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HomeMy WebLinkAbout888971BOOK RECEIVED LINOOLN OOIJt,,!TY CL£RI< After Recording Remm To: FIRST BANK OF IDAHO, FSB D/B/A FIRST BKNK ADVISORS P.O BOX 12860 JACKSON, WY 83002 [Space Above This Line For Recording Data] GRIES IVIORTGAGE LO/LN #: 494007065 MIN: 1001741-0200000670-2 PIN #; 37183040003700 DEFINITIONS Words used in multiple sections of this document are defined below and other words are de£med in Sections 3, 11, 13, 18, 20 and 21. Certain rules regarding the usage ofxvords used in this document are also provided in Section 16. (A) "Security Instrument" means tiffs document, which is dated FEBRUARY 2 8, 2 0 03 together with all Riders to this document. (B) "Borrower"is KEVIN M GRIES AND STACY L. DUQUETTE-GRIES, HUSBAND AND ~IFE, AS TENANTS BY THE ENTIRETIES Borroxver is the mortgagor under this Security Instrument. (C) "MERS" is Mortgage Electronic Registration Systems, Inc. MERS is a separate corporation that is acting solely as a nonfinee for Lender and Lender's successors and assigns. MERS is the mortgagee under this Security Instrument. MERS is organized and e_xisting under the laws of Delaware, and has an address and telephone number of P.O. Box 2026, Flint, MI 48501-2026, tel. (888) 679-MERS. (D) "Lender" is FIRST BANK OF IDAHO, FSB D/B/A FIRST BANK ADVISORS Lender is a CORPORATION organized and existing laws of IDAHO . Lender's address is P.O. BOX 323 9 KETCHUM, ID 83340 under the (E) "Note" means the promisso]7 note signed by Borrower and dated FEBRUARY 2 8, 2 0 03 The Note states that Borrower owes Lender ONE HUlq-DRED SEVENTY-SIX THOUSAND AND 00/100 Dollars (U.S. $ 17 6,000.00 ) plus interest. Borrower has pronfised to pay this debt in regular Periodic Payments and to pay the debt in fidl not later than APRIL 1, 2 03 3 (F) "Property" means the property that is described below under the heading "Transfer of Rights in the Property." (G) "Loan" means the debt evidenced by the Note, plus interest, any prepayment charges and late charges due nnder tbe Note, and all sums due under this Security Instrument, plus interest. WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT DOCUrWYt (Page / of 13 pages) DOC1JKWY 1 . VTX 10/17/2002 Form 3051 1/01 '~94007065 (H) "Riders" means all Riders to this Security Instrument that are execnted by Borrower. The following Riders are to be execnted by Borrower [check box as applicable]: [] Adjustable Rate Rider [] Balloon Rider [] 1-4 Family Rider [] Condominium Rider [] Plato]ed Unit Development Rider [] Other(s) [specify] [] Second Home Rider [] Biweekly Pa)relent Rider (I) "Applicable Law" means all controlling applicable federal, state and local statutes, regulations, ordinances and admhfistrative rules and orders (that have the effect of law) as well as all applicable final, non-appealable judicial opinions. (J) "Community Association Dues, Fees, and Assessments" means all dues, fees, assessments and other charges that are huposed on Bonower or the Property by a condonunium association, homeowners association or similar organization. (K) "Electronic Funds Transfer" means any transfer of fmrds, other than a transaction originated by check, draft, or sinfilar paper instrument, which is initiated through an electronic tenmnal, 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, bnt is not lin~ited to, point-of-sale transfers, automated teller machine transactions, transfers initiated by telephone, wire transfers, and automated clearinghouse transfers. (L) "Escrow Items" means those items that are described in Section 3. (M) "Miscellaneous Proceeds" means any compensation, settlement, award of damages, or proceeds paid by any third party (other than insurance proceeds paid under the coverages described in Section 5) for: (i) damage to, or destruction of, the Property; (ii) condenmation or other taking of all or any part of the PropmW; (iii) conveyance in lieu of condenmation; or (iv) misrepresentations of, or omissions as to, the value and/or condition of the Propmxy. (N) "Mortgage Insurance" means insurance protecting Lender against the nonpayment of, or default on, the Loan. (O) "Periodic Payment" means the regularly scheduled amount due for (i) principal and interest under the Note, plus (ii) any amounts under Section 3 of tiffs Security Instrument. (P) "RESPA" means file Real Estate Settlement Procedures Act.ri2 U.S.C. §2601 et seq.) and its implementing regulation, Regulation X (24 C.F.R. Part 3500), as they imght be anrended 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 requirements 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 ]LESPA. (Q) "Successor in Interest of Borrower" means any party that has taken title to the Property, whether or not that party has assumed Bo~Tower'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 pe:rformance of Borrower's covenants and agreements under this Security Instrument and the Note. For this purpose, Bon'ower does hereby mortgage, grant and convey to MERS (solely as nominee for Lender and Lender's successors and assigns) and to the successors and assigns of MERS, and Lender's successors and a~signs, with power of sale, the folloxving described property located in the C OI/NTY CLERK of (Type of Recording Jurisdiction) LOT 37, RIVER VIEW MEADOWS ADDITION THE SE1/4 OF SECTION 30, T37N, RllEW, ACCORDING TO THAT PLAT FILED JVJLy 2, 1993 IN INSTRUMENT NO. 767416. ~vhich cm]-ently has the address of 3 31 SNAKE RIVER DRIVE (Name Of Recording Jurisdiction) TO THE TOWN OF ALPINE WITHIN ALPINE ,~Vyormng 83128 [City] [Zip Code] WYOMING - Single Family - Fannie MaeJFreddie Mac UNIFORM INSTRUMENT DOCUKWY2 (Page 2 of 13 pages) DOCU~WY2 .VTX 10/17/2002 [Street] ("Property Address"). Form 3051 1/01 494007065 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 replacements and additions shall also be covered by this Security Instrument. All of the foregoing is referred to fir this Secufity Instnlment as the "Property." Borrower understands and agrees that MERS holds only legal title to the interests granted by Borrower in this Security Instrument, but, if necessary to comply xvith laxv