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HomeMy WebLinkAbout874865 RE OE'IVED Li t,,~I? P.._N COL I,I'1'/' OLERK ~, :0~,, lng BOOK 4~__PRPaO~ 411 AfterRecording RetumTo: COMlVlUNITY FIRST NATIONAL BANK 200 NORTH CENTER STREET ROCK SPRINGS, WY 82901 [Space Above This Line For Recording Data] HOFFI~kN MORTGAGE ,.o~ ~ER: PARCEL NUMBER: DEFINITIONS Words used in multiple sections of this document are defined below and other words are defined m Sections 3, 11, 13, 18.20 and 21. Certain rules regarding the usage of words used in this document are also provided in Section 16. (A) "Security Instrument" means this document, which is dated JULY 27, 2001 together with all Riders to this document. (B)"Borrower"is DAVID Fi. HOFFFIAN, A MARRIED PERSON AS HIS SOLE AND SEPAP~ATE PROPERTY Borrower is the mortgagor under this Security Instrument. (C) "Lender"is COMIqTINITY FIRST NATIONAL BANK Lender is a CORPORATION organized ,'md existing under the laws of THE UNITED STATE OF AlVIERICA . Lender's address is 200 NORTH CENTER STREET ROCK SPRIN{3S, WY 82901 Lender is the mortgagee under this Security Instrument. (D) "Note" means the promissory note signed by Borrower and dated JULY 27, 200l The Note states that Borrower owes Lender FORTY-THREE THOUSAND TWO HUNDRED AND 00/100 Dollars (U.S. $ 43,200.00 ) plus interest. Borrower has promised to pay this debt in regular Periodic Payments artd to pay the debt in full not later than AUOUST 1, 2031 (E) "Property" means the property that is described below under the heading "Transfer of Rights m the Property." (F) "Loan" means the debt evidenced by the Note. plus interest, m~y prepayment charges and late charges due under the Note. and all sums due under tiffs Security h~strument, plus interest. WYOMING - Single Fanfily - Fmmie MaWFreddle Mae [~IFORM INSTRUMENT Fonn 3051 1/01 DOCU1WY1 (Page ] of J2 pages) G) "Riders" means all Riders to this Security Instrument that are executed by Borrower. The following Riders are to be executed by Boxower [check box a applicable]: ~ Adjustable Rate Rider ~ Condomini2n Rider ~ Second Home Rider ~ B~loon Rider ~ Planned Unit Devel~ment Rider ~ Biweekly Payment Rider ~ 1-4 F~ly Rider ~ Other(s) [specify] (H) "Applicable Law" means all controlling applicable federal, state and local statutes, regulations, ordinances and administrative rules and orders {that have the effect of law) as well.as ail applicable final, non-appealable ju. dicial opinions, (I) "Community Association Dues, Fees, and Assessments" means all dues. fees. assessments and other charges that are imposed on Borrower or the Property by a condominium association, homeowners association or similar organizatio~. (J) "Electronic Funds Transfer" means any transfer of funds, other than a transaction originated by check, draft. or similar paper instrument, which is initiated through an electronic terminal, telephonic instrument, computer, or magnetic tape so as to order, instruct, or authorize a,financial institution to debit or credit an account. Suct~ term includes, but is not linfited to. point-of-sale transfers, automated teller machine transacuons, transfers initiated by telephone, wire transfers, m:d automated clearinghouse transfers. (K) "Escrow Items" means those items that are described i~ Section 3, (L) "Miscellaneous Proceeds" means any compensation, settlement, award of danmges, or proceeds paid by any third party (other than insurance proceeds paid under the coverages described in Section 5) for: (i) damage to, or destruction of, the Property; (ii) condemnation or other t~ing of all or any part of the Property; (in) conveyance in lieu of condemnatim; or (iv) n'usrepresentations of. or omissions as to. the value arrt/or condition of the Property. (M) "Mortgage Insurance"means insurance Fotecting Lender agaktst the nonpayment of. or default on. theLoan. (N) "Periodic Payment" means the regulaly scheduled mnount due for (i) principal mhd interest under the Note, plus (ii) any anounts under Section 3 of this Security Instrument, (O) "RESPA" means the Real Estate Settlement Procedures Act (12 U.S.C. §2601 et seq.) and its implementing regulation Regulation X 124 C.F.R. Part 3500), as they might be amended from time to time. or any additional or successor legislation or reguhtion that governs the sanhe subject matter, As used in this Security Instrument, "RESPA" refers to all requirements and restrictions that are imposed m regard to a "federally related mortgage loath" even if the Loan does not qualify as a "federally related mortgage loan" under RESPA. (P) "Successor in Interest of Borrower" means any party that has taken title to the Property, ~vhether or not that party has assumed Borrower's obligations under the Note and/or this Security Instrument. TRANSFER OF RIGHTS IN THE PROPERTY This Security Instrument secures to Lender: (i) the repayment of the Loan. and alt renewals, extensions and modifications of the Note; and (ii) the perfornmnce of Borrower's coventmts and agreements under this Security Instrument and the Note. For this purpose, BoITower does hereby mortgage, grm~t and convey to Lmxder and Lender's successors and assigns, with power of sale. the following described property located in the COUNTY (Type of Recording Jurisdiction~ of LINCOLN : (Name of Recording Jurisdiction' SEE LEOAL ATTACHED. which currently has the tddress of 1319 9TH WEST AVENUE '.Street] KEMI4ERER .Wyoming 83101 ("Prq0erty Address"), [CityJ [Zip Code] WYOMING - Single Famil3 - Parade Mae./l?reddte Mae UNIFORM INSTRUMENT Form 3051 1/01 DOCUIWY2 (Page 2 of12 pagesj TOGETHER WITH all the ~mprovements 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 ~s lawfully seized of the estate hereby conveyed and has the right to mortgage, grant and convey the Property mid that the Property is unencumbered, except for encumbrances of record. Borrower warrants and will defend gener~ly the title to the Property against all claims and demands. subject to m~y encumbrances of record. THIS SECURiTY INSTRUIvlENT combines uniform covenants for national use and non-uniform covenants with limited vm:iations by jurisdiction to constitute a uniform security instrument covering real property, UNIFORM COVENANTS Bon'ower and Lender covenant mid agree as follows: 1. Payment of Principal, Interest, Escrow Items, Prepayment Charges, and Late Charges, Borrower shall pay when due the principal of, and interest on. the debt evidenced by the Note and m~y prepayment charges and late charges due under the Note. Borrower shall also pay funds for Escrow Itenxq pursuant to Section 3. Payments due under the Note rind this Security Instru~nent shall be made in U.Scurrency. However. if any check or other instrument received by Lender as payment under the Note or this Security Instrument is returned to Lender unpaid, Lender may require that any or all subsequent payments due under the Note and this Security Instrument be made ~n one or more of the following forms, as selected by Lender: ta) cash: (b) money order. (cJ certified check. bank check, treasurer's check or cashier's check, provided any such check is drawn upon an institution whose deposits are insured by a federal agency, instrumentality or entity; or (d) Electronic Funds Trtmsfer. Pa'vments are deemed received by Lender when received at the location designated m the Note or at such other location as may be designated by Lender ill accordance w~th the notice provisions in Section 15 Lender may return any payment or partial payment if the payment or partial payments are insufficient to bring the Lo~ current. Lender may accept any payment or partial payment insufficient to bring the Loan current, without waiver of any rights hereunder or prejudice to its rights to refuse such payment or partial payments :n tile future, but Lender is not obligated to apply such payments at the time such payments are accepted. If each Periodic Payment is applied as of its scheduled due date. then Lender need not pay interest on unapplied funds. Lender may hold such tmapplied funds until Borrower makes payment to bring the Loan current, If Borrower does not do so within a reasonable period of time. Lender shall either apply such funds or return them to Borrower. If not applied earlier such funds will be applied to the outstm~ding principal balance under the Note immediately prior to foreclosure. No offset or claim whict'~ Borrower might have now or in the future against Lender shall relieve Borrower from making paymems due under the Note and this Security Instrument or performing the covenants mid agreements secured by this Security Instrument. 