. MaeJFreddl. Mac UNIFORM INSTRUMENT Wol\8f3 KhMer Financial Sarvlcea Form 3061 1/01 VMP6(WY) (0803).00 !'age 6 of 18 In ûOû656 4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines, and impositions attributáble to the Property which can attain pnority over thiS Security Ins1rument, leasehold payments or ground rents on the Property, if any, and Community Associabon 1)ues, Fees, and Assessments, if any. To the extent that these items are Escrow Items, Borrower shall pay them in the manner provided in SectJ.on 3. Borrower shall promptly discharge any lien which has priority over thiS Security Ins1rument unless Borrower: (a) agrees in wribng to the payment of the obhgation secured by the lIen in a manner ·acceptable to Lender, but only so long as Borrower is perfonning such agreement; (b) contests the hen In good faith by, or defends agalnst enforcement of the lIen m, legal proceedmgs which in Lender's opmlon operate to prevent the enforcement of the hen whi1e those proceedings are pendtng, but only unti1 such proceedings are concluded; or (c) secures from the holder of the lien an agreement sansfactory to Lender subordinating the lien to thiS Security Instrument. If Lender determines that any part of the Property is subj ect to a ben which can attain pnority over this Security Instrument, Lender may give Borrower a nonce identifying the lien. Within 10 days of the date on which that notice is given, Borrower shall satisfy the lien or take one or more of the actJ.ons set forth above in this Section 4. Lender may require Borrower to pay a one-time charge for a real estate tax verification and/or reportmg service used by Lender in connection with this Loan. 5. Property Insurance. Borrower shall keep the Improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included within the term "extended coverage," and any other hazards includmg, but not limited to, earthquakes and floods, for which Lender reqUires Insurance. This insurance shall be mamtained In the amounts (including deductible levels) and for the penods that Lender requires, What Lender requIres pursuant to the preceding sentences can change dunng the tenn of the Loan. The lllsurance camer providmg the insurance shall be chosen by Borrower subject to Lender's right to disapprove Borrower's choice, wbichright shall not be exercised unreasonably. Lender may require Borrower to pay, in connecnon with thiS Loan, either. (a) a one-time charge for flood zone determination, certification and tracking sefVlces; or (b) a one-time charge for flood zone detemunation and certification services and subsequent charges each time remappings or similar changes occur which reasonably mIght affect such detennination Of certification. Borrower shall also be responsible for the payment of any fees Imposed by the Federal Emergency Management Agency ill connection with the review of any flood zone determmation resulting from an objection by Borrower If Borrower fails to maintain any of the coverages described above, Lender may obtam insurance coverage, at Lender's option and Borrower's expense. Lender IS under no obligation to purchase any particular type or amount of coverage, Therefore, such coverage shall cover Lender, but might or might not protect Borrower, Borrower's equity ill the Property, or the contents of the Property, against any risk, hazard or liability and might provide greater or lesser coverage than was preVIously In effect. Borrower acknowledges that the cost of the insurance coverage so obtained might significantly exceed the cost of msurance that Borrower could have obtained. Any amounts disbursed by Lender under this Section 5 sh!1ll become additJ.onal debt of Borrower secured by thiS Secunty Instrument. These amounts shall bear interest at the Note rate from the date of disbursement and shall be payable, with such interest, upon notice from Lender to Borrower requesting payment. All msurance policies required by Lender and renewals of such policies shall be subject to Lender's right to disapprove such policies, shall include a standard mortgage clause, and shall name Lender as mortgagee and/or as an additional loss payee. Lender shall have the nght to hold the pohcies and renewal certificates. If Lender requIres, Borrower shall promptly give to Lender all receipts of paid premiums and renewal notices. If Borrower obtains any form of insurance coverage, not otherwtse requIred by Lender, ~~~ING . Single Family. Fannie MaeIFreddle Mac UNIFORM INSTRUMENT Wolle... Kluwer Flnanelll Services Fonn 3051 1101 VMP6(WY) (OB03~OO f/age 6 of 16 ÜOV657 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 additIonal loss payee. In the event of loss, .aorrower shall give prompt notIce to the msurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, any 10surance proceeds, whether or not the underlymg 10surance was required by Lender, shall be apphed to restoratlon or repaIr of the Property, if the restoratIon or repair is econonucally feasible and Lender's security is not lessened. During such repair and restoratIon penod, Lender shall have the right to hold such insurance proceeds until Lender has hac!. an opportunity to inspect such Property to ensure the work has been completed to Lender's sausfaction, provided that such inspection shall be unde.rtaken promptly. Lender may disburse proceeds for the repaus and restoratJ.on in a single payment or in a series of progress payments