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HomeMy WebLinkAbout889950Return To: CENTEX HOME EQUITY COMPA/~Y, LLC P.O. BOX 199111, FINAL DOCS tq ~ 5 0 Dallas, TX 75219 Prepared By: DATISKILA FISHER ' BOOK ~-~0 PR PAGE 251900488 [Space Above This Line For Recording Data] MORTGAGE DEFINITIONS LINC3t. Words used in multiple sections of this document are defined below and other words are deft 3, 11, 13, 18, 20 and 21. Certain rules regarding the usage of words used in this document ar in Section 16. 5/09/200 (A) "Security Instrument" means this document, which is dated together with all Riders to this document. (B) "Borrower" is NANCY KAE PRISK A/gD CHRISTINE E BOOKER LLC OF DELAWARE Borrower is the mortgagor under this Security Instrument. (C) "Lender" is CENTEX HOME EQUITY COMPANY, Lenderis a A LIMITED LIABILITY COMPJLNY organized and existing under the laws of THE STATE WYOMING-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT (~}®-6(WY) (ooo5) /.~,//,~ Page 1 of 15 Initials: VMP MORTGAGE FORMS - (800)521-7291 CLERK led in Sections ~ also provided Form 3051 1/01 251900488 Lender's address is 2828 NORTH HARWOOD DALLAS, TX 75201-1516 Lender is the mortgagee under this Security Instrument. (D) "Note" means the promissory note signed by Borrower and dated 5 / 0 9,'2 0 0 3 The Note states that Borrower owes Lender FORTY FIVE THOUSkND & 00/100 Dollars (U.S. $ 4 5,0 0 0.0 0 ) plus interest. Borrower has promised to pay this debt in r, gular Periodic Payments and to pay the debt in full not later than 5 / 15 / 2 0 3 3 (E) "Property" means the property that is described below under the heading "Transfer of Rights in the Property." (F) "Loan" means the debt evidenced by the Note, plus interest, any prepayment charges a, td late charges due under the Note, and all sums due under this Security Instrument, plus interest. (G) "Riders" means all Riders to this Security Instrument that are executed by Borrower. The following Riders are to be executed by Borrower [check box as applicable]: ~-~ Condominium Rider ~ Second Home Rider ~ Planned Unit Development Rider [-~ 1-4 Family Rider ~ Biweekly Payment Rider ~ Other(s) [specify] [~ Adjustable Rate Rider [--] Balloon Rider [~ VA Rider (H) "Applicable Law" means all controlling applicable federal, state and local statutes regulations, ordinances and administrative rules and orders (that have the effect of law) as well as all applicable final, non-appealable judicial opinions. / (I) "Community Association Dues, Fees, and Assessments" means all dues, fees, assessments and other charges that are imposed on Borrower or the Property by a condominium association( homeowners association or similar organization. (J) "Electronic Funds Transfer" means any transfer of funds other than a transaction originated by check, draft or s~mtlar paper instrument, which ~s ~nmated through an electronic terminal telephomc instrument computer, or magnetic tape so as to order, ~nstruct, or authorize a fmanmal msmuuon 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. (K) "Escrow Items" means those items that are described in Section 3. (L) "Miscellaneous Proceeds" means any compensation, settlement, award of da,nages, or prpceeds paid by any third party (other than insurance proceeds paid under the coverages described in Section 5) for: (i) damage to, or destrucuon of, the Property; (n) condemnaUon or other taking of all or any part of the Property; (iii) conveyance in lieu of condemnation; or (iv) misrepresentations of, or omissions as to, the value and/or condition of the Property. (M) "Mortgage Insurance" means insurance protecting Lender against the nonpayment ofI or default on, the Loan. ' (N) "Periodic Payment" means the regularly scheduled amount due for (i) principal and interest under the Note, plus (ii) any amounts under Section 3 of this Security Instrument. (O) "RESPA" means the Real Estate Settlement Procedures Act (12 U.S.C. Section 2601 et seq.) and its ~mplement~ng regulauon, Regulation X (24 C.F.R. Part 3500), as they might be amended from Ume to Ume, or any additional or successor legislation or regulation that governs the same subject matter. As used in this Security Instrument, "RESPA" refers to all requirements and restrictions that are imposed in regard to a "federally related mortgage loan" even ff the Loan does not qualify as a "federally related mortgage loan" under RESPA. ,(~-6(WY) (ooo5) Page 2 o! 15 F)rm3051 1/01 (P) "Successor in Interest of Borrmver" means any party that has taken title to the Property, that party has assumed Borrower's obligations under the Note and/or this Security Instrument. TRANSFER OF RIGHTS IN THE PROPERTY LOT 7 OF STAR VALLEY ON THE OFFICIAL PLAT 251900488 ~hether or not Parcel ID Number: THEREOF. ("Property Address"): 35183120602800 449 VISTA DRIVE THAYNE which currently has [City] , Wyoming 8 312 7 ~-6(WY) 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 addit ions shall also be covered by this Security Instrument. All of the foregoing is referred to in this Security