2. Application of Payments or Proceeds. Except as otherwise described ii1 this Section 2~ all payments accepted and applied by Lender shall be applied in the following order of priority: (a) interest due under the Note; (b) principal due under the Note: (c) amounts due under Section 3. Such payments shall be applied to each Periodic Payment in tile order in which it became due. Any remaining amounts shall be applied first to late charges, second to any other amounts due under this Security Instrument, and then to reduce the principal balmlce of the Note. If Lender receives a payment from Borrower for a delinquent Periodic Payment which includes a sufficient amount to pay any late charge due. the payment may. be applied to the delinquent payment and the late charge. If more than one Periodic Payment is outstanding, Lender may apply any payment received from Borrower to the repayment of the Periodic Payments if. and to the extent that, each payment can be paid in full To the extent that any excess exists after the payment is applied to the full payment of one or more Periodic Payments. such excess may be applied to any late charges due. Voluntary prepayments shall beapplied first to any prepayment charges and then as described in the Note. Any application of payments, insurance proceeds, or Miscellaneous Proceeds to pmncipal due under the Note shall not extend or postpone the due date. or change the amount, of the Periodic Payments. 3. Funds for Escrow Items, Borrower shall pay to Lender on tile day Periodic Payments are due under the Note. until the Note is paid in full. a sum (the "Funds") to provide for payment of amounts due for: (a) taxes ea~d assessments and other items which can attain priority over this Security Instrument as a lien or encumbrance oI~ the Property; (b) leasehold payments or ground rents on the Property, if any; (c) pre,mums for any mid all Insurance WYOMING - Single Family - Fmmie Mae Freddie Mae UNIFORM INSTRUMENT Fonn 3051 1/01 DOCUIWY~ (Page $ of l~2 Rages required by Lender under Section 5; and (d) Mortgage Insurance premiums, if any, or any sums payable by Borrower to Lender in lieu of the payment of Mortgage Insilco premums in accord~ce w~th the provisions of Section 10. These items ~e called "Escrow Items." At origination or at any time during the term of the Lo~, Lender may require that Community Association Dues, Fees, ~d Assessments, if any, be escrowed by Bo~ower, ~d such dues, fees and assessments shall be ~ Escrow Item. Bo~ower shall promptly furnish t¢ Lender ail nctices of amounts to be paid under this Section. Bo=ower shall pay Lender the Funds for Escrow Ite~ unless Lender waives Boxower's obligation to pay the Funds for ~y or all Escrow Items. Lender may waive Borrower's obligation to pay to Lender ~nds for any or all Escrow Items at a~y time.' Any such waver may only be in writing. In the event of such waver, Boxower shall pay directly, when and where payable, the amounts due for ~y Escrow Iten~ for which payment of Funds has been waived by Lender and, if Lender requires, shall ~mish to Lender receipts evidencing such payment within such time period as Lender may require. Boxower's obligation to make such payments and to provide receipts shall for all pu¢oses be deemed tobe a covenant a~d agreement contained in this Security Instrument, as the phrase "coven~Vm~d agreement" is used in Section 9, If Bo=ower is obligated to pay Escrow lten~ directly, pursuant to a waiver. ~d Boxower fails to pay the amount due for ~ Escrow Item. Lender may exercise its rights under Section 9 and pay such amount and Bo~ower shall then be obligated under Section 9 to repay to Lender ~y such amount. Lender may revoke the waiver as to any or all Escrow Items at any time by a notice given in accord~ce with Section 15 and. upon such revocation. Bo~ower shali pay to Lender all Funds, ~d m such mnounts, that ~e then required under this Section 3. Lender may, at ~y time. collect and hold ~nds in an amount (a) sufficient to permit Lender to apply the Funds at the time specified under ~SPA, and (b) not to exceed the maxtmurn amount a lender can require m~der ~SPA Lender shall estimate the amount of ~nds due on the basis of cu~ent data ~md reasonable estmmtes of expenditures of/hture Escrow Items or otherwise in accord~ce with Applicable Law. The Funds shall be held in an institution whose deposits ~e insured by a federal agency, instrumentality, or entity (including Lender. if Lender is an institution whose deposits ~e so insured) or in ~y Federal Home Loan Bank. Lender shall apply the Funds to pay the Escrow Renu no later th~ the time specified under ~SPA. Lender shall not charge Bo~ower for holding a~d applying a~e Funds, annually ~alyzing the escrow account, or ve~fying the Escrow Items. unless Lender pays Boxower interest on the ~nds ~d Applicable Law pernuts Lender to make such a ch~ge, Unless an agreement ~s made in writing or Applicable Law requires interest to be paid on the Funds Lender shall not be required to pay Borrower any interest or earnings on the Funds. BoiTower axd Lender can agree in wNting, however, that interest shall be paid on the Funds. Lender shall give to Bo~ower, wig~out ch~ge, an annual accounting of the Funds as required by ~SPA. If there is a su¢lus of Funds held m escrow, as defined under ~SPA, Lender shall account to Boxower for the excess funds in accordance with ~SPA. If there is a shortage of ~nds held in escrow, as defined under ~SPA. Lender sba1: notify Borrower as required by ~SPA, ~d Boxower shall pay to Lender the amount necess~ to m~e up the shortage in accordance with RESPA. but in no more than 12 monthly payments, If there is a deficiency of Funds held lB escrow, as defined under ~SPA, Lender shall notify Bo~ower as required by RESPA, and Borrower shall pay to Lender the amount necess~ to make up the deficiency in accordaxce with ~SPA, but in no more than 12 monthly payments. Upon payment in full of ail suim sec~ed by this Security Instrument, Lender shall promptly refund to Boxower any Funds hekt by Lender. 