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HomeMy WebLinkAbout963706After Recording Return To: Universal American Mortgage Company, LLC 301 116th Ave SE Suite 300 Bellevue, Washington 98004 Loan Number: JAX2040 MIN; 1000596 0000096875 -5 DEFINITIONS M ORTGAGE WYOMING Single Family Fannie Mae/Freddie Mac UNIFORM INSTRUMENT MERS Form 3051 1/01 Page. 1 of 14' 002 RECEIVED 3/16/2012 at 2:38 PM RECEIVING 963706 BOOK: 783 PAGE: 233 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY [Space Above This Line For Recording Data] 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 MARCH; 13, 2012' with all Riders to this document: (B) "Borrower" is MICHAEL RAYMOND BRISCOE, A. ,SINGLE INDIVIDUAL together Borrower is the mortgagor under this Security Instrument. (C) "MERS" is Mortgage Electronic Registration Systems, Inc. MERS is a separate corporation that is. solely as a nominee for Lender and Lender' s successors and assigns. MERS is the mortgagee under this. Security. Instrument. MERS is organized and existing under the laws of Delaware; and has' an address and telephone number of P.O. Box 2026 Flint, MI 48501 -2026, tel: (888) 679-MERS. (D) "Lender" is Universal American Mortgage Company of California Lender is a CALIFORNIA CORPORATION and existing under the laws of CALIFORNIA Lender's address is 301 116th Ave SE Suite 300, Bellevue Washington. 98004 organized (E) "Note" means the promissory note signed by'Borrower and dated MARCH 13 2 012 The Note states that Borrower' owes Lender NINETY -NINE THOUSAND AND '00/100 Dollars (U. S. "9 9 0 0'0 0 0 )plus interest, Borrower has promised to pay this debt in regular Periodic Payments and to pay the debt in full not later than APRIL 1, 2042 (F) Property means the property that is described below under the heading "Transfer of Rights in.the:Property." DocMagiteAvirilin www.docmagic;cern (G) "Loan" means the debt evidenced by the Note, plus interest, any prepayment charges and late charges due under the Note, and all sums due under this Security Instrument, plus interest: (H) "Riders" means all Riders to this Security Instrument that are executed by Borrower. The following Riders are to be executed by Borrower [check box as applicable]: Adjustable Rate Rider El Balloon Rider 1-4 Family Rider Condominium Rider Planned Unit Development Rider Biweekly Payment Rider Second Home Rider 0 Other(s) [specify] (1) "Applicable Law" rneans.all:controlling applicable federal, state and local statutes, regulations, ordinances 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 that are imposed on Borrower or the Property by a condominium association, homeowners association or similar organization. (K)` "Electronic Funds:Transfer" means any transfer of funds; other-than a transaction originated by check, draft, or similar paper instrument, which is initiated through an electronic terminal, telephonic instrument, computer, or magnetie tape so as to order, instruct, or authorize a financial institution to debit or credit• an account: Such term includes; but is not hniited to point of -sale transfers; automated teller machine transactions;, transfers initiated by telephone, wire transfers, and automated clearinghouse transfers: (L) "Escrow Items means those items that are described in. Section (M) "Miscellaneous Proceeds ":means any compensations settlernent, award of damages, or proceeds paid; by. any third party (other than insurance proceeds paid under the coverages described 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 lieu of condemnation; or (iv) misrepresentations of or omissions as to thel the value and /or tenditiOn.of the Property: (N) "Mortgage Insurance means insurance protecting Lender against the nonpayment of or default on, the Loan. (0) "Periodic Payment;' means the regularly scheduled amount due for(i) principal and interest under the Note, plus u i p any arriounts under Section 3 Of Security Instrument, (P) "RESPA" means the Real Estate Settlement Procedures Act (12 U: S. C, §260, et,seq:) and its implementing regulation, Regulation X (24 C. F: Part 3500), as they might be .amended from time to time or any additional or' successor legislation or regulation that governs. :the :same. subject matter. As_:used in this 1Security Instrunrent; RESPA" refers to all requirements and restrictions that are imposed in regard to.a''fedetallyrelated mortgageloan even if the Loan does <not qualify as a "federally related mortgage loan" under- RESPA: (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 under the Note and/or ;this Security :Instrument: WYOMING—Single Family Fannie Mae /Freddie: Mac UNIFORM INSTRUMENT MERS Form 3051 1/01 Page 2 of 14 Doc/Nag /a Bari i w ww. docmagic cam 00234 TRANSFER OF RIGHTS 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) the performance of Borrower's covenants and :agreements under this Security Instrument and:the :Note. For this purpose, Borrower does hereby mortgage, grantarid'convey to MERS (solely as nominee for Lender and Lender' s. successors and.assigns) and to the successors•and assigns ofMERS, with power of sale; •the following described property located in the COUNTY of Lincoln [Type of Recording Jurisdiction] [Name Of Recording Jurisdiction] BUILDING NO 25, IN THE CEDAR SPRINGS` MEADOWS:, PHASE 1 1.1 CONDOMINIUM, SECOND FILING, AS SHOWN BY THE OFFICIAL PLAT THEREOF FILED ON OCTOBER 31,.2006 AS DOCUMENT NO 923937, MAP 113 -:B IN THE OFFICE OF THE CLERK, LINCOLN, WYOMING A.P.N. 12- 3419- 01 -4 -25- 22.3.01 which currently has the address of 677 Cedar Springs Drive [Street] Thayne Wyoming 83127 Property Address [City] flip Code] TOGETHER WITH all the improvements now or hereafter erected on the property; and all easernents, appurtenances, and fixtures now or hereafter a part of the property. AIl'replacements and additions shall also be covered by this Security Instrument. All of the foregoing is referred to in this Security Instrument: as the "Property." Borrower understands and agrees that MERS.holds only legal title to the interests granted by Borrower in this Security Instrument, but if necessary to' comply with law or custom, MERS (as nominee for Lender and Lender' s:suecessors and assigns) has the right: to exercise any or all of those interests; including.; butnotlimitedto, the right: to foreclose and sell the Property; and to take any action required of Lender including; but not liinited to releasing and canceling this. Security Instrument. BORROWER COVENANTS that Borrower is lawfully seised Of the estate hereby conveyed and has the right to mortgage, grant and convey the Property and that the Property is unencumbered, except for encumbrances of record. Borrower warrants and'will defend generallyth'e title to the Property against alt claims and demands; subject to any encumbrances of record. THiS SECURITY INSTRUMENT combines uniform covenants for national use And non- uniform covenants: w ith: limited variations by jurisdiction to constitute a uniform' security instrument covering real