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HomeMy WebLinkAbout877379~ ll/e%/01 WED 12:2§ F.~tl 3076342729 NORWEST BANK 04015377 Return To:Wells ~go Consume' gr ' ' P.O, Box 31~57 O B{llings, MT 59103 2335 Bfiargate P~kway Colorado Springs, CO 80920 8100709115 [Space Above This Line For Recording Data] MORTGAGE DEFINITIONS Words used in multiple sections of this document are defined below and other words are defined in 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 NOVEMBER 8, 2001 together with all Riders to this documeiit. -' (B) "Borrower" is FRANK MOLINA AND AL,INA MOLINA, HUSBAND AND WIFE Borrower is the mortgagor under this Secm'ity Instrument. (C) "Lender" is WELLS FARGO BANK WYOMING, NATIONAL ASSOCIATION. Lender is a National Banking Association organized and existing under the laws of United States of America. 11/07/01 WED 12:25 FAX 3076342729 NORWEST BANT WY0 N A ~034 Lender's address is 1701 CAPITOL AVENUE CHEYENNE~ WY 82001 Lender is the mortgagee under this Secm'ity Instruu~nt. (D) "Note" means the promissory note signed by Bon-ower and dated NOVEMBER l{, 2001. The Note states that Borrower owes Lender TWENTY TWO THOUSAND EIGHT HUNDi~D SEVENTY FIV~ AND 00/1(!0 Dollars (U.S. $22,~.7~.00) plus interest. Borrower has promised to pay this debt in regular Periodic Payments and to pay the debt in full no~ later than NOVEMBER 2]. 2006. (E) "Property" means the property that is described below under the heading "Transfer of Rights in the Property." CF) "Loan" means the debt evidenced by the Note, plus interest, m~y prepayn~nt charges and late charges due under the Note, and all sums due under this Security Instrument, plus interest. (G) "Riders" means all riders to this Security Instrument that are executed by Borrok, er. The following riders are to be executed by Borrower [check box as applicable]: [] Adjustable Rate Rider [] Condominimn Rider [] Second Home Rider [] Balloon Rider [~ Planned Unit Development Rider [] 1-4 Ftanily Rider [-'-] VA Rider [] Biweekly Payment Rider [--] Otb.er(s) [specify] (It) "Applicable Law" means al! controllh~g applicable, federal, state and local statutes, regulations, ordinances and admin~slrative rules md orders (that have the effect of law) as well as all applicable final, non-appealable judicial opinions. (l) "Community Association Dues, Fees and Asses.qmenls" means all dues, fees, assessments and other charges that are imposed' on Borrower or the Property by a condomLnium association, homeowners association or similar organization. (J) "Electronic Funds Transl~cr" means any transfer of.funds, other titan 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. Such term includes, but is not Ii,rated to, point-of-sale transfers, automated teller machine transactions, transfers initiated by telephone, wire transfers, and automated clearinghouse transfers. (K) "Escrow Items" me,m those items that are described in Section 3. (L) "Miscellaneous Prot'.eeds" meaJ~S 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: (i) damage to. or destruction of, the Property; (ii) condemnation or other 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 fl~e Property. (M) "Mortgage Insurance" means insurance protecting Lender against the nonpayment of, or default on, the Loan. (N) "Periodic Payment" means the regularly scheduled amount due for (i) principal and interest under the Note, plus (ii) any amounts under Section 3 of this Security Instrument. (O) "~RESPA" means the Real Estate Settlement. Procedures Act (12 U.S.C. Section 2601 et seq.) and its implementing regulation, Regulation X (24 C.F.R. Part 3500), as they might be mnended from time to time, or any additional or successor legislation or regulation that governs the. same subject matter. As used in th.is Security Instrument, "RESPA" refers to all requirements .and restrictions that are imposed in regard to a "federally related mortgage loan" even if fl~e Loan does not qualify as a "federally related mo~'tgage loan" under RESPA. 11/07/01 WED 12:25 FAX 3076342729 NORWEST BANK WYO N A ~035 (P) "Successor ia Interest of Borrower" means any party that has taken title to the Property, whether or not that party has assumed Borrower's obligations under the Note and/or this Security h~strument. TRANSFER OF RIGI-1TS IN THE PROPERTY This Security Instrument secures to Lender. (i) the repayment of the Loan, and all renewals, extensions and modifications of the Note; and (ii) file performance of Borrower's covenants and agreements under this Security Instrument and the Note.. For this purpose, Borrower does hereby mortgage, grant and convey to Lender and Lender's successors and assigns, with power of sa]e, the following described property located in the COUNTY of LINCOLN : tType of R¢col'ding Jurisdiction] [Nameof R~ording JllxistlictionJ LOT 17 OF SOUTHBROOK RANCI{ES SUBDIVISION, LINCOLN COUNTY. WYOMING, ACCORDiNG TO THAT PLAT FILED SEFI'EMBER 5. 