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03014920 Return To: CHASE MAN/4ATTAN MORTGAGE CORPORATION 1500 N 19TH ST MONROE, LA 71201 ATTENTION: POST CLOSING 8 ~ 7 9 I $ ~oo~: 4.70 PR v^o~. 044 · [Blmce Ab~va Tl~ Line For R~ordiag Data] MORTGAGE '.49'7054989 DEFINITIONS Words used in multiple sections of this document are defined below and other words are defined in Sections 3, 11, 13, 18, 20 and 21. Certain rules regarding the usage of words used in this document are also provided in Section 16. (A) '"Security Instrument" means this document, which is dotal Dec ember 7, 2 0 01 , together with all Riders to this document. (B) "Borrower" is E ROOT. UNIV[ARRIED faka.DAVID ROOT Borrower'is the mortgagor under this S~curity Instrument. (C) "Lender" is CHASE MANHATTAN MORTGAGE CORPORATION Lender is a CORPORATION organized and existing under the laws of THE STATE OF New Jersey WYOMING-Single Family-Fannie Mae,~P~eddle Ma= UNIFORM INSTRUMENT Form 3051 1/01 VMP MORTGAGE FORMS - {800}5Z1-7291 ' 9E/Z d I/6EI[ IO~ 'ON/QE:EI 'iS/VE:Et 10 ,£0 'EI (IE~) ~OH~ Lender's ad4~s is 343 Thornall Street, E.dison, NJ 08837 Lender is the mortgagee under this Security Instrument. (D) "Note" means the promissory.note signed by Borrower and dattn:l Decer~er 7, 2 0 01 The Note states that Borrower owes Lender One Hundred Sixty-Five Thousand, Three Hundred and 00/100D011a~s (U.S. $ 16 5,3 0 0.0 0 ) plus interest. Borrower has promised to pay this debt in regular Periodic Payments and to pay the debt in full not later than Jarluary 1, 2 0 3 2 (E) "Property" means the property that is described below under the heading "Transfer of Rights in the Property." (F) "Loan" means the debt evidenced by the Note, plus 'interest, any prepayment charges and late charges due under the Note, and all ~urns due under this Secttrity Instrument, plus interest. (G) "Riders" meam all Riders~to this Security ]l~tDlment that are executed by Borrower. The following Riders are to be executed by Borrower [check box as applicable]: ', Adjustable Rate Rider ~-] Condominium Rider ~ Second Ho~a~e Ri~er Balloon Rider ~ ~ Planned Unit Developmon~ Rider 1-4 Family Rider ~'~ VA Rider ~] Biweekly Payment Rider Other(s) [specify] (ID "Applicable Law" means all controlling applicable federal, state and local statutes, regulations. ordinances and administrative rules and orders (that have the effect of law) as well as all applicable final, non-appealable judicial opinions. (I) "Community Association Dues, Fees, and As.~,~ssments" nm. aris all dues, fees, assessments and other charges that are imposed on Borrower or thc Property by a condominium association, homeowners association or similar organization. (J) "Electronic Funds Transfer" nm-mas any transfer of funds, other than a transaction originated by check, draft, or similax paper instrument, which is initiated through an electronic tem'hnal, telephonic instrument, computer, or magnetic tape so as to order, instruct, or authorize a financial institution to debit or credit an account. Such term includes, but is not limited to, point-of-sale transfers, automated teller machine transactions, transfers initiated by telephone, wire transfers, and automated clearinghouse transfers. (K) "Escrow Items" means those items that are described ia Section 3. (L) "Miscellaneous Proceeds" means any compensation, setfl~n~nt, award of damages, or proceeds paid by any third party (other than insurance proceeds paid under the covcrages described in Section 5) fen (i) damage to, or destruction of, thc Property; (ii) condemnation or other taking of all or any part of the Property; (iii) conveyance in lieu of condcrrmation; or (iv) misrepresentations of, or omissions as to, the value and/or condition of the Property. Il'd) "Mortgage Insurance" means insurance protecting Lender against the nonpayment of, or default on, the Loan. (IN) "Periodic Payment" means thc rcgularly scheduled amnunt due for (i) principal and interest under the Note, plus (ii) any am6unts under Section 3 of this Security Instrument. (0) "RESPA" means the Real Estate Settlement Procedures Act (12 U.S.C. Section 2601 et seq,) and its implementing regulation, Regulation X (24 C.F.R. Part 3500), as they might bc amended from time to tin~, or any additional or successor legislation or regulation that governs the same subject mater. As used in this~ Security Instrument, "RESPA" refers to all requirements and restrictions that are imposed in regard to a "federally related mortgage loan" even if the Loan does not qualify as a "feder~yl related mortgage loan" under RESPA. - (P) "Successor in Interest of Borrower" means an3, party that has taken title ~o the Property, whether or not that party has assumed Borrower's obligations under thc Note and/or this Security Instrument. TRANSFER OF RIGHTS IN THE PROPERTY This Security Instrument secures to Lender: (i) the repayment of the Loan, and all renewals, extensions and modifications of the Note; and (1i) the performance of Borrower's cove~umts and agreements under this Se. curRy Instrument and thc Note, For this purpose, Borrower does hereby mortgage, grant and convey to Lender and Lender's successors and assigns, with power of sale, the following described property located in the COUNTY of LINCOLN : [Typ~ of Recording lurisdicfioffj [Name of Recording Jarlsdicflon] LOT ONE HUNDRED-THIRTEEN (113) IN STAR VALLEY RANCH PLAT THREE (3) AS PLATTED AND RECORDED IN THE OFFIICAL RECORD,C: OF ~INCOLAI COUNTY, WYOMING ~ Parcel ID Number: 35192t~40905500 which currently has the address of 24 BOX ELDER PLACE THAYNE [Cirri , Wyoming 83127 [Zip ("Property Addre~")'. TOGE~ER WITH ~1 ~e ~prov~ents now or hor~fler crated on ~ pricey, ~d ease~nts, appu~en~s, ~d fixtures now or hereafter a p~ o~' ~e property. All repl~emen~ ad&fions sh~l ~so be covered by ~is S~ity ~t~nt. All of ~ foregoing is refe~ed ~ in Security ~tr~t ~ the "Prope~," BORROWER COVENANTS ~at Bo~ower is law~ly seis~ of ~e estate h~eby conveyed ~d · e ri~t to ~gage, gr~t ~d convey ~e ~o~y ~d ~at ~e ~o~y is ~encumbered. exert for ~c~br~s of teco, rd. Bo~ower w~ts ~d will d~d g~r~ly ~e title m ~e Prop~y ag~st clams ~d de~ds, .subj~t to ~y enc~br~ of r~rd. ~IS SECURITy ~UMENT ~es ~ifo~ ~ve~ts for ~ion~ use ~d nom~fo~ c~ven~ with l~t~ v~a~ns by ju~s~ction ~ ~tim~ a ~fo~ s~ty i~t~nt ~vor~g re~ properS. UNINORM COVENANTS. Borrower ~d ~n~ covert ~d asr~ ~ follows: q. Pa~t o~ ~ncipel, ~ter~t, ~ow It~, ~pe~t ~r~, ~d Late ch~es. Bo~owcr shall pay when duc ~e p~cip~ of, ~d ~rcst ~, ~c ~bt ~i~n~ by ~c Nme ~d pt~a~nt ch~g~ ~d la~ ch~ du~ ~der ~e Note. ~ower ~1 8so pay ~ for Escrow ~mu~t m S~tion 3. Pay~n~ due ~der ~e Nora ~d th~ S~ty ~tm~~l be ~e ~ U.S. cu~oaey. However, if my eh~k or o~er inst~t re~iv~ by Le~ ~~t ~d~ ~e Note or ~is -6(WY) Iooos) ~.0,3 o; t; /- - Fo;m 3051 1101 Security Instrnm~nt is returned to Lender unpaid, Lender may require that any or ail subsequent payrn~nts due under the Note and this Security Instrument be made in one or more of the following forms, as selected By Lender: (a) cash; (b) money order; (O r.;rtified chock, bank check, treasurer's check or cashier's check, provided any such check is drawn upon an institution whose al=posits are insured by a federal