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HomeMy WebLinkAbout889919Return To: HOMECOMINGS FiNANCIAL NETWORK, INC ONE MERIDIAN CROSSING, STE 100 8999 I 9 Loan Number: 041-665216-2 Prepared By: HomeComings Financial Network 14850 Quorum Drive, Suite 500 Dallas, TX 75254 RECEIVED · LINCOLN OQL!r',,ITY CLERK '94 BOOK--PR PAGE_C.~ [Space Above This Line For Recording Data] MORTGAGE MiN 100062604166521627 DEFINITIONS ~ Words used in multiple sections of this document are def'med below and other words a~e de£med in Sections 3, 11, 13, 18, 20 and 21. Certain rules regarding the usage of words used in this document are also p.rovided in Section 16. (A) "Security Instrnment" means this docuinent, which is dated MAy 6TH, together with all Riders to this document. (B) "Borrower" is VAN E. HELM AND DAYDRA L. HELM, HUSBAND AND WIFE 2003 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 tim mortgagee under this Security Instrument. MERS is organized and existing under the laws of Delaware, and has an address and telephone number of P.O. Box 2026, Flint, MI 48501-2026, tel. (888) 679-MERSi WYOMING-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT WITH MERS MFWY7770 (11/00) / 041-665216-2 Page 1 of 15 Initials: VMP MORTGAGE FORMS - (800)521-7291 Form 3051 1/01 IIIII I I III I II II (D) "Lender" is HOMECOMINGS FINANCIAL NETWORK INC. Lender is a CORPORATION organized and existing under the laws of DELAWARE Lender's address is 14850 QUORUM DRIVE, SUITE 500 DALLAS, TX 75254 (E) "Note" means the promissory note signed by Borrower and dated MAY 6TH, 2003 The Note states that Borrower owes Lender NINETY THOUSAND AND NO/100 Dollars (U.S. $ 90 ,'000.00 ) plus. interest. Borrower has promised to pay this debt in regular Periodic Payments and to pay' the debt'in full not later than JUNE 1ST, 2 018 (F) "Property" means the property that is described below under the heading "Transfer of Rights in the Property." i (G) "Loan" means the debt evidenced by the Note, plus interest, any prepayment charges and ilate charges due under the Note, and all sums due under tiffs Security Instrument, plus interest. (H) "Riders" means all Riders to this Security Instrument that are executed by Borrower. The following Riders are to be executed by Borrower [check box as applicable]: Adjustable Rate Rider ~ Condominium Rider ~] Second Home Rider Balloon Rider ~] Planned Unit Development Rider [~ 1-4 Family Rider VA Rider [-~ Biweekly Payment Rider ~-] Other(s) [specify] (I) "Applicable Law" means all controlling applicable federal, state and local statutes, regulations, ordinances and a&ninistrative roles and orders (that have file effect of law) as well as all appl!cable final, non-appealable judicial opinions. (J) "Coramunity Association Dues, Fees, and Assessments" means all dues, fees, assessments and other charges that are imposed on Borrower or the Property by a condominium association, homeowners association or similar 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,! telephonic instrument, computer, or magnetic tape so as to order, instruct, or authorize a financial institutiOn to debit or credit an account. Such term hlcludes, 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 described in Section 3. (M) "Miscellaneous Proceeds" means any compensation, settlemeut, 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) condmnnation or other taking of all or any ipart of the Property; (iii) conveyance iii lieu of condemnation; or (iv) misrepresentations of, or omissions as to, the value and/or condition of the Property. (N) "Mortgage Insurance" means insurance protecting Lender against the nonpayment of, orldefault on, the Loan. (O) "Periodic Payment" means the regularly scheduled amount due for (i) principal and intere&t under the Note, plus (ii) any amounts under Section 3 of this Security Instrument. (P) "RESPA" means fl~e Real Estate Settlement Procedures Act (12 U.S.C. Section 2601 et seq.) and its implementing regulation, Regulation X (24 C.F.R. Part 3500), as they 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 Instrmnent, "RESPA" refers to all requkements and restrictions that are imposed in regard to a "federally related mortgage loan" even if the Loan does not qualify as a "federally related mortgage loan" under RESPA. Ml~VY7770 (11,00) , 041-665216-2 In,trois: ~ ~oF~o~ I~-6A(WY) Iooos).o~ P~ 2 of ~s ' ' r , 051 1101 4 (Q) "Succ~sor ia Interest of Borrower" means any party that baa taken dale to the Property, wheihei or not that p~y has assumed Borrower's obligations under the Nole and/or this Security. Instrument;' TRANSFER OF RIGHTS IN THE PROPERTY This Security Instrument secures to Lender: (i) the repayment of the Loan, and all renewals, extensions and modifications of the Note; and (ii) the performance of Borrower's covenants and agreemenrs"iunder ~i,s Security Ir~trament and the Note. For tiffs purpose, Borrower does hereby mortgage, grmlt and Convey to MERS (~olely as nominee for Lender and Lender's successors and assigns) and to tile successors and assigns of MERS, with power of sale, the following described property located inthe cou~trf of LINCOLN [Type of Recording Jurisdiction] [Name of Recording Jurisdiction] PART OF SECTION 6, T30N RllSW OF THE 6TH P.M., LINCOL2q COUNTy, WYOMING BEING MORE PARTICULJI_RLY DESCRIDED AS FOLLOW: CO~4ENCiNG AT A POINT WHICH IS 15 1/2 RODS WEST FROM THE NORTHEAST CORNER OF