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Prepared By:
Kris Schneiter
B
86763
RECEIVED
LINCOLN COUNTY CLERK
, , ,it.,-.,.!::.':::......, ....
DEFINITIONS
Words used in multiple sections of this do~
Sections 3, 11, 13, 18, 20 and 21. Certain ru
also provided in Section 16.
(A) "Security Instrument" means this documt
together with all Riders to this document.
0l) "Borrower" is Roen C Perry and St
Borrower is the mortgagor under this Security
(C) "MERS" is Mortgage Electronic RegisU
[Space Above Thi~ Line For Recording Data]
M()RTGAGE
MIN
1000492-0001529507-1
ament are defined below and other words are defined in
les regarding the usage of words used in this document are
nt, which is dated December ,31, 2002
isan H Perry, Husband and Nile
Instrument.
ation Systems, Inc. MERS is a separate corporation that is
acting solely as a nominee for Lender and Lender's successors and assigns. MERS is the mortgagee
. I · ' ' e
under this Security Instrument. MERS ~s o.rganlzed and ex~stmg under th laws of Delaware, and has an
address and tdephone number of P.O. Box 2026, Flint, MI 48501-2026, tel. (888) 679-MERS.
/
_. PERRY, R. AF I 1529507 ' 0
WYOMING-Single Family-Fannie Mae/,Freidle Mac JNIFORM INSTRUMENT WITH MERS Form 3051 1/01
(~®-6A(Wy} (000~).01 ~ ./
Page 'lv:fp 1M~ORT:~GOEf;0;.RO:$, ('12,271::2~ I II!1111 till[ 1111 IIIlll lilt I!11 IIII
(D) "Lender" is Major Mortgage
Lender is a A Wyoming Corporati on
organized and existing under the laws of
Lender's address is 1920 Thomes Ave.
0g) "Note" means the promissory note signed
The Note states that Borrower owes Lender 01
Hundred and no/100
(U.S. $137,700.00 ) plus interes
Payments and to pay the debt in full not later t
(F) "Property" means the property that is de
Property."
(G) "Loan" means the debt evidenced by the
due under the Note, and all sums due under th
(It) "Riders" means all Riders to this Securi:
Riders are to be executed by Borrower [check
[--] Adjustable Rate Rider [] Condominiu
~ Balloon Rider ~ Planned Uni
[--] VA Rider ~-] Biweekly Pa
(I) "Applicable Law" means all controlli~
ordinances and administrative rules and ordm
non-appealable judicial opinions.
(J) "Community Association Dues, Fees,
charges that are imposed on Borrower or
association or similar organization.
(K) "Electronic Funds Transfer" means m
check, draft, or similar paper instrUment, x
instrument, computer, or magnetic tape So as
138
Wyomi ng
Ste 200, Cheyenne, WY 82001
)y Borrower and dated December 31, 2002
e Hundred Thirty Seven Thousand Seven
Dollars
I. Borrower has promised to Pay this debt in regular Periodic
aah February 1, 2018
scribed below under the heading "Transfer of Rights in the
Note, plus interest, any prepayment charges and late charges
is Security InstrUment, plus interest.
y Instrument that are executed by Borrower. The following
box as applicable]:
n Rider ~ Second Home Rider
Development Rider ~ 1-4 Family Rider '
,ment Rider ~ Other(s) [specify]
g applicable federal, state and local statutes, regulations,
s (that have the effect of law) as well as all applicable final,
td Assessments" means all dues, fees, assessments and Other
the Property by a condominium association, homeowners
ty transfer of funds, other than a transaction originated by
/hich is initiated through an electronic terminal, telephonic
to order, instrUct, or authorize a financial institution to debit
or credit an account. Such term includes, b at is not limited to, point-of-sale transfers, automated teller
machine transactions, transfers initiated b~ telephone, wire transfers, and automated clearinghouse
transfers. ' I
(L) "Escrow Items" means those items that are described in Section 3. ,
(M) "Miscellaneous Proceeds" means any cgmpensation, settlement, award of damages, or proceeus pa~.o,
by any third party (other than insurance pro{ eeds paid under the coverages described in Section 5) for:
damage to, or destruction of, the Property; (ii) condemnation or other taking of all or any part of the
Property; (iii) conveyance in lieu of conden xtation; or (iv) misrepresentations of, or omissions as to, the
value and/or condition of the Property.
(N) "Mortgage Insurance" means insuranc~
the Loan.
(O) "Periodic Payment" means the regularl,.