or cnstom, MERS (as nominee for Lender and Lender's successors and assigns) has tile right: to exercise any or all of those interests, including, but not linfited to, the fight to foreclose and sell the Property; and to take any action reqnired of Lender including, but not linfited to, releasing and canceling this Security Instrument. BO1LROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has the right to mortgage, gq-ant and convey the Property and that the Property is unencumbered, except for encumbrances of record. Borrower warrants and will defend generally tile title to tile Property against all claims and demands, subject to any encumbrances ofreco'rd. THIS SECURITY INSTRUMENT combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. UNIFORM COVENANTS. Borrower and Lender covenant and agree as folloxvs: 1. Payment of Principal, Interest, Escrow Itmns, Prepayment Charges, and Late Charges. Borrower shall pay when due the principal of, and interest 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 Security Instrument shall be made in U.S. currency. However, if any check or other instrument received by Lender as payment under the Note or this Security Instrument is returned to Lender unpaid, Lender may require that any or all subsequent payments due under the Note and this Security Instrument be made in one or more of the folloxving forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, treasurer's check or cashier's check, provided any such check is drawn upon an institution whose deposits are insured by a federal agency, instrumentality, or entity; or (d) Electronic Funds Transfer. Payments are deemed received by Lender xvhen 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 ii1 Section 15. Lender may return any payment or partial payment if the payment or partial payments are insufficient to bring the Loan current. Lender may accept any payment or partial payment insufficient to bring the Loan current, without waiver of any rights hereunder or prejudice to its rights to refuse such payment or partial payments in the future, but Lender is not obligated to apply such payments at the time such payments are accepted. If each Periodic Payment is applied as of its scheduled due date, then Lender need not pay interest on nnapplied funds. Lender may hold such unapplied funds until Borrower makes payment to bring the Loan cnrrent. If Borrower does not do so Within a reasonable period of time, Lender shall either apply such funds or return them to Borrower. If not 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 perforrmng the covenants and agreements secured by this Security Instrument. 2. Application of Payments or Proceeds. Except as otherwise described in this Section 2, all payments accepted and applied by Lender shall be applied ill the following order of priority: (a) niterest due under the Note; (b) principal due under the Note; (c) amounts due under Section 3. Such payments shall be applied to each Periodic Payment in the order in which it became due. Any remaining amounts shall be applied first to late charges, second to any other amounts due under this Security Instrument, and then to reduce the principal balance of the Note. If Lender receives a payment from Borrower for a delinquent Periodic Payment which includes a sufficient amount to pay any late charge due, the payment may be applied to the delinqnent payment and the late charge. If more than one Periodic Payment is outstanding, Lender may apply any payment received from Borro~ver to the repa3qnent 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 pa3qnent is applied to the full payment of one or more Periodic Payments, such excess may be applied to any late charges due. Voluntary prepasqnents shall be applied first to any prepayment charges and then as described in the Note. WYOMIING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT DOCU~W'/~ (Pnge 3 of 13 pages) Form 3051 1/01 494007065 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 m~der the Note, until the Note is paid in full, a sum (the "Fnnds") to provide for paynrent of amounts due for: (a) taxes and assessments and other items wkich can attain priority over this Security lustmment as a lien or encumbrance on the Property; (b) leasehold payments or ground rents on the Property, if any; (c) premiums for any and all'insurauce required by Lender under Section 5; and (d) Mortgage Insurance prermums, if any, or any sums payable by Borrower to Lender in lieu of the payment of Mortgage Insurance premiums in accordance with the provisious of Section 10. These itenzs are called "Escrow Items." At origination or at any time during the term of the Loan, Lender may require that Conmrunity Association Dues, Fees, and Assessments, if any, be escrowed by Borrower, and such dues, fees and asses,sments 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 Leuder Funds for any or all Escroxv Items at any time. Any such waiver may only be in writing. In the event of such waiver, BolTower shall pay directly, when and ~vhere payable, the amounts due for any Escrow Items for which payment of Funds has been ~vaived by Lender and, if Leuder requires, shall furnish to Lender receipts evidencing such payment within such thne period as Lender may require. Borro~ver's obligation to make such payments and to provide receipts shall for all purposes be deemed to be a covenant and agreement contained in this Security Instrument, as the phrase "covenant and agreement" is used in Section 9. If Borrower is obligated to pay Escrow Items directly, pursuaut to a waiver, and Borrower fails to pay the amount due for an Escrow Iten% Lender may exercise its rights under Section 9 and pay such amount and Borrower shall then be obligated under Section 9 to repay to Lender any such amount. Lender may revoke the waiver as to any or all Escrow Items at any thne by a notice given in accordance with Section 15 and, upon such revocation, Borrower shall pay to Lender all Funds, and in such amouuts, that are then required under this Sectiou 3. Lender may, at any time, collect and hold Fuuds in an amount (a) sufficient to pernfit