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HomeMy WebLinkAbout954129Return To: Prepared By: State of Wyoming TEAS MORTGAGE "Security Instrument is given on JUNE 25, 2010 The Mortgagori8 COLE PERRIN AND JANA MARIN, HUSBAND AND WIFE "Borrower This Security Instrument is given to WEugs FARGO Ems&, N A. which is organized and existing under the laws of T tE UNITED MATEO and loose address is P.O. BOX 11701, NNEWAAE, }T7 071014701 "Lender Borrower owes lender the principal sum of 0N1] fVNDRED FIFTY TBDUMINA FOUR HUNDRED =MAW THREE AND oo /too Dollars (U.S z5o,473 -0q. This debt is evidenced by Borrower's note dated the same date as this security Instrument "Note'), which provides fax ,emnthly payments, with the full debt, if not paid earlier, due and payable on a'ULY 01, 2040 This Security Instrument secures to Lender: (a) the repayment of the debt evidenced by the Note, with interest. and all renewals, extensions and modifentiotts of the Note; (b) the payment of all other sums, with interest, advanced under paragraph 7 to proton the security of this Security instrument; and (c) the performance 030/095254 FHA Mar�gaga WY VMD A WOIRia Kluwer FiftilrlCia oervtee NMr603al fWY?MI Gov DJ20aa (Space Above This I ew For According Data] MORTGAGE RECEIVED 6/25/2010 at 4:51 PM RECEIVING 954129 BOOK: 749 PAGE: 672 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY 1 FICA Case No. 691 1165619 703 1 000672 of Borrower's covenants and agreements under this Security Instrument and the Note. For this purpose, Borrower does hereby mortgage, grant and convey to the Lender with power of sale, the following described property located in roatCour County, Wyoming: LOT 20 OF $I4OCE 2 OF THE LINCOLN RETORTS SUBDIVISION TO T}t8 TOWN OF KEMMERER, LINCOLN COUNTY, WYOMING AS DESCRIBED ON THE OFFICIAL BLAT THEREOF THIS IS A PURCHASE MONEY SECURITY INSTRUMENT. TAX STATEMENTS SHOULD BE SENT TO WELLS FARGO HOME MORTGAGE, P.O. BOX 11701, lamaRE, N7 071014701 Parcel ID Number; which has the address of 1 3 7 3 RI REF. FHA t1ortgoeo WY W It Wokers Kluwer Finonaiol Ec,Yr000 TDPA7. COURT (t], Wyoming R7101 000673 [fit] [zap code] "Property Address TOGETHER WITH all the improvements now or hereafter erected On this property, and all easements, appurtenaoees and fixtures now or hereafter a part or UM property. All replacements and additions Shan sago ba covered by this Security Instrument. All of the foregoing is referred to in this Security Instrtuneut as the "Property." BORROWER COVENANTS that Borrower is lawfully seized 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 reconL Borrower warrants and will defend generally the title to the property against all claims and demands, subject to any encumbrances of record. THIS SECURITY INSTRUMENT combines uniform covenants for national use aitG '3M covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. Borrower and Lender covennt and agree as follows: oNIPOItM COVENANTS. 1. Payment of Principal, Interest and Late. Charge, Borrower Alta pay when due the principal of, and intereer on,. the debt evidenced by the Note and late Charges due under the Note. 2_ Monthly Payment of Taxes, Insurance and Other Charges. Borrower shall include in each monthly payment, together with the principal anti interest as set forth in the Note and any late charges, a sum for (a) taxes and special assessments levied or to be levied against the Property. (b) leasehold payments or ground rents em the Property, and (c) premiums for insurance required under paragraph 4. In any year in which the Lender must pay a mortgage inauraztce premium to the Secretary of Housing and Urban Development Secretary"), or in any year in w}�ich such premium would have been required if Lender still held the Security Instrument, each monthly payment shall also include either: (i) a sum for the annual mortgage insurance premium to be paid by Lender to the Secretary, or (ii) a monthly charge instead of a mortgage insurance premium if this Security In.,truntont is held by the Secretary, in a reasonable amotuat to be derermined by the Secretary. Except for the monthly chargo by the Secretary, these items are called lascrow Items" and the Quma paid to Lender are called "Escrow Funds." Initlolat!i_ a9VIIS eiee VMP4nMNII 10atn.00 9082ot8 000674 Lender easy, At any time, collect and hold amounts