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HomeMy WebLinkAbout889410Re. lure To: AURORA LOAN ~EI~VICE~ INC. 601 5T~ AViator, P.O. BOX ~COTT~BLUFF, NE 69363 889t,, 4000 10 RECEIVED LINOOLN COlJNT¥ OLERI( . : ",..,,- ~'~, BOOK_,_~_~_, pR'I~AGE ;i 5 3 Prepared By: ANURADHA BEKIBAL LEIIMAN BROTHER8 BANK 400 PROFE88IONAL DRIVE, OAITHERSBUR~, MD 20879 Suite 100 ESCX0W #* LOA~ #~ 0015070857 [Space Above This Line For Recording MORTGAGE 100025440000946274 DEFINITIONS Words used in multiple sections of this document are deemed below and other words are deemed 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, 1~ (A) "Security Instrument" means this document which is dated April '~, 2003 logether with all Riders to this document (B) "Borrower" ~s DOUG LYLE JENKINS ~ Douglas Lyle Jenkins, a single man Borrower is thc mortgagor under this Security Instrument (C) "MERS" is Mm'tgage Electronic Registration Systems, Inc. MERS is a separam corparafion thal is acling solely as a nominee for Len~ 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 add_re,ss and telephone number of P.O. Box 2026, Flint, MI 48501-2026, tel. (888) 679-MERS. WYOMING-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT WITH MERS Form 3051 1/01 (~®-OA(WY} (o0o5) Page 1 of 16 Inltlall:_.~.~ VMP MORTGAGE FORMS - (800)521-7291 ~00025440000946274 (D) "Lender" is' LEBN3.~ BROTHERS BANK, FSB,A FEDXl~ SAVINOS BANK Lend~ a Corporation organized and ex~ng under the laWs of UNITED STATES OF AMERICA I~nder'sad~essis 400 PROFESSIONAL DRIVE, SUITE 100, OAITHERSBU~O, MD 20879 (E) "Note" means thc promissory note signed by Borrower and dated April 16, 2003 The Note states that Borrower owes Lender ONE HUNDRED THIRTEEN THOUSAND THREE HUNDRED & 00/100 DolOrs (U.S. $ 113,3 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 1, 2 03 3 (F) "Property" means the property that is described below under the heading "Transfer of Rights in the (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 Security Instrument, plus interest. (H) "Riders" means all Riders to this Security Instrument that are executed by BorrOWer. The following Riders are to be executed by Borrower [check box as applicable]: [~ Adjustable Rate Rider ~] Condominium Rider [] Second Home Rider [] Balloon Rider [--] Planned Unit Development Rider [] 1-4 Family Rider [--] VA Rider [--] Biweekly Payment Rider [] Other(s) [specify] -,~-;!: (I) "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 t-ma/. non-appvalable judicial opinions. (J) "Community Association Dues, Fees, and Assessments" means all dues, fees, assessments and other charges that are imposed on Borrower or the Property by a condominium association, 'homeowners association or similar organi?mion. (K) "Electronic Fuads Transfer" means any transfer of funds, Other than a transaction originated' by check, draft, or similar paper insmunent, 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, autamaled3,~eller machine transactions, transfers initiated by telephone, wixe transfers, and automated clearingh0usetrans~ers. (L) "Escrow Items" means those items that are described in Section .3. (M) "Miscellaneous Proceeds" means any compensation, settlement, award of damages, or proceeds paid by any third party (other than insurance proceeds paid under the coverages described in Section 5) for: (i) damage to, or destruction of, the Property; (ii) condemnation or other taking of all or any part 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 (O) "Periodic Payment" means the regulmly scheduled amount due for (i) principal and interest under the Note, plus (ii) any amounts under Section 3 of this Security Instrument. (P) "RESPA" means the Real Estate Settlement Procedures Act (12 U.S.C. Section 260 ..~t seq.) and its implementing regmlafion, Reg. flafion X (24 C~F_R. Part 3500), as they might be amended;-~fi~ time to time, or any additional or successor legislation or regulation that governs the same subject ma~.~t. As used in this Security InstrumenL "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. (~-6A(WY) (ooos} P~ ~ of ~ Inltlalm:~ 'Form 3051 1/01 ¸ti 455 10~25440000946274 '(Q) "Successor in Interest of Borrower" means any party that has taken rifle :to the Propea-ty; Whether ornot that party has assumed Borrower's obligations under the Note and/or this Security Instrument TRANSFER OF RIGHTS lin 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 land the Note. For this purpose, Borrower does hereby mortgage, =~t and convey to MERS (solely as nominee for Lend= and Lend='s successors .and assigns) and to':'the successors and assigns of MERS, with power of sale, the following described property located in the County of Lincoln : [Typ~ of Recording ~urisdictio~] [Name of Recording Juri,diction] All that tract or parcel of l~nd as shown on Schedule "A" attached hereto which is incorporated herein ~nd made a part hereof. Parcel ID Number: which currently has the aclclress of 1137 N BEDFOILD ILD 121 [Street] THAY~E [City] Wyoming , 83127 [Zip Code] ("Property Address"): TOGETHER WITH all the improvements now or hexeafter erected on the propexty, and all easements, aopurtmmnces, and f~tures now or hereafter a part of the property. All replacements and additions shall also be cove~d by this Security Instrument All of the foregoing is referred to in this Security Insmimemt as the "Proparty." Borrower und~mnds and agrees that MERS