SAID SECTION 6 A~D RUNlflNG THENCE SOUTH 135 FEET; THENCE EAST 109 1/4 FEET! THENCE NORTH 135 FEET; THENCE WEST 109 1/4 FEET' TO THE PLACE OF BEGI~INING. Parcel ID Number: 30180610000300 which currently has the address of 35 COUNTY RD 148 SMOOT [Ci£¥] Wyoming 83126 [Zip Code] ( Property Adch'ess"): TOGi:iTHER WITH all the improvements now or hereafter erected on the property, and all easemmts, appurtenances, and fixtures now or hexeafter a pan of tk~ property. All replacements and additions shall also be covered by this Security Instnmmnt. All of the foregoing is referred to in this Security Instrument as the "Properly." Borrower understands and agrees that MERS holds only legal title to tile interests granted by 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 r~ght: to exercise any orall of those interests, including, but not limited to, the right to foreclose and sell the Property; and to take at~.y action required of Lender i~)cluding, but not linfited to, releasing and canceling this Security Instrument. BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has the right to mortgage, grant and convey the Property and that the Property is tmencumbered, except for encumbrances of record. Borrower warrants ~.d will defend generally the title rd the Property against all claims and demands, subject to any encumb/-ances of record. THIS SECURITY INSTRUMENT combines uniform covenants for national use and non-uniform covenants with limited Yariations by jurisdiction to constitute a tmifonn security instrument covering real property. blFW'Y7770 (11/00) / 041-665216-2 p,9~ 3 o~ ~s Form 3051 1!0'1 UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 1o Payment oi' IS--i~cipM, 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 ander the Note 'and this Security Instrument shall be made in U.S, currency. However, if any check or other instrument received by Lender as payment under the Note or this Security Instrument is returned to Lender unpaid, Lender may require that any or all subsequent paymems due under the Note and this Security Instrument be made in one or more of the following forms, as selected by Lender: (a) cash; (b) m6ney 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, instnm~entality, or entity; or (d) Electronic Funds Transfer. Payments are deemed received by Lender when received at the location designated in the Note or at such other location as may be designated by Lender in accordance wi~ the notice provisions in Section 15. Lender may return any payment or partial payment if the payment or partial payments are insufficient to bring the Loan current. Lender may accept any payment or partial payment insufficient to bring the Loan current, without waiver of any rights hereunder or prejudice to its rights to refuse such payment or partial payments in the fature., 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 m~cs paymeat to bring the Loan current. If Borrower does not do so within a reasonable period of time, Lender shall either apply such funds or return them to Borrower. If not applied earlier, such funds will be applied to the outstanding principal balance under the Note immediately prior to foreclosure. No offset or claim which Borrower might have now or ~n the future against Lender shall relieve Borrower from making payments due under the Note and this Security Instrument or perfom~Lng the covenants and agreements secured by this Security Instrm'nent. 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 follow~ng order of priority: (a) interest due u~der the Note; (b) principal due under the Note; (c) amounts due m~der Sectiorx 3. Such payments shall be applied to each Periodic Payment in the order in which it became due. A~y remai~Lng 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. If Leader receives a payment from Borrower for a delinquent Periodic Payment which Includes a sufficient amount to pay any late charge due, t3e payment rnay 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 i~ full. To ~he extent that any excess exists after the paymem is applied to the full payment of one or more Periodic Payments, such excess may be applied to any late charges due. Voluntary prepayments shall be applied first to any prepayment charges and then as described in the Note.. Any appl.[cation 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 da), Periodic Payrnems are due under the Note, until the Note is paid in full, a sum (the "Funds") to provide for payment of amounts due tbr: (a) taxes and assessmemts and other items which can attain priority over this Security Instrument as a lien or encumbrance on t~e Property; (b) leasehold payments or ground rents on the Property, if an)'; (c) premiums for any and ali insurance requked by kender ur~der Section 5; ~d (d) Mortgage l~surance premiurns~ if any, or any sums payable by Borrower to Lt:'nder in lieu of the payment of Mortgage Insurance premiunu in accordance with the provisions of Section 10. These items are called "Escrow Items." At origi.