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HomeMy WebLinkAbout887390WHEN RECORDED MAIL TO: INDYMAC MORTGAGE ltOI,DIBIGS, INC 155 NORTH LAKE AVENUE, PASADENA CA 91101 Loan #: CTP-2104187 Ordm~: FA 9611 M Parcel I.D.#: 12-3519-26-4-00-080.00 ,873 0 BOOK--PR PAGE CONSTRUCTION AND PERSL~NENT MORTGAGE WORDS USED OFTEN 12N THIS DOCUMENT (A) "Security lnstrtanent." This document which is dated Januar~ 30, 2003, ~411 be called the "Security Instrument." ,~ ~ (B) "Borrower". DEAN' ELLIS DEVENY AND JANETTE DEVENY, HUSBAND AND WIFE, sometimes will be called "Borrower" and sometimes simply 'T' or "me." - (C) "Lender". INDYMAC BANK, F.S.B_ , will bc called "Lender." Lender is a CORPORATION , which ex/sts under the laws of THE UINIiED STATES OF AMERICA __- Lender's address is 155 NOP,.q~t LAKE AVENUE, PASADENA CA 91101 (D) "Note." The note signed by Borrower and dated January 30,_ 2003, will be called the "Note." The Note shows that I owe Lender TWO-HUNDRED FIFTY- FIVE THOUSAND AND NO/100 Dollars (U.S. $ 255,000.00) plus interest. I have promised to pay this debt ht monthly payments and to pay the debt in full by the "Maturity Date" ferreted to in the Construction Rider attached hereto or as subsequently certified in a supplement to this Mortgage which is executed 'by Lender and recorded in the Official Records of the County where the property deschbed below is located. (E) "PropertT." The property that is described below in thc section titled "Description of the Property," will be called the "Property." (F) "Sums Secured." The amounts described below in the section titled "Borrower's Transfer to Lender of Rights in the Property" sometimes will 'be called the "Sums Secured." BORROW-ER~S TRANSFER TO LENDER OF RIGHTS IN THE PROPERTY I mortgage, grant, convey and warrant the .Property to Lender subject to the terms of this Secmdty Instrument. Th/s means that, by signing this S¢cmity Instrument, I am giving Lender those rights that are stated in this Sccm-ity Instrument and also those rights that thc law gives to lenders who hold mortgages on real property.. I. am giving Lender these rights to protect Lender from possible losses that might result ifI fail to: (A) Pay all the amounts that I owe Lender as stated in the Note; IN MCI/912 WY 811N95 Fixed Mort£a£¢ (B) Pay, wkh interest, aay amounts that Lender spuds Under ?aragraphs 2 m~d 7 of this Securi~ Ins~ument to protect ~¢ valuc of the ~roperVy and Lender's rights in the ~roperty; and (C) Keep ali of my other promises and agreements under this Security Instrument. DESCRIPTION OF TIlE PROPERTY I give Lender rights in the Property described in (A) tln'ough (G) below: (A) The properb, which is located at 617 PRATER. CANYON ROAD, TItAY-NE, WYOMING 83126. This Propertyis in LINCOLN County. It has the following legal description: LEGAL DESCRIPTION ATTACHED HERETO AND MADE A PART HEREOF, AS EXHIBIT "A" (B) Ail buildings and other improvements that are located on the Property described in subparagraph (A) of this section; (C) All rights in other property that I have as owner of the Property described in subparagraph (A) of this section. These rights are known as "easements and appmtenances attached to the Property"; (D) All rights that I have in the land which lies in streets or roads in fi'ont of, or next to, the Property deschbed in subparagraph (A) of this section; (E) All fixtures that are now or in the future will be on the Property described in subparagraphs (A) and (B) of this section; (17) All of the rights and property described in subparagraphs (B) through (E) of this section that I acquire in the future: a~d (G) All replacements of or additions to. t'h¢'Property described in .subparagraphs (B) through (F) of this section. BORROWER'S RIGHTS TO MORTGAGE TI:I-E, PROPERTY A_ND BORROWER'S OBLIGATION TO DEFEND OWNERSHIP OF TffE PROPERTY I prom/sc that: (A) I lawfully own the Property; (B) I have the right to mortgage, grant and convey thc Property to Lender; and (C) there are no outstanding claims or charges against the Property, except for those which are of public record. I give a general warranty of title to Lender. This means that I will be fully responsible for any losses which Lender suffers because someone other thm~ myself has some of the fights in the Property which I promise that I have. I promise that I will defend my ownership of thc Property against any claims of such rights_ pLAIN LANGUAGE SECURITY INSTRUMENT This Security Instrument contains promises and agreements that are used in real property security instruments all over the country. It also contains other promises and agr¢cments that vary, to a limited extent,.' in .different parts :of the country. My promises and agreements are stated in "plain ' ,," mn~mt, e. C OVENA~Nq'S I promise and ~[ agree with Lender as follows: 2 g/I 5/95 Fixed Mc~l~a~e 5 5 8 1. BOP,_~OWEPd$ PROMISE TO PAY I will pay to Lender on time principal and interest, due under the Note -and any prepayment and late charges due under fl~e Note. I' also proinise to perform all of my obligations under the Construct/on Loan Agreement, 2. MONT]ffLY PAYM]~NTS FOR TAXES AND INSURANCE (A) Borrower's Obligations I will pay to Lender all mounts necessary, to pay for taxes, assessments, water fi-outage charges and other similar charges, sewer rents, leasehold pa3anents or ground rents (if any), hazard or property insm'ance coveting the ?roperty, and flood insurance (if any)_ If Lender required mortgage insurance as a condition of making the loan that I promise to pay under the Note, (i) I also will pay to Lender all amounts necessary to pay for mortgage insurance, and (ii) if, under Paragraph 8 below, instead of paying for mortgage msLtrance I am required to pay Lender an oanount equal to the cost of mortgage insurance, i will pay this amount to Lender. I will pay all of these amounts to Lender unless Lender tells me, in writi_ng, that I do not have to do so, or unless the law requires otherwise. I wi'Il make these payments on the same day fl~at my monthly payments of principal and interest are due under the Note. My