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HomeMy WebLinkAbout8774957601 Office Plaza Drive North, Suite West Des Moines, IA 50266-2321 Prepared By: Sarah Loebig Principal Residential Mortgage, Inc. 711 High Street, Des Moines, IA 50392-9100 2 2 2 4 91 ? - Z [Space Above This Line For Recording Data] MORTGAGE " MIN ].00026600022249176 DEFINITIONS 'Words used in nmltiple sections of this document are defined below and other words are defined in Sections 3, 11, 13, 18, 20 and 21. Certain rules regarding the usage of words used in tlfis document are also provided in Section 16. (A) "Security Instrument" means this docmnent, whichis dated November 16, 2 001 , together with all Riders to this document. (B) "Borrower" is Boyd West and Susan J. West, husband and wife Borrower is the ~nortgagor ureter this Security Instrument. (C) "MERS" is Mortgage Electro~fic Registration Systems, Inc. MERS is a separate corporation that is acting solely as a nonfinee for Lender and Lender's successors and assigns. MERS is the mortgagee uuder this Security Instrument. MERS is orga~fized and existing under the laws of Delaware, and has an address and telephone number of P.O. Box 2026, Flim, MI 48501-2026, tel.. (888)' 679-MBRS. WYOMiNG-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT WiTH MERS Form 3051 1/01 VMP MORTOAO[ FORMS - 18001S21-7291 '77205546 (D) "Lender"is Principa~l Residential Mortgage, Inc Lender is a Corporat ion organized and ex[sting under rile laws of the State of Iowa Lender's address is 711 High Street, Des Moines, IA 50392 (E) "Note" means file promissory note siglled 'by Borrower and dated November 16, 2001 The Note states that Borrower owes Lender One Hundred Eighty SSx Thousand and 00/~00 Dollars (U.S. $ 18 6,0 0 0.0 0 ) plus interest. Borrower has promised to pay this debt in regular Periodic Payments and to pay the debt in full not later than December 1, 2 O3 1 (F) "Property" means the property that is described below under the lteading "Transfer of Rights in the Property." % (G) "Loan" means the debt evidenced by the Note, pins interest, any prepayment charges and late charges due under the Note, and all sums due under this Security Instrument, plus interest. (H) "Riders" means all Riders to rfis Security instrument that are executed by Borrower. The fifllowing Riders are to be executed by Borrower [check box as applicable]: ~ Adjustable Rate Rider ~]~ Condominium Rider ~] Second Home Rider ~ Balloon Rider ~-] Planned Unit Development Rider ~ 1-4 Family Rider ~ VA Rider [] Biweekly Payment Rider ~-~ Other(s) [specify] (ii) "Applicable Law" means all controlling applicable federal, state and local statutes, regulations, ordinances and administrative rules and ol:ders (that have the effect of law) as well as all applicable final, nomappealable judicial opinions. (J) "Commmfity Association Dues, Fees, and Assessments" means all dues, fees, assessments and other charges that are imposed on Borrower or rte Property by a condortfinium association, homeowners association or similar organization. (K) "Electronic Funds Transfer" means any transfer of funds, oilier than a transaction origi~mted by check, draft, or similar paper instrument, which is i~fitiated through an electronic terminal, telephonic instrument, computer, or magnetic tape so as to order, instruct, or authorize a fi~mncial institution to debit or credit an account. Such term includes, but is not limited to, point-of-sale transfers, automated teller machine transactions, transfers initiated by telephone, wire transfers, and automated clearinghouse transfers. (L) "Escrow Items" means those items that are described in Section 3. (M) "Miscellaneous Proceeds" means ally compensation, settlement, award of danmges, 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, tile Property; (ii) condermmtion or other taking of all or any part of rile Property; (iii) conveyance in lieu of condenmation; or (iv) misrepresentations of, or omissions as to, the value and/or condition of file Property. (h) "Mortgage Insurance" means insurance protecting Lender against the nonpayment of, or default on, rile Loan. '(O) "Periodic Payment" means the regularly scheduled amount due for (i) principal and interest under tim Note, plus (ii) any amounts under Section 3 of this Security Instrument. (P)' "RESPA" means the Real Estate Settlement Procedm'es Act (12 U.S.C, Section 2601 et seq.) and its implementing regulation, Regulation X (24 C.F.R. Part 3500), as they nfight be amended from time to time, or any additimml 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 imposed in regard to a "federally related mortgage loan" even if the Loan does not qualify as a "federally 'related mortgage loan" under P, ESPA. I~-6A(WY) (ooo5}.o~ Page 2 o~ ~s Form 3051 1/01 (Q) "Successor in Interest of Borrower" means any party that has taken title to the Property, whether or not that party has assmned Borrower's obligations under the Note and/or this Security Instrument. TRANSFER OF RIGHTS IN THE PROPERTY This Security Instrument secures to Lender: (i) the repayment of file Loan, and all renewals, extensions and modifications of the Note; and (ii) the performance of Borrower's covenants and agreements under tiffs Security Instrument and the Note. For this purpose, Borrower does hereby nmrtgage, grant and convey to MERS (solely as nonfinee for Lender and Lender's successors .and assigns) and to file successors and assigns of MERS, with power of sale, the following described property located in file County of L±ncoln : [Type of Recording Jurisdiction] [Name of Recording Jurisdiction] See Schedule C for legal description Parcel ID Number: which currently has the address of 1877 Bedford N[, [Street] Bedford ~ [City] , Wyoming 8 3112 [Zip Code] ("Property Address"): TOGETHER WiTH all the