holds only legal title ta the.interests granted by Borrower in this Security Instrument, but, it: necessary to comply with law or custom, MERS,(as nominee for Lender and Lender's suers and assigns) 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 Instrument. BORROWER COVENANTS that Borrower is lawfully seised of the estate hexeby,~eyed and has the right to mortgage, grant and convey the Prol~a'ty and that the Property is unencumbexed, 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-uniform covenants with limited variations by jurisdiction to constitute a uniform security insmmaent covering real (~-6A(WY) (0005) {nitials:~_~ :~: :~_rm 3051 1101 456 UNIFORM COVENANTS. Borrower and Lender covenant 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 any prepayment charges and lam 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 subsegt~, uent payments due under the Note and this Security Instrument be made in one or more of the following f0ims, as selected by Lender: (a) cash; Co) money order;, (c) certified check, bank check, treasurer's check or cashier's check, provided any such check is drawn upon an institution whose deposits are insured by a federal agency, insaumentality, 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 noticeprovisions in Section 15. Lender may return any payment or partial payment ff the payment or partial payments are insufficient to bring the Loan current. Lender may accept any payment or partial payment insufficient to bring the Loan Current, without waiver of any rights hereunder or prejudice to its rights to refuse such payment or partial payments in the future, but Lender is not obligated to apply such payments at the time such payments are accepted. If each Periodic Payment is applied as of its scheduled due date, then Lender need not pay interest on unapplied funds. Lender may hold such unapphed funds until Borrower makes payment to bring the Loan current. If Borrower &)es not do so within a reasonable period of fimel Lender shall either apply surds or remm them to Borrower. If not applied earlier, such funds will be applied to the outstanding principal balance under the Note immediamly prior to foreclos~e. 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 Insmament or performing the covenants and agreements secured by this Security Instrument. 2. Application of Payments or Proceeds. Except as otherwise described in this Section 2, all payments accepted and applied by Lender shall be applied in the following order of priority; (a) interest due under the Note; Co) principal due under the Note; (c) amounts due under Section 3. Such payments shaLl.be applied to each Periodic Payment in the order in which it became due. Any remaining amounts shall be: applied first to late charges~ second to any other amounts due under this Security Instrument, and then to reduce line principal balance of the Note. If Lender receives a payment from Borrower for a delinquent Periodic Payment which includes a · sufficien[ amount to pay any late charge due, the payment may be applied to the delinquen[ l~]rment and the late charge, ff more than one Periodic Payment is outstanding, Lender may apply any pa~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 may be applied to any late charges due. Voluntary prepayments shall be applied first to any prepayment charges and then as described in the Note. Any application of payments, insurance proceeds, or Miscellaneous Proceeds to principal due under the Note shall not extend or postpone the due date, or change the amount, of the Periodic Payments. 3. Funds for Escrow Items. Borrower shall pay to Lender on the day Periodic Payments are due under the Note, until the Note is paid in full, a sum (the "Funds") to provide for payment of amounts due for: (a) taxes and assessments and other items which can attain priority over this Security Instrument as a lien or encumbrance on the Property; Co) leasehold payments or ground rents on the Property, if any; (c) premiums for any and all insurance required by Lender under Section 5; and (d) Mortgage Insurance premiums, if any, or any sums payable by Borrower to Lender in lieu of the payment of Mortgage .Ins~ premiums in accordance with the provisions of Section 10. These items are called "Escrow Items.!' At origination or atany time during the term of the Loan, Lender may require that Community Association Dues, Fees, and Assessments, if any, be escrowed by Borrower, and such dues, fees and assessments shall be an Escrow Item. Borrower shall promptly fum/sh to Lender all notices of amounts to be paid under this Section. Borrower shall pay Lender the Funds for Escrow Items unless Lender waives Borrower's obligation to pay.the Funds for any or all Escrow Items. Lender may waive Borrower's obligation to pay to Lender :Fun~ 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 pa, yment of 6A(WY) (ooos) Page4 of ~5 ~7: ~rm 3051 1/01 ~.0{~_~25440000946274 Funds has been waived by Lender and, ff Lender requires, shall furnish to Lender receipts evidencing such · ff~::~::. ~ ~..