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HomeMy WebLinkAbout8767834444317 (.O(,-~t 7"( OLE~I~ 3~o~ ~z~SOT~ BLOOMINGTON, ~ 55435 00~?T;...~:~... ,.,,.. t~ Prepared By: t',~ ~:: t,,, "'4~:P.'-'o :-' ,',":' ~'~' ~:-:, l'~ WELLS FARGO MO~ MORTGAGE, 1919 DOU~L~,, O~, 681010000 MORTGAGE DEFINITIONS Words used in multiple sections of this document are defined below and other words are d,.ffincd in Sections 3, [1, 13, 18, 20 and 21. Certain rules regarding the usage of words used in this document are also provided in Section 16. (A) "Security ln,,~trtament" means this document, which is dated OCTOI~. 17, 200 ~. together with all Riders to this document. (B) "Borrower" is T>IOMAS M I~EWMAN ANn LAUNI S lq[EWMAN , RTISBAND AND WIFE Borrower is the mortgagor under this Security Instnm~ent, (C) "Lender" is WZLLS FARGO BOME NIORTGAOE, 'INC. Lender i~ a CORPO~TION organized gild existing utlder thc laws of THE STATE OF CALIFO~IA WyOMING-SIngle Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 1/O1 (~-O(WY) ].ende['ssddrcssJs p.o. ]~OX 5137, DES MOINES, IA 503065137 Lender is ~h~ mougagee under lifts Se~rity InStrum~L (D) "Note" me~s the promissory note signed by Borrower and dated OeTOnSa 17. 2 o o 1 The Note states that Borrow~ owes Lender oN~ ~R~D FIFTY THREE THOUS~ ~ 00/100' Dolla~s (U.S. $ +***ls3` 000.00 ) plus interest. Borrower has pro~sed to pay this debt in regular Periodic Payments and tn p,y th~ debt in full not later th~ NOV~ER (E) "Prop~ty' me~s the property ~hat'is described below under the h~dln~ "Transf~ of Rights in the Property." (f) "l.oan" means the debt evld~nmed by the Note, plus interest, m~y prepayment charges and late charges duc under file Note, and all sm~ due under tiffs Security hmmmenr, plus inter~t. (O) "Riders" means all Riders to tiffs Security lnstm,ncnt that arc oxecmed by Borrower. ~e following Ridc~s are to be exegmted by Borrower [~eck box a~ applicable]: ~ Adjustable Rate Rider ~ Condominium Rider ~ Second Home Rider ~ Balloon Rider ~ Plumed Unit Development Rider ~ 1-4 F~ily Rid. []'-'~] VA Rider Biwc~ly Payment Rider Oth=(s) [spccil~] (11) "Applicable Law" means all controlling applicable federal, state and local statutes, regulatimu, ordimmces and administrative rules ,~nd orders (that lmve the el'feet of law) as well as all applicable linal non-appealable judicial opinions. ' .(l) "Com~nunity Assoch~tion Dues~ Fees, and Assessments" means all dues, fec~, assessments and olher charges that ~re imposed on Borrower or the Property by a condominium association, homeowners association or similar organization. (,I) "Electronic }\rods Transfer" means any transfer of funds, other than a transamion originated by check, draft, or similar paper insm~mem, which is initiatcd through an electronic terminal, tdephonic instrument, computer, or magnetic tape so as to ortler, instruct, or authorize a financial institution to dcbit or credit an account. Such term includes, but is not limited to, point-of, sale Irmufers, automated tcllur nmchine transactions, transfers initiated by telephone, wire transfers, and automated clearinghouse tr~sl'crs. (K) 'Escrow Items" means those items tlmt are described in Section 3. (L) "Miseellancou.~ Proceeds" means any compensation, se~llement, award of d,q,nages, or proceeds paid by any third party (other than insurm~ce proceeds paid under the coverages described in Section 5) for: (i) damage to, or destruclioa of, the Propel.fy; (ii) condemnation or other taking of all or any part of thc Property; (iii) cmweyance in lieu of canal.carnation; or (iv) misrc'prcsunt:}tions of, or omissions as to, the value and/or condition of the Property. (M~ "Mortgage Insurnnce' me~s insurance protecting Lender against thc nonpayment of, or default thc Loan. {N} "Periodle Payment" means the regularly scheduled am0tmt due for 6) principal ~nd interest uodcr the Note, plus (ii) any amounts under Section 3 of this Secui'ity Instrument. {O) "RESPA" means the Real Estate Seulemenr Procedures Act (12 U.S.C. Section 2601 et seq.) and its implememing regulation, Regulation X (24 C.F.R. Part 3500), as they might I.: amendud from time to time, or any additional or successor legi.qation or regulation that goverm the same' subject re'met, As used i~n tiffs Securhy lnslrument, "RESPA" tel'oh's to nil requ{rements and restrictions that are imposed in re~ard to a "federally related mortgage loan" c'ven if the Loan does not qualify as a "federally related mortgage loan" under RESPA. (,/w'-/ / -7. (19 "Successor in Interest of Borrower" means any party that has taken title to the Property, whether or not that party ha.~ a.~sumed Borrower's obligations under the Note and/or this Security Instrument. TRANSFER Ol: RIGHTS IN THE PROPERTY 'I'hi.~ Sccurky Instrument secures to Lender; (i) the repayment of the Loan, ,'md ,"ill renew,,ls, extemion.~ and modifications of the Note; and (ii) the performance of Bon'ower's covenants and agreements under Security In.~trument and the Note, For this purpose, Bmrowcr docs hcr,'by mortgage, grant and convey to I.cmdcr and Lender's ~ccessors al~d assigns, with power or sale~ the following described property located in the COUNTY of LINCOLN : [Type of R¢cnrd~n~ .lurb, dlcr'lon] [Name of Recording Juri.~flic~ilm] LOT 62 O~' STAR VALLEY RANCH PLAT 3, LINCOLN COUNTY, WYOMING A~ DESCRIBI~.D ON THE OFFICIAL PLAT THEREO¥. TAX STATEMENTS S~OULD B~ SENT TO~ WELLS FARGO HOME MORTGAGE, INC., P.O. BOX 5137, D~S MOINES, IA 503065137 Parcel ID Number: 1207500 which currently has the address of 9 PINE DRIVE THAYlq'E ICily] , Wyoming 83127 [Z~p ("Proper~y Addres~"); TOGETHER WITII all lhe improvemcnt,s now or hereafter erected on the property, mid all easements, appurtenance.% and fi~lures now or hereafter a par[ of the propelly. All replacements and additions shall also be covered by ~his Security tnstmment. All of the foregoing is referred to in this Security Instrument as the "Property." BORROWER COVENANTS that Borrower is lawfully s~sed'or the estate hereby conveyed ~d has the right to mortgage, gran~ and convey ~e Prop~ty and ~at the Property is unm~cumbcwed, except for encumbrances or record; Bon'ower warr~¢~ and will defend generally the title to the Prope~y against all claims and demands, subject to any cncumbranc'e[ of record: ' ' THIS SECURITY INSTRUMENT combine~ uniform covcn~ts for national use ~d non:unirorm covenm~ta with limited variations by jurisdiction to con~stitute a uniform semrity instrument covering real property. UNIFORM COVENANTS. Borrower ~d ~nder cov~ant and agree rs follows: 1. Payment of l~incipai, Inter,t, ~crow Items, Prepayment Charge% and I,ate Charges. Borrower shall pay when due the principal of. and intere,t on, the debt cvidcmccd by lhe Note and any prepayment charges ~d late charges due under the Note. Borrower shall also pay funds for Escrow ltcms pursuant to Section 3. Payment~ due uad~ lhe Note md thi~ Securky hutmment ,hall bc made In U.S. currency, llowcvcr, if any check or other instrument received by Lender upgCm ~[6[WY) t~oosI¢,,~,,3 ¢1 ]5 ~ ~ ~rm 3051 1/01 OCT i? '01 15:04 PRGE. 10 Security ln.strumcnt is returned to l.ender unpaid, Lender may require that any or a}l subsequent payments due under the Note and this Security Instrument be ~nade in one or nmre of the following form.~, a.