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HomeMy WebLinkAbout88943102017569 Return To: Chase Manhattan Mortgage Cmporation Final Documents 1500 N. 19th Street 6 North Morn'ce, LA 71201 8891 31 Prepared By: ,BOOK51 S PR PAGE [Space Above Tlds Lh~e F.r Rec.rding Data] MORTGAGE DEFINITIONS Words used m multiple sections of this document are deflated below and other words are defined m Sections 3, 11, 13, 18, 20 and 21. Certain rules regarding the usage bf words used in this document are also provided in Section 16. (A) "Security instrument" means this document, Milch is dated April 14, 2003 togefl~er with all Riders to this document. (B) "Borrower" is Rachel M. Vickers, a single won]an Borrower is the mortgagor uuder this Security Instrument. (C) "Lender" is Chase Mmthattan Mortgage Corporation Lender is a corporation orgmfized and existing under the laws of The State of New Jersey 1765O61640 WYOMING-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Page 1 of 15 Iq/ti VMP MORTGAGE FORMS - (8OO)521-7291 Form 3051 1/O1 592 Lender's address is 343 Thonmll Street, Edison, NJ 08837 Lender is the mortgagee under this Security Instrument. (D) "Note" means the promissory note signed by Borrower and dated Ap~51 14, 2003 The Note states that Borrower owes Lender One hnndred thirty thousand five hundred and 00/100 Dollars (U.S. $ 130,500.00 ) plus interest. Borrower has promised to pay dfis debt in regular Periodic Payments and to pay the debt in full not later than May 1, 2033 (E) "Property" means the property that is described below under the heading "Transfer of Rights in the Property." 07) "Loan" means the debt evidenced by the Note, plus interest, any prepayment charges and late charges due under fire Note, and all sums due under tiffs Security Instrument, plus interest. (G) "Riders" means all Riders tO fids Security Instrument that are executed by Borrower. The tbllowing Riders are to be executed by Borrower[check box as applicable]: ~ Adjustable Rate Rider [~ Condonzi]fium Ride]' [~ Second Home Rider [] Balloon Rider [] Plmmed umt Development Rider [] 1-4 Fmmly Rider [~ VA Rider ~ Biweekly Payment Rider [~ Other(s) [specify] (It) "Applicable Law" means all controlling applicable federal, state and local statutes, regulations, ordinances and admi~fistrative rules and orders (that have the effect of law) as well as all applicable final, non-appealable judicial opinions. (1) "Community Associatiou Dues, Fees, and Assessments" means all dues, tees, assessments and other charges that are imposed on Borrower or the Property by a condonfi~fium association, homeowners association or similar orgaaization. (J) "Electronic Funds Transfer" means any transfer of funds, other than a transaction ofitfinated by Check, d:raft, or sinfilar paper instrument, which is initiated through an electronic ternfinal, ~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 tramqfers, auton~tted, teller nmchine transactions, transtkrs initiated by telephone, wire transfers, and aUtonmted clearim, house transfers. (K) "Escrow Items" meatus those items that are described in Section 3. (L) "Miscellaneous Proceeds" means any compensation, settlement, award of damages, or proceeds paid by any dfird PartY (other than insurance proceeds paid under the coverages described in Section 5) fbr: (i) danmge to, or destruction of, the Property; (ii) conde~m~ation or other taking of all or any part 'of the Property; (iii) conveyance in lieu of condemnation; or (iv)misrepresentations of, or omissio~ks as to, the value and/or condition of the Property. (M) "Mortgage Insurance" means insurance protecting Lender against the nonpayment ofl or defimlt on, the Loan. (N) "Periodic Payment" means the regularly scheduled amount due for (i) principal and interest under the Note, plus (ii) any amounts under Section 3 of tlfis Security lnstrmnent. (O) "RESPA" means the Real Estate Settlement Procedures Act (12 U.S.C. Section 2601 et seq.) and its implementing regulation, Regulation X (24 C.F.R. Part 3500), as they 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 'Ted er all7 related mortga,e loan" under RESPA. ~/w~,/~/ ~ ~6(WY) 1ooo5) Page 2 of ~ S *~ ~ . Form 3051 1/01 593 (P) "Successor in luterest o1" Borrower" means any party that has taken title to the Property, whether or not that party has assumed Borrower's obligations under the Note and/or this Security Instrument. TRANSFER OF RIGHTS IN THE PROPERTY This Security !nstmment secures to Lender: ti) the repayment of the Loan, and all renewals, extensions and modifications of the .Note; and (ii) the performance of Borrower's coveuants and agreements under this Security Instrument and the Note. For this purpose, Borrower does hereby mortgage, grant and convey to Lender and Lender's successors and assigns, with power of sale, the lbllowing described property located ' in the COUNTY of LINCOLN [Type of Recording .Iurisdiction] IName of Recording JurisdictionJ See Attached "Exhibit A" Parcel ID Number: 3419244002100 435 Grizzly Rd Thayne ("Property Address"): which currently hats the address of [Street] [City] , Wyoming 83127 [Zip Code] TOGETHER WITH all the improvements now or hereafter erected on file property, and all easements, appurtenances, and fixtures uow or hereafter a part of the property. All replacements and additions shall also be covered by this Security Instrument. All of the tbregoing is retorted to in this Security Instrument as the "Property." BO~OWER COVENANTS fl~at Borrower is law~lIy seised of the estate hereby conveyed and has · e right to nmrtgage, grant and convey the Property and that the Property is unencumbered, except tbr encumbrances of record. Borrower warrants and will defend generally ~e title to the Property against all claims and denmnds, subject to any encumbrances of record. THIS SECU~TY INSTRUMENT combines mfiform covexmnts lbr ~tioml use and non-umfi)rm covenants with li~ted variations by jurisdiction to constitute a umtbrm security instrument covering real property. UNIFO~ COVENANTS. Borrower and Lender covenant and agree