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HomeMy WebLinkAbout889154After Recording Return To: NEXSTAR FINANCIAL CORPORATION P.O. BOX 5890 EDMOND, OK 73083-5890 RECEI'v'£D LINCOLN coJr,4TY CLERK BOOK51 ~7 PR PAGE~ Title Order No.: FA 9641 M Escrow No.: FA 9641 M [Space Above This Lh~e For Recordhlg Data] MORTGAGE 100051700126882068 DEFINITIONS Words used in multiple sections of this document are defined below and other words are defined in Sections 3, 11, 13, 18, 20 and 21. Certain rules regarding the usage of words used in this document are also provided in Section 16. (A) "Security Instrument" means tiffs document, which is dated APRIL 7, 2003, togeflter with all Riders to tiffs document. (B) "Borrower" is JERRY. D. GLASSCOCK AND KIMBERLY R. GLASSCOCK. Husband and Wife Borrower 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 nonffnee' for Lender and Lender's successors and assigns. MERS is the mortgagee under this SecUrity Instrument. MERS is organized and existing 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 NEXSTAR FINANCIAL CORPORATION. Lenderis a DELAWARE CORPORATION DELAWARE. MO 63141. Lender's address is organized and existing under the laws of 622 EMERSON ROAD, ST. LOUIS, (E) "Note" means the pronffsso .ry note signed by Borrower and dated APRIL 7, 2003. The Note states that Borrower owes Lender ******************************************* ONE THOUSAND AND NO/100 ********************************************************** Dollars (U.S. $71,000.00 ) plus imerest. Borrower has pronfised to pay tiffs debt in regular Periodic Paymems and to pay the debt in full not later than MAY 1, 2018. (F) ' ~Property" means the property, ihat 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 under the Note, and all sums due under this Securi .ty Instrument, plus interest. (H) "Riders" means all Riders to this Securi .ty Instnnnent that are executed by Borrower. The following Riders are to be executed by Elorrower [check box as applicable]: · ~ Adjustable Rate Rider ~ Condonffmmn Rider ~ Second Home Rider [~ Balloon Rider ~ Pla]reed U]fit Development Rider ~ Other(s) [specify.] ~ 1-4 Fanffly Rider ~ Biweekly Payment Rider (I) "Applicable Law" means all controlling applicable federal, state and local statutes, regulations, ordinances and ad]mnistrative roles and orders (thai have the effect of law) as well as all applicable final, non-appealable judicial opinions. (J) ' ' Community Association Du es, Fees, and Assessments' ' means all dues, fees, assessments and other charges that are imposed on Borrower or the Property by a condominium association, homeoWners association or sinfflar organization. (K) "Electronic Funds Transfer" means any transfer of funds, other than a transaction originated by check, draft, or similar paper instrmnent, which is initiated through an electronic terminal, telephonic instrument, computer, or magnetic tape so as to order, instruct, or authorize a financial institution to debit or credit an account. Such term includes, but is not limited to, point-of-sale transfers, automated teller machine transactions, transfers initiated by telephone, wire transfers, and automated clearinghouse transfers. " WYOMING--Single Family--Famde Mae/Freddie Mac UNIFORh4 INSTRUMENT Form 3051 1/01 Page 1 of 8 LOAN #: 0012688206 WYEDEED 0109 (L) "Esel'Ol¥ Items" means those items that are described in Sectio~!~l~ 53 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) condemnation or other taking of all or any pan of the Property.; (iii) conveyance in lieu of condemnation; or (iv) misrepresentations of, or omissions as to, the value and/or condition of the Property.. (N) "Mortgage Insurance" means insurance protecting Lender against the nonpayment of, or default on, the Loan. (O) "Periodic Payment" means the regularly scheduled alnount due for (i) principal and interest nnder the Note, plus (ii) any amounts under Section 3 of this Securi .ty Instrument. (P) "RESPA" means the Real Estate Settlement Procedures Act (12 U.S.C. §2601 et seq.) and its implementing regulation, Regulation X (24 C.F.R. Part 3500), as they nfight be amended from time to time, or any additional or successor legislation or regulation that governs the same subject matter. As used in this Security Instrument, "RESPA" refers to all 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 RESPA. (Q) "Successor in Interest of Borrower" means anyparty, that has takentitle to the Property., whether or not that parD.,has assumed Borrower's obligations under the Note and/or this Security Instrument. TRANSFER OF RIGHTS IN THE PROPERTY This Security Instrument secures to Lender: (i) the repayment of the Loan, and all renewals, extensions and modifications of the Note; and (ii) the performance of Borrower's covenants and agreements under this Security Instrument and the Note. For this purpose, Borrower does hereby mortgage, grant and convey to MERS (solely as nontinee for Lender and Lender's successors and assigns) and to the successors and assigns of MERS, with power of sale, the following described property, located in the COUNTY [Name of Recording Jurisdiction] of LINCOLN [Name of Recording Jurisdiction]: SEE LEGAL DESCRIPTION ATTACHED HERETO AND MADE A PART THEREOF wlfich currently has the address of 1328 Sixth West Avenue, Kemmerer, Wyoming 8 3101 (' 'Property. Address"): [Street] [City] [Zip 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 the property. All replacements and additions shall also be covered by this Security Instrument. All of the foregoing is referred to in this Security Instrument as the "Propertyl ' ' Borrower understands and agrees that MERS holds only legal title to the interests granted by Borrower in this Security Instrmnent, but, if necessary, to