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HomeMy WebLinkAbout889568When recorded mail to: ABN AMRO MORTGAGE GROUP, INC. P.O. BOX 5064 TROY, MICHIGAN 418084 ATTN:FINAL/TRAILING DOCUMENTS RECEIVED LINCOLN 0our',ITY CLERK 8 8 9 $ 6 8o3 "' '" LOAN ~ 63574125419 B00K ;t:Jl= q _PR PAGE [Space Above TILis Line For Recordb~g Data] MORTGAGE DEFINITIONS Words used in nmltiple sections of this document are defined below and other words are defined in Sections 3, 11, 13, 18, 20 and 21. Certain rules regarding the usage of words used in this document are also provided in Section 16. (A) "Security Instrument" means this document, wlfich is dated AP RI L 24t, 2 0 0 3', together with all Riders to this document. (B) "Borrower" is DALE E. CARROLL, HUSBAND & WIFE VESTING JOINT TENANTS WITH RIGHT OF SURVIVORS AND BETTY M. CARROLL, HUSBAND & WIFE VESTING JOINT TENANTS WITH RIGHT OF SURVIVORS. Borrower is the ~nortgagor under tlfis SecuriB, Instrument. (C) "Lender" is ABN AMRO MORTGAGE GROUP, INC. Lender is a CORPORATION DELAWARE. MICHIGAN ~8084. Lender's address is organized and existing under the laws of 2600 W. BIG BEAVER RD. , TROY, Lender is the mortgagee under this Securi .ty Instrument. (D) "Note" means the promissory note signed by Borrower and dated APRIL 241, 2003. The Note states that Borrower owes Lender **************ONE HUNDRED EIGHTEEN THOUSAND EIGHT HUNDRED AND NO/100 ********************************************************************** $118,800.00 ) 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, 2033. (E) "Property" means the property, that is described beloxv under the heading "Transfer of Rights in the Property." (F) "Loan" means the debt evidenced by the Note, plus interest, any prepayment charges and late charges due under the Note, and all sums due under this Security Instrument, plus interest. (G) "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 ~ Condonmfium Rider ~ Second Home Rider ~--~ Balloon Rider [---] Plam~ed Unit Development Rider ~ Other(s) [specify] ~ 1-4 Fanfily Rider ~ Biweekly Payment Rider (H) "Applicable Law" means all controlling applicable federal, state and local statutes, regulations, ordinances and administrative rules and orders (that have the effect of law) as well as all applicable final, non-appealable judicial opinions. (I) "Community Association Dues, Fees, and Assessments" means all dues, fees, assessments and other charges that are imposed on Borrower or the Property. by a condmninium association, homeowners association or sinfilar organization. (J) "Electronic Funds Transfer" means any transfer of fiends, other than a transaction originated by check, draft, or sinfilar paper instrument, 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 linfited to, point-of-sale transfers, automated teller maclfine transactions, transfers initiated by telephone, wire transfers, and autonmted clearinghouse transfers. (K) "Escrow Items" means those items that are described in Section 3. (L) "Miscellaneous Proceeds" means m\V compensation, settlement, award of danmges, or proceeds paid by any tlfird party (other than insurance proceeds paid under the coverages described in Section 5) for: (i) damage to, or destruction of, the Property; (ii) Initials '/~2 ~ C. WYOMING--Single Family-Falmie ]Mae/Freddie Mac UNIFORM INSTRUMENT Fomn3051 1/01 Page 1 of 8 WYUDEED 0109 LOAN #: 635742549 condemnation or other taking of all or any part of the Property; (iii) conveyance in lieu of condemnation; or (iv) misrepresentations of, or onfissions as to, the value and/or condition of the Property.. (M) "Mortgage Insurance" ~neans insurance protecting Lender against the nonpayment of, or default on, the Loan. (N) "Periodic Payment" means the regularly scheduled amom~t due for (i) principal and interest under the Note, plus (ii) any amounts under Section 3 of this Security Instrument. (O) "RESPA" means the Real Estate Settlement Procedures Act (12 U.S.C. §2601 et seq.) and its implementing regulation, Regulation X (24 C.F.R. Part 3500), as they 1night be amended froln, time to time, or any additional or successor legislation or regulation that governs the same subject matter. As used in this Secnrit~T, Instrument, "RESPA" refers to all requirements and restrictions that are imposed m regard to a "federallyrelated mortgage loan" even if the Loan does not qualify as a' 'federaltyrelated mortgage loan" under RESPA. (P) "Successor in Interest of Borrower" means auy party that has taken title to the Property, whether or not that party has assumed Borrower's obligations under the Note and/or tlfis Security Instrument. ' TRANSFER OF RIGHTS IN THE PROPERTY Tlfis Security Instrument secures to Lender: (i) the repayment of the Loan, and all renewals, extensions and modifications oftheNote; and (ii) the performance of Borrower's covenants and agreements under this Security Instrument and the Note. For this purpose, Borrower does hereby ~nortgage, grant and convey to Lender and Lender's successors and assigns, with power of sale, the following described property located in the COUNTY [Name of Recording Jurisdiction] of LINCOLN [Name of Recording Jurisdiction]; SEE LEGAL DESCRIPTION ATTACHED HERETO AND MADE A PART HEREOF. wlfich currently has the address of Wyonfing 8 312 7 [Zip Code] 216 WALNUT DR, THAYNE, ("Property Address"): [Street] [City] TOGETHER WITH all the improvements now or hereafter erected on the property, and all easements, appurtenances, and fixtures now or hereafter a part of the property.. All replacmnents and additions shall also be covered by this Security Instrument All of the foregoing is referred to in this Security Instrument as the "Property.." BORROWER COVENANTS that Borrower is lawfully seized of the estate hereby conveyed and has the right to mortgage, grant and convey the Property and thai the Propeftyis unencumbered, except for encumbrances of record. Borrower warrants and will defend generally the title to the Property. against all claims and demands, subject to any encumbrances of record. THIS SECURITY INSTRUMENT combines uniform covenants for nalional use and non-uniform covenants with linfited variations by jurisdiction to constitute a uniform security instrument covering real property. 