as tbllows: 1. Payment of Principal, luter~t, Escrow Items, Prepayment Charges, and Late Charges. Borrower shall pay when due the principal of, and interest on, the debt evidenced by fl~e Note and any prepayment charges and late charges due under the Note. Borrower shall also pay ~nds '/bt Escrow [teu(s pursuant to Section 3. Payments due under the Note and this Security Instrument shall~e made i~ U.S. currency. However, if any check or other instrument received by Lender a~~er the Note or this 1765061640 ~6(WY) (00051 Page 3 of 15 ~ ~ · Form 3051 1/01 594 Security Irkstrument is returned to Lender m~paid, 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 tbllowin~ lbrms, as selected by Lender: (a) cash; (b) money order; (c) certified check, ba~flc check, treasurerTs check or caslfier's check, provided any such check is drawn upon an institution whose deposits are i~ksured by a federal agency, instrmnentality, or entity; or (d) Electro~fic 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 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 unapplied funds until Borrower makes payment to bring the Loan current. If Borrower does not do so witlfin a reasonable period of time, Lender.shall either apply such funds or return them to Borrower. If not applied earlier, such funds will be applied to the outstanding principal balance under the Note innnediately prior to foreclosure. No offset or claim which Borrower might have now or in the future against Lender shall relieve Borrower t'rom making payments due under the Note and this Security Instrmnent or pedbrming the covenants and agreements secured by this Security Instrument. 2. Application of Payments or Proceeds. Except as otherwise described in this Section 21 all payments accepted and applied by Lender shall be applied in the lbllowing order of priority: (a) interest due under the Note; (b) principal due mxder the Note; (c) amounts due under Sectiou 3. Such payments shall be applied to each Periodic Payment in the order in which it became due. Any retnai~fing amounts shall be applied first to late charges, second to any other amounts due under Otis Security Instrument, and then to reduce the principal balance of the Note. If Lender receives a payment from Bon-ower for a delinquent Periodic Payment which includes a sufficient amount to pay any late charge due, the payment may be applied to the deliBquent payment and the late charge. If more than one Periodic Payment is outstanding, Lender may apply any payment received from Borrower to the repayment of the Periodic Payments if, and to the extent that, each payment can be paid in full. To the extent that any excess exists after the payment is applied to the full payment of one or more Periodic Payments, such excess 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 paylnents, insurance proceeds, or Miscellaneous Proceeds to principal due under the Note shall not extendor postpone the due date, or change dm 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; (b) leasehold pakments or ground rents on the Property, if any; (c) premiums tbr any and all insurance required by Lender nnder Section 5; and (d) Mortgage Insurance prenfiums, if any, or any sums payable by Borrower to Lender in lieu of the payment of Mortgage Insurance prenfiums in accordance with the provisions of Section 10. These items are called "Escrow Items." At origination or att auy time during the term of the Loan, Lender may require that Conmmnity Association Dues, Fees, and Assessments, if any, be escrowed by Borrower, and such dues, tees and assessments shall be an Escrow Item. Borrower shall promptly funfish to Lender all notices of amounts to be paid under dtis Section. Borrower shall pay Lender the Funds for Escrow Items unless Lender waives Borrower's obligation to pay the Funds for any or all Escrow Items. Lender may waive Borrower's obligation to pay to Lender Funds for an), or all Escrow Items at any time. Any such waiver may only be in writing. In the eveut of such waiver, Borrower shall pay directly, ~~ wheu and w ere paya le, the amounts (~)-6(WY) (ooo5) Page 4 of 15 Form 3051 1/01 due tbr any Escrow Items for which payment of Funds has been waived by Lender and, if Lender requires, shall furnish to Lender receipts evidencing such payment within such time period as Lender nmy require. Borrower's obligation to make such payments and to provide receipts shall tbr all purposes be deemed to be a cove~mnt and agreement contained in tiffs Security Instrmnent, as the phrase "cove~mnt and agreement". is used in Section 9. If Bon'ower is obligated to pay Escrow Items directly, pursuant to a waiver, and Borrower t;ails to pay the amount due for an Escrow Item, Lender nmy exercise its fights 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 Itenxs at any time by a notice given in accordance with Section 15 and, upon such revocation, Borrower shall pay to Leuder all Funds, and in such amom~ts, that are then required under this Section 3. Lender nmy, at any time, collect and hold Funds in an amount (a) sufficient to permit Lelider to apply the Funds at the tilne specified under RESPA, and (b) not to exceed the Inaximum amount a lender can require under RESPA. Lender shall estinmte the anmunt of Funds due on the basis of current data and reaso~mble estinmtes of expenditures of future Escrow. Items or otherwise in accordance with Applicable Law. The Funds shall be held in an institution whose deposits are insured by a t~deral ageucy, instrumentality, or entity (including Lender, if Lender is an ilkstimtion whose deposits are so insured) or in any Federal Home Loan Ba;tk. Lender shall apply the Funds to pay the Escrow Items no later thal~ the tilne specified under RESPA. Lender shall not charge Borrower ~br holding and applying the Funds, ammally analyzing the escrow account, or verifying the Escrow Items, uuless 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 ou the Funds, Lender shall not be required to pay Borrower any interest or eanfings.ou the Funds. Borrower and Lender can agree iu writing, however, that interest shall be paid on the Funds. Lender shall give to Borrower, without charge, an ammal accounting of the Funds as required by RESPA. If there is a smplus of Funds held in escrow, as defined under RESPA, Lender shall account to Borrower for the excess funds in accordance with RESPA. If there is a shortage of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to nmke up the shortage in accordance with RESPA, but in no more than 12 monthly payments. If there is a deficiency of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the alnount 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 secm'ed by this Security [nsmm~ent, Lender shall promptly refund to Borrower any Funds held by Lender. 