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PAUL M SPRACKLEN TAMMY L SPRACKLEN 201749 02/17/2001
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UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: G 4 4
1. Payment of Principal and Interest. Borrower shall promptly pay when due the principal and interest
indebtedness evidenced by the Note and late charges as provided in the Note.
2. Funds for Taxes and Insurance. Subject to applicable law or a written waiver by Lender, Borrower shall pay to
Lender on the day monthly payments of principal and interest are payable under the Note, until the Note is paid in full, a
sum (herein "Funds equal to one twelfth of the yearly taxes and assessments (including condominium and planned unit
development assessments, if any) which may attain priority over this Mortgage and ground rents on the Property, if any,
plus one twelfth of yearly premium installments for hazard insurance, plus one twelfth of yearly premium installments for
mortgage insurance, if any, all as reasonably estimated initially and from time to time by Lender on the basis of
assessments and bills and reasonable estimates thereof. Borrower shall not be obligated to make such payments of Funds
to Lender to the extent that Borrower makes such payments to the holder of a prior mortgage or deed of trust if such
holder is an institutional lender.
If Borrower pays Funds to Lender, the Funds shall be held in an institution the deposits or accounts of which are insured
or guaranteed by a Federal or state agency (including Lender if Lender is such an institution). Lender shall apply the Funds
to pay said taxes, assessments, insurance premiums and ground rents. Lender may not charge for so holding and applying
the Funds, analyzing said account or verifying and compiling said assessments and bills, unless Lender pays Borrower
interest on the Funds and applicable law permits Lender to make such a charge. Borrower and Lender may agree in writing
at the time of execution of this Mortgage that interest on the Funds shall be paid to Borrower, and unless such agreement is
made or applicable law requires such interest to be paid, Lender shall not be required to pay Borrower any interest or
earnings on the Funds. Lender shall give to Borrower, without charge, an annual accounting of the Funds showing credits
and debits to the Funds and the purpose for which each debit to the Funds was made. The Funds are pledged as additional
security for the sums secured by this Mortgage.
If the amount of the Funds held by Lender, together with the future monthly installments of Funds payable prior to
the due dates of taxes, assessments, insurance premiums and ground rents, shall exceed the amount required to pay said
taxes, assessments, insurance premiums and ground rents as they fall due, such excess shall be, at Borrower's option,
either promptly repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the Funds
held by Lender shall not be sufficient to pay taxes, assessments, insurance premiums and ground rents as they fall due,
Borrower shall pay to Lender any amount necessary to make up the deficiency in one or more payments as Lender may
require.
Upon payment in full of all sums secured by this Mortgage, Lender shall promptly refund to Borrower any Funds
held by Lender. If under paragraph 17 hereof the Property is sold or the Property is otherwise acquired by Lender, Lender
shall apply, no later than immediately prior to the sale of the Property or its acquisition by Lender, any Funds held by
Lender at the time of application as a credit against the sums secured by this Mortgage.
3. Application of Payments. Unless applicable law provides otherwise, all payments received by Lender under the
Note and paragraphs 1 and 2 hereof shall be applied by Lender first in payment of amounts payable to Lender by Borrower
under paragraph 2 hereof, then to interest payable on the Note, and then to the principal of the Note.
4. Prior Mortgages and Deeds of Trust; Charges; Liens. Borrower shall perform all of Borrower's obligations
under any mortgage, deed of trust or other security agreement with a lien which has priority over this Mortgage, including
Borrower's covenants to make payments when due. Borrower shall pay or cause to be paid all taxes, assessments and other
charges, fines and impositions attributable to the Property which may attain a priority over this Mortgage, and leasehold
payments or ground rents, if any.
5. Hazard Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property
insured against loss by fire, hazards included within the term "extended coverage and such other hazards as Lender may
require and in such amounts and for such periods as Lender may require.
The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender; provided,
that such approval shall not be unreasonably withheld. All insurance policies and renewals thereof shall be in a form
acceptable to Lender and shall include a standard mortgage clause in favor of and in a form acceptable to Lender. Lender
shall have the right to hold the policies and renewals thereof, subject to the terms of any mortgage, deed of trust or other
security agreement with a lien which has priority over this Mortgage.
