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Home My WebLink About877475 When recorded mail ABN AMRO MORTGAGE GROUP TROY, MICHIGAN 48084 LOAN #~ 618897049 ISlmce Above This Line For Recordh~g Data] MORTGAGE DEFINITIONS Words used in multiple sections of this document are defined below and other words are defined in Sections 3, l l, 13, 18, 20 and 21_ Certain rules regarding the usage of words used in this document are also provided in Section 16. (A) "Security Instrument" ~neans this document, which is dated NOVEblBER 1.5, 2001, together with all iRiders to this document. (B) "Borrower" is ANDREW C KASEHAGEN, AN UNMARRIED MAN. Borrower is the mortgagor under this Security Instrument. (C) "Lender" is ABN AMRO MORTGAGE GROUP, INC. Lender is a CORPORATION organized and existing under the laws of DEIAkWARE. Lender's address is 2600 w. BIG BEAVER RD., TROY, MICHIGAN 48084. Lender is the mortgagee nnder this Security Instnunem. (D) "Note" means the promissory note signed by Borrower and dated NOVEMBER 15, 2001. The Note states that Borrower owes Lender ***************************************** EIGHT THOUSAND AND NO/100 ********************************************************************** $28,000.00 ) plus interest. Borrower has promised to pay this debt m regular Periodic Payments and to pay the debt in full not later than DECEMBER 1, 2011. (E) "Property" means the property that is described below under the heading "Transfer of Rights in the Properly." (F) "Loan" means the debt evidenced by the Note, plus interest, any prepayment charges and late charges due under the Note, and all stuns due under this Security Instmmem, plus interest. (G) "Riders" means all Riders to this Security Instrument that are executed by Borrower. The following Riders are to be executed by Borrower [check box as applicable]: {----1 Adjustable Rate Rider [-~] Condomininm Rider ~-~ Second Home Rider ~ Balloon Rider ~ Plan,ned Unit Development R/der [ ] Other(s) [specify] ~ 1-4 Family Rider ~]-~ Biweekly Payment Rider (1-19 "Applicable Law" means all controlling applicable federal, state and local statutes, regulations, ordinances and administrative nfl es and orders (that have the effect of law) as well as all applicable final, non-appealable judicial opinions. (19 "Community Association Dues,-Fees, ami Assessments" means all dues, fees, assessments and other charges that are imposed 'on Borrower or the Property by a condominium association, homeowners association or similar organization. (J) "Electronic Funds Transfer" means any transfer offilnds, other than a transaction originated by check, dnfft, or similar paper instrument, wi)ich is initiated through an electronic terminal, telephonic instrument, c0mpnter, or magnetic tape so as to order, instruct, or authorize a financial institution to debit or credit an account. Such tenn includes, but is not limited to, point-of-sale transfers, automated teller machine transactions, transfers initiated by telephone, wire iransfers, and automated clearinghouse transfers. (K) "Escrow Items" means those ilems that are described in Section 3. (L) "Miscellaneous Proceeds" means any compensation, settlement, award of damages, or proceeds paid by any third party (other than insurance proceeds paid under the coverages described in Section 5) for: (i) damage to, or destruction of, the Property; (ii) ~q~OMING--Single Family--Famdc Mae/Freddie Mac UNIFORM INSTRUMENT Initial s: ~ Form3051 1/01 Page 1 of 8 WYUDEED 0109 LO~ ~: 6188970~9 condcmna~on or o~her lnkh~ of aH or any pn~ or,he Proper~y~ OH) conveynnce in lieu of coudemna~ion~ or (iv) misrepresentations of, or omissions as to, the value anWor condition of the Property. . (M) "Mortgage Insurance" means insurance protecting Lender against the nonpayment of, or defimlt on. the Loan. (N) "Periodic Payment" means the regularly scheduled amount due for (i) principal and interest uuder ~he Note, plus (ii) any amounts under Section 3 of this Security Instrument. (O) "RESPA" means the Real Estate Settlement Procedures Act (12 U.S.C. ~2601 et seq.) and its implementing regulation, Regxdation X (24 C.F.R. Part 3500), as they might be amended from time to time, or any additional or successor legislation or regulation that governs the same subject matter. As used in this Security Instrument, "RESPA" refers to all requirements and restrictions that are i~nposed in regard to a "federally related mortgage loan" even if the Loan does not qualify as a ' federally related mortgage loan" nnder RESPA. (P) ~Successor in Interest of Borrower" means any party that has taken title to the Propeffy, whether or not that pa~y has assumed Borrower's obligations under the Note and/or this Security lnstnunent. T~NSFER OF RIGHTS ~ T~ PROPERTY This Security Instrument secures to Lender: (i) the repaymeni of the Loan, and all renewals, extensions and modifications of the Note; and (ii) the peffornmnce of Borrower's covenants and agreements under this SecuriB, Instrument and the Note. For this pn¢ose, Borrower does hereby mortgage, grant and convey to Lender and Lender's successors and assigns, with power of sale, the following described property located in the Cou~ [Name of Recording Jm'isdiction] Of ~I ~O~ [Name of Recording Jurisdiction]: which currently has the address of 313 EMERALD ST, KElXLMERER, "* [Street] [City] Wyoming 8 3101 ("Propert¢~ Address"): [Zip Code] TOGETi~R WITH all the improvements now or hereafter erected on the properW, and all easements, appurtenances, and fixtures now or hereafter a part of the properV. 