improveInents 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 Insu-ument. All of the foregoing is referred to in this Security Instrument as fl~e "Property." Borrower u,nderstands a~ agrees that MERS holds only legal title to the interests granted by Borrower in this Security Instrument, but, if necessary to comply with law or custom, MERS (as nominee fbr Lender and Lender's successors and assigns) has the right: to exercise any or all. of those interests, including, but not limited to, the right to foreclose and sell the Property; and to take any action required of Lender including, but not limited to, .releasing and canceling this Security Instrmnent. BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has the fight to mortgage, grant and convey the Property and that the Property is unencmnbered, except for enc3m~brances of record. Borrower warrants and will defend generally the title to the Property against all claims and demands, subject to any encumbran.ces t)f record. THIS SECURITY INSTRUMENT combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniibrm security instrmnent covering real property, (]~--6A(WY) {ooo5).o~ Page 3 or ~5 Form 3051 1101 537 UNIFORM COVENANTS. Bon'ower and Lender covenant and agree as follows: 1. Payment of Principal, Interest, Escrow Items, Prepayment Charges, and Irate Charges. Borrower shall pay when due the principal of, and interest on, the debt evidenced by the Note and any prepaylnent charges and late charges due uuder the Note. Borrower shall also pay funds for Escrow Items pursuant to Section 3. Eayments due under the Note and tiffs Security Instrument shall be made in U.S. curt'ency. However, if any check or other instrument received by Lender as payment under the Note or dfis Security Instrument is retm'ned to Lender unpaid, Lender may require that any or all subsequent payments due under the Note and this Security Instrument be made in one or more of the lbllowing forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, treasurer's check or cashier's check, provided any such check is drawn upon an institution whose deposits are insured by a federal agency, instrumentality, or entity; or (d) Electronic Funds Transfer. Payments are deemed received by Lender when received at rite 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 insuflicient to bring the Loan current. Lender may accept any payment or partial payment insufficiefi~ to bring the Loan current, without waiver of any rights hereunder or 'prejudice to its rights to refuse such payment or partial payments in rite future, 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 funds. Lender may hold such unapplied funds until Borrower makes payment to bring the Loan current. If Borrower does not do so within a reasonable period of time, Lender shall either apply such funds or return them to Borrower. If not applied earlier, such funds will be applied to the outstanding principal balance under the Note inmrediately prior to tbreclosure. No offset or claim which Borrower might have now or in the future against Lender shall relieve Borrower from making payments due 'under rite Note and this Security lnstrulnent or pertbrming the covenants and agreements secured by this Security Instrument. 2. Application of Payments or Proceeds. Except as otherwise described in this Section 2, all pay~nents accepted and applied by Lender shall be applied in thc tbllowing order of priority: (a) interest due under the Note; (b) principal due under the Note; (c) amounts due under Section 3. Such payments shall be applied to each Periodic Payment in the order in which it became due. Any remairfing amounts shall be applied first to late charges, second to any other amounts due under this Security Instrument, and then to reduce the principal balance of the Note. If Lender receives a payment from Borrower fi)r a delinquent Periodic Payment which includes a sufficient amonnt to pay any late charge due, the payment may be applied to the delinquent payment aud the late charge. If more than one Periodic Payment is outstanding, Lender may apply any payment received from Borrower to the repayment of the Periodic Payments if, and to the extent that, each payment can be paid in full.. To tim extent that any excess exists after rite payment is applied to tile full 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 ~mt extend or postpone the due date, or change the amount, of the Periodic Payments. 3. Funds for Escrow Items. Borrower shall pay to Lender on the day Periodic Payments are due under the Note, until the Note is paid in full, a sum (the "Funds") to provide for payment of amounts due for: (a) taxes and assessments and other items which can attain priority over this Security Instrmnent as a lien or encumbrance on rite Property; (b) leasehold payments or ground rents on the Property, if any; (c) prenfimns tbr arty and all insurance required by Lender under Section 5; azd (d) Mortgage Insurance premiums, if any, or any stuns payable by Borrower to Lender in lieu of rte payment of Mortgage Insurance premituns in accordance with the provisio~ts of Section 10. These items are called "Escrow Items." At origination or at any time during the term of file Loan, Lender may require that Community AsSociation Dues, Fees, and Assessments, if an3,, be escrowed by Borrower, and such dues, fees and assessments shall be an Escrow Item. Borrower shall promptly furnish to Lender all notices of amounts to be paid under this Section. Borrower shall pay Lender rite Funds for Escrow Items unless Lender waives Borrower's obligation to pay the Funds for any or all Escrow Itelns. Lender may waive Borrower's obligation to pay to Lender Funds for any or all Escrow Iteins at any time. Alt), such waiver may only be in writing. In the event of such waiver, Borrower shall pay