~ation or at any time during the term of the Loan, Lender may require that Community Association Dues, Fees, and Assessments, if any, be escrowed by Borrower, and such dues, fees and assessments shill be an Escrow Item. Borrower shall promptly furnish to Leader 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 Io 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. A~y such waiver may only be in writing, In the event of such wa/vet, Borrower shall pa)' directly, when and where payable, the amounts BlFW'YY770 (11/00) / 041.665216-2 ~'~0~///~--~;~ 498 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 such payment within such dine period as Lender may require. Borrower's obligation to make such payments and to provide receipts shall for all purposes be deemed to be a covenant aud agreement contained in this' Security Instrument, as the phrase "coveuant 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 tLme, collect and hold Funds in an amount (a) sufficient to pernfit Lender to apply the Funds at the time specified under RESPA, and (b) not to exceed the maxhnum amount a lender can require under RESPA. Lender ·shall esthnate the amount of Funds due on the basis of current data and reasonable esthnates of expenditures of furore Escrow Items or otherwise in accordance with Applicable Law. The Funds shall be held in an institution whose deposits are insured by a federal agency, instrumentality, or entity (including Lender, if Lender is au institution whose deposits are so insured) or in any Federal Home Loan Bm~k. Lender shall apply the Funds to pay the Escrow Items no later than the thne specified under RESPA. Lender shall not charge Borrower for holding and applying the Funds, mmually aualyzing the escrow account, or verifying the Escrow Items, unless Lender pays Borrower interest ou the Funds and Applicable Law permits Lender to make such a charge. Unless an agreement is made in writing or Applicable Law requires interest to be paid on the Funds, Lender shall not be required to pay Borrower any interest or earnings on the Funds· Borrower and Lender can agree in writing, however, that h~terest shall be paid on the Funds. Lender shall give to Borrower, without charge, an mmual accounting of the Funds as required by RESPA. If there is a surplus of Funds held in escrow, as de£med 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 def'med 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 hr no more than 12 monthly payments. If there is a deficiency of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as r~quired by RESPA, and Borrower shall pay to Lender the amount necessary to make up the deficiency in accordance with RESPA, but in no more than 12 monthly payments. Upon payment in full of all sums secured by this Security Instrument, Lender shall promptly refund to Borrower any Funds held by Lender. 4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, f'mes, and impositions attributable to the Property which can attain priority over this Security Instrument, leasehold payments or ground rents on the Property, if any, and Community Association Dues, Fees, and Assessments, if any. To the extent that these items are Escrow Items, Borrower shall pay them in the mamxer provided in Section 3. Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a) agrees [tx writing to the payment of the obligation secured by the lien in a mamxer acceptable to Lender, but only so tong as Borrower is performing such agreement; (b) contests the lien in good faith by, or defends against enforcement of the lien in, legal proceedings which in Lender's opinion operate to prevent the enforcement of the lien while those proceedings are pending, but only until such proceedings are concluded; or (c) secures from the holder of the lien an agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determines that any part of the Property is subject to a lien whiclt can attain priority over tiffs Security Instrument, Lender may give Borrower a notice identifying the MI~VY7770 (11/00)/ 041-665216-2 initials:~,~ 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 Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included within tim term "extended coverage," and any other hazards including, but not linfited to, earthquakes and floods, for which Lender requires insurance. This insurance shall be maintained in the amounts (including deductible levels) aud for the periods that Lender requires. What Lender requires pursuant to the precedhlg sentences can change during the term of the Loan. The insurance carrier providing the insurance shall be choseu by Borrower subject to Lender's right to disapprove Borrower's choice, which right shall not be exercised unreasouably. Lender may require Borrower to pay, in connection with this Loan, either: (a) a one-time charge for flood zone determination, certification and trackh~g services; or (b) a one-time charge for flood zone determination and certification services and subsequent charges each time remapph~gs or similar chauges occur which reasonably might affect such determiuation or certification. Borrower shall also be responsible for the payment of any fees imposed by the Federal Emergency Managemeut Agency iii 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 aud Borrower's expense. Lender is under no obligation to purchase any particular type or amount of coverage. Therefore, such coverage shall cover Lender, but might or might not protect Borrower, Borrower's equity in the Property, or the contents of the Property, ' against any risk, hazard or liability and nfight provide greater or lesser coverage than was previously in effect. Borrower aclmowledges that the cost of the insnrance coverage so obtained might significantly exceed the cost of insurance that Borrower conld have