~.. :..: ~ . payment within such dine period as Lender may require. Borrower's obligation to make such payments and 100025440000945274 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. ff Borrower is obligated to pay Escrow Items direcdy, 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 Section 15 and, upon such revocation, Borrower shall pay to Lender all Funds, and in such amounts, that are then requked under this Section 3. Lender may, at any time, collect and hold Funds in an amount (a) sufficient to permi(Lender to apply the Funds at the time specified under RESPA, and (b) not to exceed the maximum amount a lender can require under RESPA. Lender shall estimate the amount of Funds due on the basis of current dam and reasonable estimates of expenditures of fuau'e 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, ff 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 ' .l~n. mi".~pecified under RESPA. Lender shall not charge Borrower for holding and applying the Funds, annually analyzing the escrow account, or verifying the Escrow Items, unless Lender pays Borrower interest on the Funds and Applicable Law permits Lender to make such a charge. Unless an agreement is made in writing or Applicable Law requires interest to be paid on the Funds, Lender shall not be required to pay Borrower any inlerest or earnings on the Funds. Borrower and Lender can agree in Writing, however, that inmrest, shall be paid on the Funds. Lender shall give to Borrower, without charge, an annual accounting of the Funds as required by RESPA. If there is a surplus of Funds held in escrow, as defined under RESPA, Lender shall account to BorrOwer for the excess funds in accordance with RESPA. If there is a shortage of Funds held in escrow, as defined under RESPA, Lender shall notif7 Borrower as required by. RESPA, and Borro?~. shall pay to Lender the amount necessary to make up the shortage in accordance with RESPA, but.;in' rib: more than 12 monthly payments. If there is a deficiency of Funds held in escrow, as defined under RESPA. Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to make up the deficiency in accordance with RESPA, but in no more than 12 monthly payments. Upon payment in full of all sums secured by this Security Instrument, Lender shall promptly refund .to Borrower any Funds held by Lender. 4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines, and impositions attributable to the Property which can anain priority over this Security Inslxument, leasehold payments or ground rents on the Properly, ff any, and Community Association Dues, Fees, and Assessments, if any. To the extent that these items are Escrow Items, Borrower shall pay them in the manner provided in Section 3. Borrower shall promptly discharge any lien which has priority over this Security.~.I~ent unless Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender, but only so long as Borrower is performing such agreement; (b) contests the lien in good faith by, or defends against enforcement of the lien in, legai proceedings which in Lender's opimon operate to prevent the enforcement of the lien while those proceedings are pending, but only until such proceedings are concluded; or (c) secures from the holder of the lien an agreement satisfactory to Lender subordinating the lien to this Security InstrumenL If Lender determines that any part of the Property is subject to a lien which can anain priority over this Security Instrument, Lender may give Borrower a notice identifying the lien. Within 10 Form 3051 1/Ol ~-6A(WY) (0005) Pag~ s of 15 458 100025440000946274 days of the dote on which that notice is given, Borrower shall satisfy the lien or take one or more of the actions set forth above in this Section 4. Lender may require Borrower to pay a one-time charge for a real estate tax verification and/or reporting service used by Lender in connection with this Loan. 5. Property Insurance. Borrower shall keep the improvements now existing or hereaft~ erecmd on the Property insured against loss by ftre, ba?~rds included within the term "extended coverage," and any other hazards including, but not limited to, earthquakes and floods, for which Lender requires insurance. This insurance shall be maintained in the amounts (including deductible levels) and for the periods that Lender requi~es. 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 right shall not be exercised unreasonably. Lender may require Borrower to pay, in connection with this Loan, either: (a) a one-time charge for flood zone determination, certification and U'acking services; or (b) a one-time charge for flood zone determination and certification services and subsequent charges each time remappings or similar changes occur which reasonably might affect such determination or certification. Borrower shall also be responsible for the payment of any fees imposed by the Federal Emergency Management Agency in connection with the review of any flood zone determination resulting from an objection by Borrower. If Borrower fails to maintain any of the coverages descfibex[ above, Lender may obtain insurance coverage, at Lender's option and Borrower's expense. Lender is under no obligation to pUrChase any particular type or amount of coverage. Therefore, such coverage shall cover Lender, but might or might not protect Borrower, Borrower's equity in the Property, or the contents of the P~operty, 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 significantly exceed the cost of insurance that Borrower could have obtained. Any amounts disbursed by Lender under this Section 5 Shall become additional debt of Borrower secured by this Security Insmunent 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 fight 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 fight to hold the policies and renewal certificates. If Lender requires, Borrower shall promptly give to Lender all receipts of paid premiums and renewal notices. If Borrower obtains any form of insurance coverage, not otherwise required by Lender, for damage to, or destruction of, the Property, such policy shall include a standard mortgage clause and shall name Lender as mortgagee and/or as an additional loss payee. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, any insurance proceeds, whether or' not the underlying insurance was required by Lender, shall be applied to restoration or repair of the Property, if the restoration or repair is economit'~Y feasible and Lender's security is not lessened. During such repair and restoration period, Lender shall have the fight to hold such instuance proceeds until Lender has had an opportunity to inspect such Property to ensure the work has been completed to Lender's satisfaction, provided thai such inspection shall be undertaken promptly. 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 requi~ed to pay Borrower any interest or earnings on such proceeds. Fees for public adjusters, or other third parties, retained by Borrower shall' not be paid out of the insurance proceeds and shall be the sole obligation of Borrower. If the restoration orrepair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be applied to (~-$A(WY) (ooos) paa, eol ~s lnltiala:~.~ Form 3051 1/01 459' 10002544000094f274 the sums secured by this Security Instrument, whether or not then due, with the excess, ff any, paid to Borrower. Such insurance proceeds shall be applied in the order provided for in Section 2. ff Borrower abandons the Property, Lender may file, negotiate and settle any available insurance claim and related mallers. If Borrower does not respond within 30 days to a notice from Lender that the insurance carder 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 Lender acquires the Property under Section 22 or otherwise, Borrower hereby assigns to Lender (a) Borrower's rights to any insurance proceeds in an mount not to exceed the mounts unpaid under the Note or this Security Instrument, and (b) any other of Borrower's rights (other than the right to any refund of unearned premiums paid by Borrower) under all .insurance policies coveting the Property, insofar as such rights are applicable to the coverage of the Property. Lender may use the insurance proceeds either to repair or restore the Property or to pay mounts 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 Instrument and shall continue to occupy the Pmpen), as Borrower's principal residence for at least one year after the date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be unreasonably withheld, or unless extennafing circumstances exist which are beyond Borrower's control. 7. Preservation, Maintenance and Protection of the Property; Inspections. Borrower shall not deslmy, damage or impair the Property, allow the Property to deteriorate or commit waste on the Property. Whether or not Borrower is residing in the Property, Borrower shall maintain the Property in order to prevent Section 5 that repair or restoration is not economically feasible, Borrower shall promptly repair the Property if damaged to avoid further deter/oration or damage. If insurance or condemnation proceeds are paid in connection with damage to, or the taking of, the Property, Borrower shall be responsible for repairing or restoring the Property only ff Lender has released proceeds for such purposes. Lender may dis. burse proceeds for the repairs and restoration in a single payment or in a series of progress paymems~ the 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 inspections of the Property. If it has reasonable cause, Lender may inspect the interior of the improvements on the Property. Lender shall give Borrower notice at the time of or prior to sUch an interior inspection specifying such reasonable causel 8. Borrower's Loan Application. Borrower shall be in default fi, 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 inaccuram information or statements to Lender (or failed to lm'°vide Lender with material information) in connection with the Loan. Material representations include, but are not limiW, d to, represeatations concerning Borrower's occupancy of the Protx~-ty as Borrower's principal residence. ."-~;-' 9. Protection of Lender's Interest in the Property and Rights Under this security Instrument. If (a) Borrower fails to perform the covenants and agreements contained in this Security Instrument, (b) there is a legal proceeding that might significantly affect Lender's interest in the Property and/or rights under this Security Instrument (such as a proceeding in bankruptcy, probate, for condemnation or forfeiture, for enforcement of a lien which may attain priority over this Security Instrument or to ~nforce hws or regadafions), 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 PmIxxty and rights und~ this Security Insmament, including protecting and/or assessing the value .of the Property, and securing and/or repairing the Property. Lender's actions can include, but are not limited to: (a) paying any sums secured by a lien which has priority over this Security Inslnunent; (b) appearing in court; and (c) paying reasonable Inlllel~ :~_~ (~-6A(W¥) (0005) Page 7 =f ~5 Form 3051 1/01 460 ~, ' .' : 100025440000946274 t:~., ..... . ...... ., ~5%,, '...:- ':.. · ga,,.'