as the work is completed. Unless an agreement is made 10 writing or Apphcable Law requires interest to be paid on such insurance proceeds, Lender shall not be required to pay Borrower any interest or earnings on such proceeds. Fees for public adjusters, or other third parties, retained by Borrower shall not be paid out of the insurance proceeds and shall be the sole obhgabon of Borrower. If the restoration or repaIr IS not economIcally feasible or Lender's security would be lessened, the msurance proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. Such insurance proceeds shall be apphed in the order provided for in SectIon 2. If Borrower abandons the Property, Lender may file, negotiate and settle any available insurance claim and related matters. If Borrower does not respond with10 30 days to a notIce from Lender that the insurance caIner has offered to settle a claIm, then 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 amounts unpaid under the Note or thIs Security Instrument, and (b) any other of Borrower's rights (other than the right to any refund of unearned premiums paid by Borrower) under all insurance pohcies covermg the Property, lOsofar as such rights are applicable to the coverage of the Property. Lender may use the 10surance proceeds either to repaJr or restore the Property or to pay amounts unpaid under the Note or this Security Instrument, whether or not then due. 6. Occupancy. Borrower shall occupy, establish, and use the Property as Borrower's principal residence within 60 days after the execution of this Security Instrument and shall contmue to occupy the Property as Borrower's principal residence for at least one year after the date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be unreasonably withheld, or unless extenuating circumstances exist which are beyond Borrower's control. 7. Preservation, Maintenance and Protection qf the Property; Inspections. Borrower shall not destroy, damage or impair the Property, allow the Property to deteriorate or comnut waste on the Property. Whether or not Borrower IS residmg in the Property, Borrower shall malOtain the Property m order to prevent the Property from detenorating or decreas10g 10 value due to Its condition. Unless it IS determmed pursuant to Section 5 that repair or restoration is not econoIWcally feasible, Borrower shall promptly repaJr the Property if damaged to avoid further deteriorabon or damage. If insurance or condemnation proceeds are paid in connectlon with damage to, or the taklOg of, the Property, Borrower shall be responsible for repairing or restoring the Property only if Lender has released proceeds for such purposes. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as the work is completed. If the insurance or condemnation proceeds are not s1,lfficlent ~J~~'NG . Single Family· Fannl. M../Freddle Mao UNIFORM INSTRUMENT Woller. Kluwer Financial Se",loee ,.. ~ Form 3051 1101 . . VMP6(WY) (0803).00 . "'age 7 or 18 00&658 to repalr or restore the Property, Borrower is not relieved of Borrower's obligation for the completIon of such repair or restoration. Lender or Its agent may make reasonable entries upon and Inspections of the Property. If it has reasonable cause, Lender may inspect the interior of the improvements on the Property Lender shall give Borrower notice at the time of or prior to such an interior inspection specifymg such reasonable cause. 8. Borrower's Loan Application. Borrower shall be in default if, during the Loan apphcatlon process, Borrower or any persons or entities actIng at the directIon .of Borrower or with Borrower's knowledge or consent gave materially false, misleadIng, or Inaccurate information or statements to Lender (or failed to provide Lender with material informatIon) In connection with the Loan. Material representations include, but are not limited to, representations concermng 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 perform the covenants and agreements contained in thIS Security Instrument, (b) there IS a legal proceedJ.ng that might significantly affect Lender's mterest m the Property and/or nghts under this Security Instrument (such as a proceeding in bankruptcy, probate, for condemnation or forfeiture, for enforcement of a lien which may attam priority over thIS Security Instrwnent 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 Interest In the Property and rights under this Security Instrument, including protectmg and/or assessing the value of the Property, and securing and/or repairIng the Property. Lender's actIons can Include, but are not hmited to: (a) paying any sums secured by a lien which has priority over thiS Security Instrument, (b) appeanng m court; and (c) paying reasonable attorneys' fees to protect Its mterest In the Property and/or rights under this Security Instrument, Including its secured position in a bankruptcy proceeding. Securing the Property Includes, but is not limited to, entenng the Property to make repairs, change locks, replace or board up doors and windows, drain water from pIpes, eliminate buildmg or other code violations or dangerous conditions, and have utilities turned on or off. Although Lender may take action under this Section 9, Lender does not have to do so and is not under any duty or obhgation to do so. It IS agreed that Lender incurs no liabihty for not talang any or all actions authorIZed under thIs SectIon 9, Any amounts disbursed by Lender under thiS Section 9 shall become additional· debt of Borrower secured by this Secunty Instrument. These amounts shall bear Interest at the Note rate from the date of disbursement and shall be payable, with such interest, upon notice from Lender to Borrower requesting payment. If this Security Instrument IS on a leasehold, Borrower shall comply with all the provisions of the lease. If Borrower acquires fee title to the Property, the leasehold and the fee title shall not merge unless Lender agrees to the merger in writing. 