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 late charges due under the Note. Borrower shall also pay funds for Escrow Items pursuant to Section 3. Payments due under the Note and tiffs 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 tlfis Security Instrument is returned to Lender unpaid, Lender may require that any or all subsequent payments due under the Note and this Security Instrument be made in one or more of the following forms, as selected by Lender: (a) cash; Co) money order; (c) certified check, bank check, treasurer's check or caskier's check, provided any such check is drawn upon an institution whose deposits are insured by a federal agency, instrumentali .ty, or entity; or (d) Electromc 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 pa3nnent 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 bringthe Loan current. If Borrower does not do so within a reasonable period of time, Lender shall either apply such funds or return them to Borr°U,er. If not applied earlier, such funds willbe applied to the outstanding principal balance under the Note inunediately prior to foreclosure. No offset or clailn which Borrower nfight have now or in the future against Lender shall relieve Borrower from making payments due under the Note and this Security Instrulnent or perfornfing the covenants and agreements secured by this Securi .ty Instrument. 2. Application of Payments or Proceeds. Except as othenvise described in this Section 2, all payments accepted and applied by Lender shall be applied in the following order of priority: (a) interest due nnder the Note; Co) principal due under the Note; (c) mnounts due under Section 3. Such payments shall be applied to each Periodic Payment in the order in which it became due. Any WYOMING--SingleFamily--FamdeMae/Fre~IdieMacUNiFORMiNSTRUMENT Initials :,~.,t ~-. ~1/(_~., Foden 3051 1/01 Page 2 of 8 WYUDEED LOAN #.. fi357~12549 remaining amounts shall be applied first to late charges, second to any other amounts due under this Security Instrument, and then to reduce the principal balance of the Note. ffLender receives a payment from Borrower for a delinquent Periodic Payment which includes a sufficient amount to pay lale charge due, the payment may be applied to the delinquent 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 an5, prepayment charges and then as described in the Note. Any applicalion 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.; (b) leasehold payments or ground rents on the Property., if any; (c) prenfiums 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 Insurance premiums in accordance with the provisions of Section 10. These items are called "Escrow Items." At origination or at any time during the term of the Loan, Lender may require that Conm~unity Association Dues, Fees, and Assessments, if any, be escrowed by Borrower, and such dues, fees aud assessments shallbe an Escrow Item. Borrower shall promptly furnish to Lender all notices of amounts to be paid under this Section. Borrower shall pay Lender the Funds for Escrow Items unless Lender waives Borrower's obligation to pay the Funds for any or all Escrow Items. Lender may waive Borrower's obligalion to pay to Lender Funds for any or all Escrow Items at any time. Pray such waiver may only be in writing. In the event of such waiver, Borrower shall pay directly, when and where payable, the anmunts due for any Escrow Items for which payment of Funds has been waived by Lender and, if Lender requires, shall furnish to Lender receipts evidencing suchpayment witlfin such time period as Lender may require. Borrower's obligation to make suchpayments and to provide receipts shall for allpurposes be deemed to be a covenant and agreement contained in this Security Instrument, as the phrase" covenant and agreemeut" is used in Section 9. If Borrower is obligated to pay Escrow Items directly, pursuant to a waiver, and Borrower fails to pay the anmunt due for an Escrow Item; Lender nmy 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 aud, upon such revocation, Borrower shall pay to £ender all Funds, and in such amounts, that are then required under this Section 3. Lender may, at any time, collect and hold Funds in an amount (a) stffficient to permit Lender to apply the Funds at the time specified under RESPA, and (b) not to exceed the maximum amount a lender can require under RESPA. Lender shall estimate the amount of Funds due on the basis of current data and reasonable estimates of expenditures of future Escrow 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 enti .ty (inchiding Lender, if Lender is an institution whose deposits are so iusured) or in any Federal Home Loan Bmtk. Lender shall apply the Funds to pay the Escrow Items no later than the time specified