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Home My WebLink About957400501 10194m Return To: Prepared By: State of Wyoming 0311454946 FHA Mortgage WY VMP Wolters Kluwer Financial Services NMFL 0322 (WYFM) Rev 6/2008 [Space Above This Line For Recording Data] MORTGAGE ("Borrower"). This Security Instrument is given to WELLS FARGO BANK, N A RECEIVED 12/29/2010 at 3:15 PM RECEIVING 957400 BOOK: 759 PAGE: 508 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY THIS MORTGAGE "Security Instrument is given on DECEMBER 28, 2 010 The Mortgagor is NICHOLAS PAUL GLEUE AND JILL GLEUE, HUSBAND AND WIFE FHA Case No. 591 1184052 729 which is organized and existing under the laws of THE UNITED STATES and whose address is P 0 BOX 11701, NEWARK, NJ 0710147 01 "Lender Borrower owes Lender the principal sum of ONE HUNDRED THREE THOUSAND SIX HUNDRED FOUR AND 00 /100 Dollars (U.S. *103, 604 .00). This debt is evidenced by Borrower's note dated the same date as this Security Instrument "Note which provides for monthly payments, with the full debt, if not paid earlier, due and payable on JANUARY 01, 2041 This Security Instrument secures to Lender: (a) the repayment of the debt evidenced by the Note, with interest, and all renewals, extensions and modifications of the Note; (b) the payment of all other sums, with interest, advanced under paragraph 7 to protect the security of this Security Instrument; and (c) the performance Ini ials 000503 Revised 4/96 Vp.AP4R(WY) (0803).00 Page 1 of 9 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 LINCOLN County, Wyoming SEE ATTACHED LEGAL DESCRIPTION *SEE ADJUSTABLE RATE RIDER THIS IS A PURCHASE MONEY SECURITY INSTRUMENT. TAX STATEMENTS SHOULD BE SENT TO: WELLS FARGO HOME MORTGAGE, P.O. BOX 11701, NEWARK, NJ 071014701 Parcel ID Number: which has the address of 170 MADISON AFTON [City], Wyoming 83110 00c9509 FHA Mortgage WY VMP Wolters Kluwer Financial Services Initials: [Street] [Zip Code] "Property Address 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. All of the foregoing is referred to in this Security Instrument 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 record. 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 and non uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. Borrower and Lender covenant and agree as follows: UNIFORM COVENANTS. 1. Payment of Principal, Interest and Late Charge. Borrower shall pay when due the principal of, and interest 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 and 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 on the Property, and (c) premiums for insurance required under paragraph 4. In any year in which the Lender must pay a mortgage insurance premium to the Secretary of Housing and Urban Development "Secretary or in any year in which 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 Instrument is held by the Secretary, in a reasonable amount to be determined by the Secretary. Except for the monthly charge by the Secretary, these items are called "Escrow Items" and the sums paid to Lender are called "Escrow Funds." I'I Revised 4/96 MP4R(WY) (0803).00 Page 2 of 9 Lender may, at any time, collect and hold amounts for Escrow Items in an aggregate amount not to exceed the maximum amount that may be required for Borrower's escrow account under the Real Estate Settlement Procedures Act of 1974, 12 U.S.C. Section 2601 et seq. and implementing regulations, 24 CFR Part 3500, as they may be amended from time to time ("RESPA"), except that the cushion or reserve permitted by RESPA for unanticipated disbursements or disbursements before the Borrower's payments are available in the account may not be based on amounts due for the mortgage insurance premium. If the amounts held by Lender for Escrow Items exceed the amounts permitted to be held by. RESPA, Lender shall account to Borrower for the excess funds as required by RESPA. If the amounts of funds held by Lender at any time are not sufficient 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 Funds are pledged as additional security for all sums secured by this Security Instrument. If Borrower tenders to Lender the full payment of all such sums, Borrower's account shall be credited with the balance remaining for all installment 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 excess funds to Borrower. Immediately prior to a foreclosure sale of the Property or its acquisition by Lender, Borrower's account shall be credited with any balance remaining for all installments for items (a), (b), and (c). 