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WHEN RECORDED MAIL TO:
First Security Bank, N.A.
Afton Mortgage Production Office
485 Washington
Afton, WY 83110
0007688294
Space Above This Line For Recording Data
BOOK 449 PR PAGE 35 9
DEFINITIONS
1011 V 1111111 P 11 III I II 1
WYOMING-Single Family—Fannie Mee/Freddie Mee UNIFORM INSTRUMENT
LT. 3/00
866 795
BOOK448 PR PAGE 1.04
MORTGAGE
867249
(A) "Security Instrument" means this document, which is dated June 29, 2 0 0 0
together with all Riders to this document.
(B) "Borrower" is
TIMOTHY W STORMS and PATRICIA E STORMS, husband and wife
RECE1VED
CO JUN 30 Fri II: 15
JEANNE c;[\I R
KEMMERER. It t Y QP:11NG
RECEIVED
00 JUL 28 NI 12: I
Words used in multiple sections of this document are defined below and othe N
in Sections 3, 11, 13, 18, 20 and 21. Certain rules regarding the usage of words used in this
document are also provided in Section 16.
Borrower is the mortgagor under this Security Instrument.
(C) "Lender" is First Security Bank, N.A. Lender is
a Corporation organized and existing under the laws of The United States of Ame rica
Lender's address is 485 Washington Afton, WY 83110
Lender is the mortgagee under this Security Instrument.
(D) "Note" means the promissory note signed by Borrower and dated June 29, 2 0 0 0
The Note states that Borrower owes Lender
Eighty -Two Thousand, One Hundred Seventy -Five and No /100 Dollars
(U.S. 82,175.00 plus interest. Borrower has promised to pay this debt in regular
Periodic Payments and to pay the debt in full not later than Jul y 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.
Infllals) (InIti s)
-434
Form 3061 3/99 (page 1 of 15 pages)
MWYOICV
NOTE: This serves to correct that certain Mortgage recorded June 30, 2000
in Book 448PR on page 104 of the records of the Lincoln County Clerk correcting
the signature of the Mortgagor.
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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(s) or partial payment(s) if the
payment(s) or partial payments are insufficient to bring the Loan current. Lender may accept
any payment(s) or partial payment(s) insufficient to bring the Loan current, without waiver of
any rights hereunder or prejudice to its rights to refuse such payment(s) 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(s) 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: (1)
interest due under the Note; (2) principal due under the Note; (3) 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
Loan Number: 00 07688294
WYOMING-Single Famly- Fannie Mae/Freddie Mac UNIFORM INSTRUMENT
I.T. 3/00
106
-361
Form 3081 3/99 (page 4 of 15 pages)
MWYO4CV
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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 of the lien an agreement satisfactory to Lender subordinating the lien to this
Security Instrument. If Lender determines that any part of the Property is subject to a lien
which can attain priority over this Security Instrument, Lender may give Borrower a notice
identifying the lien. Within 10 days of the date on which that notice is given, Borrower shall
satisfy the lien or take one or more of the actions set forth above in this Section 4.
Lender may require Borrower to pay a one -time charge for a real estate tax verification
and/or reporting service used by Lender in connection with this Loan.
5. Property Insurance. Borrower shall keep the improvements now existing or hereafter
erected on the Property insured against loss by fire, hazards included within the term "extended
coverage," and any other hazards 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: (1) a one -time charge for flood zone determination,
certification and tracking services or (2) 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
Loan Number: 0007688294
WYOMING-Single Family-Fannie Maa/FnddN Mec UNIFORM INSTRUMENT
I.T. 3/00
Initials Initial
363
108
Form 3051 3/99 (page 6 of 15 pages)
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&u!OUaptna sidiaoai Iapua-1 01 gsluin; !lugs `saimbai Iapua-i 3t `pug Japan ,fq pantum wag set
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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 the excess, if any, paid to
Borrower. Such insurance proceeds shall be applied in the order provided for in Section 2.
If Borrower abandons the Property, Lender may file, negotiate and settle any available
insurance claim and related matters. If Borrower does not respond within 30 days to a notice
from Lender that the insurance carrier has offered to settle a claim, then Lender may negotiate
and settle the claim. The 30 -day period will begin when the notice is given. In either event, or if
Lender acquires the Property under Section 22 or otherwise, Borrower hereby assigns to Lender
(1) Borrower's rights to any insurance proceeds in an amount not to exceed the amounts unpaid
under the Note or this Security Instrument, and (2) 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 Security Instrument, whether or not then due.
6. Occupancy. Borrower shall occupy, establish, and use the Property as Borrower's principal
residence within sixty days after the execution of this Security Instrument and shall continue 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, or unless extenuating circumstances exist which are beyond Borrower's control.