payments under this Para~aph 2 will be for the items listed in (i) through (vi) below, which are called "Escrow Items": (i) The estimated yearly taxes, assessments, water frontage charges and other shriller charges, and sewer rents on ~e Property which under the law may be superior to this Security Instrument as a lien on the Property. Any claim, demand or charge that is made against propmV because an obligation has not been fulfilled is known as a "lien"; (ii) The estimated yearly leasehold payments or ground rents on the Property (if any); (iii) The estimated yem-ly premim~ for lmzm'd or property insurance covering the Property; (iv) The estimated yearly premium for flood insurance covering the Property (if any); (v) The estimated yearly premimn for mortgage insurance (if any); and (vi) The estimated yearly amount I may be required, to pay Lender under Paragraph 8 below instead of the estimated yearly premimn for mortgage insurmme (if any). Lender will estimate from time to time the amount I will have to pay for Escrow Items by using existing assessments and bills and reasonable estimates of the amount I will have to pay for Escrow Items in the future, unless the law requires Lender to use another method for determining the amount I am to pay. The ammmts that I pay to Lender for Escrow Items tinder tkis Paragraph 2 will be called the 'q:'unds'. The Fm~ds are pledged as additional security for all Sums Secured. The law puts limits on the total m~ount of Ftmds Lender can at any time collect and hold. This total ammmt cermet be more than the maximum amount a lm~der for a "federally related mortgage loan" could require me to place in an "escrow account" under the federal law called the "Real Estate Settlement Procedures Act of 1974," as that law may be amended from t/me to time. If there is another law that imposes a lower limit on the total amount of Funds Lender can collect and hold, Lender will be limited to the lower amount. (B) Lender's Obligations Lender will keep the I~unds in a savings or banking institution wlfich has/ts deposits insured by a federal agency, instrumentality, or entity, or in any Federal Home Loan Bank. If Lender is such 3 ]~MClI'¢ 12WY Fi~ed Morl~uge 0 559 a savings or banking institution, Leader may hold tl~e Funds. Except as described in tlxis Paragraph 2, Lender will use the Funds to pay the Escrow Items. Lender wil.l give to me, without charge, an annual accounting of the Funds. That accounting must show all additions to and deduct/ohs from the Funds and the reason for each deduction. Lender may not charge me for lmlding or keeping the Funds, for using the Funds to pay Escrow Items, for making a yearly analysis of my payment of Funds or for receipting, verifying and totaling assessments and bills. However, Lender may charge me for these services ii' Lender pays me interest on fl~e Funds and if the law permits Lender to make such a charge. Lender also may require me to pay a one-time charge for an independent real estate tax reporting service used by Lender in connection w/th my loan, unless the law does not permit Lender to make such a charge. Lender will not be requircd to pay me any interest or eanfings on the Funds unless either (i) Lender and I agree in writing, at the time I sign th~s Security h~strLLme~t, that Lender will pay interest on the Funds; or (ii) the law requires Lender to pay interest on the Funds. (C) Adjustments to the Fu]~ds Under the law, there is a limit on the amount of Funds Lender may hold. If the amount of Funds held. by Lender exceeds this limit, then the law requires Lender to accotmt to me in a special manner Ibr the excess amount of Funds. There will be an excess amount if, at any time, the amount of Fm~ds which Lender is holding or keeping is greater than the amount of Funds Lender is allowed to hold under the law. If, at any time, Lender has not received enough Funds to make the payments of Escrow Items when the payments are due, Lender may tell me h~ writing that an adchtional amount is necessary. I will pay to Lender whatever additional mnount is necessary to pay the Escrow Items in full. Lender will determine the number of monthly payments I have in which to pay that additional amount, but the number of payments w/Il not be more than twelve. When I have paid all of the Sums Secured, Lender will promptly refund to me any Funds that are then being held by Lender. If, under Paragraph 21 below, Lender either acquires or sells tl~e ?rope-fLy, then before the acquisition or sale, Lender will use any Fm~ds whlcl~ Lender is holding at the time of the acquisition or sale to reduce the Stuns Seemed. 3. APPLICATION OF BORROWER'S PAYMENTS Unless the law requires otherwise, Lender will apply each of my payments trader the Note and under Paragraphs 1 and 2 above in the following order and/'or the following purposes: First, to pay any prepayment charges due under the Note; Next, to pay the amounts due to Lender under Paragraph 2 above; Next, to pay interest due; Next, to pay principal due; and Last, to pay any late cl~arges duc under the Note. 4. BORROWER'S OBLIGATION TO ]PAY CHARGES, ASSESSM]gNTS AND CLAIMS I will pay all taxes, assessments, water frontage charges and other similar charges, sewer rents, and any other charges and fines that may be imposed on the Property and that may be superior to this Secur/ty h~strument. I will also make payments due under my lease if I am a tcmant on the l>roperty and I will pay ground rents (if any) due on the Property. I will do this either by making the payments to Lender that are described in Paragraph 2 above or, if I am not required to make payments under Paragraph 2, by making th~ payment.ts on time to the person owed them. ( In this 4 INMC~lZW¥ g/15/95 Secufi~ Instrument, the word "person" means any person, or§anization, §ovemmental authority or otl~¢r party./ If I make direct payments, then promptly after making any o£flmse payments I will give Lender a receipt which shows that I have done so. If I make paym~t to Lender under ?ara~zapb. 2, I will ~ive Lender all notices or bills that