Lender to apply the Funds at the time specified under RESPA, and (b) not to exceed the maximum amount a lender can require under RESPA. Lender shall estimate the amount of Funds due on the basis of current data and reasonable estimates of expenditures of future Escrow Itenzs or otherwise in accordance with Applicable Law. The Funds shall be held in an institution whose deposits are insured by a federal agency, instrumentality, or entity (including Lender, if Lender is an institution whose deposits are so insured) or in any Federal Home Loan Bank. Lender shall apply the Funds to pay the Escrow Itenzs no later than the time specified under RESPA. Lender shall not charge Borrower for holding and applying the Funds, annually analyzing the escrow account, or verifying the Escrow Items, unless Lender pays Borrower interest on the Fm~ds and Applicable Law permits Lender to make such a charge. Unless an agreement is made in writing 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 annual 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 def-tned under RESPA, Lender shall notify 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 pa)qnents. 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 Insn2ment, Lender shall promptly refund to Borrower any Funds held by Lender. 4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines, and impositions attributable to the Property which can attain priority over this Security Instmnmnt, leasehold payments or ground rents on the Property, if any, and Conmaunity 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. Bo~xower shall promptly discharge any lien 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 such agreement; (b) contests the lien in good faith by, or WYOMING - Single Family - Faanie Mae/Freddie Mac UNIFORM INSTRUMENT DOCUKWY4 (Page 4 of] 3 pages) DOCUKWY ~ .v-tx 10/17/200{] Form 3051 1/01 49400?065 defends against enforcement of the lien in, legal proceedings which in Lender's opinion 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 Instmmeut If Lender detem~Jnes that any part of the Property is subject to a lien MUch can attain priority over this Security Instrument, Lender may give Borrower a notice identifying the lien. Within 10 days of the date on which that notice is given, Borrower shall satisfy the lien or take one or more of the actions set forth above in ~hfs 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 this Loan. 5. ProPerty Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Prope~Xy insured against loss by fire, hazards included within the term "extended coverage," and any other hazards including, but not limited to, earthquakes and floods, for which Lender requires insurance. This insurance shall be maintained in the 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 Bon'ower subject to Lender's right to disapprove Borrower's choice, which 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 determination and certification services and subsequent charges each time remappings or sin~ilar changes occur which 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 connection 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 nfight not protect Borrower, Borroxver's equity in the Property, or the contents of the Property, against any risk, hazard or liability and might provide greater or lesser coverage than was previously in effect. Borrower acknowledges that the cost of the insurance coverage so obtained aright significantly 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 from the date of disbursement and shall be payable, with such interest, upon notice from Lender to Borro~ver 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. IfBorro~ver obtains any form of insurance coverage, not otherwise required by Lender, for damage to, or destruction of, the Property, ~uch policy shall include a standard mortgage clause and shall name Lender as mortgagee and/or as an additional loss payee. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, any insurance proceeds, whether or not the underlying insurance was required by Lender, shall be applied to restoration or repair of the Property, if the restoration or repair is 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. Unless 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 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 xvould be lessened, the insurance proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Bon'ower. Such insurance proceeds shall be applied in the order provided for in Section 2_ If Borrower abandons the Property, Lender may file, negotiate and settle any available insurance claim and related matters. If Borrower does not respond ~vithin 30 days to a notice from Lender that the insurance carrier has WYOMING - Single Family - Fannie ~laeJFreddie Mac UNIFOI~I INSTRUMEt~'T Form 3051 1/01 DOCUKWY5 (Page 5 afl3 pages.) t~ DOClrKWY 5. V-fX 10/17/2002 '~40070~5 offered to settle a clam then Lender may negotiate and scale the claim. The 30-day period will begin when the notice is given. In either event, or if Lender acquires the PropmV under Section 22 or othe~ise, 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 Securi~ Ins~ment, and (b) any other of BolTOWer's rights (other than the right to any re,nd of unearned premiu~ paid by Bon'ower) under all insurance policies ~overing the Prope~, insofar as such rights are applicable to the coverage of the PropexV. Lender may use the insurance proceeds either to repair or'restore the Prope~ or to pay amounts unpaid under the Note or this Securi~ Insn~ment, whether or not then due. 6. Occupancy. Bo~ower shall occupy, establish, and use the Prope~ as Bo~ower's principal residence withn 60 days after the execution 0f this Secur/~ Ins~ment and shall continue to occupy the ProperW as Bm~ower's principal residence for at least one year after the date of occupancy, unless Lender other~mse agrees in ~iting, w~ch consent shall not be u~easonably wit~eld, or u~ess extenuating circu~tances exist whch are beyond Bo~Tower's consol. 