property. UNIFORM COV Borrower: and Lender covenant and agree a follows: 1. Payment of Principal Interest, Escrow Items, PrepaymentCh'arges,,and Late Charges. Borrower shall pay when due the principal of and interest on the'debt evidenced by.th'e Note and any prepayment charges and late charges due under th•Note: Borrower shall also pay funds for Escrow Items pursuant to Section 3: Payments' due under the Note and this Security Instrument shall be made in U.S, currency.. However, if any heek or other instrument received by Lender as payment under :the Note or this` Security Instrument is returned: to Lender. unpaid; Lender may require that any or all subsequent payments due under the Note'and this: Security Instrument be made in one or more of the following forms, as selected by Lender:, (a) cash; (b) money order;:(c) certified check, bank check,. treasurer's check or cashier's check, provided any such check is drawn uponan institution whose deposits are insured by a federal agency, instrumentality, or entity; or (d) Electronic< Funds Transfer. WYOMING: Single Family— Fannie Mae /Freddie Mac UNIFORM INSTRUMENT MERS Form 3051 1/01 Page 3'ef:14 Docfriapla er&rwitz www. docmagic, cem: 00235 Payments are deemed received by Lender when received at the location designated in the Note or at 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 :eutrent Lender May accept any payment or :partial payment insufficient to bring the Loan .current, without waiver of any rights hereunder or prejudice to its rights to refuse such payment 'or partial payments 'in the future; but Lender is not obligated to apply such payments at time such payments are accepted. If each Periodic Pay►nent. is;applied-as of its scheduled due date, then Lender need not. pay` interest on unapplied funds. Lender may hold such unapplied funds until Borrower. makes payment to bring the Loan current; If Borrower does mit de: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 the Note immediately pnor. to foreclosure. No .offset. or claim which: Borrower might have now or w the future against; Lender: shall.' relieve Borrower from making payments due under the Note and this Security Instrument or 'performing the covenants and agreements secured by this Security Instrument. 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 dueunder the Note; (b) principal due ►finder. the Note; (c) amounts due under Section 3: •Such payrrients shall be applied to each. Periodic Payment in the order in which it became due. Any remaining ainounts shall be applied fust:to late charges, second to any other ami due under this Security Instrument, and then m. to reduce the principal balance of the Note. If Lender receives a payinent from: Borrower for a delinquent Periodic Payment which includes a sufficient amount to pay•any late charge due, the payment may be`applied:to the delinquent; payment and the: late: charge: If more than one Periodic Payment is outstanding; Lender may apply any payment re from :Borrower to the repayment of the Periodic Payments if, and to the extent that eaeh.:payinent:Canbettaidiiti full To the extent that any excess exists after the pa is applied to'the full payment of one or more Periodic Payments,. such exce may be applied to anylate charges due: Voluntary. prepayments shall be applied' first.to any prepayment charges and them 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, o► 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 the Note; until the Note is paid in fulki stirs (the "Funds to provide for payment. of amounts due for (a) taxes and assessinents and other items which can attain priority over 'this Security Instrument as :a lien or encumbrance on the Property (b) leasehold payments or ground rents on the Property, ifany;:: (c).premiums for any and all insurance: requii edby Lender under Section 5, 'and (d) Mortgage Insurance premiums if any; Or any sums payable by.: to Lende' in lien of. the payment of Mortgage Insurance premiums in accordance with the provisions of Section 10, Theseitems are called "Escrow Items." At origination or at any time during term of. the Loan, Lender may.require that Community- Association Due's, Fees, and Assessments, ifany, -be escrowed byBorrower, and.such dues, fees and assessinents shall'be an Escrow:Itein. Borrower shall promptly 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 forany or all Escrow Items. Lender May waive Borrower's obligation to pay to Lender Funds for any or all Escrow Items: at any time Any sueh may onlybe in In the event of such `waiver;. Borrower shall pay directly when and where payable, the amounts due for 'any Escrow Items for Whiefr payment of Funds has been.waivedby Lender and if Lender. requires, shall furnish to: Lender receipts evi den cing such paym within such time. :period as Lender may require. Borrower's obligatiert to make such payments and• to provide recei shall for all purposes be deemed: to be a covenant and agreement contained. in this Security lnstrument, as the phrase "covenant and agreement" is used in Section 9: If Borrower is obligated Co pay Escrow Items directly,. pursuant to a waiver, and Borrower fails topay the amount due. for an Escrow Item; Lender may exercise its rights under Section 9 and pay such amount and Borrower: shall theh be obligated under Section 9 to. repay, to Lender any such amount. Lender may revoke the waiver: as`to any Or all Eserow Items at any time.by notice given in accordance with :Seddon 15 and upon such revocation, Borrower shall pay to Lender all Funds, and in such amounts, that are then required under this Section 3: Lender may at anytime, collect and hold Funds in anathount (a)'stiffi:Cient to permit Lender to apply. the Funds at the tinie_specified under RESPA, and.(b) not exceed the maximum amount a lender can requiie 'under RESPA. WYOMING Single .Family Fannie Mae /Freddie. Mae UNIFORM INSTRUMENT.- MERs Fong 3051 1/01 Page 4 of 14 DocMagic WWW: docrriagic com: 00236 Lender shall estimate the amount of Funds due:on the basis of current. data and reasonable estimates of expenditures of future Escrow Items or otherwise in accordance with Applicable Law: The Funds shall be held in an institution whose deposits are :insured by a federal agency, instiumentality, or entity (including Lender, if Lender is an institution whose deposits are so insured) or in any Federal `Home Loan Bank: Lender shall apply the :Funds 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. Lenderipays Borrower interest on the Funds and Applicable Law permits Lender to make, such a charge. Unless an agreement is`niade in writing or Applicable Law requires interest to be paid on the Funds, Lender shall not be required to pay Borrower any interest or earnings on the Funds: Borrower and Lender can agree in writing however, that interest shall be paid on the Funds. Lender shall give to Borrower without `charge an annual accounting of the Funds as requiredby 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 shortage:of Funds held in•escrow;'as defined RESPA, Lender shall notify. Borrower as required by :RESPA, and Borrower shall pay to Lender the aiiiount:necessary to Make up the shortage in accordance with RESPA, but in no 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 the deficieney in accordance with RESPA but in no more than 12 monthly payments. Upon payment in full of all sums secured by this Security' Instrument,: Lender'shall promptly refund to Borrower any Funds held by.Lender,. 