1990 AS PLAT NOS. 335~1 AND 335-2 IN TI-IE OFFICE OF THE LINCOLN COUNTY CLERK. ,, Parcel ID Number: NO APN LISTED which currently has the address of SOUTItBROOK RANCHES LOT 17 THAYNE [cityj, Wyoming 83127 [zip co~el ("Property Address"): TOGETHER WITH all the improvements now or hereafter erected on the property, and all easements, appurtenances, and fixtures now or hereafter a part of the property. All replacements and additions shall also be covered by this Security Instrument. All of the foregoing is referred to in this Security Instrument as fl~e "Property." BORROWER COVENANTS flint Borrower is lawfully seised of the estate hereby conveyed and has the right to mortgage, ~am and convey the Property and that the PropetXy is unencumbered, except for encmnbrances of record. Borrower warrm~ts and will defend generally the title to the Property against all claims and demands, subject to any encumbrances of record. THIS SECURITY INSTRUMENT combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. UNIFORM COVENANTS. Borrower and Lender Covenant ,and agree as follows: 1. Payment of Principal, Interest, Escrow Items, Prepayment Charges, and Lute Charges. Borrower shall pay when due the principal of, and interest on, the debt evidenced by the. Note and any prepa~,ment charges and late charges due under the Note: Borrower shall also pay funds for Escrow Items ptlrsuant to Section 3. Payments due under the Note and this Security !nstmment shall be rmtde in U.S. currency. However, if any check or other instrument received by Lender as payment under the Note or this Security Instntment is returned to Lender unpaid, Lender may require that any or all subsequent payments due under the Note and this Security h~strument be made in one or more of the following forms, as selected by Lender: (a) cash; (b) money orderi (c) certified check, bank crt:ok, treasurer's -6{~/Y) 1990~.1.01 Fo~rn 3051 3199 11/07/01 WED 12:26 FAX 5076342729 NOR~ST BANK ~WO N A ~036 check or cashier's check, provided ,-my such check is drawn upon an institution whose deposits are insured by a federal agency, instrumentality, or entity: or (d) Electronic Funds Transfer. Payments ,'tre deemed received by Lender when received at the location designated in the Note or au such other location as may be designated by Lender in accordance with 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 Loan current. Lender may accept any payment or partial payment insufficient to bring the Loan current, without waiver of ,'my rights hereunder or prejudice to its rights to refuse such payment m' partial payments in the future, but Lender is not obligated to apply such payments at the tin~ 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 unapplied funds until Bm~ower 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 ear!ier, such funds will be applied to the outstanding principal balance under the Note hmnediately prior ~ foreclosure. No offset or claim which Borrower might have now or in the future against Lender shall reheve Borrower from making payments due 'under the Note and this Security Instrument or performing the covenants and agreements secured by this 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) interest due under the Note; (b) principal due under the Note; (c) amounts due m~der Section 3. Such payments shall be applied to each Periodic Payment in the order in which it became due. Any rcr~tining amounts shall be applied first to late charges, second to any other mounts due under this Security Instrument, and then to reduce the principal balance of the Note. If Lender receives a payment from Borrower for a delinquent Periodic Payment which includes a sufficient anammt to pay any late charge due, the payment may b~ applied to thc delinquent payment and the late charge. If more than one Periodic Payment is outstanding, Lender rmy apply any payment received from Bon'ower to the repayment of the Periodic Payments if, ,'md to the extent that, each payment can be paid in full. To the extent that any excess ex/sts after the payment is applied to the fidl payment of one or more Periodic Payments, such excess .may be applied to any late charges due. Volunta~3, prepayments shall be applied first to any prepayment charges and then as described in .the Note. Any application of payments, 'insurance proceeds, or Miscellaneous Proceeds to principal 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 the day Periodic Payments are due under thc Note, until the Note is paid in full, a sum (the "Funds") to provide for payment of amounts due for: (a) taxes and assessments and other items which can attain priority over this Security Instrument as'a lien or encumbrance on the Property; Co) leasehold payments or ground rents on the Property, if any; (c) premiums for any and ,all insuran_c¢ 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 h~suraace premiums iu accordance with the provisions of Section 10. These items are called "Escrow Items// At origination or at any time during the term of the Loan, Lender may require that Community Association Dues, Fees and Assessments, if any, be escrowed by Borrower, and such dues, fees and assessments shall be an Escrow Item. Borrower shall promptly furnish to Lender all notices of amounts to be paid under this Section. Borrower shall pay Lender the Fends for Escrow Items unless Lender waives Bon'ower's obligation to pay the Funds for any or all Escrow Items. Lender may waive Bon'ower's obligation to pay to Lender Funds for any or all Escrow Items at any time. Any such waiver may only be in writing. In the event of such waiver, Borrower shall pay directly, when and where Form 3051 3/99 11/07/01 WED 12:26 FA~ 3076342729 NORIYEST BANK WY0 N A ~037 payable, ~he amounts due for any Escrow Items for which payment of Funds has been waived by Lender and, if Lender requires, shall furnish to Lender receipts evidencing such payment within such time period as Lender may require. Borrower's obligation to make such payments and to provide reeelpts shall for all pta-poses be deemed to be a covenant and agreement contained in this Security Instrument, as the phrase "covemmt and agreement" is used in Section 9. If Borrower is obligated to pay Escrow Items