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HomeMy WebLinkAbout877202 PACIFIC REPUBLIC MORTGAGE CORPORATION 2150 TOWNE CENTRE PLACE SUITE 300 ANAHEIM, CA. 92806 Prepared By.: PACIFIC REPUBLIC MORTGAGE CORPORATION 7310 NORTH 16TH STREET SUITE 300 PHOENIX, AZ 85020-5256 Loan No. 35348670 /PC [Space Abovo This L ne For :Recording Data] MORTGAGE MIN 1001201-0035348670-8 DEFINITIONS Words used in multiple sections of this doer,merit are defined below and other words are defined in Sections 3, 11, 13, 18, 20 aud 21. Certain rules regarding the usage of words used iu dtis document are also provided iu Section 16. (A) "Security Instrument" meaus this document, which is dated November lat, 2001 together with all Riders to fids document. ' 0t) "Borrower" is JAMES A. SHAW%lEa AND SHIRLEY T. SH3iWVER, HUSBAND AND WIFE Borrower is the mortgagor uuder this Security Instrument. (C) "MERS" is Mortgage Electronic Regislradon Systems, htc. MERS is a separate corpm'alion dmt is acting solely as a nominee for Lender and Lender's successors and assigus. MERS is the mortgagee under this Security Instrument. MERS is orgauized and existiug under the laws of Delaware, aud has an address and telephone number of P.O. Box 2026, Flint, MI 48501-2026,_ tel. (888) 6?9-MERS. WYOMING-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT WITH MERS Form 3051 1/01 1O6a01wy. Ol01r (D) "Lender" is PACIFIC REPUBLIC MORTGAGE CORPORATION Lender is a CALIFORNIA CORPORATION organized and existiug tinder tile laws of THE STATE OF CALIFORNIA Lender's address is 2150 TOW'NE CENTRE PLACE, SUITE 300 ANAHEIM, CA 92806 (E) "Note" meaus tile promissory note sigued by Borrower dud dated November 1, 2 001 The Note states that Borrower owes Lender ONE HUNDRED THIRTY-FOUR THOUSAND and NO/100 Dollars (U.S. $ 134,000.00 ) plus iuterest. Borrower has promised to pay this debt in regular Periodic Payments and to pay tile debt in tull not later than Dec.tuber 1, 2 016 (F) "Property" ~neans the property that is described below under the heading "Transfer of Rights in tim Property," (G) "Loan" means the debt evidenced by tile Note, plus interest, any prepayment charges and late charges due under tile Note, and all sums due under this Security hlstrument, plus interest. 0t) "Riders" means all Riders to this Security Instrmnent that are executed by Borrower. The following Riders are to be executed by Borrower [check box as applicable]: [] Adjustable Rate Ride,' [] Condominimn Rider [] Second Home Rider [] Balh)on Rider [] Planned Unit Development Rider [--] 1-4 Family Rider [] VA Rider [] Biwe~ekly Paymeut Rider [--'] Other(s) [specify] (I) "Applicable Law" means all controlling applicable federal, state and local statutes, regulalions, m'dinances and administrative rules and orders (that have the effect of law) as well as all applicable final, non-appealable judicial opinions. (J) "Community Association Dues, Fees, and Assessments" means all dues, fees, assessments and other charges tho! are i~nposed on Borrower or the Property by a condominiunl associatiou, hmneowners association or similar organizatiou. (K) "Electronic Funds Transfer" means auy transfer of funds, other than a transacliou originated by check, draft, or similar paper instrument, which is initiated through' an electrmlic terminal, telephonic instrument, computer, or nmgnetic tape so as to order, iustruct, or authorize a financial institution to debit or credit an account. Such term includes, but is not limited to, point-of~sale transfers, automated teller machine transactions, lransfers initiated by telephone, wire transfers, and automated clearinghouse trausfers. (L) "Escrow Items" means those items that are described In Section 3. tM) "Miscellaneous 'Proceeds" means any compensation, settlement, award of damages, or proceeds paid by any third party (other than insurance proceeds paid under the coverages described in Section 5) for: ti) damage to, or destruction of, tile Property; (ii) condelnnattou or o/bet taking of all or any part of the Property; (iii) conveyance in lieu of condemnation; or (iv) misrepresentations of, or omissions as to, the value and/or condition of the Property. (lq) "Mortgage Insurance" means insuraoce protecting Lender against the nonpayment of, or default ou, the Loan. (O) "Periodic Payment" means tile regularly scheduled amount due fi)r ti) principal and iuterest under the Note, plus (ii) any amounts under Sectiou 3 of this Security Ins,foment. (P) "RESPA" means the Real Estate Settlement Procedures Act (12 U.S.C. Sectiou 2601 et seq.) add its implementing regulation, Regulatim~ X (24 C.F.R. Part 3500). as they might be amended from time to time, or any additional or successor legislation or regulatiou that governs tile same subject matter. As used in this Security Instrument, "RESPA" tel%rs to all requirements and restrictions that are imposed in regard to a "federally related mortgage loan" even if the Loan does not qualify as a "federally related mortgage loan" under RESPA. Initial~ 35348670 /PC ~'t~"~A(WY) (ooosl.o~ Pa,.~ of ~ ~7-"-...~,_~. Form 3051 "1/01 106a02wy,010lr (Q) "Successor in Interest of Borrower" means any party that has taken title to the Property, whether or not that party has assumed Borrower's obligations nnder the Note and/or this Security Instrument. TRANSFER OF RIGHTS IN THE PROPERTY This Security Instrument secures to Lender: ti) the repayment of die Loan, aud all renewals, extensions and modifications of the NOte; and {ii) the performance of Borrower's covenants and agreements under this Security Instrument and the Note. Fol' this puqmse, Borrower does hereby mortgage, grant and convey to MERS (solely as nominee for Lender and Lender's successors and assigns) and to the successors and assigns of MERS, with power of sale, the following described property located in the COUNTY of L:rNCOLN : [Type of Recording Jurisdlcliml] ]Name of Recording Jurisdiction] LOT 16, STAR VALLEY RANCH PLAT 7, ACCORDING TO THAT OFFICIAL PLAT THEREOF RECORDED IN THE OFFICE OF THE LINCOLN COUNTY CLERK, LINCOLN COUNTY, WYOI~II NG. Parcel ID Nmnber: 3518301030400 which currently bas lhe address of 259 CEDAR DRIVE IStreell TEAYNE [City] , Wyoming 83127- [Zip Code] ("Property Address"): TOGETHER WITH all the imln'Ovements now or hereafter erected on the property, and all ease~nents, appurtenances, and fixtures now or hereafter a part of the property. All replacements and additions shall also be covered by this Security Instrnment. All of the foregoing is r~ferred to in this Security lnstrume,~t as file "Property.". Borrower uuderstands and agrees that MERS bolds mdy legal title to the interests grauted by Borrower in dds Security Iustruinent, lint, if necessary to cmnply with law or custom, MERS (as nominee:for Lender and Lender's successors and assigns) Ires the right: to exercise any or all of those interesB, including, but not limited to, the right to foreclose and sell ihe Property; and to take any action required of Lender including, but not limited to, releasing and canceling dds Security Instrument. BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has the right to mortgage, gram and convey the Property and that the Property is unencumbered, except fol' encumbrances of record. Borrower warrants and will defend generally the title to the Property agai~tst all claims and demands, sobject to any encumbrances of record. THIS SECURITY INSTRUMENT combines uniform covenants for national use and uon-uniform covenants with limited variations by jurisdiction to constitute a unifor:n security instrument covering real property. /~./~.) 