~ selected by Lendc, r, (a) ca.qb: (b) money orderi (c) certified check, bank check, treasurer's check or ca.qhier'~ check, provided arty such check i~ drawn upon ar~ institution whose deposits are insured by a federal agency, instrumentality, nr emily; or (d) Electronic Funds Transfer. Payments are deemed received by Lender when'received at the location designated in the Note or at snch other location as may be designated by Lcndc'-r in accordance with the notice provisions in Section 15. l.endee may retu.m any payment or partial payment if the payment or partial paymenls arc insufficient to bring the Lean current. I.cnder may accept any payment or partial payment insufl'icient to bring the Loan current, ,.vitkout waiver of any rights hereunder or prcjmlice to irs rights to refuse such payment or partial payments in ~he future, but Lender is not obligated 'to apply, sud~ payments at thc time such payments are accepted. Il' each Pcriodic Payment is applied as of its scheduled du~ date, then Lender need not pay interest on unapplied funds. Lender may hold such un~pplied fimds until Borrower makes payment to bring the Loan current. If Borrower docs not do so wiflfin a rea.tunable period of time, Lender d~all either apply such l'unds or return them to Borrower. If not applied earlier, sucl~ funds will be applied to the out.standing principal balance under the Note immediately prior to foreclosure. No ct`fact or claim which Borrower might have now or in the future against Lender shall relieve Borrower [rom making payments due under the Note and this Security lns~mn~ent or performing thc covenants and agreements secured by this Security hca t ru me'at. 2. Application of Payment.~ or Proceeds, Except as othenvise described in this Scclion 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 the Note; (c) amounts due under Section 3. Sud~ payment.~ shall be applied to.each Periodic Payment in the order in which it becmne due, Any remaining amounts ,~hall bo applied first to late charges, second to any other amounts duc under this Security Instrument, and then to redttce the principal balance of lhe Note. It' Lendcw rcccives a payment from Borrower for n delinquent Periodic Payment which includes a surllcic, nt amount to pay ,'my late charge due, the payment may be applied to thc delinquent payment and the lat, cht~rge. If more than one Periodic Payment is outstanding, Lender may apply any payment received from Borrower to the repayment of file Periodic Payments if, and to the extent that, each payment can be pall in full. To the e~ctcnt that any excess exists after the payment is applied to the full payment of one or more Periodic Playrooms, 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 o[' payments, insurance proceeds, or Mi.~eellancous Proceeds to principal duc under the Note shall not extend or postpone the due date, or change the mnount, of the Pt.'riodic Payments. 3, Funds l'or Escrow Item.q. Borrower shall pay lo Lender on the day Periodic Payments arc due tmdtzr file Note, until the Note is paid in'full, a sum (the "Funds") to provide for payment of amoums due Ibc: (a) taxes a~ltl ~ssessm~nts and other items which can ailain priority over ihis Security InsU'ument as a lien or encumbrance on the Property; (b) least'hold payments or ground rents on the Property, if any; (c) premiums ibc any and all insurance required .by Lender ~/ndcr Section 5: and (d) Mortgage Insurance premiums, if any, r~r any sums payable by Borrower to' Lc'rider in lieu of the payment of Mortgage Insurance premiums in accorcl~mce with th,'- pr'ovi~io'ns of'Section I0. These items are called ' "Escrow Items." At origination or at any time during the term of the Loan, Lender may require that Community. A.~.qociatlon Dues, Foci, and Assesslnents, if any, bc escrowed by Borrower, and ~uch dues, fees and ,assessments shall he an Escrow Item. Borrower shall prompdy furnish to Lender all noticc~ of enid[lilts to be paid unde'r this Section. Borrower shall pay Lender the Funds for F~crnw Ilems unless Lender waives Borrower's obligation to pay Ibc Funds .for any or all E~cruw Items. Lellder may waive Borrowt.~r's obl}g~ltion to pay tn Lender Funds for any or all Escrow. Items at any time. Any such waiver may only be in writing, In thc event of such waiver, Borrowcr shall pay directly, when and where paya.~ble, the am.,...~ts 1~,,~-6 WY) Iooo~il ~'~o 4 ol ~$ ' -" Form ~051 1/01 duo liar any E;crow Items for which payment of Funds has been waived by Lender and, it' 1..cutler requires, shall furnish to Lender receipts evidencing such payment within such lime period as Lender may require. Borrower's obligatimx to make such payments and to provide receipts shall for all purposes l)e deemed to be a covenant and agreement contained in this Security Instrument, as the phra.~e "coVenant and agreement" is used in Section 9. If Borrower is obligated to pay Escrow Items directly, pursuant to a waiver, and Borrower rails to pay the amount due for nn Escrow Item, Lender may exercise its rights under Section 9 al~d pay such amoum and Borrower shall then be obligated under Section 9 to repay to Lender m~y such amount. Lender may ri:roLo the waiver as to any or all Escrow Items at m~y time by a notice given in accordance with Section 15 and, upon such revocation, Borrower ~hall 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 Ptmds in an'amount (a) sufficient to permit Lender to apply tile l'~unds at the time specified under RESPA, and (b) not to exceed the maximum amount a lender require under RESPA. Lender shall estimate the amount of Funds due on the basis of current data and reasonable estimates of exptmdituros el' future Escrow Items or otherwise in accordance with Applicable Law. The Funds shall be held in an institution whose deposits ~re insured by a federal agency, instrumentality, or entity (including l.ender, if Lender is mt institutio,t who.~e deposits are ,m insured) or in any Federal Home l.oan Bank. Lender shall apply the Funds to pay iht Escrow Items no later tha,~ the titne specified under RESPA. Lender shall not charge Borrower for holding and applying the Funds, annually nnnlyzing the escrow account, or vcri[ying the Escrow Items, unless Lender pays Borrower intcrust on the Funds anti Applicable Law permits Lender Io make such a charge. Unles.~ an agreement is made in writing o,' Applicable Law requires integer to be paid on the Funds, Lender shall not he required to pay Borrower ~ny interest or earnings on the Funds. Borrower and Lender eau agree irt writing, however, that interest sl~all be paid On the Funds. Lender shall give to Borrower, without charge, m~ annual aceouming oF Funds as reqttired by RESPA. If there is a surplu., .f Funds held ill escrow, as defined under RESPA, Lender shall account to Borrower lbr the excess funds in accordance with RESPA. If lbo're'is a shortage of Ftmd,~ held in escrow, ~s defined under RESPA, Lender shrill notify Borrower as required by RESPA, and Borrower shall pay to Lender die amot,nt necessary to make up die shortage in accordance with RESPA, but ill no more th,m 12 monthly payments. If ihere is a deficiency or Punds held in escrow, as defined under RESPA, Lender shall notify Borrower As required by RESPA, and Bmrowcr shall pay to Lmlder the amount necessary to make up lbo deficiency in accordance with RESPA, but in no more than 12 monthly payments. Upon payment in full of all sums secured by riffs Security Instrument. Lcnde. r .