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HomeMy WebLinkAbout965576152721 Alliance Title Escrow PO Box 1367 Kernr 1PrPt \N`' 83101 Recording Requested By Return To: Chicago Title ServiceLink Divisi' 4000 Industrial Blvd Aliquippa, PA 15001 135R-1-40 Itepared By: TECiDORD )Spice Above This Lim For Recording natal MORTGAGE RECEIVED 7/16/2012 at 4:19 PM RECEIVING 965576 BOOK: 789 PAGE: 541 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY 00023539205300011 11) B) MIN 1000205-0001'40005-3 DEFINITIONS Words used in multiple sections of this document are defined below and other words are defined in Sections 3, 11, i3. 11, 20 and 21. Certain ntles regarding the usage of words used in this document are also provided in Section 16. (A) "Security fnstram ant" means this document, which is dated AUGUST 10 201.1 together with all Riders to this document, (13) "Borrower" is THOMAS STAMME Y TRUSTEE OF THE THOMA., OTAMMEL_'.. ,.,i 1 3(1), TRL1 ^T DATED MAY S. 2007 Borrower is the mortgagor under this Security Instrument. (C) "VEILS" is Mortgage Electronic. Registration Systems, Inc. MARS is a separate corporation that is acting solely as a nominee for Lender and Lender's successors and assigns. :VIERS is the mortgagee under tkis Security Instrument. MERS is organized and existing under the laws of Delaware, and has an address and telephone number ofPG. it 2026, Flint, NU 48501-2026, tel. (O1IR 679•NIERS. (0) "Lender" is BANK O.. y AMERICA WA. Lender isa NAT 1CNA i, A100 ATl ON organized and existing under the laws of THE 811.126.E. STATES Lenders address is :South, Tryon Erre:et, Chor_ot te, NC 2820_ (E) "Note" means the promissory core signed by Borrower and dated AUGUST 16, 2 0 1 The Note states that Borrower owes lender ONE 1410101)00 ':EN T'HOr7L' lL) and 00/100 Dollars (U.S. 5 110, 000.00 1 plus interest. Borrower has promised to pay this debt in regular Periodic Payments and to pay the debt in fill not later than SEPTEMBER 01 3 041 (F) "Property" means the property that is described below ruder the heading "Transfer of Rights in the Property." (G) "Lan" means One debt evidenced by the Note, pits interest, any prepayment charges and late charges due under the Note, and all sums due under dais Security Instrument, plus interest. (II) "Riders" means all Riders to this Security Instrument that are executed by Borrower. 71ie !Mowing Riders are to be executed by Borrowre )cheek box as applicable): Adjustable Rate Rides' Balloon Rider VA Rider 0 Condominium Rider Planned Unit Development Rider Biweekly payment Rider WYOMING -S' 0(0 Famtty .Fannie Mae/Freddie Mao UNIFORM INSTRUMENT (NIERS) MEW', t.Matgoje' 1Y X1406 WY (00 00)(110) Page 1 of 1 Second .Home Rider 1 Family Rider tithe (s) )specify) ij( [iJl HI L1JI Ii 23 892 054 0 2 6.4 Form 30511101 0054 1 EKE: II) 0: 00 155E920530E011 (I) "Applicable law" nears all controlling applicable federal, state and local statutes, cgulations, ordinances and administrative mles and orders (that have the effect of law) as well as all applicable final, non- appealable judicial opinions. (.1) "Community Association Dues, Fees, and Assessments" meaes all dues, fps, assnsmcnts and other charges that are unposed on Borrower or the Property by a condornr ism association, homeowners association or similar organization. (K) "Electronic Funds Transfer" means any transfer of hands, other Than a transaction originated by check, drag, or similar paper irsmmunit, which is initiated through an electronic temninal, telephonic irstmnxnt, computer, or magnetic tape so as to order, instruct, or authorize a financial instinuion to debit or credit an account. Such term includes. but is not limited lo, pool -of -sale transfers, automated teller machine Transactions, transfers initiated by telephone, wire trarsters, and automated elearinvhousc transfers. (l,) "Escrow Items" means those items that are described in Section 3. (M) "Miscellaneous Proceeds" nolana any compensation, settlement, award of damages or proceeds paid by any third party (other than insurance proceeds paid under the txrveragea described in Section 5) for: (i) damage to, or destruction of, the Property; (ii) oondemmation or other taking of all or any part of the Properly: (iii) conveyance in Neu of condemnation: or (iv) misrepresentations of, or omissions as to, the value and/or condition: oldie Property. (N) "Mortgage Insurance" means ins :ear co protecting Lender against the nonpayment of, or default o:, Me Loan. (0) "Periodic Payment" means the regularly scheduled amount. due for (i) principal and interest under the 'Note, plus (11) any amounts :order Section 3 of this Security Instrument. (P) "REESTA" means the Vaal Estate Settlement Procedures An (12 S.C. Section 2601 et seq.) and its inplemenling regulation, Regulation X (2d CB.R. Part 3500), as they night be amended from time to time, or ury additional or successor legislation or regulation that governs the same subject matte. As used in this Seotnity Instnnmert, ".RI3SPA" refers to all requirements and restrictions that are imposed in regard to a "federally related mortgage loan" even if the Loan does not qualifi' as a "federally' related mortgage loan" under REESTA. (Q) "Successor in Interest of Borrower" means any party that has taken title to the Property, whether or not that party has assuned Borrower's obligations wider the Note and5br this Security Instrument. 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 (i) the perlonrance of Bonowcfs covenants and agreements under this Security Instrument and the Note. For this purpose, Borrower does hereby mortgage, grant and convey to NIERS (solely as rotrunee for Lender and Lender's successors and assigns) and to the successors and assigns of MERS, with power of sale. the following described property Located in the COUNT 'Y of LINCOLN (Type ofRecarding Jurisdiction] (Name of Recording Jurisdiction) SEE E.5HIRIT "55" ATTACHED HERETO AND FtASE A MET HEREOF. Parcel ID Number: 35..1.330 2045 00 which arrently has the address of 25 WHITE F:NE' RD. STAR V5J::LEY RANCH [Street-City] Wyoming 552127 "Property Address'): (Zip Cork) TOGETHER titbit 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 refereed to in this Security Instrument as the "Property." Borrowrn understands and agrees that MFRS holds only legal title to the interests granted by Borrower in this Security Instrument, but, if necessary to comply with. law or custom, MFRS (as nominee for lender and I.ender's successors and assigns) has the right to exercise any 00 011 of those interests including, but not limited to, the tight to foreclose and sell the Property; and to lake any action required of Lender including, but not limited to, releasing and canceling this Security Instrument. BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has Ole right to mortgage, rant and convey the Property and that he Property is unenauubered.. incept far encumbrances of record. Borrower :warrants and will defend generally the title to the Property against all claims and demands, subject to any encumbrances of record. THIS SECURITY` INS'rRIJMFNT combines uniform covenants for national use and inn uniform covenants with linilted variations byjuisdiction to constitute a uniform sceuaity instrument covering real property. UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 1. Payment of Principal, Interest, Escrow Items. Prepayment Charges, and Late Charges. Borrower seat WYOMING- Sirulo Family-Fannie Mae/Freddin Mao UNIFORM INSTRUMENT (MERS) MERS MnlonJo 5` /Y 00lia WY 081 00 Pagt, 2 of 9 Fora 3051 f /01 00542 ..O In 'N_ 11012 ;!053O8611. pay when due the principal of, and interest nn, the debt evidenced by the Note and cry prepayment charges and late charges due wider the Note. Borrower shall also pay funds for Escrow Items pursuant to Section 3. Payments due under the Nulc and this Security Iustrwnent shall be made in U.S. currency. liowever, if any check or other instilment received by Lander as payment under the Note or this Smurity Instrument is returned to L.entter unpaid, Lender may require that any or all subsequent payments due under the Not aid this Security Instrument be mane in one or more of the ibllowing forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, treasurer's check or cashier's check, provided any such check is drawn upon an institution whose deposits are insured by a federal agency, instrmentality, or entity; or (d) Electronic Fuhcs Trarsfer. Payments are deemed received by Lender when received at the location desieoated in the No or at such other 1oeatioi: as may be designated by Leander in accordance with the notice prnsisions in Swtimi 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. moron, without waiver of any rights hereunder or prejudice to its rights to refuse such payment or partial payments m the future, but Lander is not obligated to apply such payments at the time such paynenis are accepted. If each Periodic Payment is applied as of its scheduled due date, then herder reed not pay interest on urapplied funds. Lender may hold such urapplied Panda :mtil. "Borrower ;Wakes payment to bring the Loan current. 