under RESPA. Lender shall not charge Borrower for holding and applying the Funds, mmually 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 auy interest or earnings on the Funds. Borrower and Lender can agree in writing, however, that interest shall be paid on the Funds. Lender shall give to Borrower, without charge, an am~ual accounting of the Funds as required by RESPA. If there is a surplus of Funds held in escrow, as defined under RESPA, Lender shall account to Borrower for the excess funds in accordance with RESPA. If there is a shortage of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to make 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 noti .fy Borrower as required by RESPA, and Borrower shall pay to Lender the mnount 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. Borrowershallpayalltaxes, assessments, charges, fines, andimpositions attributabletothePropertywhich can attain priority over this Security Instnlment, leasehold payments or ground rents on the Property., if an.y, and Community Association Dues, Fees, and Assessments, if re\y: To the extent that these items are Escrow Items, Borrower shall pa), them in the manner provided in Section 3. Borrower shall promptly discharge anylien which has priority over this Security Instrument unless Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender, but only so long as Borrower is perforufing such agreement; (b) contests the lien in good faith by, or defends against enforcement of the lien inl legal proceedings which in Lender' s opinion operale 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 Securi .ty Instrument. If Lender de ternfines that any part of the Property is subject to a lien which ca n attain priority over tlfis Security Instrmnent, Lender may give Borrower a notice identifying the lien. Within 10 days of the date on which that notice is given, Borrower shall satis .fy 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-tilue charge for a real estate taxverification and/or reporting service used by Lender in connection with this Loan. 5. Property Insurance. BorrOwer shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included within the term "extended coverage," aud any other hazards including, but not limited to, earthquakes and floods, for which Lender requires insurance. This insurance shall be maintained in the amounts (including deductible levels) and for the periods that Lender requires. What Lender requires pursuant to the preceding sentences can change during the term of the Loan. The insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's right to disapprove Borrower's choice, which right shall not be exercised unreasonably. Lender may require Borrower to pay, in connection with this Loan, either: (a) a one-time charge for flood zone determination, certification and tracking services; or Co) a one-time charge for flood zone deternfination and certification services and subsequent charges each time remappings or similar changes occur which Fonu 3051 1/01 Page 3 of 8 WYI[JDEEEJ LO3d't #'- 635742549 reasonably might affect such determination or certification. Borrower shall also be responsible for the payment of any fees imposed by the Federal Emergency Management Agency in connection with the review of any flood zone determination resulting from an objection by Borrower. If Borrower fails to maintain any of the coverages described above, Lender may obtain insurance coverage, at Lender's option and Borrower's expense. Lender is under no obligation to purchase any particular type or amount of coverage. Therefore, such coverage shall cover Lender, but might or might not protect Borrower, Borrower's equi .ty in the Property., or the contents of fl~e Property., against any risk, hazard or liabili .ty and nfight provide greater or lesser coverage than was previously in effect. Borrower acknowledges that the cost of the insurance coverage so obtained might siglfificantl¥ 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 tiffs Securily Instrument. These amounts shallbear interest at the Note rate frown the date of disbursement and shall be payable, with such interest, upon notice from Leuder to Borrower requesting payment. All insurance policies required by Lender and renewals of such policies shall be subject to Lender's right to disapprove such policies, shall include a standard nmrtgage clause, and shall uame Lender as mortgagee and/or as an additional loss payee. Lender shall have the right to hold the policies and renewal certificates. If Lender requires, Borrower shall promptly give to Lender all receipts of paid premiums and renewal notices. 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 economically feasible and Lender's security is not lessened. During such repair and restoration period, Lender shall have the fight to hold such insurance proceeds until Lender has had an opportunity to inspect such Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender ma), disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as the work is completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such insurance proceeds, Lender shall not be required to pay Borrower any interest or earmngs on such proceeds. Fees for public adjusters, or other third parties, retained by Borrower shall not be paid out of the insurance proceeds and shallbe the sole obligation of Borrower. If the restoration or repair is no't economically feasible or Lender's security would be lessened, the insurance proceeds shall