for Escrow [tame in an aggregate amount not to exceed the maximum amount that may be required for Borrower's escrow account under the Real E®tato Settlement Procedures At of 1974, 12 U.S.C. Section 2601 ct .seq. and implementing regulations, 24 CFR Part 3500, as they may be amended from time to time ("RESPA"), except that thc cushion or reserve permitted by RESPA for unanticipated disbursements or disbursements before the Borrower's payments arc available in the account may not be based on a.nM,nr due for the mortgage insurance premium. If the =Mints held by Lender for Eaerow Items exceed the amounts permitted to be held by RESPA, Lender shall arcotmt to Borrower for thc GUMS funds as required by RESPA. If the amount of funds held by Lender at any time are not suf ieient to pay the Escrow Items when due. Lender may notify the Borrower and require Borrower to make up the shortage as permitted by RESPA. The Escrow Pundv are pledged as additional security for all sums secured by this Security Instrument. If Borrower tenders to Lender the full payment of all such Rome, Borrower's account shall be credited with the balance remaining for all install:ca m items (a), (b), and (c) and any mortgage insurance premium installment that Lender has not become obligated to pay to the Secretary, and Lender shall promptly refund any P.RCUM fuada to Borrower. Immediately prior to a foreclosure sale of the Property or its acquisition by Lender. Borrower's execrate shall be credited with any balance remtining for all installments ibr items (a), (b), and (c). 3. Application of Payments. All payments ender paraarephe 1 and 2 shall be applied by Lender as follows: Pint, to the mortgage insurance premium to be paid by Lender to the Se&nktiory or to the monthly charge by the Secretary instead of l]la. monthly mortgage insurance premium; Second, to any taxes, special aStellaMentS, leeseliold payments or ground rents, and fire. flood and other hazard intuzattee pretniutna, as required; Third, to interest due under the Note; rag to amortization of the principal of the Note; and Vii to late charges due under the Note. 4. Fire, Flood end Other Hazard Insurance. Borrower shall insure all improvements an the Property, whether now in existence or subsequently erected, against any hazards, casualties, acrd contingencies, including fire, for which Lender requires insurance. This insurance shall be j t raced hi the amounts auti for the periods that Lender requires. Borrower shall also insure all improvements on the Property, whetter now in existence or snbsn.quently crested, against loss by floods to tho extent required by the Secretary. All insurance shall be carried with companies approved by Lender. The insurance policies and any renewals shall be held by Lender and shall include loss payable clauses in favor of, and in a form acceptable to. Lender. In thc event of loss. Borrower shall give Lender immediate notlee by m>sali. Lender may matte proof of ions if not made promptly by Borrower. Each insurance company concerned is hereby authorized and directed to make payment for such loss directly to Lender., instead of to Borrower and to Lender jointly. All or any part of the insurance proceeds may be applied by Lender, at its option, either (a) to the reduction of the indebtedness under the Note and this Security Instnurosrt, first to any delinquent amounts applied in the order in paragraph 3, and then to prepayment of principal. or (b) to the restoration or repair of the damned Property. Any application of the proceeds to the principal shall not extend or postpone the duo date of the monthly payments which are referred to in paragraph 2, or change the amount of such payments. Any excess insurance proceeds over an amount required to pay all outstanding indebtedness under the Note and this Security Instrument shall be paid to the entity legally entitled thereto. In the event of foreclosure of this Security huniument or other transfer of title to the Property thst extinguishes use indebtedness, all right. title and interest of Hotrowcr in and to insurance polities in force shall pass to the purchaser. FHA ).1 nicso WY j Revlaer 5 4)9 P 04 ti 1 VMPA0.