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HomeMy WebLinkAbout888886When recorded mail to: ABN AMRO MORTGAGE GROUP, INC. P.O. BOX 5064 TROY, MICHIGAN 48084 ATTN~FINAL/TRAILING DOCUMENTS 888886 RECEIVED LINCOLN COUNTY CLERK LOAN #: 634157786 BOOK ~ {) PR PAGE_ [Space Above This Lb~e For Recordb~g Data] MORTGAGE DEFINITIONS Words used iu multiple sections of this document are defined below and other words are defined in Sections 3, 11, 13, 18t 20 and 21. Certain rules regarding the usage of words used in this document are also provided in Section 16. (A) "Security Instrmnent" means this docmnent, which is dated MARCH 2 6, 2 0 0 3, together with alt Riders to this docmnent. (B) "Borron~er" is HARVEY E JACKSON AND LINDA L JACKSON, HUSBAND & WIFE 'AS TENANTS BY THE ENTIRETIES Borrower is the mortgagor under this Se¢3~ri~'Instrument. (C) "Lender" is ABN AMRO MORTGAGE:~GROUP, INC. Lender is a CORPORATION organized and existing under tile laws of DEI_d~WARE. Lender's address is 2600 W. BIG BEAVER RD., TROY, MICHIGAN 48084. Lender is the mortgagee under this Security Instmmem. (D) "Note" means the prmnissory note signed'by Borrower and dated MARCH 26, 2003. The Note states that Borrower owes Lender ***************************** FOUR THOUSAND EIGHT HUNDRED AND NO/100 *********************************************************** Dollars(U.S. $94,800.00 ) plus interest. Borrower has promised to pay this debt in regular Periodic Payments and to pay the debt in full not later than APRIL 1, 2018. ' (E) "Property" means the property, that is described below under the heading "Transfer of Rights in the Property.." (F) "Lo an" means the debt evidenced by the Note, plus interest, any prepayment charges and late charges due under the Note, and all sums due under this Securi .ty Instrument, plus interest. (G) "Riders" means all Riders to this Security Instrument that are execmed by Borrower. The following Riders are to be executed by Borrower [check box as applicable]: ~ Adjustable Rate Rider ~ Condominimn Rider [--~ Second Home Rider ~ Balloon Rider [~ Planned Unit Development Rider [~ Other(s) [specify] ]~ 1-4 Family Rider [~ Biweekly Payment Rider (H) "Apl)lical)le 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) "Co~nmunity Association Dues, Fees, and Assessments" means all dues, fees, assessments and other charges that are imposed on Borrower Or the Property by a condominium association, homeowners association or similar organization. (J) "Electronic Funds Transfer" means any transfer offnnds, other than a tra usaction originated by check, draft, or sinfilar paper instrument, which is initiated tkrough an electronic tenninal, 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 linfited to, point-of-sale transfers, automated teller machine transactions, transfers initiated by telephone, wire transfers, and atttomated clearinghouse transfers. ' (K) "Escrow Items" means those items that are described m Section 3. (L) "Miscellaneons Proceeds" meaus any compensation, settlement, award of damages, or proceeds paid by any third party. (other than insurance proceeds paid under the coverages described m Section 5) for: (i) damage to, or destruction of, the Property.; (ii) WYOMING--Single Family--Fmufie Mae/Freddie Mac UNIFORM INSTRUMENT I n i t i a Form3051 1/01 Page 1 of 8 '&~Y~DEED O' LOAN #: 634157786· condemnation or other taking of all or any part of the Property.; (iii) conveyance in lieu of condemnation; or (iv) misrepresentations of, or onfissions as to, the value and/or condition of the Property. (M) "Mortgage Insurance" means insurance protecting Lender against the nonpayment of, or default On, the Loan. (N) "Periodic Payment" means the regularly scheduled amount due for (i) principal and interest under the Note, plus (ii) amounts under Section 3 of this Security Instrument (O) "RESPA" means the Real Estate Settlement Procedures Act (12 U.S.C. §2601 et seq.) and its implementing regulation, Regulation X (24 C.F.R. Part 3500), as they might be amended from time to time, or any additional, or successor legislation or regulation that governs the same subject matter. As used in this Security Instrument, "RESPA" refers to all requiremetus and restrictions that are imposed in regard to a ' . " , ' federally related mortgage loan even if the Loan does not qualify as a 'federally related mortgage loan" under RESPA. ' (P) "Successor in Interest of Borrower" means any partythat has taken title to the Property, whether or not that party, has assumed Borrower's obligations under the 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 (ii) the performance of Borrower's covenants and agreements under this SeCurity Instrument and the 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 [Name of Recording Jurisdiction] of LINCOLN [Name of Recording Jurisdiction]: SEE LEGAL DESCRIPTION ATTACHED HERETO AND MADE A PART HEREOF. which currently has the address of Wyoming 8 3101 [Zip Code] 1001 PARK DR, KEMMERER, (' 'Property Address"): [Street] [City] TOGETHER WITH all the improvements now or hereafter erected on the property, and all easements, appurtenances, and fixtures now or hereafter a part of the property.. All replacemetus and additions shall also be covered by this Security Instrument. All of the foregoing is referred to in this Security Instmmetu as the "Property.." · BORROWER COVENANTS that Borrower is lawfully seized of the estate hereby conveyed and has the right to mortgage, gratu and convey the Propem. ~ and that the Propem/is unencumbered, except for encmnbrances of record. Borrower warratus and will defend generally the title to the Property. against all claims and demauds, subject to any encmnbrances of record. THIS SECURITY INSTRUMENT combines mfiform covenants for national use and non-Uniform covenants with linfited variations by jurisdiction to constitute a Ulfiform security, instrument covering real property. UNIFORM COVENANTS. Borrower and Lender covenatu and agree as follows: 1. Payment of Principal, Interest, Escrow Items, Prepayment Charges, and Late Charges. Borrower