35348670 /PC (~)®-6AONY)(ooos).o~ Psge3of15 // ...~,,.~', Form3051 11/01 10Ba03wy.010l,' UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 1. Payment of Principal, Interest, Escrow Items, Prepayment Charges, and Late Charges. Borrower shall pay when due tile principal of, and interest on, tile debt evidenced by the Note aud any prepayment charges and late charges due under the Note. Borrower shall also pay flmds for Escrow Items pursuant to Section 3. Paymenls due under the Note and this Security Instrument shall be made in U.S. currency. However, if any check or other instrument received by Lender as payment under the Note or fids Security Instrumeut is returned to Lender unpaid, Lender may require that any or all subsequent payments due under the Note and this Security Instrument be made in one or more of the following forms, as selecled by Lender: (a) cash; (b) money re'der: (c) certified check, bauk check, treasurer's check or cashier's check, provided any such check is drawn upon all institution whose deposits are insured by a federal agency, Instrumentality, or entity; or (d) Electronic Funds Transfer. Payments are deemed received by Lender when received at lhe location designated in tile Note or at such other location as may be destgnaled by Lender in accordance with the uotice provisions iii Section 15. Lender may return any payment or partial payment if the paymeut m' partial payments are insufficient to bring the Loan current. Lender may accept any payment or partial payment lusufficient to bring tile Loan cmTent, without waiver of any rights hereunder or prejudice to its rights to refuse such paymeat or partial payments in the furore, 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, flien Lender need not pay interest on unapplied funds. Lender may hold such unapplied fimds until Borrower makes payment to bring the Loan curreui. If Borrower does not do so within a reasonable period of time, Lender shall either apply such funds or return them to Borrower. If not applied earlier, such funds will be applied to the outstanding principal balance under tile Note immediately prior to foreclosure. No offset or claim which Bm'rower might have now or in the future against Leuder shall relieve Borrower from making payments due under the Note and this Secnrity Instrument or performing tile covenants aod agreements secured by Ibis Security Instrument. 2. Application of Payments or Proceeds. Except as otherwise described in this Section 2, all payments accepted and applied by Lender shall be applied in the following order of priority: (a) ioterest due under the Note; (b) principal due under die Note; (c) amounts due under Section 3. Such payments shall be applied to each Periodic Payment iu the order in which it becaine due. Any remaining amounts shall be applied first to late charges, second to any other amouuts due under fids Security Insmmmnt, and then to reduce the principal balance of tile Note. If Lender receives a payment from Borrower for a delinquent Periodic Payment which includes a sufficient amount to pay any late charge due, tile payment may be applied ~o the delinquent payment and tile late charge. If more than one Periodic Pay~nent 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 fidl. To the extent that any excess exists after the payment is applied to tile full payment of oue or more Periodic Payments, such excess may be applied to any late charges due. Voluntary prepayments shall be applied first to any prepayment charges and then as described iu the Note. Any application of payments, insurance proceeds, or Miscellaneous Proceeds to priucipal due under tile Note shall uot extend or postpone tile due date, or change the amount, of tile Periodic Pay~nents. 3. Funds for Escrow Items. Borrower shall pay to Lender ell tile day Periodic Payments are due tinder the Note, until tile Note is paid iii hill, a stun (the "Funds") to provide for payment of amounts dlie for: (a) taxes and assessments and other items which call attain priority over this Security Instrument as a lien or encumbrance on tile Property; (b) leasehold payments or ground rents on the Property, if auy; (c) premtums fol' any and all insurance 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 Mm'tgage Insurance premiums in accordance with dae provisions of Section 10. These ite~ns are called "Escrow Items." At origination m' at any ti~ne during the term of the Loan, Lender may require that Conmmnity Association Dries, Fees, and Assess~nents, if any, lie escrowed by Borrower, and such dues, fees and assessments shall be an Escrow Item. Borrower shall prornptly furnish to Lender all notices of amounts to be paid under this Section, Borrower shall pay Lender the Funds for Escrow Items unless Lender waives Borrower's obligation to pay the Funds for any or all Escrow Items. Lender may waive Borrower's obligation to pay to Lender Funds for any or all Escrow Items at any ti~ne; Any such waiver may ouly be in writing. Ill the event of such waiver, Borrower shall pay directly, when and where payable, tile amounts initials: ~.~... 35348670 /PC 1~--6A(WY) looos).m P~o4 or '~5 /.....-~-_.5-, Form 3051 ' 1/01 lOfiaO4wy. OlOlr due roi' any Escrow Ite~ns for which payment of Funds has been waived by Lender and, if Lender requires, shall furnish to Lender receipts evidencing such payment within such lime period as Lender may require. Borrower's obligation to make such payments and to provide receipts shall for all purposes he deemed to be a covenaut and agreement contained in fl~is Security Instrument, as tile phrase "covenant and agreement" is used in Section 9. If' Borrower is obligated to pay Escrow Items directly, pursuant to a waiver, and Borrower fails to pay the amount due for all Escrow Item, Lender may exercise its rights tinder Section 9 and pay such amolmt and Borrower shall then be obligated under Section 9 to repay lo Lender any such amount. Lender may revoke the waiver as to any or all Escrow Items at any time by a notice given iu accordance with Section 15 and, upon such revocation, Borrower shall pay to Lender all Funds, and in such amounts, that are then required under this Sectiou 3. Lender may, at any time, collect and hold Funds in an amount (a) sufficient to permit Lender to apply tile Fuuds at the lime specified under RESPA, and (b) not to exceed the maximum amount a lender can require under RESPA. Lender shall estimate the amount of Funds due on the basis of current data and reasonable estimates of expenditures of future Escrow Items or ofllerwise in accordance with Applicable Law. The Funds shall he held ill all institution whose deposits are insured by a federal