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HomeMy WebLinkAbout978241241489 4 (#t Re FI 62 DE Pre ared By: WE S FARGO BANK, N.A. 97 =0 S MERIDIAN BLVD,! 2ND FL, ENCLEWOOD, CO 801125910 DE ONS Wor Sec also (A) toge (B) Bo (C) Lend org Lend 038 746401 MOM VMP Wolters NMFLU -1 (WYCM) Rev. 92013 rn To: DOCS N0012 -01E 0 PARK AVENUE MOINES, IA 50321 Lend r is the mortgagee under this Security Instrument. G Single Family Fannie Mae/Freddie Mac UNIFORM INSTRUMENT over Financial Services 1 111111 111 1111II II 111111 III IIII11 111 1IIll III IIIII III 1111II III IIII1 1 I IVIII III I 978241 9/3/2014 11:10 AM LINCOLN COUNTY FEES: $60.00 PAGE 1 OF 17 BOOK: 838 PAGE: 816 MORTGAGE JEANNE WAGNER LINCOLN COUNTY CLERK )Space Above This Line For Recording Data) MORTGAGE used in multiple sections of this document are defined below and other words are defined in ons 3, 11, 13, 18, 20 and 21. Certain rules regarding the usage of words used in this document are rovided in Section 16. Securitylnstrument" means this document, which is datedAUGUST 28, 2014 er with all Riders to this document. Borrower "is WILLIAM J OURADA AND DAWN L OURADA, HUSBAND AND WIFE wer is the mortgagor under this Security Instrument. I nder "is WELLS FARGO BANK N A risa NATIONAL ASSOCIATION zed and existing under the laws of THE UNITED STATES r'saddressis 101 NORTH PHILLIPS AVENUE, SIOUX FALLS, SD 57104 Foam 3051 1101 P8(WY) (1302).00 Page 1 of 18 "Note" means the promissory note signed by Borrower and datedAUGUST 28 2014 e Note states that Borrower owes LenderFORTY SIX THOUSAND AND 00 /100 Dollars .S. ********46 000.00 plus interest. Borrower has promised to pay this debt in regular Periodic P. ments and to pay the debt in full not later than OCTOBER 01, 2024 (E "Property" means the property that is described below under the heading "Transfer of Rights in the P a party." (F "Loan" means the debt evidenced by the Note, plus interest, any prepayment charges and late charges du 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 Ri u ers 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] (H) "Applicable Law" means all controlling applicable federal, state and local statutes, regulations, or Hanes and administrative rules and orders (that have the effect of law) as well as all applicable final, no appealable judicial opinions. (I) 'Community Association Dues, Fees, and Assessments" means all dues, fees, assessments and other c ges that are imposed on Borrower or the Property by a condominium association, homeowners ass ciation or similar organization. (J) 'Electronic Funds Transfer" means any transfer of funds, other than a transaction originated by the k, draft, or similar paper instrument, which is initiated through an electronic terminal, telephonic ins ent, computer, or magnetic tape so as to order, instruct, or authorize a financial institution to debit or •i dit an account. Such term includes, but is not limited to, point -of -sale transfers, automated teller mac •ne transactions, transfers initiated by telephone, wire transfers, and automated clearinghouse ers. (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 y third party (other than insurance proceeds paid under the coverages described in Section 5) for: (i) dam a ge to, or destruction of, the Property; (ii) condemnation or other taking of all or any part of the Pm rty; (iii) conveyance in lieu of condemnation; or (iv) misrepresentations of, or omissions as to, the valu and/or condition of the Property. (M) "Mortgage Insurance" means insurance protecting Lender against the nonpayment of, or default on, the oan. (N) Periodic Payment" means the regularly scheduled amount due for (i) principal and interest under the Not 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 impl menting regulation, Regulation X (12 C.F.R. Part 1024), as they might be amended from time to time or any additional or successorlegislation or regulation that governs the same subject matter. As used in s 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. WYOMI G Single Family Fannie Mae/Freddie Mac UNIFORM INSTRUMENT VMP fir Wolters Kluwer Financial Services Initials Form 3051 1/01 MR(WY) (1302).00 Page 2of18 (P) "Successor in Interest of Borrower" means any party that has taken title to the Property, whether or not that party has assumed Borrower's obligations under the Note and/or this Security Instrument. SFER OF RIGHTS IN THE PROPERTY Thi Security Instrument secures to Lender: (i) the repayment of the Loan, and all renewals, extensions and mo i ifications of the Note; and (ii) the performance of Borrower's covenants and agreements under this Sec ty Instrument and the Note. For this purpose, Borrower does hereby mortgage, grant and convey to Le er and Lender's successors and assigns, with power of sale, the following described property located in e COUNTY of LINCOLN [Type of Recording Jurisdiction) [Name of Recording Jurisdiction] EXHIBIT A FOR FULL LEGAL TAX STATEMENTS SHOULD BE SENT TO: WELLS FARGO HOME MORTGAGE, P.O. BOX 117.8, NEWARK, NJ 071014758 Parc 1 ID Number: 1221162312131100 which currently has the address of 141 COULSON AVE [Street] [City], Wyoming 83101 [Zip Code] "Pr.. erty Address TOGETHER WITH all the improvements now or hereafter erected on the property, and all ease ents, appurtenances, and fixtures now or hereafter a part of the property. All replacements and addi ons shall also be covered by this Security Instrument. All of the foregoing is referred to in this Sec 'ty Instrument as the "Property." ORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has the ght to mortgage, grant and convey the Property and that the Property is unencumbered, except for encu ibrances of record. Borrower warrants and will defend generally the title to the Property against all clai and demands, subject to any encumbrances of record. S SECURITY INSTRUMENT combines uniform covenants for national use and non- uniform cove is with limited variations by jurisdiction to constitute a uniform security