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HomeMy WebLinkAbout887122Re[urn'fo: WELLS FARGO HOME MORTGAGE, INC, 3601 MINNESOTA DR. SUITE 200 BLOOMINGTON, MN 55435 Prepared By: WELLS FARGO HOME MORTGAGE, INC. 1919 DOUGLAS,, OMAfLA, 681010000 ¸NE {[Space Above 'rl~s Line I%r :Recording D, ta] MORTGAGE DEFINITIONS Words used in multiple sections o.f this document are dellned below and off,er words are defined in Sectious 3, 11, 13, 18, 20 and :21.. Certain rules regarding fl~e usage of words used in this docume,a are also provided in. Section 16. (A) "Security Instrument" mea~k~ tiffs document, which is dated JANUARY 17, 2 0 0 3 together with all, Riders to tiffs document. Bor " WAYNE (B)' rower is F PERKINS ;%ND LISA C PERKINS, HUSBAND AND WIFE Borrower is tim mortgagor under tiffs Security Instrument. (C) "Lender" is WELLS FARGO HOME MORTGAGE, INC. Lender is a CORPORATION organized and existing under file laws of THE STATE OF CALIFORNIA 0018943621 WYOMING-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 1/01 Lender's address is P.o. BOX 10304, DES MOINES, IA 503060304 Lender is the mortgagee under dfis Security hkqtn~nent. (D) "Note" means the promissory note signed by Borrower and datedJ~RY 17, 2003 The Note states flat Borrower owes Lender FIF~ FlVg THOUS~ ~O H~RED FIFTY ~ 00 / 100 Dollars (U.S. $ * *** ~55,250.00 ) plus interest. Borrower has promised to pay fltis debt in regular Periodic Pay~nents and m pay fl~e debt iu fldl not later ~an FEBRUARY 01, 2033 (E) "Property" means fl~e property flat is described below under fl~e heading "Trmksl%r of Rights in thc PmpertL" (F) "Loan" me;u~s tim debt evidenced by tim Note, plus interest, any prepayment charges and late charges due under the Note, and all sums due under Otis Security Instrument, plus interest. (G) "Riders" means all Riders m this Security Instruu~ent Oat are executed by Borrower. The fifllowing Riders are m be executed by Borrower [check box as applicablel: ~ Adjustable ~te ~der ~ Rider ~ Second ltome Rider ~ Balloon Rider ~ Planned Unit Development Rider [-~ 1-4 Family Rider ~ VA Rider ~ .Biweekly Payment Rider ~ Ofl~cr(s) Ispecil?l (H) "Applicable Law" means all controlling applicable tCderal, state and local statutes, regulations, ordi~mnces and administrative roles and orders (fl~at have the effect of law) as well as all applicable filml, non-appealable judicial opinions, (1) "Community Association Dues, Fees, and Ass~smems" mea:kq all dues, lkes, assessments and other charges flat are imposed on Borrower or tim Property by a condominium association, homeowners associati{m or similar organi~tion. (J) "~Electronic Fum~ Trausfer' means any transfkr of ~hnds, other ~an a transaction originated by check, draft, or similar paper instrument, wlfich is i~fitiated through au elecmmic terminal, telephonic instrument, computer, or nmgnefic tape so as to order, instruct, or auflmrize a li~mncial i~ufitutioa to debit or credit an account. Such term includes, but is not limited to, point-~ff-sale transl~m, autonmted teller macMne Uansactions, transl%rs initiated by telephone, wire transfers, a~d aumnmted clearinghouse transfers. (K) "Escrow Ite~" means flmse items flat are described in Section 3. (L) "Miscellaneous Procee(~" means any compe~matitm, settlemem, award of damages, or proceeds paid by any tlfird party (off,er titan insurance proceeds paid under fl~e coverages described in Sectkm 5) lbr: (i) damage to, or destmctitm oL fl~e Property; (ii) condemmti(m or other taking of all or any part of the Property; (iii) cmlveyance in lieu of condenmatiou: or (iv) misrepsescntatious of, or omissim~s as m, the value and/or conditiml of fl~e Property. (M) "Mortgage hssurance" means insurance protecting Lender against thc mmpayment of, or dcthuh the Loan, (N) "Periodic Payment" means flte regularly scheduled ammmt due tbr (i) principal and interest under the Note, plus (ii) auy ammmts under Section 3 of tiffs Security Instrument. (O) "RESPA" means the Real Estate Settlement Procedures Act (12 U.S.C. Scctitm 2601 et seq.) ~md its implementing regulation, Regulation X (24 C.F.R. Part 3500), as fl~ey might be amended from time to time, or any additioml or successor legislation or regulation that govenrq tim same sul~/ect matter. As used in tiffs Security Instrument, "RESPA" refers to all requirements and restrictious that are imposed in regard to a "federally related mm'tgage loan" even if the Loaa does not qualil3, as a "fEderally related mortgage loan" under RESPA. ~6(WY} ~ooos~ P~, 2 o~ ~ 5 Form 305 1 427 (P) "Successor in Interest of Borrower" means any part5, that has taken title to tile Property, whedner or not that party has assumed Borrower's~ obli~ations~ ~ under the Note and/or this Security Instrument. TRANSFER OF RIGHTS IN THE PROPERTY This Security Instrument secures to Lender: (i) the repayment of file Loan, and all renewals, extensions and ~m~d:ificatio~ ~f the Note; and (ii) the ~pertbmmnce of Borrower's covenants and agreements under this Security Instrument and O~e Note. For tiffs pu~ose, Borrower does hereby mortgage, grant and convey to Lender and Lender's successors and assigns, wifl~ power of sale, the following described property located in file CO~TY of LINCOLN [17pe of Recording Jurisdicfitm] [Name of I{ecordi,,g Jurisdictionl LOT 9 OF THE STAR VALLEY ~CH PLAT 5, LINCOLN CO~TY, ~OMING AS DESCRIBED ON THE OFFICIAL PLAT T~EREOF. TAX STATEMENTS SHOULD BE SENT TO: WELLS FARGO HOME MORTGAGE, INC., P.O. BOX 10304, DES MOINES, IA 503060304 ParcellD Number: 1234190120100800 123 B~LE BERRY DRIVE THAYNE ("Pn)perty Address ') which currently has the address IStrcctl [City[ , Wyonfing 83127 [Zip Cmle TOGETHER WITH all thc improvements now or hereafter erected on the property, and all easements, appurtenances, and fixtures now or hereafter a part of the properw. All replacements and additions shall also be covered by this Security Instrument. All of the foregoing is retkrred m in Otis Security Insmnnent as fl~e "Property." BORROWER COVENANTS that Borrower is lawlhlly seised of tim estate hereby cm~veyed and has the right to mortgage, grant and convey fl~e Property and flint fl~e Property is unencumbered, except: tlr encumbraoces of record. Borrower warrants and will dctknd generally the title to tim Property against all claims and denmuds, subject m any encumbrances of record. THIS SECUR1TY INSTRUMENT combines unitbrm covenants for uatimml use and non-uuifimn covenants with limited variations by jurisdiction m constitute a mfitbrm security instrument coveting real property. UNIFORM COVENANTS. Borrower and Lender covenant and agree as fifllows: I. Payment of Principal, Interest, Escrow Items, Prepayment Charges, and Late Charges. Borrower shall pay when due the principal oL and interest m~, fl~e debt evidenced by the Note at~d prepayment charges and late charges duc under fl~ Note. Borrower shall also pay tm~ds