agency, instrumentality, or entity; or (d) Electronic Funds Transfer. Paym=nt~ are deemed r~ceived by Lender when r~coivexl at tho location designated in the Note or at such other' location as may be designated by Lender in accordance with the notice provisions in S~ction 15. Lender may return any payment or partial payment if the payment or partial payments are insufficient to bring the Loan current. Lender may accept any payrr~nt or partial payment insufficient to bring the Loan current, without waiver of any rights hereunder or prejudice to its rights to refuse such payment or partial payments in the future, but L~nder is not obligalexl to apply such payments at tho time such payments are accepted. If each Periodic Payment is applied as of its scheduled due date, then Lender need not pay interest on unapplied funds. Lender may hold such anappliod funds until Borrower mak~ payment to bring · e Loan current. If Borrower floes not cio so within a reasonable period of tflr~. Lender shall either apply such funds or return thrown to Borrower. If not applied earlier, such funds will be applied !o lhe outstanding principal balance under the Note immediately prior to foreclosure. No offset or claim which Borrower might have now or in the furore against Lender shall relieve Borrower from making payments due under the Nole and this Security Instrument or performing thc covenants and agre/cments secured by this Security Instrument. 2. Application of Payments or Proc~ds. Excop~ as otherwise described in this Section 2, all payments accepted and applied by Le~der shall be applied in the following order of priority; (a) interest dM under the Note; (b) principal due under [he Note; (c) amounts duo under SoctioD 3. Such payments shall be applied to each Periodic Payment in the order in which it be, camo due. Any. remaining amounts shall be applied first to late charges, second to any other amounts due under this Security Instrument, and then to reduce the principal balance of the Note. If Loader receives a payment from Borrower for a delinquent Periodic Payment which includes a sufficien~ amount to pay any late charge due, the payment may be applied to thc delinquent payment and ' the late charge. If more than one Periodic Payment is outstanding, Lender may apply any payment received from Borrower to the repayment of tht Periodic Payments if. and to the extent that, each payment can be paid in full. To the extent that any excess exists after the payment is appli~ to the full payment of one or more Periodic Payments, such'eXcess may be applied to any late charges due. Voluntary prt:payments shall be applied first to any prepayment charges and then as d~scribed in tho Note, Any application of payments, insurance proceeds, or Miscellaneous Proceeds to principal due under the Note shall not extend or postpone tho due date, or change the amount, of the Periodic Payrr~nts. 3. Funds for Escrow Items, Borrower shall pay to L~der on the day Peri0dio Payments are due under the Note, until the Note is paid in full, a sum (the "Funds") to provide for payment of amounts due for: (a) taxes and assessments and other items which ;an attain priori~ over this Security Instrument as a li~n or ~ncumbrance on tho Property; (b) leasehold payments or gxound rents on the Property, if any; (;) premiums for any and all insuranc~ required by Lender under Section 5; and (d) Mortgage Insurance premiums, if any, or any surn.q payable by Borrower to Lender in lieu of the payment of Mortgage Insurance premiums in accordance with the provisions of Section 10. These items are called "Escrow Items." At origination or at any time daring the term of the Loan, Lender may require that Community Association Dues, Pees, and Assessments, if any, be ~soiowod by Borrower, and such duos, foes and assessments shall be an Escrow Item. Borrower shall promptly famish to Leader all notices of amc.ants to bo pkid under this Section. Borrower shall pay L~nde, r th~ Funds for Escrow Iton~ unless Lend,er waives Borrower's obligation to pay the Funds for any or all Escrow Itams.. Lender may waive Borrower's obligation to pay to Lender l~unds for any or all Escrow Items at any tin~. Any such waiver may only be in writing, In the event of such waiver, Borrower shall pay directly, whoa and w~ere payable, the amounts )O-6[WY} Iooos} P~e4ot~6 .~' - Form 3051 1101 due for any Escrow items for which payment of Fund~ ha~ be~n waived by ~nder ~d, if ~nder re~cs, sh~l ~mish W L~der r~eip~ evidenc~g su~ paym~t wi~in such t~e period ~ Lender may r~uire. Borrower's obligation W m~e such payw~ts ~d W provide receip~ S~l for ~l p~os~ bc d~m~ be a covert ~d agr~t cont~ ~ this Secufi~ ~nt, ~ ~e p~ase "cOvet ~d ag~mcnt" is used in S~tion 9. If ~ower is obligated to pay Escrow Ite~ dir~tly, pu~u~t to a w~ver, ~d Borrower thfls W p~ the ~t due for ~ Escrow It~, ~der ~y exerdse its rights ~d~ Section 9 ~d p~ such ~um ~d Bo~ower sh~l ~en be obligat~ ~er S~tion 9 to repay to ~d~ ~y ~o~t. ~nder ~y r~o~ thc waiver as W ~y or ~ ~crow I~ at ~y time by a noti~ given accord~ wi~ ~tion 15 ~d, upon ~h revocation, Borrower sh~ pay to Lender ~I Funds. such ~ount$, ~m ~e th~n r~q~cd ~dcr ~is S~ction.3. ~nd~r ~y, at ~y t~, collect ~d hold Funds M ~ ~o~t (a) suffici~t to pe~t ~nder to ~ply ~e F~ds at the ti~ sp~ifi~ und~ R~PA, ~d ~) not to exc~d ~e ~im~ ~t a loner c~ require un~r RESPA. ~der shE1 estimate t~ ~t of F~ds du~ on the b~is of curr~t data ~d re~o~ble ~ima~ of expcndi~cs of ~t~e ~cww It~ or o~e~is~ M a~M~ wi~ Applicable Law. ~c Funds ah~l be held in ~ in~imtion Whose d~sits ~e in~r~ by a f~er~ ag~cy, inst~nt~i~, or entity (~cluding L~, if L~d~ is ~ institution who~ deposits ~c so ~) or in ~y F~er~ Ho~ ~ B~. ~der sh~l ~p!y ~e F~ds W pay ~e Escrow I~ no later ~ the ti~ ~ifi~ ~dor ~SPA. L~r sh~l not ch~go Bo~ower for holdMg ~d applying ~o F~da, annu~ly ~ing th~ escrow a~o~t, or vefi~ing tho ~crow Ite~, ~1~ ~n~r p~$ Bo~ower iu~st on F~& ~d Applicable Law pe~ ~ W ~e ~ a c~gc. U~a ~ a~mom is ~ in writing or Applicabl~ Law req~es interest to be p~d on ~ ~n&, ~nder $hM1 nm be r~uir~ to pay Bo~ow~ ~y Mtercst or e~ngs on the F~ds. Bo~ow~r ~d ~nder ~ a~ M wflt~g, however, ~at Mterest shM1 ~ paid on ~e F~ds~ ~dor sh~l give to Bo~ower, ~out ch~ge, ~ ~u~ ~o~tMg of F~ds as required by RESPA.. If ~ere is a su~lus of Fands held in es~ow, ~ d¢fin~ under RESPA, L~nder shgl acw~t W Bo~ower for ~e excess ~nd$ M ac~r~ce with R~PA. If ~e is a sho~ge of F~ds hold in escrow, as de,ed und~ RESPA, ~d~ sh~l noti~ Bo~ower ~ requir~ by RESPA, ~d Bo~ower ~r the ~um ~ss~y to ~o up ~e sho~ge ~ ~wrd~cc ~ ~PA, but M no ~r~ ~ 12 mon~ly pa~. If ~cre is a deficiency of F~ held in e~w, ~ de~ under RESPA, ~nder notify ~rrowcr ~ r~uired by R~PA, ~d Bo~ow~ shaB pay to ~der ~e ~unt n~ss~ to ~e up ~o defici~cy in a~or~co wi~ RESPA, bm M no rare ~ 12 ~y ~cnts. Upon paint in ~11 of ~1 ~ s~ured by ~is S~fity ~t~t, ~nder sh~l pro~tly to Bo~ower ~y Funds held by Lender. 