10. Mortgage Insurance. If Lender requIted Mortgage Insurance as a condition of making the Loan, Borrower shall pay the premiums requIted to mamtaIn the Mortgage Insurance m effect. If, for any reason, the Mortgage Insurance coverage requIted by Lender ceases to be available from the mortgage insure.r that previously provided such Insurance and Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the premIUms required to obtam coverage substantially eqUIvalent to the Mortgage Insurance previously in effect, at a cost substantially equivalent to the cost to Borrower of the Mortgage Insurance preVIously in effect, from an alternate ~ Form 30511101 ~.f'Mt... VMP6(WY) (0803).00 '~ Pa9s80/18 ~~¡¡;ING . Single Fsmlly . F.nnl. M.elFreddl. Ma. UNIFORM INSTRUMENT Woi\8rR Kluwer Financial Services 00\)659 mortgage msurer selected by Lender If substantially equivalent Mortgage Insurance coverage is not available, Borrower shall contmue to pay to Lender 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 the Loan IS ultllllately paid m full, and Lender shall not be required ,to pay Borrower any interest or earnings on such loss reserve. Lender can no longer reqU1l'e loss reserve payments if Mortgage Insurance coverage (m the amount and for the perIod that Lender requires) provided by an insurer selected by Lender again becomes available, 15 obtained, and Lender requires separately designated paymenœ toward the prenuums for Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan and Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the preuuums required to maintam Mortgage Insurance in effect, or to provide a non-refundable loss reserve, until Lender's requirement for Mortgage Insurance ends m accordance with any written agreement between Borrower and Lender providing for such terminatIon or until tennmation IS required by Applicable Law. Nothing In this Section 10 affects Borrower's obligation to pay interest at the rate provided In the Note. Mortgage Insurance rellllburses Lender (or any entity that purchases the Note) for certain losses it mayincurifBorrowerdoesnotrepaythe Loan as agreed. Borrower is not a party to the Mortgage Insurance. Mortgage insurers evaluate their total risk on all such msurance in force from time to time, and may enter into agreements with other parties that share or modify their risk, or reduce losses. These agreements are on terms and conditions that are satisfactory to the mortgage insurer and the other party (or partIes) to these agreements. These agreements may require the mortgage insurer to make paymenœ USIng any source of funds that the mortgage insurer may have available (which may mclude funds obtained from Mortgage Insurance premiums). As a result of these agreements, Lender, any purchaser of the Note, another insurer, any remsurer, any other entity, or any affiliate of any of the foregoing, may receive (directly or indirectly) amounts that derive from (or might be characterIzed as) a portion of Borrower's paymenœ for Mortgage Insurance, in exchange for shanng or modifying the mortgage insurer's risk, or reducIng losses. If such agreement provides that an affiliate of Lender takes a share of the insurer's risk In exchange for a share of the premIUms paid to the insurer, the arrangement is often termed "captIve remsurance." Further (a) Any such agreements will not affect the amounts that Bllrrower has agreed to pay for Mortgage Insurance, or any other terms of the Loan. Such agreements will not iDcrease the amount Borrower wJll owe for Mortgage Insurance, and they will not entitle Borrower to any refund. (b) Any such agreements will not affect the rights Borrower has - if any - with respect to the Mortgage Insurance under the Homeowners Protectlon Act of 1998 or any other law. These rights may include the right to receive certain disclosures, to request.and obtain cancellation of the Mortgage Insurance, to have the Mortgage Insurance terminated automatically, and/or to receive a refund of any MortgageInsurancepremtums that were unearned at the time of such cancellation or termination. 