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which has the address of 107 OAK DRIVE
[Street]
THAYNE WYOMING
[State]
[City]
83127
[Zip Code]
712
"Property Address
TOGETHER WITH all the improvements now or hereafter erected on the property, and all easements, appurtenances,
and fixtures now or hereafter a part of the property. All replacements and additions shall also be covered by this Security
Instrument. All of the foregoing is referred to in this Security Instrument as the "Property."
BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has the right to
mortgage, grant and convey the Property and that the Property is unencumbered, except for encumbrances of record.
Borrower warrants and will defend generally the title to the Property against all claims and demands, subject to any
encumbrances of record.
THIS SECURITY INSTRUMENT combines uniform covenants for national use and non uniform covenants with
limited variations by jurisdiction to constitute a uniform security instrument covering real property.
UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows:
1. Payment of Principal and Interest; Prepayment and Late Charges. Borrower shall promptly pay when due the
principal of and interest on the debt evidenced by the Note and any prepayment and late charges due under the Note.
2. Funds for Taxes and Insurance. Subject to applicable law or to a written waiver by Lender, Borrower shall pay to
Lender on the day monthly payments are due under the Note, until the Note is paid in full, a sum "Funds for: (a) yearly
taxes and assessments which may attain priority over this Security Instrument as a lien on the Property; (b) yearly
leasehold payments or ground rents on the Property, if any; (c) yearly hazard or property insurance premiums; (d) yearly
flood insurance premiums, if any; (e) yearly mortgage insurance premiums, if any; and (0 any sums payable by Borrower
to Lender, in accordance with the provisions of paragraph 8, in lieu of the payment of mortgage insurance premiums.
These items are called "Escrow Items." Lender may, at any time, collect and hold Funds in an amount not to exceed the
maximum amount a lender for a federally related mortgage loan may require for Borrower's escrow account under the
federal Real Estate Settlement Procedures Act of 1974 as amended from time to time, 12 U.S.C. 2601 et seq. "RESPA
unless another law that applies to the Funds sets a lesser amount. If so, Lender may, at any time, collect and hold Funds in
an amount not to exceed the lesser amount. Lender may estimate the amount of Funds due on the basis of current data and
reasonable estimates of expenditures of future Escrow Items or otherwise in accordance with applicable law.
The Funds shall be held in an institution whose deposits are insured by a federal agency, instrumentality, or entity
(including Lender, if Lender is such an institution) or in any Federal Home Loan Bank. Lender shall apply the Funds to
pay the Escrow Items. Lender may not charge Borrower for holding and applying the Funds, annually analyzing the
escrow account, or verifying the Escrow Items, unless Lender pays Borrower interest on the Funds and applicable law
permits Lender to make such a charge. However, Lender may require Borrower to pay a one -time charge for an
independent real estate tax reporting service used by Lender in connection with this loan, unless applicable law provides
otherwise. Unless an agreement is made or applicable law requires interest to be paid, Lender shall not be required to pay
Borrower any interest or earnings on the Funds. Borrower and Lender may agree in writing, however, that interest shall be
paid on the Funds. Lender shall give to Borrower, without charge, an annual accounting of the Funds, showing credits and
debits to the Funds and the purpose for which each debit to the Funds was made. The Funds are pledged as additional
security for all sums secured by this Security Instrument.
If the Funds held by Lender exceed the amounts permitted to be held by applicable law, Lender shall account to
Borrower for the excess Funds in accordance with the requirements of applicable law. If the amount of the Funds held by
Lender at any time is not sufficient to pay the Escrow Items when due, Lender may so notify Borrower in writing, and, in
such case Borrower shall pay to Lender the amount necessary to make up the deficiency. Borrower shall make up the
deficiency in no more than twelve monthly payments, at Lender's sole discretion.
Upon payment in full of all sums secured by this Security Instrument, Lender shall promptly refund to Borrower any
Funds held by Lender. If, under paragraph 21, Lender shall acquire or sell the Property, Lender, prior to the acquisition or
sale of the Property, shall apply any Funds held by Lender at the time of acquisition or sale as a credit against the sums
secured by this Security Instrument.
3. Application of Payments. Unless applicable law provides otherwise, all payments received by Lender under
paragraphs 1 and 2 shall be applied: first, to any prepayment charges due under the Note; second, to amounts payable
under paragraph 2; third, to interest due; fourth, to principal due; and last, to any late charges due under the Note.
4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines and impositions attributable to the
Property which may attain priority over this Security Instrument, and leasehold payments or ground rents, if any. Borrower
shall pay these obligations in the manner provided in paragraph 2, or if not paid in that manner, Borrower shall pay therm
on time directly to the person owed payment. Borrower shall promptly furnish to Lender all notices of amounts to be paid
under this paragraph. if Borrower makes these payments directly, Borrower shall promptly furnish to Lender receipts
evidencing the payments.
Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a)
agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender; (b) contests in
good faith the lien by, or defends a enforcement of the lien in, legal proceedings which in the Lender's opinion
operate to prevent the enforcement of the lien; or (c) secures from the holder of the lien an agreement satisfactory to
Lender subordinating the lien to this Security Instrument. if Lender determines that any part of the Property is subject to a
lien which may attain priority over this Security Instrument, Lender may give Borrower a notice identifying the lien.
Borrower shall satisfy the lien or take one or more of the actions set forth above within 10 days of the giving of notice.
FF07 02/97 Page 2 of 6 IA
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714
9. Inspection. Lender or its agent may make reasonable entries upon and inspections of the Property. Lender shall
give Borrower notice at the time of or prior to an inspection specifying reasonable cause for the inspection.
10. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with any
condemnation or other taking of any part of the Property, or for conveyance in lieu of condemnation, are hereby assigned
and shall be paid to Lender.
In the event of a total taking of the Property, the proceeds shall be applied to the sums secured by this Security
Instrument, whether or not then due, with any excess paid to Borrower. In the event of a partial taking of the Property in
which the fair market value of the Property immediately before the taking is equal to or greater than the amount of the
sums secured by this Security Instrument immediately before the taking, unless Borrower and Lender otherwise agree in
writing, the sums secured by this Security Instrument shall be reduced by the amount of the proceeds multiplied by the
following fraction: (a) the total amount of the sums secured immediately before the taking, divided by (b) the fair market
value of the Property immediately before the taking. Any balance shall be paid to Borrower. In the event of a partial taking
of the Property in which the fair market value of the Property immediately before the taking is less than the amount of the
sums secured immediately before the taking, unless Borrower and Lender otherwise agree in writing or unless applicable
law otherwise provides, the proceeds shall be applied to the sums secured by this Security Instrument whether or not the
sums are then due.
If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor offers to make
an award or settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date the notice is
given, Lender is authorized to collect and apply the proceeds, at its option, either to restoration or repair of the Property or
to the sums secured by this Security Instrument, whether or not then due.
Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shall not extend or
postpone the due date of the monthly payments referred to in paragraphs 1 and 2 or change the amount of such payments.
11. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or
modification of amortization of the sums secured by this Security Instrument granted by Lender to any successor in interest
of Borrower shall not operate to release the liability of the original Borrower or Borrower's successors in interest. Lender
shall not be required to commence proceedings against any successor in interest or refuse to extend time for payment or
otherwise modify amortization of the sums secured by this Security Instrument by reason of any demand made by the
original Borrower or Borrower's successors in interest. Any forbearance by Lender in exercising any right or remedy shall
not be a waiver of or preclude the exercise of any right or remedy.
12. Successors and Assigns Bound; Joint and Several Liability; Co- signers. The covenants and agreements of this
Security Instrument shall bind and benefit the successors and assigns of Lender and Borrower, subject to the provisions of
paragraph 17. Borrower's covenants and agreements shall be joint and several. Any Borrower who co -signs this Security
Instrument but does not execute the Note: (a) is co- signing this Security Instrument only to mortgage, grant and convey
that Borrower's interest in the Property under the terms of this Security Instrument; (b) is not personally obligated to pay
the sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower may agree to extend,
modify, forbear or make any accommodations with regard to the terms of this Security Instrument or the Note without that
Borrower's consent.
13. Loan Charges. If the loan secured by this Security Instrument is subject to a law which sets maximum loan
charges, and that law is finally interpreted so that the interest or other loan charges collected or to be collected in
connection with the loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount
necessary to reduce the charge to the permitted limit; and (b) any sums already collected from Borrower which exceeded
permitted limits will be refunded to Borrower. Lender may choose to make this refund by reducing the principal owed
under the Note or by making a direct payment to Borrower. If a refund reduces principal, the reduction will be treated as a
partial prepayment without any prepayment charge under the Note.
14. Notices. Any notice to Borrower provided for in this Security Instrument shall be given by delivering it or by
mailing it by first class mail unless applicable law requires use of another method. The notice shall be directed to the
Property Address or any other address Borrower designates by notice to Lender. Any notice to Lender shall be given by
first class mail to Lender's address stated herein or any other address Lender designates by notice to Borrower. Any notice
provided for in this Security Instrument shall be deemed to have been given to Borrower or Lender when given as provided
in this paragraph.
