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HomeMy WebLinkAbout88908602017467 RemmTo: WELLS FARGO HOME MORTGAGE, INC~ 3601 MINNESOTA DR. SUITE 200 BLOOMINGTON, MN 55435 889086 Prepared By: WELLS FARGO HOME MORTGAGE, 1919 DOUGLAS,, OMAHA, NE 6810.10000 INC. BOOK 51 ? __ PR PAGE~ RECEIVED LINCOLN OOtJNTY CLERK [Si)ace Above Tiffs Lh~e For Recordh~g Data[ MORTGAGE DEFINITIONS Words used in multiple sections of this document are defined below and other words are defined in Sections 3, 11, 13, 18, 20 and 21. Certain roles regarding the usage of words used in ti]is document are also provided in Section 16. (A) "Security Instrument" means this document, wlfich is datedAPRIL 04, 2003 together with all Riders to this document. (B) "Borrower" is DALE R PERRY AND LINDA C PERRY, HUSBAND AND WIFE Borrower is the mortgagor under this Security Instrument. (C) "Lender" is WELLS FARGO HOME MORTGAGE, INC. Lender is a CORPORATION orgmfized and existiug under the laws of THE STATE OF CALIFORNIA 0021229794 WYOMING-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Page 1 of 15 Initials: · ' VMP MORTGAGE FORMS - (800)521-7291 Form 3051 1/01 27! Lender's address is P .0. BOX 10304, DES MOINES, IA 503060304 Lender is the mortgagee under this Security Instrument. (D) "Note" means the pronfissory note signed by Borrower and datedAPRIL 04, 2 003 The Note states that Borrower owes Lender ONE HUNDRED SEVENTY ONE THOUSAND AND 00/100 Dollars (U.S; $ * * * * 171,0 0 0.0 0 ) plus interest. Borrower has promised to pay this debt in regular Periodic Payments and to pay the debt in full not later than MAY 01, 2 033 (E) "Property" means the property that is described below under the heading "Transfer of Rights in the Property." (F) "Loan" means the debt evidenced by the Note, plus interest, any prepayment charges and late charges due under the Note, and all sunxs due under this Security Instrument, plus interest. (G) "Riders" means all Riders to this Security Instrument that are executed by Borrower. The tbllowing Riders are to be executed by Borrower [check box as applicable]: [~ Adjustable Rate Rider ~ Condominium Rider ~--~ Second Home Rider [-~ Balloon Rider [~ Plmmed Unit Development Rider ~-~ 1-4 Fanfily Rider ~ VA Rider [-~ Biweekly Payment Rider ~ Other(s) [specifyl (H) "Applicable Law" means all controlling applicable federal, state and local statutes, regulations, ordinances and administrative rules and orders (that have the effect of law) as well as all applicable final, non-appealable judicial opinions. (I) "Community Association Dues, Fees, and Assessments" means all dues, lees, assessments and other charges that are imposed on Borrower or the Property by a condo~ninium association, homeowners association or si~nilar organization. (J) "Electronic Funds Transfer" means any transfer of funds, other than a transaction origi~mted by check, draft, or similar paper instrument, which is i~fitiated tln'ough an electronic terminal, telephonic instrument, computer, or nmgnetic tape so as to order, instruct, Or authorize a financial institution to debit or credit an account. Such term includes, but is not liufited to, point-of-sale transfers, autonmted teller nmchine transactions, transfers initiated by telephone, wire transfers, and autonmted clearinghouse transfers. (K) "Escrow Items" means those items that are described in Section 3. (L) "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) fbr: (i) dmnage to, or destruction of, the Property; (ii) condenmation or other taking of all or any part of the Property; (iii) conveyance in lieu of conde~mmtion; or (iv) nfisrepresentations 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 de~hult on, the Loan. (N) "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. (O) "RESPA" means the Real Estate Settlement Procedures Act (12 U.S.C. Section 2601 et seq.) and its implementing regulation, Regulation X (24 C.F.R. Part 3500), as they ufight be amended ti-om time to time, or any additional or s~accessor legislation or regulation that governs the same subject ~natter. 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 "lkderally related mortgage loan" under RESPA. (~-6(WY) (ooo5) Page2of ~s Form3051 1/01 (P) "Successor iu Interest of Borrower" means any party that has taken title to the Property, whether or not that party has assumed Borrower's obligations under file Note and/or fills Security Instrument. TRANSFER OF RIGHTS IN THE PROPERTY This Security Instrulnent secures to Lender: (i) the repayment of tl~e Loan; and all renewals, extensions and modifications of the Note; and (ii) the performance of Borrower's covenants and agreements under this Security Instmmeut and the Note. For fills purpose, Borrower does hereby mortgage, grant and convey to Lender and Lender's successors and assigns, with power of sale, tl~e fbllowing described property located in the COUNTY of LINCOLN : [Type of Recording Jurisdiction] [Nalne of Recording Jurisdiction] LOT 8 OF PETERS SUBDIVISION, LINCOLN COUNTY, WYOMING, ACCORDING TO THAT PLAT FILED JUNE 2, 1993 AS PLAT NO. 348, INSTRUMENT NO. 765681. TAX STATEMENTS SHOULD BE SENT TO: WELLS FARGO HOME MORTGAGE, INC., P.O. BOX 10304, DES MOINES, IA 503060304 ParcellD Nun~er: 156 S KELLY LANE ALPINE ("Property Address"): which currently has the address of [St,'eetl [Cityl , Wyonfing 8 312 8 [Zil~ Code} TOGETHER WITH all the improvements now or