3. Application of Payments. All payments under paragraphs 1 and 2 shall be applied by Lender as follows: First, to the mortgage insurance premium to be paid by Lender to the Secretary or to the monthly charge by the Secretary instead of the monthly mortgage insurance premium; Second, to any taxes, special assessments, leasehold payments or ground rents, and fire, flood and other hazard insurance premiums, as required; Third, to interest due under the Note; Fourth, to amortization of the principal of the Note; and Fifth, to late charges due under the Note. 4. Fire, Flood and Other Hazard Insurance. Borrower shall insure all improvements on the Property, whether now in existence or subsequently erected, against any hazards, casualties, and contingencies, including fire, for which Lender requires insurance. This insurance shall be maintained in the amounts and for the periods that Lender requires. Borrower shall also insure all improvements on the Property, whether now in existence or subsequently erected, against loss by floods to the 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 the event of loss, Borrower shall give Lender immediate notice by mail. Lender may make proof of loss 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 Instrument, 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 damaged Property. Any application 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 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 Instrument or other transfer of title to the Property that extinguishes the indebtedness, all right, title and interest of Borrower in and to insurance policies in force shall pass to the purchaser. FHA Mortgage WY VMP Wolters Kluwer Financial Services Initials: 1J R evised 4/96 P419(WY) (08031.00 Page 3 of 9 5. Occupancy, Preservation, Maintenance and Protection of the Property; Borrower's Loan Application; Leaseholds. 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 later 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 date of occupancy, unless Lender determines that requirement will cause undue hardship for Borrower, or unless extenuating circumstances exist which are 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 take reasonable action to protect and preserve such vacant or abandoned Property. Borrower shall also be in default if Borrower, during the loan application process, gave materially false or inaccurate information or statements to Lender (or failed to provide Lender with any material 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 Borrower acquires fee title to the Property, the leasehold and fee title shall not be merged unless Lender agrees to the merger in writing. 6. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of any part of the Property, or for conveyance in place of condemnation, are hereby assigned and shall be paid to Lender to the 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 application 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 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. 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 shall pay these obligations on time directly to the entity which is owed the payment. If failure to pay would adversely affect Lender's interest in the Property, upon Lender's request Borrower shall promptly furnish to Lender receipts evidencing these payments. If Borrower fails to make these payments or the payments required by paragraph 2, or fails to perform any other covenants and agreements contained in this Security Instrument, or there is a legal proceeding that may significantly affect Lender's rights in 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 items mentioned in paragraph 2. Any amounts disbursed by Lender under this paragraph shall become an additional debt of Borrower and be secured by this Security 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 Security Instrument unless Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender; (b) contests in good faith the lien by, or defends against enforcement of the lien in, legal proceedings which in the Lender's opinion operate to prevent the enforcement of the lien; or (c) secures from the holder of the lien an agreement satisfactory 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 the lien. Borrower shall satisfy the lien or take one or more of the actions set forth above within 10 days of the giving of notice. FHA Mortgage WY Revised 4/96 VMP MP4R(WY) (06031.00 Wolters Kluwer Financial Services Initials: Page 4 of 9 �'1�3iJili4",ki1t•k�,r. ;:,},5 �/(i':.T:4 CC:;(�; a.. FHA Mortgage WY VMP Wolters Kluwer Financial Services Initials: 00u512 }r •j, h• s.