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6H(WY) (9403).01
TDWY2 (11/18/94)
Page 2 of 8
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362
TOGETHER WITH all the improvements now or hereafter erected on the property, and all easements, appurtenances, and
fixtures now or hereafter a part of the property. All replacements and additions shall also be covered by this Security
Instrument. All of the foregoing is referred to in this Security Instrument as the "Property."
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 generally the title to the Property against all claims and demands, subject to any encumbrances of record.
THIS SECURITY INSTRUMENT combines uniform covenants for national use and non uniform covenants with limited
variations by jurisdiction to constitute a uniform security instrument covering real property.
UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows:
1. Payment of Principal and Interest; Prepayment and Late Charges. Borrower shall promptly pay when due the
principal of and interest on the debt evidenced by the Note and any prepayment and late charges due under the Note.
2. Funds for Taxes and Insurance. Subject to applicable law or to a written waiver by Lender, Borrower shall pay to
Lender on the day monthly payments are due under the Note, until the Note is paid in full, a sum "Funds for: (a) yearly taxes
and assessments which may attain priority over this Security Instrument as a lien on the Property; (b) yearly leasehold payments
or ground rents on the Property, if any; (c) yearly hazard or property insurance premiums; (d) yearly flood insurance premiums,
if any; (e) yearly mortgage insurance premiums, if any; and (f) any sums payable by Borrower to Lender, in accordance with
the provisions of paragraph 8, in lieu of the payment of mortgage insurance premiums. These items are called "Escrow Items."
Lender may, at any time, collect and hold Funds in an amount not to exceed the maximum amount a lender for a federally
related mortgage loan may require for Borrower's escrow account under the federal Real Estate Settlement Procedures Act of
1974 as amended from time to time, 12 U.S.C. Section 2601 et seq. "RESPA unless another law that applies to the Funds
sets a lesser amount. If so, Lender may, at any time, collect and hold Funds in an amount not to exceed the lesser amount.
Lender may 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, instrumentality, or entity
(including Lender, if Lender is such an institution) or in any Federal Home Loan Bank. Lender shall apply the Funds to pay the
Escrow Items. Lender may 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 law permits Lender to make such
a charge. However, Lender may require Borrower to pay a one -time charge for an independent real estate tax reporting service
used by Lender in connection with this loan, unless applicable law provides otherwise. Unless an agreement is made or
applicable law requires interest to be paid, Lender shall not be required to pay Borrower any interest or earnings on the Funds.
Borrower and Lender may 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, 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 all sums secured by this Security Instrument.
If the Funds held by Lender exceed the amounts permitted to be held by applicable law, Lender shall account to Borrower
for the excess Funds in accordance with the requirements of applicable law. If the amount of the Funds held by Lender at any
time is not sufficient to pay the Escrow Items when due, Lender may so notify Borrower in writing, and, in such case Borrower
shall pay to Lender the amount necessary to make up the deficiency. Borrower shall make up the deficiency in no more than
twelve monthly payments, at Lender's sole discretion.
Upon payment in full of all sums secured by this Security Instrument, Lender shall promptly refund to Borrower any
Funds held by Lender. If, under paragraph 21, Lender shall acquire or sell the Property, Lender, prior to the acquisition or sale
of the Property, shall apply any Funds held by Lender at the time of acquisition or sale as a credit against the sums secured by
this Security Instrument.
3. Application of Payments. Unless applicable law provides otherwise, all payments received by Lender under paragraphs
1 and 2 shall be applied: first, to any prepayment charges due under the Note; second, to amounts payable under paragraph 2;
third, to interest due; fourth, to principal due; and last, to any late charges due under the Note.
4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines and impositions attributable to the Property
which may attain priority over this Security Instrument, and leasehold payments or ground rents, if any. Borrower shall pay
these obligations in the manner provided in paragraph 2, or if not paid in that manner, Borrower shall pay them on time directly
to the person owed payment. Borrower shall promptly furnish to Lender all notices of amounts to be paid under this paragraph.
If Borrower makes these payments directly, Borrower shall promptly furnish to Lender receipts evidencing the payments.
Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a) agrees in
writing to the payment of the obligation secured by the lien in a manner acceptable to Lender; (b) contests in good faith the lien
by, or defends against enforcement of the lien in, legal proceedings which in the Lender's opinion operate to prevent the
enforcement of the lien; or (c) secures from the holder of the lien an agreement satisfactory to Lender subordinating the lien to
this Security Instrument. If Lender determines that any part of the Property is subject to a lien which may attain priority over
this Security Instrument, Lender may give Borrower a notice identifying the lien. Borrower shall satisfy the lien or take one or
more of the actions set forth above within 10 days of the giving of notice.