agency, instrumentality, or entity (including Lender, it' Lender is an institution whose'deposits are so insured) or in any Federal Home Loan Bank. Lender shall apply the Funds to pay tile Escrow Items ilo later than tbe time specified under RESPA. Lender shall not charge Borrower l'or holding and applying the Funds, annually analyzing tile escrow accotmt, or verifying the Escrow Items, unless Lender pays Borrower interest oo the Funds and Applicable Law permits Lender to make such a charge. Unless an agree~nent is made in writing or Applicable Law requires interest to be paid on the Funds, Lender shall not be required ~o pay Bon'ower any interest or earnings on ihe Funds. Borrower and Lender can agree in writing, howev~er, fllat interest shall be paid on tile Funds. Lender shall give 1o Borrower, without charge, all annual accouuting of the Funds as required by RESPA. It' there is a surplus of Funds held in escrow, as defined under RESPA, Lender shall account to Borrower for tile excess funds in accordance with RESPA. If there is a shortage of Funds held in escrow, as defined onder RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to tnake up tile shortage iu accordance with RESPA, but ill IlO more than 12 monthly payments. If there is a deficiency of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to make up tile deficiency in accm'dance with RESPA, but in no more dian 12 monthly payments. Upon payment in filll of all sums secured by this Security Instrument, Lender shall pl'omptly refnnd to Borrower any Funds held by Lender2 4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines, and impositions attributable to the Property which can attain priority over this Security Iustrument, leasehold payments or ground rents on the Property, if any, aud Community Association Dues, Fees, and Assessments, if any. To the extent that lhese items are Escrow Items, Bon'ower si[all pay them in tile manner provided in Sectio~l 3. Borrower shall promptly discharge any lien which has priority over this Security Instrument uoless Borrower: (a) agrees ill writing to the payment of lbe obligation secured by the lien in a [nanner acceptable to Lender, but only so long as Borrower is performing such agreement; (b) contests the lien in good faith by or defends against enforcement of file lien in, legal proceedings which in Lender's opinion operate to prevent the enforcement of tile lien while those proceedings are pending, but only until such proceedings are concluded; or (c) secures fi'om lite holder of the lien an agreement satisfactory to Lender subordil~ating the lien to this Secm'ity Instrument. If Lender determines that any part of lhe Property is subject to a lien which can attain priority over this Security Instrument, 'Lender may give Borrower a notice identifying tile ,~s.~,_~ 35348670 /Pc Initials. (~d~®-6A(WY) (ooo5}.o~ P~9~ s of ~5 Form 3051 1/01 106a05wy. Ol01r lien. Within 10 days of the date on which that notice is given, Borrower shall satisily 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 07' hereafter erected on the Property iusured against loss by [ire, hazards included within the ter~n "extended coverage," and any other hazards iucluding, but not limited to, earthquakes and floods, for which Lender reqnires tnsorance. This insurance shall be maintaiued in the amounts (including deductible levels) and for the periods that Lender requires. What Lender requires pursuant to dm preceding sentences can change during the term of the Loan. The insurance carrier providing the insurance shall be choseu by Borrower subject to Lender's right to disapprove Borrower's choice, which right shall not be exercised unreasonably. Leuder may ........ require Borrower to pay, in connection with this Loan, either: (a) a mm-time charge tbr flood zone determination, certification aud tracking services; or (b) a one-time charge for flood zone determination and certification services and subsequent charges each time remappings 07' similar changes occur which reasonably might affect such deter~nination or certification. Bm'rower shall also be responsible for the payment of any fees imposed by the Federal Emergency Management Agency in connection wilh the review of any flood zone determination resulting h'om an objection by Borrower. If Borrower fails to maintain any of the coverages described above, Lender may obtain insurance coverage, at Lender's option and Borrower's expense. Lender ts under no obligation to purchase any particolar type or amount of coverage. Therefbre, such coverage shall cover Lender, but might or mighl - not protect Borrower, Borrower's equity in tim Property, or tile contents of the Property, against any risk, hazard or liability and might provide.greater or lesser coverage tban was previously in effect. Borrower acknowledges tbat the cost of the insurance coverage so ohtained might significantly exceed the cost o[ 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 imerest at the Note rate frmn the date of disbursement aud shall be payable, with such interest, upon notice from Lender to Borrower requesting payment. All insurance policies required by Lender and reuewals of such policies shall be suhject to Lender's right to disapprove such policies, shall include a standard mortgage clause, and shall name Lender as mortgagee and/re' as an additioual loss payee. Leuder shall have the right to hold the policies and renewal certificates. If Lender reqnires, Borrower shall promptly give to Leuder all receipts of paid premimns and renewal notices. If Borrower obtains any form of insurance coverage, not otherwise required by Leuder, 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 tile event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lc,der may make l~roof of loss if not made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, any insurauce proceeds, whether or not the underlying Insurance was required by Lender, shall be applied tn 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 rig!~t tO hold such insurance proceeds until Lender has had an opportunity Io inspect such Property to ensure the work has been completed to Lender's satishction, provided that such inspection shall be undertaken promptly. Lender may disburse proceeds for the repairs aud restoration in a single payment or in a series of progress payments as the work is completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such iusurance 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 is not econmnically feasihle or Lemler's security would be lessened, the insurance proceeds shall be applied to the sums secured by this Security lustrument, whether or not then due, with ~nitl.~:~ 35348670 /PC ~r~®-6A(WY) (ooos).m P,ge 6 of ~5 f.....