4. Charg~; Li~. Bo~ow~ sh~l pay M1 t~s, assess~nt$, ch~ge$, fi~s, ~d i~ositions atffibu~le to ~e Pr~e~y which c~ ~min priority ov~ ~i$ ~ I~t, le~ehold pa~s or ~o~d ren~ on ~o ~ope~y, if ~y, ~d Country As~mion Du~, F~s, ~d Assessing, if any. To · o extent that ~oso i~ ~e Escrow It¢~, Bo~ow~r ~I pay ~m in ~e ~ ~ovid~ in ~tion Bo~owor shall pwmpfly disch~go ~y lien wMch h~ pfiofity'ov~ ~i$ ~fity l~t unless Borrower:~ (a) agr~ ..M ~it~g to the pay~t of ~e oblig~ion s~ured by ~e li~ M a ~or ~ptable to ~nder, but oMy So long ~ Bo~ower is p~o~g ~ agent; ~) ~ntests ~e Ben ~ good f~ by, or defen~ ag~t ~orc~nt of ~ lien in, leg~ proc~ga wMch m ~ef's op~on opiate to pfev~t ~c onfo~m of ~e lien wMle ~o~e'pr~gs ~c pcn~g, but oMy ~til such pro~ings ~e collude; or (0 s~ures from ~e holder of the lien ~ agr~m satisf~to~ to ~der sabor~ating the }ion to ~is S~rity Inst~t. If ~nder detcr~nes ~at ~y pm of the prope~y ia ~bj~t w ~ lien which ~.a~ pfiofiW over ~is S~W ~m, ~der ~y give Bo~ower a notice i~nti~ing O~-6{WY) [ooo~} rage 5 or 15 ~ Form 3051 1101 9E./11 d IL6ZI I [0~C 'ON/OZ:EI ',LS/~C:~I l0 ,2_0 '~! (IH~') F/OHH lien. Within 10 days of the date, on which that notice is given, Borrower shall satisfy the lien or take one or more of ~he actions set forth above in ~his Section 4. Lender rosy require Borrower to pay a on,-time charge for a real estate tax verification and/or r~.porting s=rvice used 'by Lender in conncction with this Loan. 5, Property Insurance, Borrower shall k~zp the improvements now existing or hereafter erected on the Property insured against leas by tiro, hazards included within the term "exterided coverage," and any other hazards including, but not limited to, earthquakzs and flood.% for which Lender k¢quires insurance. This insurance shall be maintained in the amounts (including deductible levels) and for th= periods that Lender requires. What L~nder requires pursuant to the preceding s=ntences can change during the term' of the Loan. The insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's fight to disapprove Borrower's choice, which right shall not be exercised unreasoziably. Lender may require Borrower to pay, in connection with this Loan, either: {a) a one-tim= charge for flood zone de. termination, certification and tracking services; or (b) a one-time charge for flood zone determination and certification services and subsequent charges each time remappings or similar changes occur which reasonably might affect such determination or ~rtiflcation. Borrower shall als0 be responsible for {he p~yment of any foes imposed by tht; Federal En~rgency Managero.=nt Agency in connection with the review of any flood zone determination resulting from an objection by Borrower. If Borrower fails to maintain any of tho coverages descfibed above, l_~nder may oblain insurance coverage, at Leader's option and Borrower's expense. Lender is under no obligation to purchase any particular type or amount of coverage. Therefore, such coverage shall cover Lender, but might or might not protect Borrower, Borrower's equity in tho Property, or the conten[s of the Property, against any risk, hazard or liability and might provide greater or lesser coverage than was previously in effect. Borrower acknowlCdg~ that thc cost of the insurance coverage so obiuined might significantly exceed ~hc cost of insurance that Borrower could have obtained. Any amounts disbursed by Lender under this Section 5 shall become additional debt of Borrower secured by this Security Instrument. These amounts shall bear interest at the Note rate from the date of disbursement and shall be payable, with such interest, upon notice from I~nder to Borrower requesting payment, All insurance policies required by Lender and renewals of such policies shall be subject to Lender's fight to disapprove such policies, shall include a standard mortgage clause, and shall name Lender as mortgagee and/or as an additional loss payee. Lender shall have the right to hold the policies and renewal certificates. If Lender requires, Borrower shall promptly give to Lender all receipts 'of paid prenfiums and renewal notices. If Borrower obtains any form of insurance coverage, not otherwise required by Lender, for damage to, or destruction of, the ~operty, such policy shall include a standard mortgage clause and shall name Lender as mortgagee and/or as an additional loss payee. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower, Unless Lender and Borrower otherwise agree in writing, any insurance proceeds, whether or not the underlying insurance was required by Lender, shall be applied to restoration or repair of the Property, if the restoration or repair is econonfically feasible and Lender's security is nol lessoned. Durin~ such repair and restoration ported, Lender shall have the right to hold such insurance' proeccds until Lender has had an opportunity, to inspect such Property to ensure the work has been comp!eted to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progress paymtmts as the work is completed. Unless an agreement is n~de in writing or Applicable Law requires interest to. be paid on such insurance proceeds, Lender shall not bo required to pay Borrower any interest or earnings on such proceeds. Fees for public adjustors, or other third parties, retained by Borrower shall not be paid out of the insurance proceeds and shall be the solo obligation of Borrower. If tho restoration or repair is not economically feasible or Lender's security would bo lessened, the insu.rancc proceeds shall be applied to the sums secured by this Security InsUument, whether or not then due, with (~-6(WY) 10o05} ~=o~ao~ ~s Fo~m 3051 1101 the excess, if any, paid to Borrower, Such insurance prec.;ds shall be applied in the order provided for in Section 2. If Borrower abandons the Property, Lender may file, negotiate and settle any available insurance claim and related matters. If Borrower does not respond within 30 days to a notice from Lender that the insurance carrier has offered to settle a claim, then Lender may negotiate and settle the claim. The 30~day period will begin when the notice is given. In either event, or if Lender acquires the Property under S~tion 22 or oth6rwis¢, Borrower hereby assigns to Lender (a) Borrower's rights ia any insurance proceeds in an amount not to exceed thc amounts unpaid under thc Note or this Security Instrmnent, ~nd ih) any other of Borrower's fights (other than the right to any refund of unearned premiums paid by Borrower) under all insurance policies covering the Property, insofar as 'such rights are applicable to the coverage of the Property. Lender may use the insurance proceeds either to repair or restore the Property or to pay amounts unp',id under the Note or this Security Instrument, whether or not then due. 6. Occupancy. Borrower shall occupy, establish, and use the Prop~rty as Borrower's principal residence within "60 days after the execution of this Security lmtrunmnt and shall cofitinue to occupy the Property as Borrower's principal residence for at least one year after the date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be. unreasonably withheld, or unless extenuating circumstances exist which arc beyond Borrower's control. 