instrument covering real prop rty. WYOMI G Singto Family Fannie Mae/Freddie Mac UNIFORM INSTRUMENT VMP Wolters uwer Financial Services 77 Initials: Form 3051 1/01 VMPS(WY) (1302).00 Page 3of18 UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 1. Payment of Principal, Interest, Escrow Items, Prepayment Charges, and Late Charges. B rrower shall pay when due the principal of, and interest on, the debt evidenced by the Note and any p payment charges and late charges due under the Note. Borrower shall also pay funds for Escrow Items p to Section 3. Payments due under the Note and this Security Instrument shall be made in U.S. c ncy. However, if any check or other instrument received by Lender as payment under the Note or this Se urity Instrument is returned to Lender unpaid, Lender may require that any or all subsequent payments du under the Note and this Security Instrument be made in one or more of the following forms, as sel by Lender: (a) cash; (b) money order; (c) certified check, bank check, treasurer's check or ca ier's check, provided any such check is drawn upon an institution whose deposits are insured by a fe' -ral 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 suc other location as may be designated by Lender in accordance with the notice provisions in Section 15. Le er may return any payment or partial payment if the payment or partial payments are insufficient to bn g the Loan current. Lender may accept any payment or partial payment insufficient to bring the Loan c nt, without waiver of any rights hereunder or prejudice to its rights to refuse such payment or partial pay ents in the future, but Lender is not obligated to apply such payments at the time such payments are acc pted. If each Periodic Payment is applied as of its scheduled due date, then Lender need not pay inte st on unapplied funds. Lender may hold such unapplied funds until Borrower makes payment to bring the oan current. If Borrower does not do so within a reasonable period of time, Lender shall either apply suc funds or return them to Borrower. If not applied earlier, such funds will be applied to the outstanding prin ipal balance under the Note immediately prior to foreclosure. No offset or claim which Borrower mig t have now or in the future against Lender shall relieve Borrower from making payments due under the ote and this Security Instrument or performing the covenants and agreements secured by this Security Ins ent. 2. Application of Payments or Proceeds. Except as otherwise described in this Section 2, all pay ents accepted and applied by Lender shall be applied in the following order of priority: (a) interest due der the Note; (b) principal due under the Note; (c) amounts due under Section 3. Such payments shal 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 o reduce the principal balance of the Note. If Lender receives a payment from Borrower for a delinquent Periodic Payment which includes a suffi ient amount to pay any late charge due, the payment may be applied to the delinquent payment and the 1. to 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 n 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 a 1, lied first to any prepayment charges and then as described in the Note. application of payments, insurance proceeds, or Miscellaneous Proceeds to principal due under the ote shall not extend or postpone the due date, or change the amount, of the Periodic Payments. Funds for Escrow Items. Borrower shall pay to Lender on the day Periodic Payments are due unde the Note, until the Note is paid in full, a sum (the "Funds to provide for payment of amounts due for. 1 taxes and assessments and other items which can attain priority over this Security Instrument as a WYOMI VMP Wolters L.._ G Single Family Fannie Mae/Freddie Mac UNIFORM INSTRUMENT ewer Financial Services Initials* Form 3051 1101 VMPB(WY) (1302).00 Page4o110 lie or encumbrance on the Property; (b) leasehold payments or ground rents on the Property, if any; (c) p miums for any and all insurance required by Lender under Section 5; and (d) Mortgage Insurance p :miums, if any, or any sums payable by Borrower to Lender in lieu of the payment of Mortgage ce premiums in accordance with the provisions of Section 10. These items are called "Escrow Ite At origination or at any time during the term of the Loan, Lender may require that Community As ociation Dues, Fees, and Assessments, if any, be escrowed by Borrower, and such dues, fees and ass ssments shall be an Escrow Item. Borrower shall promptly furnish to Lender all notices of amounts to be r aid under this Section. Borrower shall pay Lender the Funds for Escrow Items unless Lender waives Bo ewer's obligation to pay the Funds for any or all Escrow Items. Lender may waive Borrower's obl gation to pay to Lender Funds for any or all Escrow Items at any time. Any such waiver may only be in 'ling. In the event of such waiver, Borrower shall pay directly, when and where payable, the amounts du for any Escrow Items for which payment of Funds has been waived by Lender and, if Lender requires, s 1 furnish to Lender receipts evidencing such payment within such time period as Lender may require. Bo wer's obligation to make such payments and to provide receipts shall for all purposes be deemed to be covenant and agreement contained in this Security Instrument, as the phrase "covenant and agreement" is ed in Section 9. If Borrower is obligated to pay Escrow Items directly, pursuant to a waiver, and Bo wer fails to pay the amount due for an Escrow Item, Lender may 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 am' r t. Lender may revoke the waiver as to any or all Escrow Items at any time by a notice given in acc s rdance with Section 15 and, upon such revocation, Borrower shall pay to Lender all Funds, and in suc amounts, that are then required under this Section 3. Lender may, at any time, collect and hold Funds in an amount (a) sufficient to permit Lender to apply the unds at the time specified