� f E t.i 8 Fees. Lender n ay collect e a�i{ cl Y 9 Groeands 0Acc6lerati ®gin q lv.pt e' t r (Fa) e}alt< er may;;'excep's °�arna? r,g /$sued by die Secretary; iii ire 'case of payment defaults, 4 q afire irnmed te�pa} wedby s 4t b1U f atr(,#t Ia if;' Borr& rer fefaufts'f)y altiki t/` r 3 °k+ I �afl' a 31!i/ ere-r• '.1ired. b 'dri -k, 'u.rit Instrument pri or iii the due date'c1F.t34't' next d!` aymerzt�dr t ri y i: t ri ?`Borroivet''defaults b 'farl`ln for a period„. of thirty days, to erforrn any other obligations contained th s'Seeiirity Ifistrunient (b) Sale Without Credit Approval. Lender ,shall, if permitted by .applicable law (including Section 341(d) of the Garn -St. Germain Depository Institutions Act of 1982, 12 U.S.C. 1701j -3(d)) and with. the .prior approval of the Secretary, require immediate payment in full of all sums secured by this Security Instrument if: All or part of the Property„ or a'be c ai i:�:terest in a trust owning all or part of the Property, is sold 'r o- odierwise (ct_herJ1*1.bp 0t; descent), and, .,(ii) The Property is .not wr r��',',;�:`.�e ;n; senor grantee:a�s. his or. her. principal residence, or the purchaser grantee :n t st, ,Q11 i<eT credit has not been approved in accordance wi;h the requirewrts o t (c) No Waiver. If circumsta-rces, •occur, •that v b1uid. permit Lender to-require .immediate payment in full, but Lender does not require such laymen, _y ;e ider- does!not .waive its. rights; with respect to subsequent events. (d) Regulations..of HUD Se::mt. ry to n ircu tang es regulatiors• :issued by the Secretary will limit Lender's rights, in the case, af,.payruw,t. ;'efaai ts to,require immediate,payinent iii full and foreclose if not paid. This Security Instrument .does,not utlforize:ac_e1erati,on urs. 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 60 days from the date hereof, Lender may, at its option, require immediate payment in full of all sums secured by this Security Instrument. A written statement of any authorized agent of the Secretary dated subsequent to 60 days from the date hereof, declining to insure this Security Instrument and the Note, shall be deemed conclusive proof of such ineligibility. Notwithstanding the foregoing, this option may not be exercised by Lender when the unavailability of insurance is solely due to Lender's failure to remit a mortgage insurance premium to the Secretary. 10. Reinstatement. Borrower has a right to be reinstated if Lender has required immediate payment in full because of Borrower's failure to pay an amount due under the Note or this Security Instrument. This right applies even after foreclosure proceedings are instituted. To reinstate the Security Instrument, Borrower shall tender in a lump sum all amounts required to bring Borrower's account current including, to the extent they are obligations of Borrower under this Security Instrummt, foreclosure costs and reasonable and customary attorneys' fees and expenses properly associated with the foreclosure proceeding. Upon reinstatement by Borrower, this Security Instrument and the obligations that it secures shall remain in effect as if Lender had not required immediate payment in full. However, Lender is not required to permit reinstatement if: (i) Lender has accepted reinstatement after the commencement of foreclosure proceedings within two years immediately preceding the commencement of a current foreclosure proceeding, (ii) reinstatement will preclude foreclosure on different grounds in the future, or (iii) reinstatement will adversely affect the priority of the lien created by this Security Instrument. Revised 4/96 P4RIWY) (0803).00 Page 5 of 9 11. Borrower Not Released; Forbearance 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 successor in interest or 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 Borrower's successors in interest. Any forbearance by Lender in exercising any right or remedy shall not be a waiver of or preclude the exercise of any right or remedy. 