7. Preservation, Maintenance and Protection of the Property; Inspections. Borrower shall not destroy, darnagc or impair the Property, allow th~ Property W deteriorate or commit waste on thc Property. Whether or not Borrower is residing in the Property, Borrower shall maintain the Property in order to prevent the Property from deteriorating or decreasing in value duc to its condition, Unless it is determined pursuant to Section 5 that repair or restoration is not economically re/ruble, Borrowcr shall promptly repair the Property if damaged to avoid further d~tcrioration or damage. If insurance or cond~rmation proceeds are paid in connection with damage to, or the taking of, thc Property, Borrower shall be responsible for repairing or re, storing the Property only if Lender has released proceeds for such purposes. Lender may disburse proceeds for the repairs and restoration in a single paynmnt or in a series of progress payments as the work is completed. If the insurance or condemnation proceeds are not sufficient to repair or restore the Property, Borrower is not relieved of Borrower's obligation for the completion of such repair or rcsiaradon. Lender or its agent may make reasonable entries upon and inspections of the Prope~y. If it has reasonable cause, Lender may inspect the interior of the improvements on the Property. Lender shall give Borrower notice at the time of or prior to such an interior inspection specifying such reasonable cause. 8. Borrower's Loan Application. Borrower shall be in default if, during th~ Loan application process, Borrower or any persons or entities acting at the direction of Borrower Or with Borrower's knowledge or consent gave materially false, misleading, or inaccurate information or statements to Lender (or failed to provide Lender with material information) in connection with the Loan. Material reprasentations include, but are not limited to, representations concerning Borrower's occupancy of the Property as Borrower's principal r~idence. 9. Protection o[ Lender's Interest in the Property and Riilhts 'Under this Security Instrument. If (a) Borrower fails to:perform the covenants and agreements contained in this Security Instrum~t, (b) there is a legal proceeding that might significantly att'ect Lender's interest in the Property and/or rights under this Security Instrument (such as a proceeding in b~nkruptcy, probate, for condemnation or forfeiture, for enforcement of a lien which may attain priority over this Security In,~rument or to enforce laws or regulations), or (c) Borrower has abandoned the Property, then Lender may do and pay for whatever is reasonable or appropriate to protect Lender's interest in the Property and rights under this Security Instrument, including protecting and/or_ assessing the value of the Property, and seeming and/or repairing the Property. Lender's actions can include, but arc not limited to; (a) paying any sums secured by a lien which has priority over this' Security Instnnnent; (b) appearing in court; and (c) paying reasonable 1l~-6lWV) Iooo~) ~,~ 7 o~ ~i Form 3051 1101 altomeys' fees to protect its interest in the Property and/or rights under this Security Instrument, including its secar~ position in a bankruptoy proceeding. Securing the Property includes, but is not limited to, enterh~g the Property to make repairs, change locks, repla0e or board up doors and windows, drain water from pipes, eliminate building or other rode violations or dangerous conditions, and have utilities turn~l on or off. Although Lender may take action under this Section 9, Lender do~s not have'to do $o and is not under any duty or obligation to do so. It is agreed that Lender incur.s no liability for not taking any or all actions authorized under this Section 9. Any amounts disbursed by Lender under this Section 9 shall become 'additional debt of Borrower secured by this Security Instrmnent. The. s~ amounts shall bear interest at the Note rate fi.om tho date of disbursement and shall be payable, with such inter,t, upon aotic~ fi'om Lender to Borrower requesting payment. If this Security Instrument is on a leasehold, Borrower shall comply with all the provisions of the lease. If Borrower acquires fee title to the Property, the leasehold and the fee rifle shall not merge unless Lender agr~s to the merger in writing. 10. Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making thc Loan. Borrower shall pay the premiums required to maintain the Mortgage Insurance in eff¢~'. If, for any reason, the Mortgage Insurance coverage required by Lender e. eases to be available from the mortgage insurer that previously provided such insurance and Borrower was required to ~nake 8t~llratoly designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiums required to obtain coverage substantially equivalent to the Mortgage Insurance previously in effect, at a cost substantially equivalent to the cost to Borrower of the Mortgage Insurance previously in effect, from an' alternate mortgage insurer selected by Lender. If substantially equivalent Mortgage InsUrar~e coverage is not available, Borrower shall continue to pay to Lender the amount of the separately designated payments that were due when the insurance coverage ceased to be in effect..I.¢mier will accept., use and retain these payments as a non-refundable loss reserve in lieu of MOrtgage Insurance. Such loss reserve shall be non-refundable, notwithstanding the fact that the Loan is ultimately paid in full, and Lender shall not be required to pay Borrower any interest or earnings on such loss reserve. Lender can no longer require loss reserve payments if Mortgage Insurance coverage (in the amount and for thc period that Lender re. quires) provided by an insurer selected by Lender again becomes available, is obtained, and Lender requires separately designated payments toward the premiums for Mortgage Insurance. If L~nder required Mortgage I~urance as a condition of making the Loan and Borrower was required to make separately designated payments toward the premiums for Mortgage Insur~mce, Borrower shall pay the pr~rniurns required to ~ .m,_aintain Mortgage Insuran~ in effect, or to provide a non-refundable loss reserve, until Lender's requirement for Mortgage Insurance ends in accordance with any written agre~rramt between Borrower and Lender providing for such termination or until termination is required by Applicable Law. Nothing in this Section 10 affects Borrower's obligation to pay interr~ at the rate provided in the Note. Mortgage Insurance reimburses Lender (or any entity that purchases the Note) for certain losses it may incur if Borrower does not repay the Loan as agreed. Borrower is not a party to the Mortgage Insurance. Mortgage insurers evaluate their total risk on all such insurance in force from time to time, and may enter into agreements with other parties that share or modify their risk, or reduce losses. These agreements are on terms and conditions that are satisfactory to the mortgage insurer and the other party (or partly) to thee agreements. Thee agrcecacnts may require thc mortgage insurer to make payments using ~uy source of funds that the mortgage insurer may have available (which may ii,elude funds obtained from Mortgage Insurance premiums). As a result of these agreements, Lender, any purchaser of the Note, another insurer, any reinsurer, any other entity, or any affiliate of any of the foregoing, may receive (directly or indirectly) amounts that derive from (or might be e. haracterized as) a portion of Borrower's payments for Mortgage Insurance, in exchange for sharing or modifying thc mortgage insurer's risk, or reducing losses. If such agreemmat provides that an affiliate of Lender takes a share of the imsurer's risk in exchange for a share of the premiums paid to' thc insurer, the arrangement is often tem,.ed "captive reinsurance." Further: (a) Any such agreements will not affect thc amolmt$ that Borrower hms agreed to pay for _M, ortgage Insurance, or any other terms o1' the Loam Sur. h agreements will not inerea~ the mount Borrower will owe for Mortgage Insurance, and they will not entitle Bo~~lmy refund. O~-6(WY! ~ooo~ ~a.. s ~ ~ Form 3051 1/01 Co) Any such agreements will not affect the rights Borrower has - if any - with respect to the Mortgage 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 obtain cancellation of the Mortgage Insurance, to have the Mortgage Insurance terminated, automatically, and/or to receive a refund of any Mortgage Insurance premiums that were unearned at the time of such cancellation or termination. 