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HomeMy WebLinkAbout888519Return To: Prepared By: Kris Schneiter "BooK '~. "1. $ PR PAGE_ [Space Above This Line For Recording Data] MORTGAGE MIN DEFINITIONS iRE ,,;i,,~ 1000492-:00, CEIVED ;OUHTY CLERK )1533263-5 ! Words used in multiple sections of this document are defined below and other wbr& Sections 3, 11, 13, 18, 20 and 21. Certain rules regarding the usage of words used in ti also provided in Section 16. (A) "Security Instrument" means this document, which is dated Ha rch 12, i 21 together with all Riders to this document. (B) "Borrower" is Rick L Johnson and Mi chelle M Johnson. Husband! ar Borrower is the mortgagor under this Security Instrument. (C) "HERS" is Mortgage Electronic Registration Systems, Inc. HERS is a separate co: acting solely as a nominee for Lender and Lender's successors and assigns. HERS is under this Security Instrument. HERS is organized and existing under the laws df Delta address and telephone number of P.O. Box 2026, Flint, MI 48501-2026, tel. (888) 67%MI JOHNSON, R. AF 1533263 WYOMING-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT WITH HERS (~®-6A(WY) (ooo51.o~ Page 1 of 15 MW 05/00.01 Initials: ~'~ VMP MORTGAGE FORMS o (8OO)521-7291 are defined in is document are )03 , d Wife 'poration that is the mortgagee /are, .and has an !RS. 0 Form 3051 1/01 O8 (D) "Lender" is Major Mortgage Lender is a A Wyomi ng Corporation organized and existing under the laws of Lender's address is 1920 Thomes Ave.. Wyoming Ste 200. Cheyenne, WY 82001 (E) "Note" means the promissory note signed by Borrower and dated March 12. The Note states that Borrower owes Lender Eighty Fi ve Thousand and no/100 (U.S. $ 85,000.00 ) plus interest. Borrower has promised to pay this debt in r~ Payments and to pay the debt in full not later than April 1. 2033 i (F) "Property'' means the property that is described below under the heading "Transfer o Property.",~ ~i (G) "Loan" means the debt evidenced by the Note, plus interest, any prepayment charges a due under the Note, and all sums due under this Security Instrument, plus interest. ~ (H) "Riders" means all Riders to this Security Instrument that are executed by BorroWer Riders are to be executed by Borrower [check box as applicable]: : ! ~ Adjustable Rate Rider [--] Condominium Rider [~ Second Homa Rider ~-~ Balloon Rider ~ Planned Unit Development Rider [~ 1-4 Family Ride; ~ VA Rider ~ Biweekly Payment Rider [-~ Other(s) [speCify] (I) "Applicable Law" means all controlling applicable federal, state and local statute ordinances and administrative rules and orders (that have the effect of law) as well as all a] non-appealable judicial opinions. (J) "Conununity Association Dues, Fees, and Assessments" means all dues, fees, iassessn charges that are imposed on Borrower or the Property by a condominimn association association or similar organization.. (K) "Electronic Funds Transfer" means any transfer of funds, other than a transactmn check, draft, or similar paper instrument, which is initiated through an electronic termh instrument, computer, or magnetic tape so as to order, instruct, or authorize a Fmanqial inst or credit an account. Such term includes, but is not limited to, point-of-sale tranSfersl, machine transactions, transfers initiated by telephone, wire transfers, and automated transfers. (L) "Escrow,, . Items" means those acres' that are described in Section 3. (M) Miscellaneous Proceeds" means an com t o ~, ......,. ......... Y pensa i n, settlement, award of damagesl, o, oy any tmtu party tomer man insurance proceeds paid under the coverages described in!Set damage to, or destruction of, the Property; (ii) condemnation or other taking of all Pr Property; (iii) conveyance in lieu of condemnation; or (iv) misrepresentations of, oir omis~ value and/or condition of the Property. (N) "Mortgage Insurance" means insurance protecting Lender against the nonpayment!of, the Loan. (O) "Periodic Payment" means the regularly scheduled amount due for (i)pnnmpal' ' iand~ int Note, plus (ii) any amounts under Section 3 of this Security Instrument. (P) "RESPA" means the Real Estate Settlement Procedures Act (12 U.S.C. Section 26Q1 implementing regulation, Regulation X (24 C.F.R. Part 3500), as they might be amende{ time, or any additional or su, ccessor 1,egislation or regulation that governs the same sUbjeLt in this Security Instrument, 'RESPA' refers to all requirements and restrictions that iare iim to a "federally related mortgage loan" even if the Loan does not qualify as a "rede?allY ri loan" under RESPA. JOHNSON, R. AF 1533263 (~-6AIWY) (ooo5)m Page 2 of 15 3 2003 Dollars igular Periodic Rights in the td late charges The following regulations, )plicable final, tents and other homeowners originated by ml, telephonic tution to debit ttomated teller clearinghouse proceeds paid tion 5) for: (i) ny part of the ions as to, the or default on, :rest under the :t seq.) and its from time to .atter. As used ,osed in regard ated mortgage 0 ~rm 3051 1/01 (Q) Successor in Interest of Borrower means any party that has taken title to the Prol not that party has assumed Borrower's obligations under the Note and/or this Secmity !nst TRANSFER OF RIGHTS IN THE PROPERTY This Security Instrument secures to Lender: (i) the repayment of the Loan, and all renewal modifications of the Note; and (ii) the performance of Borrower's covenantsI and this Security Instrument and the Note. For this 'purpose, Borrower does hereby mortgage, to MERS (solely as nominee for Lender and Lender's successors and assigns) and t and assigns of MERS, with power of sale, the following described p in the County of Lq ncql n i [Type of Recording Jurisdiction] [Name of Recording Jurisdic See Schedule C attached hereto and made a part hereof. ParcellD Number:12-3219-04-1-00-401.00 3971 State Highway 238 Auburn (" Property Address "): which currently [City] , Wyoming 83 TOGETHER WITH all the improvements now or hereafter erected on th~ p easements, appurtenances, and fixtures now or hereafter a part of the property. All additions shall also be covered by this Security Instrument. All of the foregoing i~ re Security Instrument as the "Property." Borrower understands and agrees that MERS holt to the interests granted by Borrower in this Security Instrument, but, if necessary, to icor custom, MERS (as nominee for Lender and Lender's successors and assigns) has the righ~ or all of those interests, including, but not limited to, the right to foreclose and Sell the take any action required of Lender including, but not limited to, releasing and! cancel Instrument. BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby the right to mortgage, grant and convey the Property and that the Property is unenc~ml encumbrances of record. Borrower warrants and will defend generally the title to lthd. Pr( claims and demands, subject to any encumbrances of record. THIS SECURITY INSTRUMENT combines uniform covenants for national use covenants with limited variations by jurisdiction to constitute a uniform security instrum property. 