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HomeMy WebLinkAbout978952When recorded, return to: Mortgage Lending Center Attn: Final Document Department 7800 E Dorado Place, Suite 150 Greenwood Village, CO 80111 Title Order No.: NTL -66365 Escrow No.: NTL -66365 LOAN 048114090023249 978952 10/22/2014 2:03 PM LINCOLN COUNTY FEES: $48.00 PAGE 1 13 BOOK: 841 PAGE: 843 MORTGAGE JEANNE WAGNER, LINCOLN COUNTY CLERK 1 1111111 111111 1111 11111111111 11 111 11111111111111111111111111111111 111 III 1111 1 111 /Space Above This Line For Recording Data] MORTGAGE I MIN 1000195 1000006992 -7 MERS PRONE #:1-888.679 -6377 DEFINITIONS Words used in multiple sections of this document are defined below and other words are defined in Sections 3, 11, 13, 18, 20 and 21. Certain rules regarding the usage of words used in this document are also provided in Section 16. (A) "Security Instrument" means this document, which is dated October20, 2014, together with alt Riders to this document. (B) "Borrower" is JERRY TODD DAYTON AND MARILYN DAYTON, HUSBAND AND WIFE AS TENANTS IN ENTIRETIES. Borrower is the mortgagor under this Security instrument. (C) "MERS" is Mortgage Electronic Registration Systems, Inc. MERS is a separate corporation that is acting solely asa nominee for Lender and Lender's successors and assigns. MERS is the mortgagee under this Security Instrument. MERS is organized and existing under the laws of Delaware, and has an address and telephone number of P.O. Box 2026, Flint, MI 48501 -2026, tel. (888) 679 -MERS, (D) "Lender" is tons First National Bank. Lender is a Corporation, under the laws of The United States of America. One South Main 13th Floor, Salt Lake City, UT 84133. (E) "Note" means the promissory note signed by Borrower and dated October 20, 2014. The Note states that Borrower owes Lender TWO HUNDRED SIXTY THOUSAND AND N01100 w ***......tt *w *tt *wwtvw *w x tvwt,.***t*vww*** w wwwr.** Dollars (U.S. $260,000.00 plus interest. Borrower has promised to pay this debt in regular Periodic Payments and to pay the debt in full not later than October 1, 2045. (F) "Property" means the property that is described below under the heading 'Transfer of Rights in the Property.' (G) "Loan" means the debt evidenced by the Note, pies interest, any prepayment charges and late charges due under the Note, and all sums due under this Security Instrument, plus interest (H) "Riders" means all Riders to this Security Instrument that are executed by Borrower. The following Riders are to be executed by Borrower [check box as applicable]: t Adjustable Rate Rider Condominium Rider Second Home Rider O Balloon Rider Planned Unit Development Rider tJ Other(s) [specify] 1-4 Family Rider Biweekly Payment Rider Construction Loan Rider V.A. Rider (I) "Applicable Law" means all controlling applicable federal, state and local statutes, regulations, ordinances and administrative rules and orders (that have the effect of law) aswell as all applicable final, non -appealable judicial opinions. (J) "Community Association Dues, Fees, and Assessments" means all dues, fees, assessments and other charges that are imposed on Borrower or the Property by a condominium association, homeowners association or similar organization. (K) "Electronic Funds Transfer' means any transfer of funds, other than a transaction originated by check, draft, or similar paper instrument, which is initiated through an electronic terminal, telephonic instrument, computer, or magnetic tape so as to order, instruct, or authorize a financial institution to debit or credit an account. Such term includes, but is not Milted to, point -of -sale transfers automated teller machine transactions, transfers initiated by telephone, wire transfers, and automated clearinghouse transfers. WYOMING- Single Family- Fannre Mae1Preddie Mac UNIFORM INSTRUMENT Form 3051 1/01 Initia Effie Mae, Inc Page 1 of 8 organized and existing Lender's address is OE ED 1212 WYEDEED 10!17!2014 0245 PM PST which currently has the address of 350 JOHNS LANE, Cokevif le, Wyoming 83114 "Property Address [Zip Code] LOAN 048114090028249 (L) "Escrow Items" means those items that are descr in Section 3. (NI) "Miscellaneous Proceeds" means any compensation, settlement, award of damages, or proceeds paid by any third party (other than insurance proceeds paid under the coverages described in Section 5) for: (1) damage to, or destruction of, the Property; 11) condemnation or other taking of all or any part of the Property; (iii) conveyance in lieu of condemna- tion; or (iv) misrepresentations of or omission as to, the value and/or condition of the Property (N) "Mortgage Insurance" means insurance protecting Lender against the nonpayment of, or default on, the Loan. (0) "Periodic Payment" means the regularly scheduled amount due for (1) principat and interest under the Note, plus (ii) any amounts under Section 3 of this Security Instrument. (P) "RESPA" means the Real Estate Settlement Procedures Act (12 U.S.C. §2601 et seq.) and its implementing regu- lation, Regulation X (24 C.F.R. Part 1024), as they might be amended from time to time, or any additional or successor legislation or regulation that governs the same subject matter. As used in this Security Instrument, "RESPA" refers to all requirements and restrictions that are imposed in regard to a °federally related mortgage loan" even if the Loan does not quality as a "federally related mortgage loan" under RESPA. (Q) "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 TRANSFER OF RIGHTS IN THE PROPERTY This Security Instrument secures to Lender. (i the repayment of the Loan, and all renewals, eXtensions and modifica- tions of the Note; and (ii) the performance of Borrower's covenants and agreements under this Security Instrument and the Note. For this purpose, Borrower does hereby mortgage, grant and convey to MERS (solely as nominee for Lender and Lender's successors and assigns) and to the successors and assigns of MERS, with power of sale, the following described properly located in the County Lincoln [Name of Re [type of Recording Jurisdiction) of cordirlq Jurisdic0on]: SEE LEGAL DESCRIPTION ATTACHED HERETO AND MADE A PART HEREOF AS "EXHIBIT A". APN 12-2520-01-1-00-047.00 [streea [Ciryl 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 understands and agrees that MERS holds only legal title to the interests granted by Borrower in this Security Instrument, but, if necessary to comply with law or custom, MERS (as nominee for Lender and Lender's successors and assigns) has the right to exercise any or all of those interests, including, but not limited to, the right to foreclose and sell the Property; and to take any action required of Lender including, but not limited to, releasing and canceling this Security Instrument. 