~_.y', Form 3051 "1/01 106a06wy.010h' the excess, if any, paid to Borrower. Such insurance proceeds shall be applied in file order provided for in Section 2. If Borrower abandons the Property, Lender may file, negotiate 'and setlle any available insorauce claim and related mailers. If Borrower does not respond wilhin 30 days to a nolice from Lender fliat lhe insurance carrier has offered to settle a claim, then Lender may negoiiate a0d settle the claim. Tbe 30-day period will begin when lhe noIice is given. In either event, or if Lender acquires the Properly under Section 22 or olherwise, Borrower hereby assigns to Lender (a) Borrower's rights io any insurance proceeds tn an amount not to exceed hie amounts unpaid under {lie Note or {Ills Security lnslrumenl, and (b) any oilier of Borrower's rights (other than tim right fo any refitnd of tmearned premiums paid by Borrower) under all insurance policies coveriug the Property, insofar as such rights are applicable coverage of the Property. Lender may nsc the insurance proceeds eifller to repair or restore the Properly or to pay amonnts unpaid under the Note or this Security Insffumenl, whether or not then due. 6. Occupancy. Bo~ower shall occnpy, establish, and use the Properly as Borrower's principal residence within 60 days after tt~e execution of this Security Instrument and shall continue to occupy the Property as Borrower's principal residence for at least one year after the dale of occupancy, unless Lender otherwise agrees in writing,~ which consent shall not be unreasonably wi0flleld, or unless extenualing circumstances exist which are beyond Borrowe~ s control. 7. Preservation, Maintenance and Protection of the Property; Inspections. Borrower shall destroy, damage or impair the Property, allow the Property 1o deteriorate or conuni{ waste on the Property. Whether or not Borrower is residing in the Properly, Borrower shall maintain the Properly in order 1o prevent tim Property from deteriorating or decreasing in value due to its condilion. Unless il is determined pursuant {o Section 5 that repair m' restoration is not econmnically feasible, Bm'rower shall promptly repair the Property if damaged {o avoid fm'ther deterioralion or damage. If insurance or condemnation 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 Mr such purposes. Lender may disbm'se proceeds for the repairs and restoration in a single payment m' In a series of progress paymenls as Ihe work is completed. If the insurance or condemnation proceeds are not sufficient to repair or restore lhe Property, Borrower is not relieved of Borrower's obligalion for the completion of such repair or restoration. Lender or its agent may make reasonable enlries upon and inspections of the Property. If il has reasonable cause, Lender may inspect the in~erior of tile improvemems on ll~e Property. Lender shall give Borrower notice at the lime of or prior to snch an interior inspeclion specifying such reasonable cause. 8. Borrower's Loan Application. Borrower shall be tn derail if, during llie 'Loau application process, Borrower or any persons or entities ac{tng at the direction of Borrower or with Borrower's knowledge or consent gave malerially false, misleading, or inaccurate informalion or statements to Lender (or hiled to provide Lender with material information) in connection with the Loan. Material representations include, but are not liniited to, representations concerning Borrower's occupancy of Property as Borrower's principal residence. 9. Protection of Lender's Interest in the Property and Ri~ts Under this S<urity Instrument. If (a) Borrower fails Io perfm'm the covenants and agreements contained in &is Security Instrument, (b) there is a legal proceeding that might significantly affect Lender's interest in lhe Property and/or rights under this Security Instrument (such as a proceeding in bankrnp{cy, probate, for condemnation or forfeiture, for enforcement of a lien which may attain priority over this Secnrity Instrument or to enfbrce laws or re,clarions), or (c) 'Borrower bas abandoned the Property, ~hen Lender may do and pay' for whatever is reasonable or appropriale Io prelect Lender's inleres[ in the Property and rights under this Security Instrument, including protecting and/or assessing [lie value of the Properly. and securing an~or repairing the Property. Lender's actions can include, but are noi limited lo: (a) paying any stuns secnred by a lien which has priority over this Security Instrument; (b) .appearing in court: and (c) paying reasonable Inltial~ 35348670 ~A(WY) (ooosLo~ eag. 7or~s / ~, Form 3051 '1/01 106a07wy.010h' attorneys' fees to protect its interest in the Property and/or rlghts tinder this Security Instrument, including its secured position iu a hankmptcy proceeding. Securing the Property includes, bul is not limited to, enteriug the Property to make repairs, change locks, replace or board up dora's and wiudows, drain water from pipes, eliminate building or other code violations or daugerous conditions, and have utilities mr,ted on or off'. Although Lender may take action tinder this Sectiou 9, Lender does not have to do so and is not under any duty or obligation to do so. It is agreed that Lender iocurs no liability for uot taldng any o,' all actions authorized under ibis Section 9. Any amounts disbursed by Lender uuder this Section 9 shall become additional debt of Borrower secnred by this Security Insirument. These amounts shall bear interest at the Note rate fi'om the date of disbursement and shall be payable, with such interest, upon notice front Lender to Borrower requesting payment. If this Security Instrument is on a leasehold, Borrower sMll comply with all the provisions of the lease. If Borrower acquires fee title to the Property, the leasehold and the fee title shall not merge unless Lender agrees to the merger iii 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, lf, lbr any reason, the Mortgage Insurance coverage required by Lender ceases to be available from the mortgage insurer that previously provided such insurance aM Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiums required to obtaiu coverage substantially equivalent to lhe Morlgage Insurance previously in effect, al a cost substantially equivalent to the cost to Borrower of tine Mortgage Insurance previously in effect, from an.alternate morlgage insurer selected by Leuder. lr substantially equivalent Mortgage Insurance coverage is not available, Borrower shall continne to pay to Lender the amount of the separately designated pay~nents 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 io lien of Mortgage Insurance. Such loss reserve shall be non-refundable, notwithslanding the fact that the Loan is ultimately paid in full, and 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 Insurauce coverage (in the amount and for the period ihat Lender requires) provided by an insurer selected by Lender again beco~nes available, is obtained, and Lender requires separately designated payments toward the premiums for Mortgage Insurance. If Leoder requh'ed Mortgage Insurance as a condition of ~naking the Loan and Borrower was required tin tnake separately designated payments toward the premiums for Mortgage Insurancel Borrower shall pay the premimns required to maintain Mortgage Insurance iu effect, or to provide a non-refuudable loss reserve, until Lender's requirement for Mortgage Insurance ends itl accordance with any writteu agreement between Borrower and Lender providing for such termination or until termination is