hereafter erected on the property, and all easements, appurtenances, and fixtures now or hereafter a part of file property. All replacements and additions shall also be covered by this Security h~qtrument. All of the /bregoing is referred to in this Security Instrument as file "Property." BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has file right to mortgage, grant and convey file Property and that the Property is unencumbered, except for encumbrances of record. Borrower warrants and will defend generally the title to the Property against all claims and denmnds, subject to any encumbrances of record. THIS SECURITY INSTRUMENT combines mfitbrm covenants lbr natio~ml use and non-umform covenants with linfited variations by jurisdiction to constitute a mfiform security instrument covering real property. UNIFORM COVENANTS. Borrower and Lender covenant and agree as/bllows: 1. Paymeut of Priucipal, Interest, Escrow Items, Prepaymeut Charges, aud 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 lbr Escrow Items pursuant to Section 3. Payments due under file Note and tiffs Security Instrument shall be nntde in 'U.S. currency. However, if any check or other instruulent received by Lender as ~pfhder the Note or this Initials:~~~~/ * (~-6(WY) (ooos) Page 3 o~ 15 "'--"--'~' Form 3051 1/01 273 Security Instrument is returned to Lender unpaid, Lender may reqmre that any or all subsequent payments due under the Note and this Security Instrument be made in one or more of the tbllowing tbrms, 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 Fuuds 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 payment or partial payment if the payment or partial payments are i~kqufficient 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 paylnents 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 unapplied funds. Lender may hold such unapplied funds until Borrower ~nakes payment to bring the Loan current. If Borrower does not do so witlfin 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 inm~ediately prior to Ibreclosure. 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 performing rite 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 in the 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 Paymem 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 deIinquent 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 auy 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 rite 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 Security Instrument as a lien or encumbrance on the Property; (b) leasehold payments or ground rents on the Property, if any; (c) premiums Ibr any and all insurance required by Lender under Section 5; and (d) Mortgage insurance premimns, if auy, or any sums payable by Borrower to Lender in lieu of the payment of Mortgage Insurance prenfiums in accordance with rite 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 Coummnity Association Dues, Fees, and Assessments, if any, be escrowed by Borrower, and such dues, tees and assessments shall be an Escrow Item. Borrower shall promptly funfish to Lender all notices of amounts to be paid under this Section. Borrower shall pay Lender the Funds tbr Escrow Items unless Lender waives Borrower's obligation to pay the Funds for any or all Escrow Iteukq. Lender ~nay waive Borrower's obligation to pay to Lender Funds tbr any or all Escrow Items at any time. Auy such waiver may only be in writing. In rite event of such waiver, Borrower shall pay directly, when and where payable, the amounts l~-6(WY) looos} P~4of~s Form 3051 1/01 274 due for arty Escrow Items for which payment of Funds has been waived by Lender and, if Lender reqnires, shall furnish to Lender receipts evidencing such payment within such time period as Lender nmy require. Borrower's obligation to nmke 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, pursuant to a waiver, and Borrower fails to pay the amount due for an Escrow Item, Leuder 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 Itmns at any time by a notice, given in accordance with Section 15 and, upon such revocation, Borrower shall pay to L.ender all Funds, and in such amounts, that are then required under this Section 3. Lender nmy, at any time, collect and hold Funds in an amount (a) sufficient to pernfit Lender to apply the Funds at the time specified under RESPA, and (b) not to exceed the nmximmn amount a lender can require under RESPA. Lender shall estinmte the amount of Funds due on the basis of current data and reasonable esti~nates 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, 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 Items no later than the time specified under RESPA. Lender shall not charge Borrower tbr holding and applying the Funds, ammally analyzing the escrow account, or verifying the Escrow Itenxs, Ulfless Lender pays Borrower interest on the Fm~ds and Applicable Law pernfits Lender to ~nake 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 pa3' 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 ammal 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 notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to nmke 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 tiffs Security Instrument, Lender shall promptly red, nd to Borrower any Funds held by Lender. 