directly, when and where payable, rite amounts (~-6A(WY) (ooosl,Ol Pa~c4of ~,s Form 3051 1/01 538 due for any Escrow Items for which payment of Funds has been waived by Lender and, if Lender requlres, shall funfish to Lender receipts evidencing such payment within such time period as Lender may require. Borrower's obligation to make such payments and to provide receipts shall for all purposes be demned to .. be a covenant and agreement contained in this Security Instrument, as the phrase "covenant and agreement" is used in Section 9. If Borrower is obligated to pay Escrow Items directly, pursuant to a waiver, and Borrower fails to pay the amount due for an Escrow Item, Lender nmy exercise its rights under Section 9 and pay such. amount and Borrower shall then be obligated under Section 9 to repay to Lender any such. amount. Lender may revoke the waiver as to any or all Escrow Items at any tffne by a notice given in accordance with Section 15 and, upon such revocation, Borrower shall pay to Lender all Funds, and in such amounts, that are fl~en required under this Section 3. Lender may, at any time, collect and hold Funds in an ammmt (a) sufficient to permit Lender to apply the Funds at the time specified under RESPA, and (b) not to exceed fl~e maxinmm alnount a lender can · require under RESPA. Lender shall estimate the amount of Funds due on the basis .~.f current data and reasonable estimates of expenditures of furore Escrow Items or otherwise in accordanqe with Applicable Law. The Funds shall be held in an institution whose deposits are insured by a federal· agency, h~strumentality, 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, a~mually analyzing the escrow account, or verifyi~g fl~e Escrow Items, u~fless Lender pays Borrower interest on the Funds and Applicable Law permits Lender to make such a charge. Unless an agreement is ~nade in writing or Applicable Law requires interest to be paid on the Funds, Lender shall not be required to pay Borrower any interest or earnings on the Funds. Borrower ami Lender can agree in writing, however, that interest shall be paid on the Funds. Lender shall give to Borrower, Mthout charge, an annual accountiug of the Fnnds as required by RESPA. If there is a surplus of Funds held in escrow, as defined under RESPA, Lender Shall account to Borrower for fl~e excess funds in accordance with RESPA. If there i.s 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 12 monthly payments. If fltere is a deficiency of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to make up the deficiency in accordance with RESPA, but in no more than 12 monfl~ly payments. Upon payment in full of all sums secured by this Security Instrument, Lender shall promptly refund to Borrower any Funds held 'by Lender. 4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines, and impositions attributable to the Property which can attain priority over this Security Iustrmnent, leasehold payments or ground rents on the Property, if any, and Commmfity Association Dues, Fees, and Assessments, if any. To the extent that these items are Escrow Items, Borrower shall pay them in the manner provided in Section 3. Borrower shall promptly discharge any lien which has priority over this Security Instrmnent unless Borrower: (a) agrees in writing to fl~e payment of the obligation secured by the lien in a manner acceptable to Lender, but only so long as Borrower is pertbrming such agreement; (b) contests the lien in good faith by, or defends against enforcement of the lien in, legal proceedings which in Lender's opinion operate to prevent the enforcement of the lien while those proceedings are pending, but only until such proceedings are'concluded; or (c) secures from the holder or' the lien an agreement satisfactory to Lender subordinating the l~ien to this Security Instrument. If Lender determines that any part of the Property is subject to a lien which can attain priority over this Security Instrument, Lender may give Borrower a notice identifying the I~I~-6A{WY) {0005).0~ P~g, 5 ~,, ~s Form 3051 1/01 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 lbrth above in this Section 4. Lender may require Borrower to pay a one-time charge fi)r 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 including, but not limited to, earthquakes and floods, for which Lender requires insurance. This insurance shall 'be maintained in the anounts (including deductible levels) and for the periods that Lender requires. What Len.der requires pursuant to the preceding sentences can change during the term of the Loan. Tile 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 may require Borrower to pay, in connection with this Loan, either: (a) a one-time charge for flood zone determinati.on., certification and tracking services; or (b) a one-time charge fi)r flood ~one deternfination and certification services and subsequent charges each time remappings or similar changes occur which reasouably nfight affect such detenni~tation or certification. Borrower shall als{) be responsible Ibr the payment of any fees imposed by the Federal Emergency Management Agency in cmmection with tile review of any flood zone determination resulting fi'mn 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 Bon'ower's expense. Lender is under no obligation to purchase any particular type or amount of coverage. Therefore, such coverage shall cover Lender, but might or nfight not protect Borrower, Borrower's equity in the Property, or the contents of the Property, against any risk, hazard or liability and might provide greater or lesser coverage than was previously in effect. Borrower acknowledges ~hat fl~e cost of the insurance coverage so obtained migllt significantly exceed tbe cost uf insurance that Borrower could have obtained. Any axnounts disbursed by Lender under fids Section 5 shall become additional debt of Borrower secured by this Security Instrument. These amounts shall bear interest at fl~e Note rate fi'om the date of disbursement and shall be payable, with such interest, upon notice i¥om 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 certificates. If Lender requires, Borrower shall promptly give to Lender all receipts of paid premiums and renewal notices. If Borrower obtains any form of insu'rance 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. iLender nmy make proof of loss if not nhade promptly by Borrower. Unless Lender and Borrowe~r 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 the right to hold such insurance proceeds until Lender has had an opportmfity to inspect such Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection sball be undertaken promptly. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as the work is completed. Unless an agreement is made in writing or Applicable Law reqmres interest to be paid on such insurance proceeds, Lender shall not be .required to pay Borrower any interest or earnings on such. proceedk. 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 stuns secured by this Security Instrument, whether or not then due, with (~-6A(WY) (ooos),o'i F~, ~ o~ ~s Form 3051 1101 the excess, if any, paid to Borrower. Such insurance proceeds shall be applied in the order .provided fl)r 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 dlat the insurance carrier has offered to settle a' clai~n, 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) Borrower's rights to any insurance proceeds in an amount not to exceed the amounts unpaid under the Note or this Security Instnunent, and (b) any other of Borrower's rights (other than the right to any refund of unearned premiums paid by Borrower) under all insurance policies covering the Property, insofar as such rights are applicable to the coverage 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 Secnrity Instrument, whether or not then due. 6. Occupancy. Borrower shall occupy, establish, and use the Property as Bo.rrower's principal residence wiflfin 60 days after the execution of this Security Instrument and shall con~nue to occupy the Property as Borrower's principal residence for at least one year after the date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be unreasonably withheld, m' unless extenuating circumstances exist which are beyond Borrower's control. 7.t Preservation, Maiutenance and Protection of the Property; Inspections. Borrower shall not 'destroy, damage or impair the Property, allow the Property to deteriorate or commit waste nn the Property. Whether or not Borrower is residing in the Property, Borrower shall maintain the Property in order to prevent the Property from deteriorating or decreasing in value due to its condition. Unless it is detemfined 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 condermmtion proceeds are paid in connection with damage to, or the taking of, the Property, Borrower shall be responsible for repairing or restoring tile 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 sufficieut to repair or restore th.e 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 of the improve~nents on the Property. Lender shall give Borrower notice at fl~e time of or prior to such an iuterior inspection specifying such reasonable cause. 8. Borrower's Loan Application. Borrower shall be in default if, during the Loan application process, Borrower or any persons or entities acting at the direction of Borrower or with Borrower's knowledge or consent gave materially false, misleading, or inaccurate infimnation or statements to Lender (or tailed to provide Lender with material information) in com~ection with the Loan. Material representations include, but are not limited to, representations concerning Borrower's occupaucy of the Property as Borrower's principal residence. 9. Protection of Lender's Interest in the Property and Rights Under this Security Instrument. If (a) Borrower fails to perform the covenants and agreements contained in this Security Instrument, (b) there is a legal proceeding that might siguificandy affect Lender's interest in the Property and/or rights under this Security Instrument (such as a proceeding in bankruptcy, probate, for condemnation or fbrfeimre, for enforcement or' a lien which may attain priority over this Security Instrmnent or to enforce laws or regulations), or (c) Borrower bas abandoned file Property, then Lender may do and pay fbr whatever is reas~mable or appropriate to protect Lender's iuterest 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 include, b'ut 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 (~-6A(WY) (ooos).o~ ~ 7 ~f 15 ~ Form 3051 1/01 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 f. rom pipes, eliminate building or other code violations or dangerous conditions, and have utilities turned on or off. Although Lender may take action trader fi~is 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 fbr not taking any or all actions authorized under this Section 9. Any amounts disbursed by Lender under this Section 9 shall become additio~ml debt of Borrower secured by this Security 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. If this Security Instrument is on a leasehold, Borrower shall comply with all the provisions of the lease. If Borrower acqrfires fee title to the Property, the leasehold and tl~e fee title shall not merge unless Lender agrees to the merger in writing .... 