30HNSON, R. AF 1533263 (~-6A(WY) 10005).01 Page 3 of 15 Initials:~ 0 8 4 ,erty, whether or ;ument. 5, extensions and reements under rant and convey the successors ~perty located ion] .as the address of [Street] 11 [Zip Code] :operty, and all eplacements and ferred to in this s only legal title ~ply with law or : to exercise any Property; and to .ng this Security onveyed and has ~ered, except for ~perty against all md non-uniform mt covering real 0 Form 3051 1/01 Late Charges. ~e Note and any Or Escrow Items 3e made in U.S. ' the Note or this equent payments ~wing forms, as ~urer's check or ~re insured by a n the Note or at as in Section 15. re insufficient to ) bring the Loan tyment or partial ~ch payments are er need not pay payment to bring ;hall either apply ) the outstanding which Borrower ments due under by this Security ~ Section 2, all rity: (a) interest · Such payments naining amounts Instrument, and vhich includes a ent payment and myment received payment can be ~yment of one or repayments shall ncipal due under >ayments. ayments are due of amounts due Instrument as a ~erty, if any; (c) rtgage Insurance mt of Mortgage called "Escrow that Community ~ dues, fees and es of amounts to ;s Lender waives aive Borrower's .ver may only be ble, the amounts 0 Form 3051 1/01 UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows:! 1. Payment of Principal, Interest, Escrow Items, Prepayment Charges, and Borrower shall pay when due the principal of, and interest on, the debt evidenced bY prepayment charges and late charges due under the Note. Borrower shall also pay i funds pursuant to Section 3. Payments due under the Note and this Security Instrument shall currency. However, if any check or other instrument received by Lender as paymeat unde] Security Instrument is returned to Lender unpaid, Lender may require that any or all due under the Note and this Security Instrument be made in one or more of the foil selected by Lender: (a) cash; (b) money order; (c) certified check, bank cheek, irea cashier's check, provided any such check is drawn upon an institution whose deposits federal agency, instrumentality, or entity; or (d) Electronic Funds Transfer. Payments are deemed received by Lender when received at the location designa[ed such other location as may be designated by Lender in accordance with the notice provisio Lender may return any payment or partial payment if the payment or partial paymen!s bring the Loan current. Lender may accept any payment or partial payment insufficient current, without waiver of any rights hereunder or prejudice to its rights to refuse! such payments in the future, but Lender is not obligated to apply such payments at the' time accepted. If each Periodic Payment is applied as of its scheduled due date, then Lent interest on unapplied funds. Lender may hold such unapplied funds until Borrower :makes the Loan current. If Borrower does not do so within a reasonable period of time, Lender such funds or return them to Borrower. If not applied earlier, such funds will be applied t. pnnclpal balance under the Note lmmedmtely prior to foreclosure. No offset or clmm might have now or in the future against Lender shall relieve Borrower from making pa]/ the Note and this Security Instrument or performing the covenants and agreements iseCUre¢ Instrument. 2. Application of Payments or Proceeds. Except as otherwise described in! th payments accepted and applied by Lender shall be applied in the following order of pti, due under the Note; (b) principal due under the Note; (c) amounts due under S~cti0n 3 shall be applied to each Periodic Payment in the order in which it became due. Any re: shall be applied first to late charges, second to any other amounts due under this Securit' then to reduce the principal balance of the Note. , If Lender receives a payment from Borrower for a delinquent Periodic Payment sufficient amount to pay any late charge due, the payment may be applied to the Idelim the late charge. If more than one Periodic Payment is outstanding, Lender may app!y an3 from Borrower to the repayment of the Periodic Payments if, and to the extent that, ea~ paid in full. To the extent that any excess exists after the payment is applied to th~ full more Periodic Payments, such excess may be applied to any late charges due. Voluntary be applied first to any prepayment charges and then as described in the Note. Any application of payments, insurance proceeds, or Miscellaneous Proceed~ toI p~ the Note shall not extend or postpone the due date, or change the amount, of the P~riodic 3. Funds for Escrow Items. Borrower shall pay to,, Lend,e,r on the day Periodic under the Note, until the Note is paid in full, a sum (the Funds ) to provide for Paymen for: (a) taxes and assessments and other items which can attain priority over this Securit' lien or encumbrance on the Property; (b) leasehold payments or ground rents on the Prt~ premiums for any and all insurance required by Lender under Section 5; and {d)!Mc premiums, if any, or any sums payable by Borrower to Lender in lieu of the paYm Insurance premiums in accordance with the provisions of Section 10. These itemsi art Items." At origination or at any time during the term of the Loan, Lender may reqUire Association Dues, Fees, and Assessments, if any, be escrowed by Borrower, and assessments shall be an Escrow Item. Borrower shall promptly furnish to Lender all noti¢ be paid under this Section. Borrower shall pay Lender the Funds for Escrow Irems unle: Borrower's obligation to pay the Funds for any or all Escrow Items. Lender lmay obligation to pay to Lender Funds for any or all Escrow Items at any time. Any sUchiwa in writing. In the event of such waiver, Borrower shall pay directly, when and where pay: JOHNSON, R. AF 1533263 : (~-6A(WY) (0005).01 Page 4 of 15 due for any Escrow Items for which payment of Funds has been waived by Lender and, if shall furnish to Lender receipts evidencing such payment within such time periodl as Ler Borrower's obligation to make such payments and to provide receipts shall for ,al, i p~rpo be a covenant and agreement contained in this Security Instrument, as the phrase 6ov~na~ is used in Section 9. If Borrower is obligated to pay, Escrow Items directly, pursuant Borrower fails to pay the amount due for an Escrow Item, Lender may exercise iis right~ and pay such amount and Borrower shall then be obligated under Section 9 to mpayi to amount. Lender may revoke the waiver as to any or all Escrow Items at any time by accordance with Section 15 and, upon such revocation, Borrower shall pay to Lender such amounts, that are then required under this Section 3. Lender may, at any time, collect and hold Funds in an amount (a) sufficient tO perm the Funds at the time specified under RESPA, and (b) not