HomeMy WebLinkAbout885734After Recording Return To:
FIRS~ ~ ~
1001 Labore IrOn-trial CT,
Suite E, Vact~s Heiqhts
Mq 55110
R PAGE
REC.E1VED
,LINOOLN CO JNTY OLERK
DEFINITIONS
[Space Above This Line For RecOrding Data]
RECEIVED
,~ ]t ,,~, y CLERK
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 c~ct~r 31 .,
3302 ., together with all Riders to this document.
(B) ,'Borrower" is tnarc A Speth and [oma A ~th, HLmt3:q~ arr] Wife Borrower is
the mortgagor under this Security Instrument.
(C) "Lender" is ~Lrst: ~c]~t]. f. sb . Lender is a
~ Sav/n:2.s_ Bank organized and existing under the laws
of' ~he l. lqJ. t~d S'~tos of Jtr~rica . Lender's address is 201
~t Southt I~tchins~t IVlq 55350 Lender is the mortgagee under this Security
Instrument.
(D) "Note" means the promissory note signed by Borrower and dated C~cct~r 31 .,
2002 . The Note states that Borrower owes Lender ~4o ?kn:kofl Foar tlt~xq~rd and no/103
Dollars (U.S. $ 204,000.00 ) plus interest. Borrower has promised to pay this debt in
regular Periodic Payments and to pay the debt in full not later than ~ 31, 2003
(E) "Property" means the property that is described below under the heading "Transfer of Rights
in the Property."
(F) "Loan" means the debt evidenced by the Note, plus interest, any prepayment charges and late
charges due under the Note, and all sums due under this Security Instrument, plus interest.
(G) "Riders" means all Riders to this Security Instrument that are executed by Borrower. The
folio.wing Riders are to be executed by Borrower [check box as applicable]:
~] I;~'~'g Adjustable Rate Rider [] Condominium Rider [] Second Home Rider
Balloon Rider [] Planned Unit Development Rider ~ Other(s)
[] 1-4 Family Rider [] Biweekly Payment Rider ~cn r_can Rider
WYOMING-Single Family--Fannie Mae/Freddie Mac UNIFORM INSTRUMENT
Form 3081 1/01 (page 1 of 16 pages)
NOTE: This serves to correct that certain mortgage recorded November 7, 2002
in Book 504PR on page 104 of the records of the Lincoln County Clerk to add the
Adjustable Rate rider.
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oJu ;uq; suo~lo~;soa pu~ sluomoa~nbo~ Iiu o~ saojos ,,ValSe,, '~uom~suI &~anoos s~q; u~ posn sv
· a°num ~oofqns ames oq~ smoaoS ~uq~ uo~ulnSo~ ~o uo~lulS~SO1 ~ossooons ~o IUUO~l~ppu Xuu ~o 'omll o~
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· luommlsuI Al~snoos ssql jo g uo~looS ~opun slunomu Xuu (50 snld 'mON o~ aopun
~soaolu~ puu Iud~ou~/d (~) ioj onp lunomu polnpaqos XI/UlnSo/aql suuom ,,~uamXud ~!polaad. (~
· uuoq oql 'uo llnujop
Jo 'jo luomAuduou oql lsu~u~u ~opuoq Su~looload oouuansm suuom ,,oaueansuI a~8~ao~,, (~)
· A~odoJd oql jo uo~l~puoo ~o~uu onluA oql 'o! se suo~sstmo ao 'jo suo~luluoso~do~s~m
so '.uo~lu~opuoo jo nazi m oouuXoAUOO([~) '.~odoJd oql jo ~ud Xuu ao 11u jo
Sus~ul aoqlo ao uo~lu~opuoo (~) '.X~odo/d oql 'jo uo~lomlsop ao 'ol oSumup 0) :~oj (g uollooS m
poqsaosop soSu~oaoo oql aopun psud spoooo~d oouumsu~ uuql ~oqlo) ~ud px[ql Xuu Aq p~ud spooooJd
