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HomeMy WebLinkAbout87799402015417 Return To: I::, c' ¢, F' i ,,, :i:, ;-~ HOMECOMINGS FINANCIAL NE'IWORK, 1NC ..... . ONE MERIDIAN CROSSING, STE 100 MINNEAPOLIS, MN 55423 Prepared By: HomeComings Financzal Network ~'.~.. 14850 Quorum Drive, Suite 450 Dallas, TX 7525~ _PR. PAGE' -- [Space*Above This Line For Recording I)ala]-- MORTGAGE MIN 100062604~39650005 DEFINITIONS Words used in multiple sections of this document are defined below and other words are defined in Sections 3, 11, 13, 18, 20 and 21. Certain rules regarding the usage of words used in this document are also provided in Section 16." (A) "Secm'ity Instrument" meansthis document, which is dated DECEMBER 7TH, 2001 together with all Riders to this document. ' (B) "Borrower" is RONALD D. THOMAS ~D COLLEEN THOMAS, HUSB~D ~D WIFE Borrower is the mortgagor under this Security Instrument. (C) "MERS" is Mortgage Electronic Registration Systems, Inc. MERS is a separate corporation that is acting solely as a nominee for Lender and Lender's successors and assigns. MERS is the mortgagee under this Security Instrument. MERS is organized and existing under the laws of Delaware, and has an add~ess and telephone number of P.O. Box 2026, Flint, MI 48501-2026, tel. (888) 679-MERS. WYOMING:Single Family~Fannie Mae/Freddie Mac UNIFORM INSTRUMENT WITH MERS Form 3051 1/01 MF\VY7770 (11/00) / 041-326500-0 (~-6A(WY) looo~).Ol f\ Page 1 of 15 Initials:. ~ VMP MORTGAGE FORMS ~ (800)521-7291 (D) "Lender" is HOMECOMINGS FINANCIAL NETWORK INC., Lender is a CORPORATION '[~ 1 ~ organized and existing under the laws of DELAWARE Lender's address is 14850 QUORUM DRIVE, SUITE 450 DALLAS, TX 75254 (E) "Note" means the promissory note signed bY Borrower and dated DECEMBER 7TH, 2 001 The Note states that Borrower owes Lender ONE HUNDRED THIRTY FIVE THOUSAND AND NO/100 Dollars (U.S. $ 135,000.00 ) plus interest. Borrower has promised to pay this debt in regular Periodic Payments and to pay the debt in full not later thamTANUARY 1ST, 2 017 (F) 'Trol)erty" means thc property that is described below under the heading "Transfer of Rights in the Property." (G) "Loan" means the debt evidenced by the Note, plus interest, any prepaymentcharhes and late charges due under the Note, and all sums due under this Security Instrument, plus interest. (H) "Riflers" means all Riders to this Security Instrnmentthat are executed by Borrower. Thc following Riders are to be executed by Borrower [check box as applicable]: [--~ Adjustable Rate Rider [] Condominium Rider [--] Second Home Rider ~ Balloon Rider [] Planned [Init Development Rider[-] 1-4 Family Rider [--] VA Rider [] Biweekly Payment Rider [--] Other(s) [spe. cify] (1) "Applicalfle 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. (J) "Community Association Dues, Fees, and Assessments" means all dues, fees, assessments and other charges that are imposed on Borrower or the Property by a condominium association, homeowners association oi' stroll.ar organization. (K) "Electronic Funds Transfer" means any transfer of funds, other than a transaction originated by check, draft, or similar paper instrument, which is initiated through an electronic terminal, telephouic instrument, computer, or magnetic tape so as to order, instruct, or authorize a financial institution to debit or credit an account. Such term includes, but is not limited to, point-of-sale transfers, automated teller machine transactions, transfers :initiated by telephone, wire transfers, and automated clearinghouse transfers. (L) "Escrow Items" means those items that are describedin Section 3. (M) "Miscellaneous Proceeds" means any compensation, settlement, award of damages, or proceeds paid by any third party (other than insurance proceeds paid under the coverages described in Section 5) for: (i) damage to, or destruction of, the Property; (ii) condemnation or other taking of all or any part of the Property; (iii) conveyance in lieu of condemnation; or (iv) misr~presentationsof, or omissions as to, the Value and/or condition of the Property. (N) "Moi~tgage Insnrauce' means insurance protecting Lender against the nonpayment of, or default on, the Loan. (O) "Periodic Pay,neat" means the regularly scheduled amount due for (i) principal and interest under the Note, plus (ii) any amounts under Section 3 of this Secnrity Instrument. (P)."RESPA" means the Real EstateSettlementProceduresAct (1.2 U.S.C. Section 2601 et seq.) and its implementing regulation, Regulation X (24 C.F.R. Part 3500), as they might 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 requirementsand restrictions that are imposed in regard to a "federally related mortgage loan" even if the Loan does not qualify as a "federally related mortgage loan" under RESPA. MPWY7770(I1/O0) / 041-326500-0 mma,~:(~J~ ~ .... (~6glwy} 1ooo~}.o~ P~,~.o~ ~s Form 3051 1/01 (Q) "Successor in Interest of 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 Secnrity lnstrumentsecures to Lender: (i) the repaymentof the Loan, and all renewals, extensions and modifications of the Note; and (ii) the performance of Borrower's covenants and agreemems under this Security Instrumentand the Note. For this purpose, Borrower does hereby mortgage, grant and convey to MERS (solely as nominee for Lender and Lender's successors and assigns) and to the successors and assigns of MERS, with power of sale, the following described property located in the COUNTY of LINCOLN : [Type of Recording Jurisdiclion] [Name of Recording lnrisdiction] LOT NUMBER FIVE (5) OF THE BUDD-M-RICH SUBDIVISION AS MAPPED AND OF RECORD IN THE OFFICE OF THE COUNTY CLERK AND EX-OFFICE REGISTER OF DEEDS FOR LINCOLN