Instrument as the "Property." ! BORROWER COVENANTS that BorroWer is lawfully seised of the estate hereby con[eyed and has the right to mortgage, grant and convey the Property and that the Property is unencumbered, except for encumbrances of record. Borrower warrants and will defend generally the title to the Property against ~ claims and demandsl subject to any encumbrances of record. THIS SECURITY INSTRUMENT combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrumen~ covering real property. UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 1. Payment of Principal, Interest, Escrow Items, Prepayment Charges, and ate Charges. Borrower shall pay when due the principal of, and interest on, the debt evidenced by the Note and any prepayment charges and late charges due under the Note· Borrower shall also pay funds for Escrow Items pursuant to Section 3. Payments due under the Note and this Security Instrument shall be made in U.S. currency. However, if any check or other instrument received by Lender as payment under th Note or this Pago 3 ol 1§ Form 3051 1/01 the address of [Street] [Zip Code] This Security Instrument secures to Lender: (i) the repayment of the Loan, and all renewals, extensions and ~nodifications of the Note; and (ii) the performance of Borrower's covenants and agreem{nts under this Security Instrument and the Note. For this purpose, Borrower does hereby mortgage, grant and convey to Lender and Lender's successors and assigns, with power of sale, the following described p~operty located in the COUNTY ' of LINCOLN I ' [Type of Recording Jurisdiction[ [Name of Recording Jurisdiction] RANCH PLAT 10, LINCOLN COUNTY, WYOMING AS DESC~.IBED 599 251900488 ! Security Instrument is returned to Lender unpaid, Lender may requke that any or 'all subsequent payments due under the Note and this Security Instrument be made in one or more of the following forms, as selected by Lender: (a) cash; (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 deemed received by Lender when received at the location designated in Ithe Note or at such other location as may be designated by Lender in accordance with the notice provisionsI 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 th~ Loan current, without waver of any rights hereunder or prejudice to its rights to refuse such payment or pargal payments in the future, but Lender is not obligated to apply such payments at the time such payments are a~cepted. If each Periodic Payment is applied 'as of its scheduled due date, then Lender need not paY interesI on unapplied funds. Lender may hold such unapplied funds until Borrower makes payment 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 clam which Borrower might have now or in the future against Lender shall relieve Borrower from making payments due under the Note anld this Security Instrument or performing the covenants and agreements secured by this Security Instrument. 2 Application of Payments or Proceeds Except as otherwise described in this Section 2, all payments accepted and applied by Lender shall be applied in the following order of priority: (a) interest due under the Note; (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 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 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 p. iyment and the late charge. If more than one Periodic Payment is outstanding, Lender may apply any paymen ~ received from Borrower to the repayment of the Periodic Payments if, and to the extent that, each payment can be pad in full. To the extent that any excess exists after the payment is applied to the full payment ,f one or more Periodic Payments, such excess may be applied to any late charges due. Voluntary prepayments shall be applied fkst to any prepayment charges and then as described in the Note. Any application of payments, insurance proceeds or Miscellaneous Proceeds to principal due under the Note shall not extend or postpone the due date or change the amount, of the Periodic Payments. 3. Funds for Escrow Items. Borrower shall pay to Lender on the day Periodic Payments. are due under the Note, until the Note is pad in full, a sum (the "Funds") to provide for payment of amounts due for: (a) taxes and assessments and other items which can attain priority over this Security Instrument as a lien or · I . encumbrance on the Property; (b) leasehold payments or ground rents on the Property, if any; (c) premiums for any and all insurance required by Lender under Section 5; and (d) Mortgage Insurance premiums, if any; or any sums payable by Borrower to Lender m lieu of the payment of Mortgage Insurance premiums accordance with the provls~ons of Section 10 These ~tems are called "Escrow Items." At ong~nauon 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 shall 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 t~ pay the Funds for any or 'all Escrow Items. Lender may wave Borrower's obligation to pay to Lender Fun~s. 