comply with law or custom, MER~ (as nonfinee for Lender and Lender's successors and assigus) has the right: to exercise any' or all of those interests, including, but not limited to, the right to foreclose and sell the Property; and to take any action required of Lender including, but not limited to, releasing and canceling this Security Iustmn~ent BORROWER COVENANTS that Borrower is lawfully seized of the estate hereby conveyed and has the right to mortgage, grant and conveythe Property and that the Proper .tyis unencumbered, except for encumbrances of record. Borrower warrants and will defend generally the title to the Property against all claims and demands, subject to any encumbrances of record. THIS SECURITY INSTRUMENT combines uniform covenants for national use and non-mfiform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property.. UNIFORM COVENANTS. Borrower and Lender covenaut and agree as follows: 1. Payment of Principal, Interest, Escrow Items, Prepayment Charges, and Late Charges. Borrower shall pay when due the principal of, and interest on, the debt evidenced by the Note and auy 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 follo;ving 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 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 insufficient to bring the Loan current. Lender may accept any payment or partial payment instffficient to bring the Loan current, without waiver ofm\y 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 unapplied funds. Lender may hold such unapplied funds until Borrower makes pa.sqnent to bring the Loan current. If Borrower does not do so within a reasonable Oeriod of time, Lender shall either apply such funds or return them to Borrower. If not applied earlier, such fuuds will be applied to the outstanding principal balance under the Note innnediately prior to foreclosure. No offset or claim which Borrower might have now or in the future against WYOMING-Single Fmnily--Famfie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 1/01 Page 2 of 8 LOAN #: 0012688206 Leuder shall relieve Borrower from making payments due under the Note and tiffs Securi~' Instrument or perfon~ng the covenants and agreements secured by this Securi~ Instrument. 2. Application of Payments or Proceeds. Except as othenvise described in this Section 2, all payments accepted and apPlied by Lender shall be applied in the following order ofpriori~: (a) interest due under the Note; ¢) principal due under the Note; (c) a.mounts due under Sectiou 3. Such pKvments 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 SecuriB, Instrument, and then to reduce the principal balance of the Note. ~ Lender receives a payment from Borrower for a delinquent Periodic Paymeut which includes a st~cient amount to pay any late charge due, the payment may be applied to the delinquent payment and the late charge. ~ more than one Periodic Payment is outstanding, Lender may apply any payment received from Borrower to the repayment of the Periodic Payments ii and to tl~e extent thai, each payment can be paid in ~11. To the extent that inky excess exists ~er the payment is applied to the hll payment of one or more Periodic Payments, such excess may be applied to any late charges due. Volunta~ 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 ex~end' or postpone the due date, or change the amount, of the Pehodic Payments. 3. Funds for Escrow Items. Borrower shall pay to Lender on the day Periodic Payments are due under the Note until the Note is paid in hll, a stun (the"Funds") to provide for payment of amounts due for: (a) taxes and assessments and other items which can attain priorig, over this SecuriB, Instrument as a lien or encumbrance on the Prope~; ¢) leasehold payments or grouud rents on tlie Prope~, if any; (c) prelmums for any and all insurance required by Lender under Section 5; and (d) Mo~gage Insurance prenfiums, if any, or any sums payable by Borrower to Lender in lieu of the payment of Mortgage Insurance premimns in accordance with the provisions of Section 10. These items are called "Escrow Items." At origiuation or at any time during the term of the Loan, Lender may require that Conm~uni~ Associmion Dues, Fees, and Assessments, ff any, be escrowed by Borrower, and such dues, fees and assessments shall be an Escrow Item. Bo~ower shall promptly fi~rnish 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 ~nay waive Borrower's obligation to pay to Lender Funds for any or all Escrow Items at any time. Any such waiver may only be in writing. In the event of such waiver, Borrower shall pay directly, when and where payable, the amounts due for any Escrow Items for which payment of Funds has been waived by Lender and, ffLender requires, shall fi~r~sh to Lender receipts evidencing suchpayment within such time period as Lender may require. Borrower's obligation to m~e suchpayments and to provide receipts shall for allpu~oses be deemed tube a covenant and agreement contained in,is SecufiB, Iustmment, as thephrase ' 'covenant and agreement" is used in Section 9. ffBorrower is obligated to pay Escrow Items directly, pursuant to a waiver, and Borrower fails to pay the amount due for an Escrow Item, 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 time by a notice given in accordance with Se~ion 15 and, upon such revocation, Borrower shall pay to Lender all Funds, and in such amounts, that are then required under this Section 3. Lender may, at any time, collect and hold Funds in an amount (a) s~cient to pernfit Lender to apply the Funds at the time specified uuder ~SPA, and ¢) not to exceed the maximum amount a lender can require under ~SPA. Lender sh~l estimate the amount of Funds due on the basis of current data and reasonable