dixectly, pursuant to a waiver, and Borrower fails to pay the amount due for an Escrow Item, Lender may exercise its fights under Section 9 and pay such amount and Borrower sh,'fll then. be obligated under Section 9 to repay to Lender any such amount. Lender may revoke the waiver as to any or all Escrow Items at any time by a notice given in accordance with Section 15 and, upon such revocation, Borrower shall pay to Lender ail Funds, and in such amounts, that are then required under aais Section 3. Lender may, at any time, collect and hold Funds in an amount (a) sufficient, to pennk Lender to apply the Funds at the time specified under RESPA, and (b) not to exceed the maxir~um amount a lender c~m require under RESPA. Lender shall estimate the amount of Funds due on the b~is of current data and reasonable estiraates of expenditures of future Escrow Items or otherwise in accordance with Applicable Law. The Funds shall be held in an institution whose deposits are iasured by a federal agency, instrumeatality, or entity (including Lender, if Lender is an institution whose deposits are so ~nsured) or in any Federal Home Loan Bank. Lender shall apply the Ftmds to pay the Escrow Items no later than the time specified under RESPA. Lender shall not charge Borrower for holding and applying the Funds, annually analyzing the escrow account, or verifying the Escrow Items, unless Lender pays Bon'ower interest on the Funds and Applicable Law permits Lender to make such a charge. Unless an agreement is made in writing or Applicable Law requires interest to be paid on the Funds, Lender shal! not be required to pay Borrower any interest or earnings on the Funds. Borrower ,'md Lender can agree i~ writing, however, that interest shall be .paid on the Funds. Lender shall give to Borrower, without charge, an annual accounting of the Funds as required by RESPA. If there is a surplus of Funds held in escrow, as defined under RESPA, Lender shall account to Borrower for the excess funds in accordance with RESPA. If there is a shm~age of Funds held in escrow, a.s defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to make up the shortage in accordance with RESPA, but in no more than twelve monthly payments. If there is ;~ deficiency of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower ' as required by R~SPA, and Borrower shall pay to Lender the amount necessary to make up the deficiency in accordance with KESPA~ but ia no more than 12 monthly payments. Upon payment in fuI1 of all sums secured by this Security Instrument, Lender shall promptly refund to Borrower any Funds held by Lender. 4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines, and impositions attributable to the Property which can a~tain priority over this Security Instrument, leasehold payments or ground.rents oa the Property, if any~ and Cmmnunity Association Dues, Fees, and Assessments, if any. To the extent that these items are' Escrow Items, Borrower shall pay them in the manner provided in Section 3, ~ Borrower shall promptly d~scharge may lien which has priority over this Security instrument unless Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender, but only so long as Borrower is performing such agreement; (b) contests the lien in good faith by, or defends against enforcement of the lien in, legal p~'oceedings-which in Lender's opinion operate to prev,'.nl' the enforcement of the lien while those proceedings are pending, but only until such proceedings are concluded; or (c) secures from the holder of the lien an agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determines that any Part of dee Property is 1{~-6[WY) 19a~41.01 Form 3051 3199 11/07/01 WED 12:27 FAX 3076342729 NORWEST BANK WYO N A [~038 subject to a lien which can attain p~iority over this Security Instrument, Lender may g}ve Borrower a notice identifying the lien. Within 10 days of the date on which 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 ¢onnectiou 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 nat limited to, earthquakes and floods, for which Lender requires insurance. This insurance shall be rrutintained in the amounts (including deductible levels) and for the periods that Lender requires. What Lender requires pursuant to the preceding sentences can change during the term of the Loan. The insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's right to disapprove Borrower's choice, which right sl~dl not be exercised um'easonably. Lender may require Borrower to pay: in connection with this Loan, el~her: (a) a one-time charge for flood zone determination, certification and tracking services; or (b) a mm4ime 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 in connection with the review of .any flood zone determination resulting from an objection by Borrower. If Borrower tails to maintain any of the coverages described above, Lender may obtain insurance coverage, at Lender's option and Borrower's expense. Lender is under no obligation to purchase any particular type or amount of coverage. Therefore, such coverage shall cover Lender, but might 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 [n-eater or lesser coverage than was previously in effect. Bon'ower 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 lnsn'ament. 