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 "ProperW." BORRO~R CO~NANTS that Borrower is lawfully seized of the estate hereby conveyed and has the right to mortgage, grant and convey the ProperV and that the Prope~ is unencumbered, except for encumbrances of record. Borrower warrants andwill defend generally the title to the ProperW against all chmns and demands, subject to any encumbrances of record. THiS SEC~ITY INSTR~NT combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. ~IFORM COVENANTS. Borrower and Lender covenam and agree as follows: 1. Payment of Principal, Interest, Escrow Items, Prepayment Charges, and Late Charges. Borrower shall pay when due the principal of, and interest on, the debt evidenced by the Note and any prepayment charges and late charges due under the Note. Borrower shall also pay fi~nds for Escrow Items pursuant to Section 3. Payments due under the Note and this Security Instrument shall be made in U.S. currency. However, if any check or other instrument received by Lender as payment under the Note or this Security Instrument is returned to Lender unpaid, Lender may require that any or all subsequent payments due under the Note and this Security Instrument be ~.de in one or more ~fthe following forms, as selected by Lender: (a) cash; ¢) money order; (c) certi fled check, bank check, treasurer s check or cashier s check, provided any such check is drawn upon an institution whose deposits are insured by a federal agency, instrumentality, or entity; or (d) Electronic Funds Transfer. Payments are deemed received by Lender when received at the location designated in the 'Note or at such other location as may be designated by Lender in accordance with the notice provisions in Section 15. Lender may return any payment or partial payment ' if the payment or partial payments are insufficient to bring the Loan current. Lender may accept any payment or partial payment insufficienl to bring the Loan current, without waiver of any rights hereunder or prejudice to its rights to refuse such payment or partial payments in the fi~ture, but Lender is not obligated to apply such payments at the time such payments are accepted. If each Periodic Payment is applied as of its scheduled due date, then Lender need not pay interest on unapplied flmds. Lender may hold such unapplied flmds until Bprrower makes payment to bring the Loan current, ffBorrower does not do so within a reasonable period of time, Lender shall either apply such fm~ds or return them to Borrower. If not applied earlier, such ~nds Will be applied to the outstanding principal balance under the Note inunediately prior to foreclosure. No offset or claim which Borrower might have now or in the ~lure against Lender shall relieve Borrower from making payments due under the Note and this SecuriB; Instrument or performing the covenm~ts and agreemants secured by this Security Instrument. 2. Application of Payments or Proceeds. Except as othenvise described in this Section 2, all payments accepted and applied by Lender shall be applied in the following orde( ofprioriB~: (a) interest due under the Note; ¢) principal due under the Note; (c) amounts due under Section 3. Such payments shall be applied to each Periodic Payment in the re'der in which it became due. Any W50MING--Smgle Fanuly-4 anme Mae/l're&he Mac UNIFORM INSTRUMENT Initials ~ Form 3051 1/0l Page 2 of 8 [[~/~[hWYUDEED LOAN #~ fi188970~9 remaining amounts shall be applied first to late charges, second to any other amounts due under lhis Security lnsmunent, find then to reduce the principal bahmce of the Note. if Lender receives a payment fi'om Borrower for a delinquent Periodic Payment which includes a sufficient amount to pay auy late charge due, the payment may be applied to the delinquent payment and the late charge. If more than one Periodic Pay~ixent is outsfanding, Lender may apply any payment received f¥om Borrower to the repayment of the Periodic Payments if, and to the extent that, each payment can be paid in full. To the extent that any excess exists ',filer the payment is applied to the thll payment of one or more Periodic Payments, such excess may be 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 tim amount, of the Periodic Payments. 3. Funds for E,qcrow Items. Borrower shall pay to Lender on the da},Periodic Payments are due under the Note, until the Note is paid in :fifll, a sum (the "Funds") to provide for payment of amounts due for: (a) taxes and assess~nents and other items which can attain priority over this Security Instrument as a lien or encumbrance on the Property; (b) leasehold payments or gronnd rents on the Property, if any; (c) premiums for any and all insurance required by Lender under Section 5; and (d) Mortgage Insurance premimns, if an3', or any sums payable by Borrower to Lender in lieu of the payment of Mortgage Insurance premiums in accordance with the provisions of Section 10. These items are called "Escrow Items." At origination or at any time during the term of the Loan, Lender may require that Community Association Dues, Fees, and Assessments, if any, be escrowed by Borrower, and such dues, fees and assessments shall be an Escrow Item. Borrower shall promptly fi~rnish to Lender all notices of amounts to be paid under this Section. Borrower shall pay Lender the Funds for Escrow Items unless Lender waives Borrower's obligation to pay the Funds for any or all Escrow Ilems. Lender may waive Borrower's obligation to pay to Lender Funds for any or all Escrow Items at any time. Any such waix, er may only be in writing. In lhe event: of such waiver, Borrower shall pay directly, when and where payable, the amonnts due for any Escrow Items for which paylnent of Funds has been waived by Lender and, if Lender requires, shall filrnish to Lender receipts evi dencing such payment within su ch time period as Lender may require. Borrower' s obligation to lnake such payments and t'o provide receipts Sh all fbr all purposes be deemed to be a covenant and agreement contained in this S ecurily Instrument, as the pbra se' 'coven ant and agreement" is used in Section 9. If Borrower is obligated to pay Escrow items directly, pursuant to a waiver, aud Borrower fails to pay the amount due for an Escrow Item, Lender may exercise its rights under Section 9 and pay snch amount and Borrower shall then be obligated under Section 9 to repay to Lender any such amonnt. Lender ma5' revoke the waiver as to any or all Escrow Items at any time by a notice given in accordance with Section 15 and, upon such revocation, Borrower shall pay to Lender all Fm~ds, and in such amounts, that are then required under this Section 3. Lender may, at any time, collect and hold Funds in au amount (a) sufficient to permit Lender to apply the Fnnds at the time specified kinder RESPA, and (b) not to exceed the maxi~nuln amount a lender can~reqnire under RESPA. Lender shall estimate the amonnt of Funds due on the basis of current data and reasonable estimates of expenditures of fim~re Escrow Items or