11 Borrower does not do so within a reasonable period of titre, Lender shall either apply such funds or return tb.em to Borrower. If not applied earlier, such finds will be applied to the outstanding principal balance. vender the Note immediately prior to foreclosure. No offset or claim which Borrower might have now or iu the fume against Lender shall relieve Burrower from. inking payments due under the Note and this Security Instnunert or performing the covenants and agreements seemed 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) alrounts due under Section 3. Such payments shall be applied to each Periodic Payment in Me order in which it became due. Any remaining amounts shall be applied first to late charges, second to any other amounts due :under this Security lnsrrnten:t, and then to reduce the principal balance of the Note. If Lender receives a payment from Borrows fora delinquent Periodic Payment which includes a sufficient amount in 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, Tends may apply any payment received from Borrower to the repayment of the Periodic Payments if, and to the extent that, each payment sat be paid in fill. To the extent that any excess exists after the payment is applied to the fill payment of one or more Periodic Payments, such excess. maybe applied to any late charges due. Voluntary 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. Borrows shall pay to Lender on the day Periodic Payments ;rte due under the Note, vigil the Note is paid in fill, a sum (Ore "Furls to provide for payment of amounts due for: (a) taxes and assessments and other items which can attain priority over this Security Instmmert as a lien or encumbrance on the Property; (b) leasehold payments or ground rants on tic Property, if any; (e) premiums for any and all inswance required by Lender under Section 5; and (dl Mortgage Insurance premiums, if any, al cry suns payable by Borrows to Lender in lieu of the payment of Mortgage Msurance premiums in accordance with the provisions of Section 10. 'these items are called "Escrow Items." At origination cv at any time during the tern: of the Loan, Lender may require tnal Conununily .Associa Dues, Fats, and Assessments, deny, be escrowed by Borrower, and such dues, fees and assessments shall be alt Escrow Item. Borrower shall promptly famish to Lender all notices of :unwwus to be paid under this Bandon. Borrower shall pay Lander the Finds for Escrow Items unless Lender waives Bonnwer's obligation to pay the Farads for any or all Escrow Items. Lends may waive Borrower'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 evert of such waiver, Borrower shall pay directly, when and where payable, the amounts due for any Escrow '(term for which payment of Funds has been waived by Lender and, if Lender requires, shall firnish to Lender receipts evidencing suck payment within such time period as Lender may require. Borrower's obligation to make such payments s a s g h t eat and in provide receipts shall for all purposes be deemed to be a covenant and agreement contained in this Security lnstrtunenl, as the phrase "covenant and agreement" is used in Section 9. If Borrower is obligated to pay Escrow Items directly, pursuant to a waiver, and Borrower fails to pay the amount cue for an Escrow Item, Lender may exercise its rights under Section 9 and pay such amount and Borrower shall then be obligated under Section 9 to repay to lends any such amount. Lands may revoke the waiver as to any or all Escrow Hems at any time by a notice given in accordance with Section I5 and, upon such revocation, Harrower shall pay to Lender all Funds, and in such amounts• that are then required under this Section 3. Lender may, at any tine, collect and hold Funds in an amount (a) sufficient to pemhii Lender to apply the Funds at the time specified under RESPA, and DO not to exceed the maximum amount a hander can require under RESPA. lender shall estimate the amount of Funds due on the basis of current data and reasonable estimates of ettoendthres of future Escrow Items or otherwise it accordance with Applicable Law. The Funds shall be held in an institution whose deposits are insured by a federal agency, instrumentality. 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 tunas to pay the Escrow Item no later than the time specified undo' 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 Borrower interest on. the Funds and Applicable Taw pern:Ina Lender to make such a charge. Unless an agrcemenl is Wade in writing or Applicable Law requires interest to be paid on the Funds, Lender shall not be required to pay Borrower any interest 01 earnings on the Funds. Borrower and Lender can agree in writing, however, that interest shall be paid on the Funds. Larder shall give to Borrower. without charge, an animal accenting of One Funds as required by RESPA. If there is a surplus of Funds Meld in escrow, as defined under RESPA, Lender shall account in Borrower for the excess Ends in accordance with RESPA. If there is a shortage of Panels held in escrow, as defined under RESPA, Lender shall 0otl0• Honorer as required by RESPA, and Borrower shall pay to Lender the amount necessary to snake up the shortage iu accordant« with RESPA, but iu no more than 12 motn0ly payments. If there is a deficiency of Putts held in escrow, WYOMING..SiNle Family-Fannie Mao.Freddle Mae UNIFORM INSTRUMENT (MERS) Mros Mongotla WY 200110 NY (00001 Nye :s of 0 Fotm 3051 110i 90543 =OC ID ♦t: 0002's5R4' :m 308011. as defined under RfSPA. Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to make up the deficiency in accordance with RESPA, bat in. ro mom than i 2 monthly ly payments. Upon paymmu uh full of all suns secured by this Security Instrument, Lender shall promptly retinal to Bor ruwta any Funds held by Lender. 4, Charges; liens. Borrower shall pay all taxes, assessments, charges, fines, and iuhpositions attributable to the Property which can attain priority over this Security Iusirunern, leasehold payments or ground rents on the Property, if any, and Community Association Dues. Fees, lard Assessments, if any. To the extent that these items are Escrow (terns, Borrower shall pay Ahern tu the maser provided in Section 3. Burrower shall promptly discharge any lien which has priority over this Secarity Instrument unless Borrower: (a) agrees in writing to tilt, payment of the obligation secured by the lien in a manner acceptabbz to Lender, b 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) secures from the ]older 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 in which can attain priority over this Security instrument, Lender may give Borrower a notice identil,'ing 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 nay require Borrower to pay a one -tine charge for a real estate fax verification audtor reporting service used by Lender in connection with this Loan. 5. Property Insurance. Borrower shall keep the improvements now existing or hereafter emoted on the Property insured against loss by fire, hazards included within the term 'extended coverage," and any other hazards including. but not limited to, earthquakes and floods, for whirl: Lender requires insurance. lids 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 can change during the tem: of the Loan. The insurance carrier providing the insurance shall be chosen. by Borrower subject to Londe ?