~o 'soSumup jo paul, '~uomol,~os 'uollusuodmoo Xuu suuom ,,spaa~oad snoau~llaas!~. (q)
· g uo~looS u~ poq~osop oau luql smol~ osoq, suuom .small ~oa~s~. (~
· s~ojsuual osnoqSu~auolo
puu 's~ojsuu~, oa~ 'ouoqdolol Xq polu~Su~ ssojsuua 'suo~lousuual oulqoum aOllOl po~olnu 'saojsuua
OlUS-jo4u~od 'o~ pol~m~i lou s[ lnq 'sopnlou~ ~ol qonS 'lunooou uu l~po~o xo ~qop ol uollm~ls~
lU~Ouuu~ u ozgoq~nu ao '~o~su! '~opao ol se os ode, ol~ouSum ao 'ao~ndmoo '~uomm~su! o~uoqdolo~
'Iuu~o~ oluoxlooIo uu qSno~ql poluSl~u~ si qoSq~ 'luommlsu5 sodud aUl~m~s Jo 'g~ 'aooqo Aq
po,uu!S!so uo~ousuu~ u uu~ so~o 'sp~ jo aojsuua~ Xuu suuom ,,aajsu~a& spunfl ~!uoalaal~. ~)
· uos~uzluu~Jo aUl~m~s xo uos,u~oossu sao~oomoq
'uo~lu!oossu mn~u~mopuoo u Xq A~odoId oql ~o ao~onofl uo posodm~ o~u luql so$iuqo/oqlo puu
sluomssossu 'sooj 'sonp i1e sueom ,,s~uamssassv pu~ 'saaA 'sano uo!,~!aossv &!unmmoD. (O
· suo!u~do iu~o~pn[ olqUluoddu-uou 'iuu~
olqUo[lddu Ilu su i1o~ se (~uI jo ,ooMo oql oauq luql) saopao p~ SOlm OASlUJlS~U~mpu pUU SOOUUU~pao
'SUO~lUI~O~ 'salmuls leOOl puu ol~s 'iuaopoj olquo!iddu $USllO~UOa iiu s~am ,,~q alq~agddv. ~
following described property located in the
[Name of Recording Jurisdiction]
Ct:mt,/
[Type of Recording Jurisdiction]
184
of
Part of Section 8, T34N Rl18W of the 6th P.M., Lincoln County, Wyoming being more particularly described
as follows:
Beginning at the Southeast corner of the SEll4SWll4 of said section 8 and
running thence North 500 feet;
thence West 261.36 feet;
thence South 500;
thence East 261.36 feet to the POINT OF BEGINNIG.
which currently has the address of
1~3 ~cst Ckeek O:xnLT ._gvrrt 1~0
., Wyoming
[Street]
83127
[City] [Zip Code]
("Property Address"):
TOGETHER WITH all the improvements now or hereafter erected on the property, and all
easements, appurtenances, and fixtures now or hereafter a part of the property. All replacements and
additions shall also be covered by this Security Instrument. All of the foregoing is referred to in this
Security Instrument as the "Property."
BORROWER COVENANTS that Borrower is lawfully seized 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 under the Note. Borrower shall 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
WYOMING-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form ~5051 1/01 (page $ ofl6pagea)
(s~d91fo b ~od) i0/I I~0~ m'o~l
shall promptly fi~'nish 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 finnish
to Lender receipts evidencing such payment within such time period as Lender may require.
Borrower'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 a waiver, 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)
or in 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 or Applicable 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 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 account
to Borrower for the excess funds in accordance with 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.