�WYI Pogo 9 !V t9ra IQUripr FInanci;13ervices 1 Pape 3 of 9 S. Occupancy, Preservation, Maintenance and Protection of the Property: Borrower's Loan ApplfcAtlen; LeascheIds. Borrower shall occupy, establish, and use the Property as Borrower's principal residence within sixty days: after the execution of this Security Instrument (or within sixty days of a lacer sale or transfer of the Property) and shall continue to occupy the Property as Borrower's principal residence for at least one year after the dote of oCClipattcy, unless Lender determines that requirement will cause undue hardship for Borrower, or unless extenuating circumstances exist which ate beyond Borrower's control. Borrower shall notify Lender of any extenuating circumstances. Borrower shall not commit waste or destroy, damage or substantially change the Property or allow the Property to deteriorate, reasonable wear and tear excepted. Lender may inspect the Property if the Property is vacant or abandoned or the loan is in default. Lender may tale reasonable action to protect and preserve such vacant or abandoned Property. Borrower shall aLs i be in default if Borrower, during the loan application process, gave materially false or inarcnrate information or statements to Lender (Cr failed to provide Lender with any reaterial information) in connection with the loan evidenced by the Note, including, but not limited to representations concerning Borrower's occupancy of the Property as a principal residence_ If this Security Instrument is on a leasehold, Borrower shall comply with the provisions of the lease. If Btarowex acquires fcc title to the Properey, the leasehold and fee tide shall not be refrrded unless I antler agrees to the merger in writing. 6. Condemnation. The proceeds of any award or claim for dement, direct or consequential, in connection with any condemnation or other taking of any part of the Property, or for conveyance in place of Coedemeation, are hereby assigned and shall be paid to Lender to eta extent of the full amount of the indebtedness that remains unpaid under the Note and this Security Instrument. Lender shall apply such proceeds to the reduction of the indebtedness under the Note and this Security Instrument, first to any delinquent amounts applied in the order provided in paragraph 3, and then to prepayment of principal. Any applientloo of the proceeds to the principal shall not extend or postpone the due date of the monthly payments, which are referred to in paragraph 2, or change the amount of such payments. Any excess proex lS over an amount required to pay alt outstanding indebtedness tender the Now and this Security Instrument shall be paid to the entity legally entitled thereto. 7, Charges to Borrower and Protection of Lender's Rights in the Property. Borrower shall pay all governmental or municipal charges, fines and impositions that are not included in paragraph 2. Borrower snail pay these obligations on time directly to tho entity which is awed tho payment. If failure to pay would adversely affect 1 ndrer'a interest in the Property. upon Lender's request Borrower shall promptly tarnish to Lender receipts evidencing these payments. If Borrower fails to make those payments or the tysymcnts required by paragraph 2, or fails to perform any other oovenanra and agreements contained in this Security Itrstrumtrnt, or there is a legal proocodinn that may signifleamly affect Leader's rights is the Property (such as a proceeding in bankruptcy, for condemnation or to enforce laws or regulations), then Lender may do and pay whatever is necessary to protect the value of the Property and Lender's rights in the Property. including payment of taxes. hazard insurance and other itnsns mcndoned in paragraph 2. Any amounts disbursed by Lender under this paragraph shall become an additional dcbt or Borrower and be sect<red by this 3ocurity Instrument. These amounts shall bear interest from the date of disbursement, at the Note rate, and at the option of Lender, shall be immediately due and payable. Borrower shall promptly discharge any lien which has priority over this SCCUrity Instrument unless Borrower; (a) agrees in writing to the payment of the obligation secured by the hen in a manner acceptable to Lender; it)) contests in good faith the lien by, or defends againat enforcement of the lien in, legal proceedings which in the Lender's opinion operate to prevent the enforternent of the lien; or (e) secures from the holder of the lien an agreement saga' Cory to Lender subordinating the lien to this Security Instrument. If Lender determines that any part of the Property is subject to a lien which may attain priority over this Security Instrument, Lender may give Borrower a notice identifying true lien. Borrower shall satisfy the lien or taste one or more of the actions set forth above within t0 days of the giving of notice. FHAM1�m�q" WY vnnv WoPtere KMVr n w,gly Ce.,ieo 3O 1675 slaked 41911 �',MI'4n;wv)Ioaaal.OD Midair t p o g o 4 of 9 36676 S. Fees. Lender may collect fees and thaws authorized by the. Secretary. 