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 -tine charge for flood zone determination, certification and tracking services; m (b) a one-time charge for flood 20110 determination and certifcation services and subsequent charges each time remappungs or svnihu change ewer 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 conueclion with She review of any flood zone determination resulting from an objection by Borrower. If Borrow-. 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 grout of coverage. Therefore, such coverage shall cover Lender, but night or might not protect Borrower, Borrower's equity in the Property, or the contents of the Property, against any risk, hazard or liability ar,d might provide greaser or lesser coverage than was previously in effect. Borrower acknowledges that the cost of the insurance coverage so obtained might significantly exceed the cost of insurance that Borrower mild have obtained. Any amounts disbursed by Lender under this Section 5 shall become additional debt of Burrower secured by this Security Irstrau:enl. These amounts shall bear interest at the Note rate from the date of disbursement and shall be payable, with such interest, upon notice from Lender to Borrower requesting payment, All insurance policies required by I.ender and renewals of sac): policies shall he subject to Lender's rigbl to disapprove such. policies, shall include a slaudad mortgage clause, and shall. mune Lender 20 mortgagee ardor 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 ofinsurance coverage, not otherwise require! by Lender, for damage to, 01 destnnclion of, the Property, such policy shall include a standard mortgage clause and shall dame Lender as mortgagee and /or as an additional lass payee. le the event of Toss. Borrower shall give prompt notice to the insurance carrier and Lender. 'muter may make proof of loss if not made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, any insurance proceeds. whether or not the underlying insurance was required by Lender. shall be applied to restoration or repair of the Poaperty, 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 titan! Lender has had an opportunity to inspect such. Property to enure the work has been completed m Lender's satisfaction, providod that such inspection shall be undertaker. promptly. Lender may disburse proceeds for the repairs and restoration un a single payment or in a. series of progress payments as the work is completed. Unless an agreement its 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 pabiic adjusters, or other third parties, retained by Borrower shall riot be paid out of the insurance proceeds and shall be the sole obligallan of Borrower. If the restoration or repair 1s not etr)non ieally feasible or Lender's security would be lessened, the insurance proceeds shall be applied to the sums secured by tins Security Iostrunent, whether or not then due, with the excess, if any. paid to Borrower. Such insurance proceeds shall be applied in the ceder provided for in Section 2. If Borrower abandons the Propmty, Lender may tile, negotiate and settle any available insurance chum and related matters. If Borrower does not respond within 30 days to 0 notice from Lender that the insurance carrier has offered to settle a claim, then Lender may negotiate and settle the claim. The i0 -day period will begin when the notice is given. In either event, or if Lender acquires the Property under Section 22 or otherwise, Borrower hereby' assigns to Lender (a) Borrower's rights to any insurance proceeds in an amount not to exceed the amounts unpaid under the Note it this Security Instrnned, arid (n) any other of Bnnowees rights (other than the right to any refund of unearned premiums paid by Borrower) tinder all insurance policies covering the Property, insofar as such rights are applicable to the coverage of the Property. Lender may use the insurance proceeds either to repair or restore the Property or to pay amounts unpaid wider the Note or this Security lnstnunont, whether or not then due. 6. Occupancy. Borrower than occupy, establish, and use the Property as Borrower's principal reoidence within 60 days after the execution of this Security Instrument and shall continue to occupy the Property as Borrower's principal WYOMING 50110 Family Fannin MaelFroddie Mae UNIFORM INSTRUMENT (MERS) MERS Moltgtx)e.WY /MJ1o1 100x0 Fa4J0 4 010 Form 3051 1 /01 00541, IX). .ID 'Y: 000;05E92 05308011 residence for at least one year atter the date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be unreasonably withheld, or unless extenuating circumstances exist which are beyond Borrowers ccutml. 7. Preservation, Maintenance and Protection of the Property; Inspections. Borrower shall 7101 destroy, damage or impair the Property, allow the Property to deteriorate or cmmnnit waste on the Properly. Whether nr 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 final repair or restoration is not economically feasible, Borrower shall promptly repair the Property if damaged to avoid farther dererioratior1 OT damage. If insurance or condemnation proceeds are paid in connection with damage lo, or the taking of. the Properly, Borrower shall be responsible for repairing or restoring the Properly only if Lender has released proceeds for such purposes. Lander may disburse proceeds for the repairs and restoration in a single payment or in a senor 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 Borgxers obligation for the completion of such repair or restoration.. Lender or its agent may make reasonable entries upon andrspeelions of the Properly. If it has reasonable cause, Lender may inspect the interior of the improvements on the Property. Lender shall give Borrower notice at the time of or prior to such as interior inspection specifying such reasonable cause. S. Borrower's Loan Application. Borrower shad) be in dehult if, during the Loan application process. Borrower or any persons 07 entities acting al the direction of Borrower or with Borrower's knowledge or consent gave materially false, misleading, or inae:urute information or statements to Lender (or failed to provide Lender with material informaMon) in connection with the Loan. Material representations include, but are not limited to, representations I:oneentuig Borrower's occupancy of the Property as Borrower's 911109al residence. 9. Protection of Lender's Interest in the Properly and Rights Under this Security Instrument If (a) Borrower fails to perform the covenants and agreements contained in this Security Instrument, (p) there is a legal proceeding that might significantly affect Lender's interest in the Property andd0r rights under this Security humor:ern (such as 0 proceeding in b'auknuptcy, probate, for condemnation or forfeiture, for enforcement of a lien which may attain priority over this Security instrument or to enforce laws 0r rerdatrons), or (c) Borrower has abandoned the Property, then Lender may do and pay for whatever is reasonable or appropriate to protect Lenders interest in the Property and rights under this Security Instrument, including protecting and/or assessing the value of the Property, and securing ordtor repairing the Properly. Lenders maims can include, but are not limited to: dal paying any sums secured by a lien which has priority over this Security Instrument; (p) appearirg v court; and (c) paying reasonable attorneys fees to protect its interest in the Property and/or rights under this Security Irslruatent, including its secured position in a banlauptcy prooeedirg. 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 front pipes. eliminate building or other code violations or dangerous conditions, and have utilities turned or Of off. Although hinder may take action under this Section. 9, Lender does not have to do so and is not under any duly 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 from One date of disbursement and shall be payable, with such interest, upon notice from Lender to Borrower regaesling payment. If this Security Instrument is on 0 leasehold, Borrower shall comply with all the provisions of the lease. If Borrower acquires fee title lo the Property, the leasehold and the fee title shall not meage unless Lender agrees to the merger in writing. 