fi3,- Escrow Items pursuant to Section 3. Payments due under file Note and this Security Instrument shall be nmde in U.S. currency. However, if any check or oflmr i~stmment received by Lender as pawnem under the Note or 6(WY) {oo0s~ P~e3of ls Form 3051 t/01 Security lustrument is returned to Lender unpaid, Lender may require that any or ail subsequent payments due under fl~e Note aud tiffs Security Instrument be nmde in one or more of the lblluwing li~rms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, treasurer's d~eck or carrier's check, provided any such check is drawn upou an i~t~titution whose deposits are insured by a l~de:ral agency, inst~menmlity, or entity; o:r (d) Elcctmuic Funds Tra~tst~r. Payments are deemed received by Len&r when received at fl~e location desig~mted in the Note or at such other locadon as nmy be desigxmted by Lender in accordance wifl~ the nodce provisions in Section 15. Lender may return auy payment or partial payment if fl~e payment or pa~ial payments are i~cgul'ficient to bring fl:~e Loan current. Lender may accept any payment or partial payment i~csufficient to bring fl~e Loan current, wifl~out waiver of any rights he:reunder or pr<iudice to its rights to refuse such payment or partial paymeuts in the :future, but Lender is not obligated to apply such payments at fl~e time sud~ paymeuts are accepted. If each Periodic Payment is applied as of its scheduled due date, then Lender need not pay interest on mmpplied funds. Lender may hold such mmpplied funds until Borrower makes payment to bring fl~e Loan cur:reut~ If Borrower does not do so withiu a reasonable period of dine, Lender shall either apply such Iimds or return fl~em to Borrower. If not applied earlier, such lhnds will be applied to the outstanding principal balance under fl~e Note imtnediately prior to foreclosure. No ofl~et or claim wlfich Bt~rrower migh.t have now or in fl~e I~ture against Lender shall relieve Borrower from making payments due under the Note and ti:tis SecuriW lnstnm~ent or per/brining fl~e covenants aud agreements secured by this Security lnst~ment. 2. Application of Paymen~ or ProceetN. Except as ntherwise described in tiffs Section 2, all payments accepted and applied by Lender shall be applied in fl~e Ibllnwing order of priority: (a) interest due under the Note; (b) principal due under fl~e Note; (c} amouuts due uuder Section 3. Such payments shall be applied to each Periodic Payment in the order in wh:ich it became due. Auy renmining amouuts shall be applied first to late charges, second to any ofl~er amounts due under Otis Security htstrument, and fl~en m reduce fl~e principal balance of fl~e Note. If Lender receives a payment ti'om Borrower for a delinquent Periodic Payment which includes a sufficient amount to ~pay any late charge due, fl~e payment nmy be applied to the delinquent payment and fl~e late charge. If more titan one Periodic Payment is outs~mding, Lender may apply any paymeut received from Borrower to fl~e repaymeut of rte Periodic Payments iL and to the exteut that, each payment can be paid in ~hll. To fl~e extent that any excess exists after fl~e payment is applied to the ihll payment of one or more Periodic Payments, such excess may be applied to any late charges due. Voluntary prepayments shall be applied first to any prepayment charges and then as described in d~e Note. Any application of paymenk% insurance pruceeds, or Miscellaneous Proceeds to principal due under file Note shall not extend or postpone fl~e due date, or change fl~e amount, of the Periodic Payments. 3. Funds for Escrow Items. Borrower shall pay to Lender on the day Peri~dic Payments are due under the Note, undl fl~e Nt~te is paid in i~11~ a sum (the "Funds") to provide tbr payment uf amouuts due tbr: (a) taxes aud assessments aud other items which eau attain priority over tiffs Security Instrument as a lien or encumbrance ou fl~e Pn)perty; (b) leasehold paymeuts or grouud rents o~ the Property, if any; (c) t~:remiums fi)r any and all insurance required by Lender under Secdon 5; and (d) Mortgage lusurance premiums, if auy, or any sums payable by Borrower to Lender in lieu of fl~e paymeut of Mortgage lusurauce premiums in accordance wifl~ fl~e provisious of Section 10. These items are called "Escrow Items." At origi~mtiou or at any time du:ring the term of the Loan, Lender may require that Community Association Dues, Fees, and Assessments, if any, be escrowed by Borrower, and such dues, tkes an~l assessments shall be an Escrow Item. Borrower shall pnm~ptly furnish to Lender all notices of amounts t~ be paid under tiffs Section. Borrower shall pay ~nder rite Funds lbr Escrow Items unless Lender waives Borrower's obligation to pay the Funds ~br ally t)r all Escrow Items. Lender may waive Borrower's obligation to pay m Lender Funds fi:~r any or all Escrow Items at a~y time~ Any such waiver may only be in writing, in fl:~e event of such waiver, Borrower shall pay directly, when and where payable, the amounts )-6[WY) ~ooo5~ ~,~e 4 ~f ~ Form 3051 1/01 429 dne for any Escrow ltenz~ fi)r which payment of Funds has been waived by Lender and, if Lender requires, shall lhnfish to Lender receipts evidencing such payment wiflfin such time period as Lender may require. Born)wer's obligation to make such payments and to provide receipts shall fi:~r all pu~oses be deemed to be a coveoant and agreement contained in fids Security Iustmment, as fl~e phrase "cove~mnt and agreement" is used in Section 9. If Borrower is obligated to pay Escrow Itents directly, pursuant to a waiver, and Borrower Ihiis to pay the amount due tk)r an Escrow hem, ~nder nmy exercise its fights under Section 9 and pay such amount and Borrower shall theu be obligated under Section 9 to repay to Lender any such amount. Lender may revoke the w:fiver as to any or all Escrow Items at any time by a notice given in accordance wifl~ Section 15 and, upon such revocation, Borrower shall pay to Lender all Fnnds, and in su:ch amounts, fltat are fl~en required uuder fids Section 3. Lender nmy, at any time, collect and hold Funds in an anu~uut (a) sufficient to pernfit Lender to apply the Funds at the time specified under RESPA, and (b) not to exceed the maximum amount a lender can require under RESPA. Lender shall estinmte d~e amount of Funds due on the basis of current data and reasonable estimates of expenditures of future Escrow ltent~ or otherwise in accordance with Applicable Law. The Funds shall be held in an institution whose deposits are insmred by a federal agency, instmmenmliW, or entity (including Lender, if ~nder is an institution whose deposits are so i~rqured) or in any 'Federal Home ~:m Bank. Lender shall apply the Funds to pay fl~e Escrow ltems no later than fl~e dine specified under RESPA. Lender shall not charge Borrower fi:~r holding and applying the Funds, annually analyziug the escrow account, or verifying the Escrow