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HomeMy WebLinkAbout88676302017178 Return To: 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