I receive for fl~e amounts due under tiffs ?ara~aph 4. I will promptly pay or satisfy all liens against the Property that may be superior to this Security Instrument. However, th.is Security Instrument does not require me to satisfy a superior lien if: (A) I agree, in writing, to pay the obligation which gave rise to the supehor lien and Lender approves the way in which I agree to pay that obligation; or (B) in good faith, I argue or defend against the superior lien in a lawsuit so that, during the lawsuit, the superior lien may not be enforced; or (C) I secure from the holder of that othcr lien an agreement, approved in writing by Lender, that tl~¢ lien of this Secur/ty Instrument is supehor to the lien held by that person. If Lender determines that any part of the Property is subject to a super/or lien, Lender may give Borrower a notice identifying the superior liem. Bon'ower shall pay or satisfy the supmqor lien or take one or more of the actions set forth above within 10 days of the giv/ng of notice. 5. BORRO~VER'S OBLIGATION TO MAINTAIN HAZARD ENSURANCE OR PROPERTY INSURANCE I will obtain hazard or property insurance to cover all buildings and other improvements that now are or in the future w/ll be located on the Property. The insurance must cover loss or damage caused by fire, hazards normally covered by "extended coverage" hazard insurancc policies and other hazards for which Lender requires coverage, including floods and flooding. The insttrance must be in the amounts and for the periods of time required by Lender. I may choose the insurance compm~y, but my choice is subject to Lender's approval. Lender may not refuse to approve my choice unless the refusal is reasonable. If I do not maintain the insurance coverage described above, Lender may obtain insurance coverage to protect Lender's rights in thc Property in accordance with Paragraph 7 below. All of the insurance policies ~d renewals of those policies must include what is known as a "standard mortgage clause" to protect Lender. The form of all policies and rcnewals must be acceptable to Lender. Lender will have the right to hold the policies and renewals. If Lender requires, I will promptly give Lender all receipts of paid premiums and renewal notices that I receive. If there is a loss or damage to the Propcrb,, I will promptly notify thc insnrance company and Lender. If I do not promptly prove to thc insurance company that the loss or damage occurred, then Lender may do so_ The ammmt paid by the insurance company is called "proceeds." The proceeds will be used to repair or to restore the damaged Property unless: (A) it is not economically feasible to make repairs or restoration; or (B) the use of the proceeds for that purpose would lessen the protection given to Lender by this Security Instrument; or (C) Lender and I have agreed in wr/~ng not to use thc proceeds for that purpose. If the repair or restoration is not economically feasible or if it would lessen Lender's protection under.this Security Instrument, then the proceeds will be used to reduce the amount that [ owe to Lender under the Note and under this Security Instrument. If a~xy of the proceeds remain after the amount that I owe to Lender has been paid in full, the remaining proceeds will be paid to me. 11115195 IfI abandon the Property, or ifI do not answer, within 30 days, a notice from Lender stating that the insurance company has offered to settle a claim, Lender may collect the proceeds. Lender may use the proceeds to repair or restorc tke Property or to pay the Sums Secured. The 30-day period will begin when the notice is given. If any proceeds are used to reduce the amount ofprhacipal which I owe to Lender under the Note, that use will not delay the due date or change fhe amount of any of my monthly payments under the Note and under Paragraphs 1 and 2 above. However, Lender and I may agree in writing to those delays or changes. If Lender acquires the Property under Paragraph 21 below, all of my rights in thc insurance policies will belong to Lender. Also all of my rights in any proceeds which are paid because of damage that occurred before the Property is acquired by Lender or sold will belong to Lender. However, Lender's rights in those proceeds will not be greater than the Sums Secured immediately before the Property is acquked by Lender or sold. 6. BORROWER'S OBLIGATIONS TO OCCUPY Tilt; PROPERTY, TO MAINTAIN AND PROTECT TIlE PROPERTY, ,MND TO FU'LFILL ANY LEASE OBLIGATIONS; BORROWER'S LOAN APPLICATION (A) Borrower's Obligations to Occupy the Property I will occupy thc Property and use the Property as my principal residence within sixty days after the "Permanent Loan Commcncc'mcnt Date" referred to in the Construction Rider attacl~ed hereto_ i will continue to occupy the Property and to use the Property as my principal residence for at least one year. The one year period will begin when I first occupy the Property. However, I will not have to occupy tl~e Property and use the Property as my principal residence within the time frames set forth above if Lender agrees in writing that I do not have to do so. Lender may not refuse to aka-ce ua~less the refusal is reasonable. I also will not have to occupy the Property and usc the Property as my principal residence within thc time flames set forth above if extenuating circumstances exist which are beyond my control. (B) ,Borrower's Obligations to Maintain and Protect the Property I will keep the Property in good. repair. I will not destroy, damage or harm the Property, and I will not allow the Property to deteriorate. I will be "in default" under tkis Security Instrument if 1 fail to keep any promise or agreement made in this Security Instrument. I also will be in default under th_is Security Instrument if any civil or criminal action or proceeding for "forfeiture" (that is, a legal action or proceeding to require the Property, or any part of the Property, to be given up) is begun and Lender determines, in good hith, that this action or proceeding could result in a court ruling (i) that would require