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Lender's address is 7800 MCCLOUD ROAD, GREENSBORO, NC 27409 -9634
Lender is the mortgagee under this Security Instrument.
(D) "Note" means the promissory note signed by Borrower and dated October 5 2000
The Note states that Borrower owes Lender Ninety Seven Thousand Nine Hundred Three
and 14/100 Dollars
(U.S. 97 903.14 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, 2030
(E) "Property" means the property that is described below under the heading "Transfer of Rights in the
Property."
(F) "Loan" means the debt evidenced by the Note, plus interest, any prepayment charges and late charges
due under the Note, and all sums due under this Security Instrument, 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]:
Adjustable Rate Rider Condominium Rider Second Home Rider
Balloon Rider n Planned Unit Development Rider 1 -4 Family Rider
VA Rider n Biweekly Payment Rider Other(s) [specify]
MFG HOME CONSTR LOAN
RIDER
(H) "Applicable Law" means all controlling applicable federal, state and local statutes, regulations,
ordinances and administrative rules and orders (that have the effect of law) as well as all applicable final,
non appealable judicial opinions.
(I) "Community Association Dues, Fees, and 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 of funds, other than a transaction originated by
check, draft, or similar paper instrument, which is initiated through an electronic terminal, telephonic
instrument, computer, or magnetic tape so as to order, instruct, or authorize a financial 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.
(K) "Escrow Items" means those items 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) condemnation or other taking of all or any part of the
Property; (iii) conveyance in lieu of condemnation; or (iv) misrepresentations of, or omissions as to, the
value and /or condition of the Property.
(M) "Mortgage Insurance" means insurance protecting Lender against the nonpayment of, or default on,
the Loan.
(N) "Periodic Payment" means the regularly scheduled amount due for (i) principal and interest under the
Note, plus (ii) any amounts under Section 3 of this Security Instrument.
(0) "RESPA" means the Real Estate Settlement Procedures Act (12 U.S.C. Section 2601 et seq.) and its
implementing regulation, Regulation 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 imposed in regard
to a "federally related mortgage loan" even if the Loan does not qualify as a "federally related mortgage
loan" under RESPA.
8171 2324515 0
-6(WY) (9904).01
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Page 2 of 15
1
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Initials: S p
Form 3051 3/99
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slip .upon sivatuaalgE puE sluguanoo s,aamoizog Jo aou uuojiad am (tt) pug :a1oN all Jo suoipEOglpotu
puE suoisualxa `s]EMauai IF puu `uno'I agi Jo ivauihdai alp (i) :zapua'I 01 samoas luaUlnUlsul AlunoaS spa
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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 made in one or more of the following 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 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 insufficient 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 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 immediately prior to foreclosure. No offset or claim which Borrower
might have now or in the future against Lender shall relieve Borrower from making payments due under
the Note and this Security Instrument or performing the covenants and agreements secured by this Security
Instrument.
2. Application of Payments or Proceeds. Except as otherwise described in this Section 2, all
payments accepted and applied by Lender shall be applied in the following order of priority: (a) interest
due under the Note; (b) principal due under the Note; (c) amounts due under Section 3. Such payments
shall be applied to each Periodic Payment in the order in which it became due. Any remaining amounts
shall be applied first to late charges, second to any other amounts due under this Security Instrument, and
then to reduce the principal balance of the Note.
If Lender receives a payment from Borrower for a delinquent Periodic Payment which includes a
sufficient amount to pay any late charge due, the payment may be applied to the delinquent payment and
the late charge. If more than one Periodic Payment is outstanding, 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 the extent that any excess exists after the payment is applied to the 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 not 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 Instrument as a
lien or encumbrance on the Property; (b) leasehold payments or ground rents on the Property, if any; (c)
premiums for any and all insurance required by Lender under Section 5; and (d) Mortgage Insurance
premiums, if any, 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 furnish 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 Items. Lender may waive Borrower's
obligation to pay to Lender Funds for any or all Escrow Items at any time. Any such waiver may only be
in writing. In the event of such waiver, Borrower shall pay directly,, when and where payable, the amounts
8171 2324515 0
C)-6(WY) (9904).01
Page 4 of 15
016
Initials: 3 R R
ONX8;31.3
Form 3051 3/99
66/£ 1.60E wioj
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8171
-61WY) 19904).01
Page 6 of 15
018
927
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 including, but not limited to, earthquakes and floods, for which Lender requires insurance.