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.
If the Property is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the date
notice is mailed by Lender to Borrower that the insurance carrier offers to settle a claim for insurance benefits, Lender is
authorized to collect and apply the insurance proceeds at Lender's option either to restoration or repair of the Property or
to the sums secured by this Mortgage.
6. Preservation and Maintenance of Property; Leaseholds; Condominiums; Planned Unit Developments.
Borrower shall keep the Property in good repair and shall not commit waste or permit impairment or deterioration of the
Property and shall comply with the provisions of any lease if this Mortgage is on a leasehold. If this Mortgage is on a unit
in a condominium or a planned unit development, Borrower shall perform all of Borrower's obligations under the
declaration or covenants creating or governing the condominium or planned unit development, the by -laws and regulations
of the condominium or planned unit development, and constituent documents.
7. Protection of Lender's Security. If Borrower fails to perform the covenants and agreements contained in this
Mortgage, or if any action or proceeding is commenced which materially affects Lender's interest in the Property, then
Lender, at, Lender's option, upon notice to Borrower, may .'Hake such appearances, disburse such sums, including
reasonable attorneys' fees, and take such action as is necessary to protect Lender's interest. If Lender required mortgage
insurance as a condition of making the loan secured by this Mortgage, Borrower shall pay the premiums required to
maintain such insurance in effect until such time as the requirement for such insurance terminates in accordance with
Borrower's and Lender's written agreement or applicable law.
Any amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, at the Note rate, shall become
additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other terms of
payment, such amounts shall be payable upon notice from Lender to Borrower requesting payment thereof. Nothing
contained in this paragraph 7 shall require Lender to incur any expense or take any action hereunder.
8. Inspection. Lender may make or cause to be made reasonable entries upon and inspections of the Property,
provided that Lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to
Lender's interest in the Property.
Wyomin /98 Original (Recorded) C anch) Copy (Customer) age 2 of 5
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18. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration of the sums secured by this Mortgage
due to Borrower's breach, Borrower shall have the right to have any proceedings begun by Lender to enforce this
Mortgage discontinued at any time prior to the earlier to occur of (i) the fifth day before sale of the Property pursuant to
the power of sale contained in this Mortgage or (ii) entry of a judgement enforcing this Mortgage if: (a) Borrower pays
Lender all sums which would be then due under this Mortgage and the Note had no acceleration occurred; (b) Borrower
cures all breaches of any other covenants or agreements of Borrower contained in this Mortgage; (c) Borrower pays all
reasonable expenses incurred by Lender in enforcing the covenants and agreements of Borrower contained in this
Mortgage, and in enforcing Lender's remedies as provided in paragraph 17 hereof, including, but not limited to,
reasonable attorneys' fees; and (d) Borrower takes such action as Lender may reasonably require to assure that the lien of
this Mortgage, Lender's interest in the Property and Borrower's obligation to pay the sums secured by this Mortgage shall
continue unimpaired. Upon such payment and cure by Borrower, this Mortgage and the obligations secured hereby shall
remain in full force and effect as if no acceleration had occurred.
19. Assignment of Rents; Appointment of Receiver; Lender in Possession. As additional security hereunder,
Borrower hereby assigns to Lender the rents of the Property, provided that Borrower shall, prior to acceleration under
paragraph 17 hereof or abandonment of the Property, have the right to collect and retain such rents as they become due and
payable.
Upon acceleration under paragraph 17 hereof or abandonment of the Property, and at any time prior to the expiration
of any period of redemption following judicial sale, Lender, in person, by agent or by judicially appointed receiver, shall
be entitled to enter upon, take possession of and manage the Property and to collect the rents of the Property including
those past due. All rents collected by Lender or the receiver shall be applied first to payment of the costs of management of
the Property and collection of rents, including, but not limited to, receiver's fees, premiums on receiver's bonds and
reasonable attorneys' fees, and then to the sums secured by this Mortgage. Lender and the receiver shall be liable to
account only for those rents actually received.
20. Release. Upon payment of all sums secured by this Mortgage, Lender shall release this Mortgage without charge to
Borrower. Borrower shall pay all costs of recordation, if any.