forfeiture of the Property or (ii) that would materially impair the lien of this Security h~stmment or Lender's rights in the Property. I may correct the default by obtaining a court ruling that dismisses the legal action or proceeding, if Lender determines, in good rich, that this court ruling prevents tbrfeiture of my interests in this Property and also prevents any material impairment of (i) the lien created by this Security Instrument or (ii) Lender's rights in the Property. If I correct the dehult, I will have the right to have enforcement of this Security Instrument discontinued, as provided in Paragraph 18 below, even if Lender has required immediate payment in full. (C) Borrower's Obligations to Fullill Any Lease Obligations 6 INMCI/~12WY gl l 5/~ 5 IfI do not own but am a tenant on the Property, I will fulfill all my obligations under my lease. I also agree that, ifI acquire the fee title to the Property, my lease interest and the fee title w/ll not merge unless Lender agrees to the merger in writing. (D) Borrower's Loan Application If, during the application process for the loan that I promise to pay under the Note, I made false or inaccurate statements to Lcmder about information important to Lender in determining my eligibility for the loan, Lender will treat my actio~.s as a default under this Security Instrument. False or inaccurate statements about information important to Lender would include a. misrepresentation of my intentions to occupy the Property as a principal residence. This is just one example of a false or inaccurate statement of important information. Also, if during the loan application process I la/led to provide Lender with information importmat to Lender m determining my eligibility for the loan, Lender wbll treat this as a default under this Security [nsmtment. 562 7. LENDER'S RIGHT TO PROTECT ITS RIGHTS IN TB2E PROPERTY If: (A) I do not keep my promises and agreements made in this Secur/ty h~strument, or (B) someone, including me, begins a legal proceeding that may sigmficantly affect Lender's right.~ in the Property (such as a legal proceeding in bankruptcy, in probate, for condemnat/on or forfeiture, or to enforce laws or regulations), Lender may do and pay for whatever is necessary to protect the value of the Property and Lender's rights in the Prop~Tty. Lender's actions may include appearing in court, paying reasonable attorney's fees and entering on the Property to make repairs. Although Lender may take action under this Paragraph 7, Lender does not have to do so. [ will pay to Lender any amotmts, with inter-est, which Lender spends trader this Paragraph 7. I will pay those amounts to Lender when Lender sends me a notice requesting that I do so. I will aisc pay interest on those amounts at the Note rate. Interest on each amount will begin on flxe date that the amount is spent by Lender. However, Lender and I may agree in writing to terms of paym-cnt that are different from those in this paragraph. This Security Instrument will protect Lender in case I do not keep this promise to pay those amotmts with interest. 8. MORTGAGE INSUItANCE If Lender required mortgage insurance as a condition of making the loan that I promise to pay m~der the Note, I will pay the premiums for the mortgage insurance. II} for any reason, the mortgage insurance coverage lapses or ceases to be in effect, i will pay the premiums for substantially equivalent mortgage 'Lasurance coverage. However, the cost of this mortgage insurance coverage must be substant/ally equivalent to the cost to me of the previous mortgage insurance coverage, and the alternate mortgage insurer must be approved by Lender. if substantially equivalent mortgage insurance coverage is not available, Lender w/II establish a "loss reserve" as a substitute for thc mortgage insurance coverage. I ~vill pay to Lender each month an amoun.t equal to one-twelfth of the yearly mortgage insurance premium (as of the time the coverage lapsed or ceased to be in effect). Lender will retain these payments, and will use these payments to pay/bt losses that the mortgage insurance would have covered, and tach payments sbaI1 be irrevocable and non-refundable. Lender may choose to no longer require loss reserx~e payments, if mortgage insurance coverage again becomes available and is obtained. The mortgage insurance coverage must be in the amount and for the period of time required by Lender. The Lender must approve the insurance company providing the coverage. II'~MC./;912W Y ~115195 1~ will pay the mortgage insurance premiums, or the loss reserve payments, until the requirement for mortgage insurance ends according to my written agreement with Lender or according to law. Lender may require me to pay the premiums, or the loss reserve payments, in the maturer described in Paragraph 2 above. 9. 'LENDER'S RIGHT TO INSPECT TI~ PROPERTY Lendm-, and others authorized by Lender, may enter on and inspect the Property. They must do so in a reasonable manner and at reasonable t/mes. Before or at the time an inspection is made, Lender must give me notice stating a reasonable parpose for the inspection. 10. AGREEMENTS .aBOUT CONDEMNATION OF THE PROPERTY A taking of property by any governmental authority by eminent domain is known as "condemnation." I give to Lender my light: (A) to proceeds of all awards or claims for damages resulting from condemnation or other governmental taking of the Property; and (B) to proceeds from a sale o£ the Prop~'rty that is made to avoid condemnation. - All of those proceeds will be paid to Lender. If all of the Property is taken, the proceeds will be used to reduce the Sums Secured. If any of the proceeds remain after the amount that I owe to Lender has been paid in full, the remaining proceeds will be paid to me. Unless Lender and I agree otherwise in. writing, if only a part of the Property is taken, and the fair market value of the Property immediately before the talcing either is equal to, or greater than, the amount of the Sums Secured immediately belbre the taking, the amount that I owe to Lcmder