4, Charge; Liens. Borrower shall pay all taxes, assessments, ch~ges, fines, and impositions attributable to the Prope~y which can attam priority over this Security Instrument, leasehold payments or ground rents on the Property, if any, and Conununity Associahon Dues, ~ees, and Assessments, if a~y, To the extent that these items ~e Escrow Items. Borrower shall pay them in the manner provided in Section 3. Borrower shall promptly dischage any lien which has priority over this Security Instrument unless Boxower: (a) agrees m writing to the payment of the obligation secured by the lien in a manner acceptable to Lender, but only so long as Boxower is perfornfing such agreement; (b) contests the lien m good faith by, or defends against enforcement of the lien in. legal proceedings which in Lender's opinion operate to prevent the enforcement of the lien while those proceedings are pending, but only until such proceedmgs ~e concluded; or (c) secures Rom the holder of ~e lien ~ agreement sagsfactow to Lender subordinatmg the lien to this Security Instrument. If Lender determmes that any pat of the Prope~y is subject to a lien which can attain prioNty over this Security Instrument. Lender may g~ve Boxower a notice identifying the lien. Within 10 days of the date on which WYOMING - Single Fanfly - Fmmle Mae/Freddie ~ac ~O~M INSTRUMENT Fonn 3051 U01 DOCU1 WY4 (Page 4 of ] 2 page,* I that notice is given, Borrower shall satisfy the lien or take one or more of the actions set forth above in this Section 4. Lender may require Borrower to pay a one-time charge for a real estate tax verification and/or reporting service used by Lender in connection with this Loan. 5. Property Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire. hazards included within the term "extended coverage," and any other hazards including, but not limited to. earthquakes mhd floods, for which Lender requires insurance. This insurance shall be maintained in the amounts (including deductible levels) and for the periods that Lender requires. What Lender requires pursuant to the preceding sentences cm~ change during the term of the Loan. The insurance carner providing the insurance shall be chosen by Borrower subject to Lender's right to disapprove Borrower's cl.~oice, which right shall not be exercised unreasonably. Lender may require Borrower to pay, in connection with this Loan, either: (a) a one-thne charge for flood zone determination, certification rind tracking services: or (b) a one-time charge for flood zone determination and certification services and subsequent 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 fees imposed by the Federal Emergency Management Agency ~n connection with the review of any flood zone determination resulting from an objection by Borrower. If Borrower fails to maintain anyof the cove~:ages described above, Lender may obtain insurance coverage, at Lender's option and Borrower's expense. Lenderis under no obligation to purchase any particular type or amount of coverage. Therefore, such coverage shall cover Lender, but n~ght or might not protect Borrower. Borrower's equity in the Property, or the contents of the Property, against any risk, hazard or liability and might provide greater or lesser coverage than was previously in effect. Borrower acknowledges that the cost of the insurance coverage so obtained might significantly exceed the cost of insurance that Borrower could have obtained, Any amounts disbursed by Lender under this Section 5 shall become additional debt of Borrower secured by this Security Instrument. These amounts shall bear interest at the Note rate from the date of disbursement and shall be payable, with such interest, upon notice from Lender to Borrower requesting payment. All insurance policies required by Lender and renewals of such policies shall be subject to Lender's right to disapprove such policies, shall include a standard mortgageclause, and shall name Lender as mortgagee and/or as an additional loss payee. Lender shall have the right to hold the policies and renewal certificates. If Lender requires, Borrower shall promptly g~ve to Lender all receipts of paid premiums and renewal notices. If Borrower obtains any form of insurance coverage, not otherwise required by Lender. for damage to. or destruction of, the Property, such policy shall include a standard mortgage clause and shall name Lender as mortgagee and/or as an additional loss payee. In the event of loss. Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, any insurance proceeds, whether or not the underlying insurance was required by Lender. shall be applied to restoration or repair of the Property, if the restoration or repair is economically feasible and Lender's security is not lessened. During such repair and restoration period, .Lender shall have the right to hold such insurance proceeds until Lender has had an opportunity to inspect such Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may disburse proceeds for the repairs and restoration in a single payment or ~n a series of progress payments as the work is completed. Unless an agreement is made in writing or Applicable Law reqmres interest to be paid on such insurance proceeds. Lender shall not be required to pay Borrower any interest or earnings on such proceeds. Fees for public adjusters, or other third parties, retained by Borrower shall not be paid out of the insurance proceeds and shall be the sole obligation of Borrower. If the restoration or repair ~s not economically feasible or Lender's security would be lessened, the insurance proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. Such insurance proceeds sh~l be applied ii1 the order provided for in Section 2. If Borrower abandons the Property, Lender may file, negotiate mid settle any available insurance claim trod related matters. If Borrower does not respond within 30 days to a notice from Lender that the insurance carrier has offered to settle a claim, then Lender may negotiate and settle the claim. The 30-day period will begin when the notice is given. In either event, or if Lender acquires the Property under Section 22 or otherwise, Borrower hereby assigns to Lender (a) Borrower's rights to any insurance proceeds in an mnount not to exceed the amounts unpaid under the Note or this Security Instrument, tu~d (b) any other of Bon'ower's rights (other tha~lhe right to any refdnd of unearned premiums paid by Borrower) under all insurance policies covering the Property, insofar as such rights WYOMING - Single Fanfily - Famde Mae./Freddie Mac LTNIFORM INSTRUMENT Form 3051 1/01 DOCUIWY5 (Page 5 of J2 pages) are applicable to the coverage of the Property. Lender may use the insurance proceeds either to repair or restore the Property or to pay amounts unpaid under the Note or this Security Instrument, whettler or not then due. 6, Occupancy. Borrower shall occupy, establish, and use the Property as Borrower's principal residence within 60 days after the execution of this Security Instrument and shall continue to occupy the Property as Borrower's prinmpal residence for at least one year after the date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be unreasonably withheld, or unless extenuating circumstances exist which are beyond Borrower's control. 7. Preservation, Maintenance and Protection of the Property; Inspections. Borrower shall not destroy, damage or impair the Property, allow the Property to deteriorate or commit waste on the Property. Whether or not Borrower is residing ill the Property, Borrower shall maintain tile Property in order to prevent the Property.from deteriorating or decreasing in value due to its condition. Unless it is determined pursuant to Section 5 that repair or restoration is not economically feasible. Borrower shall promptly repmr the Property if dmnaged to avoid further deterioration or damage. If insurance or condeIrnIation proceeds are paid in connection with damage to, or the taking of, the Property, Borrower shall be responsible for repairing or restoring the Property only if Lender has released proceeds tbr such purposes. Lender ma), disburse proceeds for tile repairs and restoration in a single payment or in a series of progress payments as the work is completed. If the insurance or conden:manon proceeds are not sufficient to repair or restore the Property,, Borrower is not relieved of Borrower's obligation for the completion of such repair or restoration. Lender or its agent may make reasonable entries upon and inspections of the Property. If it has reasonable cause, Lender may inspect the interior of the improvements on the Property. Lender shall give Borrower notice at the time of or prior to such an interior inspection specifying such reasonable cause. 