Note, plus (ii) any mounts under Section 3
(P) "RESPA" means the Real Estate Settler
implementing regulation, Regulation X (24
time, or any additional or successor legislati,
in this Security Instrument, "RESPA" refers
to a "federally related mortgage loan" even
- loan" under RESPA. ~
PERRY, R. AF
(~}®-6A(WY) Iooo5}.o~
protecting Lender against the nonpayment of, or default on,
scheduled amount due for (i) principal and interest under the
ff this Security InstrUment.
~ent Procedures Act (12 U.S.C. Section 2601 et seq.) and its
C.F.R. Part 3500), as they might be amended from time to
)n or regulation that governs the same subject matter. As used
to all requirements and restrictions that are imposed in regard
if the Loan does not qualify as a "federally related mortgage
Initial '~
Page 2 of 15 Form 3061 1101
(Q) "Successor in Interest of Borrower" me
not that party has assumed Borrower's obligati
TRANSFER OF RIGHTS IN THE PROPER~
This Security Instrument secures to Lender: (ii
modifications of the Note; and (ii) the pe~
this Security Instrument and the Note. For thi~
to MERS (solely as nominee for Lender m
and assigns of MERS, with power
in the COU nty
[Type of Recording Jurisdiction]
Lot 13 o1: CMR Subdivision. Linc
pl at fi led in .the Offi ce of the
Instrument No. 803595. Plat No.
Parcel ID Number: 35192320021300
62 CMR Lane
Etna
("Property Address"):
139
ns any party that has taken title to the Property, whether or
)ns under the Note and/or this Security instrument.
Y
the repayment of the Loan, and all renewals, extensions and
formance of Borrower's covenants and agreements under
purpose, Borrower does hereby mortgage, grant and convey
~d Lender's successors and assigns) and to the successors
of s,ale, the following described property located
of Li ncol n :
[Name of Recording Jurisdiction]
~ln County, Wyoming, according to that
Lqncoln County Clerk on June 15, 1995,
363.
which currently has the address of
[Street]
[city] , Wyoming 83118 [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 understands and agrees that MERS holds only legal title
to the interests granted by Borrower in this ISecurity Instrument, but, if necessary to comply with law or
custom, MERS (as nominee for Lender and Lender's successors and assigns) has the right: to exercise any
or all of those interests, including, but not limited to, the right to foreclose and sell the Property; and to
take any action required of Lender includi:~g, but not limited to, releasing and canceling this Security
Instrument.
BORROWER COVENANTS that Ben
the right to mortgage, grant and convey th~
encumbrances of record. Borrower warrants
claims and demands, subject to any encumbr
THIS SECURITY INSTRUMENT co
covenants with limited variations by jurisdi~
property.
PERRY, R. AF
O~-6A(WY} Iooo5).o~
~wer is lawfully seised of the estate hereby conveyed and has
Property and that the Property is unencumbered, except for
and will defend generally the title to the Property against all
races of record.
a~bines uniform covenants for national use and non-uniform
:tion to constitute a uniform security instrument covering real.
PaQB a o~ ~5 Form 3051
140
UNIFORM COVENANTS. Borrower ar Lender covenant and agree as follows:
1. Payment of Principal, Interest, E~ :row Items, Prepayment Charges, and Late Charges.
Borrower shall pay when due the prmmpal 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 thc Note and this Security Instrument shall be made in U.S.
currency. However, if any check or other insn ument received by Lender as payment under the Note or this
fid, Lender may require that any or all subsequent payments
Security Instrument is returned to Lender unp
due under the Note and this Security Instm
selected by Lender: (a) cash; (b) money m
cashier's check, provided any such check is
federal agency, instrumentality, or entity; or ~
Payments are deemed received by Lend,
xtent be made in one or more of the following forms, as
der; (c) certified check, bank check, treasurer's check or
drawn upon an institution whose deposits are insured by a
t) Electronic Funds Transfer.
when received at the location designated in the Note or at
such other location as may be designated by Lender in accordance with the notice provisions in Section 15.
Lender may return any payment or partial p~yment if the payment or partial payments are insufficient to
bring the Loan current. Lender may accept any payment or partial payment insufficient to bring the Loan
current, without waiver of any rights hereun,der or prejudice to its rights to refuse such payment or partial
payments in the future, but Lender is not obligated to apply such payments at the time such payments are
accepted. If each Periodic Payment is applied as of its scheduled due date, then Lender need not pay
interest on unapplied funds. Lender may hold such unapplied funds until Borrower makes payment to bring
the Loan current. If Borrower does not do so
such funds or return them to Borrower. If not
principal balance under the Note immediate'.
might have now or in the future against Len
the Note and this Security Instrument or peril
Instrument.