will be reduced only by the amount of proceeds multiplied by a fraction. That fraction is as follows: (A) the total amount of the Sums Secured immediately before the taking, divided by (B) the lair market value of the Property immediately before the taking. The remainder of ~he proceeds will be paid to me. Unless Lender and I agree otherwise in writing or unless the law requires otherwise, if only a part of the Property is taken, and the ikir market value of the Property immediately before the tak/ng is less than the amount of the Sums Secured immediately before the taking, the proceeds will be used to reduce the Sums Secured. IfI abandon the Property, or ifI do not answer, within 30 days, a not/ce from Lender stating that a govenunental authority has. offered to make a payment or to settle a claim for damages, Lender has the authority to collect the proceeds. Lender may then use the proceeds to repair or to restore the Property or to reduce the Snms Secured. The 30-day period will begin when the notice is given. If any proceeds are used to reduce the amount of principal which I owe to Lender und,r the Note, that use will not delay the dae date or change the amount of any of my monthly payments under the Note and under Paragraphs 1 and 2 above. However, Lender m~d I may agree in writing to those delays or changes. 11. CONTINUATION OF RIGHTS (A) Borrower's Obligations BORRO~VER'S OBLIGATIONS AND OF LENDER'S INMC#012WY Flxod M~'~gagc Lender may allow a person wt~o takes over my rights m~d obligations to delay or to change the amount of the monthly paymm~ts o£ principal and interest due under the Note or under this Security Insm. zmen.t. Even if Lender does th.is, however, that person arid I will both still be fully obligated under the Note and under this Security Instrument. Lender may allow those delays or changes for a person who takes over my fights and obligations, even ii' Lender is requested not to do so. Lender w/ll not be required to bring a lawsuit against such a person for not fulfilling obligations under the Note or under this Security InsUument, even if Lender is requested to do so. (B) Lender's Rights Even if Lender does not exercise or enforce any right of Lender under this Security Insu-ument or under the law, Lender w/Il still b. ave ail of those rights and may exercise and enforce them in the future. Even if Lender obtains insurance, pays taxes, or pays other claims, charges or liens against the Property, Lender will have the fight under Paragraph 21 below to demm~d that I make immediate payment in full of the amount that I owe to Lender under the Note and mxdm- this Seetn-/ty Instrument. 12. OBLIGATIONS OF BO.RROWER AND OF PERSONS TAKING OVER BORROWER'S ILIGHTS OR OBLIGATIONS Any person, who takes over my fights or obligations under this Security Inst~mnent will have all of my r/ghts and will be obligated to keep all of my promises and agreements made in this Security Instrument. Similarly, any person who takes over Lender's rights or obligations tn]der this Secm'ity Instrument will have all of Lender's rights and will be obligated to keep all of Lender's agreements made in this Security Instrument. If more than one person sigrm this Security Instrument as Borrower, each of us is fully obligated to keep all of Borrower's promises and obligations contained in. this Security Instrmnent. Lender may enforce Lender's rights under this Security Instrument against each ct' us indiv'idually or against all of us together. This means that any one of us may be required to pay all of the Sums Secured. However, if one of us does not sign the Note: (A) that person is signing this Secm-ity Instrument only to give that person's fights in the Property to Lender under the terms of this Security Instrument; and (B) that person is not personally obligated to pay the Sums Secured; and (C) that person agrees that Lender may agree with the other Borrowers to delay enforcing any of Lender's rights or to modify or make any accormnodafions w/th regard to the terms of this Security Instrument or the Note without that person's consent. 13. LOAN CHARGES If the loan secured .by this Security Instrument is subject to a law which sets maximum loan charges, and that law is finally interpreted so that the interest or other loan charges collected or to be collected in cmmecfion with the loan exceed pewmitted limits: (A) any such loan charge shall be reduced by the amount necessary to reduce the charge to the permitted limit; and (B) any sums already collected from Borrower which exceeded permitted limits will be refunded to Borrower. Lender may choose to make th.is refund by reducing the principal owed under the Note or by making a direct payment to Borrower. If a refund reduces principal, the reduction w/Il be treated as a partial prepayment without any prepayment charge under the Note. '14. NOTICES REQUIRED UNDER Tills SECURITY INSTRITiVlENT 4 9 IN MCtl912WY ~/15195 Fixed M c~g.~gc Any notice that must be given to me under this Security Instrument will be given by delivering it or by mai'ling it by first class mail unless applicable law requires use of another method. The notice w/ll be addressed to me at the address stated, in the section above titled "Description of the Property." A notice will be given to me at a different address if I give Lender a notice of my different address. Any notice tl~at must be given to Lender trader this Security I_nstrument will be given by mailing it to Lender's adckess stated in subparagraph (C) of the section above titled "Words Used Often In This Document." A notice will be mailed to Lender a.t a different adch'ess if Lender gives me a notice of the different address. A notice required by this Security Instrument is givcm when it is mailed or when it is delivered according to the requirements of this Paragraph 14 or of applicable law. 15. LAW TI'~T GOVERNS THIS SECURITY INSTRUMENT This Security Instrument is governed by federal law and the law that applies in the place where the Property is located. If any te~zn of this Security Insuument or of the Note conflicts with the law, all other terms of this Security Instrument and of the Note will still remain in effect if they can be given effect without the conflicting term. This means that any terms of this Security Insmm~cnt and of the Note which conflict with the law can be separated fi-om the remaining terms, and the remaining terms will still be enforced. 