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 re Borrower requesting payment. All insurance policies required by l-ender and renewals of such policies shall be subject to Lender's fight to disapprove such policies, shall include a ~tandard mortgage clause, 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 requites, Borrower sl~all promptly give to Lender all receipts of paid premiums and 'renewal notices. If Borrower obtains any form of insurance coverage, not odlerwise required by Lender, for damage to, or destruction eL the Property, such policy shall include a standard mm~tgage clause and shall name Lender as mmlgagee and/or as an adcIitional 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 writh~g, any insurance proceeds, whe~:h.er or not the und¢~lyhag insurance was required by Lender, shall be applied to restoration or repair of the Property, if the restoration or repair is economically feasible and Leader'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 oppor[urfity to 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 and 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 insurance proceeds, Lender shall not be required to pay Borrower ,-my interest or earnings on such proceeds. Fees for public adjrtsters, or other third parties, retained by ltorrower shall not be ·paid out of the insurance proceeds and shall be the sole (~)~-6(VV~) 199oa).Ol Form 3051 3/99 11/07/01 WED 12:27 FAX 3076342729 .NORWEST BANI( BIYO N A ~039 obligation of Borrower. If the restore'rico or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds sh',dl be applied to tile sums secured by tkis Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. Such insurance proceeds shall be applied'in the order provided for in Section 2. If Borrower abandons the Property, Lender may file, negotiate and settle any a~,ailablc insurance chdm and 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, la either event, or if Lender acquires the Property under Section 22 or otherwise, Borrower hereby assigns to Lender (a) Borrower's rights to any insttrance proceeds in aa amount not to exceed the amounts unpaid under the Note or this Security hlstmment, and (b) any off, er of Borrower's fights (other than the right to any refund of unearned premiums paid by Borrower) under all insurance policies covering the Property, insofar as such rights ~e applicable to the coverage Of the Property. Lender may 'use the insurance proceeds either to rep,n.ir or restore the Property or to pay amounts unpaid under the Note or this Security Instrument, whether or not th~n due. 6, Occupancy. Borrower shall occupy, establish, and use the Property as Borrower's principal residence within 60 days after the execution of this Secttrity Instrument and shall continue to occupy the Property as Borrower's principal residence for at least one year after the date of occupancy, unless Lender otherwise a~ees in writing, which consent shall not be uureasonably withheld, or unless extenuatiag 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 in the Property, Borrower shall maintain file Property in order to prevent th~ 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 shali promptly repair the Property if damaged to avoid further deterioration 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 repaking or restoring the Property only if Lender has released proceeds for such purposes. Lender .may disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as the work is completed. If the insurance or condemnation proceeds are not sufficient to repair or restore thc 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 rm~y 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. Bmxower .shall be in default if, during the Loan application procesS, Borrower or any persons or entities acting at the direction of Bm-rower or with Borrower's Imowledge or consent gave materi',dly false, misleading, or inaccurate information or statements to Lender (or fa{lcd 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 pti ncipal residence. 9, Protection of Lender's Interest in the Property and Rights Under this Security Instrument. If (a) Borrower fails to p~fform 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 and/or rights under this Security Instrument (such as a proceeding in banla'uptcy, probate,, for condemnation Or forfeiture, for enforcement of a lien whict~ may attain priority over this Security Instrument or to enforce laws or regulalions), or (c) Borrower has abandoned the Property, then Lender O~-6{W/Y'} tgaOal.O~ Form 3051 3/99 ,11/07/01 WED 12:28 FAX 3076342729 :NORWEST BANK WYO N A ~]040 133 ",a "'"' may do and pay for whatever is reasonable or appropriate to protect T ender's imerest in the Property and rights under this Security Instrument, including' protecting and/or assessing the value of the Property, and secttting andJor 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 Secm'ity Instrument; (b) appeariatg 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 eot 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 on or off. Although Lender may take action under this Section 9, Lender does not have to do so and is not under any duty or obligation to do so. It is agreed that Lender incurs no liability for not taking any or all actions authorized under this Section 9, Any amounts disbursed by Lender under tiffs Section 9 sh'all become additiofial debt of Borrower secured by this Security Instiumeut. These amounts shall bear interest at the Note raIe from the date of disbursement and shall be payable, with such ~nterest. upon notice from Lender to Borrower requesting payment. If this Security Insmmlent is on a leasehold, Bon'ower shall comply with all the provisions of the lease, ,if Borrower acquires fee title to the Property, the leasehold and the fee title shall m)t merge unless Lender a~ees t,o the merger in 