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HomeMy WebLinkAbout877745 When recorded mail ABNp.o. AMROBox MORTGAGE5064 GROUP, INC. TROY, MICHIGAN 48084 LOAN #: 619 3 6 6 0 5 0 BOOK~S_ ~f)R. DAGE_~.<.,~'_.~ [Si)ace Above This Lh~c For Recordh~g Data] MORTGAGE 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) "Secnrity Instrument" means this document, which is dated NOVEMBER 28, 2001. ~ together with all Riders to this document. (B) "Borrower" is ANTHONY RITZDORF AND MAXINE R RITZDORF, HUSBAND & WIFE VESTING JOINT TENANTS WITH RIGHT OF SURVIVORS. Borrower is the mortgagor under this Security Instrmnent. (C) "Lender" is ABN AMRO MORTGAGE GROUP, INC. Lender is a CORDORATION orgauized and existing under the laws of DELAWARE. Lender's address is 2600 w. BIG BEAVER RD., TROYt :i .,;.' MICHIGAN 48084. {., · Lender is the mortgagee under this Security Instrument. ?; (D) "Note" means the promissory note signed by Borrower and dated 1,1OVEMBER 28, 2001. The Note states that Borrower owes Lender * * * * * ** * *** * * * * * * *** * * * * * *FIFTY NINE THOUSAND TWO HUNDRED AND NO/100 · ********************************************************* Dollars (U.S. $59,200.00 ) plus interest. Borrower has promised to pay this debt in regular Periodic Payments and to pa5' the debt in full not later than DECEMBER 1, 2031. (E) "Property" means the property that is described below under the heading "Transfer of Rights in the Property." (F) ' 'Loan" means the debt evidenced by the Note, plus interest, any prepayment clmrges and late charges due under the Note, aud all sums due under this Security Instrument, plus interest. (G) "Riders" means all Riders to this Security Instrument that are executed by Borrower. The followiug Riders are to be executed by Borrower [check box as applicable]: ~-~ Adjustable Rate Rider ~ Condominium Rider ~-~ Second Home Rider [~ Balloon Rider ::--~ Planned Unit Development Rider [~ Other(s) [specil~:[ [---11-4 Family Rider ~ Biweekly Paymenl Rider . (H) "Al)plicahle Law" means all controlling applicable federal, state and local statutes, regulations, ordinmices and administralive rules and orders (that have the effect of law) as well as all applicable fiual, non-appealable judicial opinions. (I) "Community Association Dues, Fees, and Assessments" means all dues, fees, assessments and other charges that are i~nposed on Borrower or the ProperB, by a condommimn association, homeowners association or si~nilar organization. (,B "Electronic Funds Transfer" means any transfer offilnds, other than a transaction originated by check, draft, or sinfilar paper instrument, ~,hich is initiated through an electronic terminal, telephonic instrument, computer, or magnetic tape so as to order, instruct, or authorize a financial institution to debit, or credit an account. Such term includes, but is not limited to, point-of-sale transfers, automated teller machine transactions, transfers initiated by telephone, wire transfers, and automated clearinghouse transfers. (K) "Escrow Items" means those items that are described in Section 3. (L) "Miscellaneous Proceeds" means any compensation, settlement, award of damages, or proceeds paid by any third par~ (other than insurance proceeds paid under the coverages described in Section 5) for: (i) damage to, or destruction of, the Prope~; (ii) I ~'~OMI~G--Single Family--Famde Mae/Freddie Mac ~NIFORM INS*RUMENT Farm 3051 1/01 Pllge 1 of 8 WYUDEED 01~9 ' LOAN #: 619366050 condemnation or other taking of all or any part of the Property; (iii) conveyance in lieu of condemnation; or (iv) misrepresentatious of, or omissions as to, the value and/or condition of the Property. (M) "Mortgage Insurance" means insurance protecting Lender against the uonpayment of, or default ou. the Loan. (N) "Periodic Payment" means the regularly scheduled amount due for (i) principal and interest trader the Note, plus (ti) any amounts under Section 3 o;f this Security Instrmnent. (O) "RESPA" means the Real Estate Settlement Procedures Act (12 U.S.C. §2601 et seq.) and its implemeuting regulation, Regulation X (24 CFR. Part _~. 00), as they might be amended from time to time, or any additioaal or successor legislation or reg~dation that governs the same subject matter. As used iu this Security Instrument, "RESPA" refers to all requirements add restrictions that are imposed in regard to a ' Tederally related mortgage loan" even if the Loan does not qualil~,' as a "federally related mortgage loan" under RESPA. (P) "Successor in Interest of Borrower" means any part}, tlmt has taken title to the Property, whether or not that party has assumed Borrower's obligations raider the Note and/or this Secnrity Instrument. TRANSFER OF RIGHTS IN THE PROPERTY This Security Instrumeut secures to Lender: (i) the repayment of the Loan, and all renewals, exteusious and ~nodifications of the Note; and (ii) the performance of Borrower's covenants and agreements under this Security Instrument and the Note. For this purpose, Borrower docs hereby mortgage, grant and convey to Lender and Lender's successors and assigns, with power of sale, tile foll owiug described propertylocated in the COUNTY' [Name of Recording Jnrisdictionj of 1,I NCOLN [Name of Recording Jurisdiction]; . SEE LEGAL DESCRIPTION ATTACHED HERETO AND MADE A PART HEREOF. which currently has thc address of 802 EMERALD ST t KEMMERER, ', [St,'eel] ICily] Wyoming 8 3101 ("Property Address"): [Zip Code] TOGETHER WiTH all the improvements now or hereafter erected on the property, and all easements, appurtenances, and fixtures now or hereafter a part of the