4. Charges; Lieus. Borrower shall pay all taxes, assessments, charges, fines, and impositions attributable to the Property which can attain priority over this Security Instrunmnt, leasehold payments or ground rents on the Property, if any, and Conm~unity Association Dues, Fees, and Assessments, if any. To the extent that these items are Escrow Items, Borrower shall pay them in the umm~er provided in Section 3. Borrower 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 nmm~er acceptable to Lender, but only so long as Borrower is perfornfing such agreement; (b) contests the lien in good faith by, or 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 tuffy 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 attain priority over this Security Instrument, Lender may give Borrower a notice identifying the (~-6(WY) (ooos) p.g, 5 o~ ~5 Form 3051 1/01 275 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 fbrth above in this Section 4. Lender nmy require Borrower to pay a one-time charge for a real estate tax verification and/or reporting service used by Lender in cmmection with riffs Loan. 5. Property Insurance. Borrower shall keep the i~nprovements now existing or hereafter erected on the Property 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 fbr 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 fight to disapprove Borrower's choice, which fight shall not be exercised unreasonably. Lender may require Borrower to pay, in connection with this Loan, either: (a) a one-ti~ne charge fbr flood zone determination, certification and tracking services; or (b) a one-time charge lbr flood zoue deternfination and certification services and subsequent charges each time renmppings or sinfilar changes occur which reasmmbly might affect such detenrfination or certification. Borrower shall also be responsible fbr the payment of any fees imposed by the Federal Emergency Ma~mgement Agency in cmmection with the review of any flood zone determination resulting frmn an objection by Borrower. If Borrower fails to nmintain any of the coverages described above, Leuder nmy obtain imsurance 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, Borrower's equity in die 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 might sig~fificantly 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 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 prenfiums 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 and shall name Lender as mortgagee and/or as an additimml loss payee. In the event of loss, Borrower shall give prompt notice to die insurance carrier and Lender. Lender ]nay lnake proof of loss if not made promptly by Borrower. U~less Lender and Bm~ower 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 oppormmty to inspect such Property to ensure die work has been cmnpleted to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender nmy disburse proceeds for the repairs and restoration in a single payment orin 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 /hr public adjusters, or other third parties, retained by Borrower shall not be paid out of the insurance proceeds and shall be the sole obligation of Borrower. If the restoration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be applied to the sunzs secured by this Security Instrument, whether or not then due, with (~-6(WY) (ooo51 Page6of 1~ Form 3051 1/01 ?.76 the excess, if any, paid to Borrower. Such insurance proceeds shall be applied in the order provided tbr in Section 2. If Borrower abandons the Property, Lender nhay file, negotiate and settle any available insurance claim and related nkatters. If Borrower does not respond witlfin 30 days to a notice front Lender that the insurance carrier has Offered to settle a claim, then Lender may negotiate and settle the claim. The 30-day period will begin when the notice is given. In either event, or if Leuder acquires the Property under Section 22 or otherwise, Borrower hereby assig~ts to Lender (a) Borrower's rights to auy insurance proceeds in an amount not to exceed fire 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 uuearned premiums paid by Borrower) under all insurance policies covering the Property, insofar as such rights are applicable to rite coverage of fire Property. Lender may use fire insurance proceeds either to repair or restore the Property or to pay alnounts unpaid under the Note or this Security Instrument, whether or not then due. 6. Occupancy. Borrower shall occupy, establish, and use the Property as Borrower's principal residence within 60 days after the execution of this Security hrstrument and shall continue to occupy the Property as Borrower's principal residence for at least one year after the date of occupancy, mfless Lender otherwise agrees in writing, which consent shall not be um:easonably wiflfl~eld, or mzless extenuating circmnstances exist which are beyond Borrower's control. 7. Preservation, Maintenance and Protection of the Property; Inspectious. Borrower shall not destroy, damage or impair the Property, allow the Property to deteriorate or cmmmt waste on the Property. Whether or not Borrower is residing in the Property, Borrower shall maintain the Property in order to prevent the Property from deteriorating or decreasing in value due to its condition. Uuless it is determined pursuant to Section 5 that repair or restoration is not econonfically feasible, Borrower shall prompdy repair the Property if dankaged to avoid further deterioration or dan;age. 