11. Assignment of Miscellaneous Proceeds; Forfeiture. All Míscellaneous Proceeds are hereby assigned to and shall be paid to Lender. If the Property is damaged, such Miscellaneous Proceeds shall be applIed to restoratIon or repair of the Property, if the restoration or repair is economically feasible and Lender's secunty is not lessened. DurIng such repair and restoration period, Lender shall have the nght 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 ~~~ING - Single FamJly . F."nle Maø/Fraddle Mao UNIFORM INSTRUMENT Wolte'" Kluwer Flnanolal Servlce8 ~ Form306111Of . VMP8(WYJ (0803).00 Flage g of 16 000660 repairs and restoratlon In a smgle disbursement or m a senes 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 Miscellaneous Proceeds, Lender shall not be requued to pay Borrower any interest or earnmgs on such Miscellaneous Proceeds. If the restoratlon or repau IS not economically feasible or Lender's security would be lessened, the MIscellaneous Proceeds shall be applted 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 apphed in the order provided for in Section 2, In the event of a total taking, destruction, or loss m value of the Property, the Miscellaneous Proceeds shall be appHed to the sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. In the event of a partial taking, destruction, or loss ín value of the Property m which the f3.l[ market value of the Property immediately before the partial takmg, destructIOn, or loss III value IS equal to or greater than the amount of the sums secured by this Security Instrument immediately before the partial takmg, destruction, or loss m value, unless Borrower and Lender otherwtse agree m writmg, the sums secured by this Security Instrument shall be reduced by the amount of the Miscellaneous Proceeds multIplied by the followmg fraction: (a) the total amount of the sums secured unmediately before the partial takmg, destruction, Or loss in value divided by (b) the fair market value of the Property Immediately before the partial taking, destruction, or loss in value. Any balance shall be paid to Borrower. In the event of a partial taking, destruction, or loss in value of the Property in which the fau market value of the Property immediately befon:: the partial taking, destruction, or loss m value IS less than the amount of the sums secured immediately before the partíal takmg, destruction, or loss m 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 not the sums are then due. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the Opposing Party (as defined in the next sentence) offers to make an award to settle a claim for damages, Borrower fails to respond to Lender withm 30 days after the date the notice is given, Lender is authonzed to collect and apply the Miscellaneous Proceeds either to restoration or repair of the Property or to the sums secured by this Security Instrument, whether or not then due. "Opposing Party" means the third party that owes Borrower MIscellaneous 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 or proceeding, whether .civil or criminal, IS begun that, in Lender's judgment, could result in forfeiture of the Property or other material unpairment of Lender's interest in the Property or nghts under thIS Secunty Instrument. Borrower can cure such a default and, if acceleration has occurred, remstate as provided in Sectlon 19, by caüsmg the action or proceeding to be disrmssed with a rulIng that, In Lender's Judgment, precludes forfeiture of the Property or other material impa.irment of Lender's mterest m the Property or rights under this Security Instrument. The proceeds of any award or claun for damages that are attributable to the impairment of Lender's mterest In the Property are hereby assigned and shall be paid to Lender. An Miscellaneous Proceeds that are not applied to restoratIon or repair of the Property shall be applied in the order provided for In Sectlon 2, 12. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or modificatlon of amortIzation of the sums secured by thIS Security Instrument granted by Lender to Borrower or any Successor ill Interest of Borrower shall not operate to release the liability of Borrower or any Successors in Interest of Borrower. Lender shall not be requued to commence proceedings against WYOMING· Single Family. Fannia MaeJFreddle Mac UNIFORM INSTRUMENT VMP8 Wolle... Kluwer Financial Servlc... ~ Fotn1 3051 1/01 VMP6(WY) (0903).00 Pag. 10 at 16 00066:1. any Successor in Interest of Borrower or to refuse to extend time for payment or otherwIse modify amortization of the sums secured by this Security Instrument by reason of any demand made by the original Borrower or any Successors in Interest of Borrower. Any forbearance by Lender in exercismg any right or remedy including, without limitation, Lender's acceptance of payments from third persons, entities or Successors in Interest of Borrower or in amounts less than the amount then due, shall not be a waiver of or preclude the exercise of any nght or remedy. 13. Joint and Several Liability; Co--signersj Successors and Assigns Bound. Borrower covenants and agrees that Borrower's obligations and liability shaH 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 and convey the co-signer's interest in the Property under the terms of this SecurIty Instrument; (b) is not personally obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower can agree to extend, modify, forbear or make any accommodations with regard to the terms of thIS Security Instrument or the Note without the co-sIgner's consent. Subject to the prOVISIons of SectIon 18, any Successor In Interest of Borrower who assumes Borrower's obhgatlOns under thIS Security Instrument 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 Security Instrument unless Lender agrees to such release in writing. The covenants and agreements of this Security Instrument shall bind (except as provided in Section 20) and benefit the successors and assIgns of Lender. 