~l~?'-'%!ii'i:i.:i::u(~ ..' · ~meys f~ ~ pro~t ~a m~r~t m ~ ~o~ ~or fighm under .... · ': ..... m~ ~ ~ r~s, c~ge 1~, r~ or ~d up d~rs ~d ~dows, ~~r from pi~, ~ b~ng ~ o~cr c~c viohfions or ~gcmus mn~fions, ~d Mvc u~fi~ ~ on or off. ~aough ~nd~ may ~ ~on ~der ~s S~fion 9, Mndcr d~ nm Mvc ~ do ~ ~d ~ nol ~der ~y du~ or obhg~on ~ do ~. It ~ a~ ~a Mnd~ ~c~ no ~ for noi raking ~y or ~ ~fions ~o~ under ~ S~fion 9. ~y mona ~b~ by ~ndcr und~ ~ S~fion 9 ~ ~mc ~fio~ d~bt of Bo~owcr ~ by ~ S~ ~s~nu ~ mo~ sh~ ~ m~t a ~ No~ ~ ~m ~e ~ of ~b~nt ~d sh~ ~ ~y~le, M~ such ~r~h u~n nofim ~m Mnd~ ~ Bo~wer r~u~g '~ pa~ent. ~ ~ S~ Ins~ment ~ on a l~hold, Bo~ower s~ comply wi~ ~ ~e prov~ions of ~e 1~. ~ . If Bo~ower ~ f~ rifle ~ ~e ~o~, ~e l~hold ~d ~e f~ rifle s~ not merge ~s ~nder ~ m ~e merger ~ ~g. Bo~w~ s~ pay ae pre.urns r~M ~ mm~ ~e Mo~e Ins~ m eff~u If, for ~y r~n, · e Mo~age Ins~ce cove~e r~uk~ by ~nder ~ m ~ avaihhle from previously pmvidM such hs~ ~d Bo~ow~ w~ r~uk~ ~ m~u ~ly d~i~ pa~en~ ~w~d ~e premiums for Mo~e ~s~, Bo~ower s~ pay ~e pre~s r~ subsidy ~uiv~ent ~ ~e Mo~e hs~ ~eviously ~ eff~h · e mst ~ Bo~ower of ~e Mo~e hs~ previously h eff~h ~m ~ ~ mo~e ~s~er "~ ~ by ~nder. ff subsidy ~uiv~ant Mo~ ~s~ cove~ ;:'~' ': ' ~n~ue m pay ~ ~nder ~e ~o~t of ~e ~p~ly d~i~ paymen~ ~a were due when ~e ~s~ ,¢':J:~'..._-~ : ~v~e ~ ~ ~ ~ eff~L ~nder ~ ~ u~ ~d re~ ~ pa~en~ ~ a non-re~le loss "~ ~e ~ fieu of Mo~e ~s~. Such lo~ r~e sh~ ~ non-re~le, no~i~g ~"~ . ~e ~. ~ d~l~p~d ~ f~, ~d ~nd~ ~ not ~ r~ ~ pay Bo~wer ~y M~t or ~gs :~; · .- on sucn loss r~e. ~nd~ ~ no longer r~e 1o~ r~e pa~en~ ff Mo~e · e mo~t ~d for ~e ~fi~ ~m ~nder r~uk~) provid~ by ~ ~s~ ~l~ by ~nd~ ~m ~m~ av~ble, is ob~, ~d ~nder r~uk~ ~pmmly d~i~ paymenm mw~d ~e prmims for Mo~e hs~. If ~nder r~ Mo~e hs~ ~ a mn~fion of ~g ~e ~ ~d Bo~ower w~ r~ m m~e ~pmly d~i~ pa~enm mw~d ~e premims for Mo~e ~s~, Bo~wer sh~ pay ~e premims r~ m mm~ Mo~e ~s~ce ~ eff~h or m provide a non-re~le lo~ r~e, ~ ~nder's r~ement for Mo~e Ins~ en~ ~ ~or~m wi~ ~y ~n ~ment ~n Bo~wer ~d ~nd~ pm~g for such m~on or ~ m~on ~ r~ by A~le ~w. No~g ~ ~ S~fion 10 ~u Bo~ower's obhg~on m pay ~t at ~e ~ pmvifl~ ~ ~e Nom. .. Mo~e Ins~ce re. bm ~nd~ (or ~y enfi~ ~ p~c~ ~e Nora) for ~ los~ it my hc~ ff Bo~w~ fl~ not repay ~e ~ ~ ~. Bogower m not a p~ m ~e'M~e hs~. :c~i Mo~e ~s~ ev~ ~ek m~ ~ on ~ such hs~ce h fo~ ~m ~e m ~e, ~d my '"" en~r ~m ~en~ wi~ o~er p~ ~ s~c or m~y ~ck ~, or r~u~ los~. ~~en~ ~e on ms ~d mn~fions ~ me ~f~u ~ ~e mo~e ~s~ ~menm. ~ ~menm my r~e ~e mo~age ~s~ m m~e paymenm ~g ~y m~ of ~n~ :? ~ ~e mo~e ~er ~y have available (wMch ~y ~clude f~ ob~ ~om Mo~e Ins~_. :,. ~e~ums). ~ a r~t of ~ ~menU, ~nder, ~y p~h~r of ~e Nora, ~o~ Ms~, ~y reM~, ~y o~ enfi~, or ~y ~filinte of ~y of ~e foregoMg, may r~ive (~<fly or h~fly)'mo~u'~ derive ~m (or might ~ c~~ ~) a ~Mon of Bo~w~'s paymenU for Mo~e hs~, ~ exc~ge for ~g or m~g ~e mo~e hs~'s ~ or r~uc~g los~. If such ~mt pmvid~ ~liate of ~nder ~ a s~e of ~e hsmr's ~ ~ exch~ge for a shine of ~e ~e<ms p~d m ~e ~, ~e ~gement ~ o~n m~ "~five reMs~." F~er: (a) ~y such a~men~ ~ not aff~ ~e amounU that Bo~ower. ~ a~ to pay for Mo~gage I~ce, or ~y other terns of ~e Lo~. Such agr~men~ ~ n~.M~ ~e amo~t Bo~ower ~ owe for Mo~age ~ce, ~d ~ey ~ not entitle Bo~ower to any refund. 6A(WY) (ooos) ~'age a ol ~s Form 3051 1/01 461 1000254A000094627% Co) Any such agreements will not affect the rights Borrower has - if any - ~pect to the Mortgage Insurance under the Homeowners Protection Act of 1998 or any other taw. 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. ^~ioonment of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned to and shall be paid to L~nder. If the Property is damaged, such Miscellaneous Proceeds 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 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 restormion 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 requi~ed 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, i~ any, paid to Borrower. Such Miscellaneous Proccccis shall tx: applied in the order provided for in Section 2. In the event of a total mldng, destruction, or. loss in value of the Property, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Insu-ument, whelher or not then due, with the excess, ff any, paid to Borrower. In the event of a partial taking, des~-uction, or loss in value of the Property in which the fair market value of the Property immediately before the partial taking, destruction, or loss in value is equal to or greater than the amount of the sums secured by this Security Instrument immediately be. fore,..t~.. ~partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the s~s secured by this Security Instrument shall be reduced by the amount of the Miscellaneous Proceeds multiplied by the following fraction: (a) the total amount of the sums secured immediately before the partial taking, destruction, or loss in value divided by Co) the fair market value of the Property immediately before the partial taking, destruction, or loss in value. Any balance shall be paid to Borrower. In the event of a partial taking, destruction, or loss in value of the Property'in which the fair market value of the Property immediately before the partial taking,' destruction, or loss in value is less than the amount of the sums secured immediately 