~hall promptly refund to Borrower any Funds held by Lemler. 4. Chargesi l,iens, Borrower shall pay all taxes, agsessments, charges, rilles, ~d impositions mtrihul.',ble to the Property which can attain priority over this Security Instrument, leasehold payments or ground rents on the PrOperty, if any, end Community Association Dues. Fees, and Assessments, if any, To tile extent that the,,;e items are Escrow Items, Borrower shall.pay them in the manner provided irt Section 3. Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a) agrees in writing to tile payment of the oblig},tion st~cured by the lien in a manner acceplable to Lender, but only so long as Borrower is perrorming'such agreement; (b) contests the lien in good faith by, or dcl't.-nds against enl'orcemcnt o[ thc lk.'n in, legal proceedings which in Lender's opinion operate to prevent Ibc en,roreement of thc lien while those proceedings are pending, but only until such proceedings ,/~rc cnncludcd; or (c) sccurcs from the holder of the lien an agreement Satisthcmry lo Lender subordinating Ihe lien to this Security Instalment. If Lender determine~ that any pal~: of the Property is subject to a lien which carl attain priority over this Security Instrument, Lender may give Borrower a notice identifying tile (~,z,-6(WY~ Iooc,~} ~'*o* 8 ~l ~8 L...... "'"/ Form 30~11 1/01 OCT 17 '~1 15:05 lien. Widlin 10 day.~ o[thc date on which dial notice is given, Borrower shall satisfy tile lien or take one or more of the actions set forth above in this Section 4. Lender may require Borrowm' to pay a on. time ~arge fei a real estale isa verification and/or r~poning so. ice used hy Lender tn connection with ibis Lo~. 5. Property Insurance. Borrower shall ku~p the improvements now cxi.~ting or hereafter erect~ on the Property insured against loss by fire, h~ards included within ~e ~em~ "extended cov~age," and any mher h=ards including, but not ti~ted to, earthquakes and floods, for which ~nder requires inserter. This insurance shall be maintained in the amoums (including deductible levels) md for the periods that Lender requires. What I~nder requires pursuit to thc preceding sentence~ c~ c~gc during tile term of tile Lo~. Thc insurance carrier providing thc insuranc~ shall be ~msen by Bormwer subject to ~nder's right to disapprove Borrower's ~oiec, which right shall.not be exmciscd ~reasonably. Lend~ may require Borrower to pay, in connecqion with this Lo~, cit~t~: (a) a one-time charge for flood zone dutennlnation, certification and tracking services; or (b) a one-time d~arge for flood ~one determh~ation and c~til'ication so.ices m~d subsequcmt charges each time remappings or similar changes occur which reasonably might affect such determination or certification. Borrower shall also be responsible for the payment of any [cos imposed by the Federal Emergency Managem~t Agency in connection wid~ the r~vicw of any Ilood zone determination resulting frmn an objection by Borrower. If Borrower fails to maintain ~y of the coverages described above, Lender may oblain insur~ce coverage, at Lender's option and Borrower's expense, l.ender is under no obligation to purchase any particular type or amount of coverage. ~crefore, such coverage sliall cover I.ender, but might or might not protect Borrower, Borrower's equity in the Properly, or the contents of the Property, against any risk, h~ard or liability md might provide greater or lesser cov~age than was previously in effect. Borrower acknowledges that the cost of d~e insurance COVcVagu SO obtained might signiliCantly exceed ~l~e cost of insurance fl~ar Borrower could have obtaismd, Any amounts disbursed by Lender under this Section 5 shall become additional debt of ~orrowcr secured by this Security ln.~trument. These amounts shall bear interest at the Note rate fi'om ~he date ut disbursement md shall be payable, with such int~est, upon notice from l,cnder ~o Borrower requesting payment, All insurance policies requir~ by I.ender and renewal~ of such policies shall be subject to I.ender's right 1o disapprove such policies, shall include a standard mortgag, clause, and shall name Lender motlgagee ~d/or as an addilional loss payee. Lcmder shall ~vc the right re hold the policies ~d renewal cmificates. If Lcmdur requires, Borrower shall promptly give ~o L~d~ all receipts of paid premiums and renewal notice,. It' Borrower obtains any tbrm of insurmlce coverage, not orhe~ise required by l~nder, for d~age to, or des~mcdo~ ~1', the Proper~y, suoh policy shall include a stmidard mortgage clause shall name Lender as mortgagee and/or as ~ additional loss payee. In the event of loss, Borrower ~all. give prompt notice to thc insarance carrier and ~nder. Lundin' may n~ke proo[ of loss if not imde promptly by Borrower, Unless Lender and Borrower othe~ise agree in writing, any insurance proceeds, whether or not ~he underlying insurm~ce w~ required by ~nder, shall be applied to restoration or repair of die Property, if the restoration or repair is ~conomically fe~qible and Lender's security is not lessened. During such repair md re~tomtion period, ~nder shall have the righ~ hold such insurance proceeds until Lender h~q had an. opp0riunity to inspect such ~operly ~o eh.rare thc. work has been completed ~o Lender's satislhction, provided that su~ inspection shall be unilonaken prompdy. L~ndcr ~y disburse proceeds IBr Ih: repairs and restoration hi a single paymcmt or in 'a series of progress paym~nm as ~he work is completed. Unless m~ agreement is ~de in writing or Applicable Law r~quircs interest to be paid oa such insuran~ proceeds, Lemler shall no~ be required to pay Borrower any interest or earnings on such proceeds. Fees for public ndjustem, or other third pa~des, retained hy ~orrower shall not be paid our of thc insurance proceeds and shall be the sole obligation of Borrower, If fl~e restoration or repair is not economically l~ible ar ~ndcr's security would be l~ed, the inmsrance proceeds shall be applied to the sums seared by this .Security Insn'nment, whcthcx or not t~n thc cxccss, il' ~ny, paid to Borrower, Such insurance proceeds shall be applied in the order provided for in Sectim~ 2. If Borrower abandons file Property, l.ender may file, negotiate ired settle any availah]e insurance claim m~d related mat~crs. If Borrower does no~ re~pond within 30 days Io a notice from Lendcr that insurance c~rricr h~s offered to settle a claitn, then lender may negotiate ~d settle the claim. The 30-day p~iod will begin when the no,ice ~s given. In either eveut, or if La~dcv acquires ~he Property undc~ Section 22 or otherwise, Borrower hereby assigns to ~nd~ (a) Borrower's rights to any i~suran~ proceeds in an amount not to exceed the ~ounts unpaid under the Note or this Security Instrument, and (b) ~y other of Borrower's right~ (othcx than the right to ~y refund of unearned pr~fiums paid by BOrrower) trader all insurance policies covering the Property, insolhr ~ such rights ~e applicable lo thc coverage of thePropc~y, Lender may use thc insurance proceeds either to repair or restore the Property or ~o pay amounts unpaid under thc Note or this Securl~y Inst~ment, ~heth~ or not then due. 6. Occupancy. Borrower ~all occupy, establish, and us= Ihe Ps'openy &s Borrower's principal residence within 60 days after the execution of this Security hmmmcnt and shrill continue to oc~py the Property as Borrower'~ principal residence for at le~t one yc~ after the date of occupm~, unless Lender othe~ise agrees in writing, which consent shall ~ot be unreasonably witlxl~eld, ar unle~ exwnuating oil-cut.stances exist which are beyo~ld Borrower's control. 