Form 3051 9/90
Initials:
Loan No. 9415555 -30316
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6H(WY) (9403).01
TDWY4 (11/18/94)
payments may no longer be required, at the option of Lender, if mortgage insurance coverage (in the amount and for the period
that Lender requires) provided by an insurer approved by Lender again becomes available and is obtained. Borrower shall pay
the premiums required to maintain mortgage insurance in effect, or to provide a loss reserve, until the requirement for mortgage
insurance ends in accordance with any written agreement between Borrower and Lender or applicable law.
9. Inspection. Lender or its agent may make reasonable entries upon and inspections of the Property. Lender shall give
Borrower notice at the time of or prior to an inspection specifying reasonable cause for the inspection.
10. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with any
condemnation or other taking of any part of the Property, or for conveyance in lieu of condemnation, are hereby assigned and
shall be paid to Lender.
In the event of a total taking of the Property, the proceeds shall be applied to the sums secured by this Security Instrument,
whether or not then due, with any excess paid to Borrower. In the event of a partial taking of the Property in which the fair
market value of the Property immediately before the taking is equal to or greater than the amount of the sums secured by this
Security Instrument immediately before the taking, unless Borrower and Lender otherwise agree in writing, the sums secured by
this Security Instrument shall be reduced by the amount of the proceeds multiplied by the following fraction: (a) the total
amount of the sums secured immediately before the taking, divided by (b) the fair market value of the Property immediately
before the taking. Any balance shall be paid to Borrower. In the event of a partial taking of the Property in which the fair
market value of the Property immediately before the taking is less than the amount of the sums secured immediately before the
taking, unless Borrower and Lender otherwise agree in writing or unless applicable law otherwise provides, the proceeds shall
be applied to the sums 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 Lender to Borrower that the condemnor offers to make an
award or settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date the notice is given,
Lender is authorized to collect and apply the proceeds, at its option, either to restoration or repair of the Property or to the sums
secured by this Security Instrument, whether or not then due.
Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shall not extend or
postpone the due date of the monthly payments referred to in paragraphs 1 and 2 or change the amount of such payments.
11. 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 Security Instrument granted by Lender to any successor in interest of Borrower shall
not operate to release the liability of the original Borrower or Borrower's successors in interest. Lender shall not be required to
commence proceedings against any successor in interest or refuse to extend time for payment or otherwise modify amortization
of the sums secured by this Security Instrument by reason of any demand made by the original Borrower or Borrower's
successors in interest. Any forbearance by Lender in exercising any right or remedy shall not be a waiver of or preclude the
exercise of any right or remedy.
12. Successors and Assigns Bound; Joint and Several Liability; Co- signers. The covenants and agreements of this
Security Instrument shall bind and benefit the successors and assigns of Lender and Borrower, subject to the provisions of
paragraph 17. Borrower's covenants and agreements shall be joint and several. Any Borrower who co -signs this Security
Instrument but does not execute the Note: (a) is co- signing this Security Instrument only to mortgage, grant and convey that
Borrower'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 Instrument; and (c) agrees that Lender and any other Borrower may agree to extend, modify, forbear or
make any accommodations with regard to the terms of this Security Instrument or the Note without that Borrower's consent.
13. Loan Charges. If the loan secured by this Security Instrument 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 limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge
to the permitted limit; and (b) any sums already collected from Borrower which exceeded permitted limits 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 a refund reduces principal, the reduction will be treated as a partial prepayment without any
prepayment charge under the Note.
14. Notices. Any notice to Borrower provided for in this Security Instrument shall be given by delivering it or by mailing
it by first class mail unless applicable law requires use of another method. The notice shall be directed to the Property Address
or any other address Borrower designates by notice to Lender. Any notice to Lender shall be given by first class mail to
Lender's address stated herein or any other address Lender designates by notice to Borrower. Any notice provided for in this
Security Instrument shall be deemed to have been given to Borrower or Lender when given as provided in this paragraph.
15. Governing Law; Severability. This Security Instrument shall be governed by federal law and the law of the
jurisdiction in which the Property is located. In the event that any provision or clause of this Security Instrument or the Note
conflicts with applicable law, such conflict shall not affect other provisions of this Security Instrument or the Note which can be
given effect without the conflicting provision. To this end the provisions of this Security Instrument and the Note are declared
to be severable.