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 sums secured by this Security Insu-ument whether or not the sums are then due. If the Property is abandoned by Borrower, or d, after notice by Lender to Borrower that the Opposing Party (as defined in the next sentence) offers to make an award to settle a clahn for darnages_~Borrower fails to respond to Lender within 30 days after the date the notice is given, Leader is authoir, r,t:~'to collect and apply thc Miscellaneous Proceeds either to restoration or repair of the Properly or to the stuns secured by this Security Instrument, whether or not then due. "Opposing Party" means the third party that owes Borrower Miscellaneous Proceeds or the party against whom Borrower has a right of action in regard to Miscellaneous Borrower shall be in default ff any action or proceeding, whether civil or criminal,, is begun 'that, in Lender's judgment, could result in forfeiture of the Property or other material impairment of Lender's interest in the Property or rights under this Security Inswarnent. Borrower can cure such a default and,.if~acceleratioa has occurred, reinstate as provided in Section 19, by causing the action or proceeding to be dismissed with a rulLrtg that. in Lender's judgment, precludes forfeiture of the Property or other mate:rial impairment of Lender's interest in the Property or rights under this Security Instrument. The proceeds of any award or claim for damages that are attributable to the impairment of Lender's interest in the Property are hereby assigned and shall be paid to Lender. All Miscellaneous Proceeds that are not applied to restoration or repair of the Prop~y shall be.applied in the order provided for in Section 2. (~)~-6A(WY) (ooo5) Pa;, 9 o~ ~5 Form 3051 1/01 100025440000946274 12. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time' for payment or modification of amorfi?afion of the sums secured by this Security Instrument granted by Lender to Borrower or any Successor in Interest of Borrower shall not operate to release the liability of Borrower or any Successors in Interest of Borrower. Lender shall not be required to commence proceedings against any Successor in Interest of Borrower or to refuse to extend time for payment or otherwise modify amorfi?a6on 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, without limitation, Lender's acceptance of payments [rom third persons, entities or Successors in Interest of Borrower or in amounts less than the amount then due, shall not be a waiver of or preclude the exercise of any right or remedy. 13. Joint and Several Liability; Co-signers; Successors and Assigns Bound. Borrower.covenants and agrees that Borrower's obligations and liability shall be joint and several. However, any Borrower who co-signs this Security Instnn~ent but does not execute the Note (a "co-signer"): (a) is co-signing this Security Insa'ument only to mortgage, grant and convey the co-signer's interest in the Property under the terms of this Security Insmament; (b) is not personally obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower can agree to extend, modify, forbear or make any accommodations with regard to the terms of this Security Insmament or the Note without the co-signer's consent. Subject to the provisions of Section 18, any Successor in Interest of Borrower who assumes Borrower's obligations under this Security Instrument in writing, and is approved by Lender, shall obtain all of Borrower's rights and benefits under this Security InsWument. Borrower shall not be released fxom Borrower's obliga~ons and Liability under this Security Insuxunent unless Lender agrees to such release in writing. The covenants and agreements of this Security Insm.tment shall bind (except as prq~ded in Section 20) and benefit the successors and assigns of Lender. 14. Loan Charges. Lender may charge Borrower fees for services performed in connection with Borrower's default, for the purpose of protecting Lender's interest in the Property and rights under this Security Insmunent, including, but not limited to, attorneys' fees, property inspection and valuation fees. In regard to any other fees, the absence of express authority in this Security Instrument to charge a specific fee to Borrower shall not be construed as a prohibition on the charging of such fee. Lender may not charge fees that are expressly prohibited by this Security Instrument or by Applicable Law. ff the Loan is subject to a law which sets maximum loan charges, and that law is finally interpreted so that the interest or other loan charges collected or to be collected in connection with the Loan exceed the Ixxrmiued limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to the permitted limit; and Co) any sums already collected from Borrower which exceeded permiued limits will be refunded to Borrower. Lender may choose to make this refund by reducing the prmc~al owed under the Note or by making a direct payment to Borrower. If a refund reduces principal, th'e r~hcfion will be treated as a partial prepayment without any prepayment charge (whether or not a prepayment charge is provided for under the Note). Borrower's acceptance of any such refund made by direct payment to Borrower will constitute a waiver of any right of action Borrower might have arising out of such overcharge. 