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; Interest, Escrow Items, Prepayment Charges, and Late Charges. Borrower shall pay when due the principal of, and interest on, the debt evidenced by the Note and any prepayment charges and late charges due underthe Note. Borrowershall,also pay funds for Escrow Items pursuant to Section 3. Payments due under the Note and this Security Instrument shall be made in U.S. currency. However,•if any check or other Instrument received by Lender as payment under the Note or this Security Instrument Is returned to Lender unpaid, Lender may require That any or all subsequent payments due under the Note and this Security instrument be made in one or more of the following forms, as selected by Lender. (a) cash; (b) money order, (c) certified check, bank check, treasurer's check or cashier's check, provided any such check is drawn upon an institution whose deposits are insured by a federal agency, instrumentality, or entity; or (d) Electronic Funds Transfer. Payments are deemed received by Lender when received at the location designated in the Note or at such other location as may be designated by Lender in accordance with the notice provisions in Section 15. Lender may return any payment or partial payment if the payment or partial payments are insufficient to bring the Loan current. Lender may accept any payment or partial payment insufficient to bring the Loan current, without waiver of any rights hereunder or prejudice to its rights to refuse such payment or partial payments in the future, but Lender is not obligated to apply such payments at the time such payments are accepted. if each Periodic Payment is applied as of its scheduled due date, then Lender need not pay Interest on unapplied funds. Lender may hold such unapplied funds until Bon makes payment to bring the Loan current If Borrower does not do so within a reasonable period of time, Lender shall either apply such funds or return them to Borrower. If not applied eartier, such funds will be applied to the outstanding principal WYOMING Single Family— Fannte Mao/Froddie Mac UNCPORM INSTRUMENT Form 30511/01 initials- l Bile Mae, Inc. Page 2 of 8 WYEDeei- 1212 WYEDEED 10/17/2014 02:45 PM PST LOAN 048114090023249 balance under the Note immediately prior to foreclosure. No offset or claim which Borrower might have now or in the future against Lender shall relieve Borrower from making payments due under the Note and this Security Instrument or performing the covenants and agreements secured by this Security Instrument 2. Application of Payments or Proceeds. Except as otherwise described in this Section 2, all payments accepted and applied by Lender shall be applied in the following order of priority: (a) interest due under the Note; (b) principal due under the Note; (e) amounts due underSection 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 shalt 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, unlit 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 Associa- tion Dues, Fees, and Assessments, if any, be escrowed by Borrower, and such dues, fees and assessments shall be an Escrow Item. Borrower shall promptly furnish to Lender all notices of amounts to be paid under this Section. Borrower shall pay Lender the Funds for Escrow Items unless Lender waives Borrower's obligation' to pay the Funds for any or all Escrow Items. Lender may waive Borrower's obligation to pay to Lender Funds for any or all Escrow Items at any time. Any such waiver may only be in writing. In the event of such waiver, Borrower shall pay directly, when and where payable. the amounts due for any Escrow Items for which payment of Funds has been waived by Lender and, if Lender requires, shall furnish to Lender receipts evidencing such payment within such time period as Lender may require. Bor- rower's obligation to make such payments and to provide receipts shall for all purposes be deemed to be a covenant and agreement contained in this Security Instrument, as the phrase "covenant and agreement' is used in Section 9. If Borrower is obligated to pay Escrow Items directly, pursuant to awaiver, and Borrower 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 amount. Lender may revoke the waiver as to any or all Escrow Items at any time by a notice given In accordance with Section 15 and, upon such revocation, Borrower shall pay to Lender all Funds, and in such amounts, that are 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 Funds at the time specified under RESPA, and (b) not to exceed the maximum amount a lender can require under RESPA. Lender shall 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 an institution whose deposits are so insured) orin any Federal Home Loan Bank. Lender shall apply the Funds to pay the Escrow items no later than the time specified under RESPA. Lender shall not charge Borrower for holding and applying the Funds, 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. Unless an agreement is made in writing orApplcable Law requires interest to be paid on the Funds, Lender shall not be required to pay Borrower any Interest or earnings on the Funds. Borrower and Lender can agree in writing, however, that interest shalt be paid on the Funds. Lender shall give to Borrower, without charge, an annual accounting of the Funds as required by RESPA. If there is a surplus of Funds held in escrow, as defined under RESPA, Lender shall account to Borrower for the excessfunds in accordancewith RESPA. If there is a shortage of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to make up the shortage in accordance with RESPA, but in no more than 12 monthly payments. If there is a deficiency of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to make up the deficiency in accordance with RESPA, but In no more than 12 monthly payments_ Upon payment in full of all sums secured by this Security Instrument, Lender shall promptly refund to Borrower any Funds held by Lender. 