7. Pr~ervafion, Maintenance and Protection of the Property; l~pecfions, Borrower shall not destroy, damage or impair the Propc~y, allow the Property to det~ion~te or co~mnit waste an the Prope~y. Whether or not Borrower is residing in xl~e Property, Borrower shall maintain the Property order [o prevent the Properly from derriere/lng et decreasing in value due ~o its condition. U~ess it determined pursuant ~o Se~ioa 5 that repair or restoration is not economically feasible, Borrower shall promptly repair the Property if damaged xo avoid furth~ deterioration or d~age, If insurance or · ' cot~demna/lo~ procced~ are paid ia connection with damage ~o, or the mkin8 of, the Prope~-ty, Borrower shall be responsible for repairing or restoring the Property only if Lender has released proceeds for such pu~oscs. I~nder may disburse proceeds for the repairs and restoration i~ a single payment or in a series of proErass payxn~[5 as thc work ix completed, If the insurance or coade~m~afion proceeds are riel sufficiem to repair or restore the Propeay, Borrow~ is not relieved of Borrower's obli~atian tbr the completion of such repair or restoration. Ecuador or its agent ~y m~e reasonable entries upon ~xd inspections of the Propes'[y. 'If it has re.enable cause, Lend~ may inspect ~e interior a~ lha improvements on ~he Prop~/y. ~'ndc~ shall give Borrower notice at the time of or ptior to such an interior inspection specifying such reasonable cause, 8. B~rr~wer's Loan Applieatlon, Borrower ~all be in deIhult if, dot:in8 the Loan application process, Borrower or ~y pcrso~ or entities acting at the direction of Borrower or with Borrower's knowledge or consent gav~ materially fa[se, misleading, or inac~rate information or statem~]~s to Leander (or failed tu provide Lender with material information) in connection with the Lo~. Ma/oriel repre.~cntations include, but are not limited to, represunita/ions concerning Borrower's occupancy of the Property as Bon'ower's principal residence, 9. ~o/ection of Lender's Int~t in the.,~opa'ty mid Ri8ht~ Under this Security Imtrument. If (a) Borrower Ihils to perfotm the covenams and agreem~ts comaincd i~/his Security Ins[rum~t, (b) [l~ere is a ]c~a] proceeding that might sign~ficm~tly affect L~der's interest hx the l~opcrty and/or rigl~ls under this Security Instrument (such a~ a proceedin~ in bankruptcw, probate, for condcmnatio~ or forf~ture, fo~ c~%rcement of a lien which may attain Priority over this Security Instrument or ~o ~lbrcc laws or l'egulafions), or (c) Borrower has ab~don~ the Properly, ~u~ L~der may do and pay for whatever is reasonable or appropriate to prolec~ Lender's inter.st 'in the Property ~d rights undcr this Security Instrument, incladi~g protecfin,g m~d/or assessing the value et' the Property, and securing a[~d/~r repairing the Property. l.encler's actions c~ include, but are not limited tn: (a) paying any sums scoured by a lien whid~ h~ priority over ~his Security Instram~t; (b) appea~ng in court: and (c) pa ~6(WY) ~00o5~ P~ ~ o, ~ '~ ~otm 3051 1/01 OCT 17 '01 15:0A a~lz~rney.$~ lees to protect its interest in thc Property and/or rights under this Security Instrument, including its secured positio~ itx a ba~k~'~ptcy proceeding. Securing fl~e ~openy includes, but i~ not limi~etl to, tmtcring the Property to m~e repairs, change locks, replace or board up door~ and windows, drain wal~ from pipe~, eliminate b~fildh~g or mher code violations or d,ng~ous ~ondifions~ an~ have utilities turned on or oR'. Although Leander m~y l~e action under this Section 9, Lend~ doc~ not have to do so nnd ig not ~nder ~ny duty or obligation to do so. It is agreed that Lc~d~ incurs no liability for not t~ing m~y or all actions authorized under this Section 9. Any amounts disbursed by ken&~ u~der lifts Section 9 fl~all become additional debt of Borrow~ ~e~ured by ~his ~ccuri~y Instrument. The~e ~ounc~ shall l~c,r in~.~est at lhe Note rate from tl~e da~e of 0isbursement ~d sl~all be p~yable, with gueh inter,t, upon notice from l~nd~ to ~orrower requesting payment. 1~ this Security Instrument is on ~ leasehold, Borrower shall comply with all ~he provisions of the le~c. If Borrower acquires fee title to lhe P~peny, the leasehold ~d the fcc title ~all not merge unless Lender agree~ to thc merge' in writing. 10, Mo~ga~e Insurnnce. I~ Lender required Me,gage Ingrate as a condition of m~ing fl~e Lo~n,. Borrow~ ~hall ~ · rem~un~pay reqaired ~o maintain Ihe Morlgage Insurmiee in effect, fi, for any reasons, ~he Mortgage Inset coverage required by l~nder ceases to be available from t~e mortgage inn~r~ ~hat previously provided such insurance m~d Borrower w;ss required to m~e sepsrately designated p~ymems tow;~rd the prm~iums fo~ Mortgage Insurm~ce, Borrower shall pay the premiums required to obtain eover:tge suhsl.lmti~lly equivalent to the Mnrtgage Insur~ce previously in effect, at a cost sx~bst~tially cquiwflent to the cost to Borrower o~' ~he Mortgage I~rance ' in effect, from an alternate mortgage insurer selected by ~nder. If substantially equ/valen~rcv~°usly Mortgage Insurance coverage is riel available, Borrower shall ~ntinuu to pay to Lend~ the amnunt of th~ separately designated payments that were due when the insurance coverage ceased to be in effect. ~nder will accept, use and retain these payments as a non-refimdable loss rescue in lieu of Mortgage Insurance. ~ch loss re~ervc shall be nnn-rcfundable, l~otwithstanding the fact tha~ the Lo~ i~ ultimately paid in full, ~d Lender shall nm be required Io pay Bo~ower any interest or earnings on such loss res~ve. Lcmder can no longer require loss reserve payments if Mortgage Insurance coverage (in ll~e ~ount ~d t~r tho period that ~nd~ requires) provided by an insurer selected by L~d~ again hermes available, is obtained, ~md Lender requirc~ ~c~aratcly designated payments toward the premiun~ for Mortgage In~utnnce. If Lender required Morlg~ge ln~m'~nee as a condition of m~ing d~e Lo~ and Borrower was required to m~ke sepan~lcly designated paymenls toward the premium~ R)r Me,gage Inmrm~ee, Borrower sh~ll pay the premiums required Io m~intain Mortgag~ Insurance in effect, or to provicle a non-re,ridable loss rescue, until ~ndcr'g requirement for Mortgage ~nsur;mce ends in ~cordance wi[Il any written agreement betwe~ Borrow~g al~d Lcmder providing lbr such termination or until termination is required by Applicable Law. Nofl~ing in this Section 10 at'l~cls Boriower's obligation to pay interest at the rate provided in the Note. Mortgage Insurance reimburses ~nder (or any entity lha~ purch~es the Note) for ce~ai~ losse~ it l~lay incur if Borrower doe.