be applied to the sums secured by this Secnrit3, Instrument, whether or not then due, with the excess, if any, paid to Borrower. Such insurance proceeds shall be appiied in the ortner provided for in Section 2. If Borrower abandons the Property., Lender may file, negotiate and settle any available insurance claim and related matters. If Borrower does uot respond within 30 days to a notice from Lender that the insurance carrier has offered to settle a claim, then Lender may negotiate and settle the claim. The 30-day 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 amount not to exceed the amounts unpaid under the Note or this Security Instrument, and Co) any other of Borrower's rights (other than the right to any refund of unearned premiums 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 insurance proceeds either to repair or restore the ProperB/ or to pay ammmts unpaid under the Note or this Security Instrument, whether or not then due. 6. Occupancy. Borrower shall occupy, establish, aud use the Property. as Borrower's principal residence witlfin 60 days after the execution of this Securi .ty 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, wlfich consent shall not be unreasonably withheld, or uuless extenuating circumstances exist which are beyond Borrower's control. 7. Preservation, Maintenance and Protection of the Property; Inspections. BorroWer shall not destroy, 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 the Property from deteriorating or decreasing in value due to its condition. Unless it is deternfined pursuant to Section 5 that repair or restoration is not economically feasible, Borrower shall promptly repair the Property if damaged to avoid further deterioration or damage. If insurance or condemnation proceeds are paid in colmection with damage to, or the taking of, the Property, Borrower shall be responsible for repairing or restoring the Property only if Lender has released proceeds for such purposes. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as the work is completed. If the insurance or condemnation proceeds are not sufficient to repair or restore the Property., Borrower is not relieved of Borrower's obligation for the colnpletion 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 ma~ inspect the interior of the improvements on the Property. Lender shall give Borrower notice at the time of or prior to such an interio'r inspection specifying such reasonable cause. 8. Borrower's Lo~mApplication. Borrowershallbeindefaultif, duringtheLoanapplicationprocess~ Borrower oranypersons or entities acting at the direction of Borrower or withBorrower's knowledge or consent gave materiallv, false, misleading, or inaccurate information or statements to Lender (or failed to provide Lender with material information) in cmmection with the Loan. Material representations include, but are not limited to, representations concerning 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 Securi .ty Instrument, Co) there is a legal proceeding that might significantly affect Lender's iuterest in the Properly. and/or rights under this Security Instrument (such as a proceeding in bankruptcy, probate, for condemnation or forfeiture, for emforcement' of a lien which may attain priority, over this Security Instrument or to enforce laws or regulations), or (c) Borrower has abandoned the Property, then Lender may do and pay for whatever is reasonable or appropriate to protect Lender's interest in the Property. and rights under this Security Instrument, including protecting and/or assessing the value of the Property, and securing aud/or repairing the Property.. Lender's actions cm~ include, but are not limited to: (a) paying any sums secured by a lien which has priority over Otis Security Instrument; Co) appearing in court; and (c) paying reasonable attorneys' fees to protect its interest in the Property. and/or rights under this Security Instrument, including its secured position in a bankruptcy proceeding. Securing the Property includes, but is not limited to, entering the Properly. to make repairs, change locks, replace or board up doors and windows, drain water from pipes, eliminate building or other code violations or dangerous conditions, 'and have utilities turned on or off. Although Lender may take action nnder 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 no liabili .ty for not taking any or all actions authorized under tlfis Section 9. WYOMING--Single Family--Famtie Mae/Freddie Mac UNIFORM INSTRUMENT Initials '/h)~ ~ ~ ~ Form 3051 1/01 Page 4 of 8 WYUDEED LOin, lq #: 635'/42549 A~\V amoums disbursed by Lender under this Section 9 shall become additioual debt of Borrower secured by this Security Instrument. These amounts shall bear interest at the Note rate from the date of disbursement and shall be payable, witi~ such interest, upon notice front Lender to Borrower requesting payment. If this Security Instrument is on a leasehold, Borrower shall comply with all the provisions of the lease. If Borrower acquires fee title to the Property., the leasehold and the fee title shall not merge unless Lender agrees to the merger in writing. 10. Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan, Borrower shall pay the prenfiums required to maintain the Mortgage Insurance in effect. If, for any reason, the Mortgage Insurance coverage required by Lender ceases to be available from the mortgage insurer that previously provided such insurance and Borrower was required to make separately designated payments toward the prenffmns for Mortgage Insurance, Borrower shall pa5, the premimns required to obtain coverage substantially equivalent to the Mortgage Insurance previously in effect, at a cost substantially equivalent to the cost to Borrower of the Mortgage Insurauce previously m effect, front an alternate mortgage insurer selected by Lender. If substantially equivalent Mortgage Insurance coverage is not available, Borrower shall continue to pa5, to Lender the amount of the separately designated payments that were due when the insurance coverage ceased to be in effect. Lender will accept, use and retain these payments as a non-refundable loss reserve in lieu of Mortgage Iusurance. Such loss reserve shall be non-refundable, notwithstanding lhe fact that the Loan is ultimately paid in full, and Lender shall not be required to pay Borrower am' interest or earnings on such loss reserve. Lender can no longer require loss reserve payments if Mortgage Insurance coverage (in ire amount and for the period that Lender requires) provided by an insurer selected by Lender again becomes available, is obtained, and Lender requires separately designated payments toward the premimns for Mortgage insurance. If Lender required Mortgage Insurance as a condition of making the Loau andBorrower was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the pren6ums 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 writteu agreement between Borrower and Lender providing for such ternffnation or until ternffnation is required by Applicable Law. Nothing in tiffs Section 10 affects Borrower's obligation to pay interest at the rate provided in the Note. Mortgage Insurance reimburses Lender (or any enti .ty that purchases the Note) for certain losses it may incur if Borrower does not repay the Loan as agreed. Borrower is not a party, to the Mortgage Insurance. Mortgage iusurers evaluate tl~eir total risk on all such insurance in force 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 agreemeuts may require the mortgage insurer to make payments usiug a~\v source of funds that the mortgage insurer may have available (which may include funds obtained from Mortgage Insurance premiums). As a result of these agreemeuts, Lender, any purchaser of the Note, another insurer, any reinsurer, any other enti .fy, or any affiliate of any of the foregoing, ma5, receive (directly or indirectly) amounts that derive from (or Might be characterized as) a portion of Borrower's payments for Mortgage Insurance, in exchange for sharing or modifying the mortgage insurer's risk, or reducing losses. If such agreement provides that an affiliate of Lender takes a share of the insurer's risk in exchange for a share of the prenffmns Paid to the insurer, the arrangement is often termed"capnve' 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 ;~mount Borrower will owe for Mortgage Insm'ance, and they will not entitle Borrower to any refund. (b) Any such agreements will not affect the rights Bor,'ower has - it' an), - with respect to the Mortgage Insurance under the Homeowners Protection Act of 1998 or any other law. These rights may include the right to receive certain disclosures, to request and obtain cancellation of the Mortgage InsUrance. To have the Mortgage Insurance terminated automatically, and/ or to receive a refund of any Mortgage Insurance premiums that were unearned at the time of such cancellation or termination. 11. Assignment of Miscellaneous Proceeds; Fort'eiture. All Miscellaneous Proceeds are hereby assigned to and shall be paid to Lender. If the Property. is damaged, such Miscellaneous Proceeds shallbe applied to restoration or repair of the Properly, 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 Miscellm~eous Proceeds until Lender has had an opportuni .ty to inspect such Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may pay for the repairs and restoration in a single disbursement or in a series of progress payments as the work is completed. Unless au agreement is nmde in w.riting or Applicable Law requires interest to be paid on such Miscellaneous Proceeds, Leuder shall not be required to pay Borrower m\y ~nterest or earmngs on such Miscellaneous Proceeds. If the restoration or repair is not econonfically feasible or Lender's security would be lessened, the Miscellaueous Proceeds shall be applied to the sums secured by lhis Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. Such Miscellaneous Proceeds shall be applied in the order provided for in Section 2. In the event of a total taking, destruction, or loss in value of the Property., the Miscellaneous Proceeds shall be applied to the sums secured by this Securi .ty Instrument, whether or not then due, with the excess, if any, paid to Borrower. In the event of a partial taking, destruction, or loss in value of the Property in wNch the fair market value of the Property immediately before the partial taking, destruction, or loss in value is equal to or greater than the amount of the sums secured by this Security Instrument inunediately before the partial taking, destruction, or loss invaluel unless Borrower ,'md Lender otherwise agree in writing, the sums 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 inm~ediately before the partial taking, destruction, or loss in value divided by Co) the fair market value of the Property. inunediately 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 wltich the fair market value of the Property immediately before the partial taking, destruction, or loss iu value is less than the amount of the sums secured immediately before the partial taking, destruction, or loss in value, unless Borrower and Lender othem'ise agree in writing, the Miscellaneous Proceeds shall be applied to the sums secured by this Securit).