15. Notices. All notices given by Borrower or Lender in connection with this Security Instnnnent must be in writing. Any notice to Borrower in connection with this Security Instrument shall be deemed to have been given to Borrower when mailed by first class mail or when actually delivered to Borrow~"s notice address ff sent by other means. Notice to any one Borrower shall constitute notice to all BOrroWers unless Applicable Law expressly requires otherwise. The not/ce address shall be the Property Address unless Borrower has designated a substitute notice address by notice to Lender. Borrower shall promptly notify Lender of Borrower's change of address. If Lender specifies a procedure for reporting Borrower's change of address, then Borrower shall only report a Change of address through that specified procedure. There may be only one designated notice address under this Security Instrument al any one time. Any n~ Lender shall be given by delivering it or by mailing it by fa'st class mail to Lender's address stated herein unless Lender has designated another address by notice to Borrower. Any notice in connection with this Security Instrument shall not be deemed to have been given to Lender until actually received by Lender. If any notice required by this Security Instrument is also required under Applicable Law, the Applicable 12w requirement will satisfy the corresponding requirement under this Security Insmunent. (~-6A(WY) (ooos) Page lool 15 Form 3051 1/01 100025440000946274 16. Governing Law; Severability; Rules of Construction. This Security Insa-ument shall be governed by federal law and the law of the jurisdiction in which the Property is located. All rights and obligations contained in this Security Insmnnent are subject to any requirements and limitations of AppLicable Law. Applicable Law might explicitly or implicitly allow the parties to agree by contract or it might be 'silent, but such silence shall not be construed as a prohibition against agreement by cona-acL In the event that any provision or clause of this Security Insmunent or the Note conflicts with Applicable Law, such con_flfict shall not affect other provisions of this Security Insma-nent or the Note which can be given effect without the conflicting provision. As used in this Security Instrument' (a) words of the masculine gender shall mean and include corresponding neuter words or words of the feminine gender; (b) words in the singular shall mean and include the plural and vice versa; and (c) the word "may" gives sole discretion without any (fl~igation 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 Pmporty, including, but not limited those beneficial interests transferred in a bond for deed, conmact for deed, installment sales contract or escrow agreement, the intent of which is the transfer of rifle by Borrower at a future ,~a~te t~ a purchaser. ff all or any part of the Property or any Interest in the Property is sold or transferred (or ff Borrower is not a ~amral person and a beneficial interest in Borrower is sold or transferred) without Lender's prior wriuen consent, Lender may require immediate payment in full of all sums secured by this Security Instrument However, this option shall not be exercised by Lender ff 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~jth Section 15 within which Borrower must pay all sums secured by this Security Instrument. ff Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies permitted by this Security Insn-ument without further notice or demand on Borrower. ~-@{l~ e'19.! BlgtTn~{?m~L~ l~JBt ~'d~ ~ cal'~ c6lerat~n,.¥If 'Bo~wet5 mee Lender may require that Borrower pay such reinstatement sums and expenses in one or more of the 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, instnmaentality or entity; or (d) Electronic Funds Transfer. Upon reinstatement by Borrower, this Security Instrument and obligations secured hereby shall remain fully effective as if no acceleration had occm'red. 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 one 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 performs other mortgage loan se~a'~alig obligations under the 'Note, {nlts 5ectuity Insm.unenL and hpp'ficab~e -Law. IPnete ~ nfighl, be; tree tn tr,~x, d'aa',g~ vi, the Loan Servicer unrelated to a sale of the Note. If there is a change of the Loan Servicer, Borrower will be ?¥ @'@?®f~ given wriuen nouce of thc change which will state the name and adttress of the new Loan Servicer, the address to which payments should be made and any other information RESPA requLres in connection with a (~-6A(WY) (ooos) Pao. ~ o1~5 Form 3051 1/01 100025440000946274 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 suecz, ssor Loan Servicer and are not assumed by the Note purchaser unless otherwise provided by the Note purchaser. Neither Borrower nor Lender may commence, join, or be joined to any judicial action (as either an individual litigant or the member of a class) that arises from the other party's actions pursuant to this Security InsU'ument or that alleges that the other party has breached any provision of, or any duty owed by reason of, this Security Instrument, 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 must elapse before certain action can be taken, that time period will be deemed to be reasonable for 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. Itazardous Substances. As used in this Section 21: (a) "Ha?ardous Substances" are those substances defined as toxic or