7. Preservation, Maintenance and Protection of the Property; Inspections. Bo~ower shall not destroy, damage or impair the Prope~, allow the Propei~ to deteriorate or co~fit waste on the Prope~. Whether or not Bon-ower is res/ding in the ProperS, Bo~Tower shall maintain the Proper~ m order to prevent the ProperW from detehorating or decreasing m value due to its condition. Unless it is dete~ned pursuant to Section 5 that repair or restoration is not econonfically feasible, Bo~ower shall promptly repair the Prope~ if damaged to avoid fln-ther deterioration or damage. If insurance or condenmation proceeds are paid in com~ection with dan~ge to, or the taking of, the ProperW, Bm~ower shall be responsible for repairing or restoring the PropmV only if Lender has released proceeds for such pu~oses. Lender may disburse proceeds for the repairs and restoration in a single pa~nent or m a series of progress payments as the ~vork is completed. If the insurance or condenmation proceeds are not sufficient to repair or restore the Prope~, Bonower is not relieved of Bon-ower's obligation for the completion of such repair or restoration. Lender or its agent may make reasonable envies upon and inspections of the Propm~y. If it has reasonable cause, Lender may inspect the interior of the improvements on the Prope~. Lender shall give Bon'0wer notice at the t~e of or prior to such an interior inspection speci~ing such reasonable canse. 8. Borrower's Loan Application. Bo~ower shall be in dehult if, during the Loan application process, Bmzower or any persons or entities acting at the d~ection of Borrower or with Borrower's hmwledge or consent gave ~naterially false, nfisleading, or inaccurate info~ation or statements to Lender (or fliled to provide Lender with material i~onnation) in connection with the Loan. Material representations include, but are not lin2ted to, representations concerning Bo~ower's occupancy of the Prope~ as Bo~ower's principal residence. 9. Protection of Lender's Interest in the Property and Rights Under this Security Instrnmeut. If (a) Bo~0wer hils to pertb~ the covenants and agreements contained in this Security Instrument, (b) there is a legal proceeding that might si~ficantly affect Lender's interest in the Prope~ an~or rights under this Securiw Ins~u'ment (such as a proceed~g in ba~ptcy, probate, for conde~ation or forfeiture, for e~orcement of a lien which may a~ain priority over this SecuriW Ins~ment or to enforce laws or regulations), or (c) Borrower has abandoned the ProperS, then Lender'may do and pay for whatever is reasonable or appropriate to protect Lender's interest in the ProperW and rights under t~s SecuriW Ins~ment, including protecting an~or assessing the value of the Prope~, and securing an~or repaking the ProperW. Lender's actions can include, but are not lin~ted to: (a) paying any su~ secured by a lien which.has prionw over this Security Ins~ment; (b) appearing in court; and (c) paying reasonable a~orneys' fees to protect its interest in the Prope~y ancot rights under this Security Instrument, including its secured position in a ba~ptcy proceeding. Securing the Proper~ includes, but is not linfited to, entering the Proper~ to make repairs, change loc~, replace or board up doors and windows, drain water from pipes, elinfinate building or other code violations or dangerous conditions, and have utilities mined on or off. Although Lender may take action under this Section 9, Lender does not have to do so and is not under any du~ or obligation to do so. It is agreed that Lender mcnrs no liabiliw for not taking any or all actions authorized under this Section 9. Any amounts disbursed by Lender under ttfi~ Section 9 shall become additional debt of Borrower secured by this SecuriW Ins~ment. These amounts shall bear interest at the Note rate from the date of disbursement and shall be payable, with snch interest, upon notice from Lender to Bono~ver requesting pa~ent. If tiffs Secmi~ Ins~ment is on a leasehold, Bogower shall comply with all the provisions of the lease. Bo~ower shall not su~ender the leasehold estate and interests herein conveyed or template or cancel the ground lease. Bon'ower shall not, without the express ~en consent of Lender, alter or amend the ground lease. If Bo~ower acqukes fee title to the Prope~, the leasehold and the fee title shall not merge unless Lender agrees to the merger in ~itmg. WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT DOCUKWY6 (Page 6 of 13 pages) DOC'UKWY 6 .VTX 10/17/2002 Form 3051 1/01 825 494007065 10. Mortgage Iusurance. If Lender required Mortgage Insurance as a condition of making the Loan, Borrower shall pay the premiums required to maintain the Mortgage Insnrance in effect. If, for any reason, the Mortgage Insurance coverage required by Lender ceases to be available from the mortgage insurer that previously provided such insurance and Borrower was required to make separately designated payments toward the prmniums for Mortgage Insurance, Borrower shall pay the premiums required to obtain coverage substantially equivalent to the Mortgage Iusurance 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 ~ubstantiatly equivalent Mortgage Insurance coverage is not available, Borrower shall continue to pay to Lender the amount of the separately designated payments that were due when the insurance coverage ceased to be in effect. 