4. Charges; Liens: Borrower shall payall taxes, assesstneiits charges, fines', and impositions attributable to the Property which can attain priority over this Security Insh'uiient, leasehold payments 'or ground rents on the Property, if any and Community Association Dues, Fees and Assessments, if any To the extentthat these items are Escrow Items, Borrower shall pay there in the manner provided in Section 3. Borrower shall promptly discharge any hen which has priority over this Security Instrument unless Borrower: (a) agrees in writing to the.paynient of the,obligation secured by the Tien i'n: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 proceedings which in Lender's opinion operate to prevent the enforcement of the lien while those proceedings are pending but Only until such' proceedings are concluded; or :(c) :seeures from the holder of the lien: an agreement satisfactory. to Lender subordinating; the lien to this Security Instrument. If Lender determines' that any part,of the Property is subject to a lien which eamattain priority over this Security Instrument, Lender may give Borrower a notice identifying the lien: 'Within '10 days: of the date on which that notice is.given,. Borrower shall satisfy the hen 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 tnsurance. Borrower shall keep the improvements now existing, or hereafter erected on the Property against loss by fire, hazards.' included within the term :extended coverage;" and. any other hazards including; but not limited to earthquakes and floods, for which Lender requires insurance. This insurance: shall be maintained in the `amounts (including deductible levels) and for the periods that Lender requires. What Lender requires pursuant to the preceding sentences canchange during the term of the Loan; The'insurance carrier providing the insurance shall be chosen by Borrower subjecttoLender' s right to disapprove Borrower's choice which right shall not be exercised unreasonably. Lender may require :Borrower to pay; in connection with this Loan, either: (a) a one- nine charge for flood zone determination; certification and tracking services; or: (b) one -time charge for flood zone determination and certification .services and subsequent charges each time rernappings,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 ManagementAgencyin connection with the review of any flood zone determination resulting from 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 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 the Property, or the contents of the Property, againstany risk, hazardor liability and might provide greater WYOMING SingIe Family Fannie Mae /Freddie Mac. UNIFORM INSTRUMENT MERS Form 3051 1/01 Page 5'of 14 DoOlegle elFarnintO w wiv:docmagic. com 00237 or. :lesser coverage than was previously in effect. Borrower acknowledges that the cost of the insurance coverage so obtained might significantly exceed the: cost ofinsurance that Borrower could have obtained: Any amounts.disbursed by Lender under, this Section 5 shall become' additional debt of Borrower secured by this Security These amounts shall, bear interest at the Note rate from the date of disbursement and shall be payable, with such interest upon notice from Lender to Borrower requesting; payment All insurance po licies required by Lender and renewals of such policies: shall be. subject to: Lender' s right:to: disapprove such policies; shall include a standard mortgage clause and Sbal l name Lender as mortgagee and/or as an additional loss payee: Lender shall have the right to hold the policies and renewal certificates. if Lender requires Borrower shall promptly; give to Lender all receipts of paid premiums and renewal notices. If Borrower obtains any form of insurance coverage; not otherwise required. by Lender, for darriage.to, or destruction of the Property such policy Shall include a standard mortgage clause and shall: name Lender ::as mortgagee and /or as an additional loss. payee. In the event of loss, Borrower shall give prompt notice to the: insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower; Unless Lender arid Borrower otherwise agree in writing any insurance proceeds, whether or: not the underlying. insurance was required by. Lender, shall be applied to restoration or repair of the, Pi•operty if the restoration or repair is economically feasible and: Lender's security is not lessened. During such repair and restoration period Lender shall have the right to hold such insurance proceeds until Lender has had an opportunity to inspect such Property to ensure the work has been completed to Lender's satisfaction; provided that such inspection' shall be undertaken promptly. Lender may disburse proceeds •for'the repairs -and. restoration in -a single: payment or 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 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 economically feasible or Lender's security would be aessened, the insurance proceeds. shall be applied' to the sums 'secured by this Security Instrument whether or not then due, with the excess, if any paid' to Borrower: Such insurance proceeds shall be applied in the order: provided for in Section 2: If Borrower :abandons the.'Property, Lender.•may file, negotiate and•'settle` any available'insurance.claimand related matters. If Borrower does not respond within 30 days to a notice from Lender that'the insurance carrier has' offered to settle a claim then;Lender.may negotiate and settle the;.claim. The 30 -day period will begin when the notice is given. In either event, or if Lender acquires the Property under Section 22 or otherwise Borrower hereby. assigns to Lender (a) Bor.rower's rights to any insurance proceeds'in an `amount not to exceed the amounts unpaid under the Note or this Security :Instrument, and (b) any other of Borrower's rights: (other than the right to any refund of unearned premiums paid by Borrower) under all insurance policies covering the Property insofar as such.rights are applicable to:the coverage the Property. Lender may use the insurance proceeds either to repair or restore the Property or to pay. amounts unpaid under the Note or this Security: Instrument whether or not then diie. 6: Occup Borrower shall occupy establish and use-the Property as :Borrowers principal residence within 60 days after the execution of this Security yIn'strument 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 :agrees in writing; which consent Mall Wit' be unreasonably withheld or unless extenuating