~ not repay the Lo:~ as agreed. Borrower is not a party to the Mortgage h~urance. Mortgage insurcws CWaluate fl~eir mta.l ri~ on all such insurance in force from time to time, and may emer into agreements with other p~rties that shar~ or modify their risk, or rcclucc losses, These a~rcemcnls are on terms ~nd ~onditions that arc satisl~c~ory lo the mortgage i~ur~ and ~l~c mher party (or parties) to tl~ese agreements. These agreements may require the mortgag~ insarcw ~o n~ke payments using any source of iunds that the mortgage insurur ~y have ~wilable (whidx may include funds obtained IYom Mortgage Insurance prcmiun~). As a result of these ~greemcm~s, lmnder, any .pur~cr'of the Note, anoflier insurc~, any leinsurer, rely olher entity, or ~y affiliate of any of the foregoing, may receive (dire~ly or indirectly) amounts that derive fr, m (m' might be characterized ~) a portion of Bo~ower's paymeixts for Mortgage Insurance, i~l exchange fi)r sharing or modil$ing thc mortgage in~rer's risk, or reducing losses. If such agreement p?ovides that an affiliate' of Lender t~s a share of the insurer's risk in exchange for a share'of the premiums paid to the h~surer, the arrangement is often ~ermed "captive relnsura~ce. ~' Purther: ., (a) Any su~ ngre~ts will not affect the amounts that Borrower has agreed [o pay for -Mortgage Insurnnce, or nny other term~ o~ the Lonn. Su~ agreements will not inerem~e the amollilt Bnrruwer will owe for Mortgage Insurance, and they will not enlille Bert?er to any refusal. ~/ (b) Any such agreements will not afl~ect the right~ Burrower has - if any - with real)eot to the Mortgage Insurance under tile Hoincowncrs Protection Act .f 1998 or any other law. These rights ~nay include the right to rcccivc certain disclosures, to request and obtain cancellation of tile Mortgage Insurance, to have the Mortgage Insurance lerminatcd automatically, and/or to receive a reft~,d o1' any Mortgage lnsnvance premiums that were unearned at the time of such cancellation or termination. 11. Assignment of Miscellaneous Proceeds; Forfeiture, All Miscellaneous Proceeds are hereby &~signed to and shall be paid to Lender. If the Property is damaged, such Misccll,qneous Proceeds shall be applied to resloration or repair ,f the Property, il' the resloradon or repair is economically feasible and Lender's security is not lessened. During such repair and restoration pm-lad, Lender shall have the right to hold such Miscellaneous Proceeds until Lender has had an opportunity to inspect such PrOl:~.ty to ensure tho work has been completed to l.ender's satisfaction, provided ~hat such inspection shall be undm'taken promptly. Lender may pay for the repairs and rcsluration in a single dlsbursemm~t or ia a series of progress payments as the work is completed. Ui~less an agreement i,~ made in writing or Applicable Law requires interest to be paid on such Miscellaneous Proceeds, Lender shall not be required to pay Borrower troy interest or earnings on such Miscellaneous Proceeds. If the rcstumtion or repair is not e¢onomleally feasible or Lender's security would be lessened, the Miscellaneous Proceeds shall 6e applied to the sums secured by this Security Instrumeni, whether or not then due, with the recess, if any, paid lo Borrower. Such Miscell~meous Proceeds shall be applied in tile order provided for in Section 2. la the event of a total taking, destmctiou, or loss in value of the Property, the Miscelh'meous Proceeds shall be applied to the sums secured by tiffs Security Instrument, whether or not fl~en duc, with th~ excess, il' any, paid lo Borrower. ' In the event of a partial I;ik~ng, deslmction, or lois in value of the Property in which the fair market value of the Property immediately before the p~rtial taking, desn'uction, or loss in value is equal to or grea~er thm~ the amoum of lho stlm.q secured by this Security Instrument immediately before iht partial taking,, desmmdon, or loss in value, unless Borrower and l-coder otherwise agree in wriling, Iht sums secured by this Security Instrument shall be reduced by the ,'unount of the Miscellaneous Proceed.q muhiplicd by the following fraction: (a) the ~otal .'unount ,f the sums secured immediately before tl~e parti;d taking, destruction, or loss in value divided by (b) the fair market value of the Properly immediately be£are tlm partial taking, destruction, or loss in value. Any balance shall be paid to Borrower. In the event of a pm'rial taking, destruction, or loss in value of the Property in which the fair market value of the Property immediately before the partial taking, destruction, or loss in value is less thnn the amount of the sums secured immediately before the partial taking, destruction,' or loss in value, nnless Borrower and Lender oth.crwise agree in writing, the Miscellaneous Proceeds shall be applied to the stmu secured by this Security lnstrunlent whmhcr or not the sums are then due. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that thc Opposing Party (as defined in tlxe next sentence) offers to make an award to settle a claim for dam;,gcs, Borrower fails to respond to Lender within 30 [lays after the date trio notice is given, Lender is authorized to collect and apply the Miscell,'meous '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" metals the third party Ih;tt owes Borrower Miscellaneous Proceeds or the party against whom Borrower has a right of action in regard to Miscellaneous Proceeds. Borrower sh:fll be in default if any action or proceeding, whether civil or crimi,~al, is begun that, in l.ender's judgment, could result in forfeiture of the Property or other material impairment of I~endcr's interest in thc Property or rights under lhis Security lnstrar,c-nt. Borrower eon cure such a default nod, il' ;~eceleration has occurred, ~'eiastate as provided in Section 19, by causing the action or proceeding to be ¢ltsmissed with a ruling that, i~, Lender's judgment, precludes forfeiture of the Property or other material impairment of Lender's interest in the Property or rights under this Security Instrument. The proceeds of ~any award or claim lbr damages that m'e attributable to the impairment of Lender's interest iu the Propm-ty are hereby axsigned m~d shall bc paid to Lender. All Miscclhmcous Proceeds that are not applied to restoration or r,'pair of the Properly shall be applied in th~ order provided for in Section 2. OCT 17 '01 1S:O? 12. Borrower Not Rele:z~ed; Forbearance By Lender Not a Waiver. Exten,gion of thc time for paymcm or modification of amortization of the sums secured by fltis Sccmity Instrument granted by Lender to Borrower or any Succe,~sor in Intere,~t of Borrower shall not operate to relca.sc the liability of Borrower or any Successors in Interest of Borrower, Lender shall n°t be required to commence proceedings against say Successor ill Interest Of Borrower or to refuse to extend time for payment or otherwise modify mnortizatitm or 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 forbe~ance by I-ruder in exercising any righl or remedy including, wifl~out"lhnitation, Lender's acceptance of payments from third persons, entities or Successors ia Interest of Borrower or in amounts less than the ,'unount then due. shall not be a waiver of or preclude the exercise of any right or rcm~edy, 13. Joint nnd Several Liabilityl Co-signersl ~ueeeq.~ors and Assigns Bound. Borrower covm~ant.~ and agrees that Borrower's obligations and liability shall be joint and several. However, any Borrower ~ho co.,signs this Security Instalment but doe.