COUNTY, WYOMING, FILED ON DECEMBER 8, 1982,~ INSTRUMENT NO. 588334. ~, Parcel ID Number: 32192610100300 which currently has the address of 123 RICH LANE , [Slreell AFTON [Cityl , Wyoming 8 3 1 1 0 [Zip Cod¢l ("Property Address"): TOGETHER WITH all the improvements now or hereafter erected on the property, and all easements, appurtenances, and fixtures now or hereafter a part of the property. All replacements and additions shall also be covered by this Security Instrument. All of the foregoing is referred to in this Security lnstrumentas the "Property." Borrower understands and agrees that MERS holds only legal title to the interests grantedby Borrower in this Security Instrument, but, if necessary to comply with law or custom, MERS (as nominee for Lender and Lender's successors and assigns) has the right: to exercise any or alt of those interests, including, but not limited to, the right to foreclose and sell the Property; and to take any action required of Lender including, but not limited to, releasing and canceling this Security Instrument. BORROWERCOVENANTSthat Borroweris lawfully seised of the estate hereby conveyed and' has the right to mortgage, grant and convey the Property and that the Property is unencumbered, except for encumbrancesof record. Borrower warrants and will defend generally the title to the Property against all claims and demands, subject to any encumbrances of record. THIS SECURITY INSTRUMENT combines uniform covenants for national use and non-uniform covenants with limited variations by ]urisdiction to constitute a uniform security instrument covering real property. MFWY7770 (11/00) / 041-326500-0 In,rials: ~/~ ~- (~-6A(WY) Iooom,o'~ P.ge 3 of 15 Form 3051 1/01 UNIFORMCOVENANTS. Borrower and Lender covenant and agree as follows: 1. Payment of Principal, Interest, Escruw Items~ Prepayment Charges, and Late Charges. Borrower shall pay when due the principal of, and interest on, the debt evidenced by the Note find any prepaymentcharges and late charges due under the Note. Borrower shall also pay funds for Escrow Items pursuant to Section 3. Payments due under the Note and this Security lnstrumentshall be made in U.S. currency. However, if any check or other instrumentreceived by Lender as payment under the Note or this Security Instrumeutis returnedto Lender unpaid, Lender may require that any or all subsequent payments due under the Note and this Security Instrument be ~nade in one or more of the following forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, treasurer's check or cashier's check, provided any such check is drawn upon an institution whose deposits are insured by a federal agency, instrumentality, or entity; or (d) Electronic Funds Transfer. Payments are deemedreceived by Lender when received at the location designated in the Note or at such otherlocation as may be designatedby Lender in accordancewith the notice provisions in Section 1.5. Lender may return any payment or partial paymentff the payment or partial payments are insufficient to bring the Loan current. Lender may accept any payment or partial payment insnfficien[ to bring the Loan current, without waiver of any rights hereunderor 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 Pay~nent is applied as of its scheduled due date, then Lender'need not pay interest on unapplied fl~nds. Lender may hold such unapplied funds until Borrower makes payment to bring ihe Loan current. If Borrower does not do so within a reasonableperiod of time, Lender shall either apply such funds or return them to Borrower. If not applied earlier, such fl~nds will be applied to the outstanding principal balance under the Note immediately prior to foreclosure. No offset or claim which Borrmver might have now or in the fl~tt,re against Lender shall relieve Borrower from making payments due under the Note and this Security Instrumentor performing the covenants and agreementssecured by this Security Instrument. 2. Application of Payments or Proceeds. Except as otherwise described in this Section 2, all payments accepted and applied by Lender shall be applied in the following order of priority: (a) interest due under the Note; (b) principal due under the Note; (c) amounts due under Section 3. Such payments shall be applied to each Periodic Payment in the order in which it became due:Any remaining amonnts shall be applied first to late charges, second to any other amounts due under this Security Instrument, and then to reduce the principal balance of the Note. If Lender receives a payment from Borrower for a delinquent Periodic Payment which includes a sufficient amount to pay any late charge due, the payment may be applied to the delinquent payment and the late charge. If more than one Periodic Payment is outstanding, Lendermay 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 fifll. To the extent that m~y 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 prepaymentsshall be applied first to any prepayment charges and then as described in the Note. Any application of payments, insurance proceeds, or Miscellaneous Proceeds to principal due uuder the Note shall not extend or postpone the due date, or change the amount, of the Periodic Payments. 