WYOMING-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 1/01 (page $ of16 poges)
('e'~god g l fo 9 ~tnO loll I~01~ mao&
'luotu~ed ~ut. lsonboJ
aonxo~o~I ol Jopuo~ mo~3 oo~lou uodn 'lsoJolu~ qons ql[~ 'olqe~gd oq II~qs pug luomos~nqs~p
jo olup oql mo~ ol~ o;oN oq; lu lso~olu~ ~uoq II~qS slunom~ osoqz 'lu~m~suI ~nooS
s~ <q poanoos aomo~oH jo lqop IUUO~:~ppu omoooq iiuqs g uo~;ooS s~ aop~ Jopuo~ <q posmqs]p
slunomu ~uV 'pou~u~qo oauq plnoo ao~o=oa ;uq~ oouumsu~ jo ;soo o~ poooxo ~i~uuo~u~s
pou]ulqo os O~UJOAOO oouu~nsu~ oql JO lSOO oql luql so~poI~O~OU ~O~O~O~ 'looMo u~ ~lsno~noad
oqljo sluoluoo oq; :o '~odoad oql u~ ~[nbo s,ao~o~o~ 'ao~o~o~ loolo~d lou lq~[m ao lq~m
'aopuo~ aOAOO IIUqS O~UaOAOO qons 'oaojoaoq& 'O~UJOAOO JO ;unomu ~o od~ aulnoS~,d <uu
o;.uo~;u~Iqo ou aopun s~ aopuo] 'osuodxo s,ao~o~o~ puu uo~:do s,aopuo] :u 'O~U~OAOa OOUUmSUt
U}ulqo Xum aopuo7 'OAOqU poq[aosop SO~UaOAOO Oql JO Xuu u~ulu~um ol Sl[UJ ao~o~oH JI
· ao~o~o~ Xq uo}loo[qo uu moaj ~U~llnsoz uo[:uu~olop ouoz
poo~ Xm jo ~O~AOa oql ql[~ uo[;oo~oo u~ XOUO~V luomo~u~ Xouo~om~ lu~opod o~ Xq posodm}
sooj Xuu jo luomXud oq; aoj olq}suodsoa oq OSlU llUqs ~o~o~ofl 'uo~luo~[~oo ~o uo~l~u~olop
qons :oojju :q~[m Xlquuosuoa qo~q~ anooo so~uuqo aui~mss ao s~u~ddumo~ om~l qouo
luonbosqns puu sootmos uo[luo~[~oo puu uo~luu~olop ouoz poo~ loj o~uqo om~l-ouo ~ (~ Io
:sootmos ~u~ou~ puu uo~luo~[~oo 'uosluu[~olop ouoz poo~ aoj o~qo om~l-ouo u (u) :~oq;[o '~o~
s[ql ql~ uo~loouuoo u~ 'X~d ol ao~o~oH oamboa Xum aopuo] '~lquuosuo~n possoaoxo oq lou IlUqs
;q~ qo}q~ 'oo[oqo s,ao~o~o~ oAoaddus[p o; lq~ s,~opuo7 o; loo[qns ao~o~o~ Xq uosoqo oq llUqS
oauuansu} oq; ~uSp[Aoad ~ot~uo oouuznsu5 oqz 'uuo~ oql jo ~o1 oql ~u}anp o~uuqo ~a soouo;uos
~uspoooad oql o; ;uunsand so~nboa :opuo] ~uq~ 'soatnbo~ aopuo] luq~ spo[aod oql aoj puu (SlOAOI
olq}lonpop ~u~pnlouD slunomu oq; u~ pou~ulu~um oq iluqs oouuansu~ s~q& 'oouuansu~ soamboJ Jopu~
qo~q~ aoj 'spoo~ puu soaunbquuo 'ol pol~m[I lou lnq '~u~pnlou~ spa~zuq ~oqlo Xuu puu
popuo;xo,, ~o: oq; u~q:5~ popnloU~ spauzuq 'o~ Xq ssoI lsu~u~u po~nsu~ ~odoad oq; uo
ao~uoJoq ao ~usls~xo ~ou sluomoAoadm[ oq; dooA iluqs ao~o~o~ 'aau~ansuI ~aadoad '5
· uuo7 s[ql ql[~ uo~loo~oo u~ ~opuo7 Xq posn ootmos ~u}~odo~ ~o~ue
UO~;UO~JOA XU; O:U;SO IUOa U aoJ o~auqo om~:-ouo u Xud o: zomo~o~ oamboa Xum aopuo~
'~ uo~;ooS s}ql u~ o~oqu q~oj los
suo~:ou oqljo o Join ~o ouo o~u; Jo UO[l oq; ~s];us llUqs ao~o~oH 'UOA~ SI OO~;OU luql qo[q~ UO
oq:Jo sXup 0I u~q;~ 'uo[I oql ~u~:uop~ oo~:ou u Jo~o~oH OAX~ Xum aopuo~ ';uo~;s~
s~ql :OAO &~ao~d u[ullu uuo qo[q~ UO[l u ol loo[qns s~ ~odoad oql jo uud Xuu luql sou~o;op
~opuo] JI ';uom~suI Xl~anoos s~ql o; UO~l oq: ~u~;uu[paoqns ~opuo~ ol ~o:oujs~:us ;uomoo~u uu
UO[l oqljo aoploq oql mo~ so~oos (o) ao '.popnloUOO o~u s~uspoooo~d qons I~lun Xluo lnq '~u~puod
s~u[pooooad osoq; oi~q~ uo~i oq; jo luomooaojuo oq; luoAo~d ol oluaodo uo~u~do s,aopuo7 u~ qa~q~
s~u~poooo~d IU~OI 'u[ uo~I oqlJO luomoo~ojuo lsu~u~u spuojop ao 'Xq ql~J poo~ u~ UO[l oql slsoluoo (~
~;uomooa~, qons ~u~oj~od s} ao~o~o~ su ~uoI os Xluo lnq 'aopuo~ ol olqmdoaou ~ouuum
u u~ uo}i oq: ~q poanoos uo~;u~}lqo oq; jo :uomXud oq; o; ~u}:~ m soo~u (u) :ao~o~o~ ss~iun
:uommls~ &pnooS sSql ~oAO &~o~ad suq qoSq~ uo[I ~ o~qos[p Xlldmoad llUqs
· ~ uo[;ooS u[ pop~Aoad aouuum oql u~
mo~ Xud IIuqs ao~o~o~ 'smo;I ~oaosH o:u smo;~ osoq; :uq~ ~uo;xo oq; o& 'Xuu j~ 's:uomssossv puu