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 any reason, the Mortgage Insurance coverage required by Lender ceases to be available fi.om the mortgage insUrer that previously provided such insurance and Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiums requked to obtain coverage substantially equivalent to the Mortgage Insurance previously in effect, at a cost substantially equivalent to the cost to Bon'ower of the Mortgage Insurance previously in effect, from an alternate mortgage insurer selecmd by Lender. If substantially 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 ultinultely paid irt 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 hasmrance coverage (in the amount and for the period that Lender requires) provided by an insurer selected by Lender again becomes available, is obtained, ,'md Lender requires separately designated payments toward the premiums for Mortgage h~surance. If Lender required Mortgage Insurance as a condition of nuddng the Loan and Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiums required to imaintain Mortgage Insurance in effect, or to provide a non-refundable loss reserve, until the !.curler's ':requirement for Mortgage Insurance ends in accordance with any written agreement between Borrower and Lender providing for such termi.uation or until termination is required by Applicable Law. Nothing in tiffs Section 10 affects Borrower's obligation to pay interest at the rate provided in the Note. . Mortgage InsUrance reimburses Lender (or any entity that purchases the Note) for certain losses it may incur if Borrower does not repay the Loan as agreed. Borrower is ~90t. a party to tl~e Mortgage l. Bslu:ance. Mortgage insurers evaluate their tottd risk on all such insm'ance in force from time to time, and may enter into a~eements 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 p[u-ty : ~,,~s~[~ Form 3061 3~99 11/07/01 WED 12:28 FAX 3076342729 NORWEST BANK WY0 N A ~041 (or parties) to these a~eements. These agreements may require the mortgage insurer to make paynmnts using any sero'ce of funds that the mortgago insurer ,nay have available (which may include funds obtained from Mortgage Insurance premiums). ! As a result of these agreements, Lender, any purchaser of thc Note, another instu'm', any reinsurer, any other entity, or any affiliate of thy of the foregoing, ~my receive (directly or indirectly) amounts that derive from (or might be characterized as) a pmlion of Borrower's payments for Mortgage Insurance, in exchange for sharing or modifyi{g the mortgage insurer's risk, or reducing losses. If such agreement provides that an affiliate of Lender takes a share of the insurer's risk in exchauge for a share of the premiums paid to the insurer, the arrangement is often 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 will not increase the amount Borrower will owe for Mortgage insurance, and they will not entitl~ Borrower to any refund. : · (b) Any such agreements will not affect the rights Borrower has - if any.L with respect to the Mortgage Insurance under the HomeoWaaers 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. : 11. Assignment of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned to and shall be paid to Lender. ', ff 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 repak and restoration 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 in 'a series of progress payments as the work is eotapleted. Unless an agreement is made Ju writing or Applicable Law requires intexest to be paid on such Miscellaneous Proceeds, Lender: shall not be requixed to pay Borrower any interest or earnings on such Miscellaneous Proceeds. If ~he restoration or repair is not economically feasible or Lender's security would be lessened, fl~e Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument, whether or not thenldue, wifl~ the excess, if any, paid to Borrower. Such Misce]!aneous Proceeds shall be applied in the 6rder provided for in Section 2. In the event of a total taking, destn~ction, or loss in value of the Property, the Miscellaneous Proceeds shall be applied to the sums sedured by this Security Instrument, whether or not then due~ with the excess, if any, paid to Borrower. : In the event of a partial taking, destruction, or loss in value of the Property in which the fidr market value of the Property immediately befo~4e thc partial taking, destruction, or loss in value is equal to or ~eater than the amount of the sums scented by this Securky Instrument immediately before the partial taking, destruction, or loss in value, unless Ben-ewer and Lender otherwise agree in writing, tl~e sums secured by this Secttrity Instrument shall be reduced by the amount of the Miscellaneous Proceeds multipli~ed by the following fi'action: (a) the total amount of the sums secured immediately before the partial taking, destruction, or loss in value divided by Co) the fair market' value of the Propexty immediately before the partial t,x.king, destruction, or loss in value. Aaxy balance shall be paid to ]~ OlTOWer. ' In the event of a partial taking, destruction, or loss in value of the Property in which the fair market value of the Property immediatety befoi'e the parti',d taking, destruction, or loss in value is less (~-6{WY} I~o~1.o~ : ' '~ Form 3051 3199 11/07/01 WED 12:29 FAX 3076342729 NORWEST BANK WYO N A ~042 J. 3 7 than the amount of the sums secured irmnediaicly before fl~e partial taking, destruction, or loss in value, unless Borrower and Lender othe~ise a~ee ih writing, ~he Miscell~eous Proceeds shall be applied to tl~.e su~ sect~ed by this Security hstnunent whe~er or not fl~e sums are then due. If the ~openy is abandoned by Bonbwer, or if, after notice by Lender to Bo~ower that the Opposing Parw (as defined in the next sentence) offers to ~e an award to settle a claim for d~ages, Bo~ower {ails to respond to Lender with~ 30 days after the date the notice is given, Lender is au~ofized to collect and apply the Miscell~eous 'Procee& either to restoration or repair of the ~openy or to the sums secured by this Security ~hs~ment, whether or not then due. "Opposing Party" me~s fl~e third p~y that owes Bo~ower Miscellaneous h-oc~eds ~or the p~y against whom Bon'ower has a fight of action in reg~d to Miscellaneous ~oceeds. Bo~ower shall be in default if ~y actipn or proceeding, whether civil or criminal, is begun that, in Lender's judgment, could result in ~bffeitur~ of the Property or o~er ~mqterial im~ent of Lender% interest in ~e ~ope~y or rights under t~s SecUrity hstrument. Bo~owcr can c~e inch a default an& a~celeration has occu~ed, reinstate as provided in Section 19, by causing the action or procee~ng to be dis~ssed with a ruling that, in Lender's .judgment, precludes foffeit~e of the Property or o~er material i mpai.rment of ~nder's interest in the l~ope~W ~or rights under fl~is Security ~s~ument. The proceeds of m~y award ~ cla~ for damages that ~e a~ibutable to the impairment of Lender's interest in the Property are hereby assi~med ~d shall be paid ~o Lender. All ~scellaneous Proceeds that ~e not applied to restoration or repair of the P,'openy shall be applied in the order prodded for in Section 2. 12. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or modification of a~ortization of t~e su~ secured by this Seoufity Instrument ~unted by Lender to Bo~owcr or any Successor in Interest of Borrower shall not operate to release the liability of Bo~ower or any Successors {n hterest of Bogower. Lender shall not be required to eo~ence proceedings against any Successor h~ h~terest ~of Borrower or to ~fuse to extend time for payment or otherwise modi~ mnmXization of the su~ secfired, by t~s Security lns~ument by reason of any demand made by the ofi~nal Bonower or any Successors in Interest of Bon'ower. Any forbearance by Lender in exercising any right or re~dy including, withdut limitation, Lender's acceptance of payments from thud persons, entities or Successors in hterest of Bo~ower o~ in amounts less thm~ the amount then due, shall not be a waiver of or preclude the exercise of a~y right or m~dy. 13. Joint anti Several Liability; C0-si~ars; Successors and Assigns Bound. Bo~ower covenants and agrees that Bo~ower's obligat{ops and liability shall be joint ~md several. However, any Borrower who co-si~s this Security lns~ument but does not execute the Note (a %o-signer"): (a) is eo-si~ng t~s Security hs~ument only to m6rtgage, ~t and convey ~e co-signer's interest in the Property under the te~s of this Security hstmment; (b) is not personally obli.gated to pay the sums secured by t~s SecuriW ~strument; and (c) a~ees that Lender and ~y 'o~er Borrower can agree extend, modify, forbear or make ~y ac~on~odations with regard to the te~s of this Security hts~ument or the Note without the co-signer's co, sent. Su~iect to ~e provisions of Section 1~8, any Successor in ~terest of Bo~ower who assumes Bonower's o~ligations under ~is Security Ins~Ument in writing, and is approved by Lender, shall obtMn all of~Bonower's rights and benefits under this Security ~strument. Bo~ower shall not be released Borrower's obligations and liability under this Sect~ity Insuument un]ess Lender a~ees to such release in wfithg. The coronets and a~eements of t~s Securi~ h~strument shal[ bind (except as px'ovided in Section 20) and benefit the successors ~d assighs of Lender. ' ' 14. Loan Charges. Lender may ch~gc} Bon'ower fees for semites performed in uo~ection with Borrower's default, for the purpose of protecting Lender's interest in the Property ~d rights under ~is Security ~su~ment, includ~g, but not li mired ~, anomeys' fees, prope~ inspection and valuation fees. V;,g,: 10 of Iff FOY~ 3051 11/07/01 WED 12:29 F.~ 3076342729 NORWEST BANK WYO N A ~043 In regard to any other fees, tile absence of express authority in this Security lnsm,mamt to charge a specific fee to Bon'ower shall not be construedias a prohibition on ~ chugging of such fee. Lender may not charge f~os that ar~ ~xpr~ssly prohibited by~tNs Security Instmmem: or by AppHcablo Law. If the Loan is subject to a law whidh'setg max~um lo~ charges, and ~al law is fina}Jy inte~rotod so that the Nte~st or other loan cSargos collected or to b~ collected in connection with Lo~ exceed the pe~tted l~ts, th~n: (a) any such 1o~ ch~ge, shall be r~duced by the amount necessary to reduce th~ ch~ge to tho po~tted li~t; and (b) any sun~ ah'~ady collected from Me,ewer which excood~d p~mitted li~ts will be re~ndod to Bon'ower. Lender may choose lo nmke this refund by reducing the principal owed und,r th~ Not~ or by ~Mng a dh'ect payment to Bo~ower. If a re~ad reduces principal, th~ reduction, will be ~eat=~ as a panial prepay~nt wi~out any prepayment cha;~e (whether or not a pmpay~nt oh~g~ is prey{deft for under the Note). Bo~ower's acceptance of any such ro~nd made by direct payment to Bm~ower ~i}! constitute a waiver of any right Of action Bo~ow~r ~ght have ~sing out of such. overch~ge, ,, , 15. Notices. All. notices given by ~Bomower or Lender in connection ~th t~s Security hstrument must be in writing. Any notice t.o Bo~ower in connection with ~s Security !as~ument shall be deemed to have been