4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines, and'impositions attributable to the Property which oan attain priority over this Security Instrument, leasehold payments or ground rents on the Property, if any, and CommunityAssoeiation Dues, Fees, and Assessments, if any. To the extent that these items are Escrow Items, Borrower shall pay them in the manner provided in Section 3. Borrower shall promptly discharge any lien which has priority over this Security instrument unless Borrower. (a) agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender, but only so long as Borrower is performing such agreement (b) contests the lien in good faith by, or defends against enforcement of the lien in, legal proceedings which in Lender's opinion operate to prevent the enforcement of the lien While those proceedings are pending, but only until such proceedings are concluded; or (c) secures from the holder 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 thelien. 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 fora 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 forthe periods that Lender requires. What Lenderrequires pursuant to the pre- ceding sentences can change during the term of the Loan. The insurance carrier providing the insurance shall be chosen by Borrower subject to Lenders right to disapprove Borrower's choice, which right shall not be exercised unreasonably. WYOMING- Single Family—Fannie Mae/Froddio Mac UNIFORM INSTRUMENT Form 3051 1101 Initials' i> 1 Ellie Mae. Inc. Page 3 of 8 P MEETS 1212 WYEDEED 10/17/2014 02,45 PM PST t LOAN #F: 0 48114 09 0 023249 Lender may require Borrower to pay, in connection with this Loan, either. (a) a one -time charge for flood zone determina- tion, certification and tracking services; or(b) a one -time charge for flood zone determination and certification services and subsequentcharges each time remappings or similar changes occur which reasonably mightaffect such determination or certification. Borrower shall also be responsible for the payment of any fees imposed by the Federal E=mergencyManage- mentAgency 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 ype 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 ofthe Property, against any risk,•hazard or liability and might provide greater or lesser Coverage than was previ- ously in effect Borrower acknowledges that the cost of the insurance coverage so obtained might signifcantiy exceed the cost of insurance that Borrower could have obtained. Any amounts disbursed by Lender under this Section 5 shalt 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 Len der and renewals of such policies shall be subject to Lender's rightto 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 andfor 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 pro- ceeds, whether or not the underlying insurance was required by Lender, shall be applied to restoration or repair of the Property, if the restoration or repair is economically feasible and Lender's security is not lessened. During such repair and restoration period, Lender shall have the right to hold such insurance proceeds until Lender has had an opportunity to inspect such Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as the work is completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid on Such insurance proceeds, Lender shall not be required to pay Borrower any interest or earnings on such proceeds. Fees for public adjusters, or other third parties, retained by Borrower shall not be paid out of the insurance proceeds and shall be the sole obligation Of Borrower. If the restoration or repair is not economically feasible or Lender's security would be Lessened, the insurance proceeds shall be applied to the sums secured by this Security Instrument, Whether or not then due, with 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. The30 -day period will begin when the notice is given_ In either event, or if Lender acquires the Property under Section 22 or otherwise, Borrower hereby assigns to Lender (a) Borrower's rights to any insurance proceeds in an amount not to exceed the amounts unpaid under the Note or this Security Instrument and (b) any other of Borrower's rights (other than the right to any refund of uneamed 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 60 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, dam- age 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. 