2. Application of Payments or Proc
'payments accepted and applied by Lender st
due under the Note; (b) principal due under
shall be applied to each Periodic Payment h
shall be applied first to late charges, second
then to reduce the principal balance of the Nc
If Lender receives a payment from Bc
sufficient amount to pay any late charge due
within a reasonable period of time, Lender shall either apply
applied earlier, such funds will be applied to the outstanding
! prior to foreclosure. No offset or claim which Borrower
[er shall relieve Borrower from making payments due under
rming the covenants and agreements secured by this Security
~eds. Except as otherwise described in this Section 2, all
all be applied in the following order of priority: (a) interest
the Note; (c) amounts due under Section 3. Such payments
t the order in which it became due. Any remaining amounts
:o any other amounts due under this Security Instrument, and
re.
xower for a delinquent Periodic Payment which includes a
the payment may be applied to the delinquent payment and
the late charge. If more than one Periodic Pa' merit is outstanding, Lender may apply any payment received
from Borrower to the repayment of the Periodic Payments if, and to the extent that, each payment can be
I.
paid in full. To the extent that any excess exists after the payment is applied to the full payment of one or
more Periodic Payments, such excess may be; applied to any late charges due. Voluntary prepayments shall
d then as described in the Note.
be applied first to any prepayment charges ar
Any application of payments, insuranc,
the Note shall not extend or postpone the duc
3. Funds for Escrow Items. Borrowe
under the Note, until the Note is paid in full
for: (a) taxes and assessments and other iter
lien or encumbrance on the Property; (b) le
premiums for any and all insurance requir
premiums, if any, or any sums payable b
Insurance premiums in accordance with th
Items." At origination or at any time durin
Association Dues, Fees, and Assessments,
assessments shall be an Escrow Item· Borro
proceeds, or Miscellaneous Proceeds to principal due under
date, or change the amount, of the Periodic Payments.
shall pay to Lender on the day Periodic Payments are due
a sum (the "Funds") to provide for payment of amounts due
~s which can attain priority over this Security Instrument as a
tsehold payments or ground rents on the Property, if any; (c)
ed by Lender under Section 5; and (d) Mortgage Insurance
Borrower to Lender in lieu of the payment of Mortgage
provisions of Section 10. These items are called "Escrow
the term of the Loan, Lender may require that Community
.f any, be escrowed by Borrower, and such dues, fees and
ncr shall promptly furnish to Lender all notices of amounts to
be paid under this Section. Borrower shall ~ay 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
obligation to pay to Lender FUnds for any (x all Escrow Items at any time. Any such waiver maY only be
.. in writing. In the event of such'waiver, Bor ~wer shall pay directly, when..-, ,an/d wyre payable, the amounts
1529507 ~ v) 0
PERRY. R. AF · ,
~-6A(WY} Iooosl,m
Page 4. of 15
Form 3051 1/01
due for any Escrow Items for which payment
shall furnish to Lender receipts evidencing suc
Borrower's obligation to make such payments
be a covenant and agreement contained in this
is used in Section 9. If Borrower is obligate~
141
F Funds has been waived by Lender and, if Lender requires,
h payment within such time period as Lender may require.
and to provide receipts shall for all purposes be deemed to
;ecurity Instrument, as the phrase "covenant and agreement"
to pay Escrow Items directly, pursuant to a waiver, and
Borrower fails to pay the amount due for an F~scrow 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 ail 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 RESPN, 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. t
The Funds shall be held in an instiution 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 Ban/(. Lender shall al~ply 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. Borro'~er and Lender can agree in writing; however, that interest
shall be p~id on the Funds. Lender shall giv to Borrower, without charge, an annual accounting of the
Funds as required by RESPA.
If there is a surplus of Funds held in scrow, as defined under RESPA, Lender shall account to
Borrower for the excess funds in accordance ~ith 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 ~hortage 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 payn~nt in full of all sums secur~ ~d by this Security Instrument, Lender shall promptly refund
to Borrower any Funds held by' Lender.
4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines, and impositions
attributable to the Pr'operty which can attain ~riority over this Security Instrument, leasehold~payments or
ground rents on the Property, if any, and Cot ununity Association Dues, Fees, and Assessments, if any. To
the extent that these items are Escrow Items, torrower'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 payme~ tt of the obligation secured by the lien in a manner acceptable
to Lender, but only so long as Borrower is ~ erforming such agreement; (b) contests the lien in good faith
by, or defends against enforcement of the lie n in, legal proceedings which in Lender's opinion operate to
prevent the enforcement of the lien while th~se 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 Lend~ r determines that any part of the Property 'is subject to a lien
which can attain priority over this Security I~ mtmment, Lender may give Borrower a notice identifying the
PERRY. R. AF 1529507 ,n~?'~) ~ ~
0
(~)~-6A(WY) iooo5}.o~ Page 5 ot ~s Form 3051 1101
lien. Within 10 days of the date on which that
142
totice 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 coimect~on w:th tins Loan.