othenvise in accordance with Applicable Law. The Funds shall be held in an institution whose deposits are insured by a federal agency, instrthnentalily, or entity (including Lender, if Lender is an institution whose deposits are so insured) or in any Federal Home Loan Bank:~Lender shall apply the Funds to pay the Escrow Items no later than the time specified under RESPA. Lender Shall not charge Borrower for holding and applying the Funds, annually analyzing tike escrow account, or verifying the Escrow Items, unless Lender pays Borrower interest ou lhe Ftmds and Applicabl~ Law permits Lenderto make such a charge. Unless an agreement is made in writing or Applicable Law requires interest to be paid on the Fnnds, Lender shall not be required to pay Borrower any interest or earnings on tile Funds. Borrower and Lender can agree in writing, however, that interest shall be paid on the Funds. Lender shall give to Borrower, without charge, an ammal accounting of the Funds as required by RESPA. If there is a surplus of Funds held in escrow, as defined nnder RESPA, Lender shall acco:mt to Borrower for the excess fimds in accordance with RESPA. If there is a shortage of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to make up the shortage in accordance with RESPA, but in no more than 1.2 monthly payments. If there is a deficiency of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Bor,rower shall pay to Lender the amount necessary to make up the deficiency in accordance with RESPA, but in no more than 12 monthly payments. Upon payment in full of all sums secured by this Security instrument, Lender shall promptly refund to Borrower an5, Funds held by Lender. 4. Charges; Liens. Borrower shallpayalltaxes, assessments, charges, fines, and impositions attributabletothePropertywhich can attain priori .ty over this Security Instrument, leasehold payments or ground rents on the Property, if an),, and Community Association Dues, Fees, and Assessments, if any. To the extent that these items are Escrow Items, Borrower shall pa), them in the lnanner provided in Section 3. Borrower shall prornptly discharge any lien which has priority over this Securily Instrument unless Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender, but only so long as Borrower is performing such agreement; (b) comests the lien in good faith by, or defends against enforcement of the lien in, legal proceedings whi ch iix Lender's opiuion operate to prevent the mfforcement of the lien while those proceedings are pending, but only until such proceedings are concluded; or (c) secures from the holder of the lien mi agreement satisfactou~ to Lender subordinating the lien to this Security Instrument. If Lender determines that any part of the Property is subj ect'to a lien which can attain priority over this Security Instrument, · Lender may give Borrower a notice identifying the lien. Within 10 days of the date on which that notice is given, Borrower shall satisfy the lien or take one or more of the actions set forth above in this Section 4. Lender may require Borrower to pay a one-time charge for a real estate tax verification and/or reporting service used by Lender . in connection With this Loan. 5. Property Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included within the term "extended coverage," and any other hazards iucluding, but not limited to, earthquakes a~d floods, for which Lender requires insurance. This insurance shall be maintained inthe amounts (including deductible levels) and for the periods that Lender requires. What Lender requires pursuant to the preced!ng sentences can change during the term of the Loan. The insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's right to disapprove Borrower's choice, which right shall not be exercised unreasonably. Lender ma), require Borrower to pay, in connection with this Loan, either: (a) a one-time charge for flood zone determination, certification and tracking sen,ices; or Co) a one-time charge for flood zone deternfination aud certification sen,ices and subsequent charges each time remappings or similar changes occur which Form 3051 1/01 Page 3 of 8 - W~/UDEED LO/~,I t~: 618897049 reasonably might affect such determination or certification. Borrower shall also be responsible for the payment of any fees imposed by the Federal Emergency Management Agency in connection with the review of any flood zone determination resulting from an objection by Borrower. If Borrower fails to maintain any of the coverages described above, Lender may obtain insurance coverage, at Lender's option and Borrower's expense. Lender is under no obligation to purchase any particular type or amount of coverage. Thereibre, such coverage shall cover Lender, but might or might not protect Borrower, Borrower's equily in the Property, or the contents of the Property, against any risk, hazard or liability and might provide greater or lesser coverage ~han was previously in effect. Borrower acknowledges that the cost of the insm'ance coverage so obtained might significantly exceed the cost of insurance that Borrower coald have obtained. Any amounts disbursed by Lendd'r nnder this Section 5 shall become additional debt of Borrower secured by this Securit3~ Instrument. 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 Lender and renewals of such policies shall be subject to Lender's right to disapprove such policies, shall include a standard mortgage clause, and shall name Lender as mortgagee and/or as an additional loss payee. Lender shall have the right to hold the policies and renewal certifi cares. Il'Lender requires, Borrower shall promptly give to Lender all receipts of paid premiums and renewal notices. If Borrower obtains any form of insurance coverage, not otherwise required by Lender, for damage to, or destruction of, the Property, such policy shall include a standard mortgage clause and shall name Lender as mortgagee and/or as an additional loss payee. In the event of loss, Borrower shall_give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. Unless Lender 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 Property, if the restoration or repair is economically feasible and Lender's security is not lessened. During such repair and restoration period, Lender shall have Ihe right tohold