16. BORROWER'S COPY I will be given one conformed copy of the Note and of this Security Instrument. 17. AGREEMENTS ABOUT LENDER'S RIGHTS IF TI:I~. PROPERTY IS SOLD OR TRAINSFERRED Lender may require immediate payment in full of all Sums Secured by this Security Instrument if all or any part of the Property, or if any right in the Property, is sold or transferred withottt Lender's prior written permission. Lender may also require immediate payment in full if a beneficial interest in Borrower is sold or transferred and Borrower is not a natural person. However, Lender shall not require inamediate payment in full if this is prokibited by federal law on the date of this Security Instrument. If Lender requires immediate payment in fi.xll under this Paragraph 17, Lender will give me a notice which states this requirement. The notice will give me at least 30 days to make the required, payment. The 30-day period will begin on the date the notice is mailed or delivered. If I do not make the required payment during that p~riod, Lender may act to enforce its rights under this Security instrument without giving me any further ~otice or demand for payment. 18. BORROWER'S RIGHTS TO HAVE, LENDER'S ENFORCEMENT OF THIS SE CURtTY 'INTERE ST DIS CONTINUED Even if Lender has required immediate payment in full, I may have the right to have enforcement of this Security Instrument discontinued. I will have this right at any time before sale of thc Property under any po;ver of sale granted by tlfis Security Instrument or at any time before a judgement has bem~ entered, enforcing this SecmSty Instrument if I meet the following conditions: (A) I pay to Lender the full amount that then would be due under this Security Instrument and the Note as if immediate payment in full had ncvc-r been required; and (B) I correct my failure to keep any of my other promises or agreements made in this S¢cur/ty Instrument; and 8f15/~5 (C) I pay all of Lender's reasonable expenses in enforcing th/s Security Instrument including, for example, reasonable attorneys' fees; and (D) I do whatever Lender reasonably requires to assure that Lender's rights in the Property, Lender's rights under this Security Instrument, and my obligations tmder the Note and under, fl~s Security Instrument continue unchanged. If I fulfill all of the conditions in this Paragraph 18, then the Note and this Security Instrument Mil remain in full effect as if in~nediate payment in full had never been required. However, I will not have the right to have Lender's enforcement of this Security Instrument discontinued if Lender has required immediate payment in full under Paragraph 17 above. 19. NOTE HOLDER'S RIGHT TO SELL THE NOTE OR AN INTEREST IN THE NOTE; BORROWER'S RIGHT TO NOTICE OF CHANGE OF LOAN SERVICER The Note, or an interest in the Note, together w/th this Security Instrument, may be sold one or more times. I may not receive any prior notice of these sales. The entity that collects my monthly payments dne under the Note and this Security Instrument is 6alled the "Loan Servicer." There may be a change of the Loan Servicer as a result of the sale of the Note; there also may be one or more changes of the Loan Servicer unrelated to a sale of the Note. The law requires that I be given written notice of any change of the Loan Servicer. The written notice must be given in the manner requ/.red trader Paragraph 14 above and under applicable law. The notice w~.l state the name and address of the new Loan Servicer, and also tell me the address to which I should make my payrnents. The notice also will contain any other information required by the law. 20. CONTINUATION OF BORROWER'S OBLIGATIONS TO MAINTAIN AND PROTECT TIlE PROPERTY Tlxe federal laws and the laws of tlle jurisdiction where the ?roperty is located that relate to health, safety or environmental protection are called "Environmental Laws." I will not do anything affecting the Property that violates Environmental Laws, and I will not allow anyone else to do so. Env/ronmental Laws classify certain substax~ces as toxic or hazardous. There are otl:er substances that are considered hazardous for ptaposes of this Para~aph 20. These are gasoline, kerosene, other flammable or toxic petroleum products, toxic pesticides mad herbicides, volatile solvents, materials containing asbestos or formaldehyde, and radioactive materials. The substances defined as toxic or hazardous by Environmental Laws and the substances considered hazardous for pm-poses of this Paragraph 20 are called "Hazardous Substances." I w/ll not permit Hazardous Substances to be present on fl~e Property. I will not use or store Hazardous Substances on the Property, a~d I will not allow anyone else to do so. I also will not dispose of Hazardous Substances on the Property, or release any Hazardous Substance on the' Property, and I will not allow anyone else to do so. t'Iowever, ][ may permit the presence on the Property of small quantifies of Hazardous Substances that are generally recognized as appropriate for nonxqal residential use and maintenance of the Property, and I may use or store these small quantities on the Property. In addition, unless thc law requires removal or other action, the buildings, the improvements and the fixtures on the Property are permitted to contain asbestos and asbestos-containing materials if the asbestos and asbestos-containing materials are undisturbed and "non-fi-iable" (that is, not easily crumbled by hand pressure). 