3. Fnnds 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 p/iority over this Security Instrumentas a lien or encumbranceon the Property; (b) leasehold paynients or ground rents on the Property, il: an),; (c) premiums for any and all insurance required by Lender tinder Section 5; and (d) Mortgage Insurance premiums, if any, or any sums payable by Borrower to Lender in lien of the payment of Mortgage Insurance premimns in accordance with the provisions of Section 10. These items are called "Escrow Items." At origination or at any time ituring the term of the Loan, Lender may require that Com~nunity Association Dues, Fees, and.Assessments, if any, be escrowed by Borrower, and such dues, fees and assessmentsshall be 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 obligation to pay to Lender Funds for any or all Escrow Items at any time. Any such waiver may only be in writing. In the event of such waiver, Borrower shall pay directly, when and where payable, the amounts MFWY7770 (11/00) / 041-326500 0 ~n~t~: % ~ (~-6A(WY) 10005),01 Pa,e4of ~S / Form 3051 1/01 due for any Escrow Items for Which payment of Funds has been waived by Lender and, if Lender reqnires, shall furnish to Lender receipts evidencing such payment within such time period as Lender may require. Borrower's obligation to make such payments and to provide receipts shall for all purposesbe deemedto be a covenant and agreementcontained in this Security Instrument, as the phrase"covenant and agreement" is used in Section 9. If Borrower is obligated to pay Escrow Items directly, pursuant to a waiver, and Borrower fails to pay the amount due for an Escrow Item, Lender may exercise its rights under Section 9 and pay such amount and Borrower shall then be obligated under Section 9 to repay to Lender any such amount. Lender may revoke the waiver as to any or all Escrow Items at any time by a notice given in accordance with Section 15 and, upon such revocation, Borrower shall pay to Lender all Funds, and in such amounts, that are then required under this Section 3, Lender may, at any time, collect and hold Funds in an amount (a) sufficient to permit Leuder 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 gmount of Funds due on the basis of current data and reasonable estimates of expenditures o1' future Escrow Items or otherwise in accorda~'cewith Applicable ~, The Funds shall be held in an institution whose deposits are insured by a federal agency, instrumentality, or entity (including Lender, if Lender is an institution whose deposits are so insured) or in any Federal Home Loan Bank. Lender shall apply the Funds to pay the Escrow Items n° later than the time specified under RESPA. Lender shall not charge Borrower for holding and applying the Funds, annually analyzing the escrow account, or verifying the Escrow Items, unless Lenderpays Borrower interest on the Funds and Applicable Law permits Lender to make such a charge. Unless an agreementis made in writing or Applicable Law requiresinterest to be paid on the Funds, Lender shall not be required to pay Borrower any interest or earnings on the Funds. Borrower and Lender can agree in writing, however, that interest shall be paid on the Funds. Lender shall give to Borrower, without charge, an annual accountiug of the Funds as required by RESPA. If there is a surplus of Fnnds held in escrow, as defined under RESPA, Lender shall account to Borrower for the excess funds in accordancewith RESPA. If thereis a shortage of Funds held in escrow, as defined under RESPA, Lender shall, notify Borrower as requiredby RESPA, and Borrower shall pay to Lender the amountnecessary to make 'up the shortage in accordancewith RESPA, but in no more than 12 monthly payments. If thereis ~a deficiency of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to make up the deficiency in accordance with RESPA, bnt in no more than 12 monthly payments. Upon payment in full of all sums secured by this Security Instrument, Lender shall promptly refund to Borrower any Funds held by Lender. 4. Charges; Liens. Borrower shall pay all t~es, assessments, charges, fines, and impositions attributableto the Propgrty which can attain priority over this Security Instrument, leasehold payments or ground rents on the Property, if any, and CommunityAssociation Dues, Fees, andAssessments, if any. To the extent that these items are Escrow Items, Borrower shall pay them in the manner provided in Section 3. Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a) agrees in writing to the payment of the obligation securedby the lien in a manner acceptable to Lender, but only so long as Borrower is performing such agreement; (b) contests the lien in good faith by, or defends against enforcementof the lien in, legal proceedings which in Lender's opinion oPerate to prevent the enforcementof the lien while those proceedings are pending, but oMy until such proceedings are concluded; or (c) secures from the holder of the lien an agreementsatisfactory to Lender subordinating the li~n to this Security Instrument. If Lender determinesthat any part of the Property is subject to a lien which can attainpriority over this Security Instrument, Lender may give Borrower a notice identi~ing the Ml~WY7770 (11/00) / 041~326500-0 tai~i~i,: ""'/~ (~6A(WYlloocs).o~ P,9, s,f~s Form 3051 1/01 lien. Within 10 days of the date on which that notice is given, Borrower shall satisfy the lien or take one or more of the actions set forth above in this Section 4. Lender may require Borrower to pay a one-time charge for a real estate tax verification and/or reporting service used by Lender in connection with this Loan. 5. Property lnsurauce. 