4. Chnrges; Liens. Borrower shall pay all taxes, assessments, charges, fines, and impositions attributable to the Property which can attain priority over this Security Insmm~ent, leasehold payments or ground rents on the Property, il' any, and Colmnmfity Associathm Dues, Fees, and Assessments, if any. To the extent that fl~ese items are Escrow Items,' Borrower shall pay then~ in the umm~er provided iu Section 3. Borrower shall promptly discharge any lien which has priority over this Security htsumnent mfless Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a maturer acceptable to Lender, but only so long as Borrower is perfornfing such agreement; (b) contests the lien in uood faith by, or defends against en/brcement of the lien in, legal proceedings which in Lender's opimon operate to prevent d~e enforcement of the lieu 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 fl~e lien to this Security Iust~n. mmnt. If Lender deterufines that any part of the Property is subject to a lien which can attain priority over this Secm-ity Instrument, Lender may give Borrower a notice identifying the 1765061640 ' [I (~-6(WY) Iooos) Page S o~ ~s Form 305'1 1/01 596 lien. Within 10 days of the date on which that notice is given, Borrower shall satisfy the lien or take one or more of rite 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 comtection with this Loan. 5. Property Insurance. Borrower shall keep the improvements now existing or hereafter erected on rite Property insured against loss by fire, hazards included within the term "extended coverage," and any other hazards including, but not limited to, earthquakes and floods, lbr which Lender requires insurance. This insurance shall be maintained in the amounts (iucluding deductible levels) and Ibr the periods that Lender requires. What Lender requires pursuant to the preceding sentences can change during the term of the Loan. The ilxsurance carder providing the i~zsurance shall be chosen by Borrower subject to Lender's fight to disapprove Borrower's choice, wlfich right shall not be exercised mu-easonably. Lender may require Bon'ower to pay, in com~ection with fids Loan, either: (a) a one-time charge tbr flood zone detemfination, certification and tracking services; or (b) a one-time charge /hr flood zone determination and certification services and subsequent charges each time remappings or silnilar changes occur width reasonably might affect such deterufination or certification. Borrower shall also be responsible It)r the payment of any tees imposed by the Federal Emergency Management Agency in commction with the review of any flood zone deternfination resnlting l:~om an objectiou by Borrower. If Borrower fails to maintain any of the coverages described above, Lender may obtain insurance coverage, at Lender's option and Borrower's expense. Lender is under no obligation to purchase any particular type or amount of coverage. Therefore, such coverage shall cover Lender, but might or nfight not protect Borrower, Borrower's equity in the Property, or the contents of the Property, against any risk, hazard or liability and might provide greater or lesser coverage than was previously in effect. Borrower acknowledges that the cost of the insurance coverage so obtained might significantly exceed rite 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 fids Security Instrument. These amounts shall bear interest at the Note rate from the date of disbursement and shall be payable, with such interest, upon notice ti'om Lender to Borrower requesting payment. All illsurance 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 Leuder as mortgagee and/or as an additio~2al loss payee. Lender shall have the right to hold the policies and renewal certificates. If Lender requires, Borrower shall promptly give to Lender all receipts of paid prenfiums and renewal notices. If Borrower obtains any form of insurance coverage, not otherwise required by Lender, for dankage 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 umy make proof of loss if not made promptly by Borrower. Unless Lender and Borrower otherwise agree in wfiting, any insurance proceeds, whether or not the underlying ilksurance was required by Lender, shall be applied to restoration or repair of fl~e Property, if the restoration or repair is economically feasible and Lender's security is not lessened. During such repair and restoratiou period, Lender shall have rite right to hold such i~zsurance proceeds until Lender has had an opportumty to inspect such Property to ensure the work has been completed to Lender's satisfaction, provided that such i~xspection shall be undertaken promptly. Lender may disburse proceeds fbr the repairs and restoration in a single payment or in a series of progress payments as the work is completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such insurance proceeds, Lender shall not be required to pay Borrower any interest or earnings on such proceeds. Fees tbr public adjusters, or other dfird parties, .retained by Borrower shall not be paid out of the insurance proceeds and shall be the sole obligation of Borrower. If the restoration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be applied to the sums secured by this Security Instrument, wl, l.