such insurance proceeds until Lender has had an opportunity to inspect such Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may disburse proceeds for the repairs and restoration in a single payment or m a series of progress pay~nents as the work is completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such insurance proceeds, Lender shall not be required to pay Borrower any interest or earnings on such proceeds. Fees for public adjusters, or other third parties, retained by Borrower shall not be paid out of the insurance proceeds and shall be the sole obligation of Borrower. If the restoration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be applied to the sums secured by this Securil3' Instrument, whether or not then due, with the excess, if any, paid to Borrower. Such insurance proceeds shall be applied in the order provided :for in Section 2. If Borrower abandons the Property, Lender may file, negotiate and settle any available insurance claim and related matters. If Borrower does not respond within 30 days to a notice from Lender that the insurance carrier has offered to settle a claim, then Lender may negotiate and settle the claim. The 30-day period will begin when the notice is given. In either event, or if Lender acquires the Property under Section 22 or otherwise, Borrower hereby assigns to Lender (a) Bbrrowcr's rights to any insurance proceeds in an amount not to exceed the ammlnts unpaid under the Note or this Security Instrumem, and 0o) any ot~er of Borrower's rights (other tlmn the right toany refi~nd of unearned premiums paid by Borrower) tinder all insurance policies covering the Property, insofi~r 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 under the Note or this Security Instrument, whether or not then due. .6. Occupancy. Borrower shall occupy, establish, and use the Property as Borrower's principal residence within 60 days after the execution of this Security Instrument and shall continue t0 occupy the Property as Borrower's principal residence for at least one year after the date of occupancy, unless Lender othem, ise agrees in writing, which consent shall not be unreasonably withheld, or unless extenuating circumstances exist which are beyond Borrower's control. 7. Preservation, Maintenance and Protection of the Property; Inspections. Borrower shall not destroy, damage or impair the Property, allow the Property to deteriorate or commit waste on the Property. Whether or not Borrower is residing in the Property, Borrower shall maintain the Property irt order to prevent the Property from deteriorating or decreasing in value due to its condition. Unless it is determined pursuant to section 5 that repair or restoration is not economically feasible, Borrower :shall promptly repair the Property if damaged to avoid further deterioration or damage. If insurance or condemnation proceeds are paid in com~ection with damage to, or the talcing of, the Property, Borrower shall be responsible for repairing or restoring the Property only if Lender has released proceeds for such purposes. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as the work is completed. If the insurance or condemnation proceeds are not sufficient to repair or restore the Property, Borrower is not relieved of Borrower's obligation for the completion of such repair or restoration. Lender or its agent may make reasonable entries upon and inspections of the Property. If it has reasonable cause, Lender may inspect the interior oflhe improvements on the Property. Lender shall give Borrower notice at the time of or prior to such an interior inspection specifying such reasonable ca, se. 8. Borrower's Loan Application. Borrower shall be in default if, during theLoan application process, Borrower or anypersons or entities acting at the direction of Borr0;cver or withBorrower's knowledge or consent gave materiallyfidse, misleading, or inaccurate i~fformation or statements to Lender (or failed to provide Lender with material information) in connection with the Loan. Material representations include, but are not limited to, representations concerning Borrower's occupancy of the Property' as Borrower's principal residence. 9. Protection of iLender's Interest in the Property and Rights Ilnder this Security Instrument. If(a) Borrower fails to perform the covenants and agreemems contained in tlfis Security Instrmnent, (b) there is a legal proceeding that might significantly affect Lender's interest in the Property and/or rights uuder this Security Instrument (such as a proceeding in bankruptcy, probate, for condemnation or forfeiture, for e~rforcement of a lien which may attain priority over this Security Instrument or to enforce laws or regulations), or (c) Borrower has abandoned the Property, then Lender may do and pay for whatever is reasonable or appropriate to protect Legder's interest in the Property and rights under this Security Instrument, including protecting and/or assessing the value of the Property, and securing and/or repairing the Property. Lender's actions can inclnde;'but are not limited to: (a) paying any sums secured by a lien which has priority over this Security, Instrument; (b) appearing in court; and (c) paying reasonable attorneys' fees to protect its interest in the Property and/or rights under this Security Instrument, including its secured position in a bankruptcy proceeding. Securing the Property includes, but is not limited to, entering the Property to make repairs, change locks, replace or board up doors and windows, drain water :from pipes, eliminate building or other code violations or dangerous conditions, and have utilities turned on or off. Although Lender may take action under this Section 9, Lender does not have to do so and is not under any duty or obligation to do so. It is agreed that Lender incurs no liability for not talcing any or all actions mithorized under this Section WYOMING--Single Family--Fannie Mae/Freddie Mac UNIFOR1M INSTRIJMENT Form 3051 1/01 Page 4 of 8"' ~ \WYUDEED LOAN #: 618897049 Any amounts disbursed 'by Lender under this Section 9 shall become additional debt of Borrower secured by this Security Instrument. These amonnts shall bear interest at the Note rate from the date of disbursement and shall be payable, with such interest, upon notice fi'om Lender to Borrower requesting payment. if this Security Instrument is on a leasehold, Borrower shall comply with all the provisions of the lease. If Borrower acquires fee title to the Propen'y, tile leasehold and the fee title shall not xnerge unless Lender agrees to the merger in writing. 10. Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan, Borrower shall pay the premiums required to maintain the Mortgage Insurance in effect. If, for any reason, the Mortgage Insurance coverage required by Lender ceases to be available from the mortgage insurer that previously provided such insurance and BorrmYer was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pa}' the premiums required to obtain coverage substantially equivalent to the Mortgage Insurance previously in effect, at a cost substantially.equivalent to the cost to Borrower of the Mortgage hrsurance previously in effect, from an alteruate mortgage insurer selected by Leuder. If substantially equivalent Mortgage Insurance coverage is not available, Borrower shall continue to pa}, to Lender the amount of the separately designated payments that were due when the insurance coverage ceased to be in effect. Lender will accept, use and rclain these payments as a non-refi~ndable loss reserve in lieu of Mortgage Insurance. Such loss resen,e shall be non-refiu~dable, uotwithstanding the fact that the Loan is ultimately paid in fi~ll, 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 amotmt and fox' the period that Lender requires) provided by an insurer selected by Lender again becomes available, is obtaiued, and Lender requires separately designated payments toward the premimns for Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan and Borrower was required to make separately designa/ed payments toward the premimns for Mortgage Insurance, Borrower shall pay the premi runs required to maintaiu Mortgage insurance in effect, or to provide a non-refi]ndable loss reserve, until Lender's requirement for Mortgage Insurance ends in accordance with any written agreement between Borrower aixd Lender providing for such termination or until termination is required by Applicable Law. Nothing in this Section 10 affects Borrower's obligation to pa}, interest at the rate provided in the Note. Mortgage Insurance reimburses Lender (or any enlity that purchases the Note) lhr certain losses il: may incur if Borrower does not repay the Loan as agreed. Borrower is not a party to the Mortgage Insurance. Mortgage insurers ew~luate their total risk on all such insurance in three from time to time., and may enter into agreements with other parties that share or modify their risk, or reduce losses. These agreements are on terms and conditions that are satisfactory to the mortgage insurer and the other party (or parties) to these agreements. These agreements ma5' require the mortgage iusurer to make payments using an}, source of rituals that the mortgage insurer may have available (which may include fimds obtaiued fi'om Mortgage Insurance premiums). As a result of these agreements, Leu der, any purchaser of the Note, auother insurer, an5, reinsurer, an5, other entity, or any affiliate of any of the foregoing, may receive (directly or indirectly) amounts that derive from (or Might be characterized as) a portion of B ~ t orrower s pa5 merits for Mortgage Insurance, in exchange for sharing or modifying the mortgage insurer's risk, or reducing losses. If such agreement provides that an affiliate of Lender takes a share of the ~nsnrer s risk In exchange Ior a share of the premiums paid to the insurer, the arrangement is often termed ".captive reinsurance." Further: ',i (a) Any such agreements will not affect tire amonnts that Borrower has agreed to pay fl~r Mortgage Insurance, or any other terms of the Loan. Such agreements will not increase the amount Borrower will owe for iMortgage Insurance, and they will not entitle Borrower to any refund. (b) Any such agreements will not affect the rights Borrower has - if any - with respect to the Mm'tgage Insurance under thc Homeowners Protection Act of 1998 or any other law. These rights may include the right to receive certain disclosures, to request and obtain cancellation of the Mortgage Insurance. To have the Mortgage Insurance terminated automatically, and/ otto receive a refund of any Mortgage Insurance premiums that were nnearned atthe time of such cancellation re'termination. l 1. Assignment of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned to and shall be paid to Lender. If the Property is damaged, such Miscellaneous Proceeds shallbe applied to restoration or repair of the Property, if the restoration or repair is econormcally feasible and Lender's security is not lessened. During such repair and restoration period, Lender shall have the right to hold such Miscellaneous Proceeds until Lender has had an opportunity to inspect such Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may pay :for the repair's and restoration in a single disbursement or in a series or'progress payments as the work is completed. Unless an agreement is made in w.riting or Applicable Law requires iuterest to be paid on such Miscellaneous Proceeds, Lender shall not be required to pay Borrower any ~nterest or earnings on such Miscellaneous Proceeds. 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, if any, paid to Borrower. Such Miscellaneous Proceeds shall be applied in the order provided for m Section 2. In the event of a total taking, destruction, or loss in value of the Property, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. In the event of a partial taking, destruction, or loss' in value of the Property in which the fair market value of the Property immediately before the partial taking, destruction, or loss in value is equal to Or greater than the amount of the sums secured by this Security Instrument immediately before the partial taking, 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 amount of the Miscellaneous Proceeds multiplied by the following fraction: (a) tile total amount of the sums secured immediately before the partial taking, destruction, or loss in value · divided by (b) the fair market value of the Property immediately before the partial taking, destruction, or loss in value. Any balance