12. Successors and Assigns Bound; Joint and Several Liability; Co- Signers. The covenants and agreements of this Security Instrument shall bind and benefit the successors and assigns of Lender and Borrower, subject to the provisions of paragraph 9(b). Borrower's covenants and agreements shall be joint and several. Any Borrower who co -signs this Security Instrument but does not execute the Note: (a) is co- signing this Security Instrument 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 Lender and any other Borrower may agree to extend, modify, forbear or make any accommodations with regard to the terms of this Security Instrument or the Note without that Borrower's consent. 13. Notices. Any notice to Borrower 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 designates by notice to Borrower. Any notice provided for in this Security Instrument shall be deemed to have been given to Borrower or Lender when given as provided in this paragraph. 14. Governing Law; Severability. This Security Instrument shall be governed by Federal law and the law of the jurisdiction in which the Property is located. In the event that any provision or clause of this Security Instrument or the 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 Security Instrument and the Note are declared to be severable. 15. Borrower's Copy. Borrower shall be given one conformed 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 Substances 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. 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 appropriate to normal residential uses and to maintenance of the Property. Borrower shall promptly give Lender written notice of any investigation, claim, demand, lawsuit or other action by any governmental or regulatory agency or private party involving the Property and any Hazardous Substance or Environmental Law of which Borrower has actual knowledge. If Borrower learns, or is notified by any governmental or regulatory authority, that any removal or other remediation of any Hazardous Substances affecting the Property is necessary, Borrower shall promptly take all necessary remedial actions in accordance with Environmental Law. As used in this paragraph 16, "Hazardous Substances" are those substances defined as toxic or hazardous substances by Environmental Law and the following substances: gasoline,' kerosene, other flammable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or formaldehyde, and radioactive materials. As used in this paragraph 16, "Environmental Law" means federal laws and laws of the jurisdiction where the Property is located that relate to health, safety or environmental protection. FHA Mortgage WY V M P Oa Wolters Kluwer Financial Services Initials: OO&5.I.3 Revised 4/96 MP4R(WY) (0803).00 Page 6 of 9 1M1Y l +�r S ,t. 4 r NON,,OFt V ,A,ps1 of' Ba the;.Pto erty t dr over ,ethos, q ca ten nN ,f, 3y y Borrcwe oY k� a i P t l r r� g �^i r' t0 9� a a f{ 3brro w) 'each is receive ,11`.'re'nts, "And reVe Otte r 'ai o cb iy; Feool�i it 1i'`d rents 11' bSd1a+1'ie' OSight e 241- t o..dd?til7nai,• tnit .yy I It; e i, i tike f. bf tAi t r vlgw• At! crta•�r i d, otrowP all• be held Borrower as 'i rI, ;g �e fiS ti= >'t� Fi�o r (h) tr. -7e -t' "hf trustee; fo�r der.•oniy,itc be:tapplier seca;q:,' by th '•currity,,Instr: merit, b) Lender; shall: be entitled; to, cglieet:anrd xec0iye akl. ,the',r?nts `?o 1'3 er 'Ly ,and, (c) each tw?1aat of the Property, ;shall pay all rents doe •and•nilpaid:to l,,ertder w Lend r gent, on Lender's wr.,itt ntde'Tand to tie tenant Borrowwer has no te ecuted= anyfpi assignmei°t of 'rents .and has not, and will not perform any act that would prevent.Lendei; from exercising.its rights d i', s a, gfarl I� ielider h01 not, •be, required to a .r x Pr.nn.aintain the Property before or after giving notice of breach <to. Boirower.,I However, 1,,e aicr a 3 t:i ct 1 z a noin:,ed ecei icay ,'lo' so at any time there is a breach. Any ,applicatioat of re n ts shallnot'c re er, r 7 `ar.jt,r1 u ,arid te..'ay. ther right or remedy of Lender. This assignment .of r nts of th°.Property, -s' aF er x .a n. b.