to exceed the maximum amc require under RESPA. Lender shall estimate the amount of Funds due on the basis: of reasonable estimates of expenditures of future Escrow Items or otherwise in accOrdance Law. The Funds shall be held in an institution whose deposits are insured by a instrumentality, or entity (including Lender, if Lender is an institution whose deposits !are any Federal Home Loan Bank. Lender shall apply the Funds to pay the Escrow Items n° specified under RESPA. Lender shall not charge Borrower for holding and applying the analyzing the escrow account, or verifying the Escrow Items, unless Lender pays Borrow Funds and Applicable Law permits Lender to make such a charge. Unless an agrecmegt i: or Applicable Law requires interest to be paid on the Funds, Lender shall not be required any interest or earnings on the Funds. Borrower and Lender can agree in writing, h6w¢ shall be paid on the Funds. Lender shall give to Borrower, without charge, an annual Funds as required by RESPA. If there is a surplus of Funds held in escrow, as defined under RESPA, Lender Borrower for the excess funds 'in accordance with RESPA. If there is a shortage qf Ffind. as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borr, Lender the amount necessary to make up the shortage in accordance with RESPA,I bu{ in monthly payments. If there is a deficiency of Funds held in escrow, as defined under RES notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount n up the deficiency in accordance with RESPA, but in no more than 12 monthly payrnen!s. Upon payment in full of all sums secured by this Security Instrument, Lender shall to Borrower any Funds held by Lender. 4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, !fin~s, attributable to the Property which can attain priority over this Security Instrumen!, leasel ground rents on the Property, if any, and Community Association Dues, Fees, and iAssess~ the extent that these items are Escrow Items, Borrower shall pay them in the manner pr°vi, Borrower shall' promptly discharge any lien which has priority over this SeCurity I Borrower: (a) agrees in writing to the payment of the obligation secured by the lieg inla n to Lender, but only so long as Borrower is performing such agreement (b) conte~ts the 1 by, or defends against enforcement of the lien in, legal proceedings which in Lender% o prevent the enforcement of the lien while those proceedings are pending, but only until: are concluded; or (c) secures from the holder of the lien an agreement satisfactory ito Lent the lien to this Security Instrument. If Lender determines that any part of the Property is which can attain priority over this Security Instrument, Lender may give Borrower a noti( ,JOHNSON, R. AF 1533263 (~-6A(WY) 10005).0~ Page 5 of 15 Initials:.__~J~ U Lender requires, der may require. ~es be deemed to t and agreement" [o a waiver, and :under Section 9 Lender any such t notice given in 11 Funds, and in : Lender to apply .unt a lender can current data and with Applicable federal agency, so insured) or in ~ter than the time Funds, annually er interest on the made in writing to pay Borrower vet, that interest ccounting of the shall account to held in escrow, )wer shall pay to no more ~than 12 PA, Lender shall .'cessary to make promptly refund and impositions told payments or nents, if any. To ted in Section 3. astrument unless tanner acceptable ien in good faith )inion operate to ;uch proceedings [er subordinating subject to a lien e identifying the 0 Form 3051 1/01 lien. Within 10 days of the date on which that notice is given, Borrower shall satisfy !he l!ien more of the actions set forth above in this Section 4. Leuder may require Borrower to pay a one-time charge for a real estate tax v~ri reporting service used by Lender in connection with this Loan. 5. Property Insurance. Borrower shall keep the improvements now existing o[ here~ the Property insured against loss by fire, hazards included within the term "extended cover other hazards including, but not limited to, earthquakes and floods, for which Lender r~qui This insurance shall be maintained in the amounts (including deductible levels) and for th Lender requires. What Lender requires pursuant to the preceding sentences can change durh the Loan. The insurance carrier providing the insurance shall be chosen by Borrower subje right to disapprove Borrower's choice, which right shall not be exercised unreasonably require Borrower to pay, in connection with this Loan, either: (a) a one-time charg~ deternzination, certification and tracking services; or (b) a one-time charge for flood zone and certification services and subsequent charges each time remappings or similar change~ reasonably might affect such determination or certification. Borrower shall also be respo payment of any fees imposed by the Federal Emergency Management Agency in lconne¢ review of any flood zone determination resulting from an objection by Borrower. If Borrower fails to maintain any of the coverages described above, Lender may ob 87 or take one or .cation and/or ter erected on age," and any res insurance. ~ periods that tg the term of :t to Lender's Lender may Ir flood zone determination occur which ~sible for the tion with the ain insurance coverage, at Lender'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 LendeL bdt fright or might not protect Borrower, Borrower's equity in the Property, or the contents of the Propelrty,i ag~iinst any risk hazard or liability and might provide greater or lesser coverage than was previousl~ in!effect. Borrower acknowledges that the cost of the insurance coverage so obtained might significantly ekce{d the 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 shal bear interest at the Note rate from the date of disbursement and shall be payable, with such interest, upo notice from Lender to Borrower requesting payment. All insurance policies required by Lender and' renewals of such policies shall be subje~ to Lender's right to disapprove such policies, shall include a standard mortgage clause, and shall nm e Lender as mo'rtgagee and/or as an additional loss payee. Lender shall have the right to hold the !policie, and renewal certificates. If Lender requires, Borrower shall promptly give to Lender all receipts of paid I remiums and renewal notices. If Borrower obtains any tbrm of insurance coverage, not otherwise require I by Lender, for damage to, or destruction of, the Property, such policy shall include a standard imortga ie 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 carrierland Lt ~der. Lender may make proof of loss if not made promptly by Borrower. Unless Lender and Borr6wer ot.