10. Mortgage Insurance. If Leader required Mortgage insurance as a condition of making the Loan, Borrower stall 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 previously provided such insurance ad Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiums required to obtain coverage substantially equivalent to the Mortgage insuraore previously tun effect, at a cost substantially equivalent to the cost 171 Borrower of the Mong:me Insurance previously in effect. from an alternate mortgage lras:res selected by Lender. If substantially equivalent Mortgage Insurance coverage is not available, Borrower shall conthxae to pay to Leader 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 Irsura:oe. Such loss reserve shall be non- refundable, rotw•ithatanung the fact that One Loan is ultimately paid in full. and Lender shall not be required to pay Borrower any interest or earnings on such loss reserve. Lender can no longer require loss reserve payments if Mortgage Insurance coverage (in the amount and for the period that Lender requires) provided by an usurer selected by Lender again becomes available, is obtained, and Lender requires separately designated payments toward the presei:uus 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 premhms regavei to maintain. Mortgage Insurance in effect, or to provide a non-refundable lass reserve, until the Leaders requirement for Mortgage Insurance ends in areordaace with any written agreement between Borrower and Lender providing for such termination or until termination is required by Applicable Law, Nothing in this Section 10 affeaxs Borrowers obligation to pay interest at the rate provided in the Note. Mortgage Insurance reimburses Lender (or any entity that purchases the Note) for certain lasses it may incur if Borrower doer not repay the Loan as agreed. Borrower is not It party to the Mortgage Ins:mace. Mortgage insurers evaluate their total risk on all such insurance in force from time to how, and may enter into agreements with other Harries that share or modify their risk, or reduce losses. These agreements are on teens and conditions that cue satisfactory to the mortgage insurer and the other party (or parties) to these agreements. liese agreements may require the mortgage insurer to make payments using any source of finds that the mortgage usurer may have available (which may include finds obtained from Mortgage Insurance premiums). As a result of these agreements, Lender, any pacbaser of the Note, another insurer, any rein surer, any other ertih•, or any affiliate of any of the foregoing, may receive (directly or indirectly) amounts drat derive from (or might be characterized as) a portion of Borrowers payments for Mortgage insurance, in exchange for sharing or modifying the WYOMING- Saute Fanity.Fannta Maeffreddie Mac UNIFORM INSTRUMENT (MFRS) MERS Mrayag:.WY 1001171 WY (081101 Page 5 of 0 Foam 3051 1/01 0054 H) A+ 00:•2:,5°3905308.011. mortgage Insurers risk, or reducing losses. if such agreement provides that am 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." 1`tnc�r: (a) Any such agreements will oot affect the amounts that Borrower has agreed to pay for Mortgage Insurance, or any other tens of the Loan. Suck agreements will not increase the amount Borrower will owe for Mortgage Insurance, and they will not entitle Borrower to any refund. (b) Any sneh 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 Murtgago 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 shell be paid to Lender. If the Property is damaged such Miscellaneous Proceeds shall be applied to restoration or repair of the Property, if the restoration or repair is economically feasible and Lenders security is not lessened. During such repair and restoration period, Emitter shalt have the right to hold such Miscellaneous Proceeds wail Lender has had an opportunity to inspect such Property to ensure the work has hem completed to Lenders satisfaction, provided that such inspection shall be undertaken promptly. Lender may pay ter the repairs and restoration in a single disbursement or in a series of progress paytnens as the work is completed. Unless an agreement is made in writing or Applicable Law requires interest •0 be paid on such Miscellaneous Proceeds, Lender shall not be required to pay Bonower any interest or earnings on such Miscellaneous 1'rocxds. if the restoration or repair is not economically feasible or Lender's security would be lessened, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument; whether or not then due, with the excess, limy, paid to Bonower. Such Miscellaneous Proceeds shell be applied in the order provide: for ir, Section 2. hi the event of a total taking, destruction, or loss it 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 event of a partial taking, destruction, or lass in value of the Property in winch the fair market value of the Property immediately before the partial taking, destruction, or loss it value is equal to or greater than the amount of the suns secured by this Security bistnnnent umrtcdiately before the partial faking. destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by the amowti of the Miscellaneous Proceeds multiplied by the following fraction: (a) the total amount of the suns secured immediately before the partial taking, destruction or loss in value divided by Co) 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 evert of a partial taking, destruction or loss ir, value of the Property in which. the fair market value of the Property immediately before the partial taking, destruction, or loss in value is less than the amount of the runts secured immediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing. the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument whether or not the scans are then: due. If the Property is abandoned by Borrower, or in after notice by Lender to Borrower that the Opposing Party (as defined in the next sentence) offers to stake an award to settle a claim for damages. Borrower fails m respond to Lender within 30 days after the date the notice is giver., Lender is authorized to collect and apply the Miscellaneous Proceeds either to restoration or repair of the Property or to the suits secured by this Security Instrument, whetter or not then due. "Opposing Party" means the third party that owes Borrower Miscellaneous Proceeds or the party against whom Borrower has a right of action in regard to Miscellaneous Proceeds. Borrower shall be in default if any action or proceeding, whether civil or criminal, is begun that, in Lenders judipned, could result in forfeiture of the Properly or outer material impairment of Lender's interest in the Property or rights under this Security Instrument. Borrower can are such a default arid, if acceleration has occurred, reinstate its provided in Section 19, by causing Ilse action or prorzering to be dismisses: with a ruling that, in Lender's judgment, precludes forfeiture of the Property or other material impaiment of Lenders interest in the Property or rights wider this Security Instrument. The proceeds of any award or etarn for damages 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 01 modification of amortization of the sums secured by this Security Instrument granted by Lender to Borrower or any Successor in Interest of Borrower shall riot operate to release the liability of Burrower or any Successors in Interest of Borrower. Lender shall not be required to eomnercc proceedings against any Successor in Interest of Borrower or to refuse to extend time for payment or otherwise modify amortization of the suns secured by this Security Instrument by reason of any demand made by the original Borrower or any Successors till bnerest of Borrower. Any forbearance by Lender in exercising any right or remedy including, without rinilation, Lender's acceptance of payments from thud persons, entities or Successors in Interest of Borrower or in amounts less than the amount there due, shall not be a waver of or preclude the exercise of any right or remedy. 