shall pay when due the principal of, and ituerest on, the debt evidenced by the Note and any prepayment charges and late charges due under the Note. Borrower shall also pay funds for Escrow Items pursuant to Section 3. Payments due under the Note and this Securi .ty Instrument shall be made in U.S. cnrrency. However, if any check or other instrument received by Lender as payment under the Note or this Security Instrmnent is returned to Lender unpaid, Lender nmy require that any or all subsequent paymetus due under the Note aud this Security Instrument be made in one or more of the following forms, as selected by Lender: (a) cash; Co) money order; (c) certified check, bank check, treasurer's check or cashier's check, provided any such check i's drawn upon an institution whose deposits are insured by a federal agency, instmmentali .ty, or entity; or (d) Electronic Funds Transfer. Payments are deemed received by Lender when received at the location designated in the Note or at such other location as may be designated by Lender in accordance with the notice provisions in Section 15. Lender may return any paymetu or partial payment ff the payment or partial pa)rments are instff:ficietu to bring the Loan current Lender may accept any paymetu or partial payment · insufficietu to bring the Loan current, withont waiver of any rights hereunder or prejudice to its rights to refuse such payment or partial payments in the future, but Lender is not obligated to apply such paymetus at the time such paymetus are accepted. If each Periodic Payment is applied as of its scheduled due date, then Lender need not pay interest on unapplied funds. Lender may hold such unapplied funds until Borrower makes payment to bring the Loan current, ffBorrower does not do so within a reasonable l~eriod of time, Lender shall either apply such funds or returu them to Borrower. ffnot applied earlier, such funds will be applied to the outstanding principal balance under the Note immediately prior to foreclosure. No ·offset or claim which Borrower might have now or in the future against Lender shall relieve Borrower from making payments due under the Note and this Security Instrument or peffornfing the covenants and agreements secured by this Security Instrument. 2. Application of Payments or Proceeds. Except as otherwise described in tlfis Section 2, all paymetus accepted and applied by Lender shall be applied in fl~e following order of priority: (a) interest due under the Note; (b) principal due under the Note; (c) amounts due under Section 3. Such payments shall be applied to each Periodic Paymetu in the order in which it became due. Any WYOMING--Single Family-Famfie Mae/Freddie A'lac UNIFORM INSTRUMENT I n i t i a 1 s: (~/~j Form3051 1/01 Page 2 of 8 LOgP~' #: 63415'/?86 remaining amounts shallbe applied first to late charges, second to any other anmunts due under this Security Instrument, and then to reduce the principal balance of the Note. If Lender receives a paYment from Borrower for a delinquent Periodic Payment ~vhich includes a sufficient mnount to pay any late charge due, the payment may be applied to the 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 the 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 applied to the full payment of one or more Periodic Payments, such excess nmy be applied to any late charges due. Voluntary. prepayments shall be applied first to any prepayment charges and then as described in the Note. Any application of payments, insurance proceeds, or Miscellaneous Proceeds to principal due under the Note shall not extend or postpone the due date, or change the amount, of the Periodic Payments. 3. Funds for Escrow Items. Borrower shall pay to Lender on the day Periodic 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 can attain priority over this Securi .ty Instrument as a lien or encumbrance on the Property.; (b) leasehold payments or ground rents on the Property., if any; (c) prenfiums for any and all insurance required by Lender under Section 5; and (d) Mortgage Insurance premiums, if any, or any sums 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 during the term of the Loan, Lender may require that Comnmni .ty Association Dues, Fees, and Assessments, if any, be escrowed by Borrower, and such dues, fees and assessments shall be an Escrow Item. Borrower shall promptly furnish to Lender all notices of amounts to be paid under this Section. Borrower shall pay Lender the Funds for Escrow Items unless Lender waives Borrower's obligation to pay the Funds for any or all Escrow Items. Lender may waive Borrower's obligation to pay to Lender Funds for a%v or all Escrow Items at any time. Any such waiver may only be in writing. In the event of such waiver, Borrower shall pay directly, when and where payable, the anmunts due for any Escrow Items for which payment of Funds has been waived by Lender and, if Lender requires, shall furnish to Lender receipts evidencing suchpayment within such time period as Lender may require. Borrower's obligation to nmke such payments and to provide receipts shall for allpurposes be deemed to be a covenant and agreement contained in this Securi .ty Instrument, as the phrase" covenant and agreement" is used in Section 9. If Borrower is obligated to pay Escrow Items directly, pursuant to a waiver, and Borrower fails to pay the mnount due for an Escrow Item, Lender nmy exercise its rights under Section 9 and pay such amount and Borrower shall then be obligated under Section 9 to repay to Lender aI\V such amount. Lender may revoke the waiver as to any or all Escrow Items at any time by a notice given in accordance with Section 15 and, upon such revocation, Borrower shall pay to Lender all Funds, and in such amounts, that are then required under this Section 3. Lender may, at any time, collect and hold Funds in an amount (a) sufficient to permit Lender to apply the Funds at the time specified under RESPA, and (b).not to exceed the n~axin~um amount a lender can require under RESPA. Leuder shall estimate the amount of Funds due on the