~ , ther or not then due, with ~-6(WY) looos) Page6of~5 Form 3051 1/01 597 the excess, if any, paid to Borrower. Such insurance proceeds shall be applied in the order provided lbr in Section 2. If Borrower abandons the Property, Lender nmy file, negotiate and settle any available insurance Claim and related nmtters. If Borrower does not respond within 30 days to a notice from Lender that the insurance carrier has offered to settle a claim, then Lender nmy negotiate and settle the claim. The 30-day period will begin when rite notice is given. In either event, or if Lender acquires the Property'under Section 22 or otherwise, Borrower hereby assigns to Lender (a) Borrower's rights to any insurance proceeds in an amount not to exceed the amounts m~paid under the Note or this Security Instrument, and (b) any other of Borrower's rights (other fl~an the right to any refund of unearned prenfimns paid by Borrower) under all insurance policies covering the Property, insofar as such rights are applicable to the coverage of the Property. Lender may use the ixk~urance proceeds either to repair or restore the Property or to pay amounts unpaid under fl~e Note or this Security lnsmunent, 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 fids Security instrument and shall continue to occupy the Property 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 um-easonably withheld, or unless extenuating circumstances exist wlfich are beyond Borrower's control. 7. Preservation, Maintenance and Protection of the Property; Inspections. Borrower shall destroy, danmge or impair the Property, allow the Property to deteriorate or cotmnit waste ou the Property. Whether or not Borrower is residing in the Property, Borrower shall maintain the Property in order to prevent the Property from deteriorating or decreasing in value due to its condidou. Unless it is determined pursuant to Section 5 that repair or restoratiou is not econonfically feasible, Borrower shall promptly repair the Property if damaged to avoid further deterioration or danrage. If insnrance or condmmmtion proceeds are paid in connection with damage to, or tile taking of, the Property, BorroWer shall be responsible tbr repairing or restoring the Property only if Lender has released proceeds tbr such purposes. Lender may disburse proceeds lbr the repairs and restoration in a single payment or in a series of progress payments as the work is completed. If the i~xsurance or condenmation proceeds are m)t sufficient to repair or restore the Property, Borrower is not relieved of Borrower's obligatkm/bt the completion of such repair or restoration. Lender or its agent may make. reasmmble entries upon and inspections of the Property. If it has reasonable cause, Lender may inspect rite 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 cause. 8. Borrower's Loan Applicatiou. Borrower shall be in deIhnlt if, during fl~e Loan application process, Borrower or any persons or entities acting at tim direction of Borrower or with Borrower's knowledge or consent gave materially false, misleading, or inaccurate information or statemetits to Lender (or failed to provide Lender with material inlbrmation) in counection with the Loan. Material representations include, but are not limited to, representations contenting Borrower's occupancy of the Property as Borrower's principal residence. 9. Protection of Lender's Interest in the Property and Rights Under this Security Instrument. If (a) Borrower fails to perform the covenants and agreements contained in this Security Instrument, (b) there is a legal proceeding that might significantly affect Leuder's interest in the Property and/or rights under fids Security Instrument (such as a proceeding in bankruptcy, probate, for coudenmation or fort~iture, for en~brcement of a lien which nmy attain priority over this Security Instrument or to entbrce laws or regulations), or (c) Borrower has abandoned the Property, then Lender may do and pay for whatever is reasonable m- appropriate to protect Lender's interest in the Property and rights under Otis Security Instnnnent, including protecting and/or assessing the value of fine Property, and securing and/tn: repairing the'Property. Lender's actions can iuclude, but are not limited to: (a) paying any sums secured by a lien which has priority over fids Security Instrument; (b) appearing in court; and (c) paying reasonable 1765061640 ,o~~/ (~-61WY) Ioo05) Page 7 of 15 Form 3051 1/01 598 attorneys' fees to protect its interest in the Property and/or rights under this Security Instrument, including its secured position in a ba~hkruptcy proceeding. Securing the Property includes, but is not limited to, entering d~e Property to make repairs, change locks, replace or board tip doors and windows, drain water from pipes, eliminate building or other code violations or dangerous conditions, and have utilities turned on or off. Although Lender may take action under this Section 9, Lender does not have to do so and is not under any duty or obligation to do so. It is agreed that Lender incurs uo liability tk)r not taking any or all actions audmrized under dtis Section 9. Any amounts disbursed by Lender under riffs Section 9 shall become additional debt Of Borrower secured by this Security Instrument. These amounts shall bear interest at the Note rate ti'om die date of disbursement and shall be payable, with such interest, upon notice ti-om Lender to Borrower requesting payment. If this Security hxstrument is on a 18asehold, Borrower shall comply with all the provisions of the lease. If Borrower acquires lee title to the Property, the leasehold and fl~e tee title shall not merge unless Lender agrees to the merger in writing. 