' 5. Property Insurance. Borrower shall keep the improvements now existing or hereafter e. rected on
the Property insured against loss by fire, hazards included within the term "extended coverage, and any
other hazards including, but not limited to, earthquakes and floods, for which Lender requires insurance..
This insurance shall be maintained in the amounts (including deductible levels) and for the periods that
Lender requires. What Lender requires pursu~mt to the preceding sentences can change during the term of
the Loan. The insurance earner providing th.~ insurance shall be chosen by Borrower subject to Lender s
right to disapprove Borrower's choice, which right shall not be exercised unreasonably. Lender may
'require Borrower to pay, in connection wi~h this Loan, either: (a) a one-time charge for flood zone
determination, certification and tracking se.rviceS; or (b) a one-time charge for flood zone determination
and certification services and subsequent charges each time remappings or similar changes occur which .
reasonably might affect such determination __o,r certification. Borrower shall also be responsible for the
payment of any fees imposed by the Federlal Emergency Management Agency. in connection with the
review of any flood zone determination resulting from an objection by Borrower,
' If Borrower fails to maintain any of the coverages described above, Lender may obtain insurance
aoeat Lender's ontion and Borrowerls expense. Lender is under no obligation to purchase any
~a~ type or amount of co,v. erage. Therefore, such coverage shall coy?. Lender, .but mi?h! or m!g?t
not protect Borrower, Borrower s equity in the Property, or the contents of the Property, agatnst any ns~,
hazard or liability and might provide greate~ or lesser coverage than was previously in effect. Borrower
acknowledges that the cost of the insurance coverage so obtained might significantly exceed the cost of
insurance that Borrower could have obtained
become additional debt of Borrower secured
at the Note rate from the date of disburseme
Lender to Borrower requesting payment.
All insurance policies required by Len~
Any amounts disbursed by Lender under this Section 5 shall
by this Security Instrument. These amounts shall bear interest
nt and shall be payable, with such interest, upon notice from
[er 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 sh all promptly give to Lender all receipts of paid premiums and
renewal notices. If Borrower obtains any fcrm of insurance coverage, not otherwise'required by Lender,
for damage to, or destruction of, the Prope
shall name Lender as mortgagee and/or as ar
In the event of loss, Borrower shall gi
may make proof of loss if not made prompl
in writing, any insurance proceeds, whether
be applied to restoration or repair of the Pr~
Lender's security is not lessened. During su
rty, such policy shall include a standard mortgage clause and
additional loss payee.
ve prompt notice to the insurance carrier and Lender. Lender
[y by Borrower. Unless Lender and Borrower otherwise agree
or not the underlying insurance was required by Lender, shall
>peny, if the restoration or repair is economically feasible and
ch repair and restoration period, Lender shall have the right to
hold such insurance proceeds until Lender nas had an opportunity to inspect such Property to ensure the
work has been completed to Lender's salisfaction, 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 insuranc_e proceeds, Lender shall not be required to pay Borrower any
interest or earnings on such proceeds. F~es for public adjusters, or other third parties, retained by
Borrower shall not be paid out of the insm ante proceeds and shall be the sole obligation of Borrower. If
the restoration or repair is not economicall~
proceeds shall be applied to the sums sectr
PERRY, R. AF
O~-6A!WY) Iooo~1.o~
' feasible or Lender's security would be lessened, the insurance
'ed by this Security Instrument, whe411,er or not then due, with
~ 0
1529507 ~~9 '
lnitial~: ~
Page 6 of 1 § Form 3051 1101
the excess, if any, paid to Borrower. Such insu
Section 2.
If Borrower abandons the Property, Let
claim and related matters. If Borrower does n~
insurance carrier has offered to settle a claim,
period will begin when the notice is given.
Section 22 or otherwise, Borrower hereby
proceeds in an amount not to exceed the amm
(b) any other of Borrower's rights (other th~
Borrower) under all insurance policies coveri~
rance proceeds shall be applied in the order provided for in
der may file, negotiate and settle any available insurance
It respond within 30 days to a notice from Lender that the
[hen Lender may negotiate and settle the claim. The 30-day
In either event, or if Lender acquires the Property under
ssigns to I~nder (a) Borrower's rights to any insurance
nts unpaid under the Note or this Security Instrument, and
n the right to any refund of unearned premiums paid by
g the Property, insofar as such rights are applicable to the
coverage of the Property. Lender may use the
to pay amounts unpaid under the Note or this 5
6. Occupancy. Borrower shall occupy,
residence within 60 days after the execution t
Property as Borrower's principal residence .for
otherwise agrees in writing, which consent
circumstances exist which are beyond Borrowe
7. Preservation, Maintenance and Pre
destroy, damage or impair the Property, al
Property. Whether or not Borrower is residir
order to prevent the Property from deteriorat
determined pursuant to Section 5 that repair
promptly repair the Property if damaged t
condemnation proceeds are paid in connectio
shall be responsible for repairing or restorin[
purposes. Lender may disburse proceeds for tl
progress payments as the work is completed.