hazardous substances, pollutants, or wastes by Environmental Law and the following substances: gasoline, kerosene, other flammable or toxic pea-oleum products, tox~'pesticides and herbicides, volatile solvents, materials containing asbestos or formaldehyde, and radioactive materials; (b) "Environmental Law" means federal laws and laws of the jurisdiction where the Property is located that relate to health, safety or envkonmental protection; (c) "Environmental Cleanup" includes any response action, remedial action, or removal action, as defined in Environmental Law; and (d) an "Environmental Condition" means a condition that can cause, contribute to, or otherwise trigger an Environmental Cleanup. Borrower shall not cause or permit the presence, use, disposal, storage, or release of any Hazardous Substances, or threaten to release any I-la:mrdous 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 Environmental Condition, or (c) which, due to the presence, ~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 quantifies of I-la?ardous Substances thru are generally recognized to be appropriate to normal residential uses and to maintenance of the Property (including, but not limiwxl to, hmardous 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 involving the Property and any HaTardous Substance or EnvirOnmental Law of which Borrower has actual knowledge, (b) any Environmental Condition, including but not limited to, any spilling, leaking, discharge, release or threat of release of any l-IaTardous Substance, and (c) any condition caused by the presence,, use;r~.~r release of a I"ls~'arflous Substance which adversely affects the value of the Property. If Borrower lean~S,:"~d~ is notified by any governmental or regulatory authority, or any private party, that any removal or other remediation of any I4aTardous Substance affecting the Property is necessary. Borrower shall promptly take all necessaryremedial actions in accordance with Environmental Law. Nothing herein shall cream any obLigation on ..Lender for an Environmental Cleanup. Inltlall~:..~ i~-§A(WY) (oo05) Page ~2 of ~5 Form 3051 1/01 t0~025440000946274 NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows: 22. Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration following Borrower's breach of any covenant or agreement in this Security Instrument (but not prior to acceleration under Section 18 unless Applicable Law provides o'therwise). The notice shall specify: (a) the default; (b) the action required to cure the default; (c) a date, not less than 30 days from the date the notice is given to Borrower, by which the default must be cured; and (d) that fai/nre to cure the default on or before the date specified in the notice may result in acceleration of the sums secured by this Security Instrument and sale of the Property. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to bring a court action to assert the non-existence of a default or any other defense of Borrower to acceleration and sale. If the default is not cured on or before the date specified in the notice, Lender at its option may require immediate payment 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 expense~ incurred in pursuing the remedies provided in this Section 22, including, but not limited to, reasonable attorneys' fees and costs of title evidence. If Lender invokes the power of sale, Lender shall give notice of intent to for~4o Borrower and to the person in posse~ion of the Property, if different, in accordance with Applicable Law. Lender shall give notice of the sale to Borrower in the manner provided in Section 15. Lender shall publish the notice of sale, and the Property shah be sold in the manner prescribed by Applicable Law. Lender or its designee may purchase the Property at any sale. The proceeds of the sale Shall be applied in the following order: (a) to all expenses of the sale,, including, but not limited to, reasonable attorneys' fees; (b) to all sums secured by this Security Instrument; and (c) any excess to the person or persons legally entitled to it. 23. Release. Upon payment of all sums secured by this Security Instrument, Lender shall release this Security Instrument. Borrower shall pay any recordation costs. Lender may charge Borrower a fee for releasing this Security Instrument, but only if the fee is paid to a third party for serve,:. ,njL~lered and the charging of the fee is permiued under Applicable Law. 24. Waivers. Borrower releases and waives, all rights under and by virtue of the homestead exemption laws of Wyoming. (~-6A(WY) {ooos) ;ag, 13 ot 15 Inltlals:d~l · ?.':~. rm 3051 1/01 46G - -Borrower /aka Douglas Lyle Jenkins (~)~6A(WY) (ooos) (S~) (S~) -Borrower (Seal) -Borrower Page 1~, ol 15 (Seal) -BorrOwer (Seal) -Borrower (Seal) -Borrowcr (Seal) -~]orrow~r Form 3051 1/01 467 TETON The foregoing inslnnnent wa~ ~lmowl~ged before me this 100025440000946274 CouaU April 15, 2003 Doug Lyle Jenkins aka Douglas Lyle Jenkins My Commission Expires: 08/03/05 Not~ry Public ~.,$A(.WY). (0006) P&ge '~5ol 15 Form 3051 1/01 . :.. !:! : :?! EXHIBIT" Part of Section 20, T34N, Rll8W of the 6th P.M., Lincoln County, Wyoming, described as follows: Beginning at a point 228.71 feet South of the Northeast corner of said Section 20 and running thence South 208.71 feet; thence West 208.71 feet; thence North 208. 71 feet; thence East 208. 71 feet to the point of beginning