basis of current data and reasonable estimates of expenditures of future Escrow Items or otherwise in accordance with Applicable Law. The Funds shall be held in an institution whose deposits are insured by a federal agency, instrumentali .ty, or enti .ty (including Lender, if Lender is an institution whose deposits are so insured)or in any Federal Hmne Loan Bank. Lender shall apply the Funds to pay the Escrow Items no later than the time specified under RESPA. Lender shall not charge Borrower for holding and applying the Funds, mmually analyzing the escrow account, or verifying the Escrow Items, unless Lender pays Borrower interest on the Funds and Applicable Law pernfits Lender to make such a charge. Unless an agreement is made in ~vriting or Applicable Law requires interest to be paid on the Funds, Lender shall not be required to pay Borrower any interest or earnings on the Funds. Borrower and Lender can agree in writing, however, that interest shall be paid on the Funds. Lender shall give to Borrower, without charge, an animal accounting of the Funds as required by RESPA. If there is a surplus of Funds held in escrow, as defined under RESPA, Lender shall account to Borrower for the excess funds in accordance with RESPA. If there is a shortage of Funds held in escrow, as defined under RESPA, Lender shall noti~ Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary, to make up the shortage in accordance with RESPA, but in no more than 12 monthly payments. If there is a deficiency of Funds held in escrow, as defined under RESPA, Lender shall notify. Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to make up the deficienCy in accordance with RESPA, but in no more than 12 monthly payments. Upon payment in full of all sums secured by this Security Instrument, Lender shall promptly refund to Borrower any Funds held by Lender. 4. Charges;Liens. BorroWershallpayalltaxes, assessments, charges, fines, andimpositions attr/butabletothePropertywhich can attain priority over this Security Instrument, leasehold payments or ground rents on the Property., if any, and Conmmnity Association Dues, Fees, and Assessments, if any. To the extent that these items are Escrow Items, Borrower shall pay them in the manner provided in Section 3. Borrower shall promptly discharge anylien which has priority over this Security Instrument unless Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender, but only so long as Borrower is performing suc. h.agreement; (b) contests thelienin good faithby, or defends against e~fforcement of the lienin, legal proceedings which in Lender' s opxmon operate to prevent the enforcement of the lien while those proceedings are pending, but only until such proceedings are concluded; or (c) secures from the holder of the lien an agreement satisfactory, to Lender subordinating the lien to this Security Instrument. If Lender determines that any part of the Property is subject'to a lien which can attainpriori .ty over this Security Instrumeni, Lender may give Borrower a notice identifying the lien. Within 10 days of the date on which that notice is given, Borrower shall satis .fy the lien or take one'or more of the actions set forth above in this Section 4. Lender may require Borrower to pay a one-time charge for a real estate tax verification and/or reporting service used by Lender in connection with tlfis Loan. 5. Property Insurance. Borrower shall keep the improvements now existing or hereafIer erected on the Property. insured against loss by fire, hazards included witlfin the term "extended coverage," and any other hazards including, but not linfited to, earthquakes and floods, for which Lender requires insurance. This insurance shall be maintained inthe amounts (including deductible levels) and for the periods that Lender requires. What Lender requires pursuant to the preceding sentences can change during the term of the Loan. The insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's right to disapprove Borrower's choice, wlfich right shall not be exercised unreasonably. Lender may require Borrower to pay, in connection with this Loan, either: (a) a one-time charge for flood zone determination, certification and tracking services; or (b) a one-time charge for flood zone deternfination and certification services and subsequent charges each time remappings or similar changes occur which WYOMING--Single Family-Famtie Mae/Freddie Mac UNIFORM INSTRUMENT Initials: Form 3051 1/01 'Page 3 of 8 ~/Wy / LO/kI, I #: 634157786 reasonably might affect such determination or certification. Borrower shall also be responsible for the payment of any fees imposed by the Federal Emergency Management Agency in co~mection with the review of any flood zone determination resulting from an objection by Borrower. ' If Borrower fails to maintain any of the coverages described above, Lender may Obtain insurance 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 Lender, but might or might not protect Borrower, Borrower's equity in the Property., or the contents of the Property., against any risk, hazard or liabili .ty and nfight provide greater or lesser coverage than was previously in effect. Borrower acknowledges that the cost of the insurance coverage so obtained might significamly exceed 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 shall bear interest at the Note rate front the date of disbursement and shall be payable, with such interest, upon notice from Lender to Borrower requesting payment. All insurance policies required by Lender and renewals of such policies shall be subject to Lender's right to disapprove such policies, shall include a standard mortgage clause, and shall name Lender as mortgagee and/or as an additional loss payee. Lender shall have the right to hold the policies and renewal certificates. If Lender requires, Borrower shall promptly give to Lender all receipts of paid premiums and renewal notices. If Borrower obtains any form of insurance coverage, not otherwise required by Lender, for damage to, or destruction of, the Property., such policy shall