8. Borrower's Loan Application. Borrower shall be in default if, during the Loan application proms. s, 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 faled• to provide Lender with material information) in connection with the Loan, Material representations include, butare 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 mightsignificanty affect Lender's interest in the Property and/or tights underthis Security Instrument (such as a proceeding in bankruptcy, probate, for condemnation or forfeiture, for enforcement of a lien which may attain priority over this Security lnstrumentorto enforce laws or regulations), or (c) Borrower has abandoned the Property, then Lender may do and pay for whatever is reasonable orappropriate to protect Lender's interest in the Property and rights under this Security Instrument, including protecting and/orassessing thevalue ofthe Property, and securing and/or repairing the Property. Lender's actions can include, but are not limited to: (a) paying any sumo secured by alien 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 tip doors and windows, drain water from pipes, eliminate building or other code violations or dangerous conditions, and have utilities tumed on or off. Although Lender may take action under this Section 9, Lender does not have to do so and is not under any duty or obligation to do so. It is agreed that Lender incurs no liability for not taking any or all actions authorized under this Section 9. WYOMING Single Farnfy— Fannic Mae&Freddle Mae UNIFORM INSTRUMENT Fora 3D51 1/01 Initials: r vl �f OOEEED 1 12 Bic Mae, ine WYEDEED 10/17/201402 35 pM p$T Tin LOAN 048114090023249 Any amounts disbursed by Lender under this Section 9 shall become additional debt of Borrower secured by this Security Instrument These amounts shall bear interest at the Note rate from the date of disbursement and shall be pay- able, with such interest, upon notice from Lender to Borrower requesting payment If this Security Instrument is on a leasehold, Borrower shall comply with all the provisions of the lease. Borrower shall not surrender the leasehold estate and interests herein conveyed or terminate or cancel the ground lease. Borrower shall not, without the express written consent of Lender, alter or amend the ground lease. if Borrower acquires fee title to the Property, the leasehold and the fee title shall not merge unless Lender agrees to the merger in writing. 10. Mortgage Insurance. If Lender required Mortgage insurance as a condition of making the Loan, Borrower shall pay the premiums required to maintain the Mortgage Insurance In effect. It for any reason, the Mortgage Insurance overage required by tender ceases to be available from the mortgage insurer that previously provided such insurance and Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance, Bor- rower shall pay the premiums required to obtain coverage substantially equivalent to the Mortgage Insurance previously in effect, at a cost substantially equivalent to the cost to Borrower of the Mortgage Insurance previously in effect; from an alternate mortgage insurer selected by Lender. If substantially equivalent Mortgage Insurance coverage is not available, Borrower shall continue to pay to Lender the amount of the separately designated payments that were due when the insurance coverage ceased to be in effect. Lender Will accept, use and retain these payments as a non refundable loss reserve in lieu of Mortgage Insurance. Such' loss reserve shall be non refundable, notwithstanding the fact that the Loan is ultimately paid in full, and Lender shall not be required to pay Borrower any interest or eamings on such loss reserve. Lenderoan no longer require Ions reserve payments if Mortgage insurance coverage (in theamountandforthe period that Lender requires) provided by an insurer selected by Lender again becomes available, is obtained, and Lender requires separately designated payments toward the premiums for Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan and Borrower was required to make separately designated payments toward the premiums for iVtdrtgage Insurance, Borrower shaft pay the premiums required to maintain Mortgage Insurance in effect, or to provide a non refundable loss reserve, until Lender's requirement for Mortgage Insurance ends in accordance with any written agreement between Borrower and Lender providing for such termination or until termination Is required by Applicable Law. Nothing in this Section 10 affects Borrower's obligation to pay interest at the rate provided in the Note. Mortgage Insurance reimburses Lender (or any entity that purchases the Note) for certain losses it may incur if Bor- rower does not repay the Loan as agreed. Borrower is not a party to the Mortgage Insurance. Mortgage insurers evaluate their total risk on all such insurance in force from time to time, and may enter into agree- ments with other parties that share or modify their risk, or reduce losses. These agreements are on terms and conditions that are satisfactory to the mortgage insurer and the other party (or parties) to these agreements. These agreements may require the mortgage insurer to make payments using any source of funds that the mortgage insurer may have available (which may include funds obtained from Mortgage Insurance premiums). As a result of these agreements, Lender, any purchaser of the Note, another insurer, any reinsures, any other entity, orany affiliate of any of the foregoing, may receive (directly or indirectly) amounts that derive from (or might be character- ized as) a portion of Borrower's payments for Mortgage Insurance, in exchange for sharing or modifying the mortgage insurer's risk, or reducing losses. If such agreement provides that an affiliate of Lendertakes a share of the insurer's risk in exchange for a share of the premiums paid to the insurer, the arrangement is often termed "captive reinsurance." Further. (a) Any s uch agreements will not affect the amounts thatBorrowerhasagreedtopayforMortgageInsurance, or any other terms of the Loan. Such agreements will not increase the amount Borrower will owe for Mortgage Insurance, and they will not entitle Borrower to any refund. (b) Any such agreements will not affect the rights Borrower has if any with respect to the Mortgage Insurance underthe Homeowners Protection Act of 1998 or arty other law. These rights may include the right to receive certain disclosures, to request and obtain cancellation of the Mortgage insurance, to have the Mortgage Insurance terminated automatically, andfor to receive a refund of any Mortgage Insurance premiums that were unearned at the time of such cancellation or termination. 