~ not execute the"Note (a "co-signer"): (a) is co-signlng this Security Instrument only to mortgage, grant ~md convey the en-signer*s interest in the Property under thc tt-rms of this Security Instrument; (b) i.~ not personally obligated to pay the stuns secured by this Security Instrument; and (c) agrees that 1,coder and any other Borrower eon agree to extend, modify, forbear or n'l~ke ally accon'unodations with regard to the mrms of this Security Instrument or the Note without the co-.qgner's consent. Subject to tho provisions of Section 18, any Successor in Int~xcst o[ Borrower who assumes Borrower's obligations under this Security Instrument in writing, and is approved by Lender, shall obtain ~ll of Borrower's rights and benefits under this Security Instrument. Borrowcw sl~all not be rele~ed from Borrower's obligations and liability under this Security Instrument unless Lender agrees to such relea.qe in writing. The covenant~ and agreements of this Sem:rity Instrument shall bind (except as provided in Section 20) m~d benefit the successors ,'md a~sigus of Lendc. r. 14, Loan Charges. Lender may charge Borrower fees for services performed in co~mection with Borrower's der:roll, for the purpose of protecting Lender's interest in the Property and rights under thi$ Security Instrument, including, hut not litniled Io, attorneys' fees, property inspection and valuation fees, In regard to any other fees, the absence of express authority in this Security Instrument to charge a specific fee Io Borrower shall not be construed ~.s a prolxibition on the charging of such fcc. 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 is finally interpreted so that the interest or other loan charges collected or to be collected in connection witl~ the Loan exceed ptm'nitted limits, then: (a) any such loan charge shall be reduced by the ammmt necessary to reduce the charge to the permitted limit; and (b) auy sums already collected from Borrower which exceeded permimxl limits will be refunded to llorrower. Lendc. r may choose to make this refund by reducing the principal owed under the Note or by making a direct payment to Borrow[..r, If a refund reduces principal, the reduction will be treated as a partial prepayment without any prepayment charge (whether or Bet r~[el~ayment charg~ is pro¥ided, rot under ~he Note). Borrower's acceptance of any such refund nutde by ~rect paymc'nt 1o Borrower wilt constitute a waiver of ;my right of action Borrower migh! have arising out of such overcharge 15, Notices. All notices given by Borrower or Lettder in connection with tlxis Security Instrmnent must be in writing. Any notice In Borrower in connection with this Security hutmment droll be deemed to have beert given to Borrower when mailed by first class m0il or when actually delivered to Borrower's notice address if sent hy other meal,~s. Notice to say one Borrower shall constitute notice to all Borrowers unless Applicable Law expressly requires olherwise. The notice addres.q shall be ll~e Property Address unless Borrower has designated a substitute notice, address by notice to Leader. Borrower shall prompt!y notify I.mder of Borrower's change of address. If Lender specifies a procedure for reporting Borrower change of address, thm~ Borrower shall only report a cltange of address through that specified procedure. There may be only one designated notice address under this Security Instrument at any one time. Any n'l'fiJce to l.ender shall be given by delivering it or by mailing it by llm class mail to Lender'S addres~ sl~ted herein unle.~s l.ender has designated sandier address by notice to Borrawm'. Any notice in connection with tiffs Security Instrument shall not be deemed to have been given to Lender until actually received by Lcndc-r. If m~y notice required by this Security Instrument is also required under Applicable Law, the Applicable Law r~quirm~ent will satisfy the c0rrcsponding requirement under ~s ~Sc~¢a'ity Instrument. ~O00S} a0~ ~0 ~! ~5 K~"'"~ orm 30~1 1/01 16, Governing Law; Scvcrnbility; Rules of Con.~truction. This Security Instrument shall bc go¥cr,~ by IL'derail h~w and the law of the jurisdiction i~ whi~ thc Property is located. All rights ~d obligations contained in this Security I~gt~m~t sro ~ubje~ to any requirements and limitation8 of Applicable Law. Applicable Law might explicitly or implicitly allow the parties to agree by contract or h might be silent, but such sil~ce shall not be construed aa a prohibition against agrc~mLmt by contract. In the event tlm~ ~ny provision or clause of this Security Instrument or the Note con~icts with Applicable Law, such conllict shall not afl~ct other provisions of this Security Instrument or lhe Note which can be given cf Itel without die conflicting provi~km. As used in ~his Scarify ]~I~ment: (a) ward, o¢ the ma~culine gender shall mem~ ~d include corre.qpo~diug neuter words or words at' lhe feminine gender; (b) words in the singular shall mcan ~nd include thc plur;~l and vice versa; al~d (¢) the word "may" gives sol~ discretion without ~y obligation to t~k~ ;my ncdoa. 17. Borrower's Copy. Borrower shall be given one copy of Ihg Note and of this Se~rity Instrument. 18. Transfer of thc ~op~ty or a Benefifal Interest in Borrower, As used in this Section "Interest in the Property" means any legal oc beneficial int~est in the Prop~xty, including, but not limited to, those beneficial interests tr~sfe~ed in a bond for deed, contra~ for deed, installm~t sales contract or escrow agrceatc~t, the intent of which is file transfer of title by Borrower at a future date to a purchaser. If all or any part of' the Properly or any h~l~est in the Property is sold or transferred (or if Borrow, er is not a natural person and a beneficial iuterest in Borrower ia sold or transferred) will, out Lender's prior wrhfen consellt, Lender may require immediate payment in full of all sams secured' by this Scarify h~stlx~ment. Howevc% this oplion shall not be exercised by L~d~ if su~ cxcxc{se is prohibited by Applicable Law. If L~der cxc~clses ~b option, Lender shall give Borrow~ notice of acceleration, The notice shall provide u period of not less thm~ 30 days from the ~ta the notica is given in accord~ce with Section 15 wi~in which Borrower must pay all su~ secured by this Security Insttam~l. If Bo:'rowc% fails to pay these sums pr~or to the expiration of this p~iod, Lender may invoke ~y remedi~ pemaitted by this Security Instrument without further notice or demand on Borrower, 19. Borrower'~ Right to Reinstate After Aec~eration. If Borrower meets certain conditions, Borrower shall havu the right to have enforcer of this Security Inst~ment discontinued at any time prior lo the earliest o¢: (a) live days before sale of the Property pursuit lo any power of sale contained in tllis Security Imtrument; (b) such o/her period aa Applicable Law might specify for d~e termination of Bor~wcr's fight lo reinstate; or (c) entry of a judgment enforcing this Security Instrument. Those c~mtlitions are that Borrower: (a) pays Le~lder MI au~m whirl then would be due under this Security h~stn~ment and the Note ~ if no acceleratioa had occurred; (b) cures any default of ~y other covenants or agrcc~nts; (c) pays all