10. Mortgage Insurance. If Lender required Mortgage Iusurance as a condition of makiug the Loan, Borrower shall pay the premiums required to nmintain the Mortgage Insurance in effect. If, tbr any reason, fl~e Mortgage Insurance coverage required by Lender ceases to be awtilable t'rom die mortgage insnrer fl~at previously provided such insurance and Borrower was required to make separately designated payments toward the prenfimns for Mortgage Insurance, Borrower shall pay the premimns required to obtain coverage substantially equiwtlent to the Mortgage Insurance previously in effect, at a 'cost substantially equivalent to the cost to Borrower of the Mortgage Insurance previously in effect, fi-om an alternate mortgage insurer selected by Lender. If substantially equivalent Mortgage Insurauce coverage is not available, Borrower shall continue to pay to Lender die amount of the separately designated payments that were due when rite 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, aud Lender shall not be required to pay Borrower any interest or eanfings on such loss reserve. Lender can no lorn, er. require loss reserve payments if Mortgage Insurance coverage (in the amount and for the period that L~ender requires) provided by an insurer selected by Lender again becomes available, is obtained, and Lender requires separately designated payments toward the prenfiums for Mortgage Iusnrance. If Lender required Mortgage Insurance as a condition of making the Loan and Borrower was required to make separately designated payments toward the premiunks tbr Mortgage Insurance, Borrower shall pay the prenfiums required to maintain Mortgage Insurance in effect, or to provide a non-refundable loss reserve, until Lender's requirement for Mortgage Insurance ends in accordance with any written agreement between Borrower and Lender providing for such termination or until temfination is required by Applicable Law. Nothing in this Section 10 affects Borrower's obligation to pay interest at the rate provided in the Note. Mortgage Insurance reimburses Lender (or any entity that purchases the Note) tbr certain losses it may incur if Borrower does not repay tim Loan as agreed. Borrower is not a party to the Mortgage Insurance. Mortgage insurers evaluate their total risk on all such insurance in lbrce from time to time, and may enter into agreements with other parties that share or modify their risk, or reduce losses. These agreements are on terms and conditions that are satisfactory to the mortgage insurer and the other party (or parties) to these agreements. These agreements may require the mortgage insurer to make payments using any source of funds that the mortgage insm-er may have available (which may include funds obtained }kom Mortgage hksurance premiums). As a result of these agreements, Lender, any purchaser or' the Note, auother'insurer, any reinsurer, any other entity, or an), affiliate of any of the tbregoing, n~y receive (directly or indirectly) amounts that derive froln (or might be characterized as) a portion of Borrower's payments tbr Mortgage Insurance, m exchange for sharing or modifying the mortgage insurer's risk, or reducing losses. If such agreement provides that an affiliate of Lender takes a share of the insurer's risk in exchange tbr a share of the prenfiunzs paid to the insurer, the arrangement is often termed "captive reinsurance." Further: (a) Any such agreements will not affect the amounts that Borrower has agreed' to pay for Mortgage Insurance, or any other terms of the Loan. Such agreements will not increase the amount Bo rrower will o,we for 1VI or t gage In su rance, a nat h ay will not entitle B orr~ ,q~, refund. (~)~-6(WY) Iooo51 Page Et of 15 laity/~,,' Form 3051 1/01 595 (b) Any such agreements will nOt affect the rights Borrower has - if any - with respect to the Mortgage Insurance under the Homeowners Protection Act of 1998 or any other law. These rights may include the right to receive certain disclosures, to request and obtain cancellation o1' 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 Pro.ceeds are hereby assigned to and shall be paid to Lender. If fire Property is damaged, such Miscellaneous Proceeds sl~all be applied to restoration or repair of fire Property, if the restoration or repair is econonficalty t)asible and Lender's security is not lessened. During such repair and restoratkm period, Lender shall have fl~e right to hold 'such Miscellaneous Proceeds until Lender has had an opportunity to inspect such Property to ensure the work has been cmnpleted to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender n~ty pay tk, r the repairs and restoration ilr 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 econoufically feasible or Lender's security would be lessened, the Miscellaneous Proceeds shall be applied to the stuns secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. Such Miscellaneous Proceeds shall be applied in the order provided tbr in Section 2. In fire 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, widr the excess, if an3,, paid to Borrower. In the event of a partial taking, destruction, or loss m wdue of the Property in which the /'air market value of the Property immediately before Ore partial taking, destruction, or loss in value is equal to or greater than the amount of the SUlnS secured by this Security Instrument inunediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the stuns secured by this Security Instrulnent shall be reduced by the mnount of the Miscellaueous Proceeds multiplied by fire following fraction: (a) tl~e total anrouut of the sums secured mmrediately belt)re dm partial taking, destruction, or loss in value divided by (b) the fair market wdue of the Property innnediately before the partial taking, destruction, or loss m 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 fain- market value of the Property inm~ediately before the partial taking, destruction, or loss in value is less titan the amount of the stuns secured inmxediately before the partial taking, destruction, or loss in wdue, mzless Borrower and Lender otherwise agree in writing, the Miscellaneous Proceeds. shall be applied to the sums secured by this Security Ii~strument whether or not the sums are fl~eu due. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the Opposing Party (as defined in the next sentence) offers to make an award to settle a claim tbr damages, Borrower lhils to respond to Lender within 30 days after the date the notice is t4ven, Lender is authorized to collect and apply the Miscellaneous Proceeds either to restoration or repair of the Property or to the sums secured by this Security Instrument, whether or not then due. "Opposing Party" means the third party that owes Borrower Miscellaneous Proceeds or the party against whom Borrower has a right of action in regard to Miscellaneous Proceeds. Borrower shall be in default if any action or proceeding, whether civil or crimi~ml, is begun that, in Lender's judgment, could result in forfeiture of fire Property or other material impamnent of Lender's interest in the Property or rights under this Security Instrument. Borrower can cure such a delhult and, if acceleration has occurred, reinstate as provided in Section 19, by causing fire action or proceeding to be disnfissed with a ruling that, m Lender's judgment, precludes tbrfeiture of the Property or oflmr nunterial impairment of Lender's interest in the Property or rights under this Security Instrument. The proceeds of any award or clailn for damages that are attributable to the impairment of Lender's interest in the Property are hereby assigned and shall be paid to Lender. Ail Miscellaueous Proceeds that are not applied to restoration or repair of the Propm-ty shall be applied in the order provided for in Section 2. (~)-6(WY) (oo051 Page 9 of 15 Form 3051 1/01 6 0'0 12. Borrower Not Released; Fm'bearance By Lender Not a Waiver.. Extension of fire time for payment or modificatiou of amortization of the sums secured by this Security h~trument 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 conunence proceediugs against any Successor in Interest of Borrower or to refuse to extend time for payment or otherwise modii3~ amortization of the sums secured by this Security Instiument by reason of any demand made by the origi~ml Borrower or any Successors in Interest of Borrower. Any ~brbearance by Lender in exercising any right or remedy including, without liufitation, Lender's acceptance of payments from third persons, eutities 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 Bouud. Borrower covenants and agrees that Bon'ower's obligations and liability shall be joint and several. However, any Borrowei- who co-signs this Security InsU-ument but does not execute the Note (a "co-signer"): (a) is co-signing, this Security Instrument only to mortgage, grant and convey the co-signer's interest in the Property un~r the terms of this Security Instl<ment; (b) is not personally obligated to pay the sums secured by this Security Instnnnent; aud (c) agrees that Lender and any other Borrower can agree to extend, modit~,, forbear or make any accounnodations with regard to the terms of this Security Iustt~ment or the Not~ without the co-signer's consent. Subject to the provisions of Section 18, any Successor in Interest of Borrower who assun~es Borrower's obligations under figs Security InsU~Jment in writing, and is approved by 'Lender, shall obtain all of Borrower's rights and benefits under this Security lnsuxm~ent. Borrower shall noc be released from Borrower's obligatiox~s and liability under this Security Insuxm~ent unless Lender agrees to such release in writing. The covenants and agreements of fids Security Instrument shall bind (except as provided in Section 20) and benefit the successors and assigns of Lender. 14. Loan Charges. Lender may charge Borrower fees tbr services pertbrmed in com~ection with Bon'ower's default, for the purpose of protecting Lender's interest in the Property and rights under this Security Instrument, including, but not linfited to, attorneys' fees, property inspection and valuation t~es. In regard to any other fees, the absence of express authority in this Security Instnnnent to charge a specific fee to Borrower shall not be consumed as a prohibition on ~he charging of such tee. Lender may not charge lees that are expressly prohibited by this Security Instrmnent or by Applicable Law. If the Loan is subject to a law which sets nmximum loan charees, and that law is finally interpreted st) that the interest ox' od~er loan charges collected or to be collected'~n com~ection with the Loan exceed the permitted lixnits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to fl~e permitted limit; and (b) any sums already collected from Borrower which exceeded pernfitted linfits will be refunded to Borrower. Lender may choose to make this refund by reducing the principal owed under the Note or by making a direct payment to Borrower. If a refund reduces principal, -the reduction will be treated as a partial prepayment without auy 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 o:r any right of action Borrower nfight have arising out of such overcharge. 15. Notices. All notices given by Bon-ower or Lender in com~ection with this Security Instrument must be in writing. Auy notice to Borrower in com~ection with this Security Iustrument shall be deemed to have been given to Box'rower when mailed by first class mail or when actually delivered to Borrower's notice address if sent by other means. Notice to any ()ne Borrower shall constitute notice to all Borrowers unless Applicable Law expressly requires otherwise. The notice address shall be the Property Address unless Borrower has designated a substitute notice address by notice to Lender. Borrower shall promptly notify Lender of Borrower's change of address. If Lender specifies a procedure for reporting Borrower's change of address, then Borrower shall only report a change of address through that specified procedure. There xnay be only one designated notice address under fids Security Instrument at any oue time. Any notice to Lender shall be given by delivering it or by mailing it by first class mail to Lender's address stated herein unless Lender has designated another .address by notice to Borrower. Any notice in comzecdon with this Security Instrument shall not be deemed to have been given to Lender until actually received by Lender. If any notice required by this Security Instrument is also required