11. Assignment of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned to and shall be paid to Lender if the Property is damaged, such Miscellaneous Proceeds shall be applied to restoration or repair of the Property, if the restoration or repair is economically feasible and Lender's security is not lessened. During such repair and restoration period, Lender shall have the right to hold such Miscellaneous Proceeds until Lender has had an opportunity to inspect such Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly, Lender may pay for the repairs and restoration in a single disbursement or in a series of progress payments as the work is completed. Unless an agreement is made in writing orApplicable Law requires interest to be paid on such Miscellaneous Proceeds, Lender shall not be required to pay Borrower any interest or eamings on such Miscel- laneous 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, whether or not then due, with the excess, if any, paid to Borrower. Such Miscellaneous Proceeds shall be applied In the order provided for in Section 2. In the event ofa total taking, destruction, or loss in value of the Property, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument, whether or•not then due, with the excess, if any, paid to Borrower. In the eventofa partial taking, destruction, or loss In value of the Property in which the fair marketvalue of the Prop- erty immediately before the partial taking, destruction, or foss in value is equal to or greater than the amount of the sums secured by this Security Instrument immediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by the amount of the Miscellaneous Proceeds multiplied by the following fraction: (a) the total amount of the sums secured immediately before the partial taking, destruction, or loss in value divided by (b) the fair market value of the Property immediately before the partial taking, destruction, or loss in value. Any balance shall be paid to Borrower. In the event of a partial taking, destruction, or loss in value of the Property in which the fair market value of the Property immediately before the partial taking, destruction, or loss in value is less than the amount of the sums secured immediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writ- ing, the Miscellaneous 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 Opposing Party as defined in the next sentence) offers to make an award to settle a claim for damages, Borrowerfails 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, WYOMING—Single Family-Fannie Mae/Freddie MaeUNWORMINSTRUMENTForm50511 /01 Initials: Dlie Mae, Inc. Page 5 of 8 1FOS'EDEEd 1212 WYEDEED 10/172014 02 :45 PM PST LOAN it: 048114090023249 Bormwer shalt be in default if any action or proceeding, whether civil or criminal, is begun that, in Lender's judg- ment, 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. Alt 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 modifi- cation of amortization of the sums secured by this Security Instrument granted by Lender to Borrower or any Successor in interest of Bo roWer 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 cosigning 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 person- ally obligated to paythe 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 limitecito, attorneys' fees, property inspection and valuation fees. In regard to any otherfees, the absence of express author specific in this Security Instrument to charge a spc fee to Borrower shall not be construed as a prohibition on the charging of such fee. Lender may not charge fees thatare expressly prohibited by this Security Instrument or by Applicable Law. If the Loan is subject to a law which sets maximum loan charges. and that law is finally interpreted so that the inter- est 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 prepaymentwithout any prepayment charge (whether or not a prepayment charge is provided for under the Note). Borrower's acceptance of any such refund made by direct payment to Borrower will constitute a waiver of any right of action Borrower might have arising out of such overcharge. 15. Notices. All notices given by Borrower or Lender in connection with this Security Instrument must be in writing. Any notice to Borrower in connection with this Security Instrument shall be deemed to have been given to Borrower when mailed by first class marl or when actually delivered to Borrower's notice address if sent by other means. Notice to any one Borrower shall constitute notice to all Borrowers unless Applicable law expressly requires otherwise. The notice address shall be the Property Address unless Borrower has designated a substitute notice address by notice to Lender. Borrower shall promptly notify Lender of Borrower's change of address, If Lender specifies a procedure for reporting Borrower's change of address, then Borrower shall only report a change of address through that specified procedure. There may be only one designated notice address under this Security Instrument at any one time. Any notice to Lender shall be given by delivering it or by mailing it by first class mail to Lender's address stated herein unless Lender has designated another address by notice to Borrower. Any notice in connection with this Security Instrument shall not be deemed to have been given to Lender until actually received by Lender. If any notice required by this Security Instrument is also required under Applicable Law, the Applicable Law requirementwill satisfy the corresponding requirement under this Security Instrument. 