-1ceat,serured by ;ie4Security Instrument is paid,in full. 18. Foreclosure Procedure. If Lender h eoizikes Yr; ,:e€liate payment in full under paragraph 9, Lender may invoke the power of: Rale and -any n ter, r°en tedi..,c,pe: x W.,d by applicable A.aw. Lender shall be entitled to collect all expenses .incurred ,in- thz real h 7 r in, -Ws.. paragraph .1•$, including, but not limited to, reasonable attorneys'_ fees and _costs o: ;,tle Pv� e= mrre; If Lender invokes vise power_o" sale, Leader s n'; flue noti•�e of inteo.t to foreclose to Borrower and to the person in :possession of',the Property, if difre7entin c i c k tll appl.icable law: Le;rider shall give notice of the sale to; Borrower .i;n the rmannei° .provides± ian;,p�1 =ate i3, .Rrsdc shall publi h 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 sae shall be applied in the following order: (a) to all expenses of the sale, including, but not limited te', 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. If the Lender's interest in this Security Instrument is held by the Secretary and the Secretary requires immediate payment in full under Paragraph 9, the Secretary may invoke the nonjudicial power of sale provided in the Single Family Mortgage Foreclosure Act of 1994 ("Act") (12 U.S.C. 3751 et seq.) by requesting a foreclosure commissioner designated under the Act to commence foreclosure and to sell the Property as provided in the Act. Nothing in the preceding sentence shall deprive the Secretary of any rights otherwise available to a Lender under this Paragraph 18 or applicable law. 19. Release. Upon payment of all sums secured by this Security Instrument, Lender shall release this Security Instrument without charge to Borrower. Borrower shall na,y any recordation costs. 20. Waivers. Borrower waives all rights of homestead exemption in the Property and relinquishes all rights of curtesy and dower in the Property. 21. Riders to this Security Instrument. If one or more riders are executed by Borrower and recorded together with this Security Instrument, the covenants of each such rider shall be incorporated into and shall amend and supplement the covenants and agreements of this Security Instrument as if the rider(s) were a part of this Security Instrument. [Check applicable box(es)]. Condominium Rider LJ Growing Bquity''der Planned Unit Development Rider Li Graduated Payment Rider t f I� e x�.i a !�':'aW '4 .6f.� S1i rG l� tl"� lief is and evenues 1 ri` i sK ;o4We i, )"�f5 r cua ieSsgt, hereby,, direc d, t, �vur I e.?r' xiotice to r w ha l ?enact and ti be1?t'of `II5.L4n, 44rev0e4 :assigmnent: FHA Mortgage WY VMP 0 Wolters Kluwer Financial Services Initials: Other [specify] ARM RIDER 00 4 Revised 4/96 P4RIWY) 10903(.00 Page 7 of 9 BY SIGNING BELOW, Borrower accepts and agrees to the terms contained in this Security Instrument and in any rider(s) executed by Borrower and recorded with it. Witnesses: (Seal) Borrower sNut, NICHOLAS PAUL GLEUE e U il LL E (Seal) (Seal) Borrower Borrower (Seal) (Seal) Borrower Borrower FHA Mortgage WY Revised 4/96 VMP 'M'P4RIWY) (0803).00 Wolters Kluwer Financial Services Initials: (7 Page 8 of 9 000515 (Seal) Borrower (Seal) Borrower (Seal) Borrower STATE OF WYOMING, My Commission Expires: 9 -,/6---- County ss: This instrument was acknowledge;:.befo;,e me.¢;z DE'EMBER 28TH, 2010 by NICHOLAS PAUL GLEUE AND JILL GLEUE /1? Notary Public FHA Mortgage WY VMP Wolters Kluwer Financial Services Initials: NOTARY PUBLIC; County of a State of Lincoln -�!s Wyoming My Commission Expires September 15, 2011 OOu5lS Revised 4/96 MP4R(WY) (0803).00 Page 9 of 9 Order No: 6011019476CG LEGAL DESCRIPTION EXHIBIT `A' Part of Lot 4 of Block 3 of the Town of Afton, Lincoln County, Wyoming more particularly described as follows: Beginning at a point 6 rods North of the Southeast Corner of said lot 4 and running thence West, 6 rods; thence North, 6 rods; thence East, 6 rods; thence South, 6 rods to the Point of Beginning. 00a51,7 FHA Multistate ARM Rider 04/04 Cri -591U (0405).01 Page 1 of 3 Initials: cq, VMP Mortgage Solutions, Inc.' (800)521 -7291 ADJUSTABLE RATE RIDER FHA Case No. 591- 1184052 729 THIS ADJUSTABLE RATE RIDER is made this 28TH day of DECEMBER 2010 and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust or Security Deed "Security Instrument of the same date given by the undersigned "Borrower to secure Borrower's "Note "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: 170 MADISON, AFTON, WY 83110 [Property Address] THE NOTE CONTAINS PROVISIONS ALLOWING FOR CHANGES IN THE INTEREST RATE AND THE MONTHLY PAYMENT. THE NOTE LIMITS THE AMOUNT THE BORROWER'S INTEREST RATE CAN CHANGE AT ANY ONE TIME AND THE MAXIMUM RATE THE BORROWER MUST PAY. ADDITIONAL COVENANTS. In addition to the covenants and ,agreements made in the Security Instrument, Borrower and Lender further covenant and agree as follows: INTEREST RATE AND MONTHLY PAYMENT CHANGES (A) Change Date The interest rate may change on the first