15. Governing Law; Severability. This Security Instrument shall be governed by federal law and the law of the
jurisdiction in which the Property is located. In the event that any provision or clause of this Security Instrument or the
Note conflicts with applicable law, such conflict shall not affect other provisions of this Security Instrument or the Note
which can be given effect without the conflicting provision. To this end the provisions of this Security Instrument and the
Note are declared to be severable.
16. Borrower's Copy. Borrower shall be given one conformed copy of the Note and of this Security Instrument.
17. Transfer of the Property or a Beneficial Interest in Borrower. If all or any part of the Property or any interest
in it is sold or transferred (or if a beneficial interest in Borrower is sold or transferred and Borrower is not a natural person)
without Lender's prior written consent, Lender may, at its option, require immediate payment in full of all sums secured by
this Security Instrument. However, this option shall not be exercised by Lender if exercise is prohibited by federal law as
of the date of this Security Instrument.
If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a period of
not less than 30 days from the date the notice is delivered or mailed within which Borrower must pay all sums secured by
this Security Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any
remedies permitted by this Security Instrument without further notice or demand on Borrower.
FF04 02/97 Page 4 of 6
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Witnesses:
24. Riders to this Security Instrument. If one or more riders are executed by Borrower and recorded together with
this Security Instrument, the covenants and agreements of each such rider shall be incorporated into and shall amend and
supplement the covenants and agreements of this Security Instrument as if the rider(s) were a part of this Security
Instrument. [Check applicable box(es)]
Adjustable Rate Rider L Condominium Rider 1 1 1 -4 Family Rider
L 1 Graduated Payment Rider E Planned Unit Development Rider I 1 Biweekly Payment Rider
j Balloon Rider Rate Improvement Rider N Second Home Rider
1 Other(s) [specify]
BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this Security Instrument
and in any rider(s) executed by Borrower and recorded with it.
STATE OF WY
The foregoing instrument was acknowledged before me this MAY 16, 2000
THOMAS E. REESE
My commission expires: Feb. 26, 2002
[Space Below This Line For Acknowledgment]
TETON COUNTY SS:
(person ackpowledging)r
1 i
22WY 02/97 Page 6 of 6
Notary Public
716
(date)
(Seal)
Borrower
(Seal)
Borrower
(Seal)
Borrower
(Seal)
Borrower
by
1,?
SECOND HOME RIDER
522502
717
THIS SECOND HOME RIDER is made this 16TH day of MAY 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," whether there are one or
more persons undersigned) to secure Borrower's Note to
RBMG, INC., A DELAWARE CORPORATION
(the "Lender of the same date and covering the property described in the Security Instrument (the "Property
which is located at:
107 OAK DRIVE, THAYNE, WYOMING 83127
[Property Address]
In addition to the covenants and agreements made in the Security Instrument, Borrower and Lender further
covenant and agree that Uniform Covenant 6 of the Security Instrument is deleted and is replaced by the
following:
6. Occupancy and Use; Preservation, Maintenance and Protection of the Property; Borrower's Loan
Application; Leaseholds. Borrower shall occupy, and shall only use, the Property as Borrower's second
home. Borrower shall keep the Property available for Borrower's exclusive use and enjoyment at all times,
and shall not subject the Property to any timesharing or other shared ownership arrangement or to any
rental pool or agreement that requires Borrower either to rent the Property or give a management firm or
any other person any control over the occupancy or use of the Property. Borrower shall not destroy,
damage or impair the Property, allow the Property to deteriorate, or commit waste on the Property.
Borrower shall be in default if any forfeiture action or proceeding, whether civil or criminal, is begun that
in Lender's good faith judgment could result in forfeiture of the Property or otherwise materially impair the
lien created by this Security Instrument or Lender's security interest. Borrower may cure such a default and
reinstate, as provided in paragraph 18, by causing the action or proceeding to be dismissed with a ruling
that, in Lender's good faith determination, precludes forfeiture of the Borrower's interest in the Property or
other material impairment of the lien created by this Security Instrument or Lender's security interest.
Borrower shall also be in default if Borrower, during the loan application process, gave materially false or
inaccurate information or statements to Lender (or failed to provide Lender with any material information)
in connection with the loan evidenced by the Note, including, but not limited to, representations
concerning Borrower's occupancy and use of the Property as a second home. 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.
BY SIGNING BELOW, Borrower accepts and agrees to the terms and provisions contained in this Second Home
Rider.
(Seal)
S E. REESE Borrower
MULTISTATE SECOND HOME RIDER--Single Family Freddie Mac UNIFORM INSTRUMENT Form 3890 9/90
16FF 12/99
(Seal)
Borrower
(Seal)
Borrower
(Seal)
Borrower