9. Grounds for Acceleration of Debt. (a) Default. Lender may except as limited by regulations issued by the Secretary, in the case of payment defaults, require immediate payment in full of all sums secured by this Security Instrument if: (i) Borrower defaults by failing to pay in full any monthly payment required by this Security Instrument prior to or an the due dntc of the next monthly payment, or (ii) Borrower defaults by failing, for a period of thirty days, to perform any other obligations contained in this Security Instrument. (b) Sale Without Credit Approval. Lender shall, if permitred by applicable law (including Section 341(d) of t1u Gara.St. (lannain Depository Institutions Act of 1982, 12 U.S.C. 1701j.3(d)) and with the prior approval of the Secretary, require immediate payreteit in full of all sums scoured by this Security Instrument If: (i) All or part of the Property, or a beneficial interest in a trust owning all or part of the Property. is sold or otherwise trtutsferred (ot1>Pr than by devise or descent), and (i) The Puppetry is not occupied by the purchaser or grantee as his or her principal residence, or the purchaser or grantee does so occupy the Property but his or her credit has not been approved in accordance with the requirements of the Secretary, (c) No Waiver. If circumstances our that would permit Leader to require immediate payment in full, but Lender does not require such payments, Lender dOPS not waive its rights with respect to subsequent events. (d) Regulations of HUD S4cretary. In many circumstances regulations issued by the $errntary will limit Lender's rights, in the came of payment defaults, to requite immediate payment in full and foreclose if not paid. This Security Instrument does not authorize acceleration or fonedletere if not permitted by regulations of the Secretary. (e) Mortgage Not Insured. Borrower agrees that if this Security Instrument and the Note are not determined to be eligible for insurance under the National Housing Act within 69 days from the. mac hereof, Lender Bray, at its option, require inmmediate payment in full of all sums secured by this Security Instrument. A written statement of toy eumorized agent of the Secretary dated subsequent to 60 days from the date hereof, declining to insure this Security Instrument and tale Note, shall be. deemed Copcluaive proof of such ineligibility. Notwithstanding the foregoing, this option may not be epXercised by Lender when the unavailability of insurance is solely due to Leader's failure to remit a mortgage insurance premium to the Secretary_ 1.1).. Reinstatement. Borrower has a right to be reinstated if Lender has required immediate payment in full because of Dorrower'e failure to pay an ernouat duo under the Note or this Security Instrument, This right applies even after foreclosure proceedings are instituted. To rciwiatete the Seourity Instrument, Borrower shall tender its a lump stun all amounts required to bring Borrower's account current including, to the extent they are obligations of Borrower under this Security Instrument, foreclosure costs and reasonable and customary attorneys' fees and expo eset properly associated with the foreclosure proceeding. Upon reinstatement by Borrower, this Security tnstrtunent and the obligations that it secures shall remain in effect as if Landes had not regUired immediate payment in full. However, Lender is not required to permit reinstatement if: (i) Lender hos accepted reinstatement after the emmtteuccmeat of fort cloatire proceedings within two years immediately preceding the commencement of a current foreclosure proceeding, (11) reinstatement will preclude foreclosure on different grounds in the future. Or (Ili) reinstatement will adversely