10. Mortgage Insurance. if Lender required Mortgage Insurance as a condition o{ making the Loan, Borrower shall pay the prenfimns required to maintain the Mortgage Insurance in effect. If, for any reason, the Mortgage Insurance coverage required by Lender ceases to be available fi'om the mortgage insurer that previously provided such insurance and Borrower was required to nmke separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay tile premimns required to obtain coverage substantially equivalent to the Mortgage Insurance previously irt effect, at a cost substantially equivalent to the cost to Borrower of the Mortgage Insurance previously in effect, from an alternate ~nortgage insurer selected by Lenderl If substantially equivalent Mm'tgage Insurance coverage is not available, Borrower shall continue to pay to Lender the amount of the separately designated pay~nents that were due when the insurance coverage ceased to be in effect. Lender will accept, use and retain these payments as a non-refimdable loss reserve in lieu of Mortgage Insurance. Such loss reserve shall be non-refundable, notwithstanding the fact that the Loan is ultimately paid in full, and Lender shall not be required to pay Borrower any interest or earnings on such loss reserve. Lender can no longer require loss reserve payments if Mortgage Insurance coverage (in the a~nount and for the period that Lender requires) provided by an insurer selected by Lender again becomes available, is obtained, and Lender requires separately designated payments toward rite premiums for Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan and Borrower was required to nrake separately designated payments toward the prenfiums i¥~:r Mortgage Insurance, Borrower shall pay the prem[uins required to maintain Mortgage Insurance in effect, or to provide a non-refundable loss reserve, until Lender's requirement for Mortgage Insurance ends in a. ccordance with any written agreement between Borrower a~d Lender providing ~br such termination or until termination is required by Applicable Law. Nothing in this Section 10 affects Borrower's obligation to pay interest at the rate provided in the Note. Mortgage Insurance reimburses Lender (or any entity that purchases the Note) for certain losses it may incur if Borrower does not repay the Loan as agreed. Borrower is not a party to the Mortgage Insurance. Mortgage insurers evaluate their total risk on all such insurance in. force from time to time, and may enter into agreements with other parties that share or modify their risk, or reduce lossesl These agreements are on. terms and conditions that are satisfactory to the mortgage insurer and rite other party (or parties) to these agreements. These agreements may require fl're mortgage insurer to make payments using any source of funds that the mortgage insurer may have available (which nmy include funds obtained from Mortgage Insurance premiums). As a result of these agreements, Lender, any purchaser of the Note, another insurer, any reinsurer, any other entity, or any affiliate of any of the fi)regoing, may receive (directly or indirectly) amounts that derive from (or nfight he characterized as) a portion of Borrower's payments for Mortgage Insurance, in exchange for sharing or modifying rite mortgage insurer's risk, or reducing losses. If such agreement provides that an affiliate of Lender takes a share of file insurer's risk in exchange for a share of the premiums paid to the insurer, ~he arrangement is often termed "captive reinsurance." Further: (a) Any such agreements 'will not affect the amonnts that Borrower has agreed to pay for Mortgage Insurance, or any other terms of the Loan. Such agreements will not increase the amonnt Borrower will owe for Mortgage Insurance, and they -a'ill not entitle Borrower to any refund. initials: ~ ~ (~t~-6A(WY) 1ooo~) o~ Pa~ae ~ o~ ~ Form 3051 1/01 (b) Any such agreements will not affect the rights Borrower has - if any - with respect to the Mortgage Insurance under the Homeowners Protection Act of 1998 or any other law. These rights may include the right to receive certain disclosures, to reqnest and obtain cancellation of the Mortgage Insurance, to have the Mortgage Insurance terminated automatically, and/or to receive a refund of any Mortgage Insurance premiums that were unearned at the time of such cancellation or termination. 11. Assignment of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned to and shall be paid to Lender. If the Property is damaged, such Miscellaneous Proceeds shall be applied to restoration or repair of the Property, if fl~e restoration or repair is economically feasible and Lender's security is not lessened. During such repair and restoration period, Lender shall have the right to hold such Miscellaneous Proceeds until Lender has had an opportmfity 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 repairs and restoration in a~-single disbursement or in a series of progress payments as the work is completed. Unless an agreement is made in writing or Applicable Law requires interes["to be paid on such Miscellaneous Proceeds, Lender shall not be required to pay Borrower any interest o~, eanfings on such Miscellaneous Proceeds. It' the restoration or repair is not economically feasible or Lender's security would be lessened, the Miscellaneous Proceeds shall be applied to file sums secured by this Security Instrmnent, whether or ~3ot then due, with the excess, if any, paid to Borrower. Such Miscellaneous Proceeds shall be applied in the order provided for in Section 2. In the event of a total taking, destruction, or loss in value of the Property, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. In tile event of a partial taking, destruction, or loss in value of the Property in which the fair market value of the Property hnmediately betbre the partial taking, destruction, or loss iu vahle 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, mfless Borrower and Lender otherwise agree in writing, the stuns secured by this Security Instrument shall be reduced by the amount of