under RESPA, and (b) not to exceed the maximum amount a lender can req under RESPA. Lender shall estimate the amount of Funds due on the basis of current data and reas nable 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, ins entality, or entity (including Lender, if Lender is an institution whose deposits are so insured) or in any ederal Home Loan Bank. Lender shall apply the Funds to pay the Escrow Items no later than the time spec red under RESPA. Lender shall not charge Borrower for holding and applying the Funds, annually ing the escrow account, or verifying the Escrow Items, unless Lender pays Borrower interest on the F and Applicable Law permits Lender to make such a charge. Unless an agreement is made in writing or •plicable Law requires interest to be paid on the Funds, Lender shall not be required to pay Borrower any terest or earnings on the Funds. Borrower and Lender can agree in writing, however, that interest shall be paid on the Funds. Lender shall give to Borrower, without charge, an annual accounting of the Fun s as required by RESPA. If there is a surplus of Funds held in escrow, as defined under RESPA, Lender shall account to Bon wer for the excess funds in accordance with RESPA. If there is a shortage of Funds held in escrow, as d-' fined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Le w r the amount necessary to make up the shortage in accordance with RESPA, but in no more than 12 mon y payments. If there is a deficiency of Funds held in escrow, as defined under RESPA, Lender shall no Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to make up deficiency in accordance with RESPA, but in no more than 12 monthly payments. pon payment in full of all sums secured by this Security Instrument, Lender shall promptly refund to B mower any Funds held by Lender. WYOMI VMP® Wolters G Single Family Fannie MaelFreddie Mac UNIFORM INSTRUMENT ewer Financial Services Initials Form 3051 1101 VMP6(WY) (1302).0D Page 5 of 16 4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines, and impositions a butable to the Property which can attain priority over this Security Instrument, leasehold payments or gro d rents on the Property, if any, and Community Association Dues, Fees, and Assessments, if any. To the xtent 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 Instrument unless Bo u wer. (a) agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to ender, but only so long as Borrower is performing such agreement; (b) contests the lien in good faith by, r defends against enforcement of the lien in, legal proceedings which in Lender's opinion operate to pre ent the enforcement of the lien while those proceedings are pending, but only until such proceedings are oncluded; or (c) secures from the holder of the lien an agreement satisfactory to Lender subordinating the en to this Security Instrument. If Lender determines that any part of the Property is subject to a lien which can ttain priority over this Security Instrument, Lender may give Borrower a notice identifying the lien. Wi n 10 days of the date on which that notice is given, Borrower shall satisfy the lien or take one or mo 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 repo ng service used by Lender in connection with this Loan. 5. Property Insurance. Borrower shall keep the improvements now existing or hereafter erected on the roperty insured against loss by fire, hazards included within the term "extended coverage," and any othe 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 Len er requires. What Lender requires pursuant to the preceding sentences can change during the term of the oar 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 req l Borrower to pay, in connection with this Loan, either: (a) a one -time charge for flood zone dete nation, certification and tracking services; or (b) a one -time charge for flood zone determination and ertification services and subsequent charges each time remappings or similar changes occur which reas' .bly might affect such determination or certification. Borrower shall also be responsible for the pa ent of any fees imposed by the Federal Emergency Management Agency in connection with the revie 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 cove ge, at Lender's option and Borrower's expense. Lender is under no obligation to purchase any parti ular type or amount of coverage. Therefore, such coverage shall cover Lender, but might or might not tect Borrower, Borrower's equity in the Property, or the contents of the Property, against any risk, ha s or liability and might provide greater or lesser coverage than was previously in effect. Borrower ackm wledges that the cost of the insurance coverage so obtained might significantly exceed the cost of ins ce that Borrower could have obtained. Any amounts disbursed by Lender under this Section 5 shall beco e additional debt of Borrower secured by this Security Instrument. These amounts shall bear interest at th; Note rate from the date of disbursement and shall be payable, with such interest, upon notice from Lend r to Borrower requesting payment. I 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 mort agee and/or as an additional loss payee. Lender shall have the right to hold the policies and renewal ce cates. If Lender requires, Borrower shall promptly give to Lender all receipts of paid premiums and rene al notices. If Borrower obtains any form of insurance coverage, not otherwise required by Lender, WYOMI G Single Family Fannie Mae/Freddie Mac UNIFORM INSTRUMENT VMP® Wolters min Financial Services L__._. J Init aIs Form 3051 1/01 f VM (1302) 00 Page 6 of 16 fl damage to, or destruction of, the Property, such policy shall include a standard mortgage clause and 1 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 y 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 L der's security is not lessened. During such repair and restoration period, Lender shall have the right to ho d such insurance proceeds until Lender has had an opportunity to inspect such Property to ensure the w rk has been completed to Lender's satisfaction, provided that such inspection shall be undertaken p mptly. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of rogress payments as the work is completed. Unless an agreement is made in writing or Applicable Law re s interest to be paid on such insurance proceeds, Lender shall not be required to pay Borrower any int rest or earnings on such proceeds. Fees for public adjusters, or other third parties, retained by Bo 'wer 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 pro eeds 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 Se 'on 2. If Borrower abandons the Property, Lender may file, negotiate and settle any available insurance 1 and related matters. If Borrower does not respond within 30 days to a notice from Lender that the i ce carrier has offered to settle a claim, then Lender may negotiate and settle the claim. The 30 -day pe d will begin when the notice is given. In either event, or if Lender acquires the Property under Sec on 22 or otherwise, Borrower hereby assigns to Lender (a) Borrower's rights to any insurance pro eeds in an amount not to exceed the amounts unpaid under the Note or this Security Instrument, and (b) y other of Borrower's rights (other than the right to any refund of unearned premiums paid by Bo ower) under all insurance policies covering the Property, insofar as such rights are applicable to the cov rage of the Property. Lender may use the insurance proceeds either to repair or restore the Property or top :y 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 resi ence within 60 days after the execution of this Security Instrument and shall continue to occupy the Pro rty as Borrower's principal residence for at least one year after the date of occupancy, unless Lender othe 'se agrees in writing, which consent shall not be unreasonably withheld, or unless extenuating circ ces exist which are beyond Borrower's control. des Pro orde dete pro cond shall P pro 7. Preservation, Maintenance and Protection of the Property; Inspections. Borrower shall not y, damage or impair the Property, allow the Property to deteriorate or commit waste on the rty. Whether or not Borrower is residing in the Property, Borrower shall maintain the Property in to prevent the Property from deteriorating or decreasing in value due to its condition. Unless it is ed pursuant to Section 5 that repair or restoration is not economically feasible, Borrower shall by repair the Property if damaged to avoid further deterioration or damage. If insurance or motion proceeds are paid in connection with damage to, or the taking of, the Property, Borrower be responsible for repairing or restoring the Property only if Lender has released proceeds for such ses. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of ss payments as the work is completed. If the insurance or condemnation proceeds are not sufficient WYOMI G Single Family Fannie MaelFreddie Mac UNIFORM INSTRUMENT VMP Wolters ewer Financial Services Initials: Form 3051 1101 VMPB(WY) (1302).00 Pag 7 elle to repair or restore the Property, Borrower is not relieved of Borrower's obligation for the completion of suer 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. 8. Borrower's Loan Application. Borrower shall be in default if, during the Loan application pros ess, 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 information or statements to Lender (or failed to provide Lender with material information) in connection with the Loan Material representations include, but are not limited to, representations concerning Borrower's occupancy of the Property as Borrower's principal residence. 9. Protection of 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 significantly affect Lender's interest in the Property and/or rights under this Security Instrument (such as a proceeding in bankruptcy, probate, for condemnation or forfeiture, for enfo cement of a lien which may attain priority over this Security Instrument or to enforce laws or regu_ations), or (c) Borrower has abandoned the Property, then Lender may do and pay for whatever is reasonable or appropriate to protect Lender's interest in the Property and rights under this Security Instrument, including protecting and/or assessing the value of the Property, and securing and/or repairing the Property. Lender's actions can include, but are not limited to: (a) paying any sums secured by a lien which has priority over this Security Instrument; (b) appearing in court; and (c) paying reasonable attorneys' fees to protect its interest in the Property and/or rights under this Security Instrument, including its secured position in a bankruptcy proceeding. Securing the Property includes, but is not limited to, entering the Property to make repairs, change locks, replace or board up doors and windows, drain water from pipes, eliminate building or other code violations or dangerous conditions, and have utilities turned on or off. Although Lender may take action under this Section 9, Lender does not have to do so and is not wide* 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 secursd 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 payer ent. 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 Lend nr agrees to the merger in writing. 10. Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan, Born wer 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 towattl 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 WYOMING Single Family Fannie Mae/Freddie Mae UNIFORM INSTRUMENT VMP Wolters Uuwer Financial Services Initials: Form 3051 1101 VMP8(WY) (1302).00 Page 8 or 16 mo ava we pay non req rese Pro sep pay mai req Len Sec may ente are the of 1 any deri exc Pro pre Mo Bo Mo may Insu Mo 1. Assignment of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assi i r ed to and shall be paid to Lender. the Property is damaged, such Miscellaneous Proceeds shall be applied to restoration or repair of the i perry, if the restoration or repair is economically feasible and Lender's security is not lessened. Duri g such repair and restoration period, Lender shall have the right to hold such Miscellaneous Proceeds until 1 ender has had an opportunity to inspect such Property to ensure the work has been completed to Lend is satisfaction, provided that such inspection shall be undertaken promptly. Lender may pay for the WYOMI VMP Wolters gage insurer selected by Lender. If substantially equivalent Mortgage Insurance coverage is not lable, Borrower shall continue to pay to Lender the amount of the separately designated payments that due when the insurance coverage ceased to be in effect. Lender will accept, use and retain these ents as a non refundable loss reserve in lieu of Mortgage Insurance. Such loss reserve shall be refundable, notwithstanding the fact that the Loan is ultimately paid in full, and Lender shall not be 'red to pay Borrower any interest or earnings on such loss reserve. Lender can no longer require loss e payments if Mortgage Insurance coverage (in the amount and for the period that Lender requires) 'ded by an insurer selected by Lender again becomes available, is obtained, and Lender requires tely designated payments toward the premiums for Mortgage Insurance. If Lender required Mortgage ce as a condition of making the Loan and Borrower was required to make separately designated ents toward the premiums for Mortgage Insurance, Borrower shall pay the premiums required to 'n Mortgage Insurance in effect, or to provide a non refundable loss reserve, until Lender's rement for Mortgage Insurance ends in accordance with any written agreement between Borrower and er providing for such termination or until termination is required by Applicable Law. Nothing in this on 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 cur 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 into agreements with other parties that share or modify their risk, or reduce losses. These agreements terms and conditions that are satisfactory to the mortgage insurer and the other party (or parties) to agreements. These agreements may require the mortgage insurer to make payments using any source ds that the mortgage insurer may have available (which may include funds obtained from Mortgage ce premiums). As a result of these agreements, Lender, any purchaser of the Note, another insurer, any reinsurer, ther entity, or any affiliate of any of the foregoing, may receive (directly or indirectly) amounts that from (or might be characterized as) a portion of Borrower's payments for Mortgage Insurance, in ge for sharing or modifying the mortgage insurer's risk, or reducing losses. If such agreement des that an affiliate of Lender takes a share of the insurer's risk in exchange for a share of the ums paid to the insurer, the arrangement is often termed "captive reinsurance." Further: (a) Any such agreements will not affect the amounts that Borrower has agreed to pay for gage Insurance, or any other terms of the 'Loan. Such agreements will not increase the amount wer will owe for Mortgage Insurance, and they will not entitle Borrower to any refund. Any such agreements will not affect the rights Borrower has if any with respect to the gage Insurance under the Homeowners Protection Act of 1998 or any other law. These rights nclude the right to receive certain disclosures, to request and obtain cancellation of the Mortgage ance, to have the Mortgage Insurance terminated automatically, and/or to receive a refund of any gage Insu ranee premium sthat were unearned at the time of such cancellation or termination. G -Single Family Fannie Mae/Freddie Mae UNIFORM INSTRUMENT ewer Financial Services Initials Form 3051 1/01 VMPB(VW) (1302).00 Page 9ot18 re airs and restoration in a single disbursement or in a series of progress payments as the work is co 1 pleted. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such cellaneous Proceeds, Lender shall not be required to pay Borrower any interest or earnings on such cellaneous 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, w ether or not then due, with the excess, if any, paid to Borrower. Such Miscellaneous Proceeds shall be ap 'lied 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 P r ceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with th excess, if any, paid to Borrower. In the event of a partial taking, destruction, or loss in value of the Property in which the fair market val e of the Property immediately before the partial taking, destruction, or loss in value is equal to or gre ter than the amount of the sums secured by this Security Instrument immediately before the partial ng, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the sums sec d by this Security Instrument shall be reduced by the amount of the Miscellaneous Proceeds m tiplied by the following fraction: (a) the total amount of the sums secured immediately before the p. taking, destruction, or loss in value divided by (b) the fair market value of the Property im ediately before the partial taking, destruction, or loss in value. Any balance shall be paid to Borrower. In the event of a partial taking, destruction, or loss in value of the Property in which the fair market val e of the Property immediately before the partial taking, destruction, or loss in value is less than the am of the sums secured immediately before the partial taking, destruction, or loss in value, unless Bo 'wer and Lender otherwise agree in writing, the Miscellaneous Proceeds shall be applied to the sums se d 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 Op sing Party (as defined in the next sentence) offers to make an award to settle a claim for damages, Bo r wer fails to respond to Lender within 30 days after the date the notice is given, Lender is authorized to c llect and apply the Miscellaneous Proceeds either to restoration or repair of the Property or to the secured by this Security Instrument, whether