'sood 'SOHO uo~lu[oossv h~mmmoD puu 'Xuu j} '~odoad oql uo muo~ punoa~ ao sluo~ud ploqosuoI
'luommlsuI h~nooS s~¢ ~OAO Xl~ao~d u~mlu uuo qo[q~ ~Hodo~d oql ol olqulnq[allu suo[l~sodm[
puu 'sou~ 'so~auqo 's;uomssossu 'soxul 11u <ud llUqs ao~o~oH 'sua~ ~soga~qD '~
'" ]88
Ail insurance policies required by Lender and renewals of such policies shall be subject to
Lender's right to disapprove such policies, shall include a standard mortgage clause, and shall name
Lender as mortgagee and/or as an additional loss payee. Lender shall have the right to hold the
policies and renewal certificates. If Lender requires, Borrower shall promptly give to Lender all
receipts of paid premiums and renewal notices. If Borrower obtains any form of insurance coverage,
not otherwise required by Lender, for damage to, or destruction of, the Property, such policy shall
include a standard mortgage clause and shall name Lender as mortgagee and/or as an additional loss
payee.
In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender.
Lender may make proof of loss if not made promptly by Borrower. Unless Lender and Borrower
otherwise agree in writing, any insurance proceeds, whether or not the underlying insurance was
required by Lender, shall be applied to restoration or repair of the Property, if the restoration or
repair is economically feasible and Lender's security is not lessened. During such repair and
restoration period, Lender shall have the right to hold such insurance proceeds until Lender has had
an opportunity to inspect, such Property to ensure the work has been completed to Lender's
satisfaction, provided that such inspection shall be undertaken promptly. Lender may disburse
proceeds for the repairs and restoration in a single payment or in a series of progress payments as
the work is completed. Unless an agreement is made in writing or Applicable Law requires interest
to be paid on such insurance proceeds, Lender shall not be required to pay Borrower any interest or
earnings on such proceeds. Fees for public adjusters, or other third parties, retained by Borrower
shall not be paid out of the insurance proceeds and shall be the sole obligation of Borrower. If the
restoration or repair is not economically feasible or Lender's security would be lessened, the
insurance proceeds shall be applied to the sums secured by this Security Instrument, whether or not
then due, with the excess, if any, paid to Borrower. Such insurance proceeds shall be applied in the
order provided for in Section 2.
If Borrower abandons the Property, Lender may file, negotiate and settle any available
insurance claim and related matters. If Borrower does not respond within 30 days to a notice from
Lender that the insurance carrier has offered to settle a claim, then Lender may negotiate and settle
the claim. The 30-day period will begin when the notice is given. In either event, or if Lender
acquires the Property under Section 22 or otherwise, Borrower hereby assigns to Lender
(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 unearned premiums paid by Borrower) under all insurance policies covering
the Property, insofar as such rights are applicable to the coverage of the Property. Lender may use
.the insurance proceeds either to repair or restore the Property or to pay amounts unpaid under the
Note or this Security Instrument, whether or not then due.