16. Borrower's Copy. Borrower shall be given one conformed copy of the Note and of this Security Instrument.
Form 3051 9/90
Initials:
Loan No. 9415555 -30316
Page 4 of 6
(r,'-)
364
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a
Adjustable Rate Rider
Graduated Payment Rider
Balloon Rider
0 V.A. Rider
STATE OF j(',, IDAHO,
by
xI
My Commission Expires: 12/01/2006
6H(WY) (9403).01
TDWY6 (11/18/94)
LAWRENCE L. WARD
1
Condominium Rider
Planned Unit Development Rider
Rate Improvement Rider
n Other(s) [specify]
BEAR LAKE
The foregoing instrument was acknowledged before me this 23 February 2001
(person acknowledging)
0%11
BECK
rv.
r,
oil
LAWRENCE L WARD
Borrower in the manner provided in paragraph 14. Lender shall publish the notice of sale, and the Property shall be sold
in the manner prescribed by applicable law. Lender or its designee may purchase the Property at any sale. The proceeds
of the sale shall be applied in the following order: (a) to all expenses of the sale, including, but not limited to, reasonable
attorneys' fees; (b) to all sums secured by this Security Instrument; and (c) any excess to the person or persons legally
entitled to it.
22. Release. Upon payment of all sums secured by this Security Instrument, Lender shall release this Security Instrument
to Borrower. 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.
23. Waivers. Borrower waives all rights of homestead exemption in the Property and relinquishes all rights of curtesy and
dower in the Property.
24. Riders to this Security Instrument. If one or more riders are executed by Borrower and recorded together with this
Security Instrument, the covenants and agreements of each such rider shall be incorporated into and shall amend and supplement
the covenants and agreements of this Security Instrument as if the rider(s) were a part of this Security Instrument.
[Check applicable box(es)]
BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this Security Instrument and
in any rider(s) executed by Borrower and recorded with it.
Witnesses:
(Seal)
Borrower
(Seal) (Seal)
Borrower Borrower
County ss:
366
1 -4 Family Rider
Biweekly Payment Rider
Second Home Rider
(date)
Form 3051 9/90
Loan No. 9415555 -30316
(Seal)
Borrower
FIXED /ADJUSTABLE RATE RIDER
(LI130I1. Index )hate taps)
367
THIS FIXED /ADJUSTABLE RATE RlbER is made on this 23rd day of February
2001 and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of
Trust or Security Deed (the "Security Instrument of the same date given by the undersigned (the "Borrower to.
secure Borrower's Fixed /Adjustable Rate Note (the "Note to LONG BEACH MORTGAGE COMPANY
(the "Lender of the same date and covering the property described in the Security Instrument and located at:
365 TAYLOR LANE
COKEVILLE, WY 83114
[Property Address]
THE NOTE PROVIDES FOR A CHANGE IN THE BORROWER'S FIXED INTEREST
RATE AND TO AN ADJUSTABLE INTEREST RATE. THE NOTE LIMITS THE
AMOUNT THE BORROWER'S ADJUSTABLE 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:
A. ADJUSTABLE RATE AND MONTHLY PAYMENT CHANGES
The Note provides for an initial fixed interest rate of 8.250 The Note also provides for
a change in the initial fixed rate to an adjustable interest rate, as follows:
1. ADJUSTABLE INTEREST RATE AND MONTHLY PAYMENT CHANGES
(a) Change Dates
The initial fixed interest rate will change to an adjustable interest rate on the first day of March
2003 and on the first day of the month every 6th month thereafter. Each date on which the adjustable
interest rate could change is called a "Change Date."
(b) The Index
Beginning with the first Change Date, the interest rate will be based on an Index. The "Index" is the average
of the London interbank offered rates for six month dollar deposits in the London market based on quotations at
five major banks "LIBOR as set forth in the "Money Rates" section of The Wall Street Journal, or if the
Money Rates section ceases to be published or becomes unavailable for any reason, then as set forth in a
comparable publication selected by the Lender. The most recent Index figure available as of the date 45 days
before each Change Date is called the "Current Index.
(c) Calculation of Changes
Before each Change Date, the Lender will calculate my new interest rate by adding Five and Three
Fourths percentage point(s) 5.750
Current Index. The Lender will then round the result of this addition to the nearest one eighth of one percentage
point (0.125%). Subject .to the limits stated in Section 1(d) on the following page, this rounded amount will be the
new interest rate until the next Change Date.