8, Borrower's Loan Application. Borrower shall be in default if, during the Loan application process, Borrower or any persons or entities acting at the direction of Borrower or with Borrower's knowledge or consent gave materially false, misleading, or inaccurate information or statements to Lender Ior failed to provide Lender with material information) in connection with the Loan. Material representations include, but are not limited to, representations concerning Borrower's occupancy of the Property as Borrower's pnncipal residence. 9. Protection of Lender's Interest iu the Property and Rights Under this Security Instrument. If (a) B(3Prower fails to perform the covenants and agreements contained in this Security Instrument, (b) there is a legal proceeding that might significantly affect Lender's interest in the Property mid/or rights under this Security Instrument (such as a proceeding ill bankruptcy, probate, for condemnation or forfeiture, for enforcement of a lien which may attain priority over this Security Instrument or to enforce laws or regulations), or (c) Borrower has abandoned the Property, then Lender may do and pay for whatever is reasonable or appropriate to protect Lender's interest in the Property.and rights under this Security Instrument. including protecting and/or assessing the value of the Property, and securing and/or repairing the Property. Lender's actions can include, but are not limited to: (a) paying any sums secured by a lien which has priority over this Security Instrument: (b) appearing in court: and (c) paying reasonable attorneys' fees to protect its interest in the Property and/or rights under this Security Instrument, including its secured position in a bankruptcy proceeding. Securing the Property includes, but is not limited to, entering the Property to make repairs, change locks, replace or board up doors and windows, drain water from pipes, eliminate building or other code violations or dangerous conditions, and have utilities turned oil or off. Although Lender may take action under this Section 9. Lender does not have to do so and ~s not under any duty or obligation to do so. It is agreed that Lender incurs no liability for not taking any or ali actions authorized under this Section 9. Any amounts disbursed by Lender under this Section 9 shall become additional debt of Borrower secured by this Security Instrument. These amounts shall bear interest at the Note rate from the date of disbursement and shall be payable, with such interest, upon notice frorn Lender to Borrower requesting payment. If this SectMty Instrument is on a leasehold, Borrower shall comply with all tile provisions of the lease. If Borrower acquires fee title to tile Property, the leasehold and the fee title shall not merge unless Lender agrees to the merger m writing. 10. Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan, Borrower shall pay the premiums required to maintain the Mortgage Insurance in effect. If. for an,/reason, the Mortgage Insurance coverage required by .Lender ceases to be available from the mortgage insurer ii'at previously provided such insurance and Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiums required to obtain coverage substantially equivalent to WYOMING ~- Single Family - Fmmie Mae/Freddie Mac UNIFORM INSTRUMENT Fonn 3051 1/01 DOCUiWY6 ~Page 6 of 12 pages) ~o~x*nt~ .v~,x xx/0~/a00o the Mortgage Insurance previously in effect, at a cost substmltially equivalent to the cost to Borrower of the Mortgage Insurance previously in effect, from an alternate mortgage insurer selected by Lender, If substmltially equivalent Mortgage Insurance coverage is not available, Borrower shall continue to pay to Lender the amount of the separately designated payments that were due when the insurance coverage ceased to be in effect~ Lender will accept, use and retain these payments as a non-refundable loss reserve in lieu of Mortgage Insurance, Such loss reserve shall be non-refundable, notwithstanding the fact that the Loan is 'ultimately paid in full, mid Lender shall not be required to pay Borrower any interest or earnings on such loss reserve~ Lender can no longer require loss reserve payments if Mortgage Insurance coverage (in the amount and for the period that Lender requires) provided by an insurer selected by Lender again becomes available, is obtained, and Lender reqmres separately desi gnated payments towm'd the premiums for Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan and Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance. Borrower shall pay the prerrfiums required to maintain Mortgage Insurance in effect, or to provide a non-refundable loss reserve, until Lender's requirement for Mortgage Insurance ends in accordance with any written agreement between Borrower and Lender providing for such termination or until termination ~s required by Applicable Law. Nothing m this Section 10 affects Borrower's obligation to pay interest at the rate provided in the Note. Mortgage Insurmlce rein:tburses Lender (or m~y entity that purchases the Note) for certain losses it may incur if Borrower does not repay the Loan as agreed. Borrower is not a party to the Mortgage Insurance. Mortgage insurers evaluate their total risk on all such insurance in force from time to time. andmay enter into agreements with other parties that share or modify their risk, or reduce losses. These agreements are on terms and conditions that are satisfactory to the mortgage insurer and the other pm'ty (or parties) to these agreements. These agreements may require the mortgage insurer to make payments using any source of funds that the mortgage insurer may have available (which may include funds obta/ned from Mortgage Insurm~ce premiums). As a result of these agreements, Lender, any purchaser of the Note, another ~nsurer. any reinsurer, any other entity, or any affiliate of any of the foregoing, may receive (directly or indirectly) amounts that derive from (or might be characterized as) a portion of Borrower's payrnents for Mortgage Insurance. in exchm~ge fo~;haring or modifying the mortgage insurer's risk, or reducing losses. If such agreement provides tt~at m~ affiliate of Lender takes a share of the insurer's risk in exchange for a share of the premiums paid to the insurer, the arrangement is often termed "captive reinsurance." Further: (a) Auy such agreements will not affect the amounts that Borrower has agreed to pay for Mortgage Insurance, or any other terms of the Laan, Such agreements will not increase the amount Borrower will owe for Mortgage Insurance, and they will not entitle Borrower to any refund. (b) Any such agreements will not affect the rights Borrower has - if any - with respect to the Mortgage Insurance Under the Homeowners Protection Act of 1998 or any other law. These rights may include the right to receive certain disclosures, to request and obtain cancellation of the Mortgage Insurance, to have the Mortgage Insurance terminated automatically, and/or to receive a refund of any Mortgage Insurance prenfiums that were unearned at the time of such cancellation or ternfination. 