requb'ed by Applicable Law. Notbiug in this Section I0 affects Bmrower s obligation to pay interest at the rate provided in the Note. Mortgage Insurance reimbm'ses Lender (or any eutity that purchases the Note) fbr certaiu losses it may incur if 'Borrower dues 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 front time to time, and may enter into agreements with other parties that share or modify their risk, or reduce losses. These agreements are on terms and conditions that are satisfactory to the mortgage insurer and the other party (or parties) to these agreements. These agreements ~nay requh'e the mortgage insm'er to make payments using any source of funds that the mortgage insurer may have available (which may include fimds obtained fi'mn Mortgage Insurance premimns). As a result of these agreements, Lender, any purchaser of the Note, another insurer, any reinsurer, any other entity, or arty affiliate of auy of the foregoing, Nnay receive (directly or indirectly) amonnts that derive h'om (or might be characterized as) a portion of Borrower's payments for Mortgage Insurance, in exchange for sharing or nmdifying the mortgage insurer's risk, or reducing losses. If sucb agreement provides that an affiliate of Lender takes a share of the insurer's risk in exchange for a share of the premiums paid to tine insurer, tine arrangement is ofteu termed "captive reinsurance." Further: (a) Any such agreements will not affect the amounts that Borrower has agreed to pay for Mortgage Insurance, or any other terms of the Loan. Such agreements wilt not increase tbe amount Borrower will owe for Mortgage Insurance, and they Will not entitle Borrower to any refund. }nitial~ 35348670 /PC (~J~J®-6AONY) (ooosl.m Page 8 or ~s ~:r-"~. Form 3051 ' 1/01 106aO8wy. OlOlr (b) Any such agreements will :not affect the rights Borrower has - if any - with respect to the Mortgage Insurance under the tfomeowners 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 premiums that were unearned at the time of such cancellation or termination. !.1. Assignment of Miscellaneous .Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned to aud shall be paid to Lender. If the Property is dmnaged, such Miscellaneous Proceeds shall be applied to restoration or repair of tile Property, if the restoration or repair is economically feasible and Lender's security is uot lessened. During such repair arid restoration period, Lender shall have the right to hold such Miscellaneous Proceeds until Lender has had all opportmdty to inspect such Property to ensm'e the work has beeu completed to Lender's satisfaction, provided that such iospection shall be undertaken promptly. Lender may pay for the repairs and restoration in a single disbursement or in a series of progress payments as the work is completed. Unless an agreement is made in writiug m' Applicable Law requires interest to be paid on such Miscellaneous Proceeds, Lender shall not be required to pay Borrower any interesi or earnings on such Miscellaneous Proceeds. if tire restoratiou or repah' is not economically feasible or Lender's secm'ity would he lessened,/tie Miscellaoeous Proceeds shall be applied to the sums secured by this Secnrity Instrmnent, whether or not then due, wit]i the excess, if any, fluid to Borrower'. Such Miscellaneous Proceeds shall be applied in the order provided for in Sectiou 2. In the event of a total taking, destruction, or loss in value of the Property, the Misc'ellaueous Proceeds shall be applied to tile sums secured by this Secm'lty Instrument, whether or not then due, wich the excess, if any, paid to Borrower. lu tire event of a partial taking, destruction, or loss in value of the Property iu which the lair market value of the Property immediately before the partial taking, destruction, or loss in value is equal to or greater than the amount of tile sums secured by this Security Instrument immedialely before tile partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the sums secured by this Secm'ity Instrument shall be reduced by the amonnt of the Miscellaneous Proceeds multiplied by the followiug fraction: (a) the total amount of the sums secured immediately before tile partial taking, destruction, or loss in value divided by (b) tile fair market value of tile Property immediately before the partial taking, destruction, or loss in value. Any balance shall be paid to Borrower. In tile event of a partial taking, destruction, or loss in value of the Property in which tile fait' market value of the Property immediately before the partial taking, deslruction, or loss in valne ts less than the amount of the sums secured immediately before the partial taking, destruction, or loss in value, unless Borrower and Leuder otherwise agree in writing, the Miscellaneous Proceeds shall be applied to tile stuns secured by this Security Instrnment whether or not the stuns are then due. If the Property is abandoned by Borrower. or if, after notice by Lender to Borrower that rite Opposing Party (as defined in the next sentence) offers to make an award to settle a claim fbr damages, Borrower fails 1o respond to Lender wtthin 30 days after the date the notice is given, Lender ts authorized to collect and apply the Miscellaneous Proceeds either to restoration or repair of the Property or to the sums secured by this Security Instrument; whether or not fl~en due. "Opposiug Party" means the third party that owes Borrower Miscellaneous Proceeds or the party against whom Borrower has a right of action in regard to Miscellaneous Proceeds. Borrower shall be in default if any action or proceeding, whether civil or criminal, is begun that, in Lender's judgment, could result in forfeiture of the Property or other material impairment of Lender's interest in the Property or rights undei~ this Security Instrmnent. Borrower can cure such a default and, if acceleration has occurred, reinstate as provided in Section 19, by causing the action or proceeding to be dismissed with a ruling that, in Lender's judg~neut, precludes forfeiture of the Property or other material impairment of Lender's interest in the Property or rights under this Security Instrument. The proceeds of any award or claim for damages that are altributable to the impairment of Lender's Interest in the Property are hereby assigned attd shall be paid to Lender. .All Miscellaneous Proceeds that are not applied to restoration or repair of the Property shall be applied iu the order provided for in Section 2. Intti~l~ 35348670 /PC (P~'~-6A(WY) (ooosl.m ~,g, ~ or ~s ~/ ....J~...~. Form 3051 '1/01 106aOOwy. OlOh' 12. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of tile time fol' payment or modification of amortization of the sums secured by this Security Iustrumeut granted by Lender to Borrower or arty Successor itl Interest of Borrower shall not operate to release the liability of Borrower or any Successors in Interest of Borrower. Lender shall not be reqnired to commence proceediugs agaiust any Successor in Interest of Borrower or to refuse to extend time for payment or otherwise modify amortization of die sums secured hy this Security Instrument by reason of any demand made by the original Borrower or any Successors in lnterest of Borrower. Any forbearance by Lender in exercisiog any right or remedy including, without limitation, Lender's acceptance of paymelits from third persous, entities or Successors ill luterest of Borrower or ill amonnts less than the amouut tbeu due, shall not be a waiver of or preclude the exercise of any right or remedy. 