Items, mfless Lender pays Borrower interest on the Funds and Applicable ~w penuits Lender to nmke such a charge. Unless an agreement is nude in writiog or Applicable Law requires interest to be paid ou fl~e Funds, Lender shall uot be required to pay Borrower any interest or earnings on fl~e Funds. Borrower and Lender can agree in wridng, however, that interest shall be paid on fl:re Funds. Lender shall give to Borrower, without charge, an annual accounting t~f fl~e Funds as required by .RESPA. if there is a su~lus of Funds held in escrow, as defined nnder RESPA, Lender shall account to Borrower fi~r fl~e excess funds in accordance wifl~ ~SPA. If there is a shortage of Funds held in escrow, as defined under RESPA, Lender shall notily Borrower as required by RESPA, and B~rrowcr shall pay Lender fl~e amount necessary to make up the shortage in accordance w:ifl~ RESPA, but io nt~ more fl~an 12 monflfly payments. If there is a deficiency of Funds held in esc:n~w, as defined under RESPA, ~nder shall notify Borrower as reqnired by RESPA, and Borrower shall pay to Lender the amount necessary to nmke up the deficiency in accordance wifl~ RESPA, but in no more titan 12 monfldy payments. Upon payment iu lifll of all sums secured by this Security Instrument, Lender shall prompdy to Borrower any Funds held by Lender. 4. Charges; Liens. Borrower shall pay all taxes, assessmems, charges, fines, and impositions attributable t:o the Property which can attain priority over this Security Instrument, leasehold payments or ground rents on the Pa)perry, if any, and Community Association Dues, Fees, and Assessments, it' any. To the exteut fl~at these items are Escrow Items, Borrower shall pay fl~em in the manner provided in Section 3. Borrower shall promptly discharge any lien which has priority over fids Security htgt~ment unless Borrower: (a) agrees in writing to fl~e payment of the nbligadon secured by fl~e lien iu a manner acceptable to Lender, but only so long as Borrower is pertk~rmiug such agreement; (b) contests the lien in good l:aith by, or defends against entbrcement of fl~e lien in, legal proceedings which in Leuder's npiniou operate prevent fl~e en/brcement of fl~e lien while those proceedings are peudiug, but only until such proceedings are concluded; or (c) secures t;~x)m the holder of the lien au agreement satisfactory to Lender sub~rdinating the lien to this Security InsU~ment. If Lender determines that any part ol' fl~e P/operty is subject to a lien which can attain prio.rity over this Security Instrument, Lender nmy give Borrower a notice ideutil3, ing the (~-6(WY) Iooos) P~g, 5 o~ 1 s Form 3051 1t01 430 lien. Within 10 days of file date on which that notice is given, Born~wer shall satisfy the lien or take one or more of rite actious set t(~rfl~ above in tiffs Section 4. ~nder may require Borrower to pay a one-time charge fi)r a real estate tax verification and/or reporting service used by Lender in connection with tiffs Loan. 5. Pro~rty Insurance. Borrower shall keep fl~e improvements now existing or hereafter erected on ~e Prope~y insured agai~st loss by fire, ha~rds included wiflfin fl~e term "extended coverage," and any other ha~rds including, but not limited to, ea~quakes and floods, for which ~nder requires insurance. ~rbis insurance shall be maintained in the amounts (including deductible levels) and for fl~e periods that Lender requires, What Lender requires pursuant to fl~e preceding sentences can change during the term of fl~e Loan. The insurance carrier pn)viding fl~e insurauce shall be chosen by Borrower subject to Lender's right to disapprove Borrower's choice, which right shall not be exercised unreasonably. Lender may requi:re Born)wet to pay, iu connection wifl~ tiffs ~an, eifl~er: (a) a one-time charge tbr flood zone determi~mtion, certification and tracking services; or (b) a one-time charge fi)r flood zone deternfination and certification services and subsequent charges each time renmppings or similar changes occur ~vh:ich reasonably might affect such determination or certification. Borrower shall also be responsible fi)r fl~e payment of any l~es imposed by fl~e Federal Emergency Mam~gcment Agency in connection with the review of any Ilood ~)ne determitmtion resulting l?om an objection by Bo~ower. If ~Borrower I}fils to imiutain any of fl~e coverages described above, ~nder may obtain iusurance coverage, at ~nder's option and Borrower's expense. Lender is under no obligation to pnrcbase any particular type or amount of coverage. Therelbre, such coventge shall cover Lender, but might or might not pn~tect Borrower, Borrower's equity in fl~e Property. or the contents of fl~e Property, against anv risk, ha~rd or liability and might provide greater or lesser cm'erage than was previously in e~lkct. Borrower acknowledges that fl~e cost of fire i~gurance coverage so obtained might sig~fificantly exceed the cost insurance flint Borrower could have obtained. Any amouuts disbursed by Leuder under tiffs Section 5 shall become additi(nml debt of Bo~ower secured by this Security Instrument. These amounts shall bear interest at fl~e Note rate t~om fl~e date of disbursement and shall be payable, wifl~ such interest, npon notice from ~nder to Borrower requesting payment. All insurance policies required by ~Le:nder and renewals of such policies shall be subject to Lender's right to disapprove such policies, shall include a standard mortgage clause, aud shall mtme ~nder as mortgagee and/or as an additional loss payee. Lender shall have the right to huld fl~e policies and renewal certificates. If ~Lender requires, Born~wer shall promptly give to Lender all receipts of paid prenfiums and renewal notices. If Borrower obtains any form of insurance coverage, not ofl~envise required by Lender, fi)r danmge to, or destn~ction of, fl~e Prope~Xy, such ~flicy shall include a standard mortgage clause and shall mm:~e Leuder as mortgagee and/or as an additkmal loss payee. In the event of loss, .Borrower shall give prompt notice to fl~e i~surance carrier and Lender. Lender :nmy ma~ proof of loss if not made pn~mptly by Borrower. Uuless Lender and Borrower ofl~erwise agree in writiug, any insnrance proceeds, whefl~er or not the uuderlying insurance was required by Lender, shall be applied to restoration or repair of fl~e Property, if fl~e restoration or repair is econonfically tkasible and Lender's security is not lesseued. During such repair and restoration period, Lender shall have the right to hold such insurance proceeds until Lender has had an opportunity to i~tgpect such Property to e~qure work has been completed to Len&r's satisfaction, provided that such inspection shall be undertaken promptly. Lender may disburse proceeds fi')r fl~e repairs and restoration in a single payment or in a series of progress payments as fl~e work is completed. Unless an agreement is nmde in writiug or Applicable