estimates of expenditures of fl~ture Escrow Items or othenvise in accordance with Applicable Law. The Funds shall be held in an institutiou whose deposits are insured by a federal agency, instmmentali~, or enti~ (including Lender, if Lender is an institution whose deposits are so insured) or in any Federal Home Loan Bmr. Lender shall apply the Funds to pay the Escrow Items no later than the time specked under ~SPA. Lender shall not charge Borrower for holding and applying the Funds, annually analyzing the escrow account, or veri~iug the Escrow Items, unless Lender pays Borrower interest on the Funds and Applicable Law permits Lender to m~e such a charge. Uxfless an agreement is made m 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 aunual accounting of the Funds as required by ~SPA. ffthere is a su~lus of Funds held in escro~v, as defined under ~SPA, Lender shall account to Borrower for the excess fimds in accordance with ~SPA. ffthere is a sho~age of Funds held in escrow, as defined under ~SPA, Lender shall noti~ Bo~ower as required by ~SPA, and Borrower shall pay to Lender the ~munt necessaD~ to m~e Up the shonage in accordance with ~SPA, but in no more than 12 lnonthly payments, ffthere is a deficiency of Funds held in escrow, as defined under ~SPA, Lender shall not~ Bo~ower as required by ~SPA, and Borrower shall pay to Lender the amount necessa~ to m~e UP the deficiency in accordance with ~SPA, but in no more than 12 monthly payments. Upon payment in ~11 of all sums secured by this Securi~ Insmnnent, Lender shall promptly retired to Bo~ower any Funds held by Lender. 4. Charges; Liens. Borrowershallpayalltaxes, assessments, charges, fines, andimpositions attributabletothePrope~wlfich can aUain priority over this Securiff Instrument, leasehold payments or ground rents on the Prope~,, ff auy, and Communi~ Association Dues, Fees, and Assessments, if a~y. To the e~ent that these items are Escrow Items, Bo~ower shall pay them in tffe manner provided in Section 3. Borrower shall promptly discharge anylien whchhas prioriB~ over tlfis Security Instrument u~ess Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a lnam~er acceptable to Lender, but only so long as Borrower is perfornfing such a~eement; ¢) contests the lien in good faith by, or defend s against efforcement of the lien m, legal proceedings wlfich m Lender's opinion operate to prevent the e~orcement 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 satisfacto~, to Lender subordinating the lien to this Securi~ Instrument. ffLender determines that any pan of the Prope~ is subject to a lien wiffch can att~n priorih~ over this S ecuri~r Instrument, Lender may give Borrower a notice ident~ing the lien. Within 10 days of the date on which that notice is given, Borrower shall satis~ the lien or t~e one or more of the actions set forth above in tlfis Section 4. ' Lender may require Bo~ower to pay a one-tm~e charge for a real estate tax verification anWor reporting semice used by Lender m cmmection with this Loan. ' 5. Prope~Xy Insm'ance. Borrower shall keep the improvements now existing or here~er erected on the Prope~ insured against loss by fire, hazards included within the term "extended coverage," and any other hazards including, but not limited to, eaahqu~es and floods, for which Lender requires insurance. Tlhs insurance shall be maintained in the amounts (including deductible ~OMING--Single Family--Famfie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 1/01 Page 3 of 8 WYEDEED LO~ ~: 0012688206 535 levels) and for the periods that Lender requires. What Lender requires pursuant to the preceding sentences can change during the term of the Loan. The insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's right to disapprove Borrower's choice, which right shall not be exercised unreasonably. Lender ma), require Borrower to pay, in connection with this Loan, either: (a) a one-time charge for flood zone deternfination, cenffmation and trachng se~ices; or ~) a one-time charge for flood zone determination and ce~ff~cation se~ices and subsequent charges each time renmppings or similar changes occur which reasonably nfight Mfect such determination or certification. Borrower shall also be responsible for the payment of any fees imposed by the Federal Emergency Managelnent Agency in connection with the review of mkV flood zone determination resulting from an objection by Borrower. If Borrower .fails to maintain inky of the coverages described above, Lender nmy obtain insurance coverage, at Lender's option and Borrower's expense. Lender is under no obligation to purchase any pa~icular We or amount of coverage. Therefore, such coverage shall cover Lender, but nhght or nfight not protect Bo~ower, Bo~ower's equiW in the Prope~, or the contents of the Prope~, against any risk, hazard or liability and might provide greater or lesser coverage than was previously in effect. Borrower achmwledges that the cost of thc insurance coverage so obtained might significantly exceed the cost of insurance thru Borrower could have obtained. ~y amounts disbursed by Lender under tlfis Section 5 shall become additional debt of Borrower secured by this SecuriW Instrument. These amounts shallbear interest at the Note rate from the date of disbursemem 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 mo~gage clause, and shall name Lender as mo~gagee an~or as an additional loss payee. Lender shall have the right to hold the policies and renewal ce~ificates. ~Lender requires, Bo~ower shall promptly give to Lender all receipts of paid prenfiums and renewal notices. ~Borrower obtains any form of insurance coverage, not othenvise required by Lender, for danmge to, or destruction of, the Prope~, such policy shall include