13. Joint and Several Liability; Co-signers; Successors and Assigns Bound. Borrower covenants and agrees that Borrower~s obligations and liability shall be joint and several. However, any Bm'rower v/bo co-signs this Security Instrument but does not execute the Note (a "co-signer"): (a) is co-signing this Security Instrument only to inortgage, grant and convey tile co-signer's interest in tile Property under tile terms of this Security lnstrumeut; (b) is not personally obligated to pay tile sums secured by tiffs Security Instrument; and (c) agrees that Lender and any other Borrower can agree to extend, modify, lbrbear or make any accommodations with regard to the terms of ibis Security Instrument or the Note without tile co-signer's consent. Subject to tile provisions of Section 18, any Successor in Interest of Borrower who assumes Borrower's obligations under this Secm'ity Instrument in writing, and is approved by Lender, shall obtain all of Borrower's rights and benefits under this Security Instrumeut. Borrower shall not be released h'om re'rower s obhgatlons and habflity under this Secm'ity Instnimeni unless Lender agrees to such release in writing. The covenants and agreements of this Security lustrument shall bind (except as provided in Section 20) and benefit the successors aud assigns of Lender. 14. Loan Charges. Lender may charge Borrower fees for services performed in connection with Borrower's dehult, for tile purpose of protecting Lender's interest in the Property aud rights under this Security Instrument, including, but not limited to, attorneys' fees, property inspection and valuatiou fees. In regard to any other fees, the absence of express authority in tiffs Securily Iustrument to charge a specific fee to Borrower shall not be construed as a prohibition on the charging of such fee. Leuder may ilo! charge fees that are expressly prohibited by this Securily Instrument or hy Applicable Law. If tile 'Loan is subject to a law whicb sets maximum loan charges, aud that law is fioally ioterpreled so that the interest'or other loan charges collected or to be collected in connection with tile Luau exceed Ibc permitted limits, then: (a) any such loan charge shall be reduced by file amount necessary to redt~ce tile charge to the permitted limit; and (b) any sums already collected fi'om Borrower which exceeded permitted limits will be refunded to Borrower.' Lender may choose to make Offs refund by redncing the principal owed tinder tile Note or by making a direct payment to Borrower. If a retired reduces principal, tile reduction will be treated as a partial prepayment without any prepayment charge (whether or not a prepayment charge is provided for under tile Note), Borrower's acceptance of any such refund made by direct payment to Borrower will constitute a waiver of any right of action Borrower ndght have arising out of such overcharge, 1.5. Notices. All notices given by Borrower or Leuder in connection with this Securily Instrumeut must be in writing. Any notice to Borrower in connection with this Secnrity Instrument shall be deemed to have been given to Bm'rower when mailed by l'h'st class mail or wheu actually delivered to BmTower's notice address if sent by other means. Notice to any one Borrower shall constitute notice lo all Borrowers uuless Applicable Law expressly requires otherwise. Tile uotice address shall be tile Property Address unless Borrower has designated a substitule notice address by notice to Lender. Borrower shall promptly notify Lender of Borrower's change of address. If Lender specifies a procedure for reporting Borrower's change of address, fllen Borrower sball ouly report a change of address through thai specified procedure. There may he only one designated notice address under this Security Instrument at any one lime. Any notice Io Lender shall be given by delivering it or by maillug it by first class mail to Lender's address stated herein unless Lender bas designated another address by notice to Borrower. Any notice in connection with this Security Instrument shall uot be deemed to have heeu given to Lender until actually received by Lender. If any uodce required by this Security Instrumeut ts also required under Applicable Law, the Applicable Law requirement will satisl~y the. corresponding requirement under tiffs Security Instrmnent. Initial~/ 35348670 /PC (~®-6A(WY) (ooes).o~ Page ~ o or ~ s ~// ....~7...~. Form 3051 ' 1/01 106al0wy.0101r 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 ts located. All rights and obligations contained in this Secm'lty Instrument are subject to any requirements and limitations of Applicable Law. Applicable Law might explicitly or implicitly allow the parties to agree by contract or it might be sllent, bui such sileuce shall not be construed as a prohibition against agreement by contract. In the event th~t any provision or clause of this Securit7 Instrument or the Note conflicts with Applicable Law, such conflict shall not affect other provisions el' this Security Instrumenl or the Note which can be given effect without the conflictiug provision. As used in this Security lustrument: (a) words of the masculine gender shall mean and include correspondiug neuter words or words of the feminine gender; (b) words tn the singular shall lnean and Include the plural and vice versa; and (c) the word "may" gives sole discrelion without 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 itl this Section 18, "Interest itl the Property" means any legal or beneficial interest itl the Property, including, but not limited tn, those beneficial iuteresls transferred itl a bond fei' deed, contract for deed, inslaIlmeut sales contract or escrow agreement, the intent of which tsthe transfer of title by Borrower at a futm'e date to a purchaser. If all or any part of the Property or any Interest in the Property is sold ur transferred (or if Bm'rower is not a natural person and a beneficial interest in Bm'rower is sold or trausferred) without Lender's prior written conseut, Lender may require immediate payment in full of all sums secured by this Security Instrmnent. However, this option shall not be exercised by Lender if sucb exercise Is prohibited by Applicable Law. If Leuder exercises this option, Lender shall give Bm'rower notice of acceleratimt. The uotice sball provide a period of not less than 30 days fi'om the date the notice is given in accordauce with Sectiou 15 within which Borrower must pay all sums secured by this Security Instrument. If Borrower fails to pay these sums 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 enforcemenl of this Secm'ity Instrument discontinued at any time prior to the earliest of: (a) five days befm'e sale of the Property pursuant to any