13. Joint and Several Liability; Cu- siguers; Successors end Assigns Bound Borrower covenants end agrees that Borrowers obligations and liability shall be joint and several. However, any Borrower who co-signs this Security ftsirnmturt but does not execute the Note (a ''co- sipper (a) is co- signing this Security instrument only to mortgage, pant and convey the co- signer's interest it the Properly wider the terns of this Security Irstrutnatl; (bh is not personally obligated to pay the. sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower ear agree to extend, modify, forbear or make any accemutodations with regard to the toms of this Security Immune= or the. Note without the co- signers consent. WYOMING Sirajln Family Fannie Maerraddio Mac UNIFORM INSTRUMENT (MERSI MFRS Mmlgogo-WY 200011 'NY (006,61 payo 00111 Form 1051 1101 00546 u.: ID 4 00! 12 8Y :$S3OSt:1 A Subject to the provisions of Section 18, any Successor in Interest of Borrower who assumes Borrower's obligations under this Security instrument t in writing, and is approved by Lender, shall obtain all of Borrower's rights and benefits under this Security lnstnmient. Borrower shat not he released from Borrower's obligations and liability under this Security Instrument artless Lender agrees to such relesse in writing. The covenants and agreements of this Security Instrument shall bind (except as provided in Section 20) and benefit the successors aid assitns of Leander. 14. Loan Charges. Lender may charge Borrower Ices for services performed in eonr:extion with Borrowers delimit, for the purpose of protecting Lenders interest in the Properly and rights under this Security Instrument, including, hat not limited to, attorneys' fees, property inspection and valuation tees. In regard to any other fees, the absence of express authority in this Security Instrument to charge a specific fee to Borrower shall not be construed as a prohibition on the charging of such fee. Lender may not charge fees that are expressly prohibited by this Socurity Inostrture t or by Applicable Law. If the Loan is subject to a law whirl: sets maxinnun 10011 charges, and that law is finally interpreted so that the interest or other loan charges collected or to be colluded in connection with the loan exceed the permitted :"units, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to the permitted limit; and (b) any suns already collected from Borrower which exceeded permitted limits will be refunded to.Bonower. Lerner may choose to make this refimd by reducing the principal owed under the Note or by making a direct payment to Borrower. If a refund reduces principal. the reduction will be treated as a partial prepayment without any prepayment charge (whetber 01'11010 prepayment charge is provided for under the Nom). Borrower's acceptance of any such rethnd made by direct payment to Borrower will constitute a waiver of any right of action Borrower might have arising out of such overcharge. 15. Notices. All notices given by Borrower or Lender in connection with this Security Instrument mast be in writing. Any notice to Borrower in connection with this Security Instrument shall be deemed to have been given to Borrower when mailed by fuss class mail or when actully 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 :mless Borrower has designated a substitute notice address by notice so Lender. Bnrowe' shall promptly notify Lender of Borrower's change of address. If Leader specifies a procedure for reporting Borrower's change of address, then Borrower shall only report a change of address thmugb that specified procedure. There may be only 000 designated notice address under this Semuity Instrument at any one time. Any notice to Lender shall be giver, by delivering it or by mailing it by first class .mail to Lender's address stated herein unless Lender has designated another address by notice to Borrower. Any notice in connection with this Security Irstmrnert shall not be deemed to have been giver. to Lender moil actually received by Lender. If any notice required by this Security instrument is also required under Applicable Law, the Applicable Law requircinert will satisfy the corresponding requirement under this Security Instrument, 16. Governing bow; Severability; Rides of Construction. "ftas Security Iratrarnett shall be governed by federal. Lan• and dm law of the jurisdiction in which the Property is located. All rights and obligations contained in this Seahrity Instrument are subject to any requirements autd limitations of Applicable Law. Applicable law might explicitly or implicitly allow the parties to agree by contract or it might be silent, but such silence shall not be construed as a prohibition against agreernent by contract. In the event that any provision or clause. of this Security Instrument or the Note conflicts with Applicable I.aw, such. conflict shall not affect other provisions of This Security Instrument or the Note which can be giver effect without the colliding provision. As cisetl in this Security Instrument: (a) u'ords of the masculine gender shall meaty aril include corresponding :neuter words or words of the feminine gender; (b) words in the singular shall mean and iuu:hude the plural and vice versa; and (c) the word "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 Instrument. 18. Transfer of the Property or a Beneficial Interest in Borrower. As used in this Section 18, "Interest in the Properly means any legal or beneficial interest in the I'ropeny, including, but not limited to, those beneficial. interests transferred in a bond for deed, contract for deed, instalLmert sales contract or escrow agreement, the intent of which is the transfer of title by Borrower at a future dale to a pucl:aser. If all or any pat of the Property or any Interest in the Property is sold or uaslerred (or if Borrower is not a natural person and a beneficial interest in Borrower is sold or trasfened) without Lenders prior written consent, Lender may require immediate payment in fall of all sirs seeped by this Security Instrument However, this option shall 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 that 30 days from the date the notice is given in accordance with Section 13 within which Borrower must pay all sum secured by this Security Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender nay invoke any remedies permitted by this Security Instrument without finder notice or demand on Borrower. 19. Borrower's Right to Reinstate After .Acceleration. If Borrower meets certain conditions, Borower shall have the right to have enforcement of this Security Instrument discontinued at any time prior to the earliest of (a) five days before sale of the Property pursuant to any power of sale contained in this Security Instrument; (b3 such other period as Applicable Law might specify for the temairation of Borrower's right to reinstate; or (c) entry of a judgment enforcing this Security Instrument. Those conditions are that Sommer: (01 pays Lender all suns which that would be due under this Security Instrument and the Note as if no acceleration had occurred; (h) cares any default of any otter covenants or agreements; (c) pays all expenses incurred in onfarcing this Security Instrument, including, but not limited to, reasonable attorneys' Gees, property inspection and valuation fens, and other fees incurred for the purpose ofproimling Lenders interest in the Property and rights under his Secavily Instramenh and (d) takes such action as Lender may reasonably require to assure that Lender's interest in the Property and rights under this Security instrument, and Borrower's obligation to pay the sums secured by this Security Instrument, shall continue unchanged. i:,ender may require that 'Borrower pay such reinstatement sums and expenses in one or more of the following forms, as selected by Lender: (a) cash; (p) money order; (c) certified check, bank check, treasurers check or cashier's check, provided any such check is drawn upon an irstinnitm. whose deposits are insured by a federal agency, instrumentality or entity; or (d) Electronic Iutds Truster. upon reinstatement by Borrower, this Security Instrument and obligations secured WYOMING Sir15(s Famtry--Fannie Maowraraio Mac UNIFORM INSTRUMENT (PIERS) METOS hlotyaga.WY zoom :VY (000101 Page 1 0111 Foam 3051 1101 00547 1.1) 0002 .5.83 0S30gG1h. hereby shall rennin: Pally 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. 