obtained. Any amounts 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 date of disbursement and shall be payable, with such interest, upon notice from Lender to BOrrower requesting payment. All insurance policies required by Lender and renewals of such policies shall be snbject to Lender's right to disapprove such policies, shall include a standard mortgage clause, and shall name Lender as mortgagee and/or as an additional loss payee. Lender shall have the right to hold the policies and renewal certificates. If Lender requkes, 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 iii 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 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 restoration in a single payment or iii a series of progress payments as the work is' completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such insurance proceeds, Lender shall not be required to pay Borrower any interest or earnings on such proceeds. Fees for public adjusters, or other third parties, retaiued by Borrower shall not be paid out of the insurance proceeds and shall be the sole obligation of Borrower If the restoration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be applied to the sums secured by this Security Instrument, whether or uot then due, with MFWY7770 (11/00) / 041-665216-2 (~-6AIWY) Iooo~Lo~ Page § of 15 50D the exfiess, if any, paid to Borrower. Such insurance proceeds shall be applied in the order prgvided for in Section 2. If Borrower abandons the Property, Lender may fide, negotiate and settle any available insurance claim aud related matters. If Borrower does not respond within 30 days to a notice from Lellder that the insurance carrier has offered to settle a claim, then Lender may negotiate and settle the clainll The 30-day period will begin when the notice is given. In either event, or if Lender aCquires the Prgperty under Section 22 or otherwise, Borrower hereby assigns to Lender (a) Borrower's rights to ahy insurance proceeds in an amount not to exceed the amounts unpaid under the Note or this SecUrity Ins!mment, and (b) any other of Borrower's rights (Other than the right to any refund of unearned premiums paid by Borrower) uuder 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 th~ Property or to pay amounts 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 aud shall continue to occupy the Property as Borrower's principal residence for at least one year after the date of occupancy, miless Lender otherwise agrees in writing, which consent shall not be mtreasonably withheld, or unlessl extenuating ckcumsmnces exist which are beyond Borrower's control. I 7. Preservation, Maintenance and Protection of the Property; Inspections. BorroWer shall not destroy, damage or hnpair the Property, allow the Property to deteriorate or cormnit waste on the Property. Whether or not Borrower is residing in the Property, Borrower shall maintain th~ Property hi order to prevent the Property from deteriorating or decreasing hi value due to its condition.I Unless it is determined pursuant to Section 5 that repair or restoration is not economically feasible, B~rrower shall promptly repair the Property if damaged to avoid further deterioration or damage. If insurance or condenmation proceeds are paid hi com~ection with damage to, or the talolg 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 l~ot sufficient to repair or restore the Property, Borrower is not relieved of Borrower's obligation for the i ' completion of such repair or restoration. Lender or its agent may make reasonable entries upon and inspections of the PropeEty. If it has reasonable cause, Lender may inspect the interior of the improvements on the Property. Lender shall give Borrower notice at the time of or prior to such an interior inspection specifying such reasonableicause. 8. Borrower's Loan Application. Borrower shall be hi default if, during the Loafi application process, Borrower or any persons or entities acting at the direction of Borrower or with Borrower's kalowledge or consent gave materially false, nfisleading, or inaccurate information or statements to Lender (or failed to provide Lender with material information) hi connection with the Lofin. Material representations include, but are not lhnited to, representations concerning Borrower's occupancy of the Property: as Borrower's principal residence. 9. Protection of Lentler's Interest in the ProPerty and Rights Under this Secnrity Ingtrument. If (a) Borrower fails to perform the covenants and agreements contained in this Security Instrument, (b) there is a legal proceeding that might significantly affect Lender's interest in the Property and/or rights under this Security Iustrument (such as a proceeding hi bmflcruptcy, probate, for condemnation or forfeiture, for enforcement 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 forI whatever is reasonable or appropriate to protect Lender's interest in the Property and rights under [his Security Instrument, including protecting and/or assessing the value of the Property, and securing and/or repairing the Property. Lender's actions can include, but are not limited to: (a) paying any sums secured by a lien which has priority over this Security Instrument; (b) appearing in court; and (c) paying reasonable IvlFWY7770 (I 1/00) / 041-66'5216-2 Initiala:(~ attorneys' fees to protect its interest iu 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 Property to make repairs, change locks, replace or board up doors and windows, drain water from pipes, eliminate building or other code violations or dangerous conditions, and have utilities turned on or off. Although Lender may take action under this Section 9, Lender does not have to do so and is not under any duty or obligation to do so. It is agreed that Lender incurs no liability for not taking any or all actions anthorized under this Section 9. Any amounts disbursed by Lender under this Section 9 shall become additional 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, with such interest, upon notice from Lender to Borrower requesting payment. If this Security Instrument is on a leasehold, Borrower shall comply with all the provisions of the lease. 