11. Assignment of Miscellaneous Proceeds; Forfeiture. All Miscella~leous Proceeds are hereby assigned to and shall be paid to Lender. If the Property is damaged, such Miscellaneous Proceeds shall be applied to restoration or repair of the Property, if the restoration or repair is economically feasible and Lender's security is not lessened. During such repair and restora[ion period. Lender shall have the right to hold such Miscellaneous Proceeds until Lender has had an opportunity to inspect such Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may pay for the repairs and restoration in a single disbursement or m a series of progress payments as the work is completed. Unless an agreement is made in writing or Applicable Law reqmres interest to be paid on such Miscellaneous Proceeds, Lender shall not be required to pay Borrower any interest or earnings on such Miscellaneous Proceeds. If the restoration or repair is not economically feasible or Lender's security would be lessened, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument. whether or not then due. with the excess, if m~y, paid to Borrower. Such Miscellmleous Proceeds shall be applied itl the order provided for m Section 2. In the even[ of a total taking, destruction, or loss in value of tile Property, the Miscellaneous Proceeds shall be applied to the sums secured by this SecurJ. ty Instrument, whether or not then due, with the excess, if any, paid to Borrower, WYOMING - Single Family - Fmmle Mae/Freddie Mac L~'IFORM INSTRUMENT Form 3051 V01 DOCU1WY7 Page 7 of J2 pages) DO~I~C7 .V'rX In the event of a partial taking, dcs~ction, or loss in value of thc Prope~y in which ~c fair m~ke[ value of the Propc~y i~ncdia~clv bc~orc ~he uartial raking, dest~ction, or loss in value is equal [o or grca~er than amount of thc sums secured by ~his Security Ins~ment i~ediatcly before the p~tial taking, dest~cfion, or loss m value, unless Bo~ower ~cl Lender otherwise agree in writing, the sun~ secured by &:is Securltylnstrument shall be reduced by the amount of the Miscell~eous Proceeds nmltiplied by the following fraction: ~a~ the total amount of the sun~ sec~ed immediately before the patial taking, destruction, or loss in value divided by (b) the fair m~ket value of the Prope~xy in~nediately before the patial taking, destruction, or loss in value. Any balance shall be paid to Borrower. In the event of a patial taking, destruction, or loss in value of the Prope~¢y in which the fair market value of the Prope~xy immediately before the patial taking, destruction, or loss in value is less than the amount of the sun~ secured immediately before the partial taking, destruction, or loss in value, unless Boxower m~d Lender otherwise agree in writing, the Miscellmxeous Proceeds shall be applied to the sunzs sect~ed bv this Security Instrument whether or not tile 8ulBs ~e flxen clue. If the Prope~y is abandoned by Bo=ower. or if, after notice by Lender to Borrower that the Opposing P~ty (as defined in the next sentence) offers to make ~: awed to settle a claim for damages, Bom:wet fails to respond to Lender within 30 days after the date the notice ~s given, Lender is authorized to collect m~d apply the Miscell~eous Proceeds either to restoration or repair of the Property or to the sunu sec~ed bv this Security Instrument, whether or not then due. "Opposing P~ty" me~s the third p~ty that owes Bo=ower Miscell~eous Proceeds or the p~ty against whom Borrower has a right of action in reg~d to Miscellm~eous Proceeds. Borrower shall be in default if mxy action or proceeding, whether civil or crin~nah is begun that. in Lender's judgment, could result m forfeiture of ~e ~operty or o~er material impairment of Lender's interest in the Prope~y or rights under this Security Instrument. Bo=ower cm~ cure such a default and. if acceleration has occu=ed, reinstate as provided in Section 19 by causing the action or proceeding to be dismissed with a ruling that, in Lender's judgment, precludes forfeiture of the Property or other material unpairment of Lender's interest in the Propmxy or rigms under this Security Instrument. The proceeds of ~y award or claim for damages that ~e at~ibutable to the impairment of Lender's interest in the Property ~e hereby assigned and sh~l be paid to Lender. All Miscellm~eous Proceeds that ~e not applied to restoraUon or repair of the Prope~y shall be applied in the order provided for in Section 2. 12. Borrower Not Released; Forbearance B y Lender Not a Waiver, Extension of the time for payment or modification: of amortization of the su~ sec~ed by this Security Instrument gr~mted by Lender to Bo=ower or any Successor in Interest of Bo~ower shall not operate to release ~e liability of Bo~ower or mxy Successors m ~terest of Bo=ower. Lender shall not be required to conunence proceedings against ~y Successor m Interest of Bo~ower or to refuse to extend time for payment or otherwise modify amortization of the sun~ secured by this Security Instrument by' reason of m:y demmxd made bv the original Bo=ower or m:y Successors m Interest of Bo=ower. Any forbearm~ce by Lender m exercising any right or remedy including, without lin~tation. Lender's accept~ce of payments from third persons, entities or Successors in Interest of Borrower or in amounts less thinx the amount then due. shall not eea waiver of or preclude the exercise of ~y right or remedy 13. Joint and Several Liability; Co-signers: Successors and Assigns Bound. Borrower coven~ts ~d agrees that Bo=ower's obligations ~d liability shall be joint mxd several. However, mxy Borrower who co-s~gns this Security Instrument but does not execute the Note (a "co-signer"): (a) is co-signing this Security h~strument only to mortgage, grant m:d convey the co-s~gner'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; m~d lc ) agrees that Lender m~d m~y other Borrower crux agree to extend, modify, forbear or make ~y acco~nodations with re ~d to the terms of this Security Instrument or the Note without the co-si~mr's consent. Subject to the provisious of Section 18. mxy Successor in Interest of Bo~ower who assumes Bo=ower's obligations under this Security Instrument in writing, and is approved by Lender. shall obtain all of Borrower's rights and benefits under this Security h~stmment. Bo=ower shall not be released from Bo~ower's obligations ~d liability under this Security Instrument re:less Lender agrees to such release in writing. The coven~ts and agreements of this Security h~strument shall brad (except as provided in Section 20) m~d benefit the successors assigns of Lender. 14. Loan Charges, Lender may ch~ge Borrower fees for se~ices performed in connection with Borrower's default, for the pu~:ose of protecting Lender's interest in ~e Prope~y m:d rights under this Security InsUument, including, but not lin~ted to. attorneys' fees, property inspection m~d valuation fees. In reg~d to troy WYOMING - Si~gle Family - Famde Ma~Fred die Mae L~O~M INSTRUMENT Form 3051 ~01 DOCUIWY8 (Pa~e 8 of 12 pages other fees, the absence of express authority in this Security Instrument to charge a specific fee to Borrower shall not be construed as a prohibition on the charging of such fee. Lender may not charge fees that are expressly prohibited by this Security Instrument or by Applicable Law. If the Loan is Subject to a law which sets maximum loan charges, and that law is tin'ally interpreted so that the interest or other loan charges collected or to be collected in connection with the Loan exceed the permitted limits, then: (a) any such loan charge shall be reduce~y the amount necessary to reduce the charge to the permitted limit: and (b) any sums already collected from Borrower which exceeded permitted limits will be refunded to Borrower, Lender may choose to make this refund by reducing the principat owed under the Note or by making a direct payment to Borrower. If a refund reduces pnncipal, the reduction will be treated as a partial prepayment without any prepayment charge (whether or not a prepayment charge is provided for under the Note). Borrower's acceptance of any such refund made by direct payment to Borrower will constitute a waiver of any right of action Borrower might have arising out of such overcharge. 