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 tuffy if Leuder has released proceeds t~)r such purposes. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as tim work is completed. If the insurance or condemnation proceeds are not sufficient to repair or restore the Property, Borrower is not relieved of Borrower's obligation for the completion of such repair or restoration. Lender or its agent may make reasonable entries upon'and i~kqpections of the Property. If it has reasonable cause, Lender nmy inspect the interior of fire improvements on the Property. Lender shall give Borrower notice at the tinre of or prior to such an interior inspection specifying such reasonable cause. 8. Borrower's Loan Application. Borrower shall be in default if, during the Loan application process, Borrower or any persons or entities acting at the direction of Borrower or with Borrower's knowledge or consent gave materially false, misleading, or inaccurate information or statements to Lender (or failed to provide Lender with material ixffornmtion) in cmmection with the Loan. Material representations include, but are not linfited to, representations concenfing Borrower's occupancy of the Property as Borrower's principal residence. 9. Protection of Lender's Interest in the Property aud Rights Under this Security Instrument. If (a) Borrower fails to perfornr the covenants and agreements contained in tlfis Security Instrument, (b) there is a legal proceeding that nfight sig~fificantly affect Lender's interest m the Property and/or rights under this Security Instrument (such as a proceeding in bankruptcy, probate, trr condenmath)n or fk)rfeiture, for enforcement of a lien which may attain priority over this Security hkmnment or to enforce laws or regulations), or (c) Borrower has abandoned the Property, then Lender may do and pay for whatever is reasonable or appropriate to protect Lender's interest in the Property and rights under this Security Instrument, including protecting and/or assessing the value of the Property, and securing and/or repairing the Property. Lender's actim~ can include, but are not liufited to: (a) paying any sums secured by a lieu Milch has priority over this Security htstrument; (b) appearing in court; and (c) paying reasonable Initials:~ '~ (~-6(WY) (goos} Page 7 or ~S Form 3051 1/01 277 attorneys' fees to protect its interest ~n the Property and/or rights under tlfis Security Instrument, including its secured position in a ba~kmptcy proceeding. Securing d~e Property includes, but is uot linfited to, entering the Property to nmke 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 nmy take action under fids Section 9, Leuder does not have to do so and is not under any duty or obligation to do so. It is agreed that Lender incurs no liability /hr not taking any or all actions authorized under this Section 9. Any amounts disbursed by Lender under this Section 9 shall become additional debt of Borrower secured by this Security 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 Borrower requesting payment. If tlris Security Instrument is on a leasehold~ Borrower shall comply with all the provisions of the lease. If Borrower acquires fee title to the Property, the leasehold and the fee title shall not merge unless Lender agrees to the merger in writing. 10. Mortgage Insurance. If Lender required Mortgage lusurance 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 from the mortgage insurer that previously provided such insurance and Borrower was required to make separately designated payments toward the premiums tbr Mortgage Insurance, Borrower shall pay the prenfiums required to obtain coverage substantially equivalent to the Mortgage Insurance previously in effect, at a cost substantially equivalent to the cost to Bon'ower of.the Mortgage Insurance previously in effect, from an alter~mte mortgage insurer selected by Lender. If substantially 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 fl~e tact 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 tbr the period Sat Lender requires) provided by an insurer selected by Lender again becomes available, is obtained, and Lender requires separately desiglmted payments toward the prenfiums for Mortgage Insurance. If Lender required Mortgage Insurance as a condition of nmking the Loan and BmTower was required to make separately designated payments toward fl~e premiums for Mortgage Insurance, Borrower shall pay the premi'ums required to maintain Mortgage Insurance in effect, or to provide a non-refundable loss reserve, until Lender's requirement Ibr 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 entity that purchases the Note) for certain losses it umy 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 lbrce from time to time, and nmy enter into agreements with other parties that share or modify their risk, or reduce losses. These agreements are on terms and conditions that are satishctory 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, any purchaser of the Note, another insurer, any reinsurer, any other entity, or any affiliate of any of tlm lbregoing, may receive (directly or indirectly) amounts d~at derive from (or might be characterized as) a portion of Borrower's payments Ibr Mortgage Insurance, in exchange for sharing or modifying 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 prenfiums