11. Assigament of Miscellaneous Proceedsl Forfeiture. All Miscellaneous Proceeds arc hereby assigned to and shall be paid to Lender. If the Property is damaged, such Miscellaneous Proceeds shall be applied to restoration or repair of the Property, if the restoration or repair is economically feasible and Lender's security is not lessened. During such repair and restoration period, I. zndcr shall have thc right to hold such Miscellaneous Proceeds' until Lender has had an opportunity to inspect such Property to cast!re thc work has been completed to Lender's satisfaction, provided that such inspection shall be .undertaken promptly. Lender may pay for the r~pairs and restoration in a single disbursement or in a series of progress payments as thc work is Completed. Unless an agreement is made in writing or Applicable Law requires mteres{ to be paid on such Miscellaneous Proceeds, Lender shall not be required to pay Borrower any interest dr earnings on such Miscellaneous Proceeds. If the restoration or repair is not .economically fcasiblc or Lender's security would be lessened, the Miscellaneous Proceeds shall be applied to the sums secured by this Security instrument, wheth~ or nor then due, with the excess, if any, paid to Borrower. Such Miscellaneous Proceeds shall be applied in thc order provided for m Section 2, In the event of a total taking, destruction, or loss in value of thc Property, the MisCellaneous Proc, teds shall bc applied to the sums secured by this Security InslLrumcnt, whether or not then due, with the excess, if any, paid to Borrower. In thc event of a partial taking, destruction, or loss in value of thc Property in which the fair market value of thc Property immediately before the partial taking, destruction, or loss in value is equal to or greater thmi the amount of thc sums ~curcd by this Security Instrument immcdiatcly before thc partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, th~ sums secured by this Security ins£rument shall be re. duccd by tho amount of the Miscellaneous Proceeds multiplied by the following fraction: '(a) thc total amount of the' s'ums secured in--lately before the partial taking, dcstruction, or loss in value divided hy Co) thc fair nmrket value of the Property itranediately before the partial-taking, destruction, or loss in value. Any balance shall be paid to Borrower. In the event of a partial taldng, destruction, or loss in valuc ofthe Property in which the fair market value of the Property imn~ately before thc partial tnl~ing, destruction, or loss in vatuc is less than the amount of the stuns secured in--lately before the partial t~idng, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the Miscellaneous Proceeds shall bc applied to the sums s~cured by this Security instrument whether or not the sums are then due. If thc Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the Opposing Party (as defined in the next scnt6~nce) offers to make an award to settle a claim for damages, Borrower fails to respond to Lender within 30 days after thc date thc notice is given, Lender is authorized to collect and apply th~ Miscellaneous Proceeds either to restoration or repair of the Property or to the sums secured by this Security Instrument, whcthcr or not then duc, "Opposing Party" means thc third party that owes Borrower Miscellaneous Proceeds or the party against whom Borrower has a right of a~tiort in regard to MiscellaneOus Proceeds. Borrower ¢aall .be in ctvfault if any action or proc, ceding, whether ~ivil or criminal, is begun that, in Lender's judgment,, could result in forfeiture of the Property or other material im..nairment of Lender's interest in the Property or rights under this Security Instrument. Borrower can cure such a default and, if acceleration has occurred, reinstate as provided in Section 19,. by causing thc action or proceeding to bc di~'nissed with a ruling that, in Lender's judgment, p~cc.ludes forfeiture of the Property or other material impairmm~t of Lender's interest in thc Property or rights under this Security Instrument. Thc procc~d~ of any/award or claim for damages that are attributable to the iml~aJrmcnt of Len~r's interest in the Property are hereby assigned and shall be paid to Lender. ,&Il Misccllancous Proceeds that arc not applied to restoration or rcpair of the Property shall be applied in the order provided for in Section 2. (~.6{WY} tooosl P.o~ s of ~5 J ~'~ Form 3051 1101 9g/Gt d 1£6~t I tgG~ 'O~/gZ:~! 'ZS/BE:~I I0 ,£0 'El (IH~) O53 · 12. Borrower' Not Released; Forbearance By Lender Not a Waiver. Extension of the th-ne for payment or modification of amortization of the sumn secured by this Security lmtmment granted by Lender to Borrower or any Successor in Interest of Borrower shall not operate to release the liability of BorroWex or any Successors in Interest of Borrower. Lender shall not be required to commence proceedings against ~ny Successor in Interest of Borrower or to refuse to extend time for payment or otherwise modify amortization of the sums secured by this Security Instrument by reason of any demand made by the original Borrower or any Succe~ors m Interest of Borrower. Any forbearance by Lender in exercising any right or remedy including, without limitation, Lender's acceptance of payr~ents from third persons, entities or Successors in Interest of Borrower or in amounts less than the amount then due, shall not be a waiver of or preclude tho exer;isv of any right or remedy. 13. Joint and Several Liability; Co-signers; Successors and Assigns Bound, Borrower covenants and agrees that Borrower's obligations and liability shall be joint and several. However, any Borrower who , co-signs this Security Instnmlent but does not execute th~ Note .