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 ou such loss reserve. Lender can no longer require loss reserve payments if Mortgage Insurance coverage (in the amount and for the period that Lender requires) provided by an insurer selected by Lender again becomes available, is obtained, and Lender requires separately designated payments toward the prenfiums for Mortgage Insurance. If Lender required Mmtgage 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 preminnts 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 betxveen Borrower and Lender providing for such temfination or until terrmnation is required by Applicable Law. Nothing in ttfis 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 certain losses it may incur if Bon'ower does not repay the Loan as agreed. Bon'ower is not a party to the Mortgage Insurance. Mortgage insurers evaluate their total risk on all such insurance in force frown time to time, and ;nay enter into agreements with other parties that share or modify their risk, or reduce losses. These agreements are on terms and conditions that are satisfactory to the mortgage insurer and the other party (or parties) to these agreements. These agreements may require the mortgage insurer to make payments using any source of fronds that the mmtgage iusurer may have available (which may include funds obtained from Mortgage Insurance premiums). As a result of these agreements, Lender, any purchaser of the Note, another insurer, any reinsurer, any other entity, or any affiliate of any of the foregoing, may receive (directly or indirectly) amounts that derive from (or might be characterized as) a portion of Borrower's payments for Mortgage Insurance, in exchange for sharing or nrodifymg the mortgage insurer's risk; or reducing losses. If such agreement provides that an 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 for Mortgage Insurance, and they will not entitle Borrower to an), refund. (b) Any such agreements will not affect the rights Borro~ver has - if any - with respect to the Mortgage Insurance under the Homeowners Protection Act of 1998 or an), 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. All Miscellaneous Proceeds are hereby assigned to and shall be paid to Lender. If the Property is damaged, such Miscellaneous Proceeds shall be applied to restoration or repair of the Property, if the restoration or repair is econonucally 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 Properly 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 the work is completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such Miscellaneous Proceeds, Lender shall not be required to pay Borrower any interest or earnings on such Miscellaneous Proceeds. If the restoration or repair is not economically feasible or Lender's security would be lessened, the Miscellaneous Proceeds shall be applied to the sunzs secured by WYOI%'IING - Single Family - Fannie Mae./Freddle Mac UNIFORM INSTRUlXlENT Form 3051 1/01 DOCUK%W7 (Page 7 of13 pagex) DOCUKWY7 .VTX 10/17/2002 WYOMING - Single Family - Fannie MaedFreddie Mac UNIFORM INSTRUMENT OOCUKWy8 (Page 8 of I 3 pages) DO CU"KW'Y 8 .VTX 10/17/2000 · 494007065 this Security InsWument, xvhether 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 in value of the Property, the Miscellaneons Proceeds shall be applied to the sums secured by this Security Instrument, whether or not then dne, with tile 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 eqnal to or greater than the amolmt of the snms secured by this Security Instrument inunediately before tile partial taking, destruction, or loss in valne, unless Borrower and Lender otherxvise agree in writing, the sums secured by this Secnrity Instrument shall be reduced by the amount of the Miscellaneous Proceeds tnultiplied by thc following fraction: (a) the total amount of tile sums secured inm~ediately before the partial taking, destruction, or loss in value divided by (b) the fair nrarket value of the Property ixrunediately before the paxXial 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 Property in which the fair market value of the Property inm~ediately before the partial taking, destruction, or loss in value is less than tire amount of the sums secured irmnediately before the partial taking, destruction, or loss in value, unless Borrower and Lender other~vise 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 seutence) offers to make an award to settle a claim for damages, Borrower fails to respond to Lender within 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 secm-ed by this Security Instrument, whether or not then due. "Opposing Party" means the third party that owes Borrower Miscellaneous Proceeds or the party against whom Borrower has a right of action in regard to Miscellaneous Proceeds. 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 irnpainnent of Lender's interest in the Property or rightl under this Security 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 material impairment of Lender's interest in the Property or rights under tliis Security Instalment. 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 m the orddr provided for in Section 2. 12. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the tinge for payment or modification of amortization of the sums secured by this Seem-ltv Instrument granted by Lender to Bmxower or any Snccessor in Interest of Borrower shall not operate to release the liability of Borrower or any Successors in Interest of Bon'ower. Lender shall not be required to commence proceedings against any Successor in Interest of Borrower or to refuse to extend time for payment or otherwise modify amortization of the sums scented by this Security Instrument by reason of any demand made by tile original Borrower or any Successors in Interest of Borrower. Any 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 tile 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 be joint and several. However, any Borrower who co-signs this Security Instalment 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 sums secured by this Secnrity Instrume,rt; and (c) agrees that Lender and any other Borrower can agree to extend, modify, forbear or make any accommodations with regard to the terms of this Security Instrument or the Note xvithout 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 Tile covenants and Form 3051 1/01 ~194007065 agreements of this Security Instrument shall bind (except as provided in Section 20) and benefit the successors and assigns of Lender. 