Fixed /Adjustable Rate Rider Libor
1 (95101
TM
26 RID1/19560161(02/23/99)
Page 1 of 3
ELECTRONIC LASER FORMS, INC. (800)327 -0545
Loan No. 9415555 -30316
The Lender will then determine the amount of the monthly payment that would be sufficient to repay the
unpaid principal balance as of the Change Date in full on the Maturity Date at the new interest rate in
substantially equal payments. The result of this calculation will be the new monthly payment.
(d) Limits on Interest Rate Changes
The interest rate at the first Change Date will not be greater than 9.250 or less than
8.250 Thereafter, the adjustable interest rate will never be increased or decreased on any
single Change Date by more than One
percentage points 1.000 from the rate of interest applicable during the preceding 6 months. The
adjustable interest rate will never be greater than 14.250 which is called the "Maximum Rate"
or less than 8.250 which is called the "Minimum Rate
(e) Effective Date of Changes
Each new adjustable interest rate will become effective on each Change Date. The amount of each new
monthly payment will be due and payable on the first monthly payment date after the Change Date until the
amount of the monthly payment changes again.
(f) Notice of Changes
The Lender will deliver or mail a notice of any changes in the adjustable interest rate and the amount of the
new monthly payment to the Borrower before the effective date of any change. The notice will include
information required by law to be given to the Borrower and also the title and telephone number of a person who
will answer any questions regarding the notice.
B. TRANSFER OF THE PROPERTY OR A BENEFICIAL INTEREST IN BORROWER
1. Until Borrower's initial fixed interest rate changes to an adjustable interest rate under the terms stated in
Section A above, Uniform Covenant 17 of the Security Instrument provides as follows:
Transfer of the Property or a Beneficial Interest in Borrower. If all or any part of the Property or any
interest in it is sold or transferred (or if a beneficial interest in Borrower is sold or transferred and Borrower is not
a natural person) without Lender's prior written consent, Lender may, at its option, require immediate payment in
full of all sums secured by this Security Instrument. However, this option shall not be exercised by Lender if
exercise is prohibited by federal law as of the date of this Security Instrument.
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 the notice is delivered or mailed within which Borrower must pay all
sums secured by this Security Instrument. If Borrower fails to pay these sums prior to the expiration of this
period, Lender may invoke any remedies permitted by this Security Instrument without further notice or demand
on Borrower.
2. When Borrower's initial fixed interest rate changes to an adjustable interest rate under the terms stated in
Section A above, Uniform Covenant 17 of the Security Instrument contained in Section B(1) above shall then
cease to be in effect, and Uniform Covenant 17 of the Security Instrument shall be amended to read as follows:
Transfer of the Property or a Beneficial Interest in Borrower. If all or any part of the Property or any
interest in it is sold or transferred (or if a beneficial interest in Borrower is sold or transferred and Borrower is not
a natural person) without Lender's prior written consent, Lender may, at its option, require immediate payment in
full of all sums secured by this Security Instrument. However, this option shall not be exercised by Lender if
Fixed /Adjustable. Rate Rider Libor
ft 1956016 (9510)
TM
2611102/19560162 (02/23/99)
Page 2 of 3
C0?`.
r, v
368
Loan No. 9415555 -30316
exercise is prohibited by federal law as of the date of this Security Instrument. Lender also shall not exercise this
option if: (a) Borrower causes to be submitted to Lender information 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 impaired by the loan assumption and that the risk of a breach of any covenant or agreement in
this Security Instrument is acceptable to Lender.
To the extent permitted by applicable law, Lender may charge a reasonable fee as a condition to Lender's
consent to the loan assumption. Lender also may require the transferee to sign an assumption agreement that is
acceptable to Lender and that obligates the transferee to keep all the promises and agreements made in the Note
and in this Security Instrument. Borrower will continue to be obligated under the Note and Security Instrument
unless Lender releases Borrower in writing.
If Lender exercises the option to require immediate payment in full, Lender shall give Borrower notice of
acceleration. The notice 'shall provide a period of not less than 30 days from the date the notice is delivered or
mailed within which Borrower must pay all sums secured by this Security Instrument. If Borrower fails to pay
these sums prior to the expiration of this period, Lender may invoke any remedies permitted by this Security
Instrument without further notice or demand on Borrower.
BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this
Fixed /Adjustable Rate Rider.
LAWRENCE L WARD
[Sign Original Only]
Fixed /Adjustable Rate Rider Libor
t 1956016 (9510)
TM
26RID3/19560163 (02/23/99)
(Seal)
Borrower
Borrower
Page 3 of 3
I I 41 Q
369
(Seal)
Borrower
(Seal) (Seal)
Borrower
Loan No. 9415555 -30316