(a "c~-slgner"): (a) is co-signing Security Instrument only to mortgage, 'grant and conwy the co-signer's interest in the Prol~rty under 'the terms of this Security Instrument; (b) is not personally obligated m pay the sums sccu,red by this Security Instrument; and (c) agrees thht Lender and any other Borrower c.an agree to extend, 'modify, forbear or make any accommodations with regard to the terms of this S~trity Instrument or the'Note wi~out tl~ co-signer's consent. Subject to thc provisions of Section 18, any Successor in Interest of Borrower who assumes Borrower's obligations under this Security Instrument in writing, and is approved by .Lender, shall obtain all of Borrower's rights and benefits under this $c~zurity Instrument. Borrower shall not be released from Borrower's obligations and liability under this Security Instrument unless Lender agrees 'to such release in writing. The covenants and agreements of this Security Instrument shall bind (except as provided in Section 20) and benefit the successors and assigns of Lender. 14. Loan Charges. Lender may charge Borrower fees for services performed in connection with Borrower's default, for thc purpose of protecting Lender's interest in the Property and rights under this Security Instrument, including, but not limited to, attorneys' fees, prop~.rty inspection and valuation fees. In regard to any other fees, the absence of express authority in this Security Instrument to charge a specific fee to Borrower shall not be Construed as a prohibition on the charging of such fee. Lemder may not charge fees that arc expressly prohibited by this Security Instrum~t or by Applicable Law. If thc Loan 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 core,etlon with thy Loan exceed thc permitted limits,' then: (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 this refund by reducing the principal owed under the Note or by making a direct payment to Borrower. If a refund reduces principal, the reduction will be treated as a partial prepayment without any prepayment charge (whether or not a prvpaym~t charge is provided tot under the Note). Borrower's acceptan~ of any such rcfimd made by direct payment to Borrower will constitute a waiver of any right of action Borrower might have arising out of such overcharge, 15. Notices, All notices given by Borrower or Lender in connection with this Security Instrument m~st be in writing. Any notice to Borrower in connection with this Security Instrument shall be deemed to have been given to Borrower when msiled ~oy first class .mail or when actually delivered to Borrower's notice address if sent by other mean~. Notice to any one Borrower shall constitute notice to all Borrowers unless Applicable Law expressly requires otherwise. Thc notice address shall be thc Property Address unless Borrower has designated a substitute notice address by notice to Lender. Borrower shall promptly notify Lender of BorrOwer's change of address. If Lender specifies a procedure for r~porting Borrower's change of address, then Borrower shall only report a change of address tkrough that specified procedure. There may be only one designated notice address under this Security Instrument at any one time. Any noticp to Lc~dcr shall be given by delivering it or by mailing it by first class mail to Lender's address stated herein unless Lender has designated another address by notice t° Borrower. Any notice in connection with this Security Instrument shall not bc deemed to have been given to Lender until actually received by Lender. If any notice required by this Security Instnmm~ is also required under Applicable Law, thc Applicable Law requirement will satisfy the corresponding requir~m~mt under this Security Instrument. -[ilW¥) loooe} ~as~ lo ~ a~ Form 3051 1/01 16. Governing Law; Severability; Rules of Construction. This Security Instrument shall be governed by federal law and the law of the jurisdiction in which the Property is located. All rights and obligations contained in this Security Instrument arc subject to any requirements and limitations of Applicable Law. Applicable Law might explicitly or implicitly allow the parties to agree by contrma or it might be silent, but such silence shall not be construed as a prohibition against agr~ment by contract, In [he ~vent that any provision or clause of Ibis Security Insl. ntm~nt or the Note .conflicts with Applicable Law, such conflict shall not affect other provisions of this S~rity Instrument or the Note which can be given effect without the conflicting provision. As used in this Security Instrument: (a) words of the masculine gender shall mean and include corresponding neuter words or words of the feminine gender; (bi words in the singular shall mean and include the plural and vice versa; and (c) the word "may' gives sole discretion without any obligation to take any action. 17. Borrower's Copy. Borrower shall be given one copy of the'N0te and of ~his Security Instrument. 18. Transger of the 'Property or a Beneficial Interest in Borrower. As used m this Section 15, "Interest in the Property" means any legal or beneficial interest in the Property, including, but not limited to, those, beneficing interests transferred in a bond for deed, contract for deed, installnte,nt sales contract or escrow agreement, the intent of which is the transfer of titie by BorroWer at a fulure date to a purchaser. If all or any pan of the Property or any Interesl in the Property is sold or transferred (or if Borrower is not a natural person and a beneficing interest in Borrower is sold or transferred) without Lender's prior written eonse~at, Lender may reqt~ir¢ immedlale payment in full of all sum._s secured by this Security Instrument. However, this option shall not be exercised by Lender if such exercise is prohibited by Applicable Law. If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days from the date the notice is given in accordance with Section 15 within which Borrower must pay all sums secured by this Security Instrument. If'tlorrOwer fails' to pay these sums prior to the expiration of this period, Lender may invoke any remedies permitted by this Security Instrument without further notice or demand on Borrower. 19. Borrower's Right to Reinstate After Acceleration. If Borrower meets certain conditions, Borrower shall have the right to have enforcern~t of this Security Instrument discontinued at any time prior to the earliest of: (a) five.days be/bre sale of the Property pursuant to any power of sale contaiued in this Security Instrument; (b) such other period as Applicable Law might specify for the termination of Borrower's right to reinstate; or (c) entry of a judgment enforcing this Security Instrument. Those conditions are that Borrower: (a) pays Lender all sums which then would be due under this Security Instrument and the Note as if no acceleration had oc.~urred; ih) cures any default of any other covenants or agreements; (c) pays all expenses incurred in enforcing this Security Instrument, including, but not limited to, reasonable attorneys' fees, property inspection and valuation fees. and other fees incurred for the purpose of protecting Lender's interest in the Property and fights under this Security Instrument; and (d) takes such action as Lender may reasonably require to assure that Lender's interest in the Property and rights under this SeCUrity Instrument, and Borrower's obligation to pay the sums secured by this Security Instrument, shall continue unchanged.' Lender may require that Borrower pay such reinstatemen£ sams and expenses in one or more of the following forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank cheek, {reasurer's check or cashier's check, provided any such check is drawn upon an institution whose deposits axe insured by a federal agency, instrumentality or entity; or (d) Electronic l~mds T~ansfer. Upon reinstatement by Borrower, this Security Instrument and obligations secured hereby shall remain fully effective as if no acceleration had o~urred. However, this right to reinstate shall not apply in the ease of acceleration under Section 18. 