Law requires interest to be paid on such i~tsurance proceeds, Lender shall not be required to pay Borrower a~y intere:st or earniugs on such proceeds. Fees t~r public adjusters, or ofl~cr third parties, retained by Borrower shall not be paid out of the insurance proceeds and shall be fl~e sole obligatiou of Borrower. If the restoration or repair is not ec~momically I~asible or kender's security would be lessened, the insurance proceeds shall be applied to fl~e sums secured by tiffs Security lnstmmem, whether or not then due, with 6{WY} ~ooost v~ ~ o~ ~ 5 Form 3051 1/01 the excess, if auy, paid to B{~rrower. Such il~surauce proceeds shall be applied in file order provided fi~r in Section 2. If Bor:n~wer abandons rte Property, Lender nuly file, negntiate and settle any available insurance claim and related nmtters. If Borrower does not respond wi~in 30 days to a notice front Lender flint fl~e i~t~urance carrier bas offered to settle a claim, fl~en Lender may negotiate and settle fl~e claim. The 30-day period will begin when the nc)rice is given. In eifl~er event, or if Lender acquires the Property under Section 22 or ofl~e:nvise, Born)wet hereby assig~ts to Lender (a) Borrower's rights to aoy insurance proceeds in an amount not to exceed fl~e amounts unpaid under fl~e Note or this Security l~tmment, and (b) Imy o~er of Borrower's righ[sr ¢)flier flian the right to any refund of unearned premiun~s paid by Borrower) under all insurance policies covering fl~e Property, insothr as such righcq are applicable to the coverage of fl~e Property. Lender nmy use the insurance proceeds eifl~er to repair or restore fl~e Property or to pay amounts unpaid under the Note or tiffs Security instrument, xvhefl~er or not fl~en due. 6. Occnpancy, Born~wer shall occupy, establish, and use the Property as Borrower's principal residence wiflfin 60 days after the execution of tiffs Security l~z~tmment and shall continue to occnpy file Property as Borrower's pri:ncipal residence tbr at least one year after the date of occupancy, unless Lender ofl~erwise agrees in writing, which consent shall not be unreasonably withheld, or unless extenuating circun[~tances exist which are beyond Borrower's coum)l. 7, Pr~ervation, Maintenance and Protection of the ~operty; Inspections. Bu~ower shall not destroy, danmge or impair fl~e Property, allow fl~e Property to deteriorate or conmfit waste on the Property. Wheflier or not Born~wer is residing io fl~e Property, .Bo~ower shall maintain file 'Property iu order to prevent fl~e Property IYom deteriorating or decrem4ng in value due to its condition. Unless it is determined pursuant to Section 5 fl~at repair or restoration is not econonfically feasible, Borrower shall promptly repair fl~e Pn~perty if danmged to avoid l~r~er deterioratinn or dauugc. If i~[xurance or condcm~u~tioo proceeds are paid in connection with danmge to, or the taking of, the Property, Borrower shall be responsible fi~r repairing or resmri:ng the P:ropeny only if Lender has released proceeds tbr such pu~oses. ~.uder nmy disburse pn)ceeds tbr ~e :repairs and restoration in a single payment or in a series pn~gress payments as fl~e work is completed. If fl~e insurance nr condem~mtion proceeds are not sufficient to repair or restore the Prnperty, Bt~:rrower is not relieved of Borrower's obligation fi~r the completion of such repair or restoration. Lender or its agent may nu~ke reaso~ble entries upon and inspections of fl~e Property. If it has reasonable cause, Lender may i~spect fl~e interior of the improvements on fl~e Property. Lender shall give Born~wer notice at fl~e time of or prior to such an interior inspection speci134ng such reasonable cause. 8. ~Borrower's Loan Application. Borrower shall be in dethult if, during the Loan application process, Borrower or any persons or entities acting at the direction of Borrower or wiflt Born)wer's knr~wledge or consent gave nmterially f~tlse, misleading, or i~mccurate inl~rnmfion or statements to Leander (or thiled to provide ~nder with nu~terial information) in ctmnection wifl~ the Loan. Material representations include, but are not linfited to, :representations concerning Borruwer's occupancy of the Property as Borrower's principal residence. 9. Protection of Lender's Inter~t in the Property and Righ~ Under this Security Instrument. If (a) Borrower lhils to perform fl~e core,rants and agreements cuntained in this S~urity Instrument, (b) fl~ere is a legal proceeding fl~at might significantly aftkct Lender's interest in the Property and/or righ~ under tiffs Security lustmment (such as a pn~ceedi'ug in bankruptcy, probate, /hr condemnation or for/~iture, enlbrcement of a lien which n~y attain priority over tiffs Security Instrument or to enfi)rce laws or regulations), or {C) Born~wer has abandoned fl~e Property, fl~en Lender nmy do and pay fi}r whatever is reaso~mble or appn~priate to prutect Lender's interest in fl~e Property and rights under this Security Instrument, includiug protecting and/or assessing the value ~ff the Property, aud securing au~or repairing the Property. Lender's actions can include, but are not limited to: (a) paying auy sums secured by a lien which has priority {}ver tiffs Security lnstrumeut; (b) appearing in court; aud (c) paying reasonable 432 attorneys* tees m protect :its interest in file Property and/or rights uuder tiffs Security h:tstmment, including its secured position in a bankn~ptcy proceeding. Sccuriug fire Pn)perty includes, but is not linfitcd m. entering die Property to make repairs, change locks, replace or board up doors and windows, draiu water tYom pipes, elinfinate building or oilier code violations or dangerous conditions, and have utilities turned on or off. Alflmugh Lender may take action under ~is Section 9, Lender does not have to do so and is not under any duty or obligation to do so, It is agreed ~at ~nder incurs no liability fi)r not raking any or all actiotkq auflmrized under tiffs Section 9. Any amounts disbursed by ~nder under tiffs Section 9 shall become additio~ml debt of Borrower secured by tiffs Security l.~stmment. These amounts shall bear interest at tim Note rate from file date of disbursement and shall be payable, with such interest, upon notice lmm Lender to Borrower requesting payment. If tiffs Security Instrument is on a leasehold, Borrower shall comply wifl~ all fl~e provisio~k~ of fl~e lease. If Borrower acquires l~e title to fl~e Property, fl~e leasehold and fl~e lke title shall not merge unless lmnder agrees to the merger in writing. 