shall be paid to Borrower. in the event of a partial taking, destruction, or loss in value of the Property in which the fidr ~narket value of the Property immediatelybefore the partial taking, destruction, or loss in value is less than the amonnt of the sums secured immediately before the partial taking', destruction, or loss in value, unless Borrower and Lender othem, ise agree in writing', the Miscellaneous 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 Opposiug Party (as defined in the next sentence) offers to nmke an award to 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 apl)ly the Miscellaneous Proceeds either to restoration or repair of the Property or to the sums secured by this Security Instrument, whether or not then due. "Opposing Parly" 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. ~ ~ OMING--Smgle 1~ am~ly--l~ atone Mae/I~ redd~e Mac UNIFORM INSTRUMENT I ri it i a 1 s: Form 3051 1/01 Page 5 of 8 WYUDEED LOIkI~I #: 6188970z~9 Borrower shall be in default if any action or proceeding, whether cMl or criminal, is begun that, in Lender's judgment, could result in forfeiture of the Property or other material impairment of Lender's interest in the Property or rights nnder this Security Instrmnent. Borrower can cure such a default and, if acceleration has occurred, reinstate as provided in Section 19, by causing the ac!Jou or proceeding to be di smissed with a ruling that, in Lender' s judgment, precludes :forfeiture o fthe Property or other material in~pairment of Lender's interest in tile Property or rights under this Security Instrument. The proceeds of any award or claim 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 lhe order provided for in Section 2. 12. Borrower Not Released; l%rbearance 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 Borrower or any Successor in Iuterest of Borrower shall not: operate to ?elease the liability of Borrower or any Successors in Interest of Borrower. Lender shall not be required to commence proceedings against any Successor in Interest of Borrower or to refuse to extend time for payment or othem,ise modify amortization of the stuns securedby this Security Instrument by reason of any demand made by the original Borrower or any Successors m Interest of Borrower. Any forbearance by Lender in exercising an5, right or remedy including, without limitation, Lender's acceptance of payments from third persons, entities or Successors in Interest of Borrower or in a~nounts less thau the amouut then due, shall not be a waiver of or preclude the exercise of any right or remedy. 13. Joint and Several Llabd~ty; Co-signers; Successors and Assigns Bound. Borrower covenants and agrees lhat Borrower's obligations and liability shall be joint and several. However, anyBorrower who co-signs this Security Instrument but does not execute the 'Note (a "co-signer"): (a) is co-signing this Security Instrument only to mortgage, grant and convey the co-signer's interest in the Properly under the terms of this Security Instrument; (b) is not personally obligated to pa)' tile sums secm'ed by Ihis Secm'ity Instrument; and (c) agrees that Lender and any other Borrower can agree to extend, modify, forbear or make any accommodations with regard to the terms of this Security Instrument or the Note without the co-signer's consent. Subject to the provisions of Section 18, any Successor in Interest of Borrower who assumes Borrower's obligations under lhis Security Instrument in writing, and is approved by Lender, shall obtain all of Borrower's rights and benefits under this Security Instrument. Borrower shall not be released fi-om Borrower's obligations and liability under this Security Instrument unless Lender agrees to such release in writing. The covenants and agreements of this Security Instrument shall bind (except as provided in Section 20) and benefit the successors and assigns of Lender. 14. Loan Charges. Lender may charge Borrower fees for services performed in connection with Borrower's default, for the purpose of protecting Lender's interest in the Property and rights under this Security Instrument, iucluding, but riel limited to, attorneys' l~es, property inspection and valuation fees. 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 constnted as a prohibition on the charging of such fee. Lender may not charge fees that are expressly prohibited by this Security Instrmnent or by Applicable Law. Iflhe Loan is subject to a law which sets maximum loan charges, and that law is finally interpreted so that the interest or other loan charges collected or to be collected in connection with the Loan exceed the permitted limits, thmf'i (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to the permitted limit; and (b) an5' stuns already collected fi'om Borrower which exceeded permitted limits will be refimded to Borrower. Lender may choo~e ~o make this refiind by reducing the principal owed under the Note or by making a direct payment to Borrower. Ifa refund reduces principal, the reduction will be treated as a partial prepayment without any prepayment charge (whether or not a prepayment charge is provided for under the Note). Borrower's acceptance of any such retired made by direct payment to Borrower will constitute a waiver of any right of action Borrower might have arising out of such overcharge. 1.5, Notices. All notices given byB6rrower or Lender in connectionwith this Security Instrument lnust be in writing Any notice lo Borrower in connection with this Security Instrument shall be deemed to have been given to Borrower whelx mailed by first class xnail or when actually delivered to Borrower's notice address if sent by other means. Notice to any one Borrower shall constitute notice to all Borrowers uuless Applicable Law expressly requires othem,ise. The notice address shall be the Property Address unless Borrower has designated a substitute notice address by notice to Lender. Borrower shall promptly notify Lender of Borrower' s change of address. If Lender specifies a procedure for reporting Borrower's change of address, then Borrower shall only report a change of address through that specified procedure There may be only one designated notice address under this Security Instrument at any one time. Any notice to Lender shall be given by delivering it or by mailing it by first 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 Instrmnent shall not be deemed to have been given to Lender until actually received by Lender. If any notice required by this Security Instrument is al so required under Applicable Law, the Applicable Law requiremem will satisfy the corresponding requirement under this Security Instrument. 