property. All replacements and additions shall also be covered by this Security Instrument. All of the foregoing is referred to in this Security Instrument as the "Property." BORROWER COVENANTS that Borrower is lawfiflly seized of the estate hereby core,eyed 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 tile Property against all claims and demands, subject to any encumbrances of record. THIS SECURITY INSTRUMENT combines nniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. UNIEORM COVENANTS. Borrower and Lender covenant and agree as follows: 1. Payment of Principal, Interest, Escrow Items, Prepayment Charges, ami 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 under the Note. Borrower shall also pay fitnds for Escrow Items pursuant to Section 3. Payments due under the Note and this Securilv Instrument shall be made in US. currency~ However, if any check or other instrument received by Lender as payment under II~e 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 Insmunent be made in one or more of thc following forms, as selected by Lender: (a) cash: (b) money order: (c) certi fled check, bank check, treasurer's check or cashier's check, provided auy such check is drawn upon an institution whose deposits are insured by a federal ageucy, instrumentality, or eutily; or (d) Electronic Funds Transfer. Payments are deemed received by Lender whea received at the location designaed 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 paymeut . if the payment or phnial payments are insufficient lo 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 refi~se such payment or partial payments in the fi~[ure, 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 inlerest on unapplied fl~nds. Lender may hold such unapplied fi~nds until Borrower makes payment to bring the Loan current. If Borrower does not do so within a reasonable period of time, Lender shall either apply such fi~nds or returnthem to Borrower. If not applied earlier, such fi~nds will be applied to the outstanding principal balance under: the Note immediately prior to foreclosure. No offset or claim which Borrower might have now or in the fl~ture 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 SecuriBr Instrument. 2. Application of Payments or Proceeds. Except as othenvise described in this Section 2, all payments accepted and applied by Lender shall be applied in the following order of priority: (a) iuterest due under the Note; ¢) principal due under the Note; (c) amounts due under Section 3. Such payments shall be applied to each Periodic Payment in the order in which it became due. Any ~'OMING--Single Family--Fmmie Mae/Fred,lie Mac UNIFORM INSTRUMENT I nit i a 1 s ~ ~'~ ~1[.,¥ Form 3051 1/01 Page 2 of 8 ~D~]i.;. LOAN ~: 619366050 remaining amounts shall be applied firsl to late charges, second to any other amounis due under this Security Inslrumenl, and il~en to reduce the principal balance of the Note. If Lender receives a payment from Borrower fiwa delinquent Periodic Payment which includes a sufficient amoum to pay auv late charge due, Ihe payment may be applied to thc delinquent payment and the late charge. If more than one Periodic Payment is outstanding, Lender may apply any payment receiYed from Borrower to the repayment of the Periodic Payments if. and to the extent that, each payment can be paid in full. To the extem that an5' excess exists aider the payment is applied to the fltll payment of one or more Periodic Payments, such excess may be applied to any late charges due. Voluntary prepayments shall be applied first to any prepayment charges and then as described in the Note. Any application of payments, insurance proceeds, or Miscellaneous Proceeds to principal due under the Note shall not extend or postpone the due date, or change the amount, of the Periodic Payments. 3. Fnnd~ for Escrow Items. Borrower shall pay to Lender on the day Periodic Paylnents are due under the Note, until the Note is paid in full, a sum (the "Funds") to provide for payment of amounts due for: (a) taxes and assessments and other items which can attain priority over this Security Instrument as a lien or encumbrance on the Property; (b) leasehold payments or ground rents on the Property, if any; (c)_premiums for any and all insurance required by Lender m~der Section 5; and (d) Mortgage Insurauce premiums, if any, or any sums payable by Borrower to Lender in lien of the payment of Mortgage Insurance premiums in accordance with the provisions of Section 10. These items are called "Escrow Items." At origination or at any time during the term of the Loan, Lender may require that Community Association Dues, Fees, and Assessments, if any, be escrowed by Borrower, and such dues, fees and assessments shall be an Escrow Item. Borrower shatl promptly furnish to Lender all notices of amonnts to be paid under lhis Section. Borrower shall pay Lender the Funds for Escrow Items unless Lender waives Borrower's obligation to pa5' the Fnnds 'for any or all Escrow Items. Lender may waive Borrower's obligation to pa5' 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 an5, Escrow Items for which payment of Funds has been waived by Lender and, if Lender requires, shall fl~rnish to Lender receipts evidencing such payment within such time period as Lender may require. Borrower's obligation to make such payments and to pr~ vide receipts shall for all purposes be deemed to be a covenant and agreement contained in this Security Instrument, as I I~e phrase'~ covenant and agreemeut" is used in Section 9. If Borrower is obligated to pay Escrow Items directly, pursuant