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 premiums required to ~naintain the Mortgage Insurance in effect. If, for any reason, the Mortgage Insurance coverage required by Lender ceases to be available from the mortgage hmurer that previously provided such insurauce and Borrower was required to make separately designated payments toward file premiums for Mortgage Insurance, Borrower shall pay the premiums required to obtaiu 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 desiguated payments that were due when the insurance coverage ceased to be in effect. Lender will accept, use and retain these payments as a non-refundable loss reserve in lieu of Mortgage Insurance. Such loss reserve shall be non-refundable, notwithstanding the fact that the Loan is ultimately paid in full, and Lender shall not be required to pay Borrower any interest or earnings on such loss reserve. Lender can no longer require loss reserve payments if Mortgage Insurance coverage (in the amount and for the period that Lender requires) provided by 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 Insurance as a condition of making the Loan and Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiums reqnired to maintain Mortgage Insurance in effect, or to provide a non-refundable loss reserve, until Lender's requirement for Mortgage Insurance ends in accordance with any written agreement between Borrower and Lender providing for such termination or until termination is required by Applicable Law. Nothing in this Section I0 affects Borrower's obligation to pay h~terest 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 hlsurance. Mortgage insurers evaluate their total risk ou 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 agreements may require the mortgage insurer to make payments using any source of funds that the mortgage insurer may have available (which may include funds obtained from Mortgage Insurance 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 Insnrance, 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 premiums paid to the insurer, the arrangement is often termed "captive reinsurance." Further: (a) Any such agreements will not affect the amounts that Borrower has agreed to pay for Mortgage Insurance, or any other terms of the Loan. Such agreements will not increase the amonnt Borrower will owe for Mortgage Insnrance, and they will not entitle Borrower to any retired. MFWY7770 (11/00) / 041-665216-2 Initiala: ~-6A(WY) IOO051.Ol Page 8 of ~S .~R.)n~' Form 1/01 510 2 (b) Any such agreements will not affect the rights Borrower bas - if any - with respect to the Mortgage Insurance under the Homeowners Protection Act of 1998 or any other law. These rights may include tile right to receive certain disclosures, to request and obtain cancellation of the Mortgage Insurance, to bare tlxe Mortgage Insurance terminated automatically, and/or [to receive a refund of ~any Mortgage Insurance premiums that were unearned at the fi]ne of such cancellation or termination. 11. Assignment of Miscellaneous Proceeds; Forfeiture. All Miscellaueous Proceed~ are hereby assigned to and shall be paid to Lender. If the Property is damaged, such Miscellaneous Proceeds shall be applied to restorationi or repair of the Property, if the restoration or repair is economically feasible and Lender's security is riot lessened. Durhxg such repair and restoration period, Lender shall bave the right to hold such Miscellane6us Proceeds until Lender has had an opportunity to inspect such Property to ensure the work has been ~ompleted to L nder 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 ithe work is completed. Unless au agreement is made in writing or Applicable Law requires interest to be paid on such 'Miscellaneous Proceeds, Lender shall not be required to pay Borrower any interest or earnings on such Miscellaneous Proceeds. If the restoration or repair is not economically feasible or Lender's security would be lessened, the Miscellaneous Proceeds shall be applied to the sums secured by this Securityl Instrument, whether 0r 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 .takh~g, 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 th~n due, with the excess, if any, paid to Borrower. In the event of a partial takhxg, destruction, or loss in value of the Property in which th~ fair market value of the Property hmnediately before the partial taking, destruction, or loss in value isi equal to or greater thau the amouut of the sums secured by this Security Instrument innnediately befor6 the partial taking, destruction, or loss in value, mfless