circumstances exist which are beyond Borrower's control, 7: Preserv Maintenan and Protection of the Property; Inspection Borrower shalln.otdestroy, damage or impair the Property, allow the'Proper y to deteriorate or coniirrit:waste on the Property. Whether or not Borrower is residing in the Property, Borrower shall maintain. the Property in order to prevent the Property from deteriorating or decreasing in value due to its condition. Unless it is determined pursuant to Section .5 that repair or restoration is not economically feasible Borrower shall promptly repair the Property if damaged to avoid further deterioration or damage. If insurance or condemnation proceeds ai`epaid in_connection withdamage to, or the taking of the Property,. Borrower shall be responsible for repairing or restoring.;the Property only if Lender hasreleased 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 the Property,; Borrower.' is not relieved of Borrow er's obligation for the completion. of such repair or restoration. W YOMING Single: Family =Fannie Mae /Freddie' Mac. UNIFORM •INSTRUMENT MERS Form 3051 1/0'1 ,Page 6. of 14 DocM9agiC.ei g trimn w'w w.docmagic. com 00238 Lender or its agent may make reasonable entries upon and inspections of the Property. If it has reasonable cause, Lender may inspect the interior ofthe improvements on the Property. 'Lender shall give Borrower notice at the tine of or prior to such an interior inspection specifying such reasonable cause. 8: Borrower's Loan. Application Borrower shall be in default if during the Loan application proeess, Borrower or any persons or entities acting at the direction of Borrower or with Borrower's knowledge or consent gave materially false; 'misleading, or inaccurate information or statements to Lender (or failed CO :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' principal residence: 9. Protection of Lender's Interest in the Property and Rights Under this Security Instrument. If (a) Borrower fails to perform the covenants: and agreements contained in this Security Instrument (b) there is a legal proceeding that might significantly affect Lender's interest in the.Property and/or rights under this Security Instrument (such as a proceeding in bankruptcy, 'probate, for condemnation or forfeiture, for enforcement of a lien which may attain. priority over this Security Instrument or to:enforce.laws or regulations), or (c) Borrower has abandoned the Property; then Lender may do and pay for whatever is reasonable or appropriate to protect Lender's interest in the Property and rights under this Securitylnstrument, including protecting and /or assessing the value of the Property, and securing and/or repairing the Property. Lender's actions caninclude but are not limited to (a) paying any sums secured by a lien which has priority over this Security Instrument; (b) appearing in court and (c) paying reasonable attorneys' fees to'protect its interest in the Property and/or rights under this Security Instrument, including its secured position in a bankruptcy. proceeding. Securing.: the Property includes, but is not limited to entering the Property to make repairs, change locks, replace or board up 'doors and windows, drain water from pipes, eliminate building or other code violations or dangerous >conditions, and have utilities turned 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 this Section 9 shall become additional debt of Borrower secured by this Security Instrument These amounts shall: bear interest at the Note rate front the date of disbursement and shall.` be payable, with such interest, upon notice from Lender to Borrower requesting payment: If this Security instrument is on a leasehold Borrower shall comply with all the provisions of the lease. Borrower shall not surrender the leasehold estate and interests herein conveyed or terminate cancel the ground lease. Borrower shall not without the express written consent of Lender; alter or amend the ground lease. If. Borrower acquires fee title to the Property, the leasehold: and the title shall not merge unless Lender agrees to:the: merger in writing. 10: Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan, Borrower shalt 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 from the mortgage insurer that previouslyprovided'such insurance and Borrower was required to make separately designated payments toward the premiums for Mortgage Insivance; Borrower shall` pay the premiums required to obtain coverage substantially equivalent to the Mortgage: Insurance previously in effect at a cost substantially equivalent to the cost to Borrower: of the Mortgage insurance previously in effect, from an alternate mortgage: insurer selected 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 retainthese payments as a non refundable loss reserve in lieu of Mortgage insurance. Such loss reserveshall be non refundable, notwithstanding the factthat the Loan is ultimatelypaid in full, and Lender shalt not be required to pay Borrower any interest or earnings on such loss reserve, Lender can no longer require loss reserve payments if Mortgage Insurance coverage (in the amount and for the period that Lender requires) provided by an insurer selectedby Lender again becomes available, is obtained, and Lender requires separately designated payments toward the premiums for Mortgage Insurance. If Lender. required Mortgage Insurance as a condition of'making the Loan and :Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance Borrower shall pay the premiums required to niamtainMortgage Insurance in effect, or to provide a non refundable. loss reserve, until Lender' &requirement for Mortgage. .Insurance ends in accordance with any written agreement between Borrower. and Lender providing for such terinination or until termination is required byApplicable Law, Nothing in this Section 10 affects Borrower's obligation to pay interest at the rate provided in the Note. WYOMING--Single Family---Fannie Mae /Freddie Mac UNIFORM INSTRUMENT MERS Form 3051 1/01 Page 7 of 14 DocMag/c Moinfifigs w ww. docmagic. co171 00239 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 not a party to the Mortgage Insurance. Mortgage insurers evaluate their total risk on all such insurance in force from time to tirne, and may enter into agreeients 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 may require the mortgage insurer to make payments using anysource.of funds that the`mortgage insurer may have available (which may include funds :obtained from Mortgage Insurance premiums). As a result of these agreements, Lender, any purchaser of the Note, another insurer, any.reinsurer, any other entity, or any affiliate of any of the foregoing, may receive (directly or indirectly) amounts that derive from (or might be characterized as) a portion of Borrower "s payments for Mortgage.Insurance, in exchange for sharing' or modifying the mortgage insurers risk, or reducing losses. If such 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. 