14. Loau Charges. Lender may charge Borrower fees for services performed in cormection with Borrower's default, for the purpose of protecting Lender's interest in the Property and rights under this Security Inshnnment, including, bnt not limited to, attorneys' fees, property inspection and vahiation fees. In regard to any other fees, the absence of express authority in this Security Instrument to charge a specific fee to Borrower shall not be construed as a prohibition on the charging of such fee. Leuder may not charge fees that are expressly'prohibited by this Security Instrument or by Applicable Law. If the Loan is subject to a law xvhich sets maxinmm loan charges, and that law is finally interpreted so that the interest or other loan charges collected or to be collected in com~ection with the Loan exceed the pernUtted linfits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to the permitted limit; and (b) any sums already collected from Borrower which exceeded permitted limits will be refunded to Bon-ower. Lender may c.hoose to make this refund by reducing the principal o~ved under the Note or by making a direct pa3qnent to Borrower. If a refi~nd 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). Borroxver's acceptance of any such refund made by direct payment to Borrower will constitute a waiver of any right of action Bo~xower might have arising out of such overcharge. 15. Notices. Ail notices given by Borrower or Lender in connection with this Security Instrument must be in writing. Any notice to Bon'ower in com~ection with this Security Iustrument 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 Bon-ower shall,constitute notice to all Borrowers unless Applicable Law expressly requires other,vise. The notice address shall be the 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 tkrne. 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. Any 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 con'esponding requirement under this Security Instrument. 16: Governing Law; Severability; Rules of Construction. This Security Instn~ment shall be governed by federal law and the law of the jurisdiction in which the Property is located. All rights and obligations contained in this Security Instrument are subject to any requirements and linfitations of Applicable Law. Applicable Law might explicitly or implicitly allow the parties to agree by contract or it nfight be silent, but such silence shall not be construed as a prohibition against agreement by contract. In the event that any provision or clause of this Security Instrument or the Note conflicts with Applicable Law, such conflict shall not affect other provisions of this Secnrity Instrument or the Note which can be given effect ~vithout the conflicting provision. As used in tlfis 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 withont any obligation to take any action. 17. Borrower's Copy. Borrower shall be given one copy of the Note and of this Security Instrument. 18. Transfer of the Property or a Beneficial Interest in Borrower. As used in this Section 18, "Interest in the Property" means any legal or beneficial interest in the Property, including, but not limited 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 pa~t of the Property or any Interest in the Property is sold or transferred (or if Borrower is not a natural person and a beneficial interest in Borrower is sold or transferred) without Lender's prior written consent, Lender may require immediate payment in fidl of all sums secured by this Security Instrument. However, this option shall not be exercised by Lender if such exercise is prokibited 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 sunzs secured by this Security Instrument. If Borrower fails to pay these sums prior to the WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFOR/M INSTRUMEI~I DOCUK\VY9 (Page 9 oil3 pages) D O C'I/KW~ 9 .V'rX 10/17/2002 Form 3051 1/01 49~,007065 expiration of this period, Lender may revoke any remedies pe~ed by this Secuh~ Ins~ment without ~rther notice or demand on Bo~ower. 19. Borrower's Right to Reinstate After Acceleration. If Bo~ower meets ceNain conditions, Bo~Tower shall have the right to have enforcement of this Secufi~ Ins~ment discontinued at any time prior to the earliest of(a) five days before sale of the Propegy pnrsuant to any power of sale contained in this SecuriB, Ins~ment; (b) such other period as Applicable Law n~ght specify for the tem2nation of Bo~Tower's hght to reinstate; 0r (c) enny of a judgment enforcing this SecuriW Ins~-ument. Those conditions are that Bon-ower: (a) pays Lender all su~ which then xvould be due under this Securi~ Insn'ument and the Note as if no acceleration had occuged; (b) cures any deflult of any Other covenants or agreements; (c) pays all expenses incu~ed m enforcing this Security Insn-ument, including, but not li~ted to, reasonable anomeys' fees, prope~ inspection and valuation fees, and other fees incuged for the pu¢ose of protecting Lender's interest in the PropmW and rights under this Securi~ Ins~xm~ent; and (d) takes such action as Lender may reasonably require to assure that Lender's interest in the ProperW and rights under this Securi~ Ins~x~ment, and Bon-owm's obligation to pay the sram secured by this Securi~ Ins~xunent, shall continue unchanged. Lender may requi~e that Borrower pay such reinstatement sunz and expenses in one or more of the following fomz, as selected by Lender: (a) cash; (b) money order; (c) certified check, ba~ check, ~easurer's check or cashier's check, provided any such check is draxm~ upon an institution xvhose deposits are insured by a federal agency, ins~mentaliw or entity; or (d) Electronic Funds Transfer. Upon reinstatement by Borrower, this Securi~ Ins~ment and obligations secured hereby shall remain ~lly effective as if no acceleration had occun'ed. However, this right to reinstate shall not apply in the case of acceleration under Section 18. 