insurance proceeds either to repair or restore the Property or
ecurity Instrument, whether or not then due.
establish, and use the Property as Borrower's principal
,f this Security Instrument and shall continue to occupy the
at least one year after the date of occupancy, unless Lender
~hall not be unreasonably withheld, or unless extenuating
r's control.
~tection of the Property; Inspections. Borrower shall not
low the Property to deteriorate or commit waste on the
.g in the Property, Borrower shall maintain the Property in
ing or decreasing in value due to its condition. Unless it is
or restoration is not econOmically feasible, Borrower shall
avoid' further deterioration or damage. If insurance or
with damage to, or the taking of, the Property, Borrower
the Property only if Lender has released proceeds for such
te repairs and restoration in a single payment or in a series of
If the insurance or condemnation proceeds are not sufficient
to repair or restore the Property, Borrower is not relieved of Borrower's obligation for the completion of
such repair or restoration.
Lender or its agent may make reasonalble entries .upon and inspections of the Property. If it has
reasonable cause, Lender may inspect the interior of the improvements on the Property. Lender shall give
Borrower notice at the time of or prior to sucl
8. Borrower's Loan Application. Bo
process, Borrower or any persons or entiti
knowledge or consent gave materially false, ~
(or failed to provide Lender with matex
representations include, but are not limited
Property as Borrower's principal residence.
9: Protection of Lender's Interest in he Property and Rights Under this Security Instrument. If
(a) Borrower fails to pert~orm the covenants ~d. agreements contained' m' thxs'. Security' Instrument, (b) there
is a legal proceeding that might significanf. I affect Lender's interest in the Property and/or rights under
this Security Instrument (such as a proceeding in bankruptcy, probate, for condemnation or forfeiture, for
enforcement of a lien which may attain p~iority over this Security Instrument or to enforce laws or
regulations), or (c) Borrower has abandoned the Property, then Lender may do and pay for whatever is
reasonable or appropriate to protect Lender's interest in the Property and rights under this Security
Instrument, including protecting and/or asse ~sing the value of the Property, and securing and/or repairing
the Property. Lender's actions can include,
which has priority over this Security Inst
PERRY, R. AF
(~-6A(WY) iooos}.m
t an interior inspection specifying such reasonable cause.
rrower shall be in def~lt if, during the Loan application
:s acting at the direction of Borrower or with Borrower's
nisleading, or inaccurate information or statements to Lender
iai information) in connection with the Loan. Material
to, representations concerning Borrower's occupancy of the
~ut are not limited to: (a) paying any sums secured by a lien
rument; (b) appearing in court; and (c) paying reasonable
1529507 0
Init
Page 7 of 15 Form 3051 1/01
144
attorneys' fees to protect its interest in the Property and/or rights under this Security Instrument, including
its secured position in a bankruptcy proceeding. Securing the Property includes, but is not limited to,
entering the Property to make repairs, change locks, replace or board up doors and windows, drain water
from pipes, eliminate building or other code violations or dangerous conditions, and have utilities turned
on or off. Although Lender may take action under this Section 9, Lender does not have to do so and is not
under any duty or obligation to do so. It is agreed that Lender incurs no liability for not taking any or all
actions authorized under this Section 9.
Any amounts disbursed by Lender under this Section 9 shall become additional debt of Borrower
secured by this Security Instrument. These amounts shall bear imerest at the Note rate from the date of
disbursement and shall be payable, with such interest, upon notice from Lender to Borrower requesting
payment.
If this Security Instrument is on a leasehold, Borrower shall comply with all the provisions of the
lease. If Borrower acquires fee title to the Property, the leasehold and the fee title shall not merge unless
Lender agrees to the merger in writing.
10. Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan,
Borrower shall pay the premiums required to maintain the Mortgage Insurance in effect. 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 avallable'(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:
(a) Any such agreements will not affect the amounts that Borrower has agreed to pay for
Mortgage Insurance, or any other terms of the Loan. Such agreements will not increase the amount
"' Borrower will owe for MOrtgage Insurance, and they will not entitle Bor~ to any refund.