exp~ses incurred in ~nforcing this Se~rity lm$tmmcnt, including, but not limited to, reasonable atto~ys' lbes, prope3y inspection and valuation fees, and other fees in.fred for Ihe pu~ose of protecting Lendcr'~ interest in Ihe Property ~d rights under this Security Inst~m~t; and (d) takes a~cl~ action as Lender m;ty reasonably require to ~%q~re Ihat I~nder's in/erect in the Properly and righls under this Security Instrument, and Borrower's obligation to pay the su~ sc~red by this Security Instnm~ent, shall continue unch~ged. L~dcr may require that Borrower pay su~x rcfinstatemc~t sums and expenses {n one or more of the following forms, as selected by I~nder: (a) cash; (b) money order; (c) certified check, bank check, treasurer's ~cck or e&nhicr"$ check, provided any such check is drawn u an msUtut~on whose depos:ts are insured by a federal agent, instrumentality or entity; or (d) Electr~ Funds Trials, Upon reinstatement by Borrower, this Security Instrument and obligations secured hereby shall remain tully effective as if no acceleratiOn.had occurr~. IIowever, this right to reinst;~te shall not apply in the e~e of acceleration under Section 18. 20. Sate of Note; Change of Loan Service; Noi~ee of Grievance, The Note or a partial interest lbo Note (logether with this Sorrily Inst~ment) can b~ sold one or more dines without prior notice Borrower. A sale might result in a change in ~e entity (known m~ the "Loan Service") tho/ collects ~PcriodJc Payments duc under the Note ~d this S'ccurity Instrument m~d performs edger mnngage loan se~qcing ob]igatio~ under ~e Note, this S~curity Instrument, and ApplicabI~ I.aw, ~er< also might be one or more ch~xgcs of tho Loan Servicer unrelated to a mfl~ of the Note. If there is a ~anga of the I.onn Service% Borrower will be given writtcn~ notice of the change ~hieh will state tho name and nddr~s~ of the new Loan $erviccr, tho addres~ to which payments should be made ~d ~y otl~ inf~ ~¢6(WY} IOOOSt ~*0~ ~ ¢ ~ t 3 1/01 OCT 17.'01 15:89 rt:quirc, s itt connection with a notice of Iranst'cr of servicing. If the Note is sold nd thercal'tcr thc L~um is serviced by a Loan Servicer o/her than the purchas¢'r of thc Notc, thc mortgage loim servicing obligations to B~rrowcr will remain whh the l.oan Servicer or be transferred to a successor t.oan SctwJccr alld are not assumed hy thc Nt~te purchaser unless ofllerwise provided by thc Not,'. purchaser. Nc~ith~r Borrower nor Lender may commence, join, or b~ joined to.a~y judicial action (as eitlxcr an individual litigant or the member of a class) that arises from the other party's actions pursuam m this Security Instrument or that alleges that the other party has breached any provision of, or any duty owed by re.on of, this Security Instrument, until such Borrower or Lender ha notified tho other party (with such notice given in compliance with the requirements of Seaion 15) of mdt alleged breach and aflbrdcd other party hereto a reasonablu period after file giving of such notice to take corrcclivc ~cdon. It Applicable Law provides a time puriod which must elapse before certain action can be take-ri, that dine pm'iod will be deemed m be reasonable for purpo.s~s of ibis pan, graph. The notice of ~tecelemion ami opportunity to cur~ given to Borrower pursuant m Section 22 and the notice of acceleration given to Borrower pursuam to Section 18 shall be deemed ~o satisfy file notice and opportunity to .'~k~ corrective action provisions af dds Section 20. 21. Hnzl~rdous Substmiees. As u~ed in this Section 21: (a) "lI~ardous Sub~t~ces" are thos~ ~ubsi~c~s dufill~d as toxic or h~ardous sabslanc~s, pollmams, or wa~es by Environm~tal Law and the following substances: gasoline, kerosene, other fl~iable or toxic petroluum proclass, toxic ~d herbicides, volatile solvents, materials containing asbestos or Ib~aldehyde, and radioactive materials; (h) "Environmental Law" men~ federal laws ad laws of tl~e jurisdiction whcru the Properly is located relat~ to health, safety or enviro~emal protection; (c) "Environmemal Cle~up" includes any response action, remedial action, Or removal action, as defined in ~vironmcnlal l.aw; and (d) m "Environ~ntal Condilion" means a conditioa fl~at can cause, comribme ~o, or olhcrwL~e trigg~ an Environmental Cleanup. Borrower shall not cause or permit the presmce, use, diaposal, alo~ge, or release of my H~dous Subs~aaces, or ~reaten to release any l'l~dous Substanem, on or in the Property. Borrower shall not do, nor allow anyone else lo do, anything affecting tl~e Property (a) that is in violation of any ~wironmental l.aw, (b) which creates an Environmental Condltion, or (c) which, due 1o the present, use, or release of Hazardou~ Substance, creates a condition that adversely affeeB the value of the Propcxty, The preceding two senten~s shall not apply to the presence, use, or storage on lhe Pk'operty of small quanti~ics of H~rdous Substances that are gc~c, ally recognized to Be appropriate to nomal residential uses and to maintenance of the Propeay (including, but not limited to, hazardous ~bsrmces in consmn~ products). Borrower shall promptly give Lender written notice o{' (~) any investigation, claim, dc~mnd, lawsuit or mher action by any govcrnmenlal or regulato~ agenc~ or private party involving the Property m~d my Hazardous Subst~me or Environmental Law of which. Borrower h~s actual knowledge, (b) any Enviromneatal Condition, including but not li~ted to, any spilling, leaking, discharge, releme or threat or' release o[ ~y tt~dous Subsunce, and (c) uay coadidon caused by the prmencc, use or release of a lh~ardous Substm~ce whid~ adversely afl,ets the value of the Property. Il' Borrower lenms, or is.notified by ~y govermncntal or rc~ul~tory authority, or ~y private party, that ~ny removal or other remediation /~[ any Hazardous Subs~mce at'lkcting the Property is necessary, gorrowcr shall prompdy take all necessary r~emedial aelions in ~cordance wi~ Envtronmenlal LaTM. Noflfing hereto fl~fll create any ohllgation oa Lender for mt Environmcmtal Cleanup. NON-UNIFORM COVENANTS. Borrower a~d Lender fl~rther covenant and ogres as follows: 22, Accderation; Remedies. Lender .~hall give notice to Borrower prior to acceleration following Borrower'.q breach of any covenant or al~reement in this Security In-*trument (but not prior to acceleration under Section 18 unless Applicable Law provides otherwi.~e). 'The notice shall specify: the dehult; (b) the actimt required to cure the default; (c) a date~ not less thnn 30 days from the date fl~e notice i.~ given tn Borrower, by which the default must be cured; and (d) that failure to cure the default on or before the {late specified in the notice m~y result in acceleration of the sums secured hy this Security lnstrnment and sale of the Ih'operty, The notice shall t'urlhex inform Borrower of the right to ' - reinstate at'ter acceleration and the right to bring a court action to assert the non-existence a det'ault or any other defense of Borrower to acceleration and sale. If the del'atilt is not eureq un or bel'ore the date speeirie~ in the notice, Lender at its option may require immediate payment in full of all sums secured by this Security Instrument without further demand and may invoke the power of ~ale and any othe~- remcdie.q permitted by Applicable l,uw, 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 l,ender invok~ the power of sale, Lender shall give notice of intent to foreclose to Borrower and to thc person in possession elf the Proi)erty, if di~'ferent, in accordance with Applicable L~lw. Lender shall give notice o1' 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 deqignee may purchase the Property at any sale. 