14. Loan Charges. Lender may charge Borrower fees for services performed in connection with Borrower's default, for the purpose of protecting Lender's interest in the Property and rights under this Security Instrument, including, but not limited to, attorneys' fees, property mspectIon and valuation fees. In regard to any other fees, the absence of express authority In this Security Instrumel!.t to charge a specific fee to Borrower shall not be construed as a prohibition on the charging of such fee. Lender may not charge fees that are expressly prohibited by this Security Instrument or by Applicable Law. If the Loan IS subject to a law which sets maximum loan charges, and that law ìs 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 charge shall be reduced by the amount necessary to reduce the charge to the permitted linut; and (b) any sums already collected fÌ'om Borrower which exéëeded permitted lImits will be refunded to Borrower. Lender may choose to make thIS re1ì,lnd by reducing the principal owed under the Note or by making a direct payment to Borrower. If a refund reduces principal, the reduction will be txeated as a partial prepayment without any prepayment charge (whether or not a prepayment charge 1S provided for under the Note). Borrower's acceptance of any suqh refund made by direct payment to Borrower will constitute a waiver of any right of action Borrower mIght have arising out of such overcharge. 15. Notices. All notlCes given by Borrower or Lender in connection with this Security I~trument must be in writIng. Any notice to Borrower in connection with thìs 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 BOlTowers unless Applicable Law expressly reqUIres otherwise. The notlce address shall be the Property Address unless Borrower has designated a substitute notIce 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 WYOMING· Single Family - Fannie Mae/Freddla Mao UNIFORM INSTRUMENT VMPII!I Wolters Kluwer Financial Servloeo 4- Form 3061 1101 VMP6[WYj (0603).00 Page 11 of 16 ûOv662 change of address, then Borrower shall only report a change of address through that specified procedure. There may be only one designated notice address under this Security Instrument at anyone tlme. Any notIce to Lender shall be given by dehvermg It or by mailing it by first class mail to Lender's address stated herein unless Lender has designated another address by notlce to Borrower. Any notice m connecbon with this Security Instrument shall not be deemed to have been given to Lender until actually received by Lender. If any notice required by this Security Instrument IS also reqwred under Applicable Law, the Applicable Law requIrement will satlsfy the correspondmg requirement under thIS Security Instrument. 16. Governing Law; Severability; Rules of Construction. This SecuritY Instrument shall be governed by federal law and the law of the Jurlscl1ction in which the Property is located. All rights and obhgations contamed in this Security Instrument are subject to any reqUIrements and limitations of Applicable Law. Applicable Law might expllCitly or implicitly allow the parties to agree by contract or it might be silent, but such silence shall not be construed as a prohibition against agreement by contract. In the event that any provisiOn or clause of this Security Instrument or the Note confucts with Applicable Law, such conmct shall not affect other provisIons of tillS Security Instrument or the Note which can be gIven effect without the conflicbng provIsIon. & used in thIS Security Instrument: (a) words of the mascuhne gender shall mean and include corresponcl1ng neuter words or words of the feminine gender, (b) words in the singular shall mean and mclude the plural and vice versa; and (c) the word "may" gIves sole dIscretion without any obhgation to take any acbon. 17. Borrower's Copy. Borrower shall be given one copy of the Note and of this Security Instrument. 18. Transfer of the Property or a Beneficial Interest in Borrower. & used m this Sectlon 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 bond for deed, contract for deed, installment sales conò:act or escrow agreement, the intent of which is the transfer of title by Borrower at a future date to a purchaser. If all or any part of the Property or any Interest in the Property is sold or transferred (or if Borrower is not a natural person and a beneficial interest in Borrower IS sold or transferred) without Lender's prior written consent, Lender may requíre immecl1ate 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 Apphcable Law. If Lender exercises tillS option, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days from the date the notice is given in accordance with Sectlon 15 within which Borrower must pay all sums secured by this Security Instrument. If Borrower fails to pay these sums pnor to the expiration of this penod, Lender may Invoke any remedIes pennitted by this Security Instrument without further notice or demand on Borrower. 