7. Preservation, Maintenance and Protection of the Property; Inspections. Borrower shall not
destroy, damage or impair the Property, allow the Property to deteriorate or commit waste on
the Property. Whether or not Borrower is residing in the Property, Borrower shall maintain the
Property in order to prevent the Property from deteriorating or decreasing in value due to its
condition. Unless it is determined pursuant to Section 5 that repair or restoration is not
economically feasible, Borrower shall promptly repair the Property if damaged to avoid further
deterioration or damage. If insurance or condemnation proceeds are paid in connection with
damage to, or the taking of, the Property, Borrower shall be responsible for repairing or
restoring the Property only if Lender has released proceeds for such purposes. Lender may
disburse proceeds for the repairs and restoration in a single payment or in a series of progress
payments as the work is completed. If the insurance or condemnation proceeds are not sufficient
to repair or restore the Property, Borrower is not relieved of Borrower's obligation for the
completion of such repair or restoration.
Lender or its agent may make reasonable entries upon and inspections of the Property. If it
has reasonable cause, Lender may inspect the interior of the improvements on the Property.
Lender shall give Borrower notice at the time of or prior to such an interior inspection
specifying such reasonable cause.
Loan Number:0007688294
WYOMINOSingle Family-- Fannie Maa/Fraddb Mac UNIFORM INSTRUMENT
I.T. 3/00
nitials Initials
110
mm 3051 3/99 (page 7 of 15 pages)
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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 restoration
or repair of the Property or to the sums secured by this Security Instrument, 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 default if any action or proceeding, whether civil or criminal, is begun
that, in Lender's judgment, could result in forfeiture of the Property or other material
impairment of Lender's interest in the Property or rights under this Security Instrument.
Borrower can 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 impairment of Lender's interest
in the Property or rights under this Security Instrument. The proceeds of any award or claim for
damages that are attributable to the impairment of Lender's interest in the Property are hereby
assigned and shall be paid to Lender.
All Miscellaneous Proceeds that are not applied to restoration or repair of the Property shall
be applied in the order provided for in Section 2.
12. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for
payment or modification of amortization of the sums secured by this Security Instrument granted
by Lender to 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
commence 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 Instrument
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
limitation, Lender's acceptance of payments from third persons, entities or Successors in Interest
of Borrower or in amounts less than the amount then 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 this Security Instrument but does not execute the Note (a
"co- signer (a) is co- signing this Security Instrument only to mortgage, grant and convey the
co- signer's interest in the 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
Loan Number: 0007688294
WYOMINO.Single Famiy —Fannla Maa/Freddea Mac UNIFORM INSTRUMENT
I.T. 3/00
orm 3051 3/99 (page 10 of 15 pages)
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18. Transfer of the Property or a Beneficial Interest in Borrower. As used in this Section 18,
"Interest in the Property" means any legal or beneficial interest in the Property, including, but
not limited to, those beneficial interests transferred in a bond for deed, contract for deed,
installment sales contract or escrow agreement, the intent of which is the transfer of title by
Borrower at a future date to a purchaser.
If all or any part of the Property or any Interest in the Property is sold or transferred (or if
Borrower is not a natural person and a beneficial interest in Borrower is sold or transferred)
without Lender's prior written consent, Lender may require immediate payment in full of all
sums secured by this Security Instrument. However, this option shall not be exercised by Lender
if such exercise is prohibited by federal law.
If Lender exercises this option, Lender shall give Borrower notice of acceleration. The
notice shall provide a period of not less than 30 days from 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 fails to pay these sums prior to the expiration of this period, Lender
may invoke any remedies permitted by this Security Instrument without further notice or
demand on Borrower.
19. Borrower's Right to Reinstate After Acceleration. If Borrower meets certain conditions,
Borrower shall have the right to have enforcement of this Security Instrument discontinued at
any time prior to the earliest of: (i) five days before sale of the Property pursuant to any power
of sale contained in this Security Instrument; (ii) such other period as Applicable Law might
specify for the termination of Borrower's right to reinstate; or (iii) entry of a judgment enforcing
this Security Instrument. Those conditions are that Borrower: (a) pays Lender all sums 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 limited to, reasonable
attorneys' fees, property inspection and valuation fees, and other fees incurred for the purpose
of protecting Lender's 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 in 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 sums and expenses 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. 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 Instrument) can be sold one or more times
without prior notice to Borrower. A sale might result in a change in the entity (known as the
"Loan Servicer that collects Periodic Payments due under the Note and this Security
Instrument and performs other mortgage loan servicing obligations under the Note, this Security
Instrument, and Applicable Law. There also might be one or more changes of the Loan Servicer
unrelated to a sale of the Note. If there is a change of the Loan Servicer, Borrower will be
given written notice of the change which will state the name and address of the new Loan
Servicer, the address to which payments should be made and any other information RESPA
Loan Number: 0007688294
WYOMINOSingle Family- Fannie Mae/Freddie Mac UNIFORM INSTRUMENT
I.T. 3/00
nitial Initials
onn 3051 3/99 (page 12 of 15 pages)
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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(s) 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: (1) "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; (2) "Environmental Law" means federal laws and laws of the
jurisdiction where the Property is located that relate to health, safety or environmental
protection; (3) "Environmental Cleanup" includes any response action, remedial action, or
removal action, as defined in Environmental Law and (4) 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 (1) that is in
violation of any Environmental Law, (2) which creates an Environmental Condition or (3)
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 (1) 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; (2) any Environmental Condition, including but not limited to, any spilling, leaking,
discharge, release or threat of release of any Hazardous Substance, and (3) 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.