affect the priority of the lion created by this Ssicwiry hutment. FHA Menga5a v gewfSEC 4a3� IMP® Ni ess�wvi1saesi.ds **In Kiuws, rineneiel seance e l I Pops a Cr 9 11. Borrower Not Released; Forbearsutce By Lender Not a Waiver. Extension of the time of payment or modification of amortization of the sums secured by this Security Instrument granted by Lender to any successor In interest of Borrower shall not operate to release the liability of the original Borrower or Borrower's successor in interest. Lender shall not be required to commence proceedings against any Bucceeaor in interest or refuse to extend time for payment or otherwise modify amortization of the sums seared by this Security Instrument by reason of any demand made by the original Borrower or Borrower's successors in interest. Any forbearance by Lender in exercising any right or remedy shall not be waiver of or preclude the exercise of any right or remedy, 13, Successors and Assigns Bound; Joint and Several Liability; Co bIgncrs, The covenants and agrccrncnta of this Security Instrument shall bind and benefit the successors and assigns of Lender and Borrower, subject to the provisimis of paragraph 9(b). Borrowcr'a covcnnntx and agreements shall be joint and several. Any Borrower who co -signs this Security Instrument but does not execute the Note; (a) is co this Security Imminent only to mortgage, grant and convey that Borrower'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 Lander and any other Borrower may agrnc to extend, modify, forbear or make any aoccutunodations with regard to the terms of this Security Instrument or the Note without that Borrower's consent. 13. Notices. Any notice to Burrower provided for in this Security Instrument shall be given by delivering it or by mailing it by first class mail unless applicable law requires use of another method. The notice shall be directed to the Property Address or any other address Borrower designates by notice to Lender. Any notice to Lender shall be given by first class mail to Lender's address stated herein or any address Lender dr.signates by notice to Borrower. Any notice provided for in this Security Instrument shall be deemed to have been given to 13orrrower or Lender when given as provided in this paragraph. 14. Governing Law; Beverability. This Security Instrument shall be gOveree4 by Federal law and the law of the jurisdiction in whielt the Property is located. In the event that any provision or clause of this Security Instrument or rho Note conflicts with applicable law, such conflict shall not affect other provisions of this ;security Instrument or the Note which can be given effect without the conflicting provision. To this end the provisions of this Semidry Instrument and the Note are declared to ba severable. 15. Borrower's Cogy. Borrower shall be given one conibrmed copy of the Note and of this Security Instrument. 16. Hazardous Substances. Borrower shall not cause Or permit the presence, use, disposal, storage, or release of any Hazardous Substanncs on or in the Property. Borrower shall not do, nor allow anyone else to do, anything affecting the Property that is in violation of any Environmental Law. 'Ilea preceding two sentences shall not apply to the presence, use, or storage on the Property of small quantities of Hazardous Subataileel that are generally recognized to be appropriate tb normal residential uses and to maintenance of the Property. Borrower shall prompdy give Lender written notice of any investigation, claim, demand, lawsuit or other action by any governmental or regulatory agency or private parry involving the Property and any Hazardous Substance or Environmental Law of which Borrower has actual knowledge. If Borrower Iearns, or le notified by any goven:m 101 or regulatory authority, that any removal or other remedial= of any Hazardous Substances erecting the Property 15 nccassatp, Borrower shall promptly take all Roomy remedial actions in aCCOtdsnee with Environmental Law_ As used hi this paragraph 16. "Hazardous 5ubstanCes" arc those substances defined as MOXIC or hazardous substances by Environmental Law and the following substances: gasolbte, kerosene, other flammable Or Finis petroleum products, toxic pesticides and herbicides, volatile tolvonts, materials containing asbestos or formaldehyde, and radioactive