19. Borrower's Right to Reinstate After Acceleration. If Borrower meets certain conditions, Borrower shall have the right to have enforcement of thIS Security Instrument discontInued at any time prior to the earliest of: (a) five days before sale of the Property pursuant to any power of sale contained in this SecurIty Instrument; (b) such other penod as Apphcable Law 1Il1ght specifY for the tennination of Borrower's right to remstate; or (c) entry of a Judgment enforcmg this Security Instrument. Those condibons are that Borrower: (a) pays Lender all sums which then would be due under thIS Security Instrument and the Note as if no acceleratlon had occurred; (b) cures any default of any other covenants or ~~~ING . Single Femlly - Fennle Mae/Freddie Mac UNIFORM INSTRUMENT Wohera Kluwer Flnanolsl Service. ~ Form 30511101 VMP8(WY) (0803).00 Inl· Psge 12 óf 18 ()(HJ663 agreements; (c) pays all expenses Incurred in enforcing this Security Instrument, Includmg, but not llIIlited to, reasonable attorneys' fees, property inspectiOn and valuatIon fees, and other fees incurred for the purpose of protecting Lender's interest in the Property and rights under th1s Security Instrument; and (d) takes such action as Lender may reasonably reqUlre to assure that Lender's interest in the Property and rights under this S~urity Instrument, and Borrower's oblIgation to pay the sums secured by this Security Instrument, shan contInue unchanged. Lender may require that Borrower pay such reinstatement sums and expenses ill one or more of the following fOnDs, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, treasurer's check or casluer's check, provided any such check is drawn upon an mstitution whose deposits are Insured by a federal agency, 10strumentality or entity; or (d) Electronic Funds Transfer. Upon reinstatement by Borrower, this Security Instrument and obligations secured hereby shall remain fully effective as if no acceleration had occurred, However, thIS nght to reinstate sha1l not apply in the case of acceleration under Section 18. 20. Sale of Note; Change of Loan Servicer; Notice of Grievance. The Note or a partial mterest in the Note (together with this Security Instrument) can be sold one or more tunes without pnor notice to Borrower. A sale might result 10 a change m the entity (known as the "Loan Servicer") that collects Perlochc Payments due under the Note and thIS Security Instrument and, performs other mortgage loan semcmg obligatJ.ons under the Note, this Security Instrument, and Applicable Law. There also might be one or more changes of the Loan Servlcer unrelated to a sale of the Note. If there is a change of the Loan Semcer, Borrower will be given Written notJ.ce of the change which will state the name and address of the new Loan Servicer, the address to which payments sbould be made and any other informatiOn RESP A requll'es in connection with a notice of transfer of servicmg. If the Note IS sold and thereafter the Loan 1S semced by a Loan Semcer other than the purchaser of the Note, the mortgage loan semcmg obligatJ.ons to Borrower will rem3.1n with the Loan Servicer or be transferred to a successor Loan Semcer and are not assumed by the Note purchaser unless otherwIse provided by the Note purchaser. Neither Borrower nor Lender may commence, join, or be Jomed to any Juchcial action (as either an Individual litIgant or the member of a class) that anses from the other party's actions pursuant to thIS Security Instrument or that alleges that the other party has breached any provlSIon of, or any duty owed by reason of, this Security Instrument, until such Borrower or Lender has notified the other party (with such notice given in compliance with the reqUlrements of Section 15) of such alleged breach and afforded the other party hereto a reasonable penod after the g1V)ug of such notice to take corrective action. If Appbcable Law provides a time period which must elapse before certam actJ.on can be taken, that time penod will be deemed to be reasonable for purposes of this paragraph. The notIce of acceleration and opportunity to cure gIven to Borrower pursuant to SectJ.on 22 and the notice of acceleration g1ven to Borrower pursuant to Section 18 shall be deemed to satisfy the notIce and OppOrtun1ty to take corrective action provisiOns of this Sechon 20. . 21. Hazardous Substances. As used In this Section 21: (a) "Hazardous Substances" are those substances defined as toxic or hazardous substances, pollutants, or wastes by Environmental Law and the folloWIng substances: gasolIne, kerosene, other flammable or toxic petroleum products, tpxic pestIcides and herbicides, volatile solvents, materials contammg asbestos or formaldehyde, and radioactive t1.1aterials, (b) "EnVU"onmental Law" means federal laws and laws of the jurisdiction wbere the Property is located that relate to bealth, safety or enVll'onmental protection; (c) "Environmental Cleanup" includes any response actIon, remedial action, or removal actIon, as defined 10 Environmental Law; and (d) an "Environmental ConditJ.on" means a conditIOn that can cause, contribute to, or othefWlse trIgger an EnVU"onmental Cleanup. .¿¡f~ Form 3051 1101 VMP6(wy) (0803).00 Page 13 of 16 WYOMING· Single Family - Fannia Mae/Freddie Mac UNIFORM INSTRUMENT VMP " Wane", Kluwer Financial Servlc.. eOG664 Borrower shall not cause or permit the presence, use, dIsposal, storage, or release of any Hazardous Substances, or threaten to release any Hazardous Substances, on or in the Property. Borrower shall not do, nor allow anyone else to do, anything affectmg the Property (a) that is in violatIon of any EnV1ronmental Law, (b) which creates an EnvIronmental Condition, or (c) which, due to the presence, use, or release of a Hazardous Substance, creates a conditlon that adversely affects the value of the Property. The precedIng two sentences shall not apply to the presence, use, or storage on the Property of small quantitIes of Hazardous Substances that are generally recognized to be appropnate to normal residential uses and to maintenance