6. Occupancy. Borrower shall occupy, establish, and use the Property as Borrower's
principal residence within 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, damage or impair the Property, allow the Property to deteriorate or commit waste
WYOMING-Single Family--Fannie Mae/Freddie Mae UNIFORM INSTRUMENT Form 3051 1/01 (page 7 ofl6pages)
(s~g~d91fo ~ s~mO I0/I l$Og m.to~!
· luotu3~ed ~u!,sonbo:t Jonxo~o~t
ol Jopuo~ mo~ oo~ou uodn 'lso~olu~ qons ql~ 'olqg~gd oq Ilgqs pug ~uomos~qs~p 3o olgp
o,gJ o~oN oql ~g ~soJo,u~ Jgoq II~qs s~unomg osoq~ '~uomm, suI &~JnooS s~q, ~q po~noos Jo~o~oR
jo ,qop I~uo~pp~ omoooq II~qS 6 uo~,ooS s~ ~opun Jopuo~ ~q posJnqs~p s,unomg
'6 uo~ooS s~q, Jopun poz~oq~nu suo],og IIg Jo
Xug ~u~ ~ou Joj ~l]qg~I ou s~ou] Jopuo~ lg~ poodle s~ ~I 'os op o~ uo]lgg]Iqo ~o ~np Xug Jop~
~ou s~ pug os op o~ ongq ~ou soop Jopuo~ '6 uo~ooS s~q~ ~op~ uo],og o~ ~gm Jopuo~ ~no~IV '~o
Jo uo po~l so~,~I~ln on~q pug 'suo~puoo snoJo~ugp Jo suo~lglo~n opoo Joq~o ~o ~u]pI~nq o~gu~m~IO
'sodtd mo~j Jo~g~ u]eJp 's~opu~ pue s~oop dn p~oq ~o oogldo~ 's~ooI ogugqo 's~ed~J o~gm o~
~odo~d oql ~u~oluo 'ol po~m~l lou s~ lnq 'sopnI~u~ ~odo~d oql ~u~noos '~u~poooo~d
~ u[ uo~l~sod po~noos sl[ gu[pnIou~ 'luommlsuI &[Jnoos s[ql Jopun slq~[J Jo~ug ~HodoJd
lsoJolu~ sl] looloJd ol sooj ,sXomollg olq~uosgo~ ~m~gd (o) p~ '.~noo ut guugoddg (q) :luom~suI
~l~noos s~ql ~onq~o~d s~q qo~q~ UO~l ~ Xq po~noos stuns ~u~ ~u~X~d (~) :ol pol~m~I lou o~
· nq 'opnI~u~ ueo suo~lo~ s,~opuo7 '~odo~d oql ~up~do~ ~o~u~ ~uunoos pu~ '~odo~d o~jo
oql gutssossg ~o~Ug ~u[loo~oJd gu~pnlou~ 'luom~lsuI ~nooS s[ql Jopun slqg~ pug ~odo~d oql u]
~so~o~u~ s,Jopuo~ looloJd ol o~g~doJdde Jo oIqguosgoJ s~ Jono,gq~ Joj ~gd pug op
'~doJd ~ pouopueqg sgq Jo~o~oR (o) Jo '(suo~lel~OJ Jo s~gI ooJojuo ol Jo luom~suI ~[JnooS
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If this Security Instrument is on a leasehold, Borrower shall comply with all the provisions
of the lease. If Borrower acquires fee title to the Property, the leasehold and the fee title shall not
merge unless Lender agrees to the merger in writing.
10. Mort/age 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. If, for any reason, the Mortgage Insurance coverage required by Lender ceases to be
available from the mortgage insurer that previously provided such insurance and Borrower was
required to make separately designated payments toward the premiums for Mortgage Insurance,
Borrower shall pay the premiums required to obtain coverage substantially equivalent to the
Mortgage Insurance previously in effect, at a cost substantially equivalent to the cost to Borrower
of the Mortgage Insurance previously in effect, from an alternate 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 earnings on such loss reserve. Lender can no longer require
loss reserve payments if Mortgage Insurance coverage (in the amount and for the 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 Mortgage Insurance, Borrower
shall 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 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 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
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, in exchange for sharing or modifying the mortgage insurer's risk,
or reducing losses. If such agreement provides that an affiliate of Lender takes 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:
WYOMING--Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT
Form 3051 1/01 (page 9 ofl6pages)
.LN311~IFIH,LSMI IAFilO~[Ii%I~I OUlAI o!PPO&I/aBIA[ aluuu~l-'(l{'"~:{ °II{u!$"DMIIAIOAAA
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damages, Borrower fails to respond to Lender within 30 days after the date the notice is given,
Lender is authorized to collect and apply the Miscellaneous Proceeds either to restoration or repair
of the Property or to the sums secured by this Security Instrument, whether or not then due.