a standard mo~gage clause and shall n~e Lender as mo~gagee an~or as an additional loss payee. In the event of loss, Borrower shall give prompt notice to the insurance career and Lender. Lender may m~e proof of loss ff not made promptly by Borrower. Unless Lender and Borrower othenvise 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 Prope~, ffthe restoration or repair is economically feasible and Lender's secuhB~ is not lessened. During such repair and restoration pehod, Lender shall have the hght to hold such insurance proceeds until Lender has had au oppom~mB~ to inspect such Prope~ to ensure the work has been completed to Lender's satisfaction, provided thai such inspection shall be unde~en 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 eanfings on such proceeds. Fees for public adjusters, or other third pa~ies, retained by Borrower shall not be paid out of the insurance proceeds and shallbe the sole obligation of Borrower. ~the restoration or repair is not economically feasible or Lender's secuh~ would be lessened, the insurance proceeds shall be applied to the sums secured by this Securi~ Instrument, whether or not then due, with the excess, if any, paid to Bo~ower. Such insurance proceeds shall be applied in the order provided for in Section 2. If Borrower abandons the Prope~, Lender may file, negotiate and settle any available insurance claim and related matters. ~ B~rrower does not respond within 3 0 days to a notice from Lender that the insurance carrier has offered to settle a claim, then Lender may negotiate and settle the claim. The 30-day pehod will begin when the notice is given. In either event, or if Lender acquires the Prope~ under Section 22 or othenvise, Borrower hereby assigns to Lender (a) Borrower's hghts to a~v insurance proceeds in an amount not to exceed the amounts unpaid under the Note or this Secuh~ Instnunent, and ¢) any other of Borrower's rights (other than the hght to auy rehnd of unearned premiums paid by Borrower) under all insurance policies covering the Prope~, insofar as such rights are applicable to the coverage of the Prope~. Lender may use the insurance proceeds either to repair or restore the Prope~ or to pay amounts unpaid under the Note or tiffs Secud~ Instrument, whefl~er or not then due. 6. O ccup ancy. Bo~ower shall occupy, establish, and use the Prope~ as Borrower's phncipal residence witlfin 60 days ~er the execution of this Securi~ Instrument and sh~l continue to occupy the Prope~ as Borrower's principal residence for at least one year ~er the date of occupancy, mdess Lender othe~ise agrees in writing, which consent shall not ~e u~easonably withheld, or unless extenuating circumstances exist wlfich are beyond Bo~ower's control. 7. Presmwation, Maintenance and Protection of the Prope~y; Inspections. Bo~ower shall not destroy, damage or impair the Prope~, allow the Prope~ to deteriorate or comnfit waste on the Prope~,. Whether or not Borrower is residing in the Prope~, Borrower shall mmntain the Prope~ in order to prevem the Prope~ from deteriorating or decreasing in value due to its condition. Unless it is determined pursuant to Section 5 that repair or restoration is not econonfically feasible, Borrower shall promptly repair the Prope~ if damaged to avoid fi~her deterioration or damage. If insurance or condenmation proceeds are paid in connection with damage to, or the t~ing of, the Prope~, Borrower shall be responsible for repairing or restoring the Prope~, only if Lender has released proceeds for such pu~oses. 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. If the insurance or condemnation proceeds are not st~cient to repair or restore the Prope~, Borrower is not relieved of Borrower's obligation for the completion of such repair or restoration. Lender or its agent may m~e reasonable entries upon and inspections of the Prope~. ~it has reasonable cause, Lender may inspect the interior of the improvements on the Prope~. Lender shall give Borrower notice at the time of or prior to such an interior inspection specff)4ng such reasonable cause. 8. Borrower's Loan Application. Borrower slmllbeindefaultff, duringtheLoanapplicafionprocess, Bo~oweroranypersons or entities acting at the direction of Borrower or with Borrower's knowledge or consent gave materially false, nfisleading, or inaccurate i~ormation or statements to Lender (or failed to provide Lender with material i~ormation) in connection with the Loan. Material representations include, but are not linfited to, representations concerning Borrower's occupancy of the Prope~, as Borrower's principal residence.. 9. Protection of Lender's Interest in the Prope~y and ~ghts Under this Security Insn~ment. If (a) Borrower fails to perform the covenants and agreements contained in this Secufi~ Instrument, ¢) there is a legal proceeding that nfight significantly ~ect Lender's interest in the Prope~ anWor rights under this Securi~ Instrument (such as a proceeding in ba~mptcY, probate, for condemnation or forfeiture, for efforcement of a lien which may attain pfion~ over this SecuriW Instrument or to e~orce laws or re~lations), or (c) Borrower has abandoned the Prope~, then Lender may do and pay for whatever is reasonable or appropriate to protect Lender's interest in the Prope~ and rights under this SecuhB~ Instrument, including protecting anWor assessing the value of the Prope~, and securing anWor repairing the Prope~. Lender's actions can include, but are not linfited to: (a) paying any sums secured by a lien which has pfiori~ over this SecufiW Instrument; ¢) appearing in coup; and (c) paying reasonable attorneys' fees X'~7OMING--Single Family--Famde Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 1/01 Page 4 of 8 LOAN #: 0012688206 to protect