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 tints entitle Borrower to any refund (b) Any such agreements will not affect the rights Borrower has if any with respect. to the.Mortgage Insurance under. the Homeowners Protection Act of 1998 or any other law. These rights may:include the right to receive certain disclosures; to request and obtain cancellation of the Mortgage Insurance, to :have the Mortgage Insurance terminated automatically, and /or to receive a refund of anYf 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. If the Property is •damaged, suchMiscellaneousProceeds shall;be applied to restoration or repair of the Property;: if the restoration or repair is economically feasible and Lender's security. is. not lessened. During such repair and restoration period Lender shall have the right to hold Such Miscellaneous Proceeds,. until Lender has had an opportunity to inspect such Property to ensure co re the'Work has been completed to Lender's satisfaction;, provided that such inspection shall be undertaken promptly. Lender maypay 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 writing or:.Applicable Law requires interest to be paid:on: such Miscellaneous Proceeds, Lender shall not be required to pay Borrower any interest or earnings on such Miscellaneous' Proceeds. If the restoration or repair is not economically' feasible or Lender' ssecurity would: be lessened, the Miscellaneous Proceeds shall be aPplied to the sums.securedby this Security instrument, whether or not thendue, with the excess, if any, paid to Borrower. Such Miscellaneous Proceeds shall be applied in the order provided for in Section 2, In the event of a total taking; destruction, or loss in value of the Property,: the Miscellaneous Proceeds'shall be applied to' the sums secured by this Security Instrument, whether or not then due,, with the 'excess, if any paid to Borrower. In the eventof a partial taking destruction or loss in value of the Property in which the fair market value of the Property immediately before the partial taking, destruction, or loss in value is equal to or greater than the amount of the sums secured by this Security.lnstrument iritmediately beforethe partial taking, destruction, or Ions in value; unless Borrower and Lender otherwise agree w writing; the sums secured by Secui tyInstrumentshall be reduced •by the amount of the Miscellaneous Proceeds multiplied by the foll fraction (a) the total amount of the stuns secured imincdiately before the:partial:taking, destruction„ or loss in value; divided by(l) the fair: market value of the Property immediately before the partial taking, destruction; or loss in value. Any balance shall be paid to; Borrower. In the event of a partial taking, destruction; or loss in value of the Property in which the fair: market: value of the. Property .iirimediately before the partial taking, •destruction, or loss in,value is less than the amount of the sums secured ininiediately .before the partial; taking, destruction, -or loss to value, :unless Borrower and Lender otherwise agree in writing; the Miscellaneous Proceeds shall be applied to•the surds secured by this Security. Instrument whether or not the sums' are then due. If the Property is abandoned. by Borrower; or if after notice by Borrower that the Qpposing.Party (as defined in the next sentence) offers to snake an award to settle a:claim for'damages, Borrower fails to respond to. WYOMING- =Single Family— Fannie Mae /Freddie Mac UNIFORM INSTRUMENT MERS Form 3051 1101: Page 8 of 14 DocMagdcCR017010 w w w. docmagic. co171 00240 Lender within 30 days: afterthe date the notice is given, Lender is: 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 then due: "Opposing Party" means the third party that owes Borrower Miscellaneous Proceeds or the party against Whim) Borrower hasa right of action in regard, to. Miscellaneou 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 impairinentof Lender's interest in the :Property or rights under this Security. Instrurrient:.Borrower can cure such a.default 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 judgment, 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. claim for•dartiages that are attributable to the impairment of Lender':s interest in the Property are hereby assigned and shall be paid to Lender, All Miscellaneous. Proceeds that are not applied to restoration or repair of the 'Property shall. be applied in the order provided for in Section 2. 12. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the'time for° payment or modification of amortization of the sums secured by this: SecurityInstruinent granted by Lender to Borrower or any Successor in Interest of BottoWer shall not operate to release the lability of Borrower or any Successors in Interest of Borrower: Lender shall not be required to commence proceedings against any:Successor in Interest of Borrower or to refuse to extend. trine for payment or otherwise modify amortization of the suns :secured by this :Security Instrument by reason of any'deniand made by the: original Borrower or any Successors in Interest of Borrower.. Any forbearance by Lender in exercising any right or remedy. including; without, limitation, Lender's acceptance of payments from third persons; entities or Successors in Interest of Borrower or: in amotints than the amount then •due, shall not be a waiver of or preclude the of any right or re'medy:: 13.. Joint and Several Liability; Co- signers; Successors and Assigns: Bound. Borr ower covenants and agrees that Borrower' s obligations:and liability shall be joint and several: However anyBorrowerwho co signs this Security Instrument but does not execute the Note(a "eo signer"): (a) is co= signmg•this Security Instrument only to mortgage, grant and convey the do s interest in the Property under the terms of this Security Instrument; (b) is not personally obligated to pay the sums secured by this Security lnstrument; .and .(c) :agrees that Lender and any other Borrower can agree to extend, modify; forbear or make any accommodations with regard to the terrns of this Instrument or the Note without the co- signer's consent: Subject` to the provisions of Section 18 any Successor in Interest of Borrower who assumes Borrower's obligations under this Security Instrument in writing, and is approved by Lender shall all iof Borrower's rights; and benefits under this Security Instrunient. shall not be released :from Borrower's obligations and liability under this Security Instrument unless Lender agrees to such release :in writing. The covenants and agreenients.of this Security Instrument shall bind (oxcept as provided in Section 20) and benefit the' successors, and assigns of Lender.. 