~erwise agree in writing, a_ny 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 econ°mi~all,, feasible and Lender's security is not lessened. During such repair and restoration period Lender shall !ha4e the right to hold such insurance proceeds until Lender has had an opportunity to insplct such P~operty Ito ensure the work has been completed to Lender's satisfaction, provided that such inspection ishall bp undertaken promptly. Lender may disburse proceeds for the repairs and restoration in a single paymentpr in a series of progress payments as the work is completed. Unless an agreement is made in writing o~ Al~plicable Law requires interest to be paid on such insurance proceeds, Lender shall not be required io pay ]torrower any interest or earnings on such proceeds. Fees for public adjusters, or other third Parties, retained by Borrower shall not be paid out of the insurance proceeds and shall be the sole obligation of Borrower. If the restoration or repair is not economically feasible or Lender's security would be lessened, [he insurance proceeds shall be applied to the sums secured by this Security instrument, whether o? not ti-eh due, with ,JOHNSON, R. AF 1533263 i 0 the excess, if any, paid to Borrower. Such insurance proceeds shall be applied in the Orde Section 2. If Borrower abandons the Property, Lender may file, negotiate and settle lanYl ay claim and related matters. If Borrower does not respond within 30 days to a notice fi-on insurance carrier has offered to settle a claim, then Lender may negotiate and settle the cl period will begin when the notice is given. In either event, or if Lender acqu~res!th¢ Section 22 or otherwise, Borrower hereby assigns to Lender (a) Borrower's ~ighis proceeds in an amount not to exceed the amounts unpaid under the Note or this Security (b) any other of Borrower's rights (other than the right to any refund of unearned Borrower) under all insurance policies covering the Property, insofar as such rights are coverage of the Property. Lender may use the insurance proceeds either to repair or restor to pay amounts unpaid under the Note or this Security Instrument, whether or not then idu¢ 6. Occupancy. Borrower shall occupy, establish, and use the Property as Borr residence within 60 days after the execution of this Security Instrument and shalll contin Property as Borrower's principal residence for at least one year after the date of ogcupan¢ otherwise agrees in writing, which consent shall not be unreasonably withheldI, or m circumstances exist which are beyond Borrower's control. 7. Preservation, Maintenance and Protection of the Property; Inspecti°ns.i Bc destroy, damage or impair the Property, allow the Property to deteriorate or c0mn Property. Whether or not Borrower is residing in the Property, Borrower shall maintair order to prevent the Property from deteriorating or decreasing in value due to it} condi~ determined pursuan[ to Section 5 that repair or restoration is not economically feasible promptly repair the Property if damaged to avoid further detenoranon or damage. condemnation proceeds are paid in connection with damage to, or the taking of, itheI Pn shall be responsible for repairing or restoring the Property only if Lender has re!eased 1: purposes. Lender may disburse proceeds for the repairs and restoration in a single paymen progress payments as the work is completed. If the insurance or condemnation prbceeds to repair or restore the Property, Borrower is not relieved of Borrower's obligation for such repair or restoration. Lender or its agent may make reasonable entries upon and inspections of th~ P reasonable cause, Lender may inspect the interior of the improvements on the Property. Borrower notice at the time of or prior to such an interior inspection specifying such reasc 8. Borrower's Loan Application. Borrower shall be in default if, during the process, Borrower or any persons or entities acting at the direction of BorroWer :or knowledge or consent gave materially false, misleading, or inaccurate information! or Stat (or failed to provide Lender with material information) in connection with the representations include, but are not limited to, representations concerning BorrOwer's provided for in ilable insurance . Lender that the aim. The 30-day Property under a any insurance Instrument, and erniums paid by applicable to the the Property or wer's principal ~e to occupy the y~ unless Lender dess extenuating rrower shall not tit waste on the . the Property in ion. Unless it is , Borrower shall If insurance or ~perty, Borrower roceeds for such [ or in a series of ~re not sufficient ae completion of vperty. If it has ~ender shall give ~able cause. Loan application with Borrower's ;ments to Lender Loan. Material ~ccupancy of the Property as Borrower's principal residence. 9. Protection of Lender's Interest in the Property and Rights Under this SecUrils[instrument. If (a) Borrower fails to perform the covenants and agreements contained in this Security inst[ument, (b) there is a legal proceeding that might significantly affect Lender's interest in the Property! an~l/or rights under this Security Instrument (such as a proceeding in bankruptcy, probate, for condemnation Ior forfeiture, for enforcement of a lien which may attain priority over this Security Instrument orI to enforce laws or regulations), or (c) Borrower has abandoned the Property, then Lender may do and pa] for whatever is reasonable or appropriate to protect Lender's interest in the Property and rights 'umler this Security Instrument, including protecting and/or assessing the value of the Property, and securing and/or repairing the Property. Lender's actions can include, but are not limited to: (a) paying any sums: which has priority oyer this Security Instrument; (b) appearing in court; and (c) p ,JOHNSON. R. AF 1533263 , ~ecured by a lien ~ying reasonable attorneys' fees to protect its interest in the Property and/or rights under this Security Instm its secured position in a bankruptcy proceeding. Securing the Property includes, buti is entering the Property to make repairs, change locks, replace or board up doors and! windo' from pipes, eliminate building or other code violations or dangerous conditions, and have on or off. Although Lender may take action under this Section 9, Lender does not have to under any duty or obligation to do so. It is agreed that Lender incurs no liability for not actions authorized under this Section 9. Any amounts disbursed by Lender under this Section 9 shall become additional! de' secured by this Security Instrument. These amounts shall bear interest at the Notel rate fi disbursement and shall be payable, with such interest, upon notice from Lender tO B0rrr payment. If this Security Instrument is on a leasehold, Borrower shall comply with al! th~ pr lease. If Borrower acquires fee title to the Property, the leasehold and the fee title shall m Lender agrees· to the merger in writing. 