include a standard mortgage clause aud shall name Lender as mortgagee an~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 economically feasible and Lender's security is not lessened. During such repair and restoration period, Lender shall have the right to hold such insurance proceeds until Lender has had an opportunity to inspect such Property. to ensure the work has been completed 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 payments as the work is completed. U~fless an agreement is made in writing or Applicable Law requires interest to be paid on such insurance proceeds, Lender shall not be required to pay Borrower any interest or earnings on such proceeds. Fees for public adjusters, or other tlfird parties, retained by Borrower shall not be paid out of the insurance proceeds and shallbe the sole obligation of Borrower. If the restoration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be applied to the sums secured by this Security Instmlnent, whether or not then due, with the excess, if any, paid to Borrower. Such insurance proceeds shall be appiied 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 nlay 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 Section 22 or otherwise, Borrower hereby assigns to Lender (a) Borrower's rights to any insurance proceeds in an amount not to exceed the amounts unpaid under the Note or this Security Instrument, and (b) any other of Borrower's rights (other than the right to any refund of unearned prenfiums 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 unpaid under the Note or this Security. Instrument, whether or not then due. 6. Occupancy: Borrower shall occupy, establish, mtd use the Property. as Borrower's principal residence within 60 days after the execution of this Security Instrument and shall continue to occnpy the.property as Borrower's pr/ncipal 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 circmnstances exist which are beyond Borrower's control. 7. Preservation, Maintenance and Protection of the Property; Inspections. Borrower shall not destroy, damage or intpair the Property, allow the Property. to deteriorate or comnfit waste on the Property.. Whether or not Borrower is resifiing in the Property, Borrower'shall maintain the Property. in order to prevent the Propert).r from deteriorating or decreasing invalue due to its condition. Unless it is determined pursuant to Section 5 that repair or restoration is not economically feasible, Borrower shall promptly repair the Property if damaged to avoid further deterioration or damage. If insurance or condenmation proceeds are paid in connection with damage to, or the taking of, the Property., Borrower shall be responsible for repairing or restoring the Property. only if Lender has released proceeds for such purposes. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progress pay~nents as the work is completed. If the insurance or condemnation proceeds are not stffficient to repair or restore the Property, Borrower is not relieved of Borrower's obligation for the completion of such repair or restoration. Lender or its agent may make reasonable entries upon and inspections of the Prope~,. 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 inferior inspection speci .fying such reasonable cause. 8. Borrower's Loan Application. Borrower shallbe in default if, during the Loan application process, Borrower or anypersons or entities acting at the direction of Borrower or withBorrower' s knowledge or consent gave materially false, ndsleading, or inaccurate ffffom~ation or statenlents to Lender (or failed to provide Lender with material inf°mlation) in cmmection with the Loan. Material representations include, but are not limited to, representations concerning Borrower's occupancy of the Property. as Borrower's principal residence. 9. Protection of Lender's Interest in the Property and Rights Under this Security Instrument. If (a) Borrower fails to perform the covenants and agreements contained in this Security Instrument, (b) there is a legal proceeding that might significantly ,affect Lender's interest in the Property. and/or rights under this Security Instrument (such as a proceeding in bankruptcy, probate, for condemnation or forfeiture, for enforcement of a lien which may attain priority over this Security Instrument or to e~fforce 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 tlfis 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 ~e not limited to: (a) paying any sums secured by a lien which has priority over this Security Instrument; (b) appearing in court; and (c) paying reasonable attorneys' fees to protect its interest in the Property. and/or rights under this Security Instrument, including its secured position in a ban~cruptcy proceeding. Secnring the Property. includes, but is not limited to, enteringthe Property to make repairs, change locks, replace or board up doors and windows, drain water from pipes, eliminate building or other code violations or dangerous conditions, and have utilities turned on or off. Although Lender may take action under this Section 9, Lender does not have to do so and is not under any duty or obligation to do so. It is agreed thai Lender incurs no liabili .ty for not taking any or all actions authorized under tkis Section 9. WYOMING--Single Family--Fmude Mae/Fred die Mac UNIFORM INSTRUMENT I n Fon~ 3051 1/01 Page 4 ot'8'-,Lb"7 WYU~ED LO/ti,/ #: 634157786 galy amoums disbursed by Lender under this Section 9 shall become additional debt of Borrower secured bv tlfis securi .ty Instrument. These amounts shall bear interest at the Note rate from the date of disbursement and shall be payable, witil such interest, upon notice from Lender to Borrower requesting payment. If this Securi .ty Instrument is on a leasehold, Borrower shall comply with all the provisions of the lease. If Borrower acquires fee title to the Property., the leasehold and the fee title shall not merge unless Lender agrees to the merger in writing. 10. Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan, Borrower shall pay the prenfiums required to maintain the Mortgage Insurance in effect. If, for any reason, the Mortgage Insurance coverage required by Lender ceases to be available frour the mortgage insurer that previously provided such insurance and Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiums required to obtain coverage substantially equivalent to the Mortgage Insurance previously in effect, at a cost substantially equivalent to the cost to Borrower of the Mortgage Insurance previously in effect, from an alternate mortgage insurer selected by Lender. If substantially equivalent Mortgage Insurance coverage is not available, Borrower shall continue to pa3' to Lender the amount of the separately designated payments that were due when the insurance coverage ceased to be in effect. Lender will accept, use and retain these payments as a non,refundable loss reserve in lieu of Mortgage Insurance. Such loss reserve shall be non-refundable, notwithstanding the fact that the Loan is ultimately paid in full, and Lender shall not be required to pay Borrower any interest or earnings on such loss reserve~ Lender can no longer require loss reserve payments if Mortgage Insurance coverage (in the amount and for the period that Lender reqnires) provided by an insurer selected by Lender againbecomes available, is obtained, and Lender requires separately designated payments toward the premiums for Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan and Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the prenfiums required to maintain Mortgage Insurance in effect, or to provide a non-refundable loss reserve, until Lender's requirement for Mortgage Insurance ends in accordance with any written agreement between Borrower and Lender providing for such termination or until termination is required by Applicable Law. Nothing in this Section 10 affects Borrower's obligation to pay interest at the rate provided in the Note. Mortgage Insurance reimburses Lender (or any enti .ty 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 rednce losses. These agreements are on terms and conditions that are satisfactory, to the mortgage insurer and the other party (or parties) to these agreements. These agreements may require the mortgage insurer to make payments using any source of funds that the mortgage insurer may have available (which may include funds obtained from Mortgage Insurance premiums). As a result of these agreements, Lender, anypurchaser of the Note, another insurer, any reinsurer, any other enti .ty, or any affiliate of m\¥ of the foregoing, may receive (directly or indirectly) amounts that derive from (or Might be characterized as) a portion of Borrower's payments for Mortgage Insurance, in exchange for sharing or modifying the mortgage insurer's risk, or reducing losses. If such agreement provides that all affiliate of Lender takes a share of the insurer's risk in exchange for a share of the premiums paid to the insurer; the arrangement is often termed "captive reinsurance." Further: (a) Any such agreements will not affect the amounts that Borrower has agreed to pay for Mortgage Insurance, or any other terms of the Loan. Such agreements will not increase the amount Borrower will owe Ior Mortgage Insurance, and they will not entitle Borrower to any refund. (b) 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. Assignment of Miscellaneous Proceeds; Forfeiture. AllMiscellaneousProceeds are hereby assigned to and shall be paid to Lender. If the Property is damaged, such Miscellaneous Proceeds shallbe 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, Lender shall have the right to hold such Miscellaneous Proceeds until Lender has had an opportunity to inspect such Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may pay for the repairs and restoration in a single disbursement or in a series of progress payments as tile work is completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such Miscellaneous Proceeds, Lender sha 11 not be required to pay Borrower any interest or earnings on such Miscellaneous Proceeds. If the restoration or repair is not economically feasible or Lender's iecuri .ty would be lessened, the Miscellaneous Proceeds shall be applied to the stuns secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. Such Miscellaneous Proceeds shall be applied in the order provided for in Section 2. In the event of a total taking, destruction, or loss invalue of the Property., the Miscellaneous Proceeds shall be applied to the sums secured by tlfis Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. In the event of a partial taking, destruction, or loss in value of the Property. in which the fair market value of the Property immediately before the partial taking, destruction, or loss in value is equal to or greater than the amount of the sums secured by this Security Instrument immediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the sums secured by this Security Instrument Shall be reduced by the amount of the Miscellaneous Proceeds nurltiplied by the following fraction: (a) the total amount of the sums secured immediately before the partial taking, destruction, or loss in value divided by (b) the fair market value of the Property. immediately before the partial taking, destruction, or loss in value. Any balance shall be paid to Borrower. In the event of a partial taking, destruction, or loss in value of the Properly. in which the fair market value of the Property immediately before the partial taking, destruction, or loss in value is less than the amount of the su ms secured immediately before the partial taking, destruction, or loss invalue, unless Borrower and Lender otherwise agree in writing, the Miscellaneous Proceeds shall be applied to the sums 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 Borrower that the Opposing Party. (as defined in the next sentence) offers to make an award to settle a claim for damages, Borrower fails to respond tO Lender witlfin 30 days after the date the notice is given, Lender is authorized to collect and apply the Miscellaneous