(~-6A(WY} 100051.01 Page a of 15 Form 3051 1/01
(b) Any such alreements r,~has - if any - with respect to the
Mortgage Insurance under or any other law. These rights
may include the rilht to and obtain cancellation of the
Mortgage Insurance, to have th~" and/or to receive a
refund of any Mortgage Insuranii at the time of such cancellation or
termination ....
11. Assignment of Ail Miscellaneous Proceeds are hereby
assigned to and shall be paid to Lender.
If the Property is damaged, sue. h,.ishall be applied to restoration or repair of
the Property, if the restoration or and Lender's security is not lessened.
During such repair and restoration peri ~ right to hold such Miscellaneous Proceeds
until Lender has had an opportunity to ensure the work has been completed to
Lender's satisfaction, provided that be undertaken promptly. Lender may pay for the
repairs and restoration in a single a series of progress payments as the work is
completed. Unless an agreement is c/'i~pplicable Law requires interest to be paid on such
Miscellaneous Proceeds, Lender shall ~o pay Borrower any interest or earnings on such
Miscellaneous Proceeds. If the or repa itl is not economically feasible or Lender's security would
be lessened, the Miscellaneous Proceed~i;~ishall be' applied to the sums secured by this Security Instrument,
whether or not then due, with the exce§iS~ if any, ~aid to Borrower. Such Miscellaneous Proceeds shall be
applied in the order provided for in S~!~n 2.
In the event of a total taking, ~tructi loss in value of the Property, the Miscellaneous
Proceeds shall be applied to the sums {/~{:ured ~i or
this Security Instrument, whether or not then due, with
the excess, if any, paid to Borrower.
· In the event of a partial taking, de~ruction ~r loss in value of the Property in which the fair market
value of the Property immediately befall,the g Rial taking, destruction, or loss in valu~ is equal to or
greater than the amount of the sums s~ured b ibis Security Instrument immediately before the partial
taking, destruction, or loss in value, U~ess Bc r~wer and Lender otherwise agree in writing, the sums
secured by this Security Instrument s~ll be e~tuCed by the amount of the Miscellaneous Proceeds
multiplied by the following fraction: (~) the t, :at amount of the sums secured immediately before the
partial taking, destruction, or loss ir[!i;vaiue ~.i~ided by (b) the fair market value of the Property
immediately before the partial taking, d~truCtion ~r loss in value. Any balance shall be paid to Borrower.
In the event of a partial taking, deli:ruction, dr loss in value of the Property in which the fair market
value of the Property immediately befo'[~ the partial taking, destruction, or loss in value is less than the
amount of the sums secured immediate|~ before the partial taking, destruction, or loss in value, unless
BOrrower and Lender otherwise agree ifl";writing the Miscellaneous Proceeds shall be applied to the sums
secured by this Security Instrument whetl~er or nc t the sums are then due.
If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the
Opposing Party (as defined in the next ~,~entence) offers to make an award to settle a claim for damages,
Borrower fails to respond to Lender witl~in 30 d~ ys 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 Instrumen~i whether or not then due. "Opposing Pan3'" means the third party
that owes Borrower Miscellaneous ProCeeds or t ae party against whom Borrower has a right of action in
regard to Miscellaneous Proceeds.
Borrower shall be in default if any action c r proceeding, whether civil or criminal, is begun that, in
Lender's judgment, could result in forfeiture o1' 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 lin 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 PropertyOr 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. /
PERRY, R. A F , / 1529507 ~ .~-/~)~/)~:'-----~ 6' 0
I{~-eA{WY} (ooo~).o~ =~ a o~ ~ Form 3051 1/01
12, Borrower Not Released; *~,{iieai~i~'ic;:l~i!i~;~hder Not a Waiver. Extension of the time for
payment or modification of amortizati¢i~:of t!~g :~sdms!_S~i~ured by this Security Instrument granted by Lender
to Borrower or any Successor in Int~re§~-of Bdrro~.~r..i'~hall not operate to release the liability of Borrower
or any Successors in Interest of BorroWhr. Lender .shall not be required to commence proceedings against
any Successor in Interest of Borrower. or t!o r~fug~::~'to extend time for payment or otherwise modify
amortization of the sums secured by this Security insi~idnent by reason of any demand made by the original
Borrower or any Successors in Interest 6f 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; ~.C~9-signers; Successors and Assigns Bound. Borrower covenants
and agrees that Borrower's obligations ~:id liability shall be joint and several. However, any Borrower who
co-signs this Security Instrument but ~bes not execute the Note (a "co-signer"): (a) is co-signing this
Security Instrument only to mortgage, ~?ant 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 :m the terms of this Security Instrument or the Note without the
co-signer's consent. :?~.