16. Governing Law; Severability; Rules of Construction. This Security Instrument shall be governed by federal law and the law of the jurisdiction in which the Property is located. All rights and obligations contained in this Security Instrument are subject to any requirements and limitations of Applicable Law. Applicable Law might explicitly or implicitly allow the parties to agree by contact or it might be silent, but such silence shall not be construed as a prohibition against agreement by contract. In the event that any provision or clause of this Security instrument or the Note conflicts with Applicable Law, such conflict shall not affect other provisions of this Security Instrument or the Note which can be given effect without the conflicting provision. As used in this Security Instrument (a) words of the masculine gender shall mean and include corresponding neuter words or words of the feminine gender, (b) words in the singular shall mean and include the plural and vice versa; and (c) the word "may° gives sole discretion without any obligation to take any action. 17. Borrower's Copy. Borrower shall be given 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, "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 rnay 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 Applicable 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•15within which Borrower must pay all sums secured by this Security Instrument, if Borrower falls to pay these sums prior to the expiration of this period, Lender may invoke any remedies permitted by this Security InStrument withoutfurther notice or demand on Borrower. WYOMING- Single Family— Fannie Mao/Freddie Mac UNIFORM INSTRUMENT Form 301/1/01 Inifiafs' i E-- 121 WYEDEED 10/17/2014 02;46 PM PST Elite Mao, Ina. Page 6 of 8 LOAN 048114090023249 19. Borrower's Right to Reinstate AfterAcceleration. If Borrowermeetscertain conditions, Borrowershall have the right to have enforcement of this Security Instrument discontinued at any time prior to the earliest of. (a) five days before sale ofthe Property pursuant to arty power of sale contained in this Security Instrument (b) such other period asApplicable Law might specify for the termination of Borrower's right to reinstate; or (c) entry of a judgment enforcing this Security Instrument Those conditions are that Borrower: (a) pays Lender all 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) Electronio 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. Asale might resWt in a change in the entity (known as the "Loan Service) that collects Periodic Payments due under the Note and this Security Instrument and performs other mortgage loanservicing 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 Services Borrowerwill be given written notice of the change which will statethe name and address of the new Loan Servicer, the address to which payments should be made and any other information RESPA requires in connection with a notice of transfer of servicing. If the Note is sold and thereafter the Loan is serviced by a Loan SerVicer other than the purchaser of the Note, the mortgage loan servicing obligations to Borrower will remain with the Loan Servicer or be transferred to a successor Loan Servicer and are not assumed by the Note purchaser unless otherwise provided by the Note purchaser. Neither Borrower nor Lender may commence, join, or be joined to any judicial action (as either an individual litigant or The member of a class) that arises from the Other party's actions pursuant to this Security Instrument or that alleges that the other party has breached any provision of, or any duty owed by reason of, this Security Instrument, until such Borrower or Lender has notified the other party (with such notice given in compliance with the requirements of Section 15) of such alleged breach and afforded the other party hereto a reasonable period after the giving of such notice to take corrective action. If Applicable Law provides a time period which must elapse before certain action can be taken. that time period will be deemed to be reasonable for purposes of this paragraph. The notice of acceleration and opportunity to cure given to Borrower pursuant to Section 22 and. the notice of acceleration given to Borrower pursuant to Section 18 shall be deemed to satisfy the notice and opportunity to take corrective action provisions of this Section 20. 21. Hazardous Substances. As used in this Section 21: (a) "Hazardous Substances" are those substances defined as toxic or hazardous substances, pollutants, or wastes by Environmental Law and the following substances: gasoline, kerosene, other flammable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials con- taining asbestos or formaldehyde, and radioactive materials; (b) "Environmental Law" means federal laws and laws of the jurisdiction where the Property Is located that relate to health, safety or environmental protection; (c) "Environmental Cleanup includes any response action, remedial action, or removal action, as defined in Environmental Law, and (d) an 'Environmental Condition° means a condition that can cause, conhibute to, or otherwisetriggeran Environmental Cleanup. Borrower shall not cause or permit the presence, use, disposal, storage, dr release of any Hazardous Substances, or threaten to release any Hazardous Substances, on or in the Property. Borrower shall not do, nor allow anyone else to do, anything affecting the Property (a) that is in violation of any Environmental Law, (b) which creates an Environmental Condition, or (c) which, due to the presence, use, or release ofa 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 appropriateto normal residential trees and to maintenance of the Property (including, but not limited to, hazardous substances in consumer products). Borrower shall promptly give Lender written notice of (a) any investigation, claim, demand, lawsuit or other action by any governmental or regulatory agency or private party involving the Property and any Hazardous Substance or Environ- mental Law of which Borrower has actual knowledge, (b) any Environmental Condition, in'duding but not limited to, any spilling, leaking, discharge, release orthreat of release of any Hazardous Substance, and (c) any condition caused by the presence, use or release ofa 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 orother *mediation ofany 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. NON UNIFORM COVENANTS. Borrower and Lenderfurther covenant and agree as follows: 22. Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration following Borrower's breach of any covenant or agreement in this Security Instrument (but not prior to acceleration under Section 18 unless Applicable Law provides otherwise). The notice shall specify: (a) the default; (b) the action required to cure the default; (c) a date, not less than 30 days from the date the notice is given to Borrower, bywhichthe default must be cured; and (d) that failure to cure the default on or before the date specified in the notice may result in accel- eration of the sums secured by this Security Instrument and sale of the Property. The notice shall further inform Borrowerofthe rightto reinstate after acceleration and the right to bring a court action to assert the non existence of default or any other defense of Borrower to acceleration and sale. If the default is notcured on or before the date specified in the notice, Lender at lee option may require immediate payment in full of all sums secured by this Security Instrument without further demand and may invoke the power of sale and any other remedies permitted by Applicable Law. Lender shall be entitled to collect all expenses incurred in pursuing the remedies provided in this Section 22, including, but not limited to, reasonable attorneys' fees and costs of title evidence. If Lender invokes the power of sale, Lender shall give notice of intent to foreclose to Borrower and to the person in possession of the Property, if different, in accordance with Applicable Law. Lender shall give notice of the sale to Borrower in the manner provided in Section 15. Lender shall publish the notice of sale, and the Property shall be sold in the Manner prescribed by Applicable Law. Lender or its designee may purchase the Property at any sale. The proceeds of the sale shall be applied in the following order: (a) to all expenses of the sale, including, but not limited to, reasonable attorneys' fees; (b) to all sums secured by this Security instru- ment; and (c) any excess to the person or persons legally entitled to it WYOMING- SingiO Fsmily- Fannie MaeiPreddie Mae UNIFORM INSTRUMENT Pon 3051 1/01 Initials r 447 Ellie Mae. Inc. Page 7 of 8 EDEj_0 121 wY> DEED 10/17/2014 02;45 PM PST LOAN 048114090023249 23. Release. Upon payment of all sums secured by this Security Instrument, Lender shall release this Security Instrument. Borrower shall pay any recordation costs. Lender may charge Borrower a fee for releasing this Security Instrument, but only if the fee Is paid to a third party for services rendered and the charging of the fee is permitted under Applicable Law. 24. Waivers, Borrower releases and waives all rights under and by virtue, of the homestead exemption laws of Wyoming. BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained'in this Security Instru- ment and in any Rider executed by Borrower and recorded with it. (Seal, if any) DD DAYTON MARIL Y,-oN State ofiIN8M N a--0Alko unty ofttNCe hi 90A LYE This instrument was acknowledged 'before mean Jr O ,94/ (date) by JERRY TODD DAYTON AND MARILYN DAYTON (name(s) of person(s)). I Ili 1/4/ CG`., ,,.0 Lender: Zions First National Bank NMLS ID: 467014. Loan Originator. Michael E Hall NMLS ID: 494863 Sign ure of Notarial Officer �9 Title (and Ra WYOMING Single Farruly- Fannie Ma /Froddie Mac UNIFORM INSTRUMENT Form 3051 1/01 Elie Mae. Ina Page 8 of 8 RESIDING/fit MONVELIER MYCOMMIS I4.24 -2917 /C7 -4-2.°4 5 (Seal) DATE tla '4 (Seal) DATE e W 2 WYEDEED 10/17/2014 0245 PM PST Initials Exhibit "A" A PARCEL OF LAND, SITUATED IN TRACT 116 AND TRACT 117, TOWNSHIP 25 NORTH, RANGE 119 AND RANGE 120 WEST, 6TH PRINCIPAL MERIDIAN, LINCOLN COUNTY, WYOMING, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: BEGINNING AT THE NORTHEAST CORNER OF TRACT 116, TOWNSHIP 25 NORTH, RANGE 120 WEST, 6TH P_M., A FOUND 1982 BRASS CAP MARKED PLS 164, SAID BRASS CAP BEING THE TRUE POINT OF BEGINNING; THENCE ALONG THE SAID PARCEL THE FOLLOWING (7) SEVEN COURSES: 1. S 89 °00'10" E ALONG THE NORTH LINE OF TRACT 117, A DISTANCE OF 23.94 FEET; 2. S 06 °06'05" E A DISTANCE OF 443.20 FEET; 3. N 60 °53'03" W, A DISTANCE OF 316.46 FEET; 4. S 82°41'14" W, A DISTANCE OF 413.42 FEET; 5. N 58 °29'40" W, A DISTANCE OF 222.48 FEET; 6. N 40 °0$'20" W, A DISTANCE OF 304.64 FEET TO A POINT ON THE NORTH LINE OF TRACT 116; 7. S 89 °27'42" E, ALONG THE NORTH LINE OF TRACT 116, A DISTANCE OF 1001.60 FEET TO THE POINT OF BEGINNING. ADJUSTABLE RATE RIDER (LIBOR One -Year Index (As Published In The Wall Street Journal -Rate Caps) THIS ADJUSTABLE RATE RIDER is made this 20th day of October, 2014, 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 Tons First National Bank, a Corporation (the "Lender') of the same date and covering the property described in the Security Instrument and located at: 350 JOHNS LANE, Cokevilte, WY 83114. THE NOTE CONTAINS PROVISIONS ALLOWING FOR CHANGES IN THE INTEREST RATE AND TI-IE MONTHLY PAYMENT. THE NOTE LIMITS THE AMOUNT THE BORROWER'S INTEREST RATE CAN CHANGEATANYONE 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 4.000 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 1st day of October, 2022, and on that day every. 