~ Instrument whether or not the sums are then due. If the Property. is abandoned by Borruwer, 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 for dmnages, Borrower fails to respond to Lender within 30 days after the date the notice is given, Lender is authorized to collect and apply the Miscellaneous Proceeds either to restoration or repair of the Properly. or to the sums secured by this Security Instrument, whether or not then due. "Opposing Party" means the tlffrd party, that owes Borrower Miscellaueous Proceeds or the part)., against whmn Borrower has a right of action in regard to Miscellaneous Proceeds. WYOMING--Single Family--F:umie Mae/Freddie Mac UNIFORM INSTRUMENT I nit±als 'SX'~ g~. ~]/'~ ~, Form3051 1/01 Page 5 of 8 WYUDEED LOAN #: 635742549 Borrower shall be in default ffany action or proceeding, whether civil or criminal, is begun that,in Lender ' s judgment,' could result in forfeiture of the Properly. or other material impairment of Lender's interest iu the Property. or rights uuder this Security Instrument. Borrower can cure such a default and, if acceleration has occurred, reinstate as provided in Section 19, by causing the action or proceeding to be dismissed with a ruling that, iiiLender ' s judgment,' precludes forfeiture of the Property or other material impairment of Lender's interest in the Property. or rights under this Security Instrument. The proceeds of any award or claim for danmges 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 tile Property. shall be applied in the' order provided for in Section 2. 12. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or modification of alnortization of the stuns secured by this Security Instrument granted by Lender to Borrower or any Successor in Interest of Borrower shall, not operate to release the liabili .ty ofB orrower or any Successors in Interest of Borrower. Lender shall not be required to conunence proceedings against any Successor in Interest of Borrower or to refuse to extend time for payment or otherwise modify amortization of the sums secured by. this Security. Instrument by. reason of any. demand made by. the original Borrower or any Successors in Interest of Borrower. Any forbearance by Leuder in exercising any right or remedy, including, without limitation, Lender's acceptance of payments f~om third persons, entities or Successors in Interest of Borrower or in amounts less than the amount then due, shall not be a waiver of or preclude the exercise of any right or remedy. 13. Joint and Several Liability; Co-signers; Successors and Assigns Bound. Borrower covenants and agrees that Borrower's obligations and liabili .ty shallbejoiut and several. However, any Borrower who co-signs this Security Instrument but does not execute the Note (a "co-signer' '): (a) is co-signing this Securi .tylnstrun~ent only to mortgage, grant and ~onvey the co-signer's interest in the Property. under the terms of this Security Instrument; (b) is not personally obligated to pay the sums secured by this 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 Instrument 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 Instrument. Borrower shall not be released from Borrower's obligations and liability under this SecUrity Instrument unless Lender agrees to such release in writing. The covenants and agreements of this Security Instrument shall bind (except as provided iu Section 20) and benefit the successors and assigns of Lender. 14. Loan Charges. Lender may charge Borrower fees for sen,ices performed in connection with Borrower's default, for the purpose of protecting Lender's interest in the Property. and rights under this Security Instrument, iucluding, 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 Iustrulnent to charge a specific fee to Borrower shall not be construed as a prohibition on the charging of such feel Lender may not charge fees that are expressly prohibited by this Security Instrument or by Applicable Law. If 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 permitted limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to the permitted limit; and (b) any sums already collected front Borrower which exceeded permitted limits 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. Ifa refund reduces principal, the reduction will be treated as a partial prepayment without any prepayment charge (whether or not a prepayment charge is provided for under the Note). Borrower's acceptance of auy 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 givenby Borrower or Lender in connection with this Securi .ty Instrument nmst be in writing. Any notice to Borrower in connection with this Securi .ty Instrument shall be deemed to have been given to Borrower when mailed by first class mail or when actually delivered to Borrower' s notice address if sent by other means. Notice to any one Borrower shall constitute notice to all Borrowers unless Applicable Law expres sly requires otherwise. The uotice address shall be ihe Property Address unless Borrower has designated a substitute notice address by notice to Lender. Borrower shall promptly notify Lender of Borrower' s change of address. If Lender specifies a procedure for reporting Borrower's change of address, then Borrower shall only report a change of address through that specified procedure. There may be only one designated notice address under this Security Instrument at any one 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 connection with this Security Instrument shall not be demned 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 uuder this Securi .ty Instrument. 