power of sale contained ill this Security Instrument; (b) such other period as Applicable Law might specit~, for the termination of Borrower's rlght to reiuslate; or (c) entry of a judgment enforcing this Security Instrument. Those conditions are that Borrower: (a) pays Lender all stuns which then would be due under this Secm'ity Instrumeut and the Note as if no acceleration bad occurred; (b) cures any delhult of any other covenants or agreements; (c) pays all expenses incurred in enforcing this Security Iustrmnent, including, but not limited to, reasonable attorneys' fees, property inspection and valuation fees; and other fees iucurred fin' the purpose of protecting Lender's interest in the Property and Hghts under this Security Instrument; 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 Instrmnent, shall conlinhe uuchanged. Lender may require that Borrower pay such reinstatement sums and expenses in one or more of the following furms, 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 Miose deposits are insured by a federal agency, instrumentality or entity: or (d) Electronic Funds Transfer. Upon reinstatement by Borrower, this Security lustrument and obligations secured hereby shall remain fully effective as if no acceleration had occurred. However, this right to reinstate shall not apply itl the case of acceleration under Section 18, 20. Sale of Note; Change of Loan Servicer; Notice of Grievance. The Note or a partial interest itl the Note (together with this Security lnstrumen0 can be sold one or more times without prior notice to Borrower. A sale migbt result itl a chauge in the entity (known as the "Loan Servicer") that collects Periodic Payments due under the Note and this Security Instrument and performs other mm'tgage 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 Loan Servicer, the address to which payments should be made aud any other information RESPA · Initi~'.~ 35348670 IPC (?~®-6A(WY) (ooas).o~ P~o n or ,s ~"~.~...,c~. Form 30,51 1/01 106al lwy. OlOlr requires in connection with a notice of transfer of servicing. If tile Note is sold and thereafter tile Loan is serviced by a Loan Servicer other than tile purchaser of/lie Note, tile mortgage loan servicing obligations to Borrower will remain with the Loan Servicer or he transfe,'red to a successor Loan Servicer and are not assumed by the Note pu,'chaser unless othel~vise provided by the Note purchaser. Neither Borrower nor Lender may commence, join. or he joined to any judicial action (as either an individual litigant or the member of a class) that arises from the other party's actions purs,aut to this SecnHty Instrnment or that alleges that tile other party has breached ally provision of, or any duty owed by reason of, this Security Instrument, until such Borrower or Lender has notified the other party (wtlll such notice given in compliance with tile requirements of Section 15) of such alleged breach and afforded the other party hereto a reasonal~le period after tile giving of such notice to take correclive action. If Applicable Law provides a time period which nmst elapse before certain aclion can be taken, thai time period will l~e deemed to be reasonable for pnrposes of this paragraph. Tile notice of acceleration aud opportnnity to cure given to Borrower porsuant to Section 22 and the notice of acceleration given to Borrower pursnant to Section 18 sliall be deemed to satisfy the nolice and opportunity lo take corrective action provisions of this Section 20, 21.. Hazardous Substances. As used in this Section 21: (a) "Hazardous Suhstances" are thuse substances defiued as toxic or hazardons substances, pollutants, or wastes 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; (b) "Environmental Law" meatls federal laws and laws of the jnrisdiction where the Property is located that relate to health, safety or environmental protection: (c) "Environmental Cleanup" inch, des ally response action, remedial action, or removal action, as del]ned in Environmental Law; and (d) an "Envh'onmental Condition" means a condition that can cause, contribute to, or otherwise trigger all Environmental Cleanup. Borrower shall not canse or permit the presence, use, disposal, sim'age, or release of any Hazardous Substances, or threaten to release any Hazardous Substances, oil or in the Property. Borrower shall not do, nor allow auyone else to do, anything affectiug tile Property (a) that is ill violation of ally Environmental Law, (b) which creates an Enviromnenial 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. Tile preceding two sentences shall not apply to the presence, nsc, 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 (including, bnt not limited to, hazardous substances ill consumer products). Borrower shall promptly give Lender written notice of (a) any investigation, claim, demand, lawsuit or other action by any governmenlal or regulatory age,icy or private party involving the Property and any Hazardm~s Substance or Environmental Law of which Borrower has actual knowledge, (h) any Environmental Condition, including but not limited to, ally 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 Hazardous Substance which adversely affects tile value of the Property. 'If Borrower learns, or is notified by any governmental or regolatory aothority, or any private party, that any removal or other remediation of any Hazardous Substance affecting the Property is necessary. Borrower shall promptly take all necessary remedial actions in accordance with Environmental Law. Nothing herein shall create any obligation on Lender tbr an Environmental Cleanup. · /".,~,/ 35348670 /PC Initial 106al 2wy.0101r 567 NON-UNIFORM COVENANTS. Bo~Tower and Lender further covenant and agree as follows: 22. Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration following Borrower's breach of any covenant or agreement in this Security Instrument (but not prior to acceleration under Section 18 unless Applicable Law provides otherwise). The notice shall specify: (a) the default; (b) the action required to curethe 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 Instrument without further demand and may :invoke the power of sale and any other remedies permitted by Applicable Law. Lender shall be entitled to collect all expenses incurred in pursuing the remedies provided in this Section 22, including, but not limited to, reasonable attorneys' fees and costs of title evidence. If Lender invokes the power of sale, Lender shall give notice of intent to foreclose to Borrower and to the person in possession of the Property, if differen.t, in accordance with Applicable Law. Lender shall give notice of the sale to Borrower in the manner provided in Section 15. Lender shall publish the :notice of sale, and the Property shall be sold in the manner prescribed by Applicable Law. Lender or its designee may purchase the Property at any sale. The proceeds of the sale shall be applied in the following order: (a) to all expenses of the sale, 'including, but not limited to, reasonable attorneys' fees; (b) to all sums secured by this Security Instrument; and (c) any excess to the person or persons legally entitled to it. 23. Release. Upou payment of all sums secured by this Security Instrument, Lender shall release this Security Iustrument. Borrower shall pay any recordation costs. Lender may charge Borrower a 'fee for releasing this Security Instrument, but only if the fee is paid to a third party for services rendered and tile charging of the fee is permitted under Applicable Law. 24. Waivers. Borrower releases and waives all righls under aud by vh'tue of the homestead exemptiou laws of Wyoming. 