Proceeds either to restoration or repair of the Property. or to the sums secured by this Security Instrument, whether or not then due. "Opposing Party." means the third party, that owes Borrower Miscellaneous Proceeds or the pa~. against whom Borrower has aright of action in regard to Miscellaneous Proceeds. WYOMING-Single Family--Famde Mae/Freddie Mac UNIFORM INSTRUMENT I nlt i als: ~ ~,~} Form 3051 1/01 Page 5 of 8 ' /WYUDI~D LOAN #: 634157786 Borrower shall be in default if any action or proceeding, whether civil or criminal, is begun that, in Lender's judgment, could result in forfeiture of the Property or other material impairment of Lender's interest in the Property. or rights under this Securi .ty Instrument. Borrower can cure such a default and, if acceleration has occurred, reinstate as provided in Section 19, by causing the action or proceeding to be dismissed with a ruling that, in Lender's judgment, precludes forfeiture of the Property. or other nmterial impairment of Lender's interest in the Property or rights under tiffs Security Instrument. The proceeds of any award or claim for damages'that are attributable to the impairment of Lender's interest in the Property. are hereby assigned and shall be paid to Lender. All Miscellaneous Proceeds that are not applied to restoration or repair of the Property. shall be applied in the order provided for in Section 2. 12. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or modification of amortization of the sums secured by this Security Instrument granted by Lender to Borrower or any Successor in Interest of Borrower shall not operate to release the liability of Borrower or any Successors in Interest of Borrower. Lender shall not be required to conmxence proceedings against any 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 an3, SuccesSors in Interest of Borrower. A~\V forbearance by Lender in exercising any right or remedy including, without limitation, Lender's acceptance of payments from third persons, entities or Successors in Interest of Borrower or in amounts less than the amount then due, shall not be a waiver of or preclude the exercise of any right or remedy. 13. Joint and Several Liability; Co-signers; Successors and Assigns Bound. Borrower covenants and agrees that Borrower,s obligations and liability shall bej oint and several. However, any Borrower who co-signs this Securi .ty Instrument but does not execute the Note (a "co-signer' '): (a) is co-signing this Security Instrument only to mortgage, grant and convey the co-signer's interest in the Property. under the terms of this Security Instrument; (b) is not personally obligated to pay the su~ns secured by this Security Instrument; and (c) agrees that Lender and m\V other Borrower can agree to extend, modffT., forbear or make any accommodations with regard to the terms of this Security Instrument or the Note without the co-signer's consent. Subject to the 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 Security Instrument. Borrower shall not be released from Borrower's obligations and liability under this Security Instrument unless Lender agrees to such release in writing. The covenants and agreements of this Security Instrument shall bind (except as provided in Section 20) and benefit the successors and assigns of Lenden 14. Loan Charges. Lender may charge Borrower fees for services performed in connection with Borrower's default, for the purpose of protecting Lender's interest in the Property. and rights under this Security Instrmnent, including, but not linffted to, attorneys' fees, property, inspection and valuation fees. In regard tO any other fees, the absence of express authori .ty in tlfis Security Instrument to charge a specific fee to Borrower shall not be construed as a prohibition on the charging of such fee. Lender may not charge 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 interpreted so that the interest or other loan charges collected or to be collected in connection with the Loan exceed the permitted linffts, then: (a) an), such loan charge shall be reduced by the amount necessary, to reduce the charge to the permitted limit; and Co) any sums already collected from Borrower which exceeded permitted linffts will be refunded to Borrower. Lender may choose to nmke this refund by reducing the principal owed under the Note or by making a direct payment to Borrower. Ifa refund reduces principal, the reduction will be treated as a partial prepayment without any prepayment charge (whether or not a prepayment charge is provided for under the Note). Borrower's acceptance of any such refund made by direct payment to Borrower will constitute a waiver of any right of action Borrower nfight have arising out of such overcharge. 15. Notices. All notices given by Borrower or Lender in connection with this Security Instrument nmst be in writing. A~\V notice to Borrower in connection with this Security Instrument shall be deemed to have been given to Borrower when mailed by first class mail or when actually delivered to Borrower's notice address if sent by other means. Notice to any one Borrower shall constitute notice to all Borrowers unless Applicable Law expres sly requires otherwise. The notice address shall be ~he Property Address unless Borrower has designated a substitute notice address by notice to Lender. Borrower shall promptly notify. Lender of Borrower' s change of address. If Lender specifies a procedure for reporting Borrower's change of address, then Borrower shall only report a change of address through that specified procedure. There may be only one designated notice address, under this Security Instrument at any one time. Any notice to Lender shall be given by delivering it or by mailing it by first class mail to Lender's address stated herein unless Lender has designated another address by notice to Borrower. Aa~y notice in connection with this Security Instrument shall not be deemed to have been given to Lender until actually received by Lender. If any notice required by this Security Instrument is also required under Applicable Law, the Applicable Law requirement will satisfy the corresponding requirement under this Security Instrument. 