its interest in the Property and/or rights under this Securi .ty Instrument, including its secured pSos~i~ iu a bmffd-uptcy proceeding. Securing the Property. includes, but is not limited to, entering the Property to make repairs, change locks, replace or board up doors and windows, drain water from pipes, eliminate building or other code violations or dangerous conditions, and have utilities turned on or off. Although Lender may take action under this Section 9, Lender does not have to do so and is not under anv duW or obligation to do so. It is agreed that Lender incurs no liabili .ty for not taking any or all actions authorized under fids Sect'ion ~. · tu~y mnounts disbursed by Lender under this Section 9 shall become additional debt of Borrower secured by this Securi .fy 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 this Security Instrument is on a leasehold, Borrower shall comply with all the provisions of the lease, ff 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 Insm'ance. ffLender required Mortgage Insurance as a condition oflnaking the Loan, Borrower shall pay the premiums 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 separateb, designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiums required to obtain coverage substantially equivalent to the Mortgage Insurance previously in effect, at a cost substantially equivalent to the cost to Borrower of the Mortgage Insurance previously in effect, from an alternate mortgage insurer selected by Lender. ff substantially equivalem 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 on such loss reserve. Lender can no longer require loss reserve payments if Mortgage Insurance coverage (in the amount and for the period that Lender requires) provided by mx insurer selected by Lender againbecomes available, is obtained, and Lender requires separately designated payments toWard the premiums for Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan and Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiums required to maintaiu Mortgage Insurance in effect, or to provide a non-refundable loss reserve, uutil Lender's requirement for Mortgage Insurance ends in accordance with auy written agreement between Borrower and Lender providing for such termination or until termination is required by Applicable Law. Nothing in this Section 10 ,'Lfl'ects Borrower's obligation to pay interest at the rate provided in the Note. Mortgage Insurance reimburses Lender (or any enti .ty that purchases the Note) for certain losses it may incur if Borrower does not repay the Loan as agreed. Borrower is not a party, to the Mortgage Insurance. Mortgage insurers evaluate their total risk on all such insurance in force from time to time, and may enter into agreements with other parties that share or modi .fy their risk, or reduce losses. These agreements are on terms and conditions that are satisfactol3, to the mortgage insurer and the other pam.~ (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 front Mortgage Insurance premimns). As a result of these agreements, Lender, anypurchaser of the Note, another insurer, m\¥ reinsurer, m\y other enti .ty, or ally affiliate of any of the foregoing, may receive (directly or indirectly) amounts that derive front (or Might be characterized as) a portion of Borrower's payments for Mortgage Insurance, in exchange for sharing or modi .lying the mortgage insurer's risk, or reducing losses. If such agreement provides that an affiliate of Lender t,'Lkes a share of the insurer's risk in exchange for a share of the premiums paid to the insurer, the arrangement is often terumd ' 'captive reinsurance." Further: (a) An), such agreements will not affect the amounts that Borrmver has agreed to pay for Mortgage Insurance, or any other terms of the Loan. Such agreements will not increase the amount Borrower ~vill owe for Mortgage Insurance, and they will not entitle Borro~ver to any refund. · (b) Any such agreements will not affect the rights Borrower has - if any - with respect to the Mortgage Insurance under the Homeowners Protection Act of 1998 or any other la~v. These rights ma; include the right to receive certain disclosures, to request and obtain caucellation 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. ffthe Property is damaged, such Miscellaneous Proceeds shallbe applied to restoration or repair of the Property, if the restoration or repair is economically feasible and Lender's security is not lessened. During such repair and restoration period, Lender shall hax~e 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. 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 sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. Such Miscellaneous Proceeds shall be applied in the order provided for in Section 2. In the event of a total taking, destruction, or loss in value of the 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. immediately before the partial taking, destruction, or loss in value is equal to or greater than the amount of the sums secured by this Security Instrument inunediately before the partial taking, destruction, or loss in value, unless Borrower and Lender other~vise agree in writing, the sums secured by this Securit), Instrument shall be reduced by the amouut of the Miscellaneous Proceeds mnltiplied by the following fraction: (a) the total amount of the sums secured immediately before the partial taking, destruction, or loss in value divided by (b) the fair market x(alue of the ProperB/immediately before the pa'rtial 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. ium~ediately before the partial taking, destruction, or loss in value is less than the amount of the sums secured inunediately before the partial taking, destruction, or