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," and any other hazards including, but not limited to, earthquakesand fioods, 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 zoue determination, certification and tracking services; or (b) a one-time charge for flood zone determination and certification services and subsequent charges each time remappings or similar ch'hnges occur which reasonably ~night affect such-determination or certification. Borrower shall also be responsible for the payment of any fees imposed by the Federal Emergency ManagementAgency 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 uot protect Borrower, Borrower's equity in the Property, or the contents of the Prop.erty, against any risk, hazard or liability and might provide greater or lesser coverage than was previously in effect. Borrower acknowledges that the cost of the insurance coverage so obtained might significantly exceed the cost of insurance that Borrower could have obt. ained. Any mnonnts disbursed by Lender under this Section 5 shall become additional debt of Borrower secured by this Security Instrument. These amounts shall bear interest at the Note rate from the dat~ of disbursementaud shall be payable, with such interest:, upou notice from Lender to Borrower requesting payment. All insurance policies required by Lender and renewals of such policies shall be subject to Lender's right to disapprove such policies, shall include a standard mortgage clause, and shall name Lender as mortgagee and/eras an additionalloss payee. Lender shall have the right to hold the policies and renewal certificates. If Lender requires, Borrower sh~ll promptly give to Lender all receipts of paid prenfiums and renewal notices. If Borrower obtains any form of insurance coverage, not otherwise required by Lender, for damage to, or destruction of, the Property, such policy shall include a standard mortgage clause and shall name Lender as mortgagee and/or as an 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 el' repair is economically feasible and Lender's security is not lessened. During such repair and restorationperiod, Lender shall have the right 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 may disburse proceeds for the repairs and restorationin a single payment or in a series of progress payments as the work is completed. Unless an agreementis madein 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 for public adjusters, or other third parties, retained by Borrower shall not be paid out of the insurance proceeds and shall be Ihe sole obligation of Borrower. If the restoration or repair is not econonrically feasible or Lender's security would be lessened, the insurance proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with MFWY7770 (l 1/00) / 041-326500-(I I,~ilial~: - '" (~-6A(WYJlooos).o'~ Pagesof~5 Form 3051 1/01 the excess, if any, paid to Borrower. Such insurance proceeds shall be applied in the order 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 not 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 (b) 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 Property or to pay amonnts unpaid under the Note or this Security Instrument, whether or not then due. 6. Occupancy. Borrower shall occupy, establish, and use the Property as Borrower's principal residence within 60 days after the execution of this Security Instrument and shall continue to occupy the 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 unreasonably withheld, or unless 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 determined pursuant to Section 5 that repair or restoration is not economically fea'sible, Borrower shall p~'omptly repair the Property if damaged to avoid further deterioration or damage. If insurance or condemnationproceeds are paid in connection with damage to, or the taking of, the Property, Borrower shall be responsible for repairing or restoring the Property only if Lender has releasedproceeds for such purposes. Lender may disburse proceeds for the repairs and restorationin a single payment or in a series of progress payments as the work is completed. If the insurance or condemnationproceeds are not sufficient to repair or restore the Property, Borrower is not relieved of Borrower's obligation for the completion of such repair or restoration. Lender or its agent may make reasonable entries upon and inspections of the Property. If it has reasonablecause, Lender may inspect the interior of the improvements on the Property. Lender shall give Borrower notice at the time of or prior to such an interior inspection specifying such reasonable cause. 8. Borrower's Lnan Application. Borrower shall be in default if, during the Loan application process, iBorrower or any persons or entities acting at the direction of Borrower or with Borrower's knowledge or consent gave materially faise, misleading, or inaccurateinfonnation or statementsto Lender (or failed to provide Lender with material information) in connection with the Loan. Material rel?resentationsinclude, 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 agreementscontaiaedin this Security Instrmnent, (b) there is a legal proceeding that might significantly affect Lender's interest in the Property and/orrights under this Security Instrmnent(such as a proceedingin bankruptcy, probate, for condemnationor forfeitare, for enforcement of a lien which ~nay 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 Instrt~ment, including protecting and/orassessing the value of the Property, and securing and/orrepairing the Property. Lender's actions can include, but are not limited to: (a) paying any stuns secured by a lien which has priority over this Security Instrument; (b) appearing in court; and (c) paying reasonable MFWY7770 (11/00) / 041-326500-0 ',nit,.~:~-}~('/ t.,~~]- (~-6A(WY) (ooos).o~ va,. 