14,1 Loan Charges. Lender may charge Borrower fees for services performed. in connection. with Borrower's default, for the purpose of protecting Lender' interest in the Property and rights under this Seeurity..Instrument, including; but not limited to attorneys' fees, property inspection and valuation fees. In regard to. any other fees; the absence of express authority in this Security Instrumentto charge a specific fee. to 'Borrower Shall 'not. be construed as a prohibition on the charging of such fee: Lender May y not chargefees that are expressly prohibited, by this Security Instrument•or by Applicable. Law. If the Loan is subject to a law which sets maximum loan charges, and that law is finally interpreted so that the interest or other loan charges collected or to be collected :in connection with the'.Loan. exceed the permitted:Iiniits; then: (a)' any' loan charge shall be reduced by the amount necessary to.reduce the charge: to the permittedr and (b) any sums already collected froth Borrower which eXceededi will be refunded to Borrower. Lender may choose to make this refund by reducing the principal owed under the Note or by making a direct< payment to Borrower: If refund reduces principal, the reduction will he treated as a partial., prepayment without any prepaymment e.h.arge (whether or not a prepayment Charge is provided for u.ider.the Borrower's acceptance of any such refund made by direct paymentto Borrower will constitute :a waiver of any right of a might have arising out of such overcharge: 15. Notices. All notices given by Borrower or Lender in connection with Security Instrinnent, must be in writing. Any notice to Borrower in connection with this Security Instrument shall be deeniedto have been.given to WYOMING Single Family— Fannie Mae /Freddie. Mac UNIFORM INSTRUMENT MERS Form 3051 1/01 Page ;9 of 14 DocMagi/c 11Porihnio w wW. docmagic. coin 00241 Borrower when mailed by first class mail or when actually delivered to Borrower's notice address if sent by other means. Notice to any one BorroWer shall constitute notice to all Borrowers Unless Applicable. Law expressly requires otherwise. The notice .address shall be the Property Address unless Borrower has: designated a substitute notice address by notice to Lender. Borrower shalt promptly notify Lender of Borrower' s change of address. If. Lender specifies aprocedure for reporting Borrower's change of address;: then Borrowershall only report a change of address through that specified procedure: There may be only one designated notice address under this Security Instrument at any one time. Any notice to Lender shall be given by delivering it or by mailing it. by first mail to Lender',s •address:stated herein unless Lender has designated another. address by notioe to Borrower: Any notice in connection with this Security instrument shall not-be deemed to have been given to Lender 'until. actually 'received by Lender. If any notice required by this Security, Instrument. is also required. under Applicable Law the Applicable Law requirement will satisfy the corresponding requirement under this Se 16 Governing Severability; Rules of Construction. This Security lnstrument shall be governed by federal.laviw and the law of the jurisdiction iq which the Property is.located: •All. rights` and obligations contained in this Security Instrument are subject to any requirements and limitations of Applicable Law, Applicable'Law might explicitly or implicitly allow the parties to agree by contract of it mightbe silent bu such silence shall not be construed as a prohibition against agreement by contract. in the eventthat,any provision or clause of this Security Instrument Or 'the Norte conflicts with Applicable' Law such conflict shall not affect other provisions of this Security lnstrumenl or the Note which can'be given effect without the: conflicting; provis As used. in this Security Instrument: (a)_words of the masculine gender: mean and include corresponding neuter words or words of the feminine gender; (b) words in the singular shall mean and include the' plural' and vice versa; and (c) "may." gives sole` discretion without any obligation. to take any action. 17. Borrower's Copy. Borrower shall be given one copy of the Note and of this Security, lnstrument: 18. Transfer of the Property or a Beneficial Interest in Borrower: As used in this Seetion'18, ''Int'erest in .the: Property" :means any legal ;or beneficial interest in the Property, including but not limited ITO, :those beneficial interests transferred in a bond for deed contract for deed, installment sales contractor escrow agreement; the intent of which is the transfer of title by Borrower at a: future•date to a purchaser: If all or any part of the Property or any Interest in the Property is sold or` transferred (Or if Borrower is not a' natural person' and a. beneficial int'erest:in Borrower is sold or transferred) without Lender' s prior written consent, Lender may require immediate. payment infull'ofall sums: secured by this Secur instrument: However, this option shali:not, be•exercised by Lender if such exercise is prohibited by Applicable Law. If Lender exercises this "option; Lender shall give Borrower notice of acceleration: The notice:shall provide a• period of not less. than 0'days; from the date the notice is given in accordancewith Section 15 within :Which Borrower must pay all sums'secured'by this; Security Instrument: If BOrrOWer failn to guy 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 Rehistgtel Acceleration; IfBorrower mcets•certain conditions,. Borrower shall have the right to:have enforcement of this SecurityInstrum'ent discontinued at any time prior to the earliest of (a) five days before sale of the Property pursuant to any power of sale :contain in this Security. Instrument; (b) such other period: as Applicable Law might ••specify for the_terinination of Borrower's right to reinstate; or (c).entry of.a judgment enforcing this Security Instrument. Those conditions are that Borrowers (a) pays Lender all slims which then would be due under this, Security lastrumentanct the Note as no acceleration had occui red, (b) cures any default. of anyother covenants or agreements; (c) pays all expenses incurred in enforcing. this Security Instrument .irieluding 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 tinder this Security Instrument, and Borrower's obligation to pay the sums secured by this Secur ityln s trmnent shall continue unchanged: Lender niay require that Borrower pay such reinstatement sums and expenses in one or inoreof the following forrns,. as selected by Lender: (a) cash:(b.) (c) certified check :bank check 'treasurer' s check be cashier "s check, provided any such check is •drawn upon an institution whose deposits are insured by, a federal agency;.; instrume. ntality or entity; or(d) Electronic Funds .Transfer. Upon'reinstaternent by Borrower; this Securiy Instrument and obligations WYOMING-- Single Family Fannie Mae /Freddie Mac UNIFORM INSTRUMENT MERS: Form 3051, 1/01 Page 10 of 14 DocMaglc'iEgrai t www.doanagic.com 00242 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; Notiee of Grievance: The Note or a. partial in the Note (together with 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 Servicer") that collects Periodic Payments