This insurance shall be maintained in the amounts (including deductible levels) and for the periods that
Lender requires. What Lender requires pursuant to the preceding sentences can change during the 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 may
require Borrower to pay, in connection with this Loan, either: (a) a one -time charge for flood zone
determination, certification and tracking services; or (b) a one -time charge for flood zone determination
and certification services and subsequent charges each time remappings or similar changes occur which
reasonably might affect such determination or certification. Borrower shall also be responsible for the
payment of any fees imposed by the Federal Emergency Management Agency in 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. Therefore, such coverage shall cover Lender, but might or might
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 that the cost of the insurance coverage so obtained might significantly exceed the cost of
insurance that Borrower could have obtained. Any amounts disbursed by Lender under this Section 5 shall
become additional 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.
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 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 the right to
hold 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 in a series
of progress payments 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 Security Instrument, whether or not then due, with
2324515 0
Initials'l? a
Form 3051 3/99
66/E L90£ au 5 L to L eBed
0
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6
10117
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guuiedaz io /pug guunoas pug 'Auadold am jo amen am guissasse Jo /pue gupoalold guipnput `luatutuJsui
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onto (q) luauttuisui Alunoas stgl ui pauigluoo sfuautaaJgu pug sluguanoo at1 tuIo31ad o1 sow JaMOJJOg (e)
3I •;uatuni sus £;lands sit; noun s ;gggi pug A;1adold aq; ui ;sala ;ui s,Japua7 J0 Uoi;na;oad •6
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Japuai 01 sluat11a1t1s 10 uogetuJojui altJnooeui 10 `guipeaisitu `aslt3 Alletlafutu and' luasuoo 10 agpaimoU1
s,laMolJOg qqm 10 1aMO11og Jo uot1Oaltp atl le guiIOe satlt1110 10 suosiad Aug Jo 1aM011og `ssaooid
uoilEOtlddt uto-i ati guunp `3t ilnejap ui aq slugs JaMO110g •uoi;eaiiddy URO' s,.xat&oaaog •g
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anig huts Japua' •Auadold am uo sfuauianolduit at13o Joualui a111 loadsui Aunt Japua-i 'asnr° alquuoseai
suq li 3I •Auadold am jo suotloadsui pug uodn saulua algeuosgai alum Autu wage slt 10 Japua-i
•uoilulolsa1 Jigdai Ions
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tons Joj spaaoold paseap. set lapua-i j Aiuo Auadold am guilolsal 10 guuiedal Joj aigisuodsaI aq HMIs
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CD-61WY) (9904).01
020
92
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 taking any or all
actions authorized under this Section 9.
Any amounts disbursed by Lender under this Section 9 shall become additional debt of Borrower
secured by this Security Instrument. These amounts shall bear interest at the Note rate from 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 acquires fee title to the Property, the leasehold and the fee title shall not merge 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 Borrower was required to make separately designated payments
toward the premiums for Mortgage Insurance, Borrower shall pay the premiums required to obtain
coverage substantially equivalent to the Mortgage Insurance previously in effect, at a cost substantially
equivalent to the cost to Borrower of the Mortgage Insurance previously in effect, from an alternate
mortgage insurer selected by Lender. If substantially equivalent Mortgage Insurance coverage is not
available, Borrower shall continue to pay 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 retain these
payments as a non refundable 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 amount 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 the premiums for Mortgage Insurance. If Lender required Mortgage
Insurance as a condition of making the Loan and Borrower was required to make separately designated
payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiums required to
maintain Mortgage Insurance in effect, or to provide a non refundable loss reserve, until Lender's
requirement for Mortgage Insurance ends in accordance with any written agreement between Borrower and
Lender providing for such termination or until termination is required by Applicable Law. Nothing in this
Section 10 affects Borrower's obligation to pay interest at the rate provided in the Note.