7 o, ~s Form 30.51 1/01 attorneys' fees to protect its interest in the Property and/orrights under this Security lnstrmnen[, including its secured position in a bankruptcy proceeding. Securing the Property includes, but is not limited to, entering the Property to make repairs, change locks, replace or board up doors and windows, drain water from pipes, eliminate building or other-code violations or dangerous conditions, and have utilities turned on or off. Although Lender m~y take aclion 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 no liability for uot taking any or all actions authorized under this Section 9. Any mnounts disbursed by Lender under this Section 9 shall become additional debt of B~rrower secured by this Security Instrument. These amounts shall bear interest at the Note rate from the date of disbursement and shall be payable, with such interest, upon notice from Lender ~o Borrower requesling payment. If this Security Instrumentis 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 o[ making the Loan, Borrower shall pay the premiums required to maintain the Mortgage lnsurancein effect. }f, for any reason, the Mortgage Insurance coverage required by Lender ceases to be available from the mortgage insurer that previously provided such insurance and Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiums required to obtain coverage substantially equivalent to the Mortgage Insurance previously in effect, at a cost substantially equivalent to the cost to Borrower of the Mortgage Insurance previously in effect, from an alternate mortgage insurer selected by Lender. If substantially equivalent Mortgage Insurance coverage is not available; Borrower shall continue to pay to Lender the amount of the separately designated payments that were due when the insurance coverage ceased to be in effect. Lender will accept,..use and retain these payments as a non-refundableloss reserve in lieu of Mortgage Insurance. Su& loss reserve shall be non-refundable, notwithstanding the hct that the Loan is ultimately paid in full, aud Lender shall not be required to pay Borrower any interest or earnings on such loss reserve. Lender can n.o longer require loss reserve payments if Mortgage Insurance coverage (in the 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 premiums for Mortgage Insurance. If Lender required Mortgage Insurancd as a condition of making the Loan and Borrower was required to make separately designated payments toward the prenfiums for Mortgage Insurance, Borrower shall pay the premiums required to maintain Mortgage Insurance in effect, or to provide a non-refufidable loss reserve, until Lender's requirementfor Mortgage Insurance ends in accordancewith any written agreementbetween Borrower and I..ender providing for su& termination or until terminationis requiredby Applicable Law. Nothing in this Section 1.0 affects Borrower's obligation to pay interest at the rate provided in the Note. Mortgage Insurance reimburses Lender (or any entity that purchases the Note) for certain losses it may incur if Borrower does not repay the Loan as agreed. Borrower is not a party to the Mortgage insurance. Mortgage insurers evaluate their total risk on all such insurance in force frown time to time, and may enter into agreementswith 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 agreementsmay require the mortgageinsurer to make payments using any source of fnnds that the mortgage insurer may have available (which may include funds obtained frmn Mortgage Inst3rance premiums). As a result of .these agreements, Lender, any purchaser of the Note, another :insurer, any reinsurer, any other entity, or any affiliate of any of the foregoing, may receive (directly or indirectly) amounts that derive from (or might be characterized as) a portion of Borrower's pay~nents for Mortgage Insurance, in exchange for sharing or modi~ing the mortgage insurer's risk, or reducing losses. If such agreement provides that an affiliate of Leuder takes a share of the insurer's risk in exchange for a share of ll~e premimns paid to the insurer, the arrangement is often termed "captive reinsurance." Further: (a) Any such agreements will not alIect the mnnunts that Borrower has agreed to pay Mortgage Insurance, or any other terms of the Loan. Such agreements will not iucrease the amount Borrower will owe i~}r Mortgage Insurance, and they ~11 not entitle Borrower to any retired. ~6A(WY) looosl.ol Pageaof~5 Form 3051 1101 (b) Any such agreements will not all'eot the rights Borrower has - it' any - with respect to the Mortgage Insurance under the Homeowners Protection Act ot' 1998 or any other law. These rights may include the right to receive certaiu disclosures, to request and obtain cancellation of the Mortgage Insurance, to have the Mortgage Insurance terminated automatically, and/or to receive a retired ot' any Mortgage Insurance premiums that were unearned at the time of such cancellation or termination. 11. Assignment of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned to and shall be paid to Lender. If the Property is damaged, such Miscellaneous Proceeds shall be applied to restoration or repair of the Property, if the restoration or repair is econonfically feasible and Lender's security is not lessened. During such repair and restorationpcriod, Lender shall have the right to hold such Miscellaneous Proceeds until Lender has had an opportunity to iuspect such Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertakenpromptly. Lender ~nay pay for the repairs ahd restoration in a single disbursement or in a series of progress payments as'the work is completed. Unless an agreementis 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 restorationor repair is not economically feasible or Lendei's security would be lessened, the MiscellaneousProceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with the excess; if any, paid to Borrower. Such Miscellaneous Proceeds shall be applied in the order provided for in Section 2. In,the