10. Mortgage Insurance. If Lender required Mortgage Insurance as a condition of nmkiug fl~e Loan, Borrower shall pay ~e premiums required to nminmio fl~e Mortgage h[mrance in eflkct. IL fi)r any reastm, the Mortgage Insurance coverage required by ~nder ceases to be available from fl~e mortgage insurer that previously provided such insurance and Bo~ower was required to make separately desigmted payments reward fl~e preufiums l'or Mortgage hzsurance, Borrower shall pay fl~e premiums required m obtain coverage substantially equiwdent to fl~e Mortgage htsurance previously in elliot, at a cost substantially equivalcut to fl~e cost to Borrower of the Mortgage Insurance previously in eflkct, from an altermte mortgage insurer selected by ~nder. If substantially equivaleut Mortgage lusurance coventge is not available, Borrower shall continue to pay to Lender the amount of fl~e separately desig~mted payments that were due when fl~e i~r~urance coverage ceased to be in effect. Lender will accept, use and retain these payments as a re)n-refundable loss reseme in lieu of Mortgage Insurance. Such loss reserve shall be non-re~hndable, notwifl~standing the fact that the Loan is ultinmtely paid in ~fil, and Lender shall uot be required to pay Borrower any interest or earnings on such loss reserve. Lender can no longer require loss reserve paymenkq if Mortgage hrmrance coverage (in the amount and lbr fl~e period flint Lender reqnires) provided by an insurer selected by ~nder again becomes available, is obtained, and Lender requires separately designated payments reward the premiums ~br Mortgage lusurauce. If Lender required Mortgage lusurance as a condition of making fl~e Loan and Borrower was required to make separately designated payments toward the premiums fi:~r Mortgage lnsurauce, Borrower shall pay fl~e premimns required to maintain Mo.rtgage l~urance in eft~ct, or lo provide a non-refundable loss reserve, until Lender's requirement fi:~r Mortgage Insurance ends iu accordance wifl~ any written anreement betweeu Bom)wet al~d Lender providing fi)r such tenni~mion or uofil termi~mtion is rdquired by ~pplicablc ~w. Nothing in this Sec&m 10 affects Borrower's obligation to pay interest at fl~e rate provided in the Note. Mortgage Insurance reimbm'ses Lender (or any entity that purclmses fl~e Note) for cemdn losses it nmy incur if Borrower does not repay the Loan as agreed. B(~rrower is uot a party to ~e Mortgage IlkqUrallCe. Mortgage insurers evaluate fl~eir total risk tm all such insurance in lbrce from time to time. and nu~y enter into agreements wifl~ off, er parties that share or modi~ their risk', or reduce losses. These agreements are on ternts and conditions flint are staisfactory m thc mortgage insurer and fl~e other party (or parties) to fllese agreements. These agreements nmy require the mortgage insurer to nuke payments using any source of l~nds that the mortgage i~t~urer may have available (which may include funds obtained l~om Mortgage Insurance premiun~s). As a result of these agreements, Lender, auy purchaser of the Note, anofl~er iusurer, any reinsurer, any other entity, or any afliliale of any of fl~e Ibregoing, may receive (directly or iudirectly) amounts that derive from (or might be characterized as) a portion of Borrower's payments lk)r Mortgage Insurance, in exchange liar sharing or modi134ng fl~e mortgage insurer's risk, or reducing losses. If such agreemem provides flint an affiliate of ~Lender takes a share of the insurer's risk in exchanee for a share of the premiums paid to the insurer, the arrangement is often termed "captive reiusurance." ~urther: (a) Any such agreemeuts will not affect the amounts that Borrower has agr~d to pay for Mortgage lnsnrance, or any other lerms of the Loaa. Such agreemen~ u'ill not increase the amount Borrower uill owe t~r Mortgage Insurance, and they will uot entitle Borr~io any refund. ~6'{WY) (ooosl r,~. ~ .f ~ 5 Form 3051 1/01 433 (b) Any such agreements will not affect the rights Borrower has - if any - with respect to tile Morlgage Insurance under the Homeowners Protection Act of 1998 or any other law. These rights may include the right to receive certain disclosures, to request and oi)tain cancellation of the Mortgage Insnrance, to have the Mortgage Insurance terminated automatically, and/or to receive a refund of an), I~Jortgage Insurance premiums that were nnearned at the time of such cancellation or ternfination. Il. Assignment of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned to and shall be paid to Lender. If file Property :ix damaged, such Miscellaneous Proceeds shall be applied to restoration or repair of the Property, if fl~e restoration or repair is economically feasible and Lender's security ix not lessened. During such repair and restoratio,i period, Lender shall have flxe right to hold such Miscellaneous Proceeds until Lender has had an opportunity to ittspect such Property to elt~ure fl~e work has been completed to Lender's satisfaction, provided fl~at such inspection shall be undertaken pnm~ptly. Lender may pay for the repairs and restoration in a single disbursement or in a series of progress payments as the work is completed. Unless an agreement is nmde in writing or Applicable Law requires interest to be paid on such Miscellaneous Proceeds, Lender shall not be required to pay Borrower any interest or earnings on such Mi:scellaneous Proceeds. If fl~e restoration or repair is not economically feasible or Lender's security would be lessened, fl~e Miscellaneous Proceeds shall be applied to fl, e sums secured by this Security Instrument, whefl:~er or not then due, wifl~ file excess, if any, paid to Born)wer. Such Miscella,~eot,s Proceeds shall be applied in fl:~e order provided fi:~r ill Section :2. In fl~e event of a total taking, destruction, or loss in value of the Property, fl~e IVliscellaueous Proceeds shall be applied to fl~e sums secured by fills Security Instrument, whefl~er or not then due, with the excess, if any. paid to Borrower~ In fl~e event of a partial taking, destruction, or loss itt value of the Property in which file t:air nmrket value of fl~e Prnperty immediately bel~bre file partial taking, destruction, or loss in value is equal to or greater fl~an file amouot of fl~e sums secured by fids Security Instrument immediately betbre file partial taking, destruction, or loss in value, unless Borrower and Lender ofllerwise agree ill writing, fl~e sums secured by Offs Security hlstrument shall be reduced by fl~e amount of the Miscellaneous Proceeds multiplied by the following fraction.: (a) file total amount of fl~c sun~,; secured immediately before the partial taking, destruction, or loss in value divided by (b) the fair market value of fl~e Property immediately before fl~e partial taking, destruction, or loss in value. Any balance shall be paid to Borrower. In the event of a partial taking, destruction, or loss in value of dm iProperty in which fl~e lhir market value of fl~e Property immediately belore the partial taking, destruction, or loss in value is less than fl~e amount of the sums secured irm'nediately betbre fl~e partial taking, destruction, or loss in value, unless Bt)rrower and Lender ofl~erwise agree in writing, file Miscellaneous Proceeds shall be applied to the sums secured by fllis Security Instrument whefl~er or not fl~e sums are fl~en due. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower fi,at the Opposing Party (as defined in the next sentence) offers to make an award to settle a claim ti)r damages, Borrower fails to respond to Lender wiflfin 30 days atler the date tile notice is given, Lender is aufllorized to collect and apply tile Miscellaneous Proceeds eifller to reston~tion or repair of the Property or to the sums secured by fills Security Instrument, whether or not fl~eu due. "Opposing Party" means die fllird party that owes Borrower Miscellaneous Proceeds or the party against whom Borrower has a right of :,ction in regard to Miscellaneous Proceeds. Borrower shall be in default if any action or proceeding, whefl~er civil or criminal, is begun that, iq Lender's judgment, could result in fort~iture of fl~e Property or other material impairment nf Lender's interest iu fl~e Property or rights under this Security htstru,nent. Borrower can cure such a default and, if acceleration has occurred, reinstate as provided in Section 19, by causing fl~e action or proceeding to be dismissed wifl~ a rifling fl~at:, in Lender's judgment, precludes tbrfeiture of file Property or oilier Inaterial impairment of Lender's interest in the Property or rights under fllis Security Instrument. The proceeds of any award or claim for damages fl~at are attributable to fl~e impairment of Lender's interest ill die Property are hereby assigned and shall be paid to Lender. All Miscellaneous iProceeds fl~at are not applied to restoration or repair of the Property shall be applied in rite order provided for in Sect:ion 2. (~-6(WY) iooo5] v~. a ~, ~s Form 3051 110t 12. iBorrower Not Released; Forbearance lly Lender Not a Waiver. Exte~t4on of the time for payment or modification of amortization of the sums secured by Otis Security Instrument granted by Lender tu Borrower or any Successor in Iuterest of Bo:rrower shall .m~t operate to release O~e liability of Borrower or any Successors in Inte:rcst of Bnm~wer. Lender shall not be required to conunence proceedings against any Successor in Interest of Borrower or to refuse to extend time fi}r payment or othc~vise modil}' anmrt:izafiou of fl.~e sunts secured by this Security Instrument by reason of any deumnd nmde by the original Borrower or any Successors in Interest of Borrower. Any ~brbearance by Lender iu exercising any right remedy including, wiflmut limitation, Lender's acceptance of payments from third persons, entities Successors in Interest of Borrower or in amouuts less than the amt~unt fl~eu due, shall not be a waiver of or preclude fl~e exercise of any right or remedy. :13. Joint ami Several Liability; Co-signers; Successors and Assigns Bound. Borrower covenants aud agrees ~at Borrnwer's obligatious aud liability shall be joiut and several. However, any Borrower wh~ co-sig~ks tiffs Security Instrument but does not execute the Note (a "Ch-Signer"): (a) is co-sighting Secarity Instrument only to mortgage, grant aud convey fl~e co-signer's interest in fl~e Property under the ternks of tiffs Security Instrument; (b) is not personally obligated to pay the sums secured by tiffs Security Instrument; and (c) agrees flint Len&r and any off,er Borrower can agree to extend, modi/3,, forbear or nu&e auy accommodations with regard to fl~e terms of tiffs Security hkgtmment or the Note wiflmut co-signer's cmksent. Subject to the provisiotks of Sectitm 18, any Successor in Interest of Borrower who assumes Borrower's obl:igatkms under tiffs Security Instrument in writing, and is approved by Leuder, shall obtain all of Borrower's rights and beaefi[s under tiffs Security Instrmnent. Borrower shall not be released fi-om Borrower's obligations and liability under this Security h~qmnneut unless Le:nder agrees to such release in writing. The covetmnts and agreements of tiffs Security Iustmment shall bind (except as provided Section 20) and benefit tim snccessors and assigns of Lender. 14. Loan Charge. Lender nuy charg:e Borrower lees for services pertimned in couuectiou wifl~ Bom)wer's default, fi)r the purpose of protecting Lender's interest in fire Property and rights under this Security lnstrument, including, but uot limited to, attorneys' /kcs, property iuspcctitm and valuation In regard m any off,er/kcs, fl~e absence of express auflmrity iu this Security h~mxnnent to charge a specific lee to Borrower shall not be cm~qmed as a prohibition on fl~e charging of such i~e. Lender n~y not charge lkes that are expressly prohibited by tiffs Security Instrument nr by Applicable Law. If thc Loau is subject to a law which sets maximum loan charges, aud fl:mt law is finally interpreted so that the interest or other loan charges collected or to be collected in comlection wifl~ fl~e Loan exceed file pernfitted limits, fitch: (a) any such loan charge shall be reduced by fl~e amount necessary to reduce dmrge to the permitted linfit; and (b) any sunz~ already collected l~om Borrower which exceeded permitted Ihnits will be rehnded to Borrower. Leuder nmy choose to make tiffs refund by reducing the priucipal owed under the Note or by making a direct payment to Borrower. ff a ret~nd reduces principal, the reduction wily be treated as a partial prepayment without any prepayment charge (whefl~er or not a prepayment charge is provided ~br under tim Note). Borrower's acceptance of any such refund nmde by direct payment to Borrower will constitute a waiver of any right of action Bom)wer might have arising out ~.t~ such overcharge. 15. Notict~. All notices given by Borrower or Lender in cmmection with tiffs Security Insmmm~t nmst be in writing. Any notice to Borrower in connectim~ with tiffs Security Instrument shall be deemed m have beeu given tu Borrower when mailed by first class mail or when actually delivered to Borrower's notice address if 8elIt by other nlea~18. Notice to any one Borrower shall constitute notice to all Borrowers unless Applicable Law expressly requires othe:~vise. The notice address shall be fl~e Property Address unless Borrower has designated a substitute notice address by notice to Lender. Borrower shall prompdy noti[y ~nder of Borrower's change of address. If Lender specifies a procedure tbr reporting Borrower's change of address, fl'm~ Borrower shall tuffy report a change of address fl~rough that specified procedure. There may be only m~e desigm~ted notice address uuder tiffs Security lustmment at any one time. Any notice m Lender shall he given by delivering it or by hulling it by first class nmil m Lender's address stated herein unless Lender has designated am)fl:mr address by nmice to Born)we:r. Any notice in connection with tiffs Security Instrument shall not be deemed to have been given to Lender umil actually received by Lender. If auy notice required by tiffs Security Instmmcut is also required under Applicable ~w, fl~e Applicable Law requirement will satist3, tim correspoudiug requirement under tiffs Security ~6(WYI~ooos* ~oo~s Form 3051 1/01 LOlL LSO~ tuzo::l '~t ~ tt .c~ (>) Lmp~ Xouom (q) htsn, (~) :~apu~ ,(q pol~al~s sn '~llll[[ ~u[~U.