12th 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 ratewill be based on an Index. The "Index" is the average of interbank offered rates for one -year U.S. dollar- denominated deposits in the London market "LIBOR as published in The WaIl Street Journal. The most recent Index figure available as of the date 45 days before each Change Date is called the "Current Index." If the Index is no longer available, the Note Holder will choose a new index which is based upon comparable information. The Note Holderwilt give me notice of this choice. (C) CaIcuIation of Changes Before each Change Date, the Note Holder will calculate my new interest rate by adding TWO AND ONE FOURTH percentage point(s) Z250 to the Current Index. The Note Holder will then round the result of this addition to the nearest one-eighth of.one percentage point (0.125 Subjecttothe limits stated in Section 4(D) below, this rounded amount will be my new interest rate until the next Change Date. The Note Holder will then determine the amount of the monthly payment that would be suit cientto repay the unpaid principal that 1 am expected to owe at the Change Date in full on the maturity date at my new interest rate in substantially equal payments. The result of this calculation will be the new amount of my monthly payment. MULTISTATE ADJUSTABLE RATE RIDER-WSJ One•Yoar LIBOR Single Famlly-Fannie Mao UNIFORM IN Form 3189 6/01 Initials Ellio Mae, Inc. Page 1 of 3 LOAN 048114090023249 MIN: 1000195-1000005992 7 18 RD 0608 F3189RLU 10/17/2014 02:45 PM PST (D) Limits on Interest Rate Changes The interest rate I am required to pay at the first Change Date will not be greater than s.000 or less than 2.250 Thereafter, my interest rate will never be increased or decreased on any single Change Date by more than TWO percentage•point(s) 2000 from the rate of interest 1 have been paying for the preceding 12 month(s). My interest rate will never be greater than 10.000 (E) Effective Date of Changes My new interest rate wilt become effective on each Change Date. I will pay the amount of my new monthly payment beginning on the first monthly payment date after the Change Date until the amount of my monthly payment changes again. (P) Notice of Changes The Note Holder will deliver or mail to me a notice of any changes in my interest rate and the amount of my monthly payment before the effective date of any change. The notice will include information required by law to be given to me and also the title and telephone.number of a person who will answer any question t may have regarding the notice. B. TRANSFER OF THE PROPERTY ORA BENEFICIAL INTEREST IN BORROWER Section 18 of the Security Instrument is amended to read as follows: 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 Applicable Law. Lender also shalt not exercise this option it: (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 byApplicable Law, Lender may charge a reasonable fee as a condition to Lender's consent to the loan.assurnption. 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 this 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 bythis 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. MDLTISTATEADJUSTABLE RATE RIDER WSJ One -Year LISORSingle Famiy- Fannie We UNIFORM IN Form 3189 6/01 Itnitials- Ellte Mae, Inc. Page 2 of 3 J189R 0608 F3189RLU 10/1712014 02:45 PM PST LOAN 048114090023249 LOAN 048114090023249 BY SIGNING BELOW, Borrower accepts and agrees to the terns and covenants contained in this Adjustable Rate Rider. 0 I (Seal) Y TODD DAYTON DATE -i A L MARILYN DA ON MULTISTATE ADJUSTABLE RATE RIDER -WSJ One -Year LIBORS'mgle Family Fannie Mae UNIFORM INS u Form 3189 6101 Mille Moe, Inc. Page 3 of 3 Initials 3 8 0 F318$RLU 10!17!2014 02x15 PM PST -9-i) i (Seal) DATE xiCav^�r D1/ CONSTRUCTION LOAN MORTGAGE RIDER Tilts CONSTRUCTION LOAN MORTGAGE RIDER Is attached to sad by this roforence is mocha a port of the Mortgage. dated Octobor 20" 2014, and cant:tad fn oonnecdon with a loan or othor 'Gnanob1 oecommodations batman 'ZIONS 1•arsh NATIONAL SANK and JERRY TODD DAYTON rind MARVI N DAYTON. Thm following provlsioro aro hcroby doomod to amond and strpptonteoR tho Mortgage of the samo data, to which tho Rider c attached, and shag be offoctivo as Wittily sot fords therein: 1. Con^mrctien of impmverrronts. Tho loan socumd hereby is being obtained for tho purpose of constructing Imp ovpnorm On trio Property. Grantor agreed, netwitlmtantring anything in this Mortgage. to tho convary, to carry oat and complete such improvoments in accordanw with tho tame of tho Construction Loan Agroomont "Loan Agroomont'') oxecutod in connection herewith, and this !Magog* shall bo doomed a Conouuatian Loon Mortgage. AEY default of Grantor uudor the terms, covenant, condition, and provizaora of any documents or ircnumants relating to the lndebtndnoss hereby securod. includ without Moisten, the Lorin Agreement and this Mortgage, shall cors".Etute a defeats tartar mach and all said documents and hrstruwonts. 2. Sacurfty Interest Gnsnor horeby assigns and grants to Lender a satorhy lntorm In tho *glowing Poryorud Property: a. All Grantor's right, xda and interest, now ownod or hereafter acquired, in all goods, Extrros, machinery, including without Gmhatfona, materials, furnishings and supplies, whether ortther stored on or off the Pro delivered Prop t f rho Incorporation 'or mat in any construction and, proceod3 and products of silo o Personal Property; or or and b. All Grantor`a right. *tic and interest in protoods of tho loan, evidenced by the Proaibsory Note "Noto"), mado by Lender Grantor for cams:ruction of Improvements on the Property, wlvch praaead0 are held by Loader, Whether or not dTSbursad. 0. Thu Mortgage consdtutos a aoeuitty agreement with rospect to tho foregoing Pomona! Proportyr and. Lender .;hot have all of the rights and romedia l of a secured party ardor rho Loan Agrovnioio, Nato related documents and within the moaning of applicahla state laws as wog t all othor tights and Mini a rs available at taw or in equity. 3. Grantor names that a portion of such loon proceeds may bo disbursed for and oequishfoa costs or for rho paymcr t of oncumbrat coa previously existing on tho Property. 4. Escrow. Taxes and Insurance. On the first annivoraory of this Construction Loan Mortgage Hider, appropriator acertrals may be a.'tabEthod for tax and insurance which will by faced upon the value of the completed Improvemonto. THIS CONSTRUCTION LOAN MORTGAGE R0DEfi IS EXEt:tJTED ON OCTOBER 20, 2014. GRANTOR: 442.11011 r.>.n.nwnc"o"w„nu an,,aapv' o}rawnw+uaoaveinmep n.omy