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 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 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
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 interest to be paid on such
Miscellaneous Proceeds, Lender shall not be required to pay Borrower any interest 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,
8171 2324515 0
Initials:
Page 8 of 15 Form 3051 3/99
66/C I. NE U
0
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11 0
EMT s!e!3!U!
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f1 C 6
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b 384
Security Instrument only to mortgage, grant and convey the co- signer's interest in the Property under the
terms of this Security Instrument; (b) is not personally obligated to pay the sums secured by this Security
Instrument; and (c) agrees that Lender and any other Borrower 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 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, including, but not limited to, attorneys' 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 construed as a prohibition on the charging of such fee. Lender may not charge
fees that are expressly prohibited by this Security Instrument or by Applicable Law.
If the 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, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the
charge to the permitted limit; and (b) any sums already collected from Borrower which exceeded permitted
limits will be refunded to Borrower. Lender may choose to make this refund by reducing the principal
owed under the Note or by making a direct payment to Borrower. If a refund reduces principal, the
reduction will be treated as a partial prepayment without any prepayment charge (whether or not a
prepayment charge is provided for under the Note). Borrower's acceptance of any such refund made by
direct payment to Borrower will constitute a waiver of any right of action Borrower might have arising out
of such overcharge.
15. Notices. All notices given by Borrower or Lender in connection with this Security Instrument
must be in writing. Any notice to Borrower in connection with this Security Instrument shall be deemed to
have been given to Borrower when mailed by 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 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 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 satisfy the corresponding requirement under this Security
Instrument.
16. Governing Law; 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 allow 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
8171 2324515 0
-6(WY) 19904).01
7
Initials a Q
Page 10 of 15 Form 3051 3/99
66/E L50E Wioj
0
V V.S :s�eiliu�
91 O L L esed
1.0iv066) (AM(g
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•lasggolnd 11 03 amp =mg u 124 1aM01101 Aq 3414130 1335111111 0141 s4 113414M 3 ma1ul alp `1110u13318g Molosa
10 1311111103 501ES luauziiulsui `poop 101 1011111103 `poop 103 puoq g ut pa11aJsu1111 ma'am! ig4o43auaq mom '01
papnu1i 4011 lnq `gutpnioui `Apadold a111 u! 1sa1alu4 ig4oljauaq 10 411834 Aug sU11atu „Apadold atl u! 1saialui„
`8I 11041035 sill u! pasn sy •aantoaaog u! lsaaaluI 4BialJauag a .10 ,flaadoad 3141 jo aajsueay •gi
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•110!1011 ACuu 371
of uo1w81igo nitre lnogliM 11013013stp Nos santg „duu% !nom all (o) puu :uslan aopt pug tumid all apniou!