event of a total taking, destruction, or loss in value of the Property, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. In the event of a partial taking, destruction, or loss in value of the Property in which the fifir market wdue of the Property immediately before the partial taking, destrnction, or loss in value is equal to or greater than the amount of the stuns secured by this Security Instrument immediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the sums seem'ed by'this Security Instrument shall be reduced by the amount of the Miscellaneous Proceeds multiplied by the following fraction: (a) the total amount of the sums secured immediately before the partial taking, destruction, or loss in value divided by (b) the fair market value of the Property immediately before the partial taking, destruction, or loss in value. Any balance shall be paid to Borrower. In the event of a partial taking, destruction, or loss in value of the Property in which the fair market value of the Property immediately before the partial taking, destruction, or loss in value is less than the amount of the sums secured immediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument whether or not the sums are then due. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the Opposing Party (as defined m tile next sentence) offers to make an award to settle'a claim for damages, Borrower fails to respond to Lender within 30 days after the date tile notice is given, Lender is authorized to collect and apply the Miseellaneous 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 crilninal, is begun that, in Lender's judgment, could result in forfeiture of the Property or other material impairlnent of Lender's interest in the Property or rights under this Security Instrument. Borrower can cure such a default and, if accelerationhas occurred, reinstate as provided iii Section 19, by causing the action or proceeding to be dismissed with a ruling that, in Lender'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 damages that are attributable to the impairmentof Lender's interest in the Property are h~reby assigned and shall be paid to Lender. All Miscellaneous Proceeds that are not applied to restoration or repair of the Property shall be applied in the order provided for in Section 2. MFWY7770 (11/00) / 041-326500-0 ~i~i~l,: ~'~ ....... (~-6A(WY) Iooo5).o'~ p~,s~9of '~s' I:o~m 3051 1/01 12. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or modification of amortization of the sums secured by this Security Instrumentgranted by Lender to Borrower or any Successor in Interest of Borrower shall not operateto release the liability of Borrower or any Successors in Interest of Borrower. Lender shall not be required to commenceproceedings against any Successor in Interest of Borrower or to refuse to extend time for payment or otherwise modify amortizationof the sums securedby this Security Instrumentby reason of an), demandmadeby the original Borrower or any Successors in lnterestof Borrower. Any forbearanceby Lender in exercising any right or remedy including, without limitation, Lender's acceptance of payments from third persons, entities or Successors in Interest of Borrower or in amountsless than the amount then due, shall not be a waiver of or preclude the exercise of any right or remedy. 13. Joint and Several Liability; Co-signers; Successors and Assigns Bound. Borrower covenants and agrees that Borrower's obligations and liability shall be joint and several. However, any Borrower who co-signs this Security Instrument but does not execute the Note (a "co-signer"): (a) is co-signing this Security Instrumentonly to mortgage, grant and convey the co-signer's interest in the Property under the terms o.f this Security Instrument; (b) is not: personally obligated to pay the sums secured by this Security lnstrmnent; and (c) agrees that Lender and any other Borrower can agree to exrtend, inodify, forbear or make any accommodationswith 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 Instrumentin 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 Instrmnentunless Lender agrees to such release in writing. The covenants and agreements of this Security Instrument shall bind (except as provided in Section 20) and benefit the successors and assigns of Lender. 14. Loan Charges. I.,ender may charge'Borrower fee~ for services performed in connection with Borrower's default, for the purpose of protecting Lender's interest in the Prope~:ty and rights under this Security Instrument, including, but not limited to, attorneys' fees, property inspection and valuation fees. In regard to any other fees, the absence of express authority in this Security instrumentto charge a specific fee to Borrowershall not be construedas a prohibition on the charging of such fee. Lender may not charge fees that are expressly prohib!ted by this Security Instrmnent or by Applicable Law. If the Loan is subject to a law which sets maximum loan charges, and that law is finally interpretedso that the interest or other loafi charges collected or to be collected in connection with the Loan exceed the permittedlimits, tl!en: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to the permittedlimit; and (b) any sums already collected from Borrower which exceeded permitted limits will be refunded to Borrower. Lender may choose to make this retired by reducing the principal owed nnder the Note or by making a direct payment to Borrower. If a refund reduces principal, the reduction will be treated as a partial prepayment without any prepayment charge (whether or not a prepayment charge is provided for under the Note). Borrower's acceptance of any such refund made by direct payment to Borrower will constitute a waiver of any right of action Borrower might tiave arising out of such overcharge. 