20. Sale of Note; Change of Loan Servicer; Notice of Grievance. The NOte ox a partial interest in the Note (together with this Security lnstnunont) can be sold one or more times without prior notice to Borrower. A sale .might result in a change in the entity (known as the "Loan Servicer') that collects Periodic Payments due under the Note and this Security Instrument and performs other mortgage loan seN'icing obligations under the Note, this .qeeurity Instrument, and Applicable Law, There also might be one or more changes of the Loan Servicer unrelated to a sale of the Note. If there is a change of the Loan Servicer, Borrower will be given written notice of the change which will state the name and address of new Loan Servicer, the address to which payments should be made and any ~ information RESPA 0~-6(W¥) Iooo~ .~g. u o~ ~ Porto 3051 1101 gE/L[ d IL6EI I Igs~ 'ON/9~:~[ '.LS/OI~:~I I0 .£0 'El (IH-I) IAIOII~I requires in cormeetion with a notice of transfer of servicing. If the Note is sold and thereafter thc Loan is serviced by a Loan Servicer off, er than the purchaser of the Note, the mortgage loan servicing obligations to Borrower will r~in with the Loan Servicer or bc transferred to a successor Loan Servicer and arc not assumed by the Note purchaser tmless otherwise provided by the Note purchaser. Ncith=r Borrower nor Lender may commence, join, or be joined to any judicial action (as either an individual litigant or the member of a class) that arises from thc Other party's actions pursuant to this Security Instrument or fl~at alleges that the other party has breached any provision of, or any duty owed by reason of, this Security Instrument, until such Borrower oz Lender has notified thc other party (with such notice given in Compliance with thc requirements of Section 15) of such alleged brCach and afforded the. other party hereto a reasonable period after thc ~iving of such noticp to take corrective action. If Applicable Law provides a ti.me period which must elapse before certain action can be taken,, that time period will be deemed to be reasonable for purposes of this paragraph. Ttie notice'of accclexation and. opportunity to cure given to Borrower pursuant to Section 22 and the notice of a'ccelcration given to Borrower pursuant to Section 18 shall be deemed to satisfy thc notice and opportunity"to take corrective action provisions of this Section 20. 21. Hazardous Substances. As used in this S~ction 21: (a) "Hazsrdous Subs£anc~" arc those substances deihaed as toxic or hazardous substances, pollutants, or wastes by Environmental Law and the following substances: gasoline, kerosene, other flammable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, nmlertals containing asbestos or formaldehyde, and radioactive Inat~ials; (b) "Environmental Law" means federal laws and laws of the jurisdiction where the Property is located that relate to health, safety or environmental protection; (c) "Environmental Cleanup" includes any response action, remedial action, or removal action, as defined in Envirorn'nental Law; and (d) an "Environmental Condition" means a condition that can cause, contribute to, or otherwise trigger an Environmental Cleanup. Borrower shall not cause or permit the presence, use, disposal, storage, or release of any Hazardous Substances, or threaten to release any Hazardous Substance, on or in [he Property. Borrower shall not do, nor allow anyone else to do, anything affecting the Property (a) that is in violation'of any Environmental Law, (b) which creates an Environm~tal Condition, or (c) which, due to the presence, use, or release of a Hazardous Substance, creates a condition that adversely affects the value of the Properly. The prtx~ding two senttmces shall not apply to the pr~ence, us~, or storage on the Property of small quantities of Hazardous 'Substances that are generally recognized to be appropriate to normal residential uses and to maintenance of the Pwperty (including, but not limited to. hazardous substances in consumer products). Borrower shall promptly give Lender written notice of (a) any investigation, claim, demand, lawsuit or other action by any governmental o~ regulatq~ry agency or private party involving the P~openy and any Hazardous Substance or Environmental LAW" of which Bon'ower has actual knowledge, (b) any Enviwnmental Condition, including but not limited to, any ~pilling, leaking, discharge, release or threat of release of any Hazardous Substance, and (c) any condition caused by the presence, use or release of a Hazardous Substance .wllich adversely affe~ the value of the Property. If Borrower learns, or is notified by any governmental or regulatory authority, or any private party, [hat any removal or other remediaiJon of any Hazardous Substance affecting the Property is i~eceasary, Borrower shall.promptly iake all necessary r~"midial actions in accordance with Environmental Law. Nothing herein shall ~eate any obligation on I~nd~r for an Environmental Cleanup. (~-6(WY) iooos~ P.e~ ~ z of ~ ~ Form ;3051 1/01 9E/~I d II6~I i 19~E 'oN/gE:~I '.LS/0{~:~I I0 ,2_0 'El (IH.4) PIOHaI NON-UNIFORM COVENANTS. Borrower and Lender fu~er covenant and agree as follows: 22. Acceleration; Remedie~. Lender shall give notice to Borrower prior to accederation following Borrower's breach of any covenant or agreement in this Security Instrument (but not prior to acceleration under Section 18 unless Applicable Law provides, otherwise). The notice shall spe. ei~: (a) the default; fo) the action required to cure the default; (c) a date, not less than 30 days from the date the notice is given to Borrower, by which tho de/suit must be cured; and (d) that tat!ute to. cure the default on or before the date specified in the notice may result in acceleration of the sums secured by thi.~ Security Instrument and sale of the Property. The notice shall further inform BOrrower or the right to reinstate alter acceleration and the right to bring a court action to assert the non-existence elf a. default or any other &tense 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 hnmedlnte payment in full of all sums secured try this Security Instrument without further demand and may invoke~ the power of sale and any other remedies pea'mitred by Applicable Law, Lendar shall be enlitled to i:ollect all e~tpens~ incurred in pursuing the remedies provided in this SectiOn 22, including, but not limited to, reasonable attorneys' fees and costs of title evidence. . If L~nder invoke~ tlm power of sale, Lender shall give notice el' intent to foreclose to Borrower and to the person in possession of the Propexty, if different, in accordance with Applicable Law. Lender shah give notice of the sale to Borrower in the manner provided in Section 15. Lender shall publish the notice of sale, and the Property shall be sold in the manner prescribed by Applicable Law. Lender or its desigtlee may purchase the Property at any sale. The proceeds of the sale shah be applied in the following order: (a) to aH expenses of the sale, including, but not limited to, reasonable attorneys' fees; (b) to all sums secured by this Security Instrument; and (c) any excess to the person or persons legally entitled to it. 23. Release. Upon payment of all sums secure. A by this S~cudty Imtxum_~nt, Lender shall release this Security Instrument. Borrower shall pay any recordation c. os~s. Lender may charge Borrower a fc~ for r~leasing this Security Instrument, but only if the fee is paid to a third party for services rendered and the charging of the f~ is pormitted under Applicable Law. 24. Walwr~. Borrowvr rele.