due under the Note and this Security Instrument and performs other mortgage loan servicing obligations under the Note, this Security instrument, and Applicable Law. There also might be one or more changes of the. Loan Servicer unrelated to asale 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 iii connection with a notice'of transfer of servicing: If the Note is sold and thereafter the Loan is serviced by a Loan Servicer other than the purchaser of the Note, the mortgage loan servicing obligations to Borrower will remain with the Loan Servicer or be.transferred to a successor Loan Servicer and are not assumed by the Note purchaser Unless otherwise: provided. by the Note purchaser: Neither Borrower not Lender may :commence, join, :or be joined lo: any judicial action (as'either an individual litigant <or the inenriber of a class) that arises from the other party's actions pursuant to this Security. Instrument or that alleges that the other party has breached any provision of or any duty owed by reason of, this Security Instrument, until such Borrower or Lender has notified the other party: (with such notice, given. in compliance with the regUlrementS; of Section 15) of such :alleged breath and afforded the other party hereto°a reasonable period after: the giving of such notice to 'take corrective action. If Applicable Law provides a time period which must elapse,be fore. certain action can be taken :that time period will be :deemed to be reasonable for purposes of this paragraph. The notice of acceleration and opportunity to cure given to Borrower pursuant to Section 22 and the notice: of acceleration given to Borrower pursuant to Section 18 shall be deemed to satisfy the notice and',opportunity to take corrective action provisions of' this Section 20. 21: Hazardous Substances. As used in this Section 21: (a)-. "Hazardous Substances" are those substances defined as toxic or hazardous substances, pollutants, or wastes by Environmental Law and the following substances: gasoline, kerosene, other flamiriable or toxic petroleum products, toxic pesticides and herbicides; volatile solvents; materials containing asbestos or fotnialdehyde and radioactive rnaterials, "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 Environmental Law; and (d): an "Environmental' Condition." means a condition that can cause; contribute to or otherwise trigger an EnvironrrientalCleanup. Borrower shall not cause or permit the presence, use disposal; storage;, or release of any Hazardous Substances;. or threaten to release any Hazardous Substances, on or in the Property.1 Borrower shall not do, nor' allow anyone else to do, anything affecting the Property (a) that is in violation of any Environmental Law, (b) which creates an Environmental Condition, or (c) which, due to -the presence, use or release of Hazardous: Substance; creates a condition that adversely affects the value of the Property. The preceding two sentences shall not apply to the presence; use, or storage on the. Property of 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 consu ner products). Borrower: shall promptly give Lender written notice of (a) any investigation, claim 'demand, lawsuit or other action by any governmental or regulatory agency or:private party involving the Property and any Hazardous Substance or Environmental Law ofwhichBorrower has actual knowledge (b) any Environmental Condition, "including but not limited to any spilling, leaking, discharge release or threat of release of any Hazardous Substance, and (c) any condition caused'by the presence; use or release of a Hazardous Substance` which' adversely affects the value of the Property. If Borrower learns or is notified by any governmental: or regulatory authority. or any private party that any removal or other rernediationof any Hazardous Substance affecting the Property. necessary, Boiiower.shall protnptlytake all necessary remedial actions in accordance with Environmental Law: Nothing herein create any obligation on Lender for an Environmental Cleanup: WYOMING Family Fannie Mae /Freddie Mac. UNIFORM INSTRUMENT MERS Form '3051 1/01 Page 1 1 of 14 DocMagle eNvilm s w ww. docm egic, corn 00243 NON UNI FORM COVENANTS. Borrower 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 (hut 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 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 different, 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 prescribe'd: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 entitleo to it 23. Release: Upon: payment of all sums secured by this Security Instrument,. Lender shall release this Security Instrument. Borrower shall pay any recordation costs. Lender may charge Borrower a fee for releasing this Security Instrument, but only if the fee is paid to a third party for services rendered and the charging of the -fee is permitted under. Applicable Law. 24: Waivers.. Borrower releases and waives all rights under and by virtue of the homestead exemption laws of Wyoming. WYOMING= Single Family— Fannie Mae /Freddie Mac UNIFORM INSTRUMENT MERS Form 3051 1/01 Page 12 of 14 DocMegl si `Yi eir a iai www doc magic 00244 BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this Security. Instrument and in any Rider executed by Borrower and recorded with it. d 6 lJ (Seal) Michael Raymond Briscoe Borrower Borrower (Seal) (Seal) Borrower -Borrower (Seal) (Seal) Borrower -Borrower Witness: Witness: WYOMING Single Family— Fannie Mae /Freddie Mac UNIFORM INSTRUMENT MERS Form 3051 1/01 Page 13 of 14 llocllgag/c el s wWW cloCmagic, COm 00245 State of wyettlifet- ore County of 471- ftC'e r l -11 --T This instrument was acknowledged before me on by Micha.el Raymond Briscoe OFFICIAL. SEAL JAN A ROSSKNECHT NOTARY PUBLIC OREGON COMMISSION NO 459776 h9Y COMMiSWONExPifiEs JULY 041, 201 (Seal) [Space Below This Line For Acknowledgment] flrcfri j5 14.) /7 Signature olnotarial officer WYOMING Family—Fannie Mae/Freddie Mac UNIFORM INSTRUMENT MERS Form 8051 Mt Page 14 Of 1.4 Title (and: Rank) My commission expires: DocpragiC iNww, docrriagit. com 00246 Loan Number; JAX2040 CONDOMINiUM RIDER THIS CONDOMINIUM RIDER is made this 13 th day of MARCH, a0 1 and is incorporated into and shall be deemed to amend and supplement the Mortgage,. Deed of Ti ust, or Security Deed (the "Security Instrument of the sarne:date given by the undersigned (the "Borrower to secure Borrower's NOW to Universal American Mortgage Company of California, A CALIFORNIA CORPORATION. (the "Lender ofthe same date and covering the Property described in the Security Instrument and located at: 677 Cedar Springs Drive, Thayne, Wyoming 8312.7 [Property Address] The Property includes a wait in, together with an undivided interest in the coriin on elements of, a condominium project known as: [Name of Condominium Project] (the "Condoinininm Project If the owners associati'on`or other entity which acts for the.Condominiunl Project (the "Owners Association holds title to property for the benefit or use