materials. As used in this paragraph 16, `Environmental Law" meant federal lava and laws Of the jurisdiction where the Property is levered that relate to health, safety or etivirontnental protection. FKA MMOBO• wY VMP Wolter, Kluwer riner del 0 wkee C6677 aevaea 4190 r jf PCWVc tt074,00 Irtdds vv. fl M 2 BOO 678 NON- UNIFORM COVENANTS_ Borrower and Lender furthest COVP.nam and agree as follows: 17, Assignment of Rents. Borrower ttaeanditionally assigns and transfers ra Lender all the rents and revemtes of tho Property. Borrower authorizes Lender or Leader's agents to collect the rents and revenues and hereby directs each tcntunt of the Property to pay the rents to Lender or Lerder's agents. However, prior to L1'1 netiee to Borrower of Borrower's breath of any covenant or agreement in the Security Instrument, Borrower shall collect sad receive all rents and revenues of the Property as trustee for the beaMGt of Lender and Borrower_ This assignment of rats cogitates an absolute assignment and not an assignment for additional security only. If Lender gives notice of broach to Borrower, (a) all rents received by Borrower shall be held by Borrower as trustee for benefit of Lender only, to be applied to the Stun secured by the Security Instrument; (b) Lender shall be entitled to co]lezt and receive all of the rents of the Property; and (e) Melt tenant of the Property shall pay all rents due and unpaid to Lender or Lender's agent on Lender's written dernand to the tenant. Borrower has not executed any prior assignment of the rents and has not and will not perform any act that would prevent Leiwer from exercising its rights under this paragraph 17. Lender shall no be required to enter upon, take control of or maintain the Property before or after giving notice of breach to Borrower. However, Lender or a judicially appointed receiver may do to at any time there is a breach. Any application of tents shall not cure or waive any default or invalidate any other right or remedy of Lender. This agRig lalem of rents of the Property shall terminate when the debt secured by the Security Instrument is paid in dull. 18. Worrdosanre.. Procedure. If Lender noires immediate payment in full under paragraph 9, Lender may Invoke the power of salt and any other remedies permitted by applicable law, Lender shall be entitled to collect all expenses incurred in pursuing the remedies provided in this paragraph 18, including, but not limited to, reasonable attorneys' tees and co9iq of title evidence, If Lender invokes the paws. of sale, Lender shall give nits of intent to foreclose to Borrower and to the person In possession of the Property, if different, in accordance with applicable law- Lender aball give notice bf the sale to Borrower In the manner provided in paragraph 13. 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 gale. The proceeds of the sale shall be applied In the following order: (a) to all expenses of the Sale, including, but not Beefed to, reasonable attorneys' rani (6) to all semis Sreured by this Security Instrument; and (c) any excess to the person or parson legally entitled to ft. If the Lender's interest in this Security Instrument Is held by the Secretory and the Secretary requires hnmediate payment in full under Paragraph 9, the Secretary may Invoke the nonjudicial power of sale provided in the Slagle Family Mortgage Foreclosure Act of 1994 "Act (12 U.S.C. 3751 et seq.) by requesting a foreclosure commissioner designated under the Ail to commence foreclosure and to sell the Property as provided in the Act. Notating in the preceding sentence shall deprive the Secretary of any rights otherwise available to a Louder under this Paragraph 18 or applicable law. 19. Release. Upon paymcat of All rant secured by this Security Intartw ent, Lender shall release this Security Instrument without charge t0 Boer. Borrower shall pay any recordation costs. 20. Waivers. Borrower waives all rtgbbSe o f homestead exemption in the Property and relinquishes all rights Of cutrcay and dower in the Property. 21. Riders to this 5ccurity Instrument. If one or more riders are executed by Borrower and recorded together with this Security losmtment, the covenants of each such rider shall be incorporated into and shall amend and supplctaent the covenants and agreements of this Security Instrument as if the rider(s) were a part Of this Security In :limit. [Check applioable box(es)]. 