10. Mortgage Insurance. If Lender required Mortgage Insurance as a condition oi mi Borrower shall pay the premiums required to maintain the Mortgage Insurance in effect.ilf, the Mortgage Insurance coverage required by Lender ceases to be available from th{ mortg previously provided such insurance and Borrower was required to make separately desig: toward the premiums for Mortgage Insurance, Borrower shall pay the premiums req~ coverage substantially equivalent to the Mortgage Insurance previously in effect, iat ~ cc equivalent to the cost to Borrower of the Mortgage Insurance previously in effect,i fro mortgage insurer selected by Lender. If substantially equivalent Mortgage Insurande available Borrower shall continue to pay to Lender the amount of the separately de.qignate~ were due when the insurance coverage ceased to be in effect. Lender will accep[, use payments as a non-refundable loss reserve in lieu of Mortgage Insurance. Such! loss non-refundable, notwithstanding the fact that the Loan is ulthnately paid in full, and Lei required to pay Borrower any interest or earnings on such loss reserve. Lender can~no Ion reserve payments if Mortgage Insurance coverage (in the amount and for the period that provided by an insurer selected by Lender again becomes available, is obtainedk and separately designated payments toward the premiums for Mortgage Insurance. If Lender lre. Insurance as a condition of making the Loan and Borrower was required to mak~ sePar: payments toward the premiums for Mortgage Insurance, Borrower shall pay the !premiu maintain Mortgage Insurance in effect, or to provide a non-refundable loss reserve requirement for Mortgage Insurance ends in accordance with any written agreement betWee: Lender providing for such termination or until termination is required by Applicable Law. Section 10 affects Borrower's obligation to pay interest at the rate provided in the NOte. Mortgage Insurance reimburses Lender (or any entity that purchases the Note) for may incur if Borrower ·does not repay the Loan as agreed. Borrower is not a PartY Insurance. ~ Mortgage insurers evaluate their total risk on all such insurance in force from }ime tc enter into agreements with other parties that share or modify their risk, or reduce loises[ TI are on terms and conditions that are satisfactory to the mortgage insurer and the other Part2 these agreements. These agreements may require the mortgage insurer to make payments u of funds that the mortgage insurer may have available (which may xnclude funds obtained Insurance premiums). As a result of these agreements, Lender, any purchaser of the Note, another ~nsurer any other entity, or any affiliate of any of the foregoing, may receive (directly or indirectl derive from (or might be characterized as) a portion of Borrower's payments for Mortga~ exchange for sharing or modifying the mortgage insurer's risk, or reducing losses. If provides that an affiliate of Lender takes a share of the insurer's risk in exchange premiums paid to the insurerl the arrangement is often termed "captive reinsurance "i Furthe (a) Any such agreements will not affect the amounts that Borrower has agrt Mortgage Insurance, or any other terms of the Loan. Such agreements wall not mcre: Borrower will owe for Mortgage Insurance, and they will not entitle Borrower tO aqy r ~OHNSON. R. AF 1533263 Page 8 of 15 [ ' (~-6A(WY) nent, including not limited to, rs, drain water utilities turned [o so and is not king any or all )t of Borrower om the date of wet requesting ovisions of the merge unless :ing the Loan, for any reason, ige insurer that ~ated payments tired to obtain st substantially m an alternate overage is not I payments that nd retain these :serve shall be ler shall not be ;er require loss ender requires) .ender requires aired Mortgage rely designated ms required to until Lender's 1 Borrower and Nothing in this :ertain losses it the Mortgage time, and may tese agreements , (or parties) to ;ing any source from Mortgage any reinsurer, ~,) amounts that e Insurance, in ;uch agreement a share of the r: ed to pay for tse the amount .~fund. O. orm3051 1/01' 0 (b) Any such agreements will not affect the rights Borrower has - if any -w il Mortgage Insurance under the Homeowners Protection Act of 1998 or any Other h may include the right to receive certain disclosures, to request and obtain can Mortgage Insurance, to have the Mortgage Insurance terminated automatically, ant refund of any Mortgage Insurance premiums that were unearned at the time iof ~uci termination. 11. Assignment of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Pro~ assigned to and shall be paid to Lender. If the Property is damaged, such Miscellaneous Proceeds shall be applied to reston the Property, if the restoration or repair ~s econormcally feasible and Lender's security During such repair and restoration period, Lender shall have the right to hold such MiScel until Lender has had an opportunity to inspect such Property to ensure the work has Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lendel repairs and restoration in a single disbursement or in a series of progress payments completed. Unless an agreement is made in writing or Applicable Law requires interest tt Miscellaneous. Proceeds, Lender shall not be required to pay Borrower any interest !or Miscellaneous Proceeds. If the restoration or repair is not economically feasible or :Lender be lessened, the Miscellaneous Proceeds shall be applied to the sums secured by !his Sec whether or not then due, with the excess, if any, paid to Borrower. Such MiscellaneOus applied in the order provided for in Section 2. In the event of a total taking, destruction, or loss in value of the ProPerty, tl Proceeds shall be applied to the sums secured by this Security Instrument, whether ~r the excess, if any, paid to Borrower. ' In the event of a partial taking, destruction, or loss in value of the Property iin Whi¢ value of the Property immediately before the partial taking, destruction, or lossI in ?al greater than the amount of the sums secured by this Security Instrument immediately 1 taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in secured by this Security Instrument shall be reduced by the amount of the iMi~cell multiplied by the following fraction: (a) the total amount of the sums secured l immed partial taking, destruction, or loss in value divided by (b) the fair market i value immediately before the partial taking, destruction, or loss in value. Any balance shall be p In the event of a parUal taking, destruction, or loss ~n value of the Property m whic value of the Property ~mmedmtely before the part~al taking, destruction, or loss lin valu amount of the sums secured immediately before the partial taking, destruction, for loss Borrower and Lender otherwise agree in writing, the Miscellaneous Proceeds shall be ap secured by this Security Instrument whether or not the sums are then due. If the Property is abandoned by Borrower, or if, after notice by Lender tO B Opposing Party (as de£med in the next sentence) offers to make an award to settle a cl~ Borrower fails to respond to Lender within 30 days after the date the notice is given, Let