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 tlfis S ecuri .ty Instrument are subject to any requirements and limitations of Applicable Law. Applicable Law nfight explicitly or implicitly allow the parties to agree by contract or it might be silent, but such silence shall not be construed as a prohibition against agreement by coutract. In the event that any provision or clause of this Security Instrument or the Note co~ifiicts with Applicable Law, such conflict shall not affect other provisions of this Security Instrument or the Note which can be given effect without the conflicting provision. As used in this Security Instrument: (a) words of the masculine gender shall mean and include corresponding neuter words or words of the feminine gender; (b) words in the singular shall mean and include the plural and vice versa; and (c) the word "may" gives sole discretion without any obligation to take any action. 17. Borrower's Copy. Borrower shall be given one cop), of the Note and of this SecuriW Instrument. 18. Transfer of the Property or a Beneficial Interest in Borrower. As used in this S~ction 18, "Interest in the Property." means any legal or beneficial interest in the Property., including, but not linfited to, those beneficial interests transferred in a bond for deed, contract for deed, installment sales contract or escrow agreement, the intent of which is the transfer of title by Borrower at a future date to a purchaser. If all or any part of the Property. or any Interest in the Properly. is sold or transferred (or if Borrower is not a natural person and a beneficial interest in Borroweris sold or transferred) without Lender's prior written consent, Lender may require inunediate payment in full of all sums secured by this Security Instrument. However, this option shall not be exercised by Lender if such exercise is prohibited by Applicable Law. If Lender exercises tiffs 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 Wl'OMING-Single Fmnily-Famde Mae/Freddie Mac UNIFORM[ INSTRUMENT I n i t i a 1 s: Fornt 3051 1/01 Page 6 of 8 '/WYU'~&D / LOAN #.. 6341S7786 this S¢curi .ty Instrument. ~Borro~er fails to pay ~hes¢ stuns prior to ~h¢ expiration of this period, Lender may iuvok¢ aW remedies pemfitted by this S¢curi~ Instrument without fuhrer notice or demand on Borrower. 19. Bom'ower'~ ~ht to Reinstate A~¢r A¢~e~¢rafiom ~Bo~ower meets c¢~ain conditions, Bo~ower shall have the right to have ¢~orcement of tiffs S¢curi~ Instrument discontinued at aW time prior ~o fi~¢ earliest off (a) five days before sale of the pursuant to aW power of sa~¢ contained in ~his Secari~ Instrument; ~) such other period as ApplicaSl¢ Law nd~h~ sp¢c~ for ~¢rn~nafion of Borrower's right to reinstate; or (c) ¢ntW of a jud~mem ¢~orcin~ this S¢cufi~, Instrument. Those conditions are that Bo~o~¢r: (a) pays Lender all stuns ~hich ~hen would be due under tiffs Securi~ Instrument and tim Note as Jf no acceleration had occurred; ~) cures aW de[aul~ of aW other covenams or a~reements; (c) pays all expenses incurred in ¢~orcin~ tlds S¢curi~ Instrument, including, but not limited to, reasonable attornws' fees, prop¢~, inspection and valuation fees, and other fees incurred for ~h¢ pu~os¢ ofprotectin~ Lender's imerest in ~h¢ Prop¢~ and rights under tiffs Securi~ Instrument; and (d) ~¢s such action as Lender may reasonably require to assure ~ha~ Lender's in~¢res~ in the Prop¢~ and ~hts under this Security [ns~mmem, and · Bo~ower's obligation to pay the sums secured by this Secure, Instrument, shall continue unchanged. Lender may require tha~ Borrower pay such reinstatement stuns and expenses in one or more of the following fom~s, as selected by Lender: (a) cash; ~) money order; (c) c¢~ified check, ba~ check, ~reasurer's check or cashier's check, provided aW such check is drawn upon an institution whose deposits are insured by a federal agency, instmmenta~i~ or enfi~,; or (d) Electronic Punds Transfer. Upon reinstatement by Borrower, this Securi~ Instrument and obligations secured hereby shall remain ~lly e~ectiv¢ as if no acceleration had occu~ed. However, this ~ght to reinstate shall not apply in ~h¢ case of acceleration under Section 18. 20. Sale of Note; Change of Loan Smwicer; Notice of Grievance. The Note or a pa~ial interest in the Note (together with this Securi~ Ins~ment) can be sold one or more times Without prior notice to Borrower. A sale nfight result in a change in the enti~, (known as the"Loan S emicer") that collects Periodic Payments due under the Note and this Secufi~ Instrument and performs other mo~gage loan sen4cing obligations under the Note, this Securi~ Instrument, and Applicable Law. There also might be one or more changes of the Loan Semicer unrelated to a sale of the Note. If there is a change of the Loan Semicer, Borrower will be given written notice of the change which will state the name and address of the new Loan Semicer, the address to which payments should be made and any other i~ormation ~SPA requires in connection with a notice of transfer of sen4cing If the Note is sold and there~er the Loan is semiced by a Loan Semicer other than the purchaser of the Note, the mo~gage loan sen,icing obligations to Borrower will remain with the Loan Semicer or be transferred to a successor Loan Semicer and are not assmned by the Note purchaser unless othenvise provided by the Note purchaser. Neither Borrower nor Lender may commence, join, or be joined to any judicial action (as either an individual litigant or the member of a class) that arises from the other pa~'s actions pursuant to this Securi~ Instrument or that alleges that the other pa~ has breached any provision of, or any du~, owed by reason of, tiffs Secufi~, Instmlnent, until such Borrower or Lender has notified the other pa~ (with such notice given in compli~ce with rite requirements of Section 15) of such alleged breach and ~orded the' other pa~ hereto a reasonable period ~ter the giving of such notice to t~e corrective action. If Applicable Law provides a time period which must elapse before ceaain action canbe t~en, that time period will be deemed to be reasonable for pu~oses of this paragraph. The notice of acceleration and oppo~mfiW to cure given to Borrower pursuant to Section 22 and the notice of acceleration given to Borrower pursuant to Section 18 shallbe deemedto safis~,the notice and opponuniBqo t~e corrective actionprovisions ofthis Section 20. 