to a waiver, and Borrower fails to pa.5, the amount due for an Escrow I~em, Leuder may exercise its rights under Section 9 and pay such amount and Borrower shall theu be obligated tinder Section 9 to repay to Lender any such amount. Lender may revoke the waiver tls to auy or all Escrow Items at an5, time by a notice given iu accordance with Section 15 and, upon such revocation, Borrower shall pay to Lender all Funds, and in such amouuts, 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 Fnnds at the time specified nnder RESPA, and (b) not to exceed the maximmn amount a lender can [eqnire under RESPA. Lender shall estimate the amount of Funds due on the basis of current data and reasonable estimates of expenditures of fi~ture Escrow Items or otherwise in accordance with Applicable Law. The Fnnds shall be held in an institution whose deposits are insured by a federal agency, instrlimentality, or entity (includillg Lender, if Lender is an institution whose depos!ts are so insured) or in any Federal Home Loan Bank: Lender shall apply the Fnnds to pay the Escrow Items no later than the time specified under RESPA. Lender shall not charge Borrower for holding aud applying the Funds, annually analyzing the escrow acconnt, or verifying the Escrow Items, nnless Lender pays Borrower interest on the Funds and Applicable Law permits Lender to make such a ch arge. 'Unless an agreement is made in writing or Applicable Law requi res int ere st to be paid on the Funds, Lender shall not be required to pay Borrower any interest or earnings on the Fnnds. 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 Funds as required by RESPA. If there is a surplus of Funds held in escrow, as defined under RESPA, Lender shall accounl~ to Borrower :for the excess fimds in accordance with RESPA. If there is a shortage o f Funds held in escrow, as defined under RESPA, Lender shall uotify Borrower as required by RESPA, and Borrower shall pay to Leuder the amount necessary to make tip 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 np 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 Instrmnent, Lender shall promptly refund to Borrower auy Funds held by Lender. 4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines, and impositions attributable to the Property lvhicl~ can attain priority over this Secui'ity InstmmenL leasehold payments or ground rents on the Property, if any, and Community Association 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 thelien in good £aithby, or del~nds 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 their anypart of the Property is subject to a lien which can attain priority over this Security Instrument, .. Lender may give Borrower a notice identifying the lien. Within 10 days of the date on which that notice is given, Borrower shall satisfy the lien or take one or more of the actions set forth above in this Section 4. Lender may require Borrower to pay a one-time charge for a real estate tax verification and/or reporting service used by Lender in connection with this Loan. 5. Property Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss 'by fire, hazards included within the term "extended coverage," and an)' other hazards including, but not lindted to, earthquakes and floods, for which Lender requires insurance. This insurance shall be maintained in the amounts (iacluding deductible levels) and for thc periods that Lender requires. What Lender requires pursuant to the preceding sentences can change during the term of the Loan. The insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's right to disapprove Borrower's choice, which right shall not be exercised unreasonably. Lender ma), require Borrower to pa)', in connection with this Loan, either: (a) a one-time charge l:br flood zone detc'rminatiou, certification and tracking sen'ices: or (b) a one-tiine charge for flood zone determination and certification services and subsequent charges each time remappings or similar changes occur which Form 3051 1/01 Page 3 of 8 WYklDI~I~D LOAN #: 619366050 reasonably might affect such delermination or certification. Borro~ver shall also be responsible for the payme it of any fees imposed by the Federal Emergency Management Ageucy in connection with the review of any flood zone determinalion resifltiug from an objection by Borrower. IfBorrox~er fails to maintain any oflhe coverages described above, Lender may obtain insurance coverage, at Lender's Option and Borrower's expense. Lender is under no obligation to purchase any particular type or amount of coverage~ Theretbre, snch coverage shall cover Lender, but might or might not protect Borrower, Borrower's equiB, in the Property, or the contents of the Property, against any risk, hazard or liability and might provide greater or lesser coverage than was previously in effect. Borrower acknowledges that the cost of the insurance coverage so obtained might significanlly exceed the cost of insurance that Borrower could have obtained. Any amounts disbursed by Lender under this Section 5 shall become additional debt of Borrower secured by this Securiw Instrument. These amounts shallbear interest at the Note rate bom the date of disbursement aud shall be payable, with snch interest, upon notice from Lender to Borrower requesting payment. All insurance policies reqnired by Lender and renewals of such policies shall be subject to Lender's right to disapprove such policies, shall include a standard mortgage clause, and shall name Lender as mortgagee and/or as an additioual loss payee. Leuder shall have the right to hold the policies and renewal certificates. If Lender reqnires, 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, snch policy shall inclnde a standard lnongage clause and shall name Lender as morlgagee and/or as an additional loss payee. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may. make proof of loss not made l~romptb' by Borrower. Unless Lender and Borrower othenvise agree in writing, any iusnrance proceeds, whether or the tmderlying insnrance was required by Lender shall be applied to restoratiou or repair ofth~ Property, iflhe restoration or repair is economically feasible and Lender's security is not lesseued. Dnring such repair and restoration period, Lender shall have the right to hold such insurance proceeds until Lender has had an opportuui~, to inspect such Property to ensure the work has been completed to Lender's satisfaction provided that such inspecliou shall be undertaken promptly. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series o1:' progress payments as the work is completed. Unless an agreemeut is made iu writing or Applicable Law requires interest to be pa id on such insurance proceeds, Lender shall not be required to pay Borrower any interest or earnings on such proceeds. Fees for public a4justers, or other third parties, retained by Borrower shall not be paid out of the insurance proceeds and shallbe the sole obligation of Borrower. If the restoration or repair is not economically feasible or Lender's securiB, would be lessened, the insurance proceed~ shall be applied to the sums secnred 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 ProperW, Lender may file, negotiate and settle any available insurance claim and related matters. Borrower does not respond within 30 days to a notice from Lender that the insurance carrier has offered to settle a claim, then Lender may negotiate and settle the claim. The 30-day period will begin when the notice is given. In either event, or if Lender acquires the Property under Section 22 or otherwise, Borrower hereby assigns to Lender (a) Borrower's rights to any insurance proceeds in an amount not to exceed the amounts unpaid under the Note or this Securi~ Instrument, and (b) any other of Borrower's rights (other than the right to any refund of unearned premiums paid by Borrower) under all insurance policies cd~;ering the Property, insofar as su ch rights are applicable to the coverage oflhe Property. Lender may use the insurance proceeds either ~b repair or rest ore tbe Property or to pay amounts unpaid under the Note or this Securiw instrument, whether or not then due. 6. Occupancy. Borrower shall occupy, establish, and nse the Property as Borrower's principal residence within 60 days after the execntion of this SecuriB, Instrument and shall continue to occnpy the Property as Borrower's principal resideuce for at least one year after the date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be tmreasonably withheld, or unless extenuating circmnstances exist which are beyond Borrower's control. 7. Preservation, Maintenance and Protectiou of the Property; Inspections. Borrower shall not destroy, dalnage or impair the Properb, allow the ProperB, to deteriorate or commit waste on the Property. Whether or not Borrower is residing in the Property,. Borrower shall maintain the ProperD, iu order to prevent the Property from deteriorating or decreasing in value due to its coudition. Unless il is determined pursnant to Section 5 that repair or restoration is not economically feasible, Borrower shall promptly repair the Property if damaged to avoid fl~flher deterioration or damage. If insurance or condemnation proceeds are paid iu connection with damage to, or the taking o[ rite Property, Borrower shall be responsible for repairing or restoring the Propmty ouly if Lender has released proceeds for snch puq~oses. Lender may disburse proceeds for the repairs and restoratiou in a single payment or in a series of progress paymems as the work is completed. If the insurance or condemnation proceeds are not snfficient lo 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 ~n~ce reasonable entries upon and inspections of the Property. If it has reasonable cause, Lender may inspect the interior of the improvements on the ProperW. Lender shall give Borrower notice at the time of or prior to such an interior inspection specifying such reasonable canse. 8. Bm'tower's Loan Application. Borrower shall be in default if, during theLoan applicationprocess, Borrower oranypersons 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 ProperB, as Borrower's principal residence. 9. Protection of Lender's Ifiterest in the Prol)erty and Rights Under this Security Instrument. If fa) Borrower fails to · perform the covenants and agreements contained in this Securi~ Instrument, ¢) there is a legal proceeding that might significantly affect Lender's interest in the Proper~ and/or rights under this SecuriB, Instrument (such as a proceeding in bm~mptcy, probate, for condemnation or forfeiture, for enforcement of a lien which may attain prioriB, over lhis Securi~ Instrument or to enforce laws or regulations), or (c) Borrower has abandoned the Property, then Lender may do aud pay for whatever is reasonable or appropriate to protect Lender's interest in the Property and righls under this Security Instrument, including protecting and/or assessing the value of the Properly, and securing and/or repairing the ProperD,. Lender's actions can include, but are not lirnited to: (a) paying any snms secured by a l?en which has priority over this Securily Instrument; (b) appearing in cou~ and (c) paying reasouable attorneys' fees to protect its interest in the PropeHy and/or righ$s m~der this Security Instrnment, including its secured position in a bankruptcy proceeding. Securing the Prope~ inclndes, but is uol limited to, entering the Prope~, to make repairs, change locks, replace or board up doors and windows, drain water from pipes, eliminate building or other code violations or dangerous conditious, and have utilities tamed on or off. Although Lender may take action under this Section 9, Lender does not have to do so aud is not under any dnty or obligation to do so. It is agreed that Lender incurs no liabiliD, for not taking any or all actions authorized under this Section 9. Form 3051 1/01 Page 4 of 8 WIOODEE6 LOAN #: 619366050 Any amonnts 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 dislmrsement and shall be payable, with such interest, upon notice frmn Lender to Borrower requesting payment. If this SecnriB, Instrument is on a leasehold, Borrower shall comply with all the provisions of the lease. 1 f Borrower acquires fee title to the Property, the leasehold and the fee title shall not merge unless Lender agrees to the merger in ~rritmg. 10. Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan, Borrower shall pa}' 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 aud Borrower was reqt, ired to make separalely designated payments toward the,premiums for Mortgage Insurance, Borrower shall pay the premiums required to ob,am coverage substantially equivalent to the Mortgage insurance previously in effect, at a cost substantially' equivalenl 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 conlinue to pay' to Lender the ammmt of the separately designated paynlents that were due when the insurance coverage ceased to be in effect. Lender will accept, use and retain these payments as a non-reflmdable loss resen~e in lieu of N.4ortgage Iusurance. Such loss resen,e shall be non-retired,hie, notwithstandiug the fact that the Loan is ultimately paid in fi~ll, aud kender shall not be required to pay Borrower any interest or earnings on such loss reserve. Lender can no longer require loss reser~'e payments if Mortgage lnsurauce coverage (in the amount and tbr the period that Lender requires) provided by an insurer selected [~y Lender again becomes available, is obtaiued, and Lender requires separately designated payments toward the premiums for Morlg~ge Insurance. If Lender required Mortgage Insurance as a condition of making the Loan and Borrower was required to make separalely designated payments toward the premiums for Mortgage Iasurance, Borrower shall pa5' the premimns required to maintain Mortgage Insurance in effect, or to provide a non-refmldable loss reserve, until Leuder'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 tliis 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 cerlain losses it may incur 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 enter into agreements 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 lhe mortgage insurer to make payments using any source offi~nds that the mortgage insurer may have available (which may include filnds obtained from Mortgage InsuranCe premimns). As a result of these agreements, Lender, any purchaser of the Note, another insurer, an}, reinsurer, any other entity, or any affiliate of any of the ·foregoing, may receive (directly or indirectly) amounts that derive from (or Might be characterized as) a portion of Borrower's payments for Mortgage Insurance, iu exchange for sharing or modifying the mortgage ii}surer's risk, or reducing losses. If such agreement provides that an affiliate of Lender takes a share of the insurer s risk m exchange ~,or a share oflhe preniiunls paid to the insurer, the arrangement is often termed "captive reinsurance." Fnrther: (a) Any such agreements will not affect the amounts that Borrower has agreed to Inly fo,' Mortgage lnsu,'ance, or any other terms of the Loan. Such agreements will nol increase the amount Borrower will rove for Mortgage Insurance, and they will not entitle Borrower to any rcfuml. (b) An), such agreements will not affect the ,'ights Borrower has - it' any - with ,'esl~ect to thc Mo,-tgage Insurance nndcr the Homeowners Protection Act of 1998 or an), ot her law. These ;-ights ma), include the right to receive certain disclosures, to request and obtain cancellation of the Mortgage Insurance. To have the Mortgage Insurance terminated automatically, and/ or to receive a refund of any Mortgage Insurance p,'emimns that were unearned at thc time of such cancellation or termination. 11. Assignment of Miscelhmeous Proceeds; l:'orfeiture. All Miscellaneous Proceeds are hereby assigned to and shall be paid to Lender. If the Property is damaged, such Ivliscellaneous 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 tile work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender ma), 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 iii writing or Applicable Law requires interest to be paid on such Miscellaneous Proceeds, Lender shall not be required to pay Borrower any interest or earnings on such Miscellaneous Proceeds. If the restoration or repair is not economically feasible or Lender's security would be lessened, tile Miscellaucous Proceeds sllall 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 tile order provided for in Section 2. In the event ora total taking, destruction, or loss in value of the Property, the Miscellaneous Proceeds shall be applied to the sums secured by this Securily Instrument, whether or not then due, with the excess, if any, paid