under Applicable Law, the Applicable Law requirement will satisfy the corresponding, requirement under this Security (~g)-6(WY) (ooo5} Page lO of 15 Form 3051 1/01 16. Governing Law; Severability; Rules of Constructiou. This Security Instrument shall be governed by federal law and d~e law of the jurisdiction in which the Property is located. All rights and obligations contained in this Security Instrument are subject to any requirements and 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 prohibitiou against agreement by contract. In the event that any provision or clause of this Security Instrument or the Note conflicts with Applicable Law, such conflict shall not affect other provisions of this Security hr~tl-ument or the Note which can be given effect wiflmut fl~e coutlicting provision. As used in this Secm-ity Instrument: (at) w(uds of the masculine t~ender shall mean and include corresponding neuter words or words of the l'emi~tine geuder; (b) words~in the singular shall mean and include the plural and vice versa; and (c) the word "may" gives sole discretion without any obligation take any action. 17. Borrower's Copy. Borrower shall be given one copy of the Note and of this Security hzstrument. 18. Transfer of the Property or a Beneficial Iuterest in Borrower. As used in this Section 18, "Interest in the Property" means any legal or beneficial interest in the Property, including, but not linnted to, those beneficial interests transferred in a bond tbr deed, contract for deed, i~kstallment sales contract or escrow agreement, the intent of which is the transfer of title by Borrower at a future date to a purchaser. If all or any part of the Property or any Interest in the Property is sold or transferred (or if Borrower is not a ~mtural person and a beneficial interest in Borrower is sold or transfe~¥ed) without Lender's prior written consent, Lender may require inmzediate payment in full of all sums secured by this Security Instrument. However, this option shall not be exercised by Lender if such exercise is prohibited by Applicable Law. If Lender exercises this option, Lender shall ~zive Borrower notice of acceleration. The notice shall provide a period of not less tban 30 days l¥om the ~date the notice is given in accordance with Section 15 within which Borrower must pay all sums secured bv this Security Iustrument. if Borrower tails to pity these sums prior to the expiration of this period, I~,euder nmy invoke any remedies permitted by this Security 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 e~rtbrcement of this Security Instrmnent discontinued at any time prior to the earliest of: (a) five days be~tbre sale of the Property pursuant to any power of sale contained in this Security Instrument; (b) such other period as Applicable Law might specify tbr the tenmnation of Borrower's right to reinstate; or (c) entry of a judglnent entbrcing dfis Security Instrument. Those conditions are that Borrower: (a) pays Lender all sums which then would be due under this Security Instrument and the Note as if no acceleration had occurred; (b) cures any default of any off, er covenants or agreements; (c) pays all expenses incurred in entbrcing this Security Instrument, includi]~, but not limited to, reasonable attorneys' tees, property inspection aud valuation fees, and other fees incurred f~)r fl~e purpose of protecting Lender's interest in the Property and rights under this Security Instrnment; and (d) takes such action as Lender nmy reasonably require to assure that Lender's interest m the Property and rights under this Security Instrmnent, and Borrower's obligation to pay the sums secured by this Security Instrument, shall continue unchanged. Lender nmy require that Borrower pay such reinstatement sums and expenses in one or more of the tbllowing ~bnns, as selected by Lender: (a) cash; (b) nroney order: (c) certified check, bank check, treasurer's check or caslfier's check, provided any such check is drawn upon an institution whose deposits are insured by a federal agency, instrumentality or entity; or (d) Electrmzic Funds Transfer. Upon reinstatement by Borrower, this Security instrument and obligations secured hereby shall remain fully effective as if no acceleration had occurred. However, this right to reinstate shall not apply in the case of acceleration under Section 18. 20. Sale of Note; Change of Loan Servicer; Notice of Grievance. The Note or a partial interest in the Note (together with this Security Instmlnen0 can be sold one or more times without prior notice to Borrower. A sale nfight result in a chamze in the entity (known as the "Loan Servicer") that collects Periodic Payments due uuder the Note az'~d this Security lustrument and performs other mortt~a[,e loan servicing obligations under the Note, this Security Instrument, and Applicable Law. There also~ght be one or more changes of the Loan Servicer mn-elated to a sale of the Note. It' there is a chantze of the Loan Servicer, Borrower will be given written notice of the change which will state the name and~address of the new Loan Servicer, the address to which paymeuts should be made and any other intbrmation RESPA 1765061640 (~6(WY) (ooos) Page 11 of 15 Form 3051 1/01 602 requires iu connection witl~ a notice of transfer of servicing. If the Note is sold aud thereafter the Loan is serviced by a Loan Servicer odier than the purchaser of the Note, die mortgage loan servicing obligatious to Borrower will renmiu With the Loan Servicer or be transferred to a successor Loan Servicer and are not assumed by the Note pm'chaser unless otherwise provided by the Note pm'chaser. Neither Borrower nor Lender may corm-hence, join, or be joined to any judicial action (as either an individual litigant or the member of a Class) that arises from the off, er party's actions pursuant to Otis Security Instrument 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 belbre certain action can be taken, that time period will be deemed to be reasonable tbr proposes of tl~is paragraph. The notice of acceleration and opportmfity to cure giveu to Borrower pursuant to Section 22 and the notice of acceleration giveu to Bon'ower pursuant to Sectiou 18 shall be deemed to satisfy the notice dud opportmfity to take corrective action provisioiks of dlis Section 20. 