pure maul hugs 1uin8u!s aril 111 sp1oM (q) :lapu38 auiunua3 ag1jo sp1oM 10 sp1oM 1341111 gu!puodsauoo
apnioul pug 1111311.1 hugs lapu38 auiitiosutu 0241 3o spJoM (u) :luauinllsui Alpnoas sup uI pasn sy
•uols1nold 8u11o1T3uoo alp lnolliM 103333 u0nt8
aq 11113 110111M 010N all 10 luatutulsul Alunoas sup jo suotsTnold 431410 1333311 lou TI1124s 104131103 bons
(-'ISO
024
933
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 the purchaser of the Note, the mortgage loan servicing obligations
to Borrower will remain with 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 commence, join, or be joined to any 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 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 for purposes of this paragraph. The notice of acceleration 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 flammable or toxic petroleum products, toxic pesticides
and herbicides, volatile solvents, materials containing asbestos or formaldehyde, and radioactive materials;
(b) "Environmental Law" means federal laws and laws of the jurisdiction where the Property 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 any Hazardous
Substances, or threaten to release any Hazardous Substances, on or in the Property. Borrower shall not do,
nor allow anyone else to do, anything affecting the Property (a) that is in violation of any Environmental
Law, (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 not apply to the presence, use, or storage on the Property of small quantities of
Hazardous Substances that are generally recognized to be appropriate to normal residential uses and to
maintenance of the Property (including, but not 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 any governmental 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 governmental or regulatory authority, or any private party, that any removal or other remediation
of any Hazardous Substance affecting the Property is necessary, Borrower shall promptly take all necessary
remedial actions in accordance with Environmental Law. Nothing herein shall create any obligation on
Lender for an Environmental Cleanup.
8171 2324515 0
-6(WY) (9904) 01
Page 12 of 15
Initials: s•n
Form 3051 3/99
66/£ L90E WJOj 5l )a EL e8ed LO14O66) (AM)9-
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stgl aseapa iisgs zapual 'luatunnsui A;pnoas spg; pins sums TIs jo ;uaugsd uodn asuataj •£Z
;I o; papi;ua ,fip3Nai suosaad ao uosaad aq;
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aq hugs ales am jo spaaaoad at u, •ales due p3 S ;aadoad alp asegaand Seat aaugisap s ;t ao aapuari .Agri
algrailddd ,fq pagpasaad aauugtu aq; ut Nos aq IIegs ;aadoad aq; pue 'ales jo aai;ou aq; gstignd
pegs aapuari 'Si uoi;aas ui pap!noad aauuuut aq; ui aaMoaaog o; ales 3133 jo aagou an33 pegs aapuari
•MW'i op:muddy qp t aauepaoaae u3 ;uaaa33ip 3i 'S;aadoad aq; jo uotssassod u; uosaad aq; o; pue
aaM0aa011 0; asopaao3 0; maw! 3o aafou ant2 IIegs aapuaZ 'ales 3o aaMOd aq3 sa)ionut aapuari 3I
•aauap!na aim 3o s;soa pug saa3 ,s,fauaopr algruoseaa
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Ile ;aalioa o; pal ;t ;ua aq IIegs aapuari 'Ater' algeailddd ,fq paypuaad salpautaa aag ;o Sue pun aims
jo aamod ati; a)ionul ,fete pue pueutap aag;an3 ;nog;te+ ;uatuna ;sui .f ;lamas spy £q paanaas stuns Tie
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.10 uo paana Sou sI fnejap aq; 3i •arms pue uo3;eaapaae o; aaMOaaog jo asuapap aaq ;o ,fur ao ;Tnejap 11
3O aaua;s1xa -uou am passe o; uo3;ae ;anon a Supq o; ;Op am pue uoyeaalaaae as ;3e a ;r;sutaa o; ;1123a
ag; 3o aaMOaaog maw! aaq;an3 pugs aai3ou aqs •S;aadoad 3143 3o ales pue ;uatuna ;sui £;Ianaas spy
£q paanaas stuns aq; 3o uo3;eaala33m u! ;Tnsaa Sem aat;ou at33 113 pa331ads amp ag; aaojaq ao ISO ;InUJap
ati; 3.1113 o; angle.; ;eq; (p) pur :palm ag ;sntu ;Inejap 3133 gawk Sq 'aamoaaog o; uan3S s3 aa3 ;ou aq;
amp 3113 uroa3 s,Cep OE ueq; ssal 3011 'amp a (a) ;Inejap 3133 aim o; paa3nbaa 1103;38 ag; (q) :;lnejap 3133
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o; iota! ;ou ;nq) ;uatuna;sui ,f;Ian3as spy ui ;uatuaa128 ao ;u8uano3 Slue 3o g3eaaq s
2u3MOIIo3 not38aa33338 o; ao3ad aaMOaaog 0; 331 1011 31133 yetis aapuari •satpatuag :uol ;ma 'ZZ
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CICSINO
6
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BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this
Security Instrument and in any Rider executed by Borrower and recorded with it.