15. Notices. All nottces given by Borrower or Lender in connection with this Secumy Instrument must be in writiug. Any notice to Borrower in connection with this Security Instrument shall be deemed to have been g~ven to Borrower when mrfiled by first class mail or when actually delivered to Borrower's notice address ifsent by other means Notice to m~v one Borrower shall constitute not~ce to ali Borrowers unless Applicable Law expressly requires otherwise. The notice address shall be the l~'operty Address unless Borrower has designated a substitute notice address bv notice to Lender. Borrower shall promptly notify Lender of Borrower's change of address If Lender specifies a procedure for reporting Borrower's change of address, then Borrower shall only report a change of address through that specified procedure. There may be only one designated notice address ~.der this Security Instrument at any one time. Any notice to Lender shall be given by delivering it or by mailing it by first class mail to Lender's address stated herein unless Lender has designated another address by notice to Borrower. Any notice in connection with this Security Instrument shall not be deemed td~ave been given to Lender until actually received by Lender. If any notice required by this Security Instrument is also required under Applicable Law, the Applicable Law requirement will satisfy the corresponding requirement under this Security Instrument. 16. Governing Law; Severability; Rules of Construction. This Security Instrument shall be governed by federal law and the law of the jurisdiction in which the Property is located. All rights ~ad obligations contained in this Security Instrument ~e subject to any requirements and limitations of Applicable Law. Applicable Law mtght explicitly or implicitly allow the parties to agree by contract or it might be silent, but such silence shall not be construed as a prohib}tion against agreement by contract, In the event that any provision or clause of this Security Instrument or the Note co~fflicts with Applicable Law, such conflict shall not affect ortner provisions of this Security Instrument or the Note which can be given effect witttout the conflicting provision. As used in this Security Instrument: (a) words of the masculine gender shall mean and include corresponding neuter words or words of the feminine gender; (b) words in the singular shall mean and include the plural and vice versa: and (c) the word "may" gives sole discretion ~vithout any obligation to take any action. 17. Borrower's Copy. Borrower shall be given one copy of the Note and of this Security Instrument. 18. Transfer of the Property or a Beneficial Interest in Borrower. As used in this Section 18. "Interest in the Property" means any legal or beneficial interest in the Property, including, but not limited to, those beneficial interests transferred in a bond for deed. contract for deed. installment sales contract or escrow agreement, the intent of which is the transfer of title by Borrower at a future date to a purchaser, If alt or any part of the Property or any Interest in theProperty is sold or transferred (or if Borrower is not a natural person and a beneficial interest in Borrower ~s sold or transferred) without Lender's prior writte~t consent, Lender may require irnmedmte payment in full of all sums secured by this Security Instrument. However, this option sh~l not be exercised by Lender if such exercise ~s prohibited by Applicable Law. [f Lender exercises this option, Lender shall Dve Borrower notice of acceleration. The notice shall provide a period of not less than 30 days from the date the not~ce is given ~n accordance with Section 15 within which Borrower must pay ali sums secured by this Security Instrument. If Borrower fails to pay these suntq prior to the expiration of this period. Lender may invoke any remedies permitted by this Security Instrument without further notice or demand on Borrower, 19. Borrower's Right to Reinstate After Acceleration. If Borrower meets certain conditions, Borrower shall have the right to have enforcement of this Security h~strument discontinued at anv time prior to the earliest of WYOMING - Single Far~fily -Fmmie Mae/Freddie 3, lac UNIFOI~'! INSTRUMENT Fomn 3051 U01 DOCUIWY9 ?Page 9 of]2 pagesj (a) five days before sale of the ProPerty pursuant to any power of sale contained in this Security Instrument: (b) such other period as Applicable Law might specify for the termination of Borrower's right to reinstate; or (c) entry of a judgment enforcing this Security Instrument. Those conditions are that Borrower: (a) pays Lender all sums which then would be due under this Security Instrument and the Note as if no acceleration had occurred; (b) cures any default of any other covenants or agreements: (c) pays ail expenses incurred in enforcing this Security Instrmnent. including, but not limited to. reasonable attorneys' fees, property inspection and valuation fees. and other fees incurred for the purpose of protecting Lender's interest in tha Property and rights under this Security htstrument: and (d) takes such action as Lender may reasonably require to assure that Lender's interest in the Property and rights under this Security Instrument. and Borrower's obligation to pay the sums secured by this Security Instrument. shall continue unchanged. Lender may reqmre that Borrower pay such reinstatement sums and expenses m one or more of the following forms, as selected by Lender: (a) cash: (b) money order: (c) certified check, bank check, treasurer's check or cashier's check, provided any such check is drawn upon an institution whose deposits are insured by a federal agency, instrumeIUality or entity; or (d) Electronic Funds Trmlsfer. Upon reinstatement by Borrower. this Security Instrument m:d obligations secured hereby shall remain fully effective as'if no acceleration had occurred. However. this right to reinstate shall not apply in the case of acceleration under Section 18. 