"Opposing Party" means the third party that owes Borrower Miscellaneous Proceeds or the party
against whom Borrower has a right of action in regard to Miscellaneous Proceeds.
Borrower shall be in default if any action or proceeding, whether civil or criminal, is begun
that, in Lender' s judgment, could result in forfeiture of the Property or other material impairment
of Lender's interest in the Property or rights under this Security Instrument. Borrower can cure such
a default and, if acceleration has occurred, reinstate as provided in Section 19, by causing the action
or proceeding to be dismissed with a ruling that, in Lender's judgment, precludes forfeiture of the
Property or other material impairment of Lender's interest in the Property or rights under this
Security Instrument. The proceeds of any award or claim for damages that are attributable to the
impairment of Lender's interest in the Property are hereby assigned and shall be paid to Lender.
All Miscellaneous Proceeds that are not applied to restoration or repair of the Property shall
be applied in the order provided for in Section 2.
12. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the
time for. payment or modification of amortization of the sums secured by this Security Instrument
.granted by Lender to Borrower or any Successor in Interest of Borrower shall not operate to release
the liability of Borrower or any Successors in Interest of Borrower. Lender shall not be required to
commence proceedings against any Successor in Interest of Borrower or to refuse to extend time for
payment or otherwise modify amortization of the sums secured by this Security Instrument by reason
of any demand made by the original Borrower or any Successors in Interest of Borrower. Any
forbearance by Lender in exercising any right or remedy including, without limitation, Lender's
acceptance of payments from third persons, entities or SuCcessors in Interest of Borrower or in
amounts less than the amount then due, shall not be a waiver of or preclude the exercise of any right
or remedy.
13. Joint and Several Liability; Co-signers; Successors and Assigns Bound. Borrower
covenants and agrees that Borrower's obligations and liability shall be joint and several. However,
any Borrower who co-signs this Security Instrument but does not execute the Note (a "co-signer"):
(a) is co-signing this Security Instrument only to mortgage, grant and convey the co-signer's interest
in the Property under the terms of this Security Instrument; (b) is not personally obligated to pay the
sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower can
agree to extend, modify, forbear or make any accommodations with regard to the terms of this
Security Instrument or the Note without the co-signer's consent.
Subject to the provisions of Section 18, any Successor in Interest of Borrower who assumes
Borrower's obligations under this Security Instrument in writing, and is approved by Lender, shall
obtain all of Borrower's rights and benefits under this Security Instrument. Borrower shall not be
released from Borrower's obligations and liability under this Security Instrument unless Lender
agrees to such release in writing. The covenants and agreements of this Security Instrument shall
bind (except as provided in Section 20) and benefit the successors and assigns of Lender.
14. Loan Charges. Lender may charge Borrower fees for services performed in connection'
with Borrower's default, for the purpose of protecting Lender,s interest in the Property and rights
under this Security Instrument, including, but not limited to, attorneys' fees, property inspection and
valuation fees. In regard to any other fees, the absence of express authority in this Security
WYOMING--Single Family--Fannie Mae/Freddie Mae UNIFORM INSTRUMENT
Form 3051 1/01 (page 11 ofl6pages)
(s~'~t~d 91fo ,~I ~gocO lO/l l$01: m.~ozl
18. Transfer of the Property or a Beneficial Interest in Borrower. As used in this
Section 18, "Interest in the Property" means any legal or beneficial interest in the Property,
including, but not limited to, those beneficial interests transferred in a bond for deed, contract for
deed, installment sales contract or escrow agreement, the intent of which is the transfer of title by
Borrower at a future date to a purchaser.