of the Property (including, but not limited to, hazardous substances In consumer products). Borrower shall promptly give Lender written notIce of (a) any investigation, claim, demand, lawsuIt or other .action by any governmental or regulatory agency or pClvate party involving the Property and any Hazardous Substance or Environmental Law of which Borrower has actual knowledge, (b) any Environmental Condition, including but not hnuted to, any spi11mg, leakmg, dlscharge, release or threat of release of any Hazardous Substance, and (c) any condition caused by the presence, use or release of a Hazardous Substance which adversely affects the value of the Property. If Borrower learns, or is notified by any governmental or regulatory authonty, or any pnvate party, that any removal or other remediatlon of any Hazardous Substance affecting the Property is necessary, Borrower shall promptly take all necessary remedial actions 1ß accordance with Environmental Law. Nothing herein shall create any obligatlon on Lender for an Environmental Cleanup. NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows: 22. Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration following Borrower's breach of any covenant or agreement in this Security Instrument (but not prior to acceleration under Section 18 unless Applicable Law provIdes otherwise). The notice shall specify: (a) the default; (b) the action required to cure the default; (c) a date, not less than 30 days from the date the notice is given to Borrower, by which the default must be cured; and (d) that fallure to cure the default on or before the date specified in the notice may result in acceleration of the sums secured by this Security Instrument and sale of the Property. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to bring a court action to assert the non~existence of a default or any other defense of Borrower to acceleration and sale. If the default is not cured on or before the date specified in the notice, Lender at its option may require immediate payment in full of an sums secured by this Security Instrument without further demand and may invoke the power of sale and any other remedies permitted by Applicable Law. Lender shall be entitled to collect all expenses incurred in pursuing the remedies provided in this Section 22, including, but not limited to, reasonable attorneys' fees and costs of title evidence. If Lender invokes the power of sale, Lender shall give notice of intent to foreclose to Borrower and to the person in possession of the Property, if different, in accordance with Applicable Law. Lender shall give notice of the sale to Borrower in the manner provided in Section 15. Lender shall publish the notice of sale, and the Property shall be sold in the manner prescribed by Applicable Law. Lender or its designee may purchase the Property at any sale. The proceeds of the sale shall be applied in the following order: (a) to all expenses of the sale, including, but not limited to, reasonable attorneys' fees; (b) to all sums secured by this Security Instrument; and (c) any excess to the person or persons legally entitled to it. 23. Release. Upon payment of all sums secured by this Security Instrument, Lender shall release thís Security Instrument. Borrower shall pay any recordation costs. Lender may charge Borrower a fee for WYOMING. Single Femlly . Fennle MaolFreddle Mac UNIFORM INSTRUMËNT VMPCjj) WoIlers Kluwor Flnanclel Sorvlee. Form 3051 1/01 YMP6(WY) (0803).00 Page 14 of 18 ÜO\i665 releasing thts Security Instrument, but only if the fee IS paid to a thIrd party for servIces rendered and the charging of the fee is permitted under Applicable Law. 24. Waivers. Borrower releases and waives all rights under and by virtue of the homestead exemption laws of Wyoming. BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contamed m thIS Securíty Instrument and in any Rider executed by Borrower and recorded with it Witnesses: ~ ' ~~~ -MARK J. NNION (Seal) -Borrower ~~~ (Seal) -BolTOW8f ANNE BENNION (Seal) -Boxrower (Seal) -Borrower (Seal) -BoxroW6f (Seal) -Borrower (Seal) -Boxrower (Seal) ·BoITower ~~~ING . Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Wollela Kluwer FInancial Services ~ ~ Fonn 30611101 VMP8(VŸ'() (0803).00 . , Paga16of18 C:-(J~J666 ú-kl ~ STATE OFWhJMÍNG, ThIS instrument was acknowledged before me on A ? f ~ \ 'l if, zoo <f by MARK J. BENNION AND ANNE BENNION \.,\..1 Ü:)\\', If\ ~ to (\ County 5S: My CommIsSion Expìres: 3/7 120 t I WYOMING. Slnglo Family. Fannlo MaolFroddlo Moe UNIFORM INSTRUMENT VMP CS Wo~o" Kluwer Financial Sorvleo. ~ Form30511101 VMP6(wy) (0603).00 In Pogo 16 of 16 (;,00667 PLANNED UNIT DEVELOPMENT RIDER THIS PLANNED UNIT DEVELOPMENTRIDERis made this 24TH day of APRIL, 2009 , and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust, or Security Deed (the "Security Instrument") of the same date, given by the undersigned (the "Borrower") to secure Borrower's Note to WELLS FARGO BANK, N .A. (the "Lender") of the same date and covering the Property described in the Security Instrument and located at 471 REDWOOD ROAD, STAR VALLEY RANCH, WY 83127 [Property Address] The Property Includes, but Is not limited to, a parcel of land Improved with a dwelling, together with other such parcels and certain common areas and facilities, . as described in COVENANTS, CONDITIONS AND RESTRICTIONS (the "Declaration"). The Property Is a part of a