8115195 Fixed If I know of any investigation, claim, demand, lawsuit or other action by the government or by a pr/rate party involving the Property and any H~ardous Substance or Environmental Laws, I will promptly notify the Lender in whting. If the government notifies me (or I otherwise learn) that it is neee,sary to remove a Hazardous Substance affecting the Property or to take other remedial actions, I will promptly take all necessary remedial actions as required by Enviromnental Laws. 21. LENDER'S RIGHTS IF BORROWER FAII,S TO KEEP PROMISES AND AGREEMENTS Except as provided in Paragraph 17 above, if all of the conditions stated in subparagraphs (A), (B) and (C) of this Paragraph 21 are met, Lender may require that I pa), immediately the entire amount then remaining unpaid under the Note an ~mder this SecUrity lnstrurncmt. Lender may do this without making any further demand 'for payment. This requirement is called "inunediate payment in full." If Lender requires {mm.¢diat¢ payment in full, Lender, at its election, may foreclose this Security Instrument, either by (A) advertisement and sale of the Property as provided in fl~e Wyoming Statutes, as amended lCrolI1 time to time (the power of sale authorized by the Wyoming Statutes is her¢by expressly granted to Lender by me) or (B) bringing a lawsuit to foreclose and take away all my re~naining rights in the Property and haxfing the Property sold. Under eith¢-r of these methods, Lender or another person may a¢quirc the Property. The right of Lender to take away all of my remaining r/ghts in the Properts, and to have the Property sold, whether by advertisement and sale or by bringing a lawsuit, is knmvn as "foreclosm-e and sale". In any proceeding for foreclosure and sale of the Property, Lender will have the right to collect all costs and disbursements and additional allowances allowed by law and will have the right to add all reasonable attom~s' fees to the amount I owe Lender, which fees shall become part of the Sums Secured. If Lender elects to foreclose and sell the Property by cxcrcising the po;vcr of sale that I have granted to Lender in this Paragraph 21, Lender will give written notice of its intent to foreclose this Security Instrument to me and, if I am not possessing or occupying the Property, to the person who is in possession of the Property, in the rnamer allowed by law. The notice of intent to foreclose will be given to me, by certified mail, return receipt requested, ia the manner provided by Paragraph 14. After gMng mc notice of its intent to foreclose, km~der will publish notice of the sale of the Property for four (4) consecutive weeks, at least once in each week, in a newspaper printed or of general circulation in the county where the Property is located. After publishing the notice of sale, the Property will be sold by the sher/ff or deputy sheriff of tl, e county where the Property is located at the time and place and in the rammer required by applicable law 'and published in the notice of sale. Lender may require immediate payment in full under this Paragraph 21 only if all of the following conditions are met: (A) I fail to keep any promise or agreement made in this Security Instrument, including thc promises to pay when due the Sums Secured. (B) Lender sends to me, in the manner described in Paragraph 14 above, a notice that states: (i) The promise or agreement that I failed to keep; (ii) The action that I must take to correct that default; (/ii) A date by which I must correct the default. That date must be least 30 days from the date on which the notice is given; II15/95 ];ix~.d MralgnC~ (iv) That ifI do not correct the default by the date stated in the notice, Lender may require immediate payment in full, and L~der or another person may acquire the Property by means of foreclosure and sale; (v) That ifI meet the conditions stated, in Para~aph 18 above, I will have the right to have Lender's enforcement of this Security Instzmnent discontinued and to have the Note and this Security Instrument remain fully effective as if immediate pa3nnent m full had never been required; and (vi) That I have the right m any lawsuit for foreclosure and sale to argue that i did keep my promises and agn'eements under the Note and m~der this Security Instrument, and to present any other defenses that I may have. (C) I do not correct the default stated in the notice from Lender by the date stated in that notice. 22, LENDER'S OBLIGATION TO DISCHARGE THIS SECURITY INSTRUMENT ~Vhen Lender has been paid all amounts due trader the Note and under this Sccur/ty Instrument, Lender will discharge this Security Instrument by delivering a certificate stating that this Security Instrument has been satisfied. I MI1 pay all costs of recording the discharge in the proper official records, i agree to pay a fee for the discharge of this Security Instrument, if Lender so requires. Lender may require that I pay such a fee, but only if the fee is paid to a. third patty for services rendered and the charging of the tee is pennit'ted by applicable law. 23. RELEASE OF ttOB/[ESTEAD To the extent applicable to me, .! hereby release and waive all rights under and by virtue of the homestead exemption laws of the State of Wyoming. 24. RIDERS TO TFrrS SECURITY INSTRUB,fE1NT If one or more riders are signed by Borrower and recorded together with this Security Instrument, the prom!scs and agreements of each rider are incorporated as a part of this Security Instrument [Check applicable box(es)] [ ] Adjustable Rate Rider(s) [ ] Condominitm~ R/der [ ] Graduated Paymm~t R/der [ ] Planned Unit Development R/der [ ] Balloon Rider [ ] Rate hnprovement Rider [ ] V.A. Rider [ ] Other(s) [specify] [ ] 1-4 Family Rider [ ] Biweekly Payment Rider [ ] Second Home R/der [ x ] Construct/on. Rider pages 1 with it. BY SIONING BELOW, I accept and agree to the promises and agreements contained in through 13 of flzis Security Instrument and in any rider(s) signed by mc m~d recorded iNM Cl,~912W'Y' ~gETTE DEVENY ~ STATE OF WYOMING ) ) SS: COUNTY OF LINCOLN ) The foregoing ins'm.unent was acknowledged before me by L 30 day of_&o_.nu~ar¥ ,~l~XlI 2003 Dean Ellis Deveny and Janette Devany , this WITNESS my hand and official seal. My Commission Expires: November 4, 2006 Notary Public ~)' 14 HI15195 570 EXHIBIT A Legal Description