20. Sale of Note; Change of Loan Servicer; Notice of Grievance. The Note or a pa~ial interest in the Note (together with this Secnrity Ins~ent) can be sold one or more t~es without prior notice to Bon-ower. A sale ~mght result in a change in the enti~ (kno~ as the "Loan Se~icer") that collects Periodic Payments due under the Note and tins Security lns~ment and perfo~ other mo~lgage loan smwicing obligations under the Note, this Security instnnnent, and Applicable Law. There also n~ght be one or more changes of the Loan Smwicer u~elated to a sale of the Note. If there is a change of the Loan Se~,icer, Bo~ower will be given ~i~en notice of the change which will state the name and address of the new Loan Se~icer, the address to which pa~ents should be made and any other h~fom~ation ~SPA requires N com~ection with a notice of ~ansfer of selwicing. If the Note is sold and thereafter the Loan is se~iced by a Loan Se~icer other than the purchaser of the Note, the mortgage loan se~wicing obligations to Bo~ower will ream xvith the Loan Servicer or be ~a~fe~ed to a successor Loan Servicer and are not assumed by the Note. purchaser unless otherwise provided by the Note purchaser. Neither Bon'ower nor Lender may conunence, join, or be joined to any judicial action (as either an individual litigant or fire member of a class) that arises bom the other pa~W's actions pursuant to this Secuh~ Ns~um~nt or that alleges that the other pa~ has breached any provision of, or any du~ owed by reason of, this Sec~i~ Ins~ment, until such Bo~ower or Lender has notified the other prow (with such notice given in compliance with the requirements of Section 15) of snch alleged breach and afforded the other par~ hereto a reasonable period after the giving of such notice to take co~ective action. If Applicable Law provides a time period wNch must elapse before ce~am action can be taken, that time pehod will be deemed to be reasonable for pu~oses of this paragraph. The not/ce of acceleration and oppormni~ to cure given to Bo~ower pursuant to Section 22 and the notice of acceleration given to Bo~ower pursuant to Section 18 shall be deemed to satisfy the notice and opportuni~ to take co~ective action provisions of this Section 20. 21. Hazardous Substances. As used in this Section 21: (a) "Hazardous Substances" are those substances defmed as toxic or hazardous substances, pollutants, or wastes by Enviro~ental Law and the following substances: gasoline, kerosene, other flan~ble or toxic pe~oleum products, tomc pesticides and herbicides, volatile solvents, materials containing asbestos or lo,aldehyde, and radioactive imterials; (b) "Enviro~ental Law" means federal laws and laws of the jurisdiction where the Prope~y is located that relate to health, safe~ or enviromental protection; (c) "Enviro~ental Cleanup" includes any response action, remedial action, or removal action, as defmed in Env~o~ental Law; and (d) an "Enviromnental Condition" means a condition that can cause, con~ibute to, or othe~ise ~igger an Enviromnental Cleanup. Bon'ower shall not cause or pe~t the presence, use, disposal, storage, or release of any Hazardous Substances, or tl~eaten to release any Hazardous Substances, on or in the ProperS. Bogower shall not do, nor allow anyone else to do, an~hing affecting the Prope~ (a) that is in violation of any Enviro~]ental Law, (b) which creates an Envi~'o~ental .Condition, or (c) which, due to the presence, use, or release of a Hazardous Substance, WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT DOCU~:W¥1O (Page 10 of]3 pages) DOCUKW'YA. VTX 10/17/2002 Form 051 1/01 494007065 creates a condition that adversely affects the value of the Properly. The preceding two sentences shall not apply to the presence, use, or storage on the Property of small quantities of Hazardous Substances that are generally recognized to be appropriate to normal residential uses and to maintenance of the Property (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 goverlmaental or regulatory agency or private party involving the Property and any Hazardous Substance or Envirolmaental Law of which Borrower has actual knowledge, (b) any Enviromnental Condition, including but not limited to, any spilling, leaking, discharge, release or threat of release of any Hazardous Substance, and (c) any condition caused by the presence, use or release of a Hazardous Substance which adversely affects the value of the Property. If Borrower learns, or is notified by any govenm~ental or regulatory authority, or any private party, that any removal or other remediation of any Hazardous Substance affecting the Property is necessary, Borrower shall promptly take all necessary remedial actions in accordance with Envkonmental Law. Notlfing 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 cure 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 ma), 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 inmrediate payment in full of all sums secured by this Security Instrument without further demand and may invoke the power of sale and an), other remedies pernfitted 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. If Lender invokes the power of sale, Lender shall give notice of intent to foreclose to Borrower 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 payment of all sums secured by this Security Instrument, Lender shall release this Security Instrument. Borrower shall pay any recordation costs. Lender may charge Borrower a fee for releasing this Security Instrument, but only if the fee is paid to a third party for services rendered and the charging of the fee is perrmtted under Applicable Law. 24. YVaivers. Borrower releases and waives all rights under and bY virtue of the homestead exemption laws of Wyoming. WYOMING- Single Family Fannie Mae/Freddie ~,lac UNIFORM INSTRUS'IENT DOCUKW~II (Page 11 of lJ pages) DOCL'K~k'B . VT X 10/17/2002 Form 3051 1/01 }~L 494007065 B~ SIGNING OW, Bon-ower accepts and agrees to the terms and covenants contained in this Security ~nst~me}tla~a in ~ ~i~exe~n~d by ~o~-ower and ~orded with i~. - BORRO~WER - KEVIN'&4 GRIES -~ATE - - BORRO/~R - ~y L. DUQUETTE<'-GRIES - DATE - WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFO1LM INSTRUMENT DOCUKWYI2 (Page 12 of J3 pages) DOCLrKWYC. VTX 10/17/2002 Fo~ 1/01 831 4~40070~ [Space Below This Line For Acknowledgment] STATE OF WYOMTNG COUNTY 0~,~~ The foregoing instrument ;vas acknowledged before me by KEVIN M GRIES DUQUETTE-GRIES, HUSBAND AND WIFE, AS TENANTS BY THE ENTIRETIES this ,,?