planned unit development known as . SUN VALLEY RANCH [Name of Planned Unit Development] (the "PUD") The Property also Includes Borrower's interest In the homeowners association or equivalent entity owning or managing the common areas and facilities of the PUD (the "Owners AssocIation") and the uses, benefits and proceeds of Borrower's interest PUD COVENANTS. In addition to the covenants and agreements made In the Security Instrument, Borrower and Lender further covenant and agree as follows: A. PUD Obligations. Borrower shall perform all of Borrower's obligations under the PUD's Constituent Documents. The "Constituent Documents" are the (I) Declaration; (ii) articles of Incorporation, trust Instrument or any equivalent document which creates the Owners Association, and (iii) any by-laws or other rules or regulations of the Owners Association. Borrower shall promptly pay, when due, all dues and assessments imposed pursuant to the Constituent Documents. 0100138692 MUL TISTATE PUD RIDER- Single Family - FannleMae/Freddie Mac UN~FORM IN TRUMENT Form 3150 1/01 Wolters Kluwer Financial Services Page 1 of 3 Inltl VMpfiI·7R (0811) NMFL 3150 (PUDR) Rev 2/2009 IIIU II m~111111111 000668 B. Property Insurance. So long as the Owners Association maintains, with a generally accepted Insurance carrier, a "master" or "blanket" polley insuring the Property which is satisfactory to Lender and which provides Insurance coverage In the amounts (Including deductible levels), for the periods, and against loss by fire, hazards included within the term "extended coverage," and any other hazards, including, but not limited to, earthquakes and floods, for which Lender requires Insurance, then: (I) Lender waives the provision in Section 3 for the Periodic Payment to Lender of the yearly premium Installments for property insurance on the Property; and (II) Borrower's obligation under Section 5 to maintain property insurance coverage on the Property is deemed satisfied to the extent that the required coverage is provided by the Owners Association policy. What Lender requires as a condition of this waiver can change during the term of the loan. Borrower shall give Lender prompt notice of any lapse in required property Insurance coverage provided by the master or blanket policy. In the event of a distribution of property insurance proceeds In lieu of restoration or repair following a loss to the Property, or to common areas and facilities of the PUD, any proceeds payable to Borrower are hereby assigned and shall be paid to Lender. Lender shall apply the proceeds to the sums secured by the Security Instrument, whether or not then due, with the excess, If any, paid to Borrower. C. Public Liability Insurance. Borrower shall take such actions as may be reasonable to insure that the Owners Association maintains a public liability insurance policy acceptable in form, amount, and extent of coverage to Lender D. Condemnation. The proceeds of any award or claim for damages, direct or consequential, payable to Borrower in connection with any condemnation or other taking of all or any part of the Property or the common areas and facilities of the PUD, or for any conveyance In lieu of condemnation, are hereby assigned and shall be paid to Lender. Such proceeds shall be applied by Lender to the sums secured by the Security Instrument as provided in Section 11. E. lender's Prior Consent. Borrower shall not, except after notice to Lender and with Lender's prior written consent, either partition or subdivide the Property or consent to: (I) the abandonment or termination of the PUD, except for abandonment or termination required by law In the case of 6ubstantial destruction by fire or other casualty or in the case of a taking by condemnation or eminent domain; (Ii) any amendment to any provision of the "Constituent Documents" if the provision is for the express benefit of Lender, (Iii) termination of professional management and assumption of self-management of the Owners Association; or (Iv) any action . which would have the effect of rendering the public liability insurance coverage maintained by the Owners Association unacceptable to Lender. F. Remedies. If Borrower does not pay PUD dues and assessments when due, then Lender may pay them. Any amounts disbursed by Lender under this paragraph F shall become additional debt of Borrower secured by the Security Instrument Unless Borrower and Lender agree to other terms of payment, these amounts shall bear interest from the date of disbursement at the Note rate and shall be payable, with interest, upon notice from Lender to Borrower requesting payment MUL TISTATE PUD RIDERw Single Family - FannleMae/Freddi*lÍac U~ORM INSTRUMENT VMp8_7R (0811) Page 2 of 3~' Form 3150 1/01 ÜOó669 BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this PUD Rider. -~ (Seal) -BolTower ~J~/~ (Seal) -ßorrower ANNE BENNION (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower MULTISTATE PUD RIDER· Single Family -, Fannie Mae/Freddie Mac UNIFORM INSTRUMENT VMpl8-7R (0811) Page 3 of3 Form 3150 1/01 Exhibit A File 6010917731 Description ÜOô670 The land referred to in this document IS sItuated in the State of Wyommg, COW1ty of Lincoln, and IS described as follows: Lot 29 of Star Valley Ranch Plat 8, Lincoln County, Wyoming as described on the official plat fIled on August 4, 1971 as instrument No. 432466A of the records of the Lincoln County Clerk. ~