'Bole Note or a partial interest in the Note (together with this Security Instrument) can be sold one or more doles without prior notice to Borrower. A sale might result in a change in the entity (known as the "Loan Ser icer that collects Periodic P aynhents due under the Note and this Security lnsmmment and performs other mortgage loan servicing obligations under the Note, this Security Instrument, and Applicable Law. There also might be one or more charges of the Loan Ser iced unrelated to a sal: of the Note. If there is a clhangc of the Loan Sorvicer, Borrower will be given written notice of the change which will state the name and address of the new Loan Servioer, the address to which payments should be made and any other information 1t3SPA requires in a 1111tdiott with a notice of tmrsfer of servicing. If the Note is sold and thereafter the Loan is serviced by a Loan Senicer other than the purchaser of the Note. the mortgage loan servicing obligations to Borrower will remain with the Loan Serviccr or be transferred to a successor Loan Senicer and are not assumed by the Noe purchaser unless otherwise provided by the Note purchaser. Neither Borrower nor Lender may commence, join., or be joined to any judicial action (as either an individual litigant or the member of a chess) that arises from the other party's actions pursuant to this Security instrument or that alleges that Ile other party him breached any provision of or any duly owed by reason of, this Security Instrument, :Mil such Borrower or lender has noClied the other party (with such notice given in compliance with the requirements of Sectimn :5) of such alleged breach and afforded the other party hereto a reasonable period after the giving of such notice to lake corrective action. ((Applicable Law provides a time period which must elapse before certain action can be taken, that time period will be deemed to be reasonable for purposes of this paragraph. The notice of acceleration and opportunity to tune 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 um this Section. 21: (at 'Hazardous Substances" are those substances defined as toxic or hazardous substances, pollutants, or wastes by Environmental Law and the following substances: gasoline, kerosene, other fanmnable or toxic petroleums products, toxic pesticides and herbicides, volatile solvents, materials contai.ring asbestos or formaldehyde, and radioactive materials; (b) "Envirouiental law" means federal laws and haws of the jurisdiction where the Property is located that relate to health, safety or er- virunmeed pronxtion; (c) "Environmental Cleanly" includes any response action, remedial action- or removal action, as defined in Environmental Law; and (ci) an "Environmental Condition" means a condition that can cause, contribute to, or otherwise trigger an Environmental Cleanup. "Borrower shill not cause or pemtit the presence. use, disposal, storage, or release of any Hazardous Substances, or threaten to release any Hazardous Substances, on or in the Property. Borrower shall not do, nor allow anyone else to do, anything affecting the Property (a) that is in violation of any Environmental Law, (u) which creates an Environmental Condition, or (c) which, due to the presence, use, or release of a hazardous Substance, omales a eonditior: that adversely affects the value of to Properly. The preceding two sentences shall not apply to the presence, use, or storage en the Property of small quantities of Hazardous Substances that are generally recognized to be appropriate to normal residential uses mud to maintenance of the Property (including, but not limited to, bazar. ?ous substances in consumer 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 parry involving the Property ion( any Hazardous Substance or Environmental Law of which Borrower lras actual knowledge, (b) any 13nviromnenlal Conuiitinn, including but not limited to, any spilling, leaking, discharge, release or threat of release of any Hazardous Substance. and (cj 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 remediation of any Hazardous Substance affecting the Property is necessary, Borrower shall promptly take all necessary rectorial actions in accordance with Envirorunentat Law. Notting herein shat create any obligation on Lender for an Environmental Cleanup. NON-UNIFORM COVENANTS. Borrower arid Lender farther 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 Seeariiy iustrnmeat (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 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 alas Security instrument and sale of the Property. The notice shall further imforn Borrower of the right to rciustate after acceleration and the right to bring a court action to assert the tau 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 his option may require immediate payment in fall of all sins secured by this Security Instrument without farther 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 prover 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. ]..ender shall publish the notice of sale, and the Property shall be sold in the manner prescribed by Applicable Law. Lender or its designee may purchase the Property at auy sale. The proceeds of the sale shall be applied in the following order: (a) to all expenses of the sale, includ but not limited to, reasonable attorneys' fees; (b) to nil sums secured by Itais Security Instrument; and (e) any excess to the person or persons legally entitled to it. W YOMING Sirejta Fancily Maa/Fruddin Mae UNIFORM INSTRUMENT (PEERS) MGRS Moagerie'wY AMA 10800 Page nog 11 Form 30511/01 00548 ..v:.: 7i) 0: 0002 i58 9::0530001.1. 23. Release. Upon payinent of all sums secured by this Security Instrument, .Lender shall release this Security Instrument. Borrower shall pay any recordation costs. Lender may charge Burrower a fee for releasing this Security Instrument, but only if the for is paid to a third party for services rendered and the charging of the fee is permitter. under Applicable Law. 24, Waivers. Borrower releases and waives all rights under and by virnie of the homestead exemption laws of Wyoming. By. SIGNING BELOW, 'Rommel' accepts and agrees to the terns rind covenants contained in this Security lcstnunent and in any Rider executed by Borrower and recorded with it. (Seal, if tY) WYOMING.. Single family Fannie Reetfroddie Mac UNIFORM INSTRUMENT (MERS) MERS M1hntgaga.WV AK/BA-WY (00/00) Page 9010 i (Sea r individually l and as i Bw individually and as uuttce of the otto Thomas Stammcly Living Dust under mast irstmmant dated May 0, 2007, for the benefit of Thomas Stanunely. (Seal) Borrower (Seal) Borrower State of ,,UL/pMA T f- Coanly of J�n/J This instnmtent was aclato wledgged before me on V pA'i' by 313t2/7141._ (Signature of notarial °Riica) 1■1,0-1-Lr Title (arni &kink) 0.7y commission expires: J DIANA M. JOY NOTARY PUBLIC COUNTY OF STATE OF TETON r WYOMING MY COMMISSION EXPi ES �'I (Seal) Borrower Foon 3051 1101 00549 State of: County of: 1 c' TY)'I IAA ,A. 1 On J1;/d/Lx. x` before me All-Purpose Acknowledgment Name and (e.g, Jane Doe, Notar/Public) personally appeared -MO G1 S Slain in J2 1 j 1 Name(s) of Signer(s) L personally known to me OR proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is /are subscribed to the within instrument and acknowledged to me that he /she /they executed the same in his /her /their authorized capacity(ies), and that by his /her /their signature(s) on the instrument the person(s) or the entity upon behalf of which the person(s) acted, executed the instrument. WITN SS my hand and official seal l 41 ,ri DIANA M. JOY NOTARY PUBLIC O 4 COUNTY OF STATE OF TETON +'r WYOMING c l 'lx SN MYCOMMISSIONEXPIRES X15 Signature of N• ary •ub 6 00550 All Purpose Acknowledgement (475311) Order No: 2991991 Page 1 of 1 FIXED /ADJUSTABLE RATE RIDER LIBOR TWELVEMONTH INDEX- RATE CAPS 0002350.920530S011 (Doc ID IRIS PL'CED /ADICSTIBLB RAIB RIDER is made this SIXTEENTH day of r:IJ: TJST. 3011 and is incorporated into and shall be deemed to amend and supplement the Mortgage, D of Trust, or Sec Dee; (Ihe Seamy Instrument") of he sane date given by the andersitp:ed ('Borrower to secure Borrower's Fixed/Adjustable Rate Note (the "Note to aANK OF Ai "tERICA, 14 5. ("I:ender of the sane date and covering the property desrxibed in the Security Instrument and located at: WHITE PINE RD STAR VALLEY PARCH, WY .3.3127 ]Property Address] THE NOTE PROVIDES FOR A CHANGE IN BORROWER'S FIXED INTEREST RATE TO AN ADJUSTABLE INTEREST RATE. THE NOTE LIMITS THE AMOUNT BORROWER'S ADJUSTABLE INTEREST RATE CAN CHANGE AT ANY ONE TIME AND THE MAXIMUM RATE BORROWER MUST PAY. ADDITIONAL COVENANTS. Ir. addition. to the covenants and agreements made is the Security Instrmrert, Borrower and Lender further covenant and agree as follows: A. ADJUSTABLE IRATE AND MONTHLY PAYMENT CHANGES The Note provides for an initial fixed interest rate of 3.250 °s.. The Nom also provides for change in the initial fixed rale to an adjustable interest rate, as follows: 4. ADJUSTABLE INTEREST I1ATE .ANTI MONTHLY PAYMENT CHANGES (A) Change Dates the initial fixed interest rate I will pay will charge to an adjustable interest rate on the day of tIEPTEMBER 2016 and the adjustable interest rate I will pay may change on that day every 3 month thereafter. The date on which: ray initial fixed interest rate changes to an adjustable interest rate, and etch date an w'nich my adjustable interest rate could change, is called a "Change Date." ARM Fixed Period LIBOR Rider 2U652 -XX (07110)(dfi) Page 1 014 111,111,1 1111111 Jill,. 