of its members or shareholders, the:.Property also includes Borrower' s` interest in the Owners Association and the uses, proceeds and benefits of Borrower's interest. CONDOMINIUM COVENANTS. In addition to the covenants and agreements made in the Security Instrument, Borrower and Lender further covenant and agree as follows: A. Condominium. Obligations. Borrower shall perform all of Borrower'sobligations under Condominium Project's Constituent The "Constituent Documents" are the (i):Declaration or any other document which creates the Condominium Project; (ii) by -laws; (iii) code of regulati'ons;. and (iv) other equivalent documents Borrower shall promptly pay, when due all dues and assessments imposed pursuant to the Constituent Documents. B. Property Insurance. So iong as the Owners Association m.arntains, with' a generally accepted insurance carrier, a. "mastei" "or "blanket" policy on the Condominium Pr.ojectwhich is satisfactory to Lender and which provides insurance coverage in the- amounts •(including deductible.:Ievels) for the periods, and against loss by fire, hazards included withinth'e term "extended coverage;' and any other hazards including; but not limited to,. earthquakes and floods, from which Lender requires insurance; then' (i) Lender' waives. the provision 'in Section 3 for the. Periodic Payment to Lender of the yearly premium installments for property insurance on the Property; and (ii) Borrower's obligation' Under Section_ 5 to maintain property insurance coverage on the •Property is deemed satisfied to the extent that the required coverage is provided by the Owners Association: policy: What Lender requires as a condition of this waiver can change during the term ofthe loan.. MULTISTATE C:ONDOMiNIUM RIDER. Fannie Mae /Freddie Mac UNIFORM INSTRUMENT Form 3140 1/01 Page 1 of 3 DocM gic w ww. docmagic. coin 0 Borrower shall give Lender prompt notice of any lapse in required property insurance coverage provided by the master or blanket policy. in the event of a distribution of property insurance proceeds in lieu of restoration or repair following a loss to the Property, whether to the unit or to common elements, any proceeds payable to Borrower are hereby assigned and shall:be paid to Lender for application to the sums secured by the Security Instrument, whether or not then due, with the excess, if any,: paid to Borrower. C. Public Liability Insurance. Borrower shall take such actions as maybe reasonable to insure that the Owners Association` maintains a public liability insurance policy acceptable in form amount,.. and extent of coverage to Lender. D: Condemnation: The proceeds of any award or claim for damages, :direct or consequential, payable to Borrower in connection with any condemnation or other taking of all or any part of the Property, whether of the unit or of the common elements, or for any conveyance in. lieu of condemnation; are hereby assigned and shall be paid to Lender: Such proceeds shall be applied by Lender to the suns scoured by the Security Instrument as provided in Section 11. E Lender's Prior Consent. Borrower shall not except after notice to Lender and with Lender's. prior written consent, either partition or Subdivide the Property' or consent to (i) :the abandonment: or termination of the Condominium Project, except for abandonment or termination required by tawan.the case of substantial destruction by fire: or other casualty or in the case of a taking by condenmation or eminent domain; (ii) any amendment to any provision of the Constituent Documents lithe provision is for the express benefit of Lender (ill) termination of professional management and assumption of self management of the Owners Association; or (iv) any action which would have the effect of rendering the public liability insurance coverage maintained by the Owners Association unacceptable to Lender. F. Remedies. If Borrower does :net pay condominium dues and assessments when due then Lender may pay then. Any 'aniounts disbursed by Lender under this paragraph F.' become additional debt Borrower secured by the'Security Instrument, Unless Borrower and Lender agree to other terms of payment, these amounts shall bear interest from the date of disbursement at: the Note rate and shall be payable, with interest, upon notice from Lender to Borrower requesting paythent: MULTISTATE CONDOMINIUM RIDER Fannie Mae /Freddie Mac UNIFORM INSTRUMENT Form 3140' 1/01 Page 2 of 3 DocMagic Q virce www.docmagic. corn 00248 BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this Condorniniurn Rider. (Seal) Michael Raymond Borrower -Borrower Briscoe (Seal) -Borrower (Seal) Seal -Borrower Borrower MULTISTATE CONDOMINIUM. RIDER Fannie Mae /Freddie Mac UNIFORM INSTRUMENT Form 3140 1/01 Page 3 of 3 DocMaglc www:docmagic,' 00249 Loan Number: JAX2040 SECOND. HOM E RIDER THIS SECOND HOME RIDER is made this 13th day of MARCH 2012 and: is incorporated into .and shall be deemed to amend and supplement the Mortgage, Deed of Trust, or Security Deed (the "Security Instrumen0 of the same, date given by the undersigned (the "Borrower," whether there are one or more persons undersigned) to secure Borrower' s Note to Universal American Mortgage Company of California; A CALIFORNLA CORPORATION (the "Lender of the same date and covering the Property described in the Security Instrument (the "Property which is located at: 677 Cedar Springs Drive, Thayne, Wyoming 83127 [Property Address] In addition to the covenants and agreements made in the Security Instrument, Borrower and Lender further covenant and agree that Sections 6 and 8 of the Security Instrument are deleted and are replaced by the following: 6. Occupancy. Borrower: shall occupy, and shall only use, the Property as Borrower's second home. Borrower shall keep the Property available for Borrower's exclusive use and enjoyment at all times, and shall not subject the Property to any timesharing or other shared ownership arrangement or to any rental pool or agreement that requires Borrower either to rent the Property or give a management firm or any other person any control over the occupancy or use Of the Property. 8. Borrower's Loan Application. Borrower shall be in default if, during the Loan application process, Borrower or anypersons or entities acting at the direction of Borrower or with Borrower's knowledge or consent gave materially false, misleading, or inaccurate information or statements to Lender (or faded 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 second home. MULTISTATE SECOND: HOME RIDER Single Family Fannie Mae /Freddie Mac UNIFORM INSTRUMENT Form 3890 1/01 Pagel of 2 DocMaglc serrIrDil www. dot* agic com 00250 BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this Second Home Rider. Michael Raymond Borrower Borrower Briscoe (Seal) (Seal). -Borrower -Borrower (Seal) (Seal) -Borrower Borrower MULTISTATESECOND HOME RIDER Single Family Fannie. Mae /Freddie Mac UNIFORM INSTRUMENT Forrn 3890 1/01 Page 2 of 2 DociffagiceanNS w WW. docmayic.corn 00251