21. H~ardous Substances. As used in this Section 21: (a) "Hazardous Substances" are those substances defined as to~c or hazardous substances, pollutants, or wastesby Environmental Law and the following substances: gasoline, kerosene, other flammable or to~c petroleum products, tomc pesticides and herbicides, volatile solvents, materials containing asbestos or formaldehyde, and radioactive malefials; ¢) "Environmental Law" means federal laws and laws of the jurisdiction where the Prope~ is located that relate to health, sMe~ or environmental protection; (c) "Environmental Cleanup" includes any response action, remedial action, or removal action, as defined in Environmental Law; and (d) an "Euviro~ental Condition" means a condition that can cause, contribute to, or othe~ise trigger an Environmental Cleanup. Borrower shall not cause or pemfit the presence, use, disposal, storage, or release of inky Hazardous Substances, or threaten to release any Hazardous Substances, on or in the Prope~,. Borrower shall not do, nor allow anyone else to do, an}¢hing ~ecting the Prope~ (a) that is in violmion of any Environmental Law, ¢) which creates an Environmental Condition, or (c) which, due to the presence, use, or release of a Hazardous Substance, creates a condition that adversely ~ects the value of the Prope~,. The preceding two sentences shall not apply to the presence, use, or storage on the Prope~, of small quantities of Hazardous Substances that are generally recognized to be appropriate to normal residential uses and to mainteuance of the Prope~ (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 govem~nental or re~latow agency or private pa~ involving the Prope~ and any Hazardous Substance or Environmental Law of which Borrower has actual knowledge, ¢) any Environmental Condition, including but not lintited to, any spilling, le~ing, discharge, release or threat of release of any Hazardous Substance, and (c) any condition caused by the presence, use or release of a Hazardous Substance which adversely ~ects the value of the Prope~. ~ Borrower learns, or is notified by any governmental or re~lalow anthofiW, or any privale pa~, that any removal or other remediation of any Hazardous Substance ~ecting the Prope~ is necessau, Borrgwer shall promptly t~e all necessau, remedial actions in accordance with Environmemal Law. Nothing herein shall create any obligation on Lender for an Environmental Cleanup. NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows: 22. Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration following Borrower's breach of any covenant or agreement in this Security Instrument (but not prior to acceleration under Section 18 unless Applicable Law provides otherwise). The notice shall specify: (a) the default; (b) the action required to cm'e the default; (c) a date, not less than 30 days from the date the notice is given to Borrower, by which the default must be cured; and (d) that failure to cure .the default on or before the date specified in the notice may result in acceleration of the sums secured by this Security Instrument and sale of the Property. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to bring a court action to assert the non-existence of a default or any other defense of Borrower to acceleration and sale. If the default is not cured on or before the date specified in the notice, Lender at its option may require immediate payment iu tull of all sums secured by this Security Instrument without further demand and may invoke the power of sale and any other remedies permitted by Applicable Law. Lender shall be entitled to collect all expenses incurred in pursuing the remedies provided in this Section 22, including, but not limited to, reasonable attorneys' fees and costs of title evidence. WYOMING--Single Family--Famfie IVIae/Freddie Mac UNIFORM INSTRUMENT InJ. Lial$ -' ~ ~, Form 3051 1/01 Page 7 of 8 V WY~dD~ED LOAN #: 634157786 If Lender invokes the power of sale, Lender shall give notice of intent to foreclose to Borro~ver and to the person in possession of the Property, if different, in accordance with Applicable Law. Lender shall 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 designee may purchase the Property at any sale. The proceeds of the sale shall be applied in the following order: (a) to all 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 paymem of all sums secured by this Security Instrumem, Lender shall release this Security Instrument. Borrower shall pay any recordation costs. Lender may charge Borrower a fee for releasing this Security Instmmem, but only if the fee is paid to a third party, for services rendered and the charging of the fee is permitted under Applicable Law. 24. Waivers. Borrower releases and waives all rights under and by virtue of the homestead exemption laws of Wyoming. BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this Securi .ty Instrument and in any Rider executed by Borrower and recorded with it. (Seal) ~ARVEY /E J/~KSON ~ LINDA L JACKSON (Seal) State of WYOMING County of Lincoln The foregoin9 instrument was acknowledged L JACKSON, this 26th day of March, 2003 Witness my haq~d~jand official seal. (Si[lned) ..... ary Shelley Sandall (Print or type Public name ) My Commission Expires: February 2, 2006 before me by HARVEY E JACKSON AND LINDA $t.f~U.EY ~N~DALL - NOTA~YPU~C ] WYOMING-Single Family-Famfie Mae/Freddie Mac UNIFORlVI INSTRUMENT Fomn3051 1/01 Page 8 of 8 . - WYUDEED LEGAL DESCRIPTION Lot 11 of Block 69 of the Second Addition to the Town of Kemmerer, Lincoln County, Wyoming as described on the official plat thereof.