~llOJ ,(}~n~s s~p Xq p~.~n~as ~.ns mp X,~d m uon~[[~o s,J~mJJofl pun '~,mn~lst gI m~P~*~'~O[~x ~u~P~oonn u~ uo,x~ s~ o~¢m~ ~O m~p *~p mmj sX~ O[ ump ss~I mu ~o pm]~d n >p~,xoJd 'nx~ olqnaHddV '81 uopooS soo u[ p~sn. sv 'JO;i[OJJO~ ~![ !~JalU] lePUanO~ ~ Jo ,QJ~lojd alii JO JOJSll~J~ '~[ oq llm.~ IU2tUn~lSX~I Xl[Jn~oS s[[[~ 'uo]!~nJlsuoD jo ~ln~ L(l[l[q}ua,~aS ~,~g~ gu!njaaoD .~[ requires ill connection with a notice of transfer of servicing. If file Note is sold and fl~ereafier the Lnan is serviced by a Loan Servicer other than the purchaser of die Note, O~e mortgage loan se~icing obligatio~m to Borrower will :renmin Mdt the Loan Sen, icer or be trauslbrred to a snccessor Loan Servicer and are not assumed by fl~e Note purchaser unless ofl~erwise provided by die Note purchaser. Neither Borrower nor Lender nmy con.m]encc, join, t~r be joined to any judicial action (as either an individual litigant or die member of a class) d~at arises t?om ~e oilier party's actiot~s pmsmnt to dtis SecuriB, Instrument or flint alleges fl~at dm oflwr pa~y has breached any provision oI', or any duty owed by reason of, this Security Instrument, until such Borrower or Lender has notified fl~e other party (wifl~ such notice given in compliance wifl] die ,equiremen~ of Section 15) of such alleged breach and aflbrded th~ off, er party hereto a reasonable period after fl~e giving of such notice to take co~ective action. Applicable ~w provides a time pefiad which must elapse bcfi]rc certain action can be taken, flint time period will be deemed to be reaso~mble for pur~]scs of dfis paragraph. The notice of acceleration and opportunity to cure given to Borrower pursuant to Section 22 and the notice of acceleration given Borrower pursuant to Section 18 shall ~ deemed m satisl3' the notice and opportunity to take corrective actim~ provisions of Otis Section 20, 21, lt~ardous Substances, As used in Otis Section 21: (a) "Hazardous Substances" are substances defined as toxic or ha~rdous subs~nces, pollutants, or wastes by Envir(mmental ~w and the t~dlowing sUbstances: gasoline, kerosene, off:ret flamnmble or toxic petroleum products, toxic pesticides and herbicides, w)latile solvents, nmterials containing asbestos or fimlmldehyde, and radioactive nulterials; (b) "Environmental Law" nteans federal laws and laws of file jurisdiction where the Property is located relate to heald~, safety or eovimmnental protection; (c.) "Environmental Cleanup" includes any response action, remedial action, or removal action, as defined in Environmental ~w; and (d) au "Environmental Condition" means a condition fl~at can cause, cot]tribute to, nr od]erwise trigger an Envim~m~eutal Cleanup. Borrower shall not cause or permit the presence, use, disposal, storage, or release rd' any Hazardous Substances, or fllreat:en to release auy Ha~rdous Substances, on or in ~e Property. Bom)wet shall not do, not' allow anyone else to do, anyflting affbcting the Property (a) fl~at is in violation of any Enviromuental Law, (b) which creates an Euvirtmmental Condition, or (c) which, due to die presence, use, or release rd' a Ha~rdous Substance, creates a condition that adve~ely af'tbcts the value of the Property. The preceding two sentences shall m~t apply to fl~e presence, use, or storage on fl~e Property of snmll quantities Ha~rdous Substances that are gene:rally recognized to be appropriate to nornmi residential uses and to maintenance of tim Property (including, but not limited to, hazardous substances in consumer products). Borrower shall prompdy give Lender written re)rice of {a) any investigation, claim, den~nd, lawsuit or other actio:n by any govermnenml or regulatory agency or private party involving fl~e Property and any ltazardous Substance or Environmental Law of which Bom>wet has actual knowledge, (b) any Envi:rtmmcnml Condition, iocluding but not limited to, any spilling, leaking, discharge, release or threat release of any Ha~rdous Substa:nce, and (c) any condition caused by the presence, use or release of a l:tazardous Substance which adversely affects the value or' fl~e Property. If Bom)wer learns, or is notified by any governnmntal or ~egulatory authority, or any private party, fltat any removal or other remediation of any Hantrdous Substance aflbcting tl~e Property is necessary, Borrower shall promptly take all necessary remedial actions in accordance wifl~ Environmental Law. Nt~thing herein shall create any obligatim~ on Lender tier a:n E~lvironmenla[ CIeanup. (~,,~-6(WY) ~ooos~ P,~,~ ~2o~ 15 Form 3051 1i01 437 NON-UNI'FORM COVENANTS. Bom)wet and Lender ~rfl~er covenant and agree as tbliows: 22. Acceleration; Remedies, Lender shall give notice to Borrower prior to acceleration following Borrower's breach of any covenant or agreement iu this Security Instrument (but not prior to acceleration under Section 18 unless Applicable Law provides otherwise). Tile notice shall specie,: (a) the default; (b) the action required to cure the default; (c) a date, not less than 30 days from the date file notice is given to Borrower, by which the default must be cured; and (d) that failure to cure tile default on or before the date specified in the notice may result in acceleration of the sums secured by this Security Instrument and sale of the Property. The notice shall further inform Burrower of th~ right to reinstate after acceleration and the right to bring a court action to assert the non-existeuce of a default or any other defense of Borrower to acceleration and sale. If the default is not cured on or before the date specified in the notice, Lender at its option may require immediate paymeut in full of all sums secured by tiffs Security lnstru,nent without forther demau(I and may iuvoke the power of sale and any other remedies permitted by Applicable Law. Lender shall be'entitled to collect all expenses incurred in pursuiug the remedies provided in this Section 22, includiug, but not limited to, reasonable attorneys' fees and costs of title evidence. If Lender invokes tile l)ower of sale, Lender shall give uotice of intent to foreclose to Borrower and to tile person in Imssession of the Property, if (lifferent, in accordauce with Applicable Law. Lender shall give notice of the sale lo Borrower in the manner provided in Section 15. Lender shall publish the notice of sale, an(l the Property shall be sold in tile manuer prescribed l)y Applicable Law. Lender or its desiguee may purchase the Property at any sale. The proceeds of the sale shall be applled in the following order: (a) to all expenses of th~ sale, including, lint not limited to, reasouable attorneys' fees; (b) to all sums secured by this Security Instrnmeut; aud (c) auy excess to the persou or persons legally entitled to it. 23. Release. Upon payment of all sun,s secured by Otis Security Iostrument, Lender shall release this Security Instrument. B(Jrmwer shall pay any recordation costs. Lender may charge Borrower a fee for releasiag tlfis Security Instrument, but ouly if file the is paid to a flfird party for services rendered and fl~e charging of file tee is permitted under Applicable Law. 24. Waivers. Borrower releases and waives all rights uader aud by virtue of file boulestead exemption laws of Wyoming. _ initials: ~ 6~WYJIo00~) P~.,lao~lS Form 3051 1t01 BY SIGNING BELOW, .Bo:rrower accepts and agrees to the terms and covenants contained in this Security instrument and in any Rider executed by Born)wet and recorded with it. Witnesses: WAYN .