loss invalue, unless Borrower and Lender otherwise agree in writing, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument whether or not the sums are then due. X~OMING--Single Family--Famfie Mae/Freddie Mac UNIFORM INSTRUMENT Fonu3051 1/01 Page 5 of 8 LOg_ti' #: 0012688206 If the Property. is abandoned by Borrower, or if, after notice by Lender to Borrower that the Opposing Party. (as defined m the next sentence) offers to m~ an award to settle a claim for dama~s, Borrower fails to respond to Lender xvithin 30 days ~r the dat~ the notic~ is giwn, L~nder is authorized to collect and apply the Miscellau~ous Proceeds ~ith~r to r~storation or repair of Prope~ or to th~ sums s~cured by this S~curi~ Instrument, whether or not th~n due. ~'Opposing Pa~" m~ans the third pa~ tlmt ow~s Borrower ~sc~llaneous Proceeds or ~1~ pa~ against whom Borrower has a right of action in regard to ~scellaneous Proceeds. Bo~ow~r shall b~ in d~fault ~ any action or proceeding, whether civil or cfin~nal, is be~n that, in Lender's jud~nmm, could result in forfeiture of the Prope~ or other material impairment of Lender's interest in th~ Prope~ or rights under this Securi~ Instrument. Borrower can cum such a default and, if acceleration has occu~d, reinstate as provided in Section 19, by causing the action or proceeding to b~ dismissed with a ~lin~ that, in Lender' s judgment, precludes forfeiture of the Prop~ or othar material impairment of Lender's interest in the Prope~ or rights under tl~s Securi~ Inst~ment. The proceeds of any award or claim for damages that are a~tributabl~ to the impairnmnt of L~nd~r's interest in the Prop~ are hereby assigned and shall be paid to Lender. All ~scellan~ous Proceeds that are not applied to restoration or repair of th~ Prop~ shall b~ applied in th~ or&r provided for in S~ction 2. 12. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or modification of amonizatiou of the stuns secured by this SecuriB, Instrument granted by Lender to Borrower or any Successor in Interest of Bo~ower shall not operate to release the liabilily ofB orrower or any Successors in Interest ofB orrower. Lende'r shall not be required to commence proceedings against any Successor in Interest of Borrower or to reMse to exaend time for payment or othemise mod~ amortization of the sums secured by this Securi~ Instrument by reason of any demand made by the original Borrower o~ any Successors in Interest of Borrower. Any forbearance by Lender in exercising any right or remedy including, without lmfitation, ~ender'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 wmver of or preclude the exercise of any right or remedy. 13. Joint and Several Liability; Co-signers; Successors and Assi~s Bound. Borrower covenants and agrees that Borrower's obligations and liabili~ shall be joint and several. However, any Bo~ower who co-signs this SecuriB, Instrument but does not execute the Note (a "co-signer"): (a) is co-signing this Securi~r Instrument mflv. to mo~gage, grant and convey, the co-signer's interest in the Prope~, under the terms of this Securi~ Instrument; ¢) is not personally obligated to pay the sums secured by. this SecuriBr Instrument; and (c) agrees that Lender and any other Borrower can agree to extend, mod~, forbear or m~e any accon~modations with regard to the terms of this S ecuriW Instrument or the Note without the co-signer's consent. Subject to the provisions of Section 18, aEv Successor in Interest of Borrower who assumes Borrower's obligations under this SecuriB~ Instrument in writing, and is approved by Lender, shall obtain all of Borrower's rights and benefits under t~s SecuriB~ Instrument. Borrower shall not be released from Bo~ower's obligations and liabili~ under this Secufi~ Instrument unless Lender agrees to such release in writing. The covenants and agreements oft~s Securi~ Instrument shall bind (except as provided in Section 20) and benefit the successors and assi~s of Lender. 14. Loan Charges. Lender may charge Bo~ower fees for sen,ices performed in co~ection wi~ Bo~ower's default, for the pu~ose of protecting Lender's interest in the Prope~ and fights under this Securi~ Instrument, including, but not linfited to, attorneys' fees, prope~ inspection and valuation fees. In regard to any other fees, the absence of express authori~ in this Securi~ Instrument to charge a specific fee to Borrower shall not be coustmed as a prohibition on the charging of such fee. Lender may not charge fees that are expressly prohibited 'by tiffs SecuriB~ Instrument or by Applicable Law. ~the Loan is subject to a law which sets maximum loan charges, and that law is finally inte~reted so that the interest or other loan charges collected or to be collected in com~ection with the Loau exceed the pernfi~ed li~fits, then: (a) any such loan charge shall .be reduced by the amount necessa~ to reduce the charge to the permitted linfit; and ¢) any stuns already collected from Borrower which exceeded pernfi~ed limits willbe rehnded to Borrower. Lender may choose to m~e tiffs refi~nd by reducing the principal owed under the Note or by m~ng a direct payment to Borrower. ~ a re,nd reduces principal, the reduction will be treated as a pa~ial prepayment without any prepayment charge (whether or not a prepayment charge is provided for under the Note). Borrower's acceptance of any such re~ud made by direct payment to Bo~0wer will constitute a waiver of any right of action Borrower might have arising out of such overcharge. ' 15. Notices. All notices givenby Borrower or Lender in connectiouwith this Securi~ Instrument nmst bein writing. Any notice to Borrower in connection with this Security Iustmment shall be deemed to have been ~en to Borrower when mailed by first class mail or when