or not then due. "Opposing Party" means the third party that wes Borrower Miscellaneous Proceeds or the party against whom Borrower has a right of action in reg u to Miscellaneous Proceeds. Borrower shall be in default if any action or proceeding, whether civil or criminal, is begun that, in Le r er's judgment, could result in forfeiture of the Property or other material impairment of Lender's inte st in the Property or rights under this Security Instrument. Borrower can cure such a default and, if acce eration has occurred, reinstate as provided in Section 19, by causing the action or proceeding to be dis ssed with a ruling that, in Lender's judgment, precludes forfeiture of the Property or other. material imp rment of Lender's interest in the Property or rights under this Security Instrument. The proceeds of any ward or claim for damages that are attributable to the impairment of Lender's interest in the Property are reby assigned and shall be paid to Lender. All Miscellaneous Proceeds that are not applied to restoration or repair of the Property shall be appli d in the order provided for in Section 2. 2. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for pay r r ent or modification of amortization of the sums secured by this Security Instrument granted by Lender to B s mower or any Successor in Interest of Borrower shall not operate to release the liability of Borrower or Successors in Interest of Borrower. Lender shall not be required to commence proceedings against WYOMI VMP Wolters G Single Family Fannie Mae/Freddlo Mac UNIFORM INSTRUMENT waver Financial Services In itials Form 3051 1101 VMPB(WY) (1302).00 Page 10 o118 WYOMI VMP Wafers 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 Instriment 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 Suoessors 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- 'gns this Security Instrument but does not execute the Note (a "co- signer (a) is co- signing this Sec i 'ty Instrument only to mortgage, grant and convey the co- signer's interest in the Property under the to of this Security Instrument; (b) is not personally obligated to pay the sums secured by this Security Ins ent; and (c) agrees that Lender and any other Borrower can agree to extend, modify, forbear or m• any accommodations with regard to the terms of this Security Instrument or the Note without the co -s gner's consent. Subject to the provisions of Section 18, any Successor in Interest of Borrower who assumes Bo ewer's obligations under this Security Instrument in writing, and is approved by Lender, shall obtain all Borrower's rights and benefits under this Security Instrument. Borrower shall not be released from Bo wer's obligations and liability under this Security Instrument unless Lender agrees to such release in wn rig. The covenants and agreements of this Security Instrument shall bind (except as provided in Sec on 20) and benefit the successors and assigns of Lender. 14. Loan Charges. Lender may charge Borrower fees for services performed in connection with Bo wer's default, for the purpose of protecting Lender's interest in the Property and rights under this Se 'ty Instrument, including, but not limited to, attorneys' fees, property inspection and valuation fees. In re tard to any other fees, the absence of express authority in this Security Instrument to charge a specific fee t Borrower shall not be construed as a prohibition on the charging of such fee.. Lender may not charge fees t 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 interest or other loan charges collected or to be collected in connection with the Loan exceed the pe tted limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the char: e to the permitted limit; and (b) any stuns already collected from Borrower which exceeded permitted limi will be refunded to Borrower. Lender may choose to make this refund by reducing the principal owed unde the Note or by making a direct payment to Borrower. If a refund reduces principal, the reduction will e treated as a partial prepayment without any prepayment charge (whether or not a prepayment char e is provided for under the Note). Borrower's acceptance of any such refund made by direct payment to Bo werwill constitute a waiverof 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 notic address if sent by other means. Notice to any one Borrower shall constitute notice to all Borrowers unle Applicable Law expressly requires otherwise. The notice address shall be the Property Address unles Borrower has designated a substitute notice address by notice to Lender. Borrower shall promptly no Lender of Borrower's change of address. If Lender specifies a procedure for reporting Borrower's G Single Family Fannie MaelFreddle Mac UNIFORM INSTRUMENT a rmor Financial Services Initials Form 3051 1101 VMP8(WY) (1302).00 Page 11of18 co re La 16. Governing Law; Severability; Rules of Construction. This Security Instrument shall be go erned by federal law and the law of the jurisdiction in which the Property is located. All rights and obl gations contained in this Security Instnunent are subject to any requirements and limitations of Ap licable Law. Applicable Law might explicitly or implicitly allow the parties to agree by contract or it mi ht 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 La such conflict shall not affect other provisions of this Security Instrument or the Note which can be giv n effect without the conflicting provision. As used in this Security Instrument: (a) words of the masculine gender shall mean and include co sponding neuter words or words of the feminine gender, (b) words in the singular shall mean and incl de the plural and vice versa; and (c) the word "may" gives sole discretion without any obligation to tak any action. 17. Borrower's Copy. Borrower shall be given one copy of the Note and of this Security Instrument. 