1 r Condominium Rider El Gnawing Equity Rider 7ther [specii, Li Plumed Unit Development Rider Graduated payment Rider 1113 iLE1 Qj MIA Mottiapm WY Rw5CO 'tree veer O C f P 4R(WY) 109031.00 *mar WoIr r*mar 'ar Fl of I Sarvlao, Midair 1 Pao 7 018 LY SIGNING BELOW, Borrower accepts and agrees to the terms contained in this Security Instrument and in any rider(a). executed by )3otmwer and recorded with it. Witnesses: FHA Martgogo WY wiz to Wolters Kluwer rinenclal Carykcs (Seal) -Borrower C0679 (Seal) Borrower (S) Borrower (Seal) (Se POrroWar Borrower (Seal) (Seal) Borrower POrrtwPZ (Seal) Borrower RBrie9A 4/86 G(, NF4RIWR1 iaed M4i.1s• Page R o1 A 4 6TATF OF WYOMING, County ss: This inatramont was acknowlcdgcd bcforc me an 3 T2 2ITU, 203.0 by COLE TERRIH AND J7A111 I+1 tRIt1 My Camrnissiou Expires: 1c1,2t) -1 Z� kannulow FHA MP fE9� Monpo8e WY V WoItoro Y.IUwor Fln01001 Sarr)vac Notary rijl6 n0 rJ WY� ISBrt4)9a c VMP4 L r {0809).00 Inhlckt opc 5 of d -1 =680 a -587U (3705) ,4 repel 1 bf 2 Inikiai Ci VM7 MURTGACF FORMS IRUUIRZ1 -7751 TAX- EXEMPT FINANCING RIDER THIS TAX EXEMPT FINANCING RIDER is made thicxnTR day of otThth 2210 and is incorporated into and shall be deemed to amend and supplement the Mortgage. Deed of Trust or Security Deed "Security InM iumeilt of the tame date given by the undersigned "Borrower to swots Borrower's Nor "Note to WELLS 1/ARCO SANK, N.A. "Lender of the same date aid covering the Property deacrilbcd to the Security Instrument and loaned at: 823 TOPAZ COURT, I031vkd8">:tT;'1t WY 83101 !Property Address) ADDITIONAL COVENANTS. Ia addition to the covenants and agreements made in the Security Instrument Borrower and Lender further covenant and agree to amend Paragraph 9 of the Security batromenr, entitled "Grounds for Acceleration of Debt," by adding additional grounds for acceleration as follows; Lender, or such of its successors or assigns as may by separate inst al:11 t assume responsibility for assuring compliance by the Borrower with the provisions of this Tax Exempt Financing Rider, may require Immediate payment in Ita1 of all sums secured by this Security Instrument it (a) All or part or the Property is sold or otherwise trar•4f read by Borrower to a purchaser or other transferee: (i) Who cannot reasonably be expected to occupy the Property as a principal residence Whin a reaaanable time after the sale or transfer, all as provider! in Section 143(c) and i (2 of t/ se knereal Revenue Code; or (ii) Who has had a present ownership interest in a principal residence during any part of the three -year period ending on the date of the sale or transfer, all as provided in Section 143(d) and (i)(2) of the Internal Revenue Code (except that "100 percent" shall be suberitued for "95 percent or more where the latter appears in Section 143(d) 1)) or TA Multtvtate 'Pax-Exempt F1n911tdng Iiid r 10f9 1 1 .:40.681 FHA Cave Ne. 5911165E19 703 1 (5taI) (Seal) -n errowcr Corgi PERRIIN Borrowcr (ill) At an acquisition Cost WhiCh is greater than 90 percent of the average area purchase price (greater than 110 percent for targeted area residences), all as prodded hi SeedOn 143(e) and (i)(2) of the Internal Revenue Code; or (iv) Who has a gross family income in excess of the applicable median family income as provided in Section 143(f) and (i)(2) of the bntnl Revenue Code; or (b) Borrower fails m occupy MA Property described in the Security Instrument wittlout prior written consent of Lender or its successors or assigns described at the beginning of this Tax Exempt Fin acing Rider, or (c) Borrowcr omits or misrepresents a fact that is material with respect to the provisions of Section 143 of the Internal k venue Coon in sn application for the loan secured by this Security Instrument. References am to the Internal Revenue Code as amended and in effect on the date of issuance of bonds. the proaxda of which will bo used to finance the purchase of the Security Instrument and are deemed to include the implementing regulations. BY SIGNING BELOW, Borrower accepts and agrees to to tams and COMMITS contained in this Tax Exempt Financing raider. 587 (9705) 3 :682 (Seal) -Boxroom- d A PERRIN Borrower (Seal) (Seal) Borrower Borrower (Seal) (Seal) borrower Borrower FasIe 2 of 2