paid to the insurer, fl~e arrangement is often termed "captive reinsurance." Furfl~er: (a) Any such agreemeuts will not affect the amounts that Borrower has agreed to pay for Mortgage Insurance, or auy other terms of the Loau. Such agreements will not increase the amount Borrower will owe rot Mortgage Insnrance, and they will not entitle Borrow~Tm. any ,-efund. (~I~-6(WY} (ooos) ~age a of 15 Form 3051 1/01 (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 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. Assigmnent Of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned to and shall be paid to Lender. If rite Property is danmged, such Miscellaneous Proceeds shall be applied to restoration o1' repair of the Property, if rite 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 the work is completed. Udess 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 sums secured by this Security Instrmnent, whether or not then due, with the excess, if any, paid to Borrower. Such Miscellaneous Proceeds shall be applied in the order provided Ibr in Section 2. In rite event of a total taking, destruction, or loss in value of rite Property, the Miscellaneous · Proceeds shall be applied to the sums secured by this 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 i~mnediately 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 rite Miscellaneous Proceeds · multiplied by rite following fi:action: (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 i~mnediately before the partial taking, destruction, or loss in value. Any balance shall be paid to Borrower. In the event of a partial taNng, destruction, or loss in value of rite Property in which the fair market value of the Property i]mnediately before the partial taking, destruction, or loss in wdue is less than rite amount of the sums secured innnediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the Miscellaneous Proceeds shall be applied to the stuns secured by riffs Security Instrmnent whether or not the sunxq 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 nmke an award to settle a claim tbr damages, Borrower fails to respond to Lender widfin 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. "Opposiug 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 crilninal, is begun that, in Lender's judgment, could result in ibrfeiture of the Property or other material impairment of Lender's interest in the Property or rights under this Security Instrmnent. Borrower can cure such a default and, if acceleration has occurred, reinstate as provided in Section ]9, by causing the action or proceeding to be disnfissed with a ruling that, in Lender's judgment, precludes tbrfeiture of the Property or other umterial impairment of Lender's interest in the Property or rights under fids Security Instrument. The proceeds of any award or claim for daumges 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. (~-6{WY) Iooos) Pa~e9of lS Form 3051 1/01 12. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or nmdification of amortization of the sun,s secured by tiffs Security Instrulnent 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 connnence 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 any Successors in Interest of Borrower. Any forbearance by Lender in exercising any right or remedy including, widmut limitation, Lender's acceptance of payments i~'om 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-siguers; Successors and Assigns Bound. Borrower covenants and agrees that Borrower's obligations and liability shall be joint and several. However, auy Borrower who co-signs this Security Instrument but does not execute the Note (a "co-signer"): (a) is co-sigmng this Security Instrument mtly to mortgage, grant and convey the co-signer's interest in the Property under the temks of this Security Instrument; (b) is not persmmlly obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower can agree to extend, modify, Ibrbear or make any accormnodations with regard to the terms of this Security Instrulnent or the Note without the co-signer's consent. Subject to the provisions of Section 18, any Successor in Interest of Borrower who assmnes 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 Irkstmment unless Lender agrees to such release in writing. The covenants and agreements of this Security hkqtrument shall bind (except as provided iix Section 20) and benefit the successors and assigns of Lender. 14. Loan Charges. Lender umy charge Borrower tees tbr services per,brined in cmmection with Borrower's default, lbr the purpose of protecting Lender's interest in the Property and rights under this Security Instrument, including, but not limited to, attorneys' fees, property inspection and valuation tees. In regard to any other lees, the absence of express auflxority in this Security instrument to charge a specific fee to Borrower shall not be cmkstrued as a prolfibition on the charging of such fee. Lender nmy not charge fees that are expressly prolfibited by this Security Instpament or by Applicable Law. If fl~e Loan is subject to a law' which sets maxi~num loan charges, and that law is finally interpreted so that the interest or other loan charges collected or to be collected in cmmection with file Loan exceed the permitted linfits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to the pemfitted limit; and (b) any sums already collected from Borrower which exceeded penmtted linfits 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. If a 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 nmde by direct payment to Borrower will constitute a waiver of any right of action Borrower lnight have arising out of such overcharge. 