18. Transfer of the Property or a Beneficial Interest in Borrower. As used in this Section 18, "Int rest in the Property" means any legal or beneficial interest in the Property, including, but not limited to, ose beneficial interests transferred in a bond for deed, contract for deed, installment sales contract or esc w 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 n t a natural person and a beneficial interest in Borrower is sold or transferred) without Lender's prior wri n consent, Lender may require immediate payment in full of all sums secured by this Security I ent. However, this option shall not be exercised by Lender if such exercise is prohibited by App 'cable Law. If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall pro de a period of not less than 30 days from the date the notice is given in accordance with Section 15 wi which Borrower must pay all sums secured by this Security Instnunent. If Borrower fails to pay thes= sums prior to the expiration of this period, Lender may invoke any remedies permitted by this Secu 'ty Instrument without further notice or demand on Borrower. 19. Borrower's Right to Reinstate- After Acceleration. If Borrower meets certain conditions, Bo wer shall have the right to have enforcement of this .Security Instnunent discontinued at any time prior to the earliest of: (a) five days before sale of the Property pursuant to any power of sale contained in this •ecurity Instrument; (b) such other period as Applicable Law might specify for the termination of Bo wer's right to reinstate; or (c) entry of a judgment enforcing this Security Instnunent. Those con 'ons are that Borrower: (a) pays Lender all sums which then would be due under this Security Ins ent and the Note as if no acceleration had occurred; (b) cures any default of any other covenants or c T no ge of address, then Borrower shall only report a change of address through that specified procedure. ere may be only one designated notice address under this Security Instrument at any one time. Any ce to Lender shall be given by delivering it or by mailing it by first class mail to Lender's address ed herein unless Lender has designated another address by notice to Borrower. Any notice in ection with this Security Instrument shall not be deemed to have been given to Lender until actually ived by Lender. If any notice required by this Security Instrument is also required under Applicable the Applicable Law requirement will satisfy the corresponding requirement under this Security ent. WYOMI G Single Family Fannie Mae/Fraddle Mac UNIFORM INSTRUMENT VMP Welters ewer Financial Services Initials Form 3051 1101 VMPB(WY) (1302).00 Page 12 of 18 a:.+ ements; (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 p .1 se of protecting Lender's interest in the Property and rights under this Security Instrument; and (d) tak s such action as Lender may reasonably require to assure that Lender's interest in the Property and rig is under this Security Instrument, and Borrower's obligation to pay the sums secured by this Security ent, shall continue unchanged. Lender may require that Borrower pay such reinstatement sums and exp nses in one or more of the following forms, as selected by Lender: (a) cash; (b) money order, (c) ce Ted check, bank check, treasurer's check or cashier's check, provided any such check is drawn upon an 'tution whose deposits are insured by a federal agency, instrumentality or entity; or (d) Electronic Transfer. Upon reinstatement by Borrower, this Security Instrument and obligations secured hereby i remain fully effective as if no acceleration had occurred. However, this right to reinstate shall not apps in the case of acceleration under Section 18. the Bo Peri sery one Se new requ sery to B as Sec reas noti othe Appl peri oppo Bo actio 77 20. Sale of Note; Change of Loan Servicer; Notice of Grievance. The Note or a partial interest in ote (together with this Security Instrument) can be sold one or more times without prior notice to wer. A sale might result in a change in the entity (known as the "Loan Servicer") that collects dic Payments due under the Note and this Security Instrument and performs other mortgage loan cing obligations under the Note, this Security Instrument, and Applicable Law. There also might be r more changes of the Loan Servicer unrelated to a sale of the Note. If there is a change of the Loan cer, Borrower will be given written notice of the change which will state the name and address of the Loan Servicer, the address to which payments should be made and any other information RESPA res in connection with a notice of transfer of servicing. If the Note is sold and thereafter the Loan is ced by a Loan Servicer other than the purchaser of the Note, the mortgage loan servicing obligations 'rower will remain with the Loan Servicer or be transferred to a successor Loan Servicer and are not ed 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 idual litigant or the member of a class) that arises from the other party's actions pursuant to this 'ty Instrument or that alleges that the other party has breached any provision of, or any duty owed by n of, this Security Instrument, until such Borrower or Lender has notified the other party (with such given in compliance with the requirements of Section 15) of such alleged breach and afforded the party hereto a reasonable period after the giving of such notice to take corrective action. If cable Law provides a time period which must elapse before certain action can be taken, that time will be deemed to be reasonable for purposes of this paragraph. The notice of acceleration and ty to cure given to Borrower pursuant to Section 22 and the notice of acceleration given to wer pursuant to Section 18 shall be deemed to satisfy the notice and opportunity to take corrective provisions of this Section 20. 