Borrower and Lender otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by the amount of the Miscellaneofis Proceeds multiplied by the following fraction: (a) the total amount of the sums secured mm~ed~ately before the partial taking, destruction, or loss in value divided by (b) the fair market value of the Property innnediately before the partial taking, destruction, or loss in value. Any balance shall be paid to iBorrower. In the event of a partial taking, destruction, or loss in value of the Property in which th~ fair market value of the Property hnmediately before the partial takh~g, destruction, or loss in value is [ess than the amouut of the sums secured hmnediately betbre the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the Miscellaneous Proceeds shall be applied i 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 in the next sentence) offers to make an award to settle a clainx for damages, Borrower fails to respond to Lender within 30 days after the date the notice is given, Lender i~ authorized to collect and apply the Miscellaneous Proceeds either to restoratiou or repair of the Properlty 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 iof action in regard to Miscellaneous Proceeds· Borrower shall be in default if any action or proceeding, whether civil or crinxinal, is b~gun that, in Lender's judgment, could result in forfeiture of the Property or other material hnpairment iof Lender's interest in the Property or rights under this Security Iustrument. Borrower cau 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, in Lender's judgment, precludes forfeiture of the Property or other material hx~pairment of Leuder's interest in the Property or rights under this Security Instrument. The iproceeds of any award or clahn for damages that are attributable to the hnpairment of Lender's hxterest in ilxe Property are hereby assigned and shall be paid to Lender. All Miscellaneous Proceeds that are not applied to restoration or repair of the Propeity shall be applied in the order provided for in Section 2. MFWY7770 (11/00) / 041-665216~2 t~-6A(WY) (ooos).o~ Page 9 of 15 initials: '~ //~I~' ~,~ Form: 3051 1/01 5O3 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 Instrument granted by Lender to Borrower or any Snccessor in Interest of Borrower shall not operate to release the liability of Borrower or any Successors in Iuterest of Borrower. Lender shall not be required to commence proceedings against any Successor in Interest of Borrower or to refuse to extend time for payment or otherwise modify 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 Lender in exercisiug any right or remedy includiug, without limitatiou, Lender's acceptance of payments from third persons, eutities or Successors in Interest of Borrower or in amounts less than the amount then due, shall not be a waiver of or preclude the exercise of any right or remedy. 13. Joint and Several Liability; Co-signers; Snccessors and Assigns Bound. Borrower covenants and agrees that Borrower'g'obligations and liability shall be joint and several. However, any Borrower who co-signs this Secnrity Instrument but does not execute the Note (a "co-signer"): (a) is co-signing this Security Instrument only to mortgage, grant and convey the co-signer's interest in the Property under the terms of this Security Instrument; (b) is not personally obligated to pay the sans secured by this Security Instrument; and (c) agrees that Lender and any other Borrower can agree to extend, modify, forbear or make any accolnmodations 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, auy Successor iu Interest of Borrower who assmnes Borrower's obligations under this Security Instrument in writiug, and is approved by Lender, shall obtain all of Borrower's rights and beuefits 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 Iustrument shall bind (except as provided in Section 20) and benefit the successors and assigns of Lender. 14. Loan Charges. Lender may charge Borrower fees for services performed in cmmection with Borrower's default, for the purpose of protecting ' ' ' · - Lender s interest m the Property and rights uuder thts Security Instrument, includh~g, but not limited to, attorneys fees, property mspect~on and valuation fees. In regard to any other fees, the absence of express authority in this Security Instrument to charge a specific fee to Borrower shall not be construed as a prohibition on the charging of such fee. Lender may not charge fees that are expressly prohibited by this Security Instrument or by Applicable Law. If the Loau is subject to a law which sets maximnm 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 from 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. 