15. Notices. All notices given by Borrower or Lender in cmmection with this Security Instrument must be in writing. Any notice to Borrower in cmmection with this Security Instrument shall be deemed to have been given to Bon'ower 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 expressly requires otherwise. 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 tbr reporting Borrower's change of address, then Borrower shall only report a change of address through that specified procedure. There nmy be only one designated notice address under tiffs Security Instmmem at any one time. Any notice to Lender shall be given by delivering it or by nmiling it by first class mail to Lender's address stated herein mzless Lender has desig~mted another address by notice to Borrower. Any notice in cmmection wifl~ 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 file corresponding requirement under this Security Instrnment. ~¢ (~-6(WY) (ooosl Page ~o or ~s Form 3051 1/01 O88DOdG 16. Governing Law; Severability; Rules of Construction. This Security Instrmnent shall be. governed by federal law and the law of tire jurisdiction in wlfich the Property is located. All rights and obligations contained in this Secnrity Instrument are subject to any requirements and linfitations of Applicable Law. Applicable Law nfight 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 Instrmnent or the Note conflicts with AppLicable Law, such conflict shall not affect other provisions of this Security Instrument or the Note which can be given effect without the co~ttlicting provision. As used in tlfis Security Instrument: (a) words of the masculine gender shall mean and include corresponding neuter words or words of the felniltine gender; (b) words in the singular shall mean and include the plural and vice versa; and (c) die word "nmy" gives sole discretion without 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, instalhnent sales contract or escrow agreement, die 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 m the Property is sold or transtErred (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 iuunediate payment in full of all sunx~ secured by this Security Instrument. However, this option shall not be exercised by Lender if such exercise is prohibited by Applicable Law. If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days from the date the notice is given in accordance with Section 15 within which Borrower nmst pay all sums secured by tiffs Security Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies pernfitted by this. Security Instnunent without further notice or demand on Borrower. 19. Borrower's Right to Reinstate After Acceleration. If Borrower meets certain conditions, Borrower shall have the right to have enforcement of this Security Instrument discontinued at any dine prior to the earliest of: (a) five days before sale of the Property pursuant to any power of sale contained in this Security Instrument; (b) such other period as Applicable Law might specify tbr die terufi~mtion of Borrower's right to reinstate; or (c) entry of a judgment enforcing this Security Instrulnent. Those conditions are that Borrower: (a) pays Lender all sums which then would be due under this Security h~tmment and the Note as if no acceleration had occm'red; (b) cures any default of any other covenants or agreements; (c) pays all expenses incurred in entbrcing this Security Insu~ment, including, but not limited to, reaso~mble attorneys' tees, property inspection and valuation tees, and other fees incun'ed tbr the puqoose of protecting Lender's interest in the Property and rights under this Security Instrmnent; and (d) takes such action as Lender may reasotmbly require to assure that Lender's interest in the Property and rights under tiffs Security Instrument, and Borrower's obligation to pay the sun,s secured by this Secm-ity Instrmnent, shall continue unchanged. Lender nmy require that Borrower pay such reinstatement stuns and expenses in one or more of die following 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, instrmuentality or entity; or (d) Electrmtic Funds Transfer. Upon reinstatement by Borrower, this Security Instrument and obligations secnred hereby shall rennin fully effective as if no acceleration had occurred. 