to collect and apply the Miscellaneous Proceeds either to restoration or repair of the P sums secured by this Security Instrument, whether or not then due. "Opposing party" mea that owes Borrower Miscellaneous Proceeds or the party against whom Borrowerl has a regard to Miscellaneous Proceeds. Borrower shall be in default if any action or proceeding, whether civil or criminal, Lender's judgment, could result in forfeiture of the Property or other material imPain interest in the Property or rights under this Security Instrument. Borrower can cure such acceleration has occurred, reinstate as provided in Section 19, by causing the aciionl or dismissed with a ruling that, in Lender's judgment, precludes forfeiture of the PWperty impairment of Lender's interest in the Property or rights under this Security Instrument. any award or claim for damages that are attributable to the impairment of Lender'S intere~ are hereby assigned and shall be paid to Lender. All Miscellaneous Proceeds that are not applied to restoration or repair Of the applied in the order provided for in Section 2. ,JOHNSON. R. AF 1533263 3O h respect to the w. These rights cellation of the I/or to receive a cancellation or eeds are hereby trion or repair Of is not lessened. laneous Proceeds :en completed to may pay for the as the work is be paid on such :arnings on such 's security would arity Instrument, ?roceeds shall be te Miscellaneous )t then due, with h the fair market ~e is equal to or }efore the partial ~riting, the sums aneous Proceeds iately before the of the Property aid to Borrower. h the fair market ~ is less than the in value, unless died to the sums ~rrower that the im for damages, .der is authorized roperty or to the ns the third party fight of action in is begun that, in nent of Lender's a default and, if proceeding to be or other material The proceeds of in the Property :operty shall be 0 Form 3051 1/01 12,. Borrower Not Relensed; Forbearance By Lender Not a Waiver. Extension o payment or modification of amortization of the sums secured by this Security Instrument gra~ to Borrower or any Successor in Interest of Borrower shall 'not operate to release the! liabilit or any Successors in Interest of Borrower. Lender shall not be required to commenc!e procc any Successor in Interest of Borrower or to refuse to extend time for payment ior btN amortization of the sums secured by this Security Instrmnent by reason of any demand made Borrower or any Successors in Interest of Borrower. Any forbearance by Lender in eXerdisir remedy including, without limitation, Lender's acceptance of payments from third perso: Successors in Interest of Borrower or in amounts less than the mnount then due, shallnot be preclude the exercise of any right or remedy. 13. Joint and Several Liability; Co-signers; Successors and Assigns Bound! B°rro and agrees that Borrower's obligations and liability shall be joint and several. However, any co-signs this Security Instrument but does not execute the Note (a "co-signer"): (a) is c Security Instrument only to mortgage, grant and convey the co-signer's interest in the Prop terms of this Security Instrument; (b) is not personally obligated to pay the sums secured b, Instrument; and (c) agrees that Lender and any other Borrower can agree to extend, modi make any accommodations with regard to the terms of this Security Instrument or the :No co-signer's consent. Subject to the provisions of Section 18, any Successor in Interest of BorroWer Borrower's obligations under this Security Instrument h~ writing, and is approved by Lende all of Borrower's rights and benefits under this Security Instrument. Borrower shallinot be Borrower's obligations and liability under this Security Instrument unless Lender agrees io writing. The covenants and agreements of this Security Instrument shall bind (except Section 20) and benefit the successors and assigns of Lender. 14. Loan Charges. Lender may charge Borrower fees for services performed il c Borrower's default, for the purpose of protecting Lender's interest in the Property and!rig Security Instrument, including, but not limited to, attorneys' fees, property inspection and In regard to any other fees, the absence of express authority in this Security Instrument to ch: fee to Borrower shall not be construed as a prohibition on the charging of such fee. Lender n fees that are expressly prohibited by this Security Instrument or by Applicable Law. If the Loan is subject to a law which sets maximum loan charges, and that law is finally that the interest Or other loan charges collected or to be collected in connection with thei Lo permitted limits, then: (a) any such loan charge shall be reduced by the amount necessary charge to the permitted limit; and (b) any sums already collected from Borrower which excee limits will be refunded to Borrower. Lender may choose to make this refund by reducing owed under the Note or by making a direct payment to Borrower. If a refund reduces reduction will be treated as a partial prepayment without any prepayment charge (whel prepayment charge is provided for under the Note). Borrower's acceptance of any such: direct payment to Borrower will constitute a waiver of any right of action Borrower mighi ha of such overcharge. 15. Notices. All notices given by Borrower or Lender in connection with thisi Securi must be in writing. Any notice to Borrower in connection with this Security Instrument shall have been given to Borrower when mailed by first class mail or when actually delivered notice address if sent by other means. Notice to any one Borrower shall constitute notice! to unless Applicable Law~ expressly requires otherwise. The notice address shall be the Pro1 unless Borrower has designated a substitute notice address by notice to Lender. Borrower s notify Lender of Borrower's change of address. If Lender specifies a procedure for iep0rtir change of address, then Borrower shall only report a change of address through that ispegifi, There may be only one designated notice address under this Security Instrument atI any o: notice to Lender shall be given by delivering it or by mailing it by first class mail! to Let stated herein unless Lender has designated another address by notice to Borrowerl A connection with this Security Instrument shall not be deemed to have been given to Lender received by Lender. If any notice required by this Security Instrument is also required und Law, the Applicable Law requirement will satisfy the corresponding requirement' under Instrument. ,JOHNSON. R. AF 1533263 initials: ~'~'i~ ? (~-6A(WY) (ooosJ.o~ Pa9" ,o of , 5 For the time for ed by Lender of Borrower edings against '.rwise modify ~y the original any right or ~s, entities or waiver of or 'er covenants !lorrower who a-signing this .