~ PERKINS (Seal) -Borrower LISA C PERKINS -Borrower (Seal) 4torrower (Seal) (Seal) -Dorrower (Seal) -Borrower (Seal) -}3ormwt~r (Seal) (~6(WY) i;ooo51 ~-,ag~, ~4 oi 15 Form 305~ 1101 439 STATE OF WYOMING, LINCOLN The tbregoing instrument was acknowledged before ~ne this by WAYNE F PERKINS AI~TD LISA C PERKINS 17th County ss: day of January, 2003 Commission Expires: November 4, 2006 Notary l~ublic (~-6G(WY) moost F~ge 15 of 15 Form 3051 1t01 440 PLANNED UNIT DEVELOPMENT RIDER THIS PLANNED UNIT DEVELOPMENT RIDER is made th:is 17T}{ day of JAIqlJARY, 2 0 0 3 , and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of T~st, or Security Deed (tim "Security Instrument") of fl~e same date, given by die undersigned (the "Borrower") to secnre Borrower's Note to WELLS FARGO HO~ MORTOAGE, INC. "Lender") of file same date and c:overing file Property described itl tile Security Instrument and located at: 123 B~LE BgRRY DRIVE, ~E, ~ 83127 [ Property Address] Tile Property includes, but is not limited to, a parcel of land improved wifl~ a dwelling, together with other such parers and certain cmmnon areas and facilities, as described in COVENANTS, CONDITIONS AND RESTRICTIONS (the "Declaration"). The Property is a part of a plamled mlit development k~lo'o,'~l as STAR VALLEY RANCH [Name of I.qmmed Uni£ l)evelopmcm] (the "PUD")~ The Property also includes Borrower's interest in the homeowners association or equivalent entity owuing or managing the common areas and facilities of the PUD (the "Owners Association") and the uses, benefiCs aid proceeds of Bormwe:r's inmrest. PUD COVENANTS, In addition to the coveltants and agremnents nmde in the Security hmtrumem. Borrower and Lende:r further covenant and agree as follows: A. PUD Obligations, Borrower shall perform all of Borrower's obligations under the PUD's CmLsfituent Documents. The "Constituent D()cuments" are the (i) Declaration; (iii) articles of incorporation, trust instrument or any equivaleut document which creates the Owners Associatiou; and (:iii,) any byqaws or other rules or regulations of tim Owners Associatiou. Borrower shall promptly pay, when due, all dues and assessments imposed pursuant to tt,e Co~kqtituent Documents. 0018943621 MULTISTATEPUD RtDER-SingleFamil¥- Fannie Mae/Freddie Mac UNIFORMINSTRUMENT Form3150 1/01 441 B. Property hisurance. So loug as the Owners Association maiutains, wifl~ a ueneraily accepted insurance carrier, a "master" or "blanket" policy i~uring fl~e Prope~y which is satisthc~ to Lender and which provides i:ic~urance coverage iu the amounts (including deductible levels), fi}'r the periods, and agai~tst loss by fire, ha~rds iocluded wiflIin file term "exteuded coverage," and any off,er ha~rds, including, but not limited to, earfliquakes and floods, fi~r which ~nder requires il~urancc, fl~en: (i) Lender waives the provisiou in Section 3 lbr the Periodic Payment to Lender of the yearly preminm iustalhuents fi~r property insurance on file Property; aud (ii) Borrower's obligation under Section 5 to nmimain property i~tsu'rance coverage ou file Property is deemed satisfied to file extent fliat fl~e required coverage is provided by the Owners Association policy. What Lender requires as a condifiou of fl:tis waiver can change during file term of file loau. Borrower shall give Lender prompt notice of any lapse in required property insurance coverage provided by fl~e master o:r blanket policy. In fl~e event of a distribution of property iusurance proceeds iu lieu of restoration or repair fifllowing a loss to the Property, or to common areas aud lhcilities of the PUD, any proceeds payable to Borrower are hereby assigned and shall be paid to Lender, Lender shall apply fl~e proceeds to fl~e sunts secured by Security ht~tmment, whether or not then due, wifl~ the excess, if any, paid to Borrower. C. Public Liability Insurance. B()rrower shall take such actious as may be reaso~mble to insure that the Owners Association maintains a public liability insurance policy acceptable in fi~rn}, amouut, and extent of coverage to Lender. D. Condemnation.: The proceeds of any award or claim fi~r dan~ges, direct or co~tsequentiat, payable to Borrower in conoecfion with any condennu~tion or off,er taking of all or any part of fl~e Property or the common areas and t~cilities of the PUD, or tbr any conveyance in lieu of condenumtion, are hereby assigned and shall be paid to ~nder. Such proceeds shall be applied by ~nder u~ fl~e sums secured by Security Instrument as provided in Section 11. E. ~Lender's Prior Consent. Bo:rrower shall not, except after notice u) ~nder and wifli Lender's prior written consent, either partition or subdivide fl~e Pa)perry or co~rsent to: (i) fl~e abandonment or termi~mtion of file PUD, except I~)r abando~nnent nr termi~mtion required by law in the case of sUbstantial destn~cdon by fire or other casualty or in the case of a takiug by condemm~don or eminent don~in; (ii) a'ny amendment to any provision of fl~e "Cx)nstituent Documents" if fl~e provision is l~)r fl~e express benefit of Lender; (iii) tcrmit~tion of prot~ssio:~ml ma~:u~ge:ment and assumption of selt~n~mgement of ~e Owners Association; or (iv) any acdon which would have the effect of rendering the public liability insurance coverage maintained by the Owners Association m~cceptable to Lender. F. Remedies. If Borrower does not pay PUD dues and assessments when due, fl~en Lender may pay fl~em. Any amounts disbursed by Lender under this paragraph F shall become additio~ul debt or' Borrower secured by fl~e Security Instmmeut. Uuless BorroxYer and Lender agree to off,er ternz~ of payment, fl~ese amounts shall bear interest from the date of disbursement at fl~e Note rate and shall be payable, with interest, upon notice from ~Lender to Borrower requesting payment. Initials: ~ ~ i[~.,~TR {0008) Page 2 of 3 Form 3150 1!01 442 BY SIGNING BELOW, Bo:rrower accepts and agrees to file terms and provisions contained in this PUD Rider. (Seal) (Seal) -}lom)wcr -Borrower _ (Seal) . (Seal) 43orrowcr - Borrower (Seal) (Seal) -Borrower -Borr~)wer (~7R (0008) Page 3 of 3 Form 3150 1101