16. Governing Law; Severability; Rules of Construction. This Security Instrument shall be governed by federal law and the law of the jurisdiction in which the Property. is located. All rights and obligati-ons contained in this Security Instrument are subject to any requirements and lilnitations of Applicable Law. Applicable Law might explicitly or implicitly, allow the parties to agree by contract or it nfight be silent, but such silence shall not be construed as a prohibitiou against agreement bt' contract..In the event that any provision or clause of this Security Instrument or the Note conflicts with Applicable Law, such co}fflict shall not affect other provisions of this Security Instrument 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 fenmfine 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 obligation to take any action. 17. Borrower's Copy. Borrower shall be given one cop3' 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 al\IT legal or beneficial interest in the Property., including, but not limited to, those beneficial interests transferred in a bond for deed, contract for deed, instalhnent sales contract or escrow agreement, the intent of which is the transfer of title by Borrower at a future date to a purchaser. [tall or any part of the Property. or any Interest in the Property. is sold or transferred (or if Borrower is not a natural person and a beneficialinterest in Borrower is sold or trausferred) without Lender' s prior written consent, Lender may require immediate payment iii 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 give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days from the date the notice is given in accordance with Section 15 within which Borrower must pay all sums secured by WYOMING--Single Family--Famfie Mae/Freddie Mac UNIFORM INSTRUMENT I n i t i a 1 s ..,~,J~¢' ~, /~ ~ {0.~ Form 3051 1/01 Page 6 of 8 WYUDEE~) LOAN #: 635742549 tiffs Security Instrument. If Borrower fails to pa)' these sums prior to the expiration oftlfis period, Lender may invoke al5, remedies pernfitted by this Security Instrument without further notice or demand ou Borrower. 19. Borrower's Right to Reinstate After Acceleration. If Borrower meets certain conditions, Borrower shall have the right to have enforcement of this Security Instrument discontilmed at any time prior to the earliest of: (a) five days before sale of the Property. pursuant to any power of sale contained in this Securi .ty Instrulnent; -(b) such other period as Applicable Law nffght specify for the ternfination of Borrower's right to reinstate; or (c) entry of a judgment enforcing this Secufi .tylnstrument. Those conditions are that Borrower: (a) pays Lender all sulns which then Would be due under this Secufi .ty Instrument and the Note as if no acceleration had occurred; (b) cures any default of any other covenants or agreements; (c) pays all expenses incurred in enforcing this Security Instrument, including, but not linfited to, reasonable attorneys' fees, property inspection and valuation fees, and other fees incurred for the purpose of protecting Lender's interest in the Property. and fights under tbis Security Instrument; and (d) takes such action as Lender may reasonably require to assure that Lender's interest in the Properly and rights under this Security Instrument, and Borrower's obligation to pay the sums secured by this Security Instrument, shall continue unchanged. Lender may require that Borrower pay such reinstatement 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 ~s drawn upon an institution whose deposits are insured by a federal agency, instrumentality or entity; or (d) Electronic Funds Transfer. Upon reinstatement by Borrower, tlfis Security Instrument and obligations secured hereby shall remain fully effective as if no acceleration had occurred. However, tiffs right to reinstate shall not apply in the case of acceleration under Seciion 18. 20. Sale of Note; Change of Loan Servicer; Notice of Grievance. The Note or a partial interest in the Note (together with this Securi .ty 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 SecuriW Instrument and performs other mortgage lo,Tn servicing obligations under the Note, this Securi .ty Instrument, and Applicable Law. ;I'here also nfight be one or more changes of the Loan Servicer unrelated to a sale of the Note. If there is a change of the Loan Servicer, Borrower will be given written notice of the change which will state the name and address of the new Loau Servicer, the address to which payments should be made and any other infornmtion RESPA requires in connection with a notice of transfer of servicing, ffthe Note is sold and thereafter the Loan is serviced by a Loan Servicer other than the purchaser of the Note, the mortgage loan servicing obligations to BorroWer will remain with the Loan Servicer or be transferred to a successor Loafi Sen,icer 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 Securi .ty 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 cmnpliance 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 tlfis paragraph. The notice of acceleralion and opportuni .ty to cure given to Borrower pursuant to Section 22 and the notice of acceleration given to Borrower pursuant tO Section 18 shallbe deemed to satisfythe notice and oppormnityto take correCtive actionprovisions of this Section 20. 