A portion of the property referred to in the Deed recorded in Book 494PR on page 562 with the Office of the Clerk of Lincoln County, Wyoming within the SW~ASE~fi of Section 26, T35N Rll9W of the 6th P.M., Lincoln County, Wyoming, the metes and bounds being more particularly described as follows: Beginning at the cotton gin spike set marking a point in the south line of said SW ~fi SE ~A, said point 329.58 feet S 89°05'21" E, along said South line, from the B.L.M. type monument found marking the Marlowe A. Scherbel PLS 5368, 1993 location for the Southwest Comer of the W~ASE¼ of said Section 26; thence N 0o42'37'' E, 330.45 feet to an aluminum cap on an iron pipe set; thence S 89°05'21" E, parallel with said South lin~, 329.63 feet to an aluminum cap on an iron pipe set marking a point in the east line of said property; thence S 0o43'09'' W, along said east line, 330.45 feet to the cotton gin spike found marking the southeast comer of said property; thence N 89°05'21'' W, along said south line, 329.58 feet to the point of beginning. Loan # CTP- 2104187 CONSTRUCTION R/DER THIS CONSTRUCTION Rider is made this 30TH DAY OF JA.NUARY, 2003 , and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust or Security Deed (the "Security Instrument") of the same date given by the undersigned ("Borrower") to secure Borrower's Adjustable Rate Note or Fixed Rate Note (thc "Note") to INDYMAC RANK, F, 8, B,, a federally chartered saving~ bank (thc "Lender") of thc sanle date and covering the property described in the Security Instrument alld located at: 617 PRATER CANYON ROAD THAYNE, WY 83126 (Property Address) ADDITIONAL COVENANTS. In addition to the covenants made in the Security Instrument, Borrower and Lender further covenant and agree as follows: 1. CONSTRUCTION LOAN AGREEMENT. Borrower sl~all promptly pay and pertbrm when due all of Borrower's obligatiom under tlnt certain Construction Loan Agreement, dated the same date as the Security Instrument (the "Construction Loan Agreement") and all amendments thereto. The loan evidenced by the Note will be DD$-Kgl FORM INMC 911 (Mlilrislatc) 8-30-94 572 advanced to Borrower pursuant to the Construction Loan Agreement. The period of time commencing on the date hereof and ending on the last day of the month in which the "Completion Date" under the Construction Loan Agreement occurs is referred to herein as the "Construction Period." If there is no "Adjustable Rate Rider" attached hereto the first day of the first month after the Completion Date occurs is referred to herein as the "Permanent Loan Commencement Date." If there is an Adjustable Rate Rider attached hereto, the "Permanent Loan Commencement Date" shall be the date referred to in such Adjustable Rate Rider, The period of time conunencing on the Permanent Loan Commencement Date and ending on the Maturity Date described beh)w is referred to herein as the "Permanent Loan Period." The expiration of the Construction Period may be evidenced by the Lender's execution and recordation in the Official Records of the County where the Property is located of a supplement to the Security Instrument which includes a certification stating the Completion Date, the Permanent Loan Commencement Date, the Maturity Date and the principal balance of the loan evidenced by the Note on the Permanent Loan Commencement Date. An7 subsequent holder of the Security Instrument shall be entitled to rely on such certification. 2, MATURITY DATE. The indebtedness evidenced by the Note, if not earlier paid, shall become due and payable on l s years after the Permanent Loan Commencement Date. That date is called the "Matm-ity Date." 3, INTEREST RATE DURING CONSTRUCTION PERIOD. During the Construction Period, the Note provides for an interest rate of 6.8 0 0 %. This rate may change during the Permanent Loan Period as provided in the Note or in any other Rider attached to the Security Instrument. -2- I'}D$-K91 FORM INM¢ 91 I (Mulri~'are) 8-30-94 573 ,1. BRIDGE LOAN NOTE. Borrower agrees that it', as described in the Con.~truction Loan Agreement, Borrower has obtained an additional "bridge" loan from Lender, then the Security Instrmnertt secures, in addition to all obligations set forth. therein, all obligations of Borrower under the note evidencing such bridge loan, which note is dated N/A and is in the original principal amourlt of $ lg/A [state date and amount or "not applicable"] (the "Bridge Loan Note") and all other documents relating thereto, and that all referenCes in the Security Instrument to the "Note" or the indebtedness or debt secured by the Security Instrument shall include the Bridge Loan Note as well as all other notes referred to in the Security Instrument. -~. SECURITY AGREEMENTS; FIXTURE FILING. The term "Property" as used in this Security Instrument shall also include all building materials, appliances, equipment, machinery, goods and fixtures (collectively, "personal property") now or hereafter located on or attached or affixed to the real property described herein, the cost of which was paid, in whole or in part, from the proceeds of the loan made by Lender to Borrower pursuant to the Construction Loan Agreement, and Borrower hereby grants to Lender a security interest in and to the personal property and all. proceeds hereof, pursuant to the Security Instrument and the Uniform Commercial Code of the state where the real property is located, and all rights and remedies of a secured party under the U'niform Commercial Code in the event of any breach of any covenant or agreement in the Security Instrument. Borrower shall execute and deliver such financing statements as Lender may request in order to perfect Lender's security interest in the personal property. The Securi.ty Instrument constitutes a fixture filing with respect to any and all fixtures or any goods which may now be or may hereafter become fixtures included within the term "Property." -3- DD$-Kgl (Multistate) FOP.M INM¢: 911 . 8.30.~j~t 574 BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants DATE DATE DD.q-Kgl (Mul(ls~at¢) FORM INMC 911 8-30-9,~