~ed and waiv~ all right~ un~r and by virtue of the homesteacl exemption laws of Wyoming.- ~I~-6{WY} iooo~ ~e ~3 a ~ Form 3061 1/01 BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this Security l~trument and in any Rider executed by Borrower and recorded with it. Witnesses: -.Borrower (Seal) ....... l~grr°wer -Borrower ($e~l) -Borrower -Borrower (Seal) (Seal) -Borrower -Borrower (~6IWY) (ooo5} page 14 of IS Fm'm 3051 1101 STATE OF wyoMING, Teton County ss: Th~foregoing instrument was acknowledged bcforomethi$ December 7, 200:L by My Cmrani~ion Expire~: 9/12/03 Nol~ry Public (~-6(WYI Iooo5~ ~e '~5 ot '~6 Form 305'1 1/01 059 49705498 1497054989 PLANNED UNIT DEVELOPMENT RIDER THIS PLANNED UNIT DEVELOPMENT RIDER is mado this 7th day of December 2001 , and is incorporated into and shall be demxtcd to amend and supplement the Mortgage, Deed of Trust, or Security Deed (the "Security Instrument") of the same date, given by the undersigned (the "Borrower") to sectue Borrower's Note to CHASE MANHATTAN biORTGAGE CORPORATION ~ corporation organized and existin9 under the laws of the State of New Jersey ~ (tho "Lendor") of the sarrm dat~ and covering tho Property described in tho Security Instant and located at: 24 BOX ELDER PLACE, THAYNE, WY 83127 fProporty Address] Thc Property includes, but is not limited to, a parcel of land improved with a dwelling, together with other such parcels and certain common areas and facilities, as described in COVENANTS CONDITIONS AND RESTRICTIONS (the "Declaration"). Tho Property is a part of a planned unit dCVeloprr~nt known STAR VALLEY RANCH [Name of Planned Unit Development] (the "PUD"), The Property also includes Borrower's interest in the homeowners association or oquiv',dem entity owning or rtlanaging tho cosini,nn areas arid facilitie~ of the PUD (thc "Owners Asso~talion") and tho use~, ben,-fits and proceeds of Borrower's interest. PUD COVJBNa3IT$. In addition to the covenants and agreements made in the Security ln,strament, Borrower and Lender further covenant ~ a~rse as follows: A. PUD Obligations. Borrower shall perform all of Borrower's obligations under the PUD's Constituent Documents. The "Constitucm Documents" are tho (i) Declaration; (ii) articl~ of incorporation, trust instrument or any equivalent debarment which creates thc Owners Association; ami (iii) any by4aws or other rules or regulations of thc Owners Association. Borrower shall 'promptly pay, when due, all dues and assessments imposed pursuant to the Comtitumt Documents. MULTISTATE PUD RIDER - single Family - Fennie Mae/Freddie Mac UNIFORM INETRUMENT 3250 1/01 Page 1 of 3 lniti~~./ (~TR (0008) ," VMP MORTGAGE FORMS-(800)521-7:291 B. Property Insurance. So long as the Owners Association maintains, with a generally acc~p£~l insurance carrier, a "master" or "blankeU policy insuring the Property which is satisfactory to Lender and which provides insurance coverage iii the amounts (including deductible levels), for the periods, and against loss by fire. h~.~rds included within th~ term "extended coverage," and any other hazards,. including, but not limited to, earthquakes and floods, for which .L~ndt:r requires insurance, then: (i) Lender waives the provision in Section 3 f,.or the Perio.di.c..PaYment to Lender of the yearly premium i~stallmenls fbr property insurance on thy r~operty; ann iii) t~orro, wer's obligation under Section 5 to maintain property insurance coverage on the Property is dec, ned satisfied to the extc. nt that the required coverage ~is provided by the Owners Association policy. ,, ' What Lender requires as a condition of this waiver can change during the term of the loan. Borrower shall give Lender prompt notice of any lapse in required property insurance coverage provided by the master or blanket policy. In the event of a distribution of property insurance proceeds in lieu of restoration or repair following a loss to thc Property, or to common areas and facilities of the PUD, any proceeds payable to Borrower are h.~eby assigned and shall be paid to Lender. Lender shall apply the proceeds to the sums secured by the $~curity Instrument, whether or not then due, with the excess, if any, paid to Borrower. C. Public Liability Insurance, Borrower shall take such actions as may be reasonable to insure that the Owners Association maintains a public liability insurance policy acceptable in form, amount, and extent of coverage to Lender. D, Condemnation, The proceeds of any award or claim for damages, direct or consequential, payable to Borrower in connection with any condemnation or other taking of all or any part of thc Propgrty or the common areas and facilities of the PUD, or for any conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. Such proceeds shall be applied by Lender to the sums secured by the Security Instrument as provid~l in Section 11. E. Lender's Prior Consent. Borrower shall not, except after notice to Lender and with Lender's tPrior, w..dtten consent,~ither partition or subdivide the Property or consent to: (i) the abandonment or errmnauon of the PUt~', except for abandonment or termination required by law in the case of substantial destruction by fire or other casualty or in the case of a taking by condenmation or eminent domain; (ii) My amendment to any provision of the "Constituent Documeuts" if the provision is for thc express benefit of Lend~r; (iii) termination of professional mnnngernem and assumptiOn of self-management of the Owners Association; or (iv) any action which Would have the effect of rendea'ing the public liability insuranc© coverage maintained by the Owners Association unacceptable to L~der.. F. Remedies. If BorrOwer does not pay PUD dues and assessments when due, then Lender'may pay them. Any amounts disbursed by lender under this paragraph F shall bC'C'°m~ additional debt of Borrower s~cured by the Security Instrument. Unless Borrower and Lend~' agr.ee to other terms of payment, these amounts shall bear interest f/Om the date of disb~ at the Note rate and shall be payable, with' iriterest, upon notice from Lender to Bon'ower requesting payn~nt. '~ Inifi~,l~~ (~7R {ODOR) Page 2 of 3 Form 3150 1/01 BY SIGNING BELOW, Borrower accepts and agrees to the terms and provisio~ contained in fhis PUD Ridder. (se~) (Se~) -Borrower ' ~Bo~owcr (Seal) (Seal) -]~oJ'row~f .Rof~ow~f ($cel) (Seal) -Borrower -Borrower (~7R (0008) Page 3 of 3 Form 31~i0 1/01