21. Hazardous Substances. As used in this Section 21: (a) "Hazardous Substances" are those substances defined as toxic or hazar .dous substances, pollutants, or wastes by Environmental Law and the following substances: gasoline, kerosene, other flannnable or toydc petroleum products, toxic pesticides and herbicides, volatile solvents, ~naterials contai~ffug 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 environmental protection; (c) "Environmental Cleanup" includes am~ 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 Enviromnental Cleanup. Borrower shall not cause or perufft the presence, use, disposal, storage, or release of any Hazardous Substances, or threaten to release any Hazardous Substances, on or in the Property.. Borrower shall not do, nor allow am'one else to do, anything affecting the Property (a) that is in violation of any Environmental Law, (b) wlffch creates an Environmental Condition, or (c) which, due to the presence, use, or release of a Hazardous Substance, creates a condition that adversely affects the value of the Property. The preceding two sentences shall not apply to the presence, use, or storage on the Property of small quantities of Hazardous Substances that are generally recognized to be appropriate tO normal residential uses and to maintenance of the Property (including, bnt not limited to, hazardous substances in consumer products). Borrower shall promptly give Lender written notice of (a) any investigation, claim, demand, lawsuit or other action by any govermnental or regulatory agency or private party involving the Property. and any Hazardous Substance or Enviro~m~ental Law of which Borrower has actual knowledge, (b) any Environmental Condition, including but not linfited to, any spilling, leaking, discharge, release or threat of release of any Hazardous Substance, and (c) any condition caused by the presence, use or release of a Hazardous Substance which adversely affects the value' of the Property. If Borrower learns, or is notified by any governmental or regulatory authority, or any private party, that any removal or other remediation of any Hazardous Substance affecting the Property is necessary., Borrower shall promptly take all necessary remedial actions in accordance with Environmental Law. Nothing herein shall create any obligation on Lender for an Environmental Cleanup. NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows: 22. Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration following Borrower's breach of any covenant or agreement in this Security Instrument (but not prior to :~cceleration under Section 18 unless Applicable Law pr0~4des otherwise). The notice shall specify: (a) the default; (b) the action required to cure the default; (c) a date, not less than 30 days from the date the notice is given to Borrower, by which the default must be cured; and (d) that failure to cure the default on or before the date specified in the notice may result in acceleration of the sums secured by this Secm'ity Instrument and sale of the Property. The notice shall fm-ther 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 expenses incurred in pursuing the remedies provided in this Section 22, including, but not limited to, reasonable attorneys' fees and costs of title evidence. WYOMING--Single Family--Famde Mae/Freddie Mac UNIFORM INSTRUMENT Fomn3051 1/01 Page 7 of 8 Initials :~ ~ & WYUDEED nOAN #: 635742549 If Lender invokes the power of sale, Lender shall give notice of intent to foreclose to Borrower and to the person in possession of the Property, if different, in accordance with Applicable Law. Lender shall give notice of the sale to Borrower in the manner provided in Section 15. Lender shall lmblish the notice of sale, and the Property shall be sold in the manner prescribed by Applicable Law. Lender or its designee may purchase the Property at any sale. The proceeds of the sale shall be applied in the following order: (a) to all expenses of the sale, including, but not limited to, reasonable attorneys' fees; (b) to all sums secured by this Security Instrument; and (c) any excess to the person or persons legally entitled to it. 23. Release. Upon payment of all sums secured by this Securi .ty Instrument, Lender shall release this Security Instmlnent. 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 tltird party for services rendered and the charging of the fee is permitted under Applicable Law. 24. Waivers. Borrower releases and waives all rights under and by virtue of the homestead exemption laws of Wyoming. . BY SIGNING BELOW, Borrower accepts and agrees td the terms and covenants contained in this Security Instrument and in any Rider execnted by Borrower and recorded with it. DALE E. CARROLL (Seal) (Seal) Skate of WYOMING County of Lincoln The foregoing instrument was acknowledged CARROLL, this 24th day of April, 2003 my h~n%~/~ and official seal. Witness Shelley Sandall (Print or type Public name ) My Commission Expires: February 2~ 2006 before me by DALE E. CARROLL AND BETTY WYOMING--Single Family--Famde Mae/Freddie Mac UNIFORM INSTRUMENT Fonu3051 1/01 Page 8 of 8 WYUDEED Legal Description Lot 19 of Star Valley Ranch Plat 10, Lincoln County, Wyoming as described on the official plat thereof.