Subject to the provisions of Se~ion 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 uiffier 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 c~venants and agre~men!~ of this .Security Instrument shall bind (except as provided in
Section 20) and benefit the successors at~l assigns of Lender.
14. Loan Charges. Lender may Charge Borrower fees for services performed in connection with
Borrower's default, for the purpose of ~rotecting Lender's interest in the Property and rights under this
Security Instrument, including, but not.l~mited to, attorneys' fees, property inspection and valuation fees.
In regard to any other fees, the absencei.~f express authority in this Security Instrument to charge a specific
fee to Borrower shall not be construed a~ a prohibition on the charging of such fee. Lender may not charge
fees that are expressly prohibited by thil:Secufity Instrument or by Applicable Law.
If the Loan is subject to a law whi~ sets maximum loan charges, and that law is finally interpreted so
that the interest or other loan charges d~llected or to be cOllected in connection with the Loan exceed the
permitted limits, then: (a) any such lofi[x charge shall be reduced by the amount necessary to reduce the
charge to the permitted limit; and (b) a~ sums already collected from Borrower which exceeded permitted
limits will be refunded to Borrower. l~nder may choose to make this refund by reducing the principal
owed under the Note or by making ~/.direct payment to Borrower. If a refund reduces principal, the
reduction will be treated as a partiali~repayment without any prepayment charge (whether or not a
prepayment charge is provided for unq~r the Note). Borrower's acceptance of any such refund made by
direct payment to Borrower willconstitiite a waiver of any right of action Borrower might have arising out
of such overcharge.
15. Notices. All notices given hE,Borrower or Lender in connection with this Security Instrument
must be in writing Any notice to Borrdlver 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 notice to all Borrowers
unless Applicable Law expressly requires otherwise. The notice address shall be the Property Address
unless Borrower has designated a substitute notice address by notice to Lender. Borrower shall promptly
notify Lender of Borrower's change of address. If Lender specifies a procedure for reporting Borrower's
change of address, then Borrower shall only report a change of address through that specified procedure.
There' may be only one designated notice address under this Security Instrument at any one time. Any
notice to Lender shall be given by delivering it or by mailing~it by first class mail to Lender's address
stated herein unless Lender has designated another address by notice to Borrower. Any notice in
connection with this Security Instrument shall not be deemed to have been given to Lender until actually
. received by Lender. If any notice required by this Security Instrument is also required under Applicable
Law, the Applicable Law requirement will
satisfy the corresponding requ~ent under this Security
Instrument. //~ I ~r~: . ~?
PERRY,
(~-6A(WY) 1ooo~).o~ Page ~o of ~ Form 3051 1/01
16. Governing Law; Severability; Rules of ConstrUction. This Security Instrument shall be
governed by federal law and the law of the jurisdiction in which the Property is located. All rights and
obligations contained in this Security Instrument are subject to any requirements and limitations of
Applicable Law. Applicable Law might explicitly or implicitly allow the parties to agree by contract or it
might be silent, but such silence shall not be construed as a prohibition against agreement by contract. In
the event that any provision or clause of this Security Instrument or the Note conflicts with Applicable
Law, such conflict shall not affect other provisions of this Security Instrument or the Note which can be
given effect without the conflicting provision.
As used in this Security Instrument: (a) words of the masculine gender shall mean and include
corresponding neuter words or words of the feminine gender; (b) words in the singular shall mean and
include the plural and vice versa; and (c) the word "may" gives sole discretion without any obligation to
take any action.
17, Borrower's Copy. Borrower shall be given one copy of the Note and of this Security Instrument.
18. Transfer of the Property or a Beneficial Interest in Borrower. As used in this Section 18,
"Interest in the Property" means any legal or beneficial interest in the Property, including, but not limited
to, those beneficial interests transferred in a bond for deed, contract for deed, installment sales contract or
escrow agreement, the intent of which is the transfer of title by Borrower at a future date to a purchaser.
If all or any part of the Property or any Interest in the Property is sold or transferred (or if Borrower
is not a natural person and a benefici'al 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 falls 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 period 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; Co) 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; CO) 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/a~ther information RESPA
(~6A(WY) {ooo5}.ol Page il of ~5 Form 3051 1/01
requires in connection with a notice of transfer of servicing. If the Note is sold and thereafter the Loan is
serviced by a Loan Servicer other than the purchaser of the Note, the mortgage loan servicing obligations
to Borrower will remain with the Loan Servicer or be transferred to a successor Loan Servicer and are not
assumed by the Note purchaser unless otherwise provided by the Note purchaser.