given to Bo~ower when mailed by fn'st class mail or when actually delivered to Bo~ower's notice address if sent by other ~a~s. Notice to any one Bo~ower shall constitute notice to all Bo~owers onless Applicable Law expressly requires otherwise. The notice address shall be the Prope~y Address ~less Bo~ower has desi~mted a substitute notice address by notice to ~nder. Bo~ower shall promptly notify Lender'of Borrbwer's change of address_ If Lender specifies a procedure for repoa~g Bo~ower's change of address, ~eh Borrower shall o~y repoa a change of address tl~ough that specified procedure. There may be o~ly one designated notice address under this Security hs~xment at any one time. ~y notice to Lender shall be given by delivering it or by mtiling it by fkst class ~il to Lender's address sta~d herein nfiless Lender has desi~ated another address by notice to Bo~ower. ~y notice in connection with thi~ Secm'ity Instrument shall not be deemed tO have been given to Lender until actua[ly received by Lenher. ff any notice'~required by t~s Secmity Instrument is also requked under Applicable Law, the ApPlicable Law requkement will satJs~ the co~e~onding requkement under thJ.s Security ~s~nt. 16, Governing Law; Severabffity; R~es o[ Construction. This Security hs~u~nt shall be governed by federal law ~d the law of the ju~.s~ction in which the ~operty is located. All rights ~d obligations contained in this Secu~ty hs~ument are subject to any requirements and Ii'rations of Applicable Law. Applicable Law might explicitly or implicitly allow the p~ies to agree by con~act or it ~ght be silent, but such silence shall not be ~onstrued as a prohibition a~ainst a~eement by con,act. ~ the event that any provision or clause of this ~ecudty hs~ument or the Note conflicts with Applicable Law, such conflict shall not affect other provisions of this Security Ms~ent or the Note w~ch c~ be given effect without the conflicting provision. ~ As used in this Security ~s~ument: (~) words of the naasculine gender shall me~ mad include co~esponding neuter words or words of ~e fenfinine gender; (b) words in fl~e singular sh~l me~ and include the plural and vice versa; ~d (c) the w~rd "~y" Wes sole discretion without any o~li~ation to take any action. 17. Borrower's Copy. Bo~ower sh~ll be given one copy of the Note and o[ t~s Security h~stm~ent. I8. Transfer of ~e Proper~ or a Beneficial In,rest in Borrower..As used in this Section 18, "~terest in the Property" means any legal or be;~eficia, interest h~ the Proper~, 'including, but not limted to, those beneficial interests ~ansferred in a bohd for deed, contract for deed, installment sales con~act or escrow agreement, the intent of which is ~he lransfer of title by go~ower at a fut~e date to a purchaser. 61~) I~0~.o~ ~ - Form 3051 3/99 ,11/07/01 %FED 12:30 FAX 3076342729 NOR%~ST BANK WYO N A ~044 If' all or any pa~t of the PropenT or any Interest in the Property is sold or transferred (or if Borrower is not a natural person and a beneficial interest in Borrower is sold or transferred) without Lender's prior written consent, Lender may require immediate payment in full of all sums secured by this Security Instrument. However, this option shall not be exercised by Lender if such exercise is prohibimd by Applicable Law. If Lender exercises this option, Lender shall give Borrower notice of acceleration_ The notice shall provide a period of no~ less than 30 days from the date the notice is given in accordance with Section 15 within which Borrower must pay all sums secured by this Security Instrument. If Borrower fails to pay lh.ese sums prior to the expiration of this period, Lender may invoke any remedies permitted by this Securiq, Instrument without fluff)ar nodc~ or demand on Borrower. 19. Borrower's Right to Reinstate After Acceleration. If Borrower meets certain conditions, Borrower shall have the right co have enforcement of this Secm'ity Instrument disK~ntinued at any time prior to the earliest of: (a) five days before sale of the Property pursu,'mt to any pox~r 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 tiffs Security Instrument. Those conditions are that Borrower: (a) pays Lender all sums Milch 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 all expenses incurred in enforcing tiffs Security Instrument. 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 the Property and rights 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 sec~u-ed by this Security Instrument, sh',dl continue nnchanged. Lenderlmay require that Borrower pay such rein.~tatement sums and expenses in one or more of the following forms, as selected by Lend,r: (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, instrumentality or entity; or (d) Electronic Funds Transfer. Upon reinstatement by Borrower, this Security h~stmment and 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. The Note or a partial interest in the Note (together wifl~ this Security' Instrument) can be sold one or more times without prior notice to Borrower. A sale.might result in a change in the entity ('known as the "Loan Sen, icer") that collects Periodic Payments due u0der the Note md this Security Instrument and performs other mortgage lom~ servicing obligations under the Note, this Security Instrument, and Applicable Law. There also might be one or more changes of the Loan Setwi:cer 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 and any other information RESPA requires in connection with a notice of transfer of servicing. If the Note is sold and thereafter the Loan is serviced by a Lo.,'m Servicer other than the purchaser of the Note, the mortgage loan se'rv~cing obligations to Borrower will remain-with the Loan Servicer or be transferred to a successor Loan~,Servieer and are not assumed by the Note purchaser unless otherwise provided by the Note pm'chaser. Neither Borrower nor Lender may commence, join,, or be joined teeny 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 fl~at the other party has breached any provision of, or any duty owed by reason eL this Security Instrument, until such Borrower or Lender has notified thc other party (with such notice given in compliance with the requirements of Section 15) of such alleged .breach and - Farm 3051 3199 11./07/01 WED 12:30 FAX 3076.