15. Notices. All notices given by Borrower or Lender in connection with this Security Instrument must be in writing. Any notice to Borrower in connection with this Security Instrumentshall 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 tmless 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 addres}. If Lender specifies a procedure for reporting Borrower's change of address, then Borrbwer 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 not'ce 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 dcemedto have been given to Lender until actually received by Lender. If any notice required by this ~ecurity Instrumentis also required under Applicable Law, the Applicable Law requirement will satisfy the corresponding requirement under this Security Instrument. ' (~-6A(WY) (ooo5)m p~g. loaf 15 Form 3051 1/01 32? 16. Governing Law; Severability; Rules of Construction. This Security Instrument shall be governed by federal law and the law of the jurisdiction in which lhe 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 nfight be silent, but such silence shall not be construed as a prohibition against agreementby 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 Instrumentor the Note which can be given effect without the conflicting provision. As used in this Security Instrument: (a) words ef the masculine gender shall mean and include corresponding neuter words or words of the feminine gender; (b) words in the singular shall mean and include the plural and vice versa; and (c) the word "may" gives sole discretion without any obligation to take any action. 17. Borrower's Copy. Borrower shall be given one copy of the Note and of this Security Instrmnent. 18. Translhr of the Property or 'a Beneficial Interest in Borrower. As used in this Section 18, "Interest in the Property" means any legal or beneficial interestin the Property, includiag, but not linfited to, those beneficial interests transferredin a bond for deed, contract for deed, instalhnen[ 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 Interestin the Property is sold or transferred (or if Borrower is not a natural person and a beneficial interest in Borrower is sold or transferred)without Lender's prior written consent, Lender may require immediate payment in full of all sums secured by this Security Instrument. However, this opt~n 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 prohde a period of not less than 30 days from the date the notice is given in accordance with Section 15 within which Borrower must pay all sums secured by this Security Instrument. if Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies permitted by this Security Instrument without further notice or demand on Borrower. 19. Burrower's Right to Reinstate After Acceleratiun. If Borrower meets certain conditions, Borrower shall have the right to have enforcement of this Security Instrument discontinued at any time prior to the earliest of: (a)five days before sale of the Property pursuant to any power of sale contained in this Security Instrument; (b) such other period as Applicable Law might speci~ for the termination of Borrower's right to reinstate; or (O entry of a judgment enforcing this Security Instrument. Those conditions are that Borrower: (a) pays Lender all sums which then would be due under this Security Instrumentand the Note as if no accelerationhad 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 rights under this Security Instrument; and (d) takes such action as Lender may reasonably require to assure that Lender's interest in the Property and rights under this Security Instrument, and Borrower's obligation to pay the sums secured by this Security Instrument, shall continue unchanged. Lender may require that Borrower pay such reinstatementsums and expenses ~n one or more of the following forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, treasurer's check or cashier's check, provided any such check is drawn upon an institution whose deposits are insured by a federal agency, instrumentality or entity; or (d) Electronic Funds Transfer. Upon reinstatementby Borrower, this Security [nst.rumentand obligations secured hereby shall remain l~dly 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 o1' Note; Change of Loan Sen,icer; Notice of Grievance. The Note or a partial interestin the Note (together with this Security Instrument)can be sold one or more times Mthout prior notice to Borrower. A sale might result in a change in the entity (known as the "Loan Servicer") that collects Peri~dic Payments due under the Note and this Security Instrument and performs other mortgage loan servici~ng obligatiuns under the Note, this Security Instrmnent, and Applicable Law. There also might be one or more changes of the Loan Servicer unrelatedto a sale of the Note. If thereis a change of the Loan Servicer, Borrowerwill be given written notice of the change which will state the name and address of the new Loan Servicer, the address to which payments should be made and any other information RESPA MFWy7770 (11/00) / 041-326500~0 initial,.-~ ~6A(WY) looos),o~ ~"9.