Witnesses:
020-6(WY) (9904).01
Page 14 of 15
6344461
STEVE R�BATEMA -Borrower (Seal)
(3:Mw— s i K�
(Seal)
Borrower
(Seal) (Seal)
Borrower Borrower
(Seal) (Seal)
Borrower Borrower
(Seal) (Seal)
Borrower Borrower
8171 2324515 0
Form 3051 3/99
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`DMIAIOAM !O aIV.LS
17 S VF :694 ;730
That part of the NEiSW- of Section 10, T35N, R119W, Lincoln
County, Wyoming, being part of a tract of record in the Office
of the Clerk of Lincoln County, in .Book 234 of Photostatic
Records on page 256, described as follows
BEGINNING at a point on the north line of said NE4SW4,
S89 39 39 W, 28.08 feet from the northeast corner of said NE +SW+;
thence S00 42'42 "E, 421.68 feet, along an existing fence line,
to a point;
thence S89 39'39 "W, 208.38 feet, along a line parallel with
said north line, to a point;
thence N00 09'19 "W, 168.43 feet to the southeast point of that
tract of record in said Office in Book 229 of Photostatic Records
on page 535;
thence continuing N00 09'19 "W, 253.24 feet, along the east line
of said tract, to a point on said north line;
thence N89 39'39 "E, 204.28 feet, along said north line, to the
POINT OF BEGINNING
Together with a right of ingress and egress and utilities over,
under and across a strip of land thirty (30) feet in width with
the northerly line described as follows:
BEGINNING at the northeast corner of the NE1SW4;
thence S89 39'39 "W, 28.08 feet to the northeast point of the
above described parcel
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OP.aA 831x3
be an indebtedness of Borrower(s) secured by this Security Instrument as amended. The Security Instrument
secures the payment of all sums and performance of all covenants required by the Lender in the Construction Loan
Agreement. Upon the failure of Borrower(s) to keep and perform all covenants required by the Lender in the
Construction Loan Agreement, the principal sum and all interest and other charges provided for in the Note and
related loan documents and secured hereby shall, at the option of the Lender, become due and payable.
Improvements to protect the security of this Security Instrument, up to the Maximum Amount of Principal of the Note,
shall be treated as disbursements pursuant to the Note and Construction Loan Agreement (if applicable). All such
sums shall bear interest form the date of disbursement at the rate or rates stated in the Note.
7. ASSIGNMENT OF RIGHTS OR CLAIMS. From time to time as Lender deems necessary to protect Lender's
interest, Borrower(s) shall, upon request of Lender, execute, acknowledge before a notary, and deliver to Lender,
assignments of any and all rights or claims which relate to the construction on the Property.
8. BREACH BY BORROWER(S) OF CONSTRUCTION LOAN AGREEMENT. In case of breach by Borrower(s) of
the covenants and conditions of the Construction Loan Agreement, Lender, at Lender's option, with or without entry
upon the Property, (a) may invoke any of the rights or remedies provided in the Construction Loan Agreement or (b)
may accelerate the sums secured by this Security Instrument and invoke any of those remedies provided for in this
Security Instrument, or (c) may do both although failure to exercise any of its rights and remedies at any one time
does not mean a waiver.
9. TERMINATION OF CONSTRUCTION LOAN AGREEMENT UPON COMMENCEMENT OF PERMANENT
FINANCING AMOUNT. After completion of all construction, disbursement of all loan proceeds and the
commencement of amortization of the "Permanent Financing Amount" under the Note the terms of the Construction
Loan Agreement shall be null and void, and there shall be no claim or defense arising out of or in connection with the
Construction Loan Agreement against the obligations of the Note and this Security Instrument.