-fi'P/q- day of F~~ STACY L. Witness my hand and official seal. My Comnfission Expires: ~"/~a~ Nancy H. Frost giCt~ij~[Nolary Publi~ Talon ~ Wyoming Il MyCommlss~on ~xpires November 18 2005 ~VYOMING - Single Family - Fannie MaedFreddie Mac UNIFORM INSTRUMENT DOCUK\VYI3 (Page 13 of/3 pages) DOCUKW~D. VTX 6/6/2002 Form 3051 1/01 832 GRIES LOAN #: PLANNED UNIT DEVELOPMENT RiDER 494007065 THIS PLANNED UNIT DEVELOPMENT PdDER is made this 2 8TH day of FEBRUARY 2 0 0 3 and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust, or Security Deed (the "Security Instrument") of the same date, given by the undersigned (the "Borrower") to secure Borrower's Note to FIRST BANK OF IDAHO, FSB D/B/A FIRST BANK ADVISORS (the "Lender") of the same date and covering the Property described in the Security Instn~ment and located at: 331 SNAKE RIVER DRIVE, ALPINE, WY 83128 [Property Address] The Property includes, but is not limited to, a parcel of land improved ~vith a dwelling, together with other such parcels and certain common areas and facilities, as described in COVENANTS, CONDITIONS AlxrD RESTRICTIONS (the "D ' " eclarat~on ). The Property is a part of a plammd unit development known as RIVER VIEW MEADOWS Documents. MULTISTATE PUD RIDER--Single Family--Fannie Mae/Freddie Mac UNIFORM INSTRUMENT DOCU~,'^ ~ DOCURPAI.',rrX 10/15/200: (page I of 3 pages) [Name of Plarmed Unit Development] (the "PUD"). The Property also includes Borrower's interest in the homeowners association or equivalent entity owning or managing the conanon areas and facilities of the PUD (the "Owners Association") and the uses, benefits and proceeds of Borrower's interest. PUD COVENANTS. In addition to the covenants and agreements nude in the Security Instrument, Borrower and Lender further covenant and agree as follows: A. PUD Obligations. Borrower shall perform all of Borrower's obligations under the PUD's Constituent Documents. The "Constituent Documents" are the (i) Declaration; (ii) articles of incorporation, n,ast instrument or any equivalent document which creates the Owners Association; and (iii) any byJaxvs or other rules or regulations of the Owners Association. Borrower shall promptly pay, when due, all dues and assessments imposed pursuant to the Constituent Form 3150 1/01 494007065 B. Property Insurance. So long as the Owners Association maintains, with a generally accepted insurance carrier, a "master" or "blanket" policy insuring the Property which is satisfacto~7 to Lender and which provides insurance coverage in the amounts (including deductible levels), for the periods, and against loss by fire, hazards included within the term "extended coverage," and any other hazards, including, but not limited to, earthquakes and floods, for which Lender requires insurance, then: (i) Lender waives the provision in Section 3 for the Periodic Payment to Lender of the yearly premium installments for property insurance on the Property; and (ii) Borrower's obligation under Section 5 to maintain property insurance coverage on the Propm%, is deemed satisfied to the extent that the required coverage is provided by the Owners Association policy. What Lender requires as a condition of this waiver can change during the term of the loan. Borro~ver shall give Lender prompt notice of any lapse in required property insurance coverage provided by the master or blanket policy. In the event of a distribution of property insurance proceeds in lien of restoration or repair following a loss to the Property, or to common areas and facilities of the PUD, any proceeds payable to Bon-ower are hereby assigned and shall be paid to Lender. Lender shall apply the proceeds to the sums secured by the Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. C. Public Liability Insurance. Borroxver shall take such actions as may be reasonable to insure that the Owners Association maintains a public liability insurance policy acceptable in form, amount, and extent of coverage to Lender. D. Condmnnation. The proceeds of any award or claim for damages, direct or consequential, payable to Borrower in connection with any condemnation or other taking of all or any part of the Property or the conmaon areas and facilities of the PUD, or for any conveyance in lieu of condenmation, are hereby assigned and shall be paid to Lender. Such proceeds shall be applied by Lender to the sums secured by the Security Instrument as provided in Section 11. E. Lender's Prior Consent. Borrower shall not, except after notice to Lender and with Lender's prior written consent, either partition or subdivide the Property or consent to: (i) the abandomnent or termination of the PUD, except for abandomnent or termination required by law in the case of substantial destruction by fire or other casualty or in the case of a taking by condenmation or eminent domain; (ii) any amendment to any provision of the "Constituent Documents" if the provision is for the express benefit of'Lender; (iii) termination of professional management and assmnption of self-management of the Owners Association; or (iv) any action ~vhich would have the effect of rendering the public liability insurance coverage maintained by the Ov, mers Association unacceptable to Lender. . F. Remedies. If Borrower does not pay PUD dues and assessments when due, then Lender may pay them. Any amounts disbursed by Lender under this paragraph F shall become additional debt of Borrower secured by the_Security Instrument. Unless Borrower and Lender agree to other terms of payment, these amounts shall bear interest from the date of disbursement at the Note rate and shall be payable, with interest, upon notice from Lender to Borro~ver requesting payment. MULTISTATE PUD RIDER--Single Family--Fannie Mae/Freddie ~,'lac UNIFORM INSTRU~IENT DOCUP.,.^~ (page 2 of 3 pages) DO CI3'RPA 2 .VTX 10/15/2002 Form 31501/01 BY SIGNI BE ower accepts and agrees to the ten~ and provisions contained in t~s PUD Rider. -iORRO~.W ~VIN,~ ~RIES - DATE - MULTISTATE PUD RIDER--Single Family--Fannie Mae/Freddie Mac UNIFORM INSTRUMENT DOCURPA3 OOCURPA3 .VTX 8/27/20D2 (page 3 of 3 pages) Form 3150 1/01 ~ 494007065 BY SIGN BELOW, owcr accepts and a~rees ~o ~he ~e~ and provisions contained in ~s PUD ~ider. MULTISTATE PUD RIDER--Single Family--Fannie Mae/Freddie Mac UNIFORM INSTRUMENT DOCUP~^3 (page 3 of 3 pages) DOCLrRPA3 .%;TX 8/27/2002 Form 3150 1/01