21. Hazardous Substances. As used in tiffs Section 21: (a) "Hazardous Substances" are those substances defined as toxic or hazardous substances,'pollutauts, or wastes by Enviro~m~ental Law and the following substances: gasoline, kerosene, other flalmtmble or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or tbrmaldehyde, and radioactive materials; (b) "Enviromnental Law" means federal laws and laws of the jurisdiction where the Property is located that relate to health, safety or environmental protection; (c) "Enviromnentai Cleanup" includes any response action, remedial action, or removal action, as defined iii Enviromnental Law; and (d) an "Envir(nnnental Condition" mea~ks a condition that can cause, contribute to, or otherwise trigger an Environmental Cleanup. Borrower shall not cause or permit rite presence, use, disposal, storage, or release of any Hazardous Substances, or threaten to release any Hazardous Substances, on or m the Property. Borrower shall not do, nor allow anyone else to do, anything affecting the Property (a) d~at is in violation of any Envir0mnental Law, (b)wlfich creates an Enviroltmental Condition, or (c) which, due to the presence, use, or release of a Hazardous Substance, creates a condition that adversely affects die value of rite Property. The. preceding two sentences shall not apply to the presence, use, or storage on the Property of sumll quantities of Hazardous Substances that are generally recognized to be appropriate to normal residential uses and to maintemance of the Property (including, but not limited to, hazardous substances in consumer products). Borrower shall promptly give Lender written uotice of (a) any investigation, claim, demand, lawsuit or other action by any goverlnnental or regulatory agency or priwtte party iuvolving the Property dud any Hazardous Substance or En~/irolm~ental Law of which Borrower has actual knowledge, (b) any Enviromnental Couditiou, including but not liufited 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 Hazardous Substance wlfich adversely affects rite value of the Property. If Borrower learns, or is notified by any govermnental or regulatory authority, Or any private party, fl~at any removal or Other remeqliation of any Hazardous Substance affecting the Property is necessary, Borrower shall prompdy take all uecessary remedial actions in accordance with Enviromnental Law. Nothing herein shall create any obligation'on Lender tbr an Envirmmlental Cleanup. (~-6(WY) (0oo51 ~.~ ~2 o~ ~ 5 Form 3051 1/01 6O3 NON-UNIFORM COVENANTS. Borrower and Lender further covelmnt aud agree as follows: 22. Acceleration; Reinedies. Lender shall give notice to Borrower prior to acceleration followiug Borrower's breach of any covenant or agreement id this Security Instrument (but not prior to acceleration under Section 18 unless Applicable Law provides otherwise). The notice shall specify: (a) the default; (b) tile 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 tile default must be cured; add (d} that failure to cure the default on o,' before the date specified in the notice may resnlt in acceleration of tile sums secured by this Security Iustrument aud sale of the Property. The notice shall further inform Borrower of the right to reiustate after acceleration and the right to bring a court action to assert the non-existence of a default or any other defense of Bon'ower to acceleratiou add sale. If tile default is not cured on or before the date specified iu the notice, Lender at its optiou may require immediate paymeut in full of all sums secured by this Security Instrument without further deinand and may iuvoke 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. If Lender invokes tile power of sale, Lender shall give notice of intent to foreclose to Borrower and to the persou iu possession of the Property, if difl'ereut, in accordance with Applicable Law. Lender shall give notice of tile sale to Borrower in the manner p,'ovided in Section 15. Lender shall publish the notice of sale, and the Property shall be sold iu the nmnner prescribed by Applicable Law. Lender or its desiguee may purchase the Property at any sale. The proceeds of the sale shall be applied in the following order: (a) to all expenses of the sale, including, but not limited to, reasonable attorneys' fees; (b) to all sums secured by this Security Instrument; and (c) auy excess to the person or persons legally entitled to it. 23. Release. Upon payment of all sums secured by this Security Instrument, Lender shall release this Security Instrument. Borrower shall pay any recordation costs. Lender may charge Borrower a tee tbr releasing this Security Instrument, but Oltly if the fee is paid to a third party for services rendered and the charging of the tee is permitted under Applicable Law. 24. Waivers. Borrower releases and waives alt rights under and by Virtue .of the honlestead exemption laws of Wyoming. 1765061640 ~,-61w¥1 iooos} Page 13 of 15 rmo 3051 1/01 604 BY SIGNING BELOW, Borrower accepts and agrees to the terlns and coveuants contained in this Security Instrument and in any Rider executed by Borrower and recorded with it. Witnesses: Rachel M. g]ckers -norrower ' (Seal) -Borrower (Seal) . (Seal) -BorFower -Borrower (Seal) -BolTOWer (Seal) -Borrower (Seal) (Seal) -Borrower -[~OlTower (~6(WY) Iooo51 Page 14 o~ 15 Form 3051 1/01 605 STATE OF WYOMING, Teton County ss: The foregoing instrument was acknowledged before me this 16th day of April, 2003 by. Rachel M. Vickers My Commission Expires: 09/12/03 Notary Public 1765061640 I~<D-6 (WY)(ooo5~ Page 15 of 15 Initials: Form 3051 1/01 '$06 EXHIBIT "A" Lot 16 of Bear Hollow Twin Homes Subdivision, Lincoln County, Wyoming, according to that plat filed June 20, 2000 in the Office of the Lincoln County Clerk as Instrument 866535 and Plat No. 393.