10. SECURITY AGREEMENT AND FINANCING STATEMENT. This Security Instrument shall be a security
agreement granting Lender a first and prior security interest in all of Borrower's right, title and interest in, to and
under any personal property "Personal Property which under and within the meaning of the applicable State laws
is and cannot be classified and considered real property, if any. In the event of any foreclosure sale, whether made
by Trustee or a substitute trustee, or under judgment of the court or pursuant to a power of sale, all of the Property
and Personal Property may, at the option of Lender, be sold as a whole or any part thereof. It shall not be necessary
to have present at the place of such sale the Personal Property or any part thereof. Lender, as well as Trustee or
any substitute trustee on Lender's behalf, shall have all the rights, remedies and recourses with respect to the
Personal Property afforded to a "Secured Party" by the applicable State laws in addition to and not in limitation of the
other rights and recourse afforded Lender and /or Trustee or any substitute trustee under this Security Instrument.
Borrower(s) shall, upon demand, pay to Lender the amount of any and all expenses, including the fees and
disbursements of Lender's legal counsel and of any experts and agents which Lender may incur in connection with:
(i) the making and /or administration of this Security Instrument; (ii) the custody, preservation, use or operation of, or
the sale of collection from, or other realization upon any property, real and /or personal, described in this Security
Instrument, (iii) the exercise or enforcement of any of the rights of Lender under this Security Instrument; or (iv) the
failure by Borrower(s) to perform or observe any of the provisions or covenants in this Security Instrument.
Lender may, at its election, at any time after the delivery of this Security Instrument, sign one or more copies of
this Security Instrument in order that such copies may be used as a financing statement under the applicable State
laws. Lender's signature heed not be acknowledged, and is not necessary to the effectiveness hereof as a deed of
trust, a security agreement, or (unless otherwise required by applicable law) a financing statement.
11. RESPONSIBILITY FOR IMPROVEMENTS. Lender shall not be responsible for the Improvements or their
completion and shall not in any way be considered a guarantor of performance by person or party providing or
effecting such Improvements.
12. TRANSFER OF NOTE AND SECURITY INSTRUMENT. In the event Lender sells, transfers, and assigns all or
some of Lender's right, title and interest therein to the Federal Home Loan Mortgage Corporation or the Federal
National Mortgage Association, or in any event upon the execution by Lender of an affidavit to such effect, the
provisions of paragraphs 4 through 7 hereof shall have no further force and effect.
Mfg. and Construction Loan Rider Mullti
2 Form 479
Rev. #2 (2/19/99)
(6616L/Z) a #'nem
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I 1,7!4:4;":1R0
That part of the NEkSW* of Section 10, T35N, R119W, Lincoln
County, Wyoming, being part of a tract of record in the Office
of the Clerk of Lincoln County, in' Book 234 of 'Photostatic
Records or• page 256, described as follows:
BEGINNING at a point on the north line of said NETSW
S89 39'39 "W, 28.08 feet from the northeast corner of said NEjSW,'i;
thence S00 42'42 "E, 421.68 feet, along an existing fence line,
to a point;
0.A;831.
thence 589 39'39 "W, 208.38 feet, along a line parallel with
said north line, to a point;
thence N00 09'19 "W, 168.43 feet to the southeast point of that
tract of record in said Office in Book 229 of Photostatic Records
on page 535;
thence continuing N00 09'19 "W, 253.24 feet, along the east line
of said tract, to a point on said north line;
thence N89 39'39 "E, 204.28 feet, along said north line, to the
POINT OF BEGINNING
Together with a right of ingress and egress and utilities over,
under and across a strip of land thirty (30) feet in width with
the northerly line described as follows:
BEGINNING at the northeast corner of the NJ SW
thence S89 39'39 "W, 28.08 feet to the northeast point of the
above described parcel
032