~rty under the , this Security [:y, forbear or e without the who assumes :, shall obtain released from uch release in provided in mection with ars under this 'aluation fees. trge a specific ray not charge interpreted so an exceed the to reduce the :led permitted the principal principal, the her or not a Und made by ~e arising out [y Instrument be deemed to o Borrower's all Borrowers ~erty Address aall promptly g Borrower's · .d procedure. ~e time. Any der's address ny notice in until actually .~r Applicable this Security 0 · n 3051 1/01 Id. Governing Law; Severability; Rules of Construction. This Security lin governed by federal law and the law of the jurisdiction in which the Property i$ locate obligations contained in this Security Instrument are subject to any requirements Applicable Law. Applicable Law might explicitly or implicitly allow the parties !o agree might be silent, but such silence shall not be construed as a prohibition against agreeme~ the event that any provision or clause of this Security Instrument or the Note conflict,, Law, such conflict shall not affect other provisions of this Security Instrument or the N given effect without the conflicting provision. · ! i : As used in this Security Instrument: (a) words of the masculine gender ishall corresponding neuter words or words of the feminine gender; (b) words m the ismgul~ include the plural and vice versa; and (c) the word "may" gives sole discretion WithOut take any action.. ! 17. Borrower's Copy. Borrower shall be given one copy of the Note and of ibis Sec 18. Transfer of the Property or a Beneficial Interest in Borrower. As nsed "Interest in the Property" means any legal or beneficial interest in the Property incladin to, those beneficial interests transferred in a bond for deed, contract for deed ~nstallmen, escrow agreement, the intent of which is the transfer of title by Borrower at a future date If all or any part of the Property or any Interest in the Property is sold or transferre is not a natural person and a beneficial interest in Borrower is sold or transferred) withe written consent, Lender may require immediate payment in full of all sums iecUred Instrument. However, this option shall not be exercised by Lender if such exerdise Applicable Law. If Lender exercises this option, Lender shall give Borrower notice of acceleration. provide a period of not less than 30 days from the date the notice is given in aceordanc within which Borrower must pay all sums secured by this Security Instrument. jif Bort these sums prior to the expiration of this period, Lender may invoke any remedies Security Instrument without further notice or demand on Borrower. I, 19. Borrower's Right to Reinstate After Acceleration. If Borrower meet~ Borrower shall have the right to have enforcement of this Security Instrument discbnt/ prior to the earliest of: (a) five days before sale of the Property pursuant to any pbwer this Security Instrument; (b) such other period as Applicable Law might specify for t Borrower s right to retnstate; or (c) entry of a judgment enforczng thzs Security conditions are that Borrower: (a) pays Lender all sums which then would be!due m Instrument and the Note as if no acceleration had occurred; (b) cures any default Of any agreements; (c) pays all expenses incurred in enforcing this Security Instrument, i~clUdin to, reasonable attorneys' fees, property inspection and valuation fees, and other fees purpose of protecting Lender's interest in the Property and rights under this Security In takes such action as Lender may reasonably require to assure that Lender's interest in rights under this Security Instrument, and Borrower's obligation to pay the sums secure Instrument, shall continue unchanged. Lender may require that Borrower pay such reinsl expenses in one or more of the following forms, as selected by Lender: (a) cash; (b) certified check, bank check, treasurer's check or cashier's check, provided any such !ch¢ an institution whose deposits are insured by a federal agency, instrumentality or' entity; Funds Transfer. Upon reinstatement by Borrower, this Security Instrument and obligatio shall remain fully effective as if no acceleration had occurred. However, this right, ;!t° apply in the case of acceleration under Section 18. ~ 20. Sale of Note; Change of Loan Servicer; Notice of Grievance. The NOte Or a the Note (together with this Security Instrument) can be sold one or more times withe Borrower. A sale might result in a change in the entity (known as the "Loan Set-vii Periodic Payments due under the Note and this Security Instrument and performs servicing obligations under the Note, this Security Instrument, and Applicable Law.! TI~ one or more changes of the Loan Servicer unrelated to a sale of the Note. If there is !a cl Servicer, Borrower will be given written notice of the change which will state the name new Loan Servicer, the address to which payments should be made and any other! inl JOHNSON, R. AF 1533263 _, Initials:¢ {~-6A(WY) (ooo5).o~ Page 11 of 15 rument shall be :1. All rights and td limitations of by contract or it zt by contract, in with Applicable ate which can be zean and include r shall mean and any obligation to arity Instrument. this Section 18, ;, but not limited sales contract or o a purchaser. ri (or if Bo, rrower ut Lender s prior by this Security is prohibited by The notice shall with Section 15 c)wer fails to pay ,ermitted by this rtain conditions, nued at any time sale contained in ~e termination of zstrument. Those .der this Security her covenants or but not limited incurred for the strument; and (d) the Property and I by this Security atement sums and money order; (c) ck is drawn upon or (d) Electronic as secured hereby :einstate shall not partial interest in ut prior notice to :er") that collects er mortgage loan ere also might be range of the Loan md address of the 0rmation RESPA 0 Form 3051 1/01 0 requires in connection with a notice of transfer of servicing. If the Note is sold and there serviced by a Loan Servicer other than the purchaser of the Note, the mortgage ldan Ser~ to Borrower will remain with the Loan Servicer or be transferred to a successor Loan; Sei assumed by 'the Note purchaser unless otherwise provided by the Note purchaser. , i Neither Borrower nor Lender may commence, join, or be joined to any judicial ac individual litigant or the member of a class) that arises from the other party's factions Security Instrument or that alleges that the other party has breached any prows~on of, Or ~ reason of, this Security Instrument, until such Borrower or Lender has notified the.