to Borrower. In the eveut 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 equal to or greater than the amount of the stuns secured by this Security Instrument immediately before the partial taking, destruction, or loss in value, nnless Borrower and Lender otl/erwise agree in writing, the sums secured by thi~ Security Inslrmnent shall be reduced by the amount of the Miscelhmeot,s Proceeds multiplied · by the following fraction: (a) the total amount of the sunls secured immediately before the partial taking, destruction, or loss iii value divided by (b) the fair market value of the Property immediately before the partial taking, destn,ction, or loss in value. Any balance shall be paid to Borrower. In the event of a partial taking, destmction~ or loss in value of the Property in which the fhir market value of the Property immediately before tile partial taking, destruction, or loss m value is less than the amount of the sums secured immediately before the partial t~ikingi' destruction, or loss ill valae, nnless Borrower and Lender othem'ise agree in writing, the Miscellaneous Proceeds shall be applied to the sums secured by this Securih.' Instrument whether or not the sums are then due. If the Property is abandoned by Borrower, oi ii, after notice by Lender to Borrower that the Opposing Party (as defined iii the next sentence) offers to make an award.to settle a claim for damages, Borrower fails to respond to Lender within 30 days fi, er the date the notice is given, Lender is authorized to collect aud apply the Miscellaneous Proceeds either to restoration or repair of the Property or to the stuns secured by this Security Instrument, whether or not then due. "Opposing Party" means the third part}, that owes Borrower Miscellaneous Proceeds or the party a gains, whom Borrower has a right of action in regard to Miscellaneous Proceeds. LOAN #: 619366050 Borrower shall be in default if any aclion or proceediug, whether civil or criminal, is begun that, in Lender's judgment, could result in forfeiture of the Property or o[her 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 lhe a~tion 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 Securily 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 ~hall be paid to Lender. All Miscellaneous Proceeds that are not applier{ to resloration or repair of the Property shall be applied in the order provided for in Section 2. 12. Borrower Not Released; Forbearance B~ Lender Not a Waiver. Extension of the time for payment or modification of amortization of the sums secured by this Securily Instrument granted by Lender to Borrower or any Successor in Interest of Borrower shall not operate to release the liability of Borrower or a ny Successors in interest of Borrower. I. ende'r shall not be required to commence proceedings against an), Successor in Interest of Borrower or to reft;se 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 am.' Sncces~'ors in Interest of Borrower. Any lbrbearance by Lender in exercisitxg any right or remedy including, without limitation, l~ender's acceptance of paymeuts from third persons, entities or Successors in Iuterest of Borrower or in amounts less than the amonnt then due, shall not be a waiver of or preclude the exercise of any right or remedy. 1.3, Joint and Several Liahility; Ch-signers; Successors and Assigns Bouml. 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 exectae the Note (a "co-signer"); (ay is co-signing this Sbcurity Instrument only to mortgage, grant and convey the co-signer's interest in the Property under the terms of this Security Instrument; (by is uot personally obligated to pay the stuns secured by this Security Instm:nent; 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, an), Successor in Interest of Borrower who assumes Borrower's obligations nnder 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 frmn Borrower's obligations and liability nnder this Security Instrument nnless 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 defimlt, 'for'the purpose of protecting Lender's interest in the Property and rights under this Security instrnment, including, but not limited to, attorneys' fees, proper .ty inspection and valuation fees. In regard to any other fees, the absence of express anthorih.,, in this Security h'~strument to charge a specific fee to Borrower shall not be construed as a prohibition on the charging of such fee. Lender may not cttarge fees that afc expressly prohibited by this Security Iustrument or by Applicable Law. If the Loan is subject to a law which sets maximum loan charges, and that law is finally interpreted so thai the inlerest or other loan char. ges collected or to be collected in connection wilh the Loan exceed the permitted limits, thet~: (ay any such loan charge shall be reduced by the amonnt necessary to reduce the charge to the permitted limit; and (by any sun'ts al'r'eadv collected from Borrower which exceeded permitted limits will be refimded to Borrower. Lender ma), choose to make this refimd by r~ducing the principal owed under the Note or by making a direct payment to Borrower. If a retired reduces principal, the reduction will be treated as a partial prepayment without auy 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. 