actually delivered to Borrower's notice address if sent by other means. Notice to any one Borrower shall constitUte notice to all Borrowers unless Applicable Law expressly requires othen~,ise. The notice address shall be the Prope~ Address unless Borrower has designated a substitute notice address by notice to Lender. Borrower shall promptly noti~, Lender of Borrower's change of address. If Lender specifies a procedure for reposing Borrower's chauge of address, then Borrower shall only repo~ a change of address through that specified procedure. There maybe oulv one designated notice address under this SecuriW Instrument at any one time. Any notice to Lender shall be given by delivering ii 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 S ecuri~ Instrument shall not be deemed to have been given to Lender until actually received by Lender. If any notice required by this S ecuri~ Instrument is also required under Applicable Law, the Applicable Lax; requirement will satis~ the corresponding requirement under this Securi~ Instrument. ' 16. Governing Law; Severability; Rules of Construction. Tlfis Securi~ Instrument shall be governed by federal law and the law of the jurisdiction in wlfich the Prope~r is located. ~1 rights and obligations contained in this Securi~ Instrument are subject to any requirements and limitations of Applicable Law. Applicable Law might explicitly °r implicitly allo~ the panics to agree by contract or it nfight be silent, but such silence shall imt be construed as a prohibition against agreement by contract. In the event that auy provision or clause of this Securi~ Instrument or the Note co~ffiicts xvith Applicable Law, such co~ict shall not ~ect other provisions of this Securi~ Instrument or the Note wlhch can be given effect without the co~ffiicting provision. As Used in this Securi~ Instrument (a) words of the masculine gender shall mean and include co~esponding neuter words or words of the feminine gender; ¢) words in the sin~flar shall mean and include ~e plural and vice versa; and (c) the word "may" gives sole discretion without any obligation to t~e any acfiou. ' 17. Borrower's Copy. Borrower shall be given one copy of the Note and of this S ecuri~ Instminent. 18. Transfer of the. Prope~Xy or a Beneficial Interest in Borrower. As used in this Section 18, "Interest in the Prope~" means any legal or beneficial interest in the Prope~,, including, but not limited to, those beneficial interests transfe~ed in a bond for deed, contract for deed, installment sales con~act or escrow agreement, the intent of which is the transfer of title by Bo~ower at a ~mre date to a purchaser. - ~V~ Oh{IN(;--Single Famfiy-Famde Mae/Freddie Mac UNIFORM INSTRUMENT Fonn 3051 1/01 Page 6 of 8 LOAN #: 0012688206 WYEDEED ffall or any part 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 full of all sums secured by tlfis Securi .ty Instrument. However, this option shall not be exercised by Lender if such exercise is prolfibited by Applicable Law. If Lender exercises this option} Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days from the date the notice is given in accordance with Section 15 within which Borrower must pay all sums secured by this Securi .ty Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies permitted by tlfis Securi .ty Instrument without further notice Or demand on Borrower. 19. Borrower's Right to Reinstate After Acceleration. If Borrower meets certain conditions, Borrower shall have the right to have enforcement of this Securi .ty Instrument discontinued at any time 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, for the termination of Borrower's right to reinstate; or (c) entry of a judgment e~fforcing this Security Iustrument. Those conditions are that Borrower: (a) pays Lender all sums which then would be due under this Security Instmmeut and the Note as if no acceleration had occurred; (b) cures any default of any other covenants or agreements; (c) pays all expenses incurred in e~fforcing this Securi .ty Instrument, including, but not limited to, reasonable attorneys' fees, propem.~ inspection and valuation fees, and other fees incurred for the purpose of protecting Lender's interest in the Property and rights under this Securi .ty Instrument; and (d) takes such action as Lender 1nay reasonably require to assure that Lender's interest in the Property. and rights under this Security. Instrument, and Borrower's obligation to pay the sums secured by this Security Instrument, shall continue unchanged. Lender may require that Borrower pay such reinstatement stuns and expenses in one or more of the following forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bm~k 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, instrumentali .ty or enti .ty; or (d) Electronic Funds Transfer. Upon reinstatement by Borrower, this Secnri .ty Instrument and obligatious secured hereby shall remain fully effective as if no acceleration had occurrefi. However, this right to reinstate shall not apply in the case of acceleration uuder Section 18. 