16. Governing iLaw; Severability; Rules of Construction. This Security Instrument shall be governed by federal law and the law of the jurisdiction in which the Property is located. All rights and obligations contained in this Security Instrument are subject to any requirements and limitations of Applicable Law. Applicable Law might explicitly or implicitly alloxv the parties to agree by contract or it might be silent, but such silence shall not be construed as a prohibition against agreement by contract. 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 tile conflicting provision. As used in this Security Instrument: (a) words of the masculine gender shall mean and include corresponding neuter words or words of the feminine gender; (b) words in the singular shall mean and include the plural and vice versa; and (c) 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 Property" means any legal or beneficial interest in the Property, including, but not limited to, those beneficial interests transferred in a bond for deed, con,tract for deed, installn3ent sales contract or escrow agreement, the intent of which is the transfer of title by Borrower at a fltture date to a purchaser. If all or any part of the Property or any Interest in the Property is sold or transferred (or if Borrower is not a natural person and a beneficial interest in Borrower is sold or transferred) without Lender's prior written consent-, Lender tnay require immediate payment in fidl of all stuns secured 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 than 30 days from tl}e date the notice is given in accordance with Section 15 within which Borrower must pay all sums secured by W¥OMlN(:l~-Single Family--Fannie Mae/Freddie Mac UNIFORM INSTRI/MENT I nit i. al s: _ Form 3051 1/01 Page 6 of 8 WYUDEED LOAN ~ 6188970~9 this Security Instrument. If Borrower fails Io pay these sums prior to the expiration of this period, Lender may invoke any remedies perlnitted by lhis Secnrily Instrumenl without fi~rther notice or demand on Borrower. 19. Borrower's Right to Reinstate After Acceleration. If Borrower meets certain condilions, Borrower shall have the right lo have enforcement of this S ecuri(¥ lnstrmnent discohtinued at any time prior to the earliest of: (a) five days before sale of the Pioperty pursuant to auy power of sale contained in this Security Instrument; (b) such other period as Applicable Law might speci:fy for the termination of Borrower's right to reinstate; or (c) entry of a judgment mfforcing this Security Instrument. Those conditions are that Borrower: (a) pays Lender all sums which theu would be due under this Security Instrument and the Note als if no acceleration had occurred; (b) cures any default of any other covenants or agreements; (c) pays all expenses incurred in enforcing this Security Instrument, including, but not limited to, reasouable attorneys' fees, property inspection and vahmtion :fees, and other fees incurred for the purpose of protecting Lender's interest in the Property and rights under this Sect~rity Instrument; and (d) takes such action as Lender may reasonably require to assure that Lender's interest in the Property and rights under this Security Instnnnent, and Borrower's obligation to pay the sums secured by this Security Instrument, shall continue unchanged. Lender may require that Borrower pay such reinstatement sums and expenses in one or more of the following forms, as selected bY Lender: (a) cash; (b) money order; (c) certified check, baxd¢ check, treasnrer's check or cashier's check, provided an), such check is drawu upon an institution whose deposits are insured by a federal agency, instrumentality or entity; or (d) Electronic Funds Transfer. Upon reinstatement by Borrower, this Security Instrument and obligations secured hereby shall remain fi~llv effective as if no acceleration had occurred. However, this right to reinstate shall not apply in the case of acceleration under Seciion 18. 20. S,'de of Note; Change of iLoan Servicer; Notice of Grievance. The Note or a partial interest in the Note (together with this Security lnstrmnent) can be sold one or more times without prior notice to Borrower. A sale might result in a change in the entity (known as the "Loan Servicer' ') that collects Periodic Payments due under the Note and this Sccm'ity Instrument and performs other mortgage loan servicing obligations under the Note, this Security Instrument, and Applicable Law. There also might be one or more changes of the Loan Servicer unrelated to a sale of the Note. 'If there is a change of the Loan Servicerl Borrower will be given written notice of tile change which will state the name and address of the new Loan Servicer, the address to which paymeuts should be made and any other i~fformation RESPA requires in connection with a notice of transfer of servicing. If the Note is sold and thereafter the Loan is serviced by a Loan Servicer other than tim purchaser of the Note, the mortgage loan servicing obligations to Borrower will rmnain with the Loan Servicer or be transferred to a successor Loan Servicer and are not assumed by the Nolte purchaser unless otherwise provided by the Note purchaser. Neither Borrower nor Lender may commence, join, or be joined to an), judicial action (as either an individual litigant or the member of a class) that: arises from the other party's actions pursuant to this Security Instrument or that alleges that the other party has breached any provision of, or any duty owed by reason of, this Security Instrument, until such Borrower or Lender has notified the other party (with such notice given in compliance with the requirements of Section 15) of such alleged breach and afforded the other party hereto a reasonable period after the gMng of such notice to take corrective action. If Applicable Law provides a time period wtfich must elapse before certain action can be t'&en, that time