106al3wy.010h- BY SIGNING BELOW, Borrower accel}tS and agrees to the terms and covenants contained in this Security Instrument and in any Rider execuled by Borrower and recorded with It. Wimesses: MESA. SHAWVER~_~,. -Bon'ower (Sea]) SHIRLEY T, ,,~clAWVER -Borrower (Seal) {Seal) -~OFl'OWer -Borrower (Seal) (Seal) -Borrower -]]orrowel' (Seal) (Seal) -Borrower -Borrower 35348670 /PC (~--6A(WY) (ooos).oq Pa~, ~4 or ~ s Form 3051 "1/01 ,, 1O6al4wy.010h- STATE OF (~'Q~ '~O/'q/?~'/'''////g'-'~ County The foregoing instrument was acknowledged before me Ibis //,/~ ~ ~t' A//dTd. ZZ)t9 /' by GAINES A. SHAWVER AND SHIRLEY T. SHAhr~rER  35348670 /PC Initi .,.. (~[-oA(WY)"'"~' (ooo5).m P.g. 15 of 15 Forrfl 3051 '1/01 lOBal 5wy. OlOlr PLANNED UNIT DEVELOPMENT RYDER THIS PLANNED UNIT DEVELOPMENT RIDER is made this 1st day of November 2001 , and is incorporated imo and shall be deemed to antend and supplement lite Mortgage, Deed of Trust, or Security Deed (the "Security Instrument") of the same (late, given by the undersigned (the "Borrower") to secure Borrower's Note to PACIFIC REPUBLIC FIORT61AGW. CORPORATION A CALIFORNIA CORPORATION (tim "'Lender") of tile same (late and covering tile Property described in the Security hlstrtnnent aod located at: 259 CEDAR DRIVE, THAYNE, WY 83127 {Properly Address1 The Property includes, but is not limited ~o, a parcel of land i~nproved with a dwelling, lo§ether with off,er sucb parcels and certain common areas and facilities, as described itl COVENAN~fS, CONDITIONS AND RESTRICTIONS (the "Declaration"). Tile Property is a part of a planned unit developme,lt kuown as lgTAR VALLEY RANCH PLAT 7 [Name of Planned Unit Develolmlenf] (lhe "PUD"). Tile Property also includes Borrower's interest in the homeowners association or equivalent entity owning or managing the common areas and facilities of the PUD (the "Owners Association") and tile uses, benefits and proceeds of Borrower's interest. PUD COVENANTS. Ill addition to tile covenants and agreements made in tile Security Inslrnment, Borrower and Lender further coveuant aud agree as follows: A. PUD Obligations. Borrower shall perfm'nl all of Borrower's obligations under tile PUD's Constituent Documents. The "Constituent Documents" are tile (i) Declaration; (ii) articles of incorporation, trust Instrument or any equivalent document which creates the Owners Association; and (iii) any by-laws or other rules or regulations of tile Owners Association. Borrower shall promptly pay, when due, all dues aod assessments imposed pursuant to the Constituent Documents. MULTISTATE PUD RIDER- Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT /.jF_./orm 3150 '1/01 1[¢~)"~7R (0008) 1007ri Page 1 of 3 lnitials:/~/~---- C C VMP MORTGAGE FORMS - (800)521-7291 3534t~'0 ~PC'-'~'*'~' lO07rl.OlOlr 5 7.1. B. Property l,n. surance. So long as the Owuers Associalion maintains, widi : . t d ?,s.ur, ance cat,nee, a 'master" or "blanket" policy insuring lite Property which is satisfaac~.~e~oal~e~eC~l~d wmcn provioes insurance coverage in tile amounts (inclnding deductible levels), for tile periods, and gainst loss b~ fire, hazards included within tile term "extended coverage," and any other hazards, including, but not limited to, earthquakes and floods, for which Lender requires insurance, diem (i) Lender waives the provision in Section 3 fol' the Periodic Payment to, Lender of the yearly in'endure instalhnenls fbi' property insurance on the Property; and (ii) Borrower s obligation under S~ction 5 to maintain property insurance coverage on tile Property is deemed satisfied to the extent that tile reqnired coverage is provided by tile Owners Association poliqy. What Lender requires as a condition of this waiver can change dm'lng the term of die loan. Borrower shall give Lender prompt notice of any lapse in required property insurance coverage provided by the master or blanket policy. In tile event of a distribution of property insurance proceeds in lieu of' restoration or repair following a loss to the Property, or to common areas and facilities of the PUD, any proceeds payable lo Borrower are hereby assigned andshall be paid to Lender. Lender shall apply tile proceeds to the' sums secured by the Security Instrument, whether or not then due, will, the excess, if any, paid lo Borrower. C. Public Liability Insurance. BmTower shall take such actions as may be reasonable to insure lha! tbe Owners Association maintains a public liability insurance policy acceptable iii fbrm, amount, and extent of coverage to Lender. D. Condemnation. Tile proceeds of any award or claim for damages, direct or conseauendal, payable to Borrower in connection with any condemnation or other taking of all or ally part of tile Property or the common areas and facilities of the PUD, or for any conveyaoce in lieu of condemnation are hereby assigned and shall be paid to Lender Sucb proceeds shall be applied by 'Lender to die sums scooted by the Security Instrument as provided in Section 11. E. Lender's Prior Consent. Borrower sbail not, except after notice to Lender and with Lender's prior written consent, either partition or subdivide tile Property or cousent to: (i) tile abandomnent termination of the PUD, except for abandonment or termination required by law in the case of substantial destruction by fire or other castialty or,,in the case of a taking ,,by condemnation or eminen! domaiu; (ii) any amendment to any provision of tile Constituent Documents if tile provision is for die exm'ess beneftt of Lender; (iii) termination of professional management and assumption of self'-managetnent o1~ the Owners Association; or (iv) any action which would have tile effect of rendering tile public liability insorance coverage maiutained by the Owners Association unacceptable to Lender. F. Remedies. I/' Borrower does not pay PUD dues and assessments when due, then Lender may pay diem. Any amounts disbm'sed by Lender under this paragraph F shall become additional debt of Borrower secured by tile Security Instrument. Unless Borrower and Lender agree to other terms of payment, d~ese amounts shall bear interest from the date of disbursement at tile Note rate and shall be p'~yable, with interest, upon notice from Lender to Borrower requesting payment. I ni t ial$(t~__.~'~ (¢~7R (0008) Page 2 of 3 3534,~70 /PC Form 3150 1/01 lO07r2.0101r BY SIGNING BELOW, Borrower accepts and agrees to the terms and provisions contained iii lhis PUD Rider. -Borrower (Seal) (Seal) -}]orrowel' ~I~ol'rower (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Borrower -]]orrower '~(~7R (0008) Page 3 of 3 35348670 /PC Form 3150 1/01 1007r3.0101r