20. Sale of Note; Change of Loan Servicer: Notice of Grievance. Tile Note or a partial interest in the Note (together with this Security hlstrument') can be sold one or more times without prior notice to Borrower. A sale might result in a change in the entity (kmown as the "Lotto Servicer") that collects Periodic Payments due under the Note and this Security Instrument and perfonr~s other mortgage loan servicing obligations under the Note. this Security Instrument, and Applicable Law. There also might be one or more changes of the Loan Servicer unrelated to a sale of the Note. If there is a change of the Loan Servicer, Borrower will be given written notice of the change which will state the name and address of the new Lom7 Servicer, the address to which payments~hould be made and any other information RESPA requires in connection with a notice of transfer of servicing. If the Note is sold mid thereafter the Loan is serviced by a Loan Servicer other than the purchaser of the Note. the mortgage loan servicing obligations to Borrower will remain with the Loan Servicer or be transferred to a successor Loan Servicer and are not assumed by the Note purchaser unless otherwise provided by the Note purchaser. Neither Borrower nor Lender may commence..ioin, or be joined to any judicial action (as either an individual litigant or the member of a class) that arises from the other party's actions pursuant to this Security Instrument or that alleges that the other party has breached any provision of, or any duty owed by reason of, this Security Instrument, until such Borrower or Lender has notified the other party (with such notice given in compliance with the requirements of Section 15) of such alleged breach and afforded the other party hereto a reasonable period afterthe giving of such notice to take corrective action. If Applicable Law provides a time period which must elapse before certain action can be taken, that time period will be deemed to be reasonable for purposes of this paragraph. The notice of acceleration and opportunity to cure given to Borrower pursuant to Section 22 and the notice of acceleration given to Borrower pursuant to Section 18 shall be deemed to satisfy the notice mhd opportunity to take corrective action provisions of this Section 20. 21, Hazardous Substances. As used in this Section 21: (a) "Hazardous Substances" are those substances defined as toxic or hazardous substances, pollutants, or wastes by Environmental Law andthe following substances: gasoline, kerosene, other flan~nable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents. materials containing asbestos or formaldehyde, and radioactive materials: (b) "Environmental Law" means federal laws and laws of the jurisdiction ~vhere tile Prope.rty is located that relate to health, safety or environmental protection; (c) "Environmental Cleanup" includes any response action, remedial action, or removal action, as defined in Enwronmental Law: mhd (d) an "Environmental Condition" means a condition that cax~ cause, contribute to, or otherwise trigger an Environmental Cleanup. Borrower shall not cause or permit the presence, use. disposal, storage, or release of any Hazardous Substances, or threaten to release any Hazardous Substances. on or in theProperty. Bon-ower shall not do, nor allow anyone else to do, anything affecting the Property (a) that is in violation of mhy Environmental Law. (b) which creates an Environmental Condition. or (c) which, due to the presence, use. or release of a Hazardous Substance. creates a condition that adversely affects the value of the Property. The preceding two sentences shall not apply to the presence, use, or storage on the Property of smal~ quantities of Hazardous Substm~ces that are generally WYO/VlING - Single Fanfily - Famde Mae/l?reddie Mac UNIFORM INSTRUMENT Form 3051 1/01 DOOUlWY10 (Page 10 of 12 pages recognized to be appropriate to normal residential uses and to maintenance of the Property (including, but not limited tO, hazardous substances in consumer products). 'Borrower shall promptly give Lender written notice of (a) any investigation, clahn, 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 kd~owledge, (b) m~y Environmental Condition, including but not limited to, any spilling, leaking, discharge, release or threat of release of any Hazardous Substance, and (c) any condition caused by the presence, use or release of a Haz~trdous Substance which adversely affects the value of the Property. If Borrower lean, s, or is notified by any governmental or regulatory authority, or any private party, that any removal or other remediation of any Hazardous Substance affecting the Property is necessary, Bon'ower shall promptly take all necessary remedial actions in accordance with Environmental Law. Nothing herein shall create any obligation on Lender for tm Environmental C~eazxup, NON-U NIFORM COVENANTS. Borrower and Lender further covenant and agree as follows: 22. Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleratiou following Borrower's breach of any covenant or agreement in this Security Instrument (but not prior to acceleration under Section 18 unless Applicable Law provides otherwise). The notice shall specify: (a) the default; (b) the actiou required to cure the default; (c) a date, not less than 30 days from the date the notice is given to Borrower, by which the default must be cured; and (d) that failure to cure the default on or before the date specified in the notice may result in acceleration of the sums secured by this Security Instrument and sale of the Property. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to bring a court action to assert the non-existence of a default or any other defense of Borrower to acceleration and sale. If the default is not cured on or before the date specified in the notice, Lender at its option may require immediate payment in full of all sums secured by this Security Iustrument without further de~nand and may invoke the power of sale and any other remedies permitted by Applicable Law. Lender shall be entitled to collect all expenses incurred in pursuing the remedies provided in this Section 22, including, but not limited ta, reasonable attorneys' fees and costs of title evidence. It' Lender invokes the power of sale, Lender shall give notice of intent to foreclose to Borrower and to the person in possession of the Property, if different, in accordance with Applicable Law. Lender shall give notice of tim sale t~ Borrower in the manner provided in Section 15. Lender shall publish the notice af sale, and the Property shall be sold in the manner prescribed by Applicable Law. Lender or its designee may purchase the I?roperty at any sale. The proceeds of the sale shall be ~pplied in the following order: (a) to all expenses of the sale, including, but not limited to, reasonable attorneys' fees; (b) to all sum,; secured by this Security Instrument; and (c) any excess to the person or persons legally entitled to it. 23. Release. Upon payment of all sm'ag secured by this Security Instrument. Lender shall release this Security Instrument. Borrower shall pay any recordation costs. Lender may charge Borrower a fee for releasing this Security h~strument, but only if the fee is paid to a third party for services rendered and the charging of the fee is permitted under Applicable Law. 24. Waivers. Borrower releases and waives all rights under mid by virtue of the homestead exemption laws of Wyoming. WYOMING - Single Family - Famtie Mae/Freddie 5lac L.,'NIFOILM INSTRUMENT Form 3051 1/01 DOCUIWYI~ (Page 11 of]2 pages) ~ocm.