Loan Number: 0007688294
WYOMING-Single Fare y Fannie Maa/Fraddla Mao UNIFORM INSTRUMENT
I.T. 3/00
nitial Initials
orm 3051 3/99 (page 13 of 15 pages)
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'364,9980
State of Wyoming
County of Lincoln
On the day of July, 2000 personally appeared before me Timothy W. Storms and
Patricia E. Storms the signers of the above instrument, who duly acknowledged to me that they
executed the same.
Witness my hand and official seal.
C. B. NEEL- NHA OTARY PUBLIC
01 State of
Lincoln Wyoming
Commission Expires March 18 2001
My Commission Expires: 2- tg-%4
374
Notary Public
vs bE; 9: i
OStak
THIS ADJUSTABLE RATE RIDER is made this 29th day of
June, 2000 and is incorporated into and shall be deemed to amend and
supplement the Mortgage, Deed of Trust or Security Deed (the "Security Instrument of the
same date given by the undersigned (the "Borrower to secure Borrower's Adjustable Rate
Note (the "Note to First Security Bank, N.A. (the "Lender
of the same date and covering the property described in the Security Instrument and located at:
371 E 4TH AVENUE. AFTON. WY 83110
[Property Address]
THE NOTE CONTAINS PROVISIONS ALLOWING FOR CHANGES IN THE
INTEREST RATE AND THE MONTHLY PAYMENT. THE NOTE LIMITS
THE AMOUNT THE BORROWER'S INTEREST RATE CAN CHANGE AT
ANY ONE TIME AND THE MAXIMUM RATE THE BORROWER MUST PAY.
ADDITIONAL COVENANTS. In addition to the covenants and agreements made in the
Security Instrument, Borrower and Lender further covenant and agree as follows:
A. INTEREST RATE AND MONTHLY PAYMENT CHANGES
The Note provides for an initial interest rate of 8.125 0% The Note provides for
changes in the interest rate and the monthly payments, as follows:
4. INTEREST RATE AND MONTHLY PAYMENT CHANGES
(A) Change Dates
The interest rate I will pay may change on the first day of July, 2 0 0 5
and on that day every 60th month thereafter. Each date on which my interest rate could
change is called a "Change Date."
(B) The Index
Beginning with the first Change Date, my interest rate will be based on an Index. The
"Index" is the weekly average yield on United States Treasury securities adjusted to a constant
maturity of 5 years, as made available by the Federal Reserve Board. The most recent Index
figure available as of the date 45 days before each Change Date is called the "Current Index."
Loan Number:0007688294
MULTISTATE ADJUSTABLE RATE RIDER 5 YEAR ARM Single Family Fannie Mae/Freddle Mac Uniform
Instrument Form 3131 3/99 I.T. 2/00 Page 1 of 3 RMS5YR1
ADJUSTABLE RATE RIDER
(5 Year Treasury Index Rate Caps)
119
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Loan Number: 0 0 0 7 6 8 8 2 94
TIMOTHY W STORMS
sold or transferred) without Lender's prior written consent, Lender may require immediate
payment in full of all sums secured by this Security Instrument. However, this option shall
not be exercised by Lender if such exercise is prohibited by federal law. Lender also shall
not exercise this option if: (a) Borrower causes to be submitted to Lender information
required by Lender to evaluate the intended transferee as if a new loan were being made
to the transferee; and (b) Lender reasonably determines that Lender's security will not be
impaired by the loan assumption and that the risk of a breach of any covenant or
agreement in this Security Instrument is acceptable to Lender.
To the extent permitted by Applicable Law, Lender may charge a reasonable fee as a
condition to Lender's consent to the loan assumption. Lender may also require the
transferee to sign an assumption agreement that is acceptable to Lender and that obligates
the transferee to keep all the promises and agreements made in the Note and in this
Security Instrument. Borrower will continue to be obligated under the Note and this
Security Instrument unless Lender releases Borrower in writing.
If Lender exercises the option to require immediate payment in full, Lender shall give
Borrower notice of acceleration. The notice shall provide a period of not less than 30 days
from the date the notice is given in accordance with Section 15 within which Borrower
must pay all sums secured by this Security Instrument. If Borrower fails to pay these sums
prior to the expiration of this period, Lender may invoke any remedies permitted by this
Security Instrument without further notice or demand on Borrower.
By SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in
this Adjustable Rate Rider.
PATRICIA E STORMS
r
l w, S
5 5
(Seal)
Borrower
(Seal)
Borrower
(Seal)
Borrower
(Seal)
Borrower
121
377
MULTISTATE ADJUSTABLE RATE RIDER 5 YEAR ARM Single Family Fannle Mae/Freddle Mac Uniform
Instrument Form 3131 3/99 I.T. 2/00 Page 3 of 3 RMS5YR3