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 partial interest in the Note (together with this Security Instrument) can be sold due or more times without prior notice to Borrower. A sale might result in a change in the entity (known as the "Loan Servicer") that collects Periodic Payments due under the Note and this Security Instrument and pertbrnxs otiler mortgage loan servicing obligations under the Note, this Security Instrument, and Applicable Law. There also ufight be one or more changes of the Loan Servicer m~related to a sale of the Note. If there is a change of the Loan Servicer, Borrower will be given written notice of the change which will state the name and address of the new Loan Servicer, the address to which payments should be umde and any oilier in/brmation RESPA requires in com~ection with a notice of transfer of servicing. If the Note is sold and thereafter the Loan is serviced by a Loan Servicer other than tl}e purchaser of the Note, the mortgage loan servicing obligations to Borrower will remain with the Loan Servicer or be transtkrred to a successor Loan Servicer and are not assumed by the Note purchaser m~less otherwise provided by the Note purchaser. Neither Borrower nor Lender may connnence, join, or be joined to any judicial action (as either an individual litigant or the meurber of a class) that arises from the other party's actions pursuant to dfis Security Instrument or that alleges that the other party has breached any provision of, or any duty owed by reason of, this Security Instnnnent, until such Borrower or Lender has notified the other part), (with such notice given in compliance with the requirements of Section 15) of such alleged breach and afforded the other party hereto a reasolmble period after the giving of such notice to take corrective action. If Applicable Law provides a time period which nmst elapse betbre certain action can be taken, that time period will be deemed to be reasomable lbr purposes of this paragraph. The notice of acceleration and opportunity to cure given to Borrower pursuant to Section 22 and the notice of acceleration given to Borrower pursuant to Section 18 shall be deemed to satisfy the notice and opportunity to take corrective action provisions of this Section 20. 21. Hazardous Substances. As used in fids Section 21: (a) "Hazardous Substances" are those substances defined as toxic or hazardous substances, pollutants, or wastes by Enviromnental Law and the following substances: gasoline, kerosene, other ran:unable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or formaldehyde, and radioactive materials; (b) "Enviromnental Law" means federal laws aud laws of the jurisdiction where the Property is located that relate to health, safety or enviromnental protection; (c) "Enviromnental Cleanup" includes any response action, remedial action, or removal action, as defined in Enviromuental Law; aud (d) au "Enviromnental Condition" meaus a condition that can cause, contribute to, or otherwise trigger an Envir'omnental Cleanup. Borrower shall not cause or permit the presence, use, disposal, storage, or release of any Hazardous Substances, or threaten to release any Hazardous Substances, on or in the Property. Borrower shall not do, nor allow anyone else to do, anything affecting the Property (a) fl~at is in violation of any Enviro~m~ental Law, (b) wlfich creates'an Enviromnental Condition, or (c) which, due to the presence, use, or release of a Hazardous Substance, creates a condition that adversely affects the value of the Property. 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 nonmd residential uses and to nmintmmnce 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, denmnd, lawsuit or other action by any govermnental or regulatory agency or private party involving the Property and auy Hazardous Substance or Environmental Law of which Borrower has actual knowledge, (b) auy Envirolm~ental 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 governmental 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 Euvironmental Law. Nothing herein shall create any obligation on Lender tbr an Environmental Cleanup. (~-6(WY) (ooos) Page 12 of 15 Form 3051 1/01 '382 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 auy covenant or agreement in this Secnrity 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, uot 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 iu 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 atits option may require immediate paymeut in full of ali 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 incnrred in pursuing the remedies provided ill this Section 22, including, but not limited to, reasonable attorneys' fees and costs of title evidence. If Leoder invokes tile power of sale, Lender shall give uotice of inteut to foreclose to Borrower and to the person in possessiou of the Property, if different, in accordance with Applicable Law. Lender shall give notice of the sale to Borrower ill the manuer provided in Sectiou 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) auy excess to the person or persons legally entitled to it. 23. Release. Upon payment of all sums secured by this Security Iustmment, Lender shall release this Security Instrument. Borrower shall pay any recordation costs. Lender may charge Borrower a tee for releasing this Security Instrument, but tuffy if the fee is paid to a dfird party Ibr services rendered and the charging of the fee is pernfitted under Applicable Law. 24. Waivers. Borrower releases and waives all rights under and by virtue of the homestead exemption laws of Wyonfing. (~-6(WY)(ooo5) Page~3of~5 Form 3051 1/01 283 BY SIGNING BELOW, Borrower accepts and agrees to the tenrkq and cove]rants contained in this Security Instrument and in any Rider executed by Borrower and recorded with it. Witnesses: DALE~PERR~y ~' (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (~<~6(WY) (ooo6) Page 14 of 15 Form 3051 1/01 STATE OF WYOMING, TETON The foregoing instrument was acknowledged before me dfis by DALE R PERRY AND LINDA C PERRY April 4, 2003 Cotlnty ss: My Conunission Expires: 08/03/05 Notary Fublic (~-6G(WY) (0005) Page 15 of 15 Initials: Form 3051 1/01