the Miscellaneous Proceeds multiplied by the following fraction: (a) the total amount of tile sums secured immediately bethre 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. Ill the event of a partial taking, destruction, or loss in value of tile Property in which the fair market value of the Property immediately before the partial taking, destruction, or loss in value is less than /lie amount of the sums secured immediately betbre the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the Miscellaneous Proceeds shall be applied to tile stuns secured by this Secmity Instrument whether or not the sums are then due. If tl,e ProPerty is abandoned by Borrower, or if, after notice by Lender to Borrower that the Opposing Party (as defined in the next semence)offers to make 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 apply the Miscellaneous Proceeds either to restoratio~ or repair of the Property or to the suxns secured by this Security Instrmnent, whether or not then due. "Opposing Party" means the third party that owes Borrower Miscellaneous Proceeds or the Party against whom Borrower has a right of action in regard to Miscellaneous Proceeds. Borrower shall be in defanlt if any action or proceeding, whether civil or cfinfinal, 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 under this Security instrument. Borrower cau cure such a default and, if acceleration has occurred, reinstate as provided in Section 19, by causing the action or proceeding to be 'dismissed with a ruling that, in Lender's judgment, precludes forfeiture of the Property or other material imlJairment of Lender's interest in the Property or rights under this Security Instru~nent. 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 rep~ir..of the Property shall be applied in the order provided for in Section 2. (~-6A(WY) Iooos).o~ ~. 9 o¢ ~s u Form 3051 1/01 12. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time payxnent or modification of amortization of the sums secured by this Security Instrument granted by Lender to Borrower or any Successor in interest of Borrower shall not operate to release the liability of Borrower or any Successors in Interest of Borrower. Lender shall not be required to cormnence proceedings against any Successor in Interest of Borrower or to refuse to extend time for payment or otherwise modify amortization of the sums secured by this Security Instrmnent by reason of any demand made by the original Borrower or any Successors in Interest of Borrower. Any forbearance by Lender in exercising any right or remedy including, without linfitation, Lender's acceptance of payments from third persons, entities or Successors in Interest of Borrower or in amounts less. fl~an the amount fl~en due, shall not be.a waiver of or preclude the exercise of any right or remedy. 13. Joint and Several Liability; Co-signers; Successors and Assigns Bound. Borrower covenants and agrees that Borrower's obligations and liability shall be joint and several. However, any Borrower who co-signs fids Security Instrument but does not execute the Note (a "co-signer"): (a) is co-signing Security Instrument only to tnortgage, grant and convey fl~e co-signer's interest in the" Property under the terms of this Security Instrument; (b) is not personally obligated to pay the sums secffred by this Security 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 this 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 from 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 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, /'or the purpose of protecting Lender's interest in rite Property and rights under this Security Instrument, including, but not limited to, attonxeys' fees, 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 constn~ed as a prohibition on the charging of such fee. Lender may not charge tees that are expressly prohibited by this Security Instrument orby Applicable Law. If the Loan is subject to a law which sets lnaximum loan charges, and that law is finally interpreted so that the. interest or other loan charges collected or to be collected in coxmection with the Loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by' the amount necessary to reduce the cbargelto 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 retired by reducing fl~e 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 (wbefl~er or not a prepayment charge is provided for under the Note). Borrower's acceptance of any such re,nd made by direct payment to Borrower will constitute a waiver of any right of action Borrower might have arising out of such overcharge. 15. Notices. Ail notices given by Borrower 0r Lender in Connection with this Security Instnm~ent must be in writing. Any notice to Borrower in com~ection with this Security Iustntment shall be deemed to have been given to Borrower when mailed by first class mail or when actually delivered to Borrower's notice address if sent by other means. Notice to any one Borrower shall constitute notice to all Borrowers unless Applicable Law expressly requires otherwise. The notice address shall be the Property Address · unless Borrower has designated a substitute notice address by notice to Lender. Borrower shall promptly notify Lender of Borrower's change of address. If Lender specifies a procedure tbr reporting Borrower's change of address, then Borrower shall o~dy report a change of address through that specified procedt~re. 