If all or any part of the Property or any Interest in the Property is sold or transferred (or if
Borrower is not a natural person and a beneficial interest in Borrower is sold or transferred) without
Lender's prior written consent, Lender may require immediate payment in full of all sums secured
by this Security Instrument. However, this option shall not be exercised by Lender if such exercise
is prohibited by 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 15 within which Borrower must pay all sums secured by this Security Instrument. If
Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any
remedies permitted by this Security Instrument without further notice or demand on Borrower.
19. Borrower's Right to Reinstate After Acceleration. If Borrower meets certain
conditions, Borrower shall have the right to have enforcement of this Security Instrument
discontinued at any time prior to the earliest of: (a) five days before sale of the Property pursuant
to any power of sale contained in this Security Instrument; (b) such other peri6d as Applicable 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) Electronic
Funds Transfer. Upon reinstatement by Borrower, this Security Instrument and obligations secured
hereby shall remain fully effective as if no acceleration had occurred. However, this right to reinstate
shall not apply in the case of acceleration under Section 18.
20. Sale of Note; Change of Loan Servicer; Notice of Grievance. The Note or a partial
interest in the Note (together with this Security Instrument) can be sold one or more times without
prior notice to Borrower. A sale might result in a change in the entity (known as the "Loan
Servicer") that collects Periodic Payments due under the Note and this Security Instrument and
performs other mortgage loan servicing obligations under the Note, this Security Instrument, and
Applicable Law. There also might be one or more changes of the Loan Servicer unrelated to a sale
of the Note. If there is a change of the Loan Servicer, Borrower will be given written notice of the
change which will state the name and address of the new Loan Servicer, the address to which
payments should be made and any other information RESPA requires in connection with a notice
WYOMING--Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT
Form 3051 1/01 (page 13 of l6 pag~)
NON-UNIFORM COVENANTS. Borrower and Lender ~rther 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, by which the default must be
cured; and (d) that failure to cure the default on or before 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 shall further inform Borrower of the right to reinstate after acceleration and the
right to bring a court action to assert the non-existence of a default or any other defense of
Borrower to acceleration and sale. If the default is not cured on or before the date specified
in the notice, Lender at its 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; Co) 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 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.
WYOMING-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT
Form 30Sl 1/01 (page 1.5 of l6 pages)
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CONSTRUCTION LOAN RIDER
THIS CONSTRUCTION LoAN RIDER is made this 31 st day, of October 2002 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 under signed (the "Borrower") to
secure Borrower's Note to
First Federal fsb,201 Main Street South,Hutchinson, MN 55350
(the "Lender") of the same date and covering the Property describe in the Security Instrument and located
at:
1483 Lost Creek County Road 120, Thayne, Wyoming 83127
A. The term of the loan shall be for the period of ( 372) months, of Such time ( 12 )
months have been allocated for the construction period. The monthly interest due the Lender shall be
computed on the total amount of the advances for the time outstanding at the rate of 7.875 percent per
annum.
B. Borrower agrees to comply with the covenants and conditions of the Construction Loan Agreement, if
any, which is hereby incorporated by reference in and made a part of this Instrument. All advances made
by (Lender) pursuant to the Construction Loan Agreement shall be indebtedness of Borrower secured by
this Instrument, and such advances may be obligatory as provided in the Construction Loan Agreement.
All sums disbursed by Lender prior to completion of the improvements to protect the security of this
Instrument up to the principal amount of the Note shall be treated as disbursements pursuant to the
Construction Loan Agreement. All such sums shall bear interest from the date of disbursement at the rate
stated in the Note, unless collection, from Borrower, of interest at such rate, would be contrary to
applicable law, in which event, such amounts shall bear interest at the highest rate which may be
collected from Borrower under applicable law and shall be payable upon notice from Lender to Borrower
requesting payment therefore.
C. From time to time, as Lender deems necessary to protect Lender's interest, Borrower shall, upon
request of Lender, execute and deliver to Lender, in such form as Lender shall direct, assignments of any
and all rights or claims which relate to the construction of the Property and Borrower may have against
any party supplying or who has supplied labor, materials or services in connection with construction of the
Property. In case of breach by Borrower of the covenants and conditions of the Construction Loan
Agreement, Lender, at Lender's option, with or without entry upon the Property, (i) may invoke any of the
rights or remedies provided in the Construction Loan Agreement, (ii) may accelerate the sums secured by
this Instrument and invoke those remedies provided in this Mortgage, or (iii) may do both. If, after the
commencement of amortization of the Note, the Note and this Instrument ara sold by Lender from and
after such sale the Construction Loan Agreement shall cease to be part of this Instrument and Borrower
shall not assert any right of set-off, counterclaim or other claim or defense arising out of or in connection
with the Construction Loan Agreement against the obligations of the Note and this Instrument.