20. Sale of Note; Change of Loan Servicer; Notice of Grievance. The Note or a partial interest in the Note (together with tiffs Securi .ty Instrument) can be sold one or more times without prior notice to Borrower. A sale nfight result in a change iix the entity (known as the' 'Loan Servicer' ') that collects Periodic Payments due under the Note and this Securi .ty Instrument and perforu~s other mortgage loan servicing obligations under the Note, this Security Instrument, and Applicable Law. There also might be one or more changes of the Loan Servicer unrelated to a sale of the Note. If there is a change of the Loan Servicer, Borrower will be giveu written notice of the change which will state the name and address of the new Loan Servicer, the address to which payments should be made and any other information RESPA requires in connection witl~ a notice of transfer of servicing. If the Note is sold and thereafter the Loan is serviced by a Loan Servicer other than the purchaser of the Note, the mortgage loan servicing obligations to Borrower will remain with the Loan Servicer or be transferred to a successor Loan Servicer and are not assumed by the Note purchaser unless otherwise provided by the Note purchaser. Neither Borrower nor Lender may commence, joni, or be joined to any judicial action (as either an individual litigant or the member of a class) that arises from the other party's actions pursuant to this Security Instrument or that alleges that the other party. has breached any provision of, or any du.ty owed by reason of, this Securi .ty h~stmment, until such Borrower or Lender has notified the other party. (with such notice given in compliance with the requirements of Section 15) of such alleged breach and ,afforded the other party, hereto a reasonable period after the giving of such notice to take corrective action. If Applicable Law provides a time period which mnst elapse before certain action can be taken, that time period willbe deemed to be reasonable for purposes oftlfis paragraph. The notice of acceleration and opportuni .ty to cure given to Borrower pursuant to Section 22 and the notice of acceleration given to Borrowerpursuant to Section 18 shallbe deemedto satisfythe notice and oppormni .tyro take corrective action provisions of this Section 20. 21. Hazardous Substances. As used in this Section 21' (a) "Hazardous Substances" are those substances defined as toxic or hazardous snbstanceS, pollutants, or wastes by Environmental Law and the following substances: gasoline, kerosene, other flammable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or formaldehyde, and radioactive materials; (b) E ~wromnental Law" means federal laws and laws of the jurisdiction where the Property. is located that relate to health, safe .ty or enviromnental protection; (c) "Euvironmental Cleanup" includes any response action, remedial action, or removal action, as defined in Environmental Law; and (d) an "Enviromnental Condition" meaus a condition that can cause, contribute to, or other~vise trigger an Environmental Cleanup. Borrower shall not cause or pernfit the presence, use, disposal, st°rage, 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) that is in violation of any Environmental Law, (b) which creates an Environmen'tal Condition, or (c) which, due to the presence, nse, or release of a Hazardous Substance, creates a condition that adversely affects the value of the Properq,. 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 ;naintenance 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 governmental or regulatory agency or private party, revolving the Property and any Hazardous Substance or Enviromnental Law of whicli Borrower has actual knowledge, (b) any Enviromneutal 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 Snbstance 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 Enviromnental Law. Nothing herein shall create any obligation on Lender for an Enviromnental 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 pro~4des otherwise). The notice shall specify: (a) the default; (b) the action required to cure the default; (c) a date, not less than 30 days fi'om the date the notice is given to Borrower, by which the default must be cured; and (d) that failure to cure the default on or before the date specified in the notice may result in acceleration of the sums secm'ed by this Secm'ity WYOMING--Single Family~-Fmmie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 1/01 Page 7 ot'8 LO/kN #: 0012688206 WYEDEED 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 betbre the date specifiedin the notice, Lender at its option may require immediate payment in full of all sums secured by this Security instrument withOut further demand and may invoke the power of sale and any other remedies permitted by Applicable Law. Lender shall be entitled to collect all expenses incurred in pursuing the remedies provided in this Section 22, including, but not limited to, reasonable attorneys' fees and costs of title evidence. It' 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 Propet~y shall he sohl in the manner prescribed by Applicable Law. Lender or its designee may purchase the Propet~y at any sale. The proceeds of the sale shall be applied in the tbllowing 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 SecuriB, Instrument, Lender shall release this Securi~ Instrument. Borrower shall pay any recordation costs. Lender may charge Bo~ower a fee for releasing this SecuriB~ Instrument, but only if the fee is paid to a third pa~ for sea,ices rendered and the charging of the fee is pernfi~ed under Applicable Law. 24. Waivers. Borrower releases and waives all rights under and by vi~ue of the homestead exemption laws of Wyonfing. / BY SIG~NG BELOW, BorroWer accepts and a~ees to the terms a~d covenants contained iu this SecuriB, Instm~lont and in reco e State of WYOMING ) ) County of LINCOLN ) The foregoing instrument was acknowledged before me by JERRY D GLASSCOCK AND' KIMBERLY R GLASSCOCK, this 7TH day of APRIL, 2003. Witness my hand and official seal. %f~i[~ fro C__/~'~ (Print or type n--e~ Commission Expires.' ~O~6~v~%e r q 2-("i~(,o WYOMING--Single Family--Famfie Mae/Freddie Mac UNIFORM INSTRUMENT Form3051 1/01 Page 8 ot'8 LOAN #: 0012688206 WYEDEED LEGAL DESCRIPTION Lot 8 of Block 5 of the Lincoln Heights Third Subdmvision to the Town of Kemmerer, Lincoln County, Wyoming as described on the official plat thereof.