0 ®551 DO Ili ri.: 0002; 56920530801i (II) The Index Beginning with the first Change Date. my adjustable interest rate will be baser- on an laden. The "Index" is the average of Interbank offered rates for twelve :malt U.S. dollar denominated deposits 81 the London market, as published in the The Wall Street Journal The most recent Index figure available as of the date 45 days before each change date is called the "Current Index". If the Index is no longer available. the Note Holder will choose a new index that is based upon tmmparable intoneation. The Note Holder will give me notice e.1 this choice. (C) Calculation of Changes Before each Change Date, the Note Holder will calculate my new interest rata by addusg TtiO ONE QUARTER percentage noima 2 251 10 the Current Index. The Note Holder will then rand the result of this addition. to the nearest one eighth of ono aercen age point (0.125%). Sulry'ect to the limits slated In Section 4(D) below, this rounded amount will be my new interest rate until the next Change Date. The Note Hodder will then determine die amount of the monthly payment that would be sufficient to repay the mtpaid principal that 1 ant expected to owe at the Change Date in Pall on the Maturity Date at my new interest rate in substantially equal paymterts. The result of this calculation will be the new amount of my monthly payment. (D) Limits on Interest Rate Changes The interest rate 1 am required to pay at the first Charge Date will not be greater than ;i 250 or Tess than 2 2 50 orb. Thereafter, my adjustabblc interest rate will rawer be increased or decreased on any single Change Date by more than two percentage points from the rate el interest I have been paying for the preceding 12 months. My interest rate will never be greater than .250%. (E) Effective Date of Changes My new interest rate: will become effective on mob Change Date. I will pay the wasoa t of my new monthly payment beginning on the first monthly payment date after the Change Date mtil the amount of my monthly payment changes again. (E) Notice of Changes The NOW Holder will. deliver or mail to me a notice of any changes in my initial axed interest rate. to an adjustable interest min and of any changes in mm adjustable interest rate before the effective dale of any Change. T'he notice will include the amount of my monthly payment, any iufbrmafimn required by law to be given to me and also the title and telephone marcher of a person who will answer any question I may have regarding the notice. B. TRANSFER OF" ITIE PROPERTY OR A BENEFICIAL INTEREST IN BORROWER 1. Until Borrower's initial fixed interest rate changes to an adjustable interest rate trader the tomes stated in Section A above, Uniform Covenant 18 of the Security Instrantent shall read as follows: Transfer of the Property or a Beneficial Interest in Borrower. As used is this Section 1 18, '.Iterest in the Property" mains any legal or beneficial interest in the Propene, including, but not limited to, those beneficial interests transferred in a bond for deed, contract for deed, installment sates contract or escrow agreement the intent of which is the transfer of title by Borrower at a future date to a purchaser. 1:r all ne 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 interest in Borrower is sold or transferred) without Lender's prior written consent, Lender may require immediate payment in Pall of all sums secured by this Security Instr unent. However, this option shall not be exercised by Lender if such exercise is prohibited by Applicable Law. AISM Fixed Period LIBOR Rider 2U652 -XX (07/10) Page 2 of 4 00552 DOC ID l: 000 2b589 2 053 0801.1 If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days from the date she notice is given in.. accordance with Section 15 within which Borrower must pay all sits secured by this Security Instrument. If Borrower fails to pay these sacs prior to the expiration of this period, Lender may invoke any remedies permitted by this Security lnstramont without farther notice or demand on Borrower. 2. When Borrower's initial fixed interest rate changes to an adjustable interest rate :coder the terms stated in Swaim A above, Uniform Covenant 18 of the Security inst:aneni described in Section 131 above shall then cease to be in effect, and the provisions of Unifomt Covenant 18 of the Security irsn ument shall be amended to read as follows: Transfer of the Property or a Beneficial Interest in Borrower. As used in this Section 18, "Interest in the Property" means any legal or beneficial interest in the Propeny. including, but not limited to, those beneficial interests transferred it a bond for deed, contract for deed, installment sales contract or escrow agreement, the intent of which is the transfer of title by Borrower at a future date to a purchaser. If all or any part of the Property or any Interest in the Property is sold or transferred an if Borrower is not a natural person and a beneficial interest in Burrower is sold or transferred) without Lender's prior written consent, Lender may require immediate paymert at full of all sums secured by this Security Instrument. However, this option shall not be exercised by ]sunder if such exercise is prohibited by Applicable Law. Lender also shall not exercise this option if: (a) Borrower causes to be submittal to Lender infornatien required by Lender to evaluate the intended transferee as if a new loan were being made to the transferee; and (b) Lender reasonably determines that Lender's security will not be Unpaired by the loan assunption and that the risk of a lneach of any covenant or agreement in this Security Instrument is acceptable to Lends. To the extent permitted by Applicable law. T.,ctuler may charge a reasonable fee as 0 condition to Lender's consent to the loan ass•: niptiott. Lender also may require the transferee to sign an assumption agreement that is accepta blo to Lender and that obligates the transferee to keep all the promises and agreements made in the Note and in this Security In_stntment. Borrower will continue to 1m obligated wide, the Note and this Security Tristrtntent unless Lender releases BOtrower ilt wridtrg. ARM Fixed Period LIBOR Ritter 211652-XX (07/10) Pate 3 of 4 0®553 OC ID i'f.: 0002350:4205308011 ff Lender exercises the option to require immediate payment in full, Lender shall give Borrower notice of acceleration. The nonce shall provide a period of not less than 30 days from the date the notice is given in accordance with Section 15 within which Borrower must pay all suns secured by this Security Instrument. ff Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies permitted by this Security Instrument without further mice or demand on Borrower. 