day of APRIL 2016 and on that day every 12th month thereafter. "Change Date" means each date on which the interest rate could change. (B) The Index Beginning with the first Change Date, the interest rate will be based on an Index. "Index" means the weekly average yield on United States Treasury Securities adjusted to a constant maturity of one year, as made available by the Federal Reserve Board. "Current Index" means the most recent Index figure available 30 days before the Change Date. If the Index (as defined above) is no longer available, Lender will use as a new Index any index prescribed by the Secretary. As used in this Rider, "Secretary means the Secretary of Housing and Urban Development or his or her designee." Lender will give Borrower notice of the new Index. ()oasis 000519 (C) Calculation of Interest Rate Changes Before each Change Date, Lender will calculate a new interest rate by adding a margin of ONE AND THREE QUARTERS percentage point(s) 1.750 to the Current Index and rounding the sum to the nearest one eighth of one percentage point (0.125 Subject to the limits stated in paragraph (D) of this Rider, this rounded amount will be the new interest rate until the next Change Date. (D) Limits on Interest Rate Changes The existing interest rate will never increase or decrease by more than ONE percentage point(s) 1 on any single Change Date. The interest rate will never be more than FIVE percentage points 5 higher or lower than the initial interest rate stated in Paragraph 2 of the Note. (E) Calculation of Payment Change If the interest rate changes on a Change Date, Lender will calculate the amount of monthly payment of principal and interest which would be necessary to repay the unpaid principal balance in full at the Maturity Date at the new interest rate through substantially equal payments. In making such calculation, Lender will use the unpaid principal balance which would be owed on the Change Date if there had been no default in payment on the Note, reduced by the amount of any prepayments to principal. The result of this calculation will be the amount of the new monthly payment of principal and interest. (F) Notice of Changes Lender will give notice to Borrower of any change in the interest rate and monthly payment amount. The notice must be given at least 25 days before the new monthly payment amount is due, and must set forth (i) the date of the notice, (ii) the Change Date, (iii) the old interest rate, (iv) the new interest rate, (v) the new monthly payment amount, (vi) the Current Index and the date it was published, (vii) the method of calculating the change in monthly payment amount, and (viii) any other information which may be required by law from time to time (G) Effective Date of Changes A new interest rate calculated in accordance with paragraphs (C) and (D) of this Rider will become effective on the Change Date. Borrower shall make a payment in the new monthly amount beginning on the first payment date which occurs at least 25 days after Lender has given Borrower the notice of changes required by paragraph (F) of this Rider. Borrower shall have no obligation to pay any increase in the monthly payment amount calculated in accordance with paragraph (E) of this Rider for any payment date occurring Tess than 25 days after Lender has given the required notice. If the monthly payment amount calculated in accordance with paragraph (E) of this Rider decreased, but Lender failed to give timely notice of the decrease and Borrower made any monthly payment amounts exceeding the payment amount which should have been stated in a timely notice, then Borrower has the option to either (i) demand the return to Borrower of any excess payment, with interest thereon at the Note rate (a rate equal to the interest rate which should have been stated in a timely notice), or (ii) request that any excess payment, with interest thereon at the Note rate, be applied as payment of principal. Lender's obligation to return any excess payment with interest on demand is not assignable even if the Note is otherwise assigned before the demand for return is made. Cl (0405).01 Page 2 of 3 Initials: Ni )5/ BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this Adjustable Rate Rider. ;%4, &4 NICHOLAS PAUL GLEUE (Seal) (Seal) Borrower Borrower (Seal) (Seal) Borrower Borrower (Seal) (Seal) Borrower Borrower -591U (0405).01 Page 3 of 3 000520 (Seal) ILL (Seal) ILL -Borrower EUE Borrower