Neither Borrower nor Lender may commence, join, or be joined to any judicial action (as either an
individual litigant or the member of a class) that arises from the other party's actions pursuant to this
Security Instrument or that alleges that the other party has breached any provision of, or any duty owed by
reason of, this Security Instrument, until such Borrower or Lender has notified the other party (with such
notice given in compliance with the requirements of Section 15) of such alleged breach and afforded the
other party hereto a reasonable period after the giving of such notice to take corrective action. If
Applicable Law provides a time period which must elapse before certain action can be taken, that time
period will be deemed to be reasonable for purposes of this paragraph. The notice of acceleration and
opportunity to cure given to Borrower pursuant to Section 22 and the notice of acceleration given to
Borrower pursuant to Section 18 shall be deemed to satisfy the notice and opportunity to take corrective
action provisions of this Section 20.
21. Hazardous Substancesl As used in this Section 21: (a) "Hazardous Substances" are those
substances defined as toxic or hazardous substances, pollutants, or wastes by Environmental Law and the
following substances: gasoline, kerosene, other flammable or toxic petroleUm products, toxic pesticides
and herbicides, volatile solvents, materials containing asbestos or formaldehyde, and radioactive materials;
(b) "Environmental Law" means federal laws and laws of the jurisdiction where the Property is located that
relate to health, safety or environmental protection; (c) "Environmental Cleanup" includes any response
action, remedial action, or removal action, as defined in Environmental Law; and (d) an "Environmental
Condition" means a condition that can cause, contribute to, or otherwise trigger an Environmental
Cleanup.
Borrower shall not cause or permit the presence, use, disposal, storage, or release of any Hazardous
Substances, or threaten to release any Hazardous Substances, on or in the Property. Borrower shall not do,
nor allow anyone else to do, anything affecting the Property (a) that is in violation of any Environmental
Law, (b) which creates an Environmental Condition, or (c) which, due to the presence, use, or release of a
Hazardous Substance, creates a condition that adversely affects the value of the Property. The preceding
two sentences shall not apply to the presence, use, or storage on the Property of small quantities of
Hazardous Substances that are generally recognized to be appropriate to normal residential uses and to
maintenance of the Property (including, but not limited t°, hazardous substances in consumer products).
Borrower shall promptly give Lender written notice of (a) any investigation, claim, demand, lawsuit
or other action by any governmental or regulatory agency or private party involving the Property and any
Hazardous Substance or Environmental Law of which. Borrower has actual knowledge, (b) any
Environmental Condition, including but not limited to, any spilling, leaking, discharge, release or threat of
release of any Hazardous Substance, and (c) any 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 regulatory 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 any obligation on
Lender for an Environmental Cleanup.
PERRY, R. AF 1529507 k~ ~__)Y 0
Initlal~:
~--6A(WY) 1ooo5}.ol '! Page 1:2 of 15 Form 3051 1/01
1 .9
NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows:
22. Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration following
Borrower's breach of any covenant or agreement in this Security Instrument (but not prior to
acceleration under Section 18 unless Applicable ILaw provides otherwise). The notice shall specify: (a)
the default; Co) 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 d~fault 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 Pr0pe~ty. The notice shall further inform Borrower of the
right to reinstate after acceleration and the righ~ to bring a court action to assert the non-existence of
a default or any other defense of Borrower to ~Cceleration 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 pro~ided 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 shah 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 Borrowe? In the manner prowded m Section 15. Lenffer 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 e]cpenses 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 ail sums secu red by this Security Instrument~ Lender shail release this
Security Instrument. Borrower shail 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 wai"zes all
, exemption laws of Wyoming,
PERRY, R. AF
rights under and by virtue of the homestead
1529507
(~-6A{WY) Iooo~1.o~
age 13 of 16
Form 3051 1/01
BY SIGNING BELOW, Borrower accepts
Security Instrument and in any Rider executed by
Witnesses:
150
etd agrees to the terms and covenants contained in this
Borrower and recordeO. Wi~'it~.
~oen"C'-~er ry - (Seal,
-Borrower
Susan H Perry O-Borrower
(Seat)
-Borrower!
(Seal)
-Borrower
(Seat)l
-Bo~owe~
(seai~
-Bo~ower
(Seat)
-Borrower
(Seal)
-Borrower
PERRY. R. AF
(~6A(WY} 10005
1529507
~age 14of15
0
Form 3051 1/01
STATE OF WYOMING,
The foregoing instrument was acknowledgedl before me this
by Roen C Perry and Susan H Perry
151
County ss: ~" / '~
December 31, 2002
My Commission Expires:
PERRY, R. AF
4~-6AIWY) Iooo~Lo~
1529507
Page 15of 16
Initials:
Form 3051
0
1/01