61' 516818(3 BELOW, Borrower accepts turd agrees to the terms and covenants contained iu this Fixed /Adjustable .Rate Rider. k ear) T'H051A5 0TF,l k1EI:X Borrower individually and as trustee of the Thomas 9t:un-ntely Using Torsi under trust iusirument raced May il, 203)7, for the bemeit of Thomas Siammely. ARM Fixed Period LIBOR Rider 211552 -XX (01110) Page 4 of 4 (Seal.I Borrower (Seal) Borrower Borrower 00554 INTER VIVOS REVOCABLE TRUST RIDER DEFINMT'IONS USED IN THIS RIDER. (A) "Revocable Trust." The THOMAS STAMMELY LIVING TRUST created under trust instrument dated MAY o 8 2 007 for the benefit of THOMAS STAMMELY (B) "Revocable Trust Trustee(s)." THOMAS STAMMELY trustee(s) of the Revocable Trust. (C) "Revocable Trust Settlor(s)." THOMAS STAMMELY settlor(s) of the Revocable Trust signing below. (D) "Lender." BANK OF AMERICA, N.A. 00023589205308011 [Doc ID (E) "Security Insuument." The Deed of Trust, Mortgage or Security Deed and any riders thereto of the same date as this Rider given to secure the Note to Lender of the same date made by the Revocable Trust, the Revocable Trust Trustee(s) and the Revocable Trust Settlor(s) and any other natural persons signing such Note and covering the Property (as defined below). Inter V vos Revocable Trust Rider 1372R XX (03l09)(clli) Page 1 of 4 2 3 9 9 1 3 5 8 9 2 0 5 o 0 0 0 0 0 1 3 7 2 R 00555 DOC ID 00023589205308011 (F) "Property." The property described in the Security Instrument and located at 35 WHITE PINE RD, STAR VALLEY RANCH, WY 83127 [Property Address) THIS INTER VJVOS REVOCABLE TRUST RIDER is made this SIXTEENTH day of AUGUST, 2011 and is incorporated into and shall be deemed to amend and supplement the Security Instrument. ADDITIONAL COVENANTS. Li addition to the covenants and agreements made in the Security Instrument, the Revocable Trust Trustee(s), and the Revocable Trust Settlor(s) and the Lender further covenant and agree as follows: A. INTER V1VOS REVOCABLE TRUST. 1. CERTIFICATION AND WARRANTIES OF REVOCABLE TRUST TRUSTEE(S). The Revocable Trust Trustee(s) certify to Lender that. the Revocable Trust. Is an inter vivos revocable trust for which the Revocable Trust Trustee(s) are holding full title to the Property as trustee(s). The Revocable 'Nast Trustee(s) warrants to Lender that (i) the Revocable Trust is validly created under the laws of the State of (ii) the trust instrument creating the Revocable Trust is in full force and effect and there are no amendments or other modifications to the trust .instnmient affecting the revocability of the Revocable Trust; (iii) the Property is located in the State of WYOMING (iv) the Revocable Trust Trustee(s) have full power and authority as trustee(s) under the trust instrument creating the Revocable Trust and under applicable law to execute the Security Instrument, including this Rider: (v) the Revocable Trust Trustee(s) have executed the Security Instrument, including this Rider, on behalf of the Revocable Trust; (vi) the Revocable Trust Settlor(s) have executed the Security Instrument, including this Rider, acknowledging all of the terms and conditions contained therein and agreeing to be bound thereby; (vii) only the Revocable Trust Settlor(s) and the Revocable Trust Trustee(s) may hold any power of direction over the Revocable Trust; (viii) only the Revocable Trust Settlor(s) hold the power to direct the Trustee(s) in the management of the Property: (ix) only the Revocable Trust Settlor(s) hold the power of revocation over the Revocable Trust and (x) the Revocable Trust Trustee(s) have not been notified of the existence or assertion of any lien, encumbrance or claim against any beneficial interest in, or transfer of all or any portion of any beneficial interest in or powers of direction over the Revocable Trust Trustees) or the Revocable Trust, as the case may be, or power of revocation over the Revocable Trust. 2. NOTICE OF CHANGES TO REVOCABLE TRUST AND TRANSFER OF POWERS OVER REVOCABLE TRUST TRUSTEE(S) OR REVOCABLE TRUST OR BOTH; NOTICE OF CHANGE OF REVOCABLE TRUST TRUSTEE(S); NOTICE OF CHANGE OF OCCUPANCY OF THE PROPERTY; NOTICE OF TRANSFER OF BENEFICIAL INTEREST IN REVOCABLE TRUST. Inter Vivos Revocable Trust Rider 1372R -XX (03/09) Page 2 of 4 0®556 DOC ID 00023589205308011 The Revocable Trust Trustee(s) shall provide timely notice to Lender promptly upon notice or knowledge of any revocation or termination of the Revocable Trust, or of any change in the holders of the powers of direction over the Revocable Trust Trustee(s) or the Revocable. Trust, as the case may be, or of any change in the holders of the power of revocation over the Revocable Trust. or both. or of any change in the trustee(s) of the Revocable Trust (whether such change is temporary or permanent), or of any change in the occupancy of' the Property, or of any sale, Transfer, assignment or other disposition (whether by operation of law or otherwise) of any beneficial interest in the Revocable Trust. B. ADDITIONAL BORROWER(S). The term "Borrower" when used in the Security Instrument shall refer to the Revocable Trust, the Revocable Trust Trustee(s) and the Revocable 'Trust Settlor(s), jointly and severally. Each party signing this Rider below (whether by accepting and agreeing to the terms and covenants contained herein or by acknowledging all of the terms and covenants contained herein and agreeing to be bound thereby, or both) covenants and agrees that, whether or not such party is named as "Borrower" on the first page of the Security Instrument, each covenant and agreement and undertaking of "Borrower" in the Security Instrument shall be such party's covenant and agreement and undertaking as "Borrower" and shall be enforceable by Lender as if such party were named as "Borrower" in the Security Instrument C. CONVENTIONAL LOANS ONLY. The paragraph titled Transfer of the Property or a Beneficial Interest in Borrower in the Security Instrument is amended in its entirety to read as follows: Transfer of the Property or a Beneficial Interest in Revocable Trust. As used in this paragraph, "Interest in the Property" means any legal or beneficial interest in the Property, including, but not limited to, those beneficial interests transferred in a bond for deed, contract for deed, installment sales contract or escrow agreement, the intent of which is the transfer of title by Borrower at a future date to a purchaser. If, without Lender's prior written consent, (i) all or any part of the Property or an 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), or (if) there is a sale. transfer, assignment or other disposition of any beneficial interest in the Revocable Trust, Lender may, at its option, require immediate payment in full of all sums secured by this Security Instrument. However, this option shall not he exercised by Lender if exercise is prohibited by Applicable Law. If Lender exercises this option, Lender shall give the Borrower notice of acceleration. The notice shall provide a period of not 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 these sums prior Inter Vivos Revocable Trust Rider 1372R -XX (03/09) Page 3 of 4 00557 DOG' ID 00023589205308011 to the expiration of this period, Lender may invoke any remedies permitted by this Security Instrument without further notice or demand on Borrower. BY SIGNING BELOW, the Revocable Trust Trustee(s) accepts and agrees to the terms and covenants contained in this Inter Vivos Revocable Trust Rider. Inter Vivos Revocable Trust Rider 1372R-XX (03/09) Page 4 of 4 THOMAS STAMMELY individually and as Trustee of the THOMAS STAMMELY LIVING TRUST under trust instrument dated MAY 08, 2007 for the benefit of THOMAS STAMMELY Trustee of the THOMAS STAMMELY LIVING TRUST under trust instrument dated MAY 08, 2007 for the benefit of Borrower Borrower 00558 INTER VIVOS REVOCABLE TRUST AS BORROWER ACKNOWLEDGMENT BY SIGNING BELOW, the undersigned, Settlor(s) of the THOMAS STAMMELY LIVING TRUST Trust under trust instrument dated MAY 08, 2 0 07 for the benefit of THOMAS STAMMELY acknowledges all of the temts and covenants contained in this Security Instrument and any riders) (hereto and agrees to he bound thereby. THOMAS STAMMELY Trust Settl.or individually and a s trustee of the Thomas Stamtuely Living i st under trust insuument dated May 8, 2007, fin the bonefir of Thomas Stanmiely. MULTISTATE INTER VIVOS REVOCABLE TRUST AS BORROWER /ACKNOWLEDGMENT Inter Vivos Revocable Trust as Borrower Acknowledgment 1373R -XX (03 /09)(d /i) Page 1 of 1 00023589205308011 (Doc ID #1 Trust Seltlor Trust Settlor ii Trust Settlor 12/99 00559 LEGAL DESCRIPTION EXHIBIT "A" Lot 100 of Star Valley Rauch Plat 6, ..Lin.colu. County, Wyoming as describect on 1k official plat fled on June 30, 19'71 as instrument No. 431710 of the records of the Lincoln County Clerk. 0 0 5 G 0