'rile proceet[q or the sale shall be applied in the l'ollovdng order: (a) to all expenses of the sale, including, but not limited to, reasonable attorneys' fees; (b) to all sums secured l}y thi.q S~urity lnstrumentl and (c) any exceg~ to the person or persons legally entitled to it. 23. Release. Upon payment of all sums secured by this Security instrument, Lender shall release this Security Instrument. Borrower shall pay any reeordatim~ costs, l.ender may .charge Borrower a tee for releasing this Security las{moment, but only if the IL'e is paid to a third par~y for services rendered and the charging of d~e fee is permkred under Applicable Law. 14. Waivers. Borrower releases and waives all rights under and by virtue of the homcsteacl exemption laws of Wyoming. OCT 17 '01 1.5:09 BY SIGNING BELOW, Borrower i~ccep[s and ageces to the terms and coveaatzfs contained la this Security Instrument and h~ any Rider exe~ted by Borrower and rucorded wid~ it. Wimesses: '~"~Z S ~ -Borrower (Seal) (,qcal) · J]ofrower -Borrower · Borrower -Borrower ......... (Seal) .I~0~rower ,,, -Borrower ~6{WY) [ooo~1 r'ooo 1 n of ~ 5 Foem 3051 1/01 STATE OF WYOMING, LINCOLN County The foregoh~g instrument was acknowledged before me this OCTOBER 17, 2001 by THOMAS M N'~ AND LAUNI S ~ LINCOLN ~ ~OMING ~ _~ OCT 17 '01 15:10 PLANNED, UNIT DEVELOPMENT RIDER TI. IlS PLANNED UNIT DEVELOPMENT RIDER is made tllis 1.7TH day of OCTOBER, 2001 , and is incoqmra ctl imo and rd]all be domed to amend and supplement Lhc Mortgage, Deed of Trust, or Sccurily Deed (the "Security lnitrmnent") of the same date, given by the undersigned (tho "Borrower") to secure Borrower's Note to WELLS FARGO HOM~ MORTGAGE, INC. (the "Lender") of the same date mid covering the Property described in the Security Instrument and located at: R PINlZ D~IYEt THAYI~Et WY 83127 [Property Addr:~q 'llae Property includes, but is not limited to, a parcel of land improved with a dwelling, together with other · such parcels ,'md certain'common areas and facilities, as de.~cribcd in cov~Nm, rrs CO~,,'zrrT'rONS RESTRICTIONS ' (lhe "Declaration"). The Property is a part of a planned unit development kllowll as Star valley Ranch [N.~m~ of Plannrd Unit D~:vulopmcnr] (the "PUD"). The Property also includes Borrower's interest in the homeowners association or equivalent entity owning or managing the common ;~reas and facilities of the PUD (the "Owners Association") ;md the uses, benefits and proceeds or Borrower's interest. PUD COVENANTS, In addition to the covenant.~ and agreements made in thc Security lnstnunent, Borrower and Lender further eovenm~t trod agree a~$ follows: A. PUD Obli,~ntions. Borrower shall perform all of Burruwer's obligations under the PUD's Constituent Documents, The "Constituent Documents" ;ire the (i) Declaration; (ii) articles of incorporation, trust instrument or any equ, iwlmt documem which creates th~ Owners Association; and (iii) any by-laws or other rule~ ar regulations of the Owners Associl~tion. Borrower shall promptly pay. when due, all dues and ~q~qe.~smcnts imposed pursuit to the ConStituent Documents. 4444717 MULTISTATE PUD RIDER $in.qle - , Family. Fannle Mae/Freddie Mac'UNIFORM INSTRUMENT /'~Form Page 1 Of 3 . Inid Is: ~ .' ' ' B. lhr(~perty Insurance, So lo~g ~ the Owners Association main[ains, with a ~cn~;]lly accepted i~surance carriur, a "m~ster" or "blai~ket" policy insuring the Property which i~ saq~f~cto~ to Lender w]ficll p~ovJdes ins~tr~nce caver~ge in ~hc'~mounts (includin~ dcductibl~ levels), for ~he periods, and against los~ by fire, h~rds included within the term "extended coverage,'* and any other hazards, including, but not limited m, earthquak~ and floods, for which Lender requires instruct, then: (i) Lc~der waives the provision in Scctlon 3 for ~he Periodle' Paym~t to Lender of fl~e yearly premium installmc,ts for prope~ insur~e on t~e Property; and (ii) Borrower'~ obligation under Section 5 maintain property ins~rance coverage on thc Property 1s deemed satisfied to ~c extc~t ~hat the required coverage i~ p~ovided by the Owners Association policy. What Lender requires as ~ condition of this waiver e~ change during the term of the loan. Botrowc~ shall give Lender prompt notice of any lapse in required property in~urmce coverage provided by ~he mas~er or blanket policy. In the event o~ a distribution of property in~ut~ce p~oeced~ i~ lieu of restoration or repair following ~o~s to fl~e Pr?erV,.or ~o common areas and ~aeilitie~ of the PUD, nny proceeds a able to Bo~r w ~'reoy assignea a~ds, all be nai(l to Iender Lc~ ~,, ........... ~ y o er are v ....... .-~- al,p~y u~e ploceeas to tile su~ secured by the Security h~strument, whether or not ~hen clue, with thc cxc~s, il' any, paid to Borrower. C. Public Linbility Insurance. Burn, wet shall take such actions as may be re.enable to in~ure that the Owners Association maintahu a public liability insurance policy ac~ptable in form, amotmt, and extetu of covcrag~ lo Lender. D. Condemnation, The proceeds of any award or claim for d~ages, dircc[ or consequential, p~}yable to Borrowc~ in connection with any condemnation or other taking of all or any pan of the Property or the common stems and l~cilffies of the PUD, or for any conveyance in lieu of eon&~nafion, are hereby ~ssigned and fltfll be paid to Lender. Such pt'oceeds ~hall be ~ppli~ by ~nder [o the ~um.~ sectored by the Security Instrument ~ provided in Section 11. E. Lentil's Prior Cons~t. Borrower shall not, except after notice to l~nder m~d with Lender's l~rior written cons~t, either partition or subdivid~ the Px'ope~'ty or consent t~: (i) the nb~donment or termination or the PUD, except for abandonment or termination required by law in ~e case of suhst,ntinl destruction by tim or other casualty or in the c~e of a t~lng by condemnation or emia~t domain; (ii) any amendment tn any provision of the "Constituent Documents" if the provision is for the express benefit of ~nder; (iii) termination of professional management ~ad assumption of self-management of the Owners Association; or (iv) any action which would have tho effect of render'inS the public liability insur~ce coyerage maintained by thc Owners h~sociation unacc~table to l.~der. ~'. Remedies. If Borrower does nat'pay PUD dues and ~sessmmt~ ~hcn due, then L~d~ may pay fl~em. An7 mnounts disbur, ed by Lender undcx this paragraph P shill became additional debt of Borrower *ec~red by the Security Instrument, Unless Borrower and ~der agree to o~er tern= of payment, these ;m~o~mts shall bear interest from the date of disbursement ~t thc Note r~le and ~all be payablc~ with i~tercst, upon n~/ice from L~der to Borrower requesting payment, OCT ~? '0~ ~:~0 BY SIGNING BELOW, Borrower accep[s and agrees to the terms and provisions contained in tiffs PUD Rider. (Seal) (,Seal) (Seal) (Seal) -Borrower -BOrro'a, ur (Seal) ~ (Seal) -Borrower -Sorrower ~?R 10008} Page :3 o[ 3 Form 3150 1/01