period will be deemed to be reasonable'for purposes of this paragraph. The notice of acceleration and opportunity to cure given to Borrower pursuant to Section 22 and thd"notice of acceleration given to Borrower pursuant to Section 18 shallbe deemed to satisfy the notice and opportunity to take corrective action provisions of this Section 20. ' 21. Hazardous Substances. As used in this Section 21' (a) "Hazardous Substances" are those substances defined as toxic or hazardous substances, pollutants, or wastesby Environlnental Lawand the following substances: gasoline, kerosene, olher flammable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or fommldehyde, and radioactive materials; (b) "Environmental Law" means federal laws and laws of the jurisdiction where the Properly is located that relate to health, safety or environmental protection; (c) "Environmental Cleanup" includes any response action, remedial action, or removal action, as defined in Environmental Law; and (d) an "Environmental Condition" means a condition that can cause, contribute to, or otherwise trigger an Environmental Cleanup. Borrower shall not cause or permit the presence, use, disposal, storage, or release of an}, Hazardous Substances, or threaten to release any Hazardous Substances, on or in the Property. Borrower shall not do, nor allow anyone else to do, an}~thing affecting the Property (a) that is in violation of any Environmental Law, (b) which creates an Environmental Condition, or (c) which, due to the presence, use, or release ora Hazardous Substance, creates a condition that adversely affects the value of the Property. The preceding two sentences shall not apply to the presence, use, or storage on the Property of small quantities of Hazardous Substances that are generally recognized to be appropriate to normal residential uses and to maintena.nce of the Property (inclnding, but uot limited to, hazardous substances in consumer products). Borrower shall promptly give Lender written notice of (a) any investigation, claim, demand, lawsuit or other action by auy governmenlal or regulatory agency or private party involving the Property and any' Hazardous Substance or Environmental Law of which Borrower has actual knowledge, (b) any Environmental Condition, including but not limited to, any spilling, leaking, discharge, release or threat of release of any Hazardous Substance, and (c) any condition caused by the presence, use or release of a Hazardous Substance which adversely affects the value of the Property. If Borrower learns, or is notified by any govermnental or reg~datory 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 remedial actions in accordance with Environmental Law. Nolhing herein shall create any obligation on Lender for an Environmental Cleanup. NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows: 22. Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration following Borrower's hreach of any coveuant or agreement in this Security Instrument (but not prior to acceleration under Section 18 unless Applicable Law provides otherwise). The notice shall specify: (a) the default; (b) the action required to cure the default; (c) a date, not less than 30 day~ from the date the notice is given to Borrower, by which the default nmst he cured; and (d) that failure to cure the default on or before the date specified in the notice ma), result iu acceleration of the sums secured by this Security Instrument a~nd sale of the Property. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to bring ,'t court action to assert the non-existence of a default or any other defense of Borrower to acceleration and sale. If the default is not cra'ed on or before the date specified in the notice, Lender at its option may requireimmediate payment in full of all sums secured by this Security Instrument without further demand and may invoke the power of sale and any other remedies permitted hy Apldicab'le Law. Lender shall be entitled to collect all expenses incurred in pm'suing the remedies provided in this Section 22, including, but not limited to, reasonable attorneys' fees ami costs of title evidence. %~:A'OMINO--Single Family--Fannie M:te/Freddi_e Mac UNIFORM INSTRUMENT Initials: Form 3051 1/01 Page 7 of 8 1/- [ '}WYUDEED ~(~ t' ,r~.~4',,.,~LOAN #: 6188970~9 Il' Lender invokes the power of sale, Lender shall give notice of intent to foreclose to Borrower and to the person in possession of the Property, if different, in accordance with Applicable Law. Lender shall give notice oflhe sale to Borrower in the manner provided in Section 15. Lender shall publish the notice of sale, and the Property shall be sold in the r~mnner prescribed hy Applicable Law. Lender or its designee may purchase the Prope~y at any sale. The proceeds of the sale shall he applied in the following order: (a) to all expenses of the sale, inclnding, hut not limited to, reasonable attorneys' fees; (h) to all sums secured by this Security Instrument; and (c) any excess to the person or persons legally entitled to it. 23. Release· Upon payment of all snms secured by this Security instrument, Lender shall release fl~is Security Instrument. Borrower shall pay any recordation costs. Lender may charge Borrower a fee for releasing tiffs Security Inst~mcnt, but only if thc fcc is paid to a third party for services rendered and fl~c charging of the fee is permitted under Applicable Law. 24. Waivers. Borrower rdzases and waives all rights under and by virtue of tt~e homestead exemption laws o[' Wyoming. BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in fids SecuriW h3stmment and iu any Rider execnted by Borrowzr and recorded with it. ~W C ~a~a~E~ ~ (Seal) State of WYOMING ) ) SS. County of _ I.INC.~r,N ) The foregoin9 instrument was acknowledged before me by ANDREW C K~SEHAGEN, this 1 5th day Of November . " Witness my hand ~official seal. t W~NDAN. N~W~AN-N0~¥~8[iC ( Notary Publio j U~ ~ ~; Wanda N. Newman (Print or type name) k~~~.- '-','.;'.~;~t.2.;5;.,&~ ~y Co~ission Expires~ March 25, 2002 WYOMING-Single Family--Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 1/01 Page 8 of 8 WYUDEED EXHABIT "A" O~:;.W';'4";?,!~_i~' r~ 5 6 The Easte=ly one-third (~,1/3) of Lots 1, 2 and 3 of Block 6 of the original Town of Kemmerer, Lincoln County~ Wyoming