411 notices given by Borrower or Lender in connection with this Security Instrument nmst be in writing. Any notice to Borrower in connection with this Security Instrument shall be deemed to have been given to Borrower when mailed by first class mail or when actually delivered to Borrower's notice address if sent by other means. Notice to any one Borrower shall constitute nolice to all Borrowers unless Applicable Law expressly requires otherwise. The notice address shall be the Propert¢, Ad&es s unless Borrower has designated a. substitute notice address by notice to Lender. Borrower shall promptly notify Lender o fBorrower' s change of address. If Lender specifies a procedure tbr 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 nnless Lender has designated another address by notice to Borrower. Any notice in connection with this Security Instrument shall not be deemed to have been given to Lender until actually received by Lender. If any notice required by this Security Instrument is also required under Applicable Law, the Applicable Law requirement Will satisfy the corresponding reqnirelnent 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 iu this Security In'strument are subject to any requirements and limitations of Applicabl~ Law. Applicable Law might explicitly or implicitly allow the parties to agree by contract or it might be silent, but sucli silence shall not be construed as a prohibition against agreemm{t by contract. In the event that any provision or clause of this Security Instrumen[ or the Note conflicts with Applicable Law, such conflict shall noI afl, ct other provisions of this SecuriB, Instrument or the Note ~ hich can be given effect without the conflicting provision. As used in this Security Instrument: (ay words of the masculine gender shall mean and include corresponding neuter words or words of the feminine gender; (by Words in the singmlar shall mean and include the plural and vice versa; and (c) the word "may" · gives sole discretion without any obligation to take auy 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 Propem.,, 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 fim~re 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) withe ut Lender' s prior written consent, Lender may require im mediate payment in fi~ll of all sulns 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 gixe 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 mnst pay all sums secure,~by WYOMIN£¢-~S'ngle F,mfity~-Fanme Mae/Fr,ddie Mac UNIFORM INSTRUMENT In± rials 1 ~/,'~ )~ / ~'~/~..~____~. For~n 3051 1/01 Page 6 6O3 LOAN #~ 619366050 this Security Instrument. If Borrower fails to pa), these sums prior to the expiratiou oflhis period, Lender may invoke any remedies permitted by this Security instnlment wilhout furlher uotice or demand on Borrower. 19, Borrower's Right to Reinstate After Acceleration. If Borrower meets certain couditions. Borrower shall have the righl to have enforcement of this Securily Inslrument discontinued at an5,' tirne prior to the earliest of: (a) five days before sale of lbo Property pursuant to an), power of sale coutained itl this Security Instrumentt (b) such other period as Applicabl'e Law mighl specify Ibr Ih~ termination of Borrower's right to reinstate; or (c) earn.., of a judgment enforcing this Security Instrument. Those condition~ arc Ihal Bet"rower: (a) pays Lender all sums which then Would be due under this Security Instrumeni and thc Note as if no acceleration had occurred; (b) cures any defimlt of an),. other covenants or agreements; (c) pays all expenses incurred iu enforcing flits Securih~ Instrument, includiug, but not limited to, reasonable attorneys' fees, property inspection and valuation fees, and other fees incurre~l for the purpose of protecting Lender's interest in tile Property and rights under this Security Instalment; and (d) takes such action as Lender may reasonably require to assure that Leuder's interest in the Property and rights under this Security Instrnment, and Borrower's obligation to pa), the sums secured by Ibis Securi .ty Instrument, shall continue unchanged. Lender ,nay require that Borrower pay such reinstatement sums and expenses in one or more of the following forms, as selected by Lender: (a) c~ish; (b) money order; (c) certified check, bank check, treasurer's check or cashier's check, provided any such check is drawn upon au instilution whose deposits are insured by a [kderal agency, instrumentality or eutity; or (d) Electronic Funds Transfer. Upon reinslatement by Borrower, this Security Instrument aud obligations secured hereby shall remain dally effective as if no acceleration had occurred. However, this righ! to reinstate shall not apply in the case of acceleration tinder 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 Instalment) can be sold one or more times without prior notice to Borrower. A sale might resnlt m a change in the entity (known as the "Loan Sen,icer' ') that collects Periodic Payments due under the Note and this Security Instnunent and performs other mortgage loan sen,icing obligation~ under the Note, this Security h]strument, and Applicable Law. There also might be one or more changes of the Loan Servicer unrelated to a sale of tile Note. If there is a change of the Loan Sen,Jeer, Borrower will be given writteu notice of the change which will state the name and address of the new Loan Servicer, the address to which payments should be made and any other information RESPA requires in connection with a notice of transfer of sen,icing If the Note is sold and lhei'eafler the Loan is serviced by a Loan Sen4cer other than the purchaser of the Note, the mortgage loan servicing obligations to Borrower will remaiu 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 lit igaut or tile 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 tiny dut)' owed b? reason of, this Security Instrun~ent, until such Borrower or Lender has notified the other part), (witll 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 lilac period which must elapse before certain action can be taken, that time period will be deemed to be reasonable lbr purposes of this para graph. The notice of acceleration and opportunity to cure given to Borrower pursuant to Section 22 and th,? notice of acceleration given to Borrower pursuant to Section 18 shall be deemed to satisfythe notice and opportunit),to take corrective action provisions oflhis Section 20. 