~ other notice given in compliance with the requirements of Section 15) of such al eged ibreach other party hereto a reasonable period after the giving of such notice to take Corr Applicable Law provides a time period which must elapse before certain action lcan be period will be deemed to be reasonable for purposes of this paragraph. The not]ce of opportunity to cure given to Borrower pursuant to Section 22 and the notice Of hcce Borrower pursuant to Section 18 shall be deemed to satisfy the notice and opporturnty action provisions of this Section 20. ~ i 21. Hazardous Substances. As used in this Section 21: (a) "Hazardous SUbsl substances defined as toxic or hazardous substances, pollutants, or wastes by Environme following substances: gasoline, kerosene, other flammable or toxic petroleum products and herbicides, volatile solVents, materials containing asbestos or formaldehyde, and radiI (b) "Environmental Law" means federal laws and laws of the jurisdiction where tho Pr0pe relate to health, safety or environmental protection; (c) "Environmental Cleanup!" ificlu. 93 ,,after the Loan is icing obligations vicer and are not :ion (as either an pursuant to this ny duty owed by party (with such and afforded the ective action. If taken, that time acceleration and eration given to take 'corrective aces" are those atal Law and the toxic pesticides )active materials; -ty is located that les any response action, re,m, edial action, or removal action, as defined in Environmental Law; and (d} a5 "Environmental Condition' means a condition that can cause, contribute to, or otherwise trigger a~ Environmental Cleanup. ! / Borrower shall not cause or permit the presence, use, disposal, storage, or release qf any Hazardous Substances, or threaten to release any Hazardous Substances, on or in the Property'. BOrroWer shall not do, nor allow anyone else to do, anything affecting the Property (a) that is in violation of a~ y Environmental Law, (b) which creates an Environmental Condition, or (c) which, due to the presence, us e, or release of a Hazardous Substance, creates a condition that adversely affects the value of the ProPe~t~.t. The preceding two sentences shall not apply to the presence, use, or storage on the Property of sn~all quantities of Hazardous Substances that are generally recognized to be appropriate to normal[ reside:~tial uses and to maintenance of the Property (including, but not limited to, hazardous substances ini ; consur mr products). Borrower shall promptly give Lender written notice of (a) any investigation,i claim, demand, lawsuit or other action by any governmental or regulatory agency or private party involving the ~roperty and any Hazardous Substance or Environmental Law of which Borrower has actual k. no/ledge, (b) any Environmental Condition, including but not limited to, any spilling, leaking, discharge, re lease or threat of release of any Hazardous Substance, and (c) any condition caused by the presence,: us~: or release of a Hazardous Substance which adversely affects the value of the Properly. If Borrower lear as, or is notified by any governmental or regulatory authority, or any private party, that any remogal 6r t,ther remediation of any Hazardous Substance affecting the Property is necessary, Borrower shall prdmpflyl lake all necessary remedial actions ~n accordance w~th Envxronmental Law. Nothxng hereto shall :reate a]y obligation on Lender for an Environmental Cleanup. JOHNSON, R. AF 1533263 I nitials :.~'"'"- ~ (~)~-6A(WY) (ooosI.m Page 12 of 15 ' ' ' 0 Form 3051 1/01 NON-UNIFORM COVENANTS. Borrower and Lender further covenant andI agree 22. Acceleration; Remedies. Lender shall give notice to Borrower prior tO accel, ,Borrower's breach of any covenant or agreement in this Security Instrument (i~ acceleration under Section 18 unless Applicable Law provides otherwise). The !notice the default; (b) the action required to cure the default; (c) a date, not less than 30 da the notice is given to Borrower, by which the default must be cured; and (d)ithai fa default on or before the date specified in the notice may result in acceleration iof ~he. this Security Instrument and sale of the Property. The notice shall further inform right to reinstate after acceleration and the right to bring a court action to assert the a default or any other defense of BorrOwer to acceleration and sale. If the default is before the date specified in the notice, Lender at its option may require immediate all sums secured by this Security Instrument without further demand and may inVo sale and any other remedies permitted by Applicable Law. Lender shall b~ entitl expenses incurred in pursuing the' remedies provided in this Section 22, including~ reasonable attorneys' fees and costs of title evidence. , If Lender invokes the power of sale, Lender shall give notice of intent tq forecl and to the person in possession of the Property, if different, in accordance with Lender shall give notice of the sale to Borrower in the manner provided in Secti6n publish the notice of sale, and the Property shall be sold in the manner prescribe. Law. Lender or its designee may purchase the Property at any sale. The proceedS of applied in the following order: (a) to all expenses of the sale, including, but reasonable attorneys' fees; (b) to all sums secured by this Security Instrument; and the person or persons legally entitled to it. 23. Release. Upon payment of all sums secured by this Security Instrument, ILende~ Security Instrument. Borrower shall pay any recordation costs. Lender may chargel Bo releasing this Security Instrument, but only if the fee is paid to a third party for s~rviCes charging of the fee is permitted under Applicable Law. : 24. Waivers. Borrower releases and waives all rights under and by virtue o exemption laws of Wyoming. , ,JOHNSON. R. AF 1533263 O94 is follows: ration following ut not prior to ~hall specify: (a) ~s from the date [lure to cure the ~ums secured by ~lorrower of the non-existence of not cured on or .yment in full of ke the power of ~d to collect all not limited to, se to Borrower tpplicable Law. ~5. Lender shall t by Applicable the sale shall be not limited to, lc) any excess to shall release this rrower a fee for rendered and the the homestead Form 3051 1/01 BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenantsI Security Instrument and in any Rider executed by Borrower and recorded with it. i Witnesses: CO: Rick L JohnSon JOHNSON, R. AF (~)~6A(WY) 10oos}m (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower Michelle M Johnso~ 1533263 Page 14 of 15 F( mined in this (Seal) -Bormwer (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower rm 3051 1/01 STATE OF WYOMING, The foregoing instrument was acknowledged ,before me this byRqck L Johnson and Michelle M Johnson My Commission Expires: JOHNSON, R. AF (~-6AIWY) (ooo51.o'~ County ss: ~TTd'a~ff~o March 12 21103 1533263 Page 15 of 15 Initials: Form 3051 0 1/01 SC~D~EC The land re~rred to in t~s commitme~ is situated in the State of Wyoming, Col descried-as ~llows: Part of Section 4, T32N RllgW of the 6th P.M., LincOlr being more particularly described as follows: BEGINNING 411.5 feet South of the Northwest cortez ¢ Section 4 and running thence South 142 feet; thence East 306.76 feet; : thence North 142 feet; thence West 306.76 feet to the POINT OF BEGINNING ll/~l O97 tnty of Lincoln, and is CoUnty, Wyoming f Lot 1 of said