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 anofl~er address by notice to Borrower. Any notice in connection with this Security Instrument shall not be deemed to have been given to Lender until actually received by Lender. If any notice required by this Security Instrument is also required under Applicable Law, the Applicable Law requirement will satist5 the corresponding requirement under this Security Instrument. ~6A[WY) (ooos) ol Paae lo ~f ~S t/ Form 3051 1/01 16. Governing Law; Severability; Rules of Construction. This Security Instrument shall be governed by federal law and the law of file 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 nfight explicitly or implicitly allow the parties to agree by contract or it nfight 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 the conflicting provision. As used in this Security instroment: (a) words of file masculine gender shall mean and include corresponding neuter win'ds or words of the feminine gender; (b) words in the singular shall mean and include rite 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 ()ne copy of flxe Note and of dfis Security lnstrun~ent. 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 rite Property, including, but not limited to, those beneficial interests transferred in a bond ~br deed, contract for deed, installmelat sales contract or escrow agreement, the intent of which is the transfer of title by Borrower at a fluure 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 natm'al person and a beneficial interest in Borrower is sold or transferred) without Lender's prior written consent, Lender may require inunediate payment in full of all stuns secured by this Security Instrument. However, riffs option shall not be exercised 'by Lender if such exercise is prohibited by Applicable Law. If Le~Mer 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 given in accordance with Section 15 within which Borrower must pay all sums secured by this Security Instrument. If Borrower hils 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. 19. Borrower's Right to Reinstate After Acceleration. If Borrower ~neets certain conditions, Borrower shall have rite right to have enlbrce~nent of this Security Instrument discontinued at any time prior to the earliest of: (a) five days 'befbre sale of the Property pursuant to any power of sale contained in this Security Instrument; (b) such other period as Applicable Law nfight specify for fire termination of Borrower's right to reinstate; or (c) entry of a judgment enforcing this Security Instrument. Those conditions are that Borrower: (a) pays Lender all stuns which then would be due under this Security Instrument and the Note as 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 linfited to, reasonable attorneys' fees, property inspection and valuation fees, and other fees incurred for the purpose of protecting LendeCs interest in the Property and rights under this Security Instrument; and (d) takes such action as Lender may reasonably require to assure that Lender's interest iu the Property and rights under this Security Instrument, and Borrower's obligation to pay the sums secured by this Security Instrument, shall continue unchanged: Lender may require that Borrower pay such reinstatement stuns and expenses in one or more of the following forms, as selected by Lender: (a) cash; (b) money re'der; (c) certified check, bank check, treasurer's check or cashier's check, provided any such check is drawn upon air 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 fully effective as if no acceleration had occurred. However, this right to reinstate shall not apply in the case of acceleration under Section 18. 20. Sale of Note; Change of Loan Servicer; Notice of Grievance. The Note or a partial interest in the Note (together with this Security Instrmnent) can be sold one or more times without prior notice to Borrower. A sale might result in a change in rite entity (known as the "Loan Servicer") that collects Periodic Payments due under the Note and this Security Instrument and 'pertbnns other mortgage loan servicing obligations under the Note, this Security Instrument, and Applicable Law. There also might be one or tnore changes of fl~e Loan Servicer mn'elated to a sale of the Note. If there is a change of the Loan Servicer, Borrower will be given written notice of the change which will state-the ~mxne and address of the new Loan Servicer, the address to which payments should be made and any other information RESPA (~-6A(WY) (ooo5).o~ P~e ~,~ ot ~s Form 3051 1/01 requires in connection with a uotice of transfer of servicing. If the Note is sold and thereafter the Loan is serviced by a Loan Servicer other than the purchaser of the Note, the mortgage loan servicing obligations to Borrower will remain witli the Loan Servicer or be transferred to a successor Loan Servicer and are not assumed by the Note purchaser unless otherwise provided by the Note purchaser. Neither Borrower nor Lender may con-unence, join, or be joined to any judicial action (as either an individual litigant or the member of a class) that arises from tile other party's actions pursuant to dfis Security Instrmnent or that alleges that the off, er 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 giving of such notice to take corrective action. If Applicable Law provides a time period which must elapse before certain action can ,be taken, that time period will be deemed to be reasonable fi)r purposes of this paragraph. Tile notice ~.of acceleratiou and opportunity to cure given to Borrower pursuant to Section 22 and the notice of acceleration given to Borrower pursuant to Section 18 shall 'be deemed to satisfy the notice and opportunity to take corrective action provisions of this Section 20. 