D. In the event construction is not completed on the property covered by this Construction Loan Rider on
or before October 31, 2003 , or if work on the improvements shall cease for a period of 30 days for
reasons that in the Lender's sole discretion ara circumstances beyond the Borrower's control (i.e., labor
disputes, unavailability of materials, natural disaster) then, at the Lender's option, all advances plus
accrued interest and penalty (if any) shall become immediately due and payable, and/or the Lender may
enter into and upon the mortgaged premises and complete the improvement to the satisfaction of the
Lender with all resulting costs and charges added to the principal amount of the Promissory Note. All
costs associated with the Security Instrument, Construction LOan Rider, and Note are to be paid by the
Borrower.
E. A hazard insurance policy, issued by a company acceptable to the Lender and names the Lender as
"Loss Payee" must be in force throughout the construction period. Borrower must make provision to pay
all tax and special assessments levied prior to loan modification. ;
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ADJUSTABLE RATE RIDER
(1 Year Treasury Index--Rate Caps)
THIS ADJUSTABLE RATE RIDER is made this 31 st day of October 2002
and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust, or
Security Deed (the "Security Instrument") of the same date given by the undersigned (the "Borrower") to
secure Borrower's Adjustable Rate Note (the "Note") to First Federal fsb
(the "Lender") of the same date and covering the property described in the Security Instrument and located at:
1483 Lost Creek County Road 120
Thayne, WY 83127
[Property Address]
THE NOTE CONTAINS PROVISIONS ALLOWING FOR CHANGES IN THE
INTEREST RATE AND THE MONTHLY PAYMENT. THE NOTE LIMITS THE
AMOUNT THE BORROWER'S INTEREST RATE CAN CHANGE AT ANY ONE TIME
AND THE MAXIMUM RATE THE BORROWER MUST PAY.
ADDITIONAL COVENANTS. In addition to the covenants and agreements made in the Security
Instrument, Borrower and Lender further covenant and agree as follows:
A. INTEREST RATE AND MONTHLY PAYMENT CHANGES
The Note provides for an initial interest rate of *
in the interest rate and the monthly payments as follows:
%. The Note provides for changes
4. INTEREST RATE AND MONTHLY PAYMENT CHANGES
(A) Change Dates
The interest rate I will pay may change on the first day of n,/a
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 rate will be based on an Index. The "Index" is the
weekly average yield on United States Treasury securities adjusted to a constant maturity of one year, as
made available by the Federal Reserve Board. The most recent Index figure available as of the date 45 days
before each Change Date is called the "Current Index."
If the Index is no longer available, the Note Holder will choose a new index which is based upon
comparable information. The Note Holder will give me notice of this choice. (C) Calculation of Changes
Before each Change Date, the Note Holder will calculate my new interest rate by adding n~/a
percentage points ( n,/a %) 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%). Subject to the limits stated in
Section 4(D) below, this rounded amount will be my new interest rate until the next Change Date.
MULTISTATE ADJUSTABLE RATE RIDER--ARM 5-2~Single Family--
_ Fannie Mae/Freddie Mac UNIFORM INSTRUMENT
Fannie Mae 4-2/$-2/6-2 ARM
ITEM 2064L1 (O011)
(Page I of 3 pages)
Form 3111 1/01
GREATLAND ·
To Order Call: 1-800-530-9393 D Fax: 616-791-1131
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BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in pages
1 through 3 of this Adjustable Rate Rider.
c A Speth ,~/" -Borrower
-Borrower
(Seal) (Seal)
-Borrower -Borrower
(Seal) (Seal)
-Borrower -Borrower
MULTISTATE ADJUSTABLE RATE RIDER~ARM ~-2---Single Family-
- Fannie Mae/Freddie Mac UNIFORM INSTRUMENT
Fannie Mae 4-2/~-2/6.2 ARM
ITEM 20641-3 (0011)
(Page 3 of 3 pages)
Form 3111 1/01
GREATLAND ·
To Order Call 1-800-530-9393 [3 Pax: 616-791-1131