~r~-~.wx ~.x/o~/aooo BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this Security Instrument and itl any Rider executed by Borrower and recorded with it. (Seal) Borrower (Seal) Borrower (Seal) (Seal) Borrower Borrower [Space Below This Line For Acknowledgment] STATE OF COUNTY OF r.'rNCOr,N The foregoing instrument was ackmowledged before me by D3-VzD PERSON AS HIS SOLE AND SEPARATE PROPERTY this 27TH day of JULY, 2001 Notary Public My Commission Expires: ~Q~/~/~L~ WYOMING - Single Family -Famde Ma~reddie Mac UNIFOP, aM INSTRUMENT Fonn 3051 1/01 DOCU~WY~2 'Page 12 of ]2 pages) 1-4 FAMILY RIDER .oFF~_. (Assignment of Rents) LOAJq' NO.: THIS 1-4 FAMILY RIDER is made this2 7TH day of JULY. 2 0 01 and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust or Security Deed (the "Security Instrument") of the same date given by the undersigned (the "Borrower") to secure Borrower's Note to COMMUNITY FIRST NATIONAL BANK (the "Lender") of the stm~e date and covering the Property described in the Security Instrument and located at: 1319 9TH WEST AVENUE KEMMERER, WY 83101 [Property Address] 1.4 FAMILY COVENANTS. In addition to the covenants and agreements made m the Security Instrument, Borrower and Lender further covenant and agree as follows: A. ADDITIONAL PROPERTY SUBJECT TO THE SECURITY INSTRUMENT, In addition to the Property described in Security Instrument, the following items now or hereafter attached to the Property to the extent they are fixtures are added to the Property description, and shall also constitute the Property covered by the Security Instrument: building materials, appliances and goods of every nature whatsoever now or hereafter located in, on, or used, or intended to be used in connection with the Property, including, but not limited to, those for the purposes of supplying or distributing heating, cooling, electricity, gas, water, mr and light, fire prevention and extinguishing apparatus. security and access control apparatus, plumbing, bath tubs, water heaters, water closets, sinks, ranges, stoves; refrigerators, dishwashers, disposals, washers, dryers, awnings, storm windows, storm doors, screens, blinds, shades, curtains and curtain rods, attached m~rrors, cabinets, panelmg and attached floor coverings, all of which, including replacements and additions thereto, shall be deemed to be and remain a part of the Property covered by the Security Inskrument, All of theforegoing together with the Property described in the Security Instrument (or the leasehold estate if the Security Instrument is on a leasehold) are referred to in this 1-4 Family Rider and the Security Instrument as the "Property." MULTISTATE 1-4 FAMILY RIDER--Famfle Mae'Freddie Mac UNIFOIlaM INSTRUMENT Form 3170 1/01 DOCUR4AI (page 1 of 3 pagesi B. USE OF PROPERTY; COMPLIANCE WITH LAW. Borrower shall not seek, agree to or make a change in the use of the Property or its zoning classification, unless Lender has agreed in writing to the change, Borrower shall comply with all laws, ordinances, regulations and requirements of any governmental body applicable to the Property. C. SUBORDINATE LIENS. Except as permitted by federal law, Borrower shall not allow any lien inferior to the Security Instrument to be perfected against the Property without Lender's prior written permission. D. RENT LOSS INSURANCE. Borrower shall maintain insurance against rent loss in addition to the other haz~ds for which insurance is required by Section 5. E. "BORROWER'S RIGItT TO REINSTATE" DELETED.Section 19 is deleted. F. BORROWER'S OCCUPANCY. Unless Lender and Borrower otherwise agree in writing, Sec ~ton 6 concerning Borrower's occupancy of the Property is deleted, G. ASSIGNMENT OF LEASES. Upon Lender's request after default, Borrower shall assign to Lender all leases of the Property and all security deposits made in connection with leases of the Property. Upon the assignment, Lender shall have the right to modify, extend or tern~nate the existing leasem~d io execute new leases, in Lender's sole discretion. Ag used in this paragraphG~ the word "lease" shall nman "sublease" if the Security Instrument is on a leasehold. H. ASSIGNMENT OF RENTS; APPOINTMENT OF RECEIYER; LENDER IN POSSESSION. Borrower absolutely and unconditionally assigns and transfers to Lender all the rents and revenues ("Rents") of the Property, reg~dless of to whom the Rm~ts of the Property ~e payable, Borrower authorizes Lender or Lender's agents to collect the Rents. and agrees that each tenant of the Property shall pay the Rents to Lender or Lender's agents, However. Borrower slxall receive the Rents until (i) Lender has given Borrower notice of default pursuant to Section 22 of the Security Instrument a~d (ii) Lender has given notice to the tenant(s) that the Rents are to be paid to Lender or Lender's agent. This assignment of Rents constitutes an absolute assignment m~d norm assignment for additional security only, If Lender gives notice of default to Borrower: (i) all Rents received by Borrower shall be held by Borrower as trustee for the benefit of Lender only, to be applied to the sums secured by the Security Instruraent: (ii) Lender shall be entitled to collect and receive all of the Rents of the Property; (iii) Borrower agrees that each tenant of the Property shall pay all Rents due andunpaid to Lender or Lender's agents upon Lender's written demand to the tenmlt: (iv) unless applicable law provides otherwise, all Rents collected by Lender or Lendgr's agents shall be applied first to the costs of taking control of and managing the Property and collecting the Rents, including, but not limited to, atton~ey's fees, receiver's fees, premiums on receiver'~ bonds, repair and maintenance costs, insurance premiums, taxes. assessments and other charges on the Property, and then to the sunu secured by the Security Instrument: (v) Lender, Lender's agents or any judicially appointed receiver shall be liable to account for only those Rents actually received, and (vi) Lender shall be entitled to have a receiver appointed to take possession of and manage the Property and collect the Rents and profits derived from the Property witt~out any showing as to the inadequacy of the Property as security. If the Rents of the Property are not sufficient to cover the costs of taking control of and managing the Property and of collecting ti:re Rents a~y funds expended by Lender for such purposes shall become indebtedness of Borrower to Lender secured by the Security Instrument pursuant to Section 9. Borrower represents a:rd warrants that Borrower has not executed any prior assigmnent of the Rents and has not performed, and will not perform, anv act that would prevent Lender from exercising its rights under this paragraph. Lender, or Lender's agents or a judicially appointed receiver, shall not be required to enter upon, take control of or maintain the Property before or after giving notice of dora,alt to Borrower. However. Lender, or Lender's agents or a judicially appointed receiver, may do so at any time when a default occurs. Any application of Rents shall not cure or waive any default or invalidate any other right or MULTISTATE 1-4 FAMILY RIDER--Famfie blae&~reddie Mac UNIFORM INSTRUMENT IConn 3170 1/01 DOCUR4A2 r~oc*JnaA~.wx xx/~ooo (page2 of 3 pages remedy of Lender. This assignment of Rents of the Property shall terminate when all the sums secured by the Security Instrument are paid in full. I. CROSS-DEFAULT PROVISION. Borrower's default or breach under any note or agreement in which Lender has al interest shall be a breach under the Security Instrument and Lender may invoke any of the remedies permitted by the Security Instrument. BY SIGNING BELOW. Borrower accepts and agrees to the terms mhd provisions contained in this 1-4 Family Rider. D~VID M. HOFFMAN ~//~t -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower 5'IULTISTATE 1-4 FAMILY RIDER--Fmufle Mae/Freddie Mac UNIFORM INSTRUMENT Form 3170 1/01 DOCUR4A3 page 3 of 3 pages) A portion of Lot 1 of Block 10 of the Lincoln Heights 4th Subdivision, to the City of Kemmerer, Lincoln County, Wyoming, being more particularly described as follows: Beginning at the Northeast corner of Lot 1 Block 10, thence West along the northerly boundary of said Lot 1 Block l0 a distance of 100 feet; thence South along the westerly boundary of said Lot 1 Block 10, a distance of 52.28 feet; thence N89°54'12',E distance of 44.67 fee5; thence S89°52'33"E, a distance of 30.47' a feet; thence S89°58'42,,E, a distance of 24.86 feet; thence North along the easterly boundary of said Lot 1 Block 10 a distance of 52.28 feet to the point of beginning