~o~ ' ~ Form 3051 1/01 328 requires in connection with a notice of transfer of servicing. If the Note is sold and thereafterthe 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 transferrcdto a successor Loan Servicer and are not assumed by the Note purchaser unless otherwise provided by the Note purchaser. Neither Borrower m)r Lender may commence,.join, or be joined to any judicial action (as either an indMdnal litigant or the membei: of a class) that arises from the other party's actions pursuant to this Security lnstrumentor that alleges that the other party has breachedany provision of, or any duty owed by reason of, this Security lnstrmnent, until such Borrower or Lender has notified the other party (wit h such notice given iu compliance with the requirements of Section 15) of such alleged breach and afforded the other party hereto a reasonable period after the giving of such notice to take corrective action. If Applicable Law provides a time period which must elapse before certain action can be taken, that time period will be deemed to be reasonable for purposes of this paragraph. The notice pf acceleration and opportunity to cure given to Borrower pursuant to Section 22 and the notice of ac&leration given to Borrower pursuant to Section 18 shall be deemedto satisfy the notice and opportunity to take corrective action provisions of this Section 20. 2i. ltazardous Suhstances. As used in this Section 21: (a) "Hazardous Substances" are those substances defined as toxic or hazardous substances, pollutants, or wastes by Environmental Law and the following substances: gasoline, kerosene, other flammable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or formaldehyde, and radioactive materials; (b) "Environmental Law" means federal laws and laws of the jurisdiction where the Pi'operty is located that relate to health, safety or environmentalprotection; (c) "Environmental Cleanup" includes any response action, remedial action, or removal action, as defined in EnvironmentalLaw; and (d)an "Environmental Condition" means a condition that can cause, contribute to, or otherwise t[igger an Environmental Cleanup. Borrower shall not cause or permit the presence, use, disposal, storage, or release of any Hazardous Substances, or threatento release any HazardousSubstances, on or in the Property. Borrower shall not do, nor allow anyone else to do, anything affecting the Property (a) that is in violation of any Environmental Law, (b) which creates an EnvironmentalCondition, 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, but not limited to, hazardous substances in consumer products). Borrower shall promptly give Lender written notice of (a) any investigation, claim, demand, lawsuit or other action by any governmentalor regulatory agency or priv. ate party involving the Property and any Hazardous Substance or Em4ronmental Law of which Bor?ower has actual knowledge, (b) any EnvironmentalCondition, including but not limited to, any spilling, leaking, discharge, releaseor threatof 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 a~ny HazardousSubstance 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 Enviroumental Cleanup. MFWY7770 (11/00) / 041-326500 0 h,i,~*~=, ~ ~6A(WY), 1o0o~).Ol P,~12o715 Form 3051 1/01 NON-UNIFORMCOVENANTS. 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 lnstrmnent (lint not prior to acceleration under Section 18 unless Applicable Law provides otherwise). The notice shall specit~: (a) the default; (b) the action required to cure the default; (c) a date, not less than 30 days tYom 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 Security Instrument and sale of the Property. The notice shall flxrther infiwm Borrower of tbe right to reinstate after acceleration and the right to bring a court action tn assert the non-existence nf a default or any otber defense ot' Borrower to acceleration and sale. If the default is not cured on or bet'ore tbe date specified in the notice, Lender at its option may require immediate payment in fidl of all sums secured by this Security Instrument without fl]rther demand and may invoke the power of sale aud..any other remedies permitted by Applicable Law. Lender shall be enti'tled to collect all expenses incurred in pursuing the remedies provided in this Section 22, including, bt]t not limited to, reasonable attorneys' fees and costs or' title evidence. It' Lender invokes the power of sale, Lender shall glve notice of intent to foreclose to Borrower and to the person in possession of the Property, if different, in accordance with Applicable Law. Lender Shall give notice of the sale to Borrower in the manner provided in Section 15. Lender shall publish the notice of sale, and the 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 follouing order: (a) to all expenses of the sale, including, but not limited to, reasonable attorneys' tees; (b) to all sums secured by this Security lnstrmnent; and (c) any excess to tile person or persons legally entitled to it. 23. Release. Upon payment of all sums secured by this Security Instrument, Lender shall release this Security Instrument. Borrower shall pay any recordation costs. Lender may charge Borrower a fee for releasing this Security Instrmnent, but only if the fee is paid to a third 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. MFWY7770 (11/00) / 041-326500-0 iaitiala: ~ (~,-6A(WY) looo5).Ol P,g. laoflS Form 3051 1/01 .............. :: BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this Security Instrument and in any Rider executed by Borrower and recorded with it. Witnesses: RONALD D. THOMAS -Borrower /;/" COLLEEN THOMAS -Borrower (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Borrower -Borrower MFWY7770 (l 1/00) / 041-326500-0 (~6A(WYllooos).o~ P~g~no~S Form 3051 1101 STATE OF WYO'MING~ L~ncoln County ss: Tim foregoing instrument was acknowledged before me this /th day of December, 2 O 01 by RONALD D. THOMAS AND COLLEEN THOMAS, HUSBAND AND WIFE My Commission Expires: 9/18/03 Nota~ Il C,o. un~ o! ~ State of I1...Linc°In ~ Wyom,ng (~-6A(WY) looos).Ol P.g~5o¢~5 'Form 3051 1/01