21. Hazardous Substances. As used in this Section 21: (a) "Hazardous Substances" are those substances defined as toxic or hazardous substances, pollutants, or wastes by Environmental Law and the following substances: gasoline, kerosene, other fla~mnable or toxic petroleum products, toxic pesticides and herbicides, w)latile solvents, materials coutai~fing asbestos or formaldehyde, and radioactive materials; "El ' (b) ~wronmental Law" meaus federal laws and laws of the jurisdiction where the Property is located that relate to health, safety or environmental protection; (c) "Enviromnental 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 Enviro'nmental Clea~mp. Borrower shall not cause or permit the presence, use, disposal, storage, or release of any Hazardous Substances, or threaten to release any Hazardous Substances, on or in the ?roperty. Borrower shall not do, nor allow anyone else to do, _anything affecting the Property (a) that is in violation of any Environmental Law, (b) which creates an Environmental Condition, or (c) which, due to the presence, use, or release of a Hazardous Substance, creates a condition that adversely affects the value of the Property. The preceding two sentences shall rmt apply to the presence, use, or storage on the Property of snmll quantities of Hazardous Substances that are generally recognized to be appropriate to normal residential uses and to maintenance of the Property (including, but not limited to, hazardous substances in consumer products). Borrower shall promptly give Lender written notice of (a) any investigation, clai~n, demand, lawsuit or other action by any govermnental or regulatory agency or private party involving tile Property and. any Hazardous Substance or Environmental Law of which Borrower has actual knowledge, (b) any Enviromnental Condition, including but not li~nited to, any spilling, leaking, discharge, release or tllreat 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 file Property. If Borrower learns, or 'is notified by ,any governmental or regulatory authority, or any private party, that any removal or other rmnediation of any Hazardous Substance affecting the Property is necessary, Borrower shall pro~nptly take all necessary remedial actions in accordance with Enviromnental Law. Nothing herein shall create any obligation on Lender for an Environmeutal Cleanup. }nitia',~:~ (~-§A(WY) Iooo~).o~ ~ 12 ~t ~s Form 3051 1/01 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 Borro'wer's breach of any covenant or agreement in this Security Instrument (lint not prior to acceleration under Section 18 unless Applicable Law provides otherwise). The notice shall specify: (a) tile default; (b) the action required to cure tile default; (c) a date, not less than 30 days from the {late the notice is given to Borrower, by which the default ~nust be cured; and (d) that failure to cnre the default on or before the date specified in the notice may result in acceleratiou of the sums secured by this Security Instrument and sale of the Property. The notice shall fl~rther inform Borrower of the right to reinstate after acceleration and the right to bring a court action to assert the non-existence of a default or any other defense of Borrower to acceleration and sale. If the default is not cured on or before the date specified in the notice, Lender at its option may require immediate, payment in hill of all sums secured by this Security Instrnment without fl~rther demand and may i~!?ke the power of sale and any other remedies permitted by Applicable Law. Lender shall be entitled to collect all expenses incurred in pursuing the remedies provided in this Section 22, including, [;ut not limited to, reasonable attorneys' fees and costs of title evidence. If Lender invokes the power of sale, Lemler shall give notice of intent to foreclose to Borrower and to the person in possession of the Property, if different, in accordance with Applicable Law. Lender shall give notice of the sale to Borrower in the manner provided in Section 15. Lender shall publish the notice of sale, and the Property shall be sold in the manner prescribed by Applicable Law. Lender or its designee may put. chase 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. 23. Release. Upon payment of all sums secured by this Security Instrument, Lender shall release this Security Instrument. Borrower shall pay any recordation costs. Lender may charge Borrower a fee tbr 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 pernfitted under Applicable Law. 24. Waivers. Borrower releases and waives all rights under and by virtue of the homestead exemption laws of Wyoming. (~-6A(.WY) 1ooo51,o~ P~e ~a otis Form 3051 1/01 BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this Security Instrument and in any R/der executed by Borrower and recorded with it. Witnesses: Boyd l, qes C -Borl'ower ~qt~gal2 J. ~qa~ / ~ -Borrower (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Borrower xBorrower (Seal) (Seal) -Borrower -Borrower (~<~6A(WY) looos).o~ ~, :4 or ~s Form 30.51 1/01 STATE OF WYOMING, ~ "~'-'~-'~SkJ County ss: The foregoing instrument was acknowledged betbre me this by Boyd West and Susan J. West, husband and wife My Commission Expires: q-- [~'~ - Notary Public (~6A(WY){ooosl. Ol Pag. lSof~s Form 3051 1/01 N'oU 20'-£001 !B:48 FR F!DEL!TV RES!DENT!AL :3 2EE~ 48!5 TO !gO7713~3B!EIB P.07' SEIUYH~JFST TITLE CO. _Fax'-l-~?-87?-g602 OCt 25 '01 6:55 P. 09/],2 ALTA COMMITMENT. 1982 - WY ,..rcm ~ ~ '-~..:~,. ;, Comnfitmmt No.: FA 8252 M SCI-I]~DULE C The land referred, to in this commitrnenc is situated in the State 'of Wyoming. County of Lincoln, an~ is d~scribod as follows: A portion of the N~S~NE~ of Section 17, T34N RllSW of the Suh P-M., Lincoln Counuy, Wyoming and being more ~rticularly described as follows: , BEGINNING at a point in ~he g~$t line of said Section 17, said point being 907.10 feet N 0"49'30" E from ~ha East ~ corner of said Section 17; thence N 89o2~'52,, W, 518.58 fee~ thence N 0~{9,30,, E, 420,00 feet; =henc~ S 89~22'52. ~, 518.58 feet to a BLM ~ype monument, found marking the Nor~heas~ corner of said $~/NE~ in Lincoln County Road No.,.,121; ~hence s 0:49'30,, W, 420.00 feet ~o the POINT OF ~EGINNING~