1. Hazardous Substances. As used in this Section 21: (a) "Hazardous Substances" are those sub ces defined as toxic or hazardous substances, pollutants, or wastes by Environmental Law and the follo g substances: gasoline, kerosene, other flammable or toxic petroleum products, toxic pesticides and erbicides, volatile solvents, materials containing asbestos or formaldehyde, and radioactive materials; (b) nvironmental Law" means federal laws and laws of the jurisdiction where the Property is located that relat to health, safety or environmental protection; (c) "Environmental Cleanup" includes any response actio remedial action, or removal action, as defined in Environmental Law; and (d) an "Environmental Con lion" meansaconditionthat can cause, contribute to, or otherwise trigger an Environmental Cleanup. WYOMI G Single Family Fannie MaelFreddie Mac UNIFORM INSTRUMENT VMP® Woltats uwer Financial Services Initials' Form VMPO(1fW) (1302).00 Page 13of10 Bor acc the the def this righ a de befo all sale exp reas and Len publ Law appl atto or p WYOMI VMP Wolters Borrower shall not cause or permit the presence, use, disposal, storage, or release of any Hazardous stances, or threaten to release any Hazardous Substances, on or in the Property. Borrower shall not do, allow anyone else to do, anything affecting the Property (a) that is in violation of any Environmental (b) which creates an Environmental Condition, or (c) which, due to the presence, use, or release of a ous Substance, creates a condition that adversely affects the value of the Property. The preceding sentences shall not apply to the presence, use, or storage on the Property of small quantities of ous Substances that are generally recognized to be appropriate to normal residential uses and to ntenance 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 ther action by any governmental or regulatory agency or private party involving the Property and any ous Substance or Environmental Law of which Borrower has actual knowledge, (b) any ronmental Condition, including but not limited to, any spilling, leaking, discharge, release or threat of of any Hazardous Substance, and (c) any condition caused by the presence, use or release of a ous Substance which adversely affects the value of the Property. If Borrower learns, or is notified governmental or regulatory authority, or any private party, that any removal or other remediation Hazardous Substance affecting the Property is necessary, Borrower shall promptly take all necessary dial actions in accordance with Environmental Law. Nothing herein shall create any obligation on er for an Environmental Cleanup. 3. Release. Upon payment of all sums secured by this Security Instrument, Lender shall release this Sec ty Instrument. Borrower shall pay any recordation costs. Lender may charge Borrower a fee for 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 ower's breach of any covenant or agreement in this Security Instrument (but not prior to eration under Section 18 unless Applicable Law provides otherwise). The notice shall specify: (a) efault; (b) the action required to cure the default; (c) a date, not less than 30 days from the date otice is given to Borrower, by which the default must be cured; and (d) that failure to cure the t on or before the date specified in the notice may result in acceleration of the sums secured by ecurity Instrument and sale of the Property. The notice shall further inform Borrower of the to reinstate after acceleration and the right to bring a court action to assert the non existence of ault or any other defense of Borrower to acceleration and sale. If the default is not cured on or e the date specified in the notice, Lender at its option may require immediate payment in full of s secured by this Security Instrument without further demand and may invoke the power of and any other remedies permitted by Applicable Law. Lender shall be entitled to collect all ses incurred in pursuing the remedies provided in this Section 22, including, but not limited to, nable attorneys' fees and costs of title evidence. If Lender invokes the power of sale, Lender shall give notice of intent to foreclose to Borrower o the person in possession of the Property, if different, in accordance with Applicable Law. er shall give notice of the sale to Borrower in the manner provided in Section 15. Lender shall sh the notice of sale, and the Property shall be sold in the manner prescribed by Applicable Lender or its designee may purchase the Property at any sale. The proceeds of the sale shall be ed in the following order: (a) to all expenses of the sale, including, but not limited to, reasonable eys' fees; (b) to all sums secured by this Security Instrument; and (c) any excess to the person rsons legally entitled to it. G Single Family Fannie Mae/Freddie Mac UNIFORM INSTRUMENT mot Financial Services Initials: Form 3061 1101 MPB(WY) (1302).00 Page 14 of 18 WYOMI VG Single Family Fannie Mae/Freddie Mac UNIFORM INSTRUMENT VMP Wolters Kluwer Financial Services rebasing this Security Instrument, but only if the fee is paid to a third party for services rendered and the charging of the fee is permitted under Applicable Law. 24. Waivers. Borrower releases and waives all rights under and by virtue of the homestead exemption lav s of Wyoming. 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: 1 )(M (Seal) DAWN L OURADA Borrower (Seal) (Seal) Borrower Borrower (Seal) (Seal) Borrower Borrower (Seal) (Seal) Borrower Borrower Initials Fo= 3051 1/01 VMP6(WY) (1302).00 Page 16 of 16 TE OF WYOMING, Z heo This instrument was acknowledged before me on by LLIAM J OURADA AND DAWN L OURADA My Commission Expires: Lori Kalan Notary Public County of Lincoln State of Wyoming My Commission Expires 212612015 origination organization WELLS FARGO BANK, N. A. SR ID 399801 originator JUDY OSBORNE SR ID 400482 WYOMI G Single Family Fannie Mae/Freddie Mac UNIFORM INSTRUMENT VMP® Woltors tuner Financial Services l 1 1 02? c :;26 Notary Public Title (and Rank) Initials County ss: Form 3051 1/01 MPO(VW) (1302).00 Page 16of16 241489 EXHIBIT "A" Lot 3 of Block 2 of the Lincoln Heights 4th Subdivision of the Town of Kemmerer, Lincoln County, Wyoming, as described on the official plat thereof