21. Hazardous Substances. As used in this Section 21: (a) "Hazardous Substances" are those substances defined as toxic ~r hazardous substances, pollutants, or wastes by Environmental Law and the following substances: gasoline, kerosene, other flammable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or formaldehyde, aud 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 eau cause, contribute to, or otherwise trigger an Environmental Cleam~p. Borrower shall not cause or permit the presence, use, disposal, storage, or release of any Hazardous Substances, or threaten to release auy Hazardous Substances, on or in tile Property. Borrower shall not do, nor allow anyone else to do, anything affecting the iProperty (a) that is in violation of any Environmental Law, (b) which creates an Environmental Condition, or (c) which, due to the presence, use, or release of aHazardous 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 snmll quantities of Hazardous Substances that are generally recognized to be appropriate to normal residential uses and to maintenance of the Property (including, but nol litnited to. hazardmls substances in consumer products). Borrower shall promptly give Lender written notice of (a) any investigation, claim, demand, lawsuit or oilier action by governmental or regulator).' agency or private part)' involving the Propemd and any Hazardous Substance or Environmental Law ~f which Borrower has actual knowledge, (b) an), Environmental Condition, including but not limited to, an), spilling, leaking, discharge, release or threat of release of an), Hazardous Substance, and (c) an), condition caused by the presence, use or release of a Hazardous Substance which adversely affects the value of the Property. If Borrower learns, or is notified by any governmental or regx]latory authority, or any private party, that any removal or other remediation of any Hazardous Substance affecting the Property is necessary, Borrower shall promptly take all necessary remedial actions in accordance with Environmental Law. Nothing herein shall create alB, obligation on Lender for an Environmental Cleanup. NON-UNIFORM COVENANTS. Borrower and Lender fin'ther covenam 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 instrnment (lint not prior to acceleration under Section 1.8 unless Applicable Law provides otherwise). The notice shall specify: (a) the default; (b) the action required to cure the def,'mlt; (c) a date, not less than 30 days from the date the notice is given to Borrower, by which the default must be cured; and (d) that fidlm'e to cure the default'on or bed]re the date specified in the notice may result in acceleration of the sums secured by this Security Instrument and sale of the Property, The notice sh all fm'ther inform Borrower of the right to reinstate after acceleration and the right to bri,g a court action to assert the non-existence of a default m' an)' other defense of Burrower 1o acceleration and sale. If the default is not cured on or before the date specified in the notice, Lender at its option may require immedi~,te payment in lull 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. Lemler shall he entitled to collect all expenses inet, fred in pursuing the re]nedies provided in this Section 22, including, but not limited to, reasonable attorneys' fees and costs of title evidence. WYOMING--Single Form 3051 1/01 Page 7 0t'8 /. LOAN ~: 619366050 If Lender invokes the power of sale, Lendcl' shall give notice ol' intent to t'orcclose to Borrower and to the person in possession of the Property, if different, in accordance with APl}licable Law. Lender shall give notice of the sale to Borrower in the manner l}rovide{I in Section 15. Lender shall publish the notice of sale, ami the Prol)crty shall I}e sold in the manner prescribed hy Apiflicahle Law. Lender or its designee may purchase the Property at any sale. The proceeds ot'the sale shall be applied in the following order: (a) tn all expenses of the sale, including, but not limited to, reasonable attorneys' fees; (b) to all sums secured by this Security Instrument; and (c) any excess to the person or persons legally entitled to it. 23. Release. Upon payment of all stuns 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 Securi~ Instrumenl, but only if the fee is paid to a third party for sen~ices 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 Instrulnent aud m any Rider executed by Borrower and recorded with it. ~THONY ~ZbORF ~) 7:: (Seal) RI~DORF~ ~ (Seal) State of WYOMING ) County of Lincoln ) The foregoing instrument was acknowledged before me by ANTHONY RITZDORF ~D ~XINE R RITZDORF, this 28th day of N6vember, 200L Shelley Sandall (print'or type name) .... J My Co~ission Expires: February 2, 2002 WYOMING--Single Family--Famfie Mae/Freddie Mac UNIFORM INSTRIJMENT Form 3051 1/01 Page 8 Of 8 WYUDEED EXHIBIT A Legal Description for Anthony Ritzdorf and Maxine R. Ritzdorf Lot 8 of Block 2 of Lincoln Heights Subdivision to the Town of Kemmerer, Lincoln County, Wyoming as described on the official plat thereof.