~4272~) NORtYEST BANK WY0 N .~, ~045 : !40 afforded the other party hereto a reasonable period afler the 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 pm'a~aph. The notice of acceleration and opportunity: to cure given to Boxrower pursuant to Section 22 and the notice of acceleration given to Borrower pursuant to Section 18 .'shall be deemed to satisfy the notice and opporttmity to take corrective action provisions of this Section 20. 21. Hazardous Substances. As used in this Section 21: (a) "Hazardous Substances" m'e fl~ose substances defined as toxic or hazardous 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 fonmldehyde, and radioactive materials; (b) "Environmental Law" means federal laws and laws of the jurisdiction where the Property 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 Environmel~tal Law; and (d) an "Environmental Condition" means a condition, that can cause, contribute to, or otherwise trigger an Environmental Cleanup. Borrower shall not cause or penrfit the presettc¢, use, disposal, storage, or release of an Hazardous Substances, or tin'eaten to release any Hazardous Substances, on or m the Property. ltorrow~ shall not do, nor allow anyone else to do, anything affecting the Properly (a) that i.s in violation of any Environmental Law, (b) which creates an Enviromnental Condition, or (c) which, due to the presence. use, or release of a Hazardous Substance, creates a condition fl~at adversely affects the value of the Property. The preceding two sentences shall not apply to the .presence, use, or storage on the Property of small quantities of Hazardous Substances that are generally recognized 'to be appropriate to normal residential uses and to maintenance of the Property (including, but not limited to, hazardous substances in consumer products). Borrower shall promptly give Lender va'itten notice of (a) any investigation, clai~ demand, lawsuit or other action by ,'my governmental or regulatory agency o~ private party involvh~g the Property and any Hazardous Substance or Environmental Law of which Borrower has actual ..'knowledge, (b) any Environmental Condition, including but not limited to, any spi.lliag, lea'king, discharge, release or threat of release of any Hazardous Substance, and (c) any condition caused by the presence, use or release of a Haz,-u'dous Substance which adversely affects file value of the Property. If BorroWer learns, or is notified by any governmental ox regulatory authority, or any private party, that any remov.,d or other remediation. of any Hazardous Substance affecting the Property is necessary, Borrower shall promptly take all necessary ]remedial actions h~ accordance with Envkonmental Law. Nothing herein shall create any obligation on Lender for an Environmental Cleanup. NON4JNIgORM COVENANTS. Borrower and Lender further covenant and a~ee 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 cure the default; (c) a date, not less than 30 days from the date the notice is ~ven to Borrower, by which fl~e default must be cured; and (d) that failure ~o cure the default on or before the date specified in the notice may result in acceleration of the sums secured by this Security lnstcument nnd 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 O~-6(W'Y) 19so41.o~ Form 3051 3199 11/07/01 WED 12:31 F.~% 3076342729 NORWEST BANK WYO N A ~046 require immediate payment ia 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 different, in accordance with Applicable Law. Lender shall give notice of the sale to Borrower in the manner provided in Section 15. Lender shah 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 applicd 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 Instrumellt; and (c) any excess to the person or persons legally entitled to it. 23. Release. Upon payment of all sums secured by this Security Instrument, Lender shall release this Security hsmiment. Borrower shall pay any recordation costs Lender may charge Borrower a fee for releasing this Security Instrun~nt, but only if thc fee is paid to a third pm~ for services rendered and the charging of the fee is permitted under Applicable Law. 24. Waivers. Borrower releases and waives all fights under and by virtue of the homestead exemption laws of Wyoming, BY SiGNiNG BELOW, Borrower accepts and agrees to the terms and covenants contained this Security Insgument and in any Rider executed by Borrower and recorded with it, Witnesses: " /~ --~ (Seal) -- ' y Al. INA MOLINA-Borrower (Seal) (Seal) -Borrower -Borrower (Se'M) (Seal) -Borrower -Borrower (Seal) (Seal) ~F°rm 3051 ~199 ,11/07/01 WED 12:31 FAX 3076342729 NORWEST BANK W¥O N A ~047 :. 1.42 STATE OF ~O~NG, County ss:~/~ The foregoing ins~mcm was ac~owledgad before, ~C ,this ~ da~ af ~ ~~ ~ By F~ MOL~A A~ ~A MOL~A I(~ ~v ~m ~. ~moa~ ] I~] .o. cc ~o~ ! [' My Com~]ission Expkes: / Notary Pt~lic [WY) la~o~l.o~ Form 3051 3199