21. Waiver of Homestead. Borrower hereby waives all right of homestead exemption in the Property.
22. Hazardous Substances. Borrower shall not cause or permit the presence, use, disposal, storage, or release of any
Hazardous Substances on or in the Property. Borrower shall not do, nor allow anyone else to do, anything affecting the
Property that is in violation of any Environmental Law. 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.
Borrower shall promptly give Lender written notice of 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 of which Borrower has actual knowledge. If Borrower learns, or is notified by any governmental or
regulatory authority, that any removal or other remediation of any Hazardous Substance affecting the Property is
necessary, Borrower shall promptly take all necessary remedial actions in accordance with Environmental Law.
As used in this paragraph 22, "Hazardous Substances" are those substances defined as toxic or hazardous substances
by Environmental Law and the following substances: gasoline, kerosene, other flammable or toxic petroleum products,
toxic pesticides and herbicides, volatile solvents, materials containing asbestos or formaldehyde, and radioactive materials.
As used in this paragraph 22, "Environmental Law" means federal laws and laws of the jurisdiction where the Property is
located that relate to health, safety or environmental protection.
(Intentionally Left Blank)
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ADJUSTABLE RATE RIDER
THIS ADJUSTABLE RATE RIDER is made this 17th day of February 2001 and is incorporated into
and shall be deemed to amend and supplement the Mortgage or Deed of Trust (the "Security Instrument of the same date
given by the undersigned (the "Borrower to secure Borrower's Disclosure Statement, Adjustable Rate Note and Security
Agreement (the "Note to CITIFINANCIAL, INC.
(the "Lender") of the same date and covering the property described in the Security Instrument located at:
550 MONROE AFTON, WY 83110 -0000
(Property Address)
THE NOTE CONTAINS PROVISIONS ALLOWING FOR CHANGES IN THE INTEREST RATE AND THE MONTHLY
PAYMENT. THE NOTE LIMITS THE AMOUNT THE BORROWER'S INTEREST RATE CAN CHANGE AT ANY ONE TIME
AND THE MAXIMUM RATE THE BORROWER MUST PAY.
Additional Covenants. In addition to the covenants and agreements made in the Security Instrument, Borrower and Lender
further covenant and agree as follows:
INTEREST RATE AND MONTHLY PAYMENT CHANGES: The Note provides for an initial interest rate set forth in the Note.
The Note provides for changes in the interest rate and the monthly payments, as follows:
The interest rats, Borrower will pay may change on the 24 month anniversary of the Date of Note and every 6 months
thereafter. Each date on which Borrower's interest rate could change is called a "Change Date."
Beginning with the first Change Date and every 6 months thereafter, Borrower's interest rate will be changed to the Index
Rate plus a margin as set forth in the Note. The "Index Rate" is the highest prime rate published in the Money Rates column
of The Wall Street Journal on the calendar day immediately preceding the Change Date; or, if the index was not published on
that day, that rate on the next preceding day on which it was published.
ALTERNATE INDEX: If the Index Rate is no longer available, Lender will choose a new Index Rate which it believes will most
closely approximate the former Index Rate.
LIMITS ON RATE CHANGES: The maximum and minimum interest rates during the life of this loan are set forth in the Note.
MONTHLY PAYMENTS: Principal and interest shall be payable in consecutive monthly installments. If the rate of interest
changes, the number of monthly payments will not change. The amount of the monthly payments will change to the monthly
amount needed to repay the remaining unpaid principal balance plus interest as changed in the remaining number of
payments, assuming that all payments due after the calculation are made are paid as scheduled. The first change, if any, in
the monthly payment amount will become effective on the 24 month anniversary date of the first payment due date.
Subsequent changes in the monthly payment amount may occur on the payment due date every 6 months thereafter.
Each new payment amount will remain in effect until the effective date of the next payment change.
DEFAULT: If Borrower fails to pay any payments when due, Lender may exercise any remedies permitted by the Security
Instrument in the case of default.
By Signing Below, Borrowe,., cepts and agrees to the terms and covenants contained in this Adjustable Rate Rider.
29998 -1 9/2001
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