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 have 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 hmtrument 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 coustitute notice to all Borrowers unless Applicable Law expressly requires otherwise. The notice address shall be the Property Address unless Borrower has designated a substitute notice address by notice to Lender. Borrower shall promptly notify Lender of Borrower's change of address. If Lender specifies a procedure for reporth~g Borrower's change of address, theu 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 auy 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 anoflmr address by notice to Borrower. /u~y notice in connection wiflx this Security Instrument shall not be deemed to have been given to Lender until actually received by Lender. If any notice required by this Security Instrument is also required under Applicable Law, the Applicable Law requirement will satisfy the corresponding requirement under this Security hlstrument. MFWY7770 (11/00) / 041-66~216-2 Initials:~~ (~-6A(WY) Iooo5).Ol Page ,Oof 15 /~ ~ Form 3051 1/01 II 16. Governing Law; Severability; Rnles of Constrnction. This Security Instrument 'shall be governed by federal law and the law of the jurisdiction in which the Property is located. All rights and obligations contained in this Security Instruinent are subject to any requirements and limitations of Applicable Law. Applicable Law might explicitly or implicitly allow the parties to agree by contract or it might be silent, but such silence shall not be construed as a prohibition agahlst agreement by contract. In the event that any provision or clause of this Security Instrument or the Note conflicts with Applicable Law, such conflict shall not affect other provisions of this Security Instrument or the Note which can be given effect without file colffiicting provision. As used in this Security Instrument: (a) words of the masculine gender shall mean and include corresponding neuter words or words of the feminine gender; (b) words hi the singular shah mean and include file plural and vice versa; and (c) file 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 Instrument. 18. Transfer of the Property or a Beneficial Interest in Borrower. As used in this Section 18, "Interest in the Property" means any legal or beneficial interest hi the Property, including, but not limited to, those beneficial interests transferred in a bond for deed, contract for deed, hkstalhnent sales contract or escrow agreement, tile intent of which is the transfer of title by Borrower at a future date to a purchaser. If all or any part of the Property or any Interest hi the Property is sold or transferred (or if Borrower is not a natural person and a beneficial interest hi Borrower is sold or transferred) without Lender's prior written consent, Lender may require innnediate pay~nent in full of aH 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 tile date tile 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. Borrower's Riglit to Reinstate After Acceleration. If Borrower meets certain conditions, Borrower shall have the right to have enforcement of this Security Instrument d:scoutmued at any thne prior to the earliest of: (a) five days before sale of the Property pursuant to any power of sale contained in this Security Instrunlent; (b) such other period as Applicable Law might specify for file termhmtion of Borrower's right to rehlstate; or (c) 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 Instrument and die 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 hlcurred 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 dns Security hlstrument, 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 ts drawn upon an institution whose deposits are insured by a federal agency, instrumentality or entity; or (d) Electronic Funds Transfer. Upon reinstatement by Borrower, this Security Instrument and obligations secured hereby shall remain fully effective as if no acceleration had occurred· However, this right to rehlstate shall not apply in the case of acceleration under Section 18. 20. Sale of Note; Change of Loan Servicer; Notice of Grievance. The Note or a partial hlterest in the Note (together with this Security Instrument) can be sold one or more thnes without prior notice to Borrower. A sale might result hi a change in the entity (known as the "Loan Servicer") that collects Periodic Payments due under the Note and this Security Instrument and performs other ~nortgage loan servicing obligations uuder the Note, this Security Instrument, and Applicable Law. There also might be one or more chauges 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 Loan Servicer, the address to which payments should be made and any other ixfformation RESPA MFWY7770(,l,00) / 041-665216-2 (~-6A(WY) (ooos).o~ P~o, ,, of ,5 A'~J.1 Form 3051 1/01 5O5 requires in com]ection with a notice of transfer of serviciug. If the Note is sold and thereafte/ the Loan is serviced by a Loan Servicer other than the purchaser of the Note, the mortgage loan servicin~ obligations to Borrower will remah~ with the Loan Servicer or be transferred to a successor Loan Servicer and are not assumed by the Note purchaser unless otherwise provided by the Note purchaser. · Neither Borrower nor Lender may commence, join, or be joiued to any judicial action ias either an individual litigant or the member of a class) that arises from the other party's actions pursuant to this Security Instrmnent or that alleges that the other party has breached any provision of, or any dbty owed by reason of, this Security Instrument, until such Borrower or Lender has notified the other party (with such notice given in compliance with the requirements of Section 15) of such alleged breach and iafforded the other party hereto a reasouable 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 tiffs paragraph. The notice of acceieration and opportunity to cure given to Borrower pursuant to Section 22 and the notice of acceleration given to Borrower pursuant to Section 18 shall be deemed to satisfy the notice and opportunity to take corrective action provisions of this Sectiou 20. 21. Hazardous Substances. As used in this Section 21: (a) "Hazardous Substances:" are those substances del'reed as toxic or hazardous substances, pollutants, or wastes by Enviromnental Law aud the followiug substances: gasoline, kerosene, other flammable or toxic petroleum products, tox{c pesticides and herbicides, volatile solvents, materials contaiuing asbestos or formaldehyde, and radioactive materialsi (b) "Environmental Law" means federal laws and laws of the jurisdiction where the Property is!located that relate to health, safety or enviromnental protection; (c) "Enviro~m~ental Cleanup" includes arty response action, remedial action, or removal action, as def'med h~ Environmental Law; and (d) an En~tromnental Condition" means a condition that can cause, contribnte to, or otherwise trigger an Environmental Cleanup. , Borrower shall not cause or permit the presence, use, disposal, storage, or release of an~ Hazardous Substances, or threaten to release any Hazardous Substances, on or in the Property. Borrower s!~all not do, I. nor allow anyone else to do, anything affecting the Property (a) that is in violation of any En¥~ronmental Law, (b) which creates an Environmental Condition, or (c) which, due to the presence, use, or irelease of a Hazardous Substance, creates a condition that adversely affects the value of the Property. Th~ 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 h~vestigation, claim, dem4nd, lawsuit or other action by any governmental or regulatory agency or private party involving the Property and any Hazardous Substance or Environmental Law of which Borrower has actual knowledge, (b) any Environmental Condition, including but not limited to, any spillh~g, 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, oi is notified by any governmental or regulatory authority, or any private party, that any removal or other 3emediation 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. IVIFWY7770 (11/00) / ··,041-665216-2 (~-6AlWY) ~ooosl.o~ Page 12 of 15 Form 3051 1/01 ' 50'6 NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows: 22. Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration following Borrower's breach of any covenant or agreement in this Security Instrument (but not prior to acceleration under Section 18 nnless Applicable Law provides otherwise). The notice shal! specify: (a) the defanlt; (b) the action required to cnre the defanlt; (c) a (late, not less than 30 days from the {late the notice is given to.Bprrower, by which the defanlt mnst be cnred; and (d) that failur~ to cure the defanlt on or before the date specified in the notice may resnlt in acceleration of the sum~ secnred by this Security Instn,ment and sale of the Property. The notice shall fnrther inform Borrower of the right to reinstate after acceleration and the right to bring a conrt action to assert the nomex~stence of a default or any other defense of Borrower to acceleration and sale. If the default is not icnred on or before the date specified in the notice, Lender at its option may require immediate payment in full of all snms secured by this Security Instrument withont fi~rther demand and may invoke tile power of sale and any other remedies permitted hY Applicable Law. Lender shall be entitled to collect all expenses incurred iii pursuing the remedies provided in this Section 22, including, bnt not limited to, reasonable attorneys' fees and costs of title evidence. If Lei)der invokes the power of sale, Leuder shall give notice of intent to foreclose io 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 pnblish tile notice of sale, and the Property shall be sold in tile manner prescribed byI Applicable Law. Lender or its designee may purchase the Property at any sale. The proceeds of the gale shall be applied in the following order: (a) to all expenses of the sale, including, but not i limited to, reasonable attorneys' fees; (b) to all sums secured by this Security Instrument; and (c) airy excess to the person or persons legally entitled to it. 23. Release. Upon payment of all sums secured by this Security Instrument, Lender shall release this Security Instrument. Borrower shall pay any recordation cOsts. Lender may charge Borrower a fee for releash~g this Security Instrument, but only if the fee is paid to a third party for services rendered and the cbargh~g of the fee is pernfitted under Applicable Law. 24. Waivers. Borrower releases and waives all exemption laws of Wyomh~g. MFWY7770 (11/00) / 041-665216-2 (~-6A(WY) Iooos).ol Page 13 of 15 rights under and by virtue of the Form 3051 homestead 1/Ol "OS~3~:k~ 5 6 7 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; (Seal) -Borrower (Seal) -Borrower Vga"q E. HELM -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower /VIF'WY7770 (11/0fi)d 046665216-2 (~6A(WYI Iooo~}.o~ Page 14of 18 Form 3051 1/01 508 STATE OF WYOMING, The foregoirtg hxstmment was ach~owledged before me this by VAN E. HELM AND DAYDRA L. HELM, HUSBAND A2qD WIFE Lincoln County ssi 6th day of!:Mny~:i 2003 My Commission Expires: { C,8. NEEL. REINHART,~ Notar7 Public l/ County of ~'~ State of ~[r Lincoln ~ Wyoming Y--/g--~ ~l~My Commission Expires March 18, 2005 Notary Public MFWY7770(ll/00) / 041-665216-2 (~-6A(WY) (ooo~}.o~ Page 15 of 15 Form 3051 1/01