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 dkectly, when and where payable, the amounts due for any Escrow Items for which payment of ~-6(WY) (0005) Page 4 of ~5 Form 3051 1/01 600 251 00488 Funds has been waived by Lender and, if Lender requires, shall furnish to Lender receipts e ~idencing such payment within such time period as Lender may require. Borrower's obligation to make suc~I payments and to provide receipts shall for all purposes be deemed to be a covenant and agreement contained in this Security Instrument, as the phrase "covenant and agreement" is used in Section 9. 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 th~n be obligated under Section 9 to repay to Lender any such amount. Lender may revoke the waiver as to an~ or all Escrow Items at anY time by a notice given in accordance with Section 15 and, upon such revocation, IBorrower 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 mnount (a) sufficient to permit Lender to apply the Funds at the time specified under RESPA, and (b) not to exceed the maximum mnount a lender can require under RESPA. Lender shall estimate the amount of Funds due on the basis of current data mid reasonable estimates of expenditures of future Escrow Items or otherwise in accordance with Alpplicable Law. The Funds shall be held in an institution whose deposits are insured by a federal agency, ~nstrumentality, or entity (including Lender, if Lender is an lnsutuuon whose deposits are so insured) or in an3' Federal Home Loan Bank Lender shall apply the Funds to pay the Escrow Items no later than the time ~pecified under RESPA. Lender shall not charge Borrower for holding and applying the Funds, annually analyzing the escrow account, or verifying the Escrow Items, unless Lender pays Borrower interest on Ithe 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 BorrowerI 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 accounting of the Funds as required by RESPA. I If there is a surplus of Funds held in escrow, as defined under RESPA, Lender s~all account to Borrower for the excess funds in accordance with RESPA. If there is a shortage of Funds held in escrow, as defined under RESPA, Lender Shall notify Borrower as required by RESPA, and Borrow~rL shall pay t° Lender the amount necessary to make up the shortage in accordance with RESPA, but in no more than 12 monthly payments. If there is a deficiency of Funds held ~n escrow, as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to make up the deficiency in accordance with RESPA, but in no more than 12 monthly payments. I Upon payment in full of all sums secured by this Security Instrument, Lender shall promptly refund to Borrower any Funds held by Lender. / 4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines, and impositions attributable to the Property which can attain priority over this Security Instrument leasehold payments or .... A' I . ground rents on the Property, if any, and Co~nmumty Assoclauon Dues, Fees, and ssessments, if any. To the extent that these items are Escrow Items Borrower shall pay them in the manner provided in S~ction 3 Borrower shall promptly discharge any lien which has priority over th~s Security Instrument unless Borrower' (a) agrees m wnnng to the payment of the obligauon secured by the hen in a manner acceptable to Lender, but only so long as Borrower ~s performing such agreement; (b) contests the lien in good froth 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"which can attain priority over this Security Instrument, Lender may give Borrower a notice identifying the lien. Within 10 (~}~-6(WY) (ooo5) Page 5 of 15 orrn3051 1/01 251 days of the date on which that notice is given, Borrower shall sadsfy the lien or take one actions set forth above in this Section 4. 900488 Dr more of the 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 the term "extended coverage," and any other hazards including, but not limited to, earthquakes and floods, for which Lender requires insurance. This insurance shall be maintained in the amounts (including deductible levels) and for the peri~ds that Lender requires. What Lender requires pursuant to the preceding sentences can change during the term of the Loan. The insurance carder providing the insurance shall be chosen by Borrower subject to Lehder's right to disapprove Borrower's' choice, which right shall not be exercised unreasonably. Lende~ may require Borrower to pay, in connection with this Loan, either: (a) a one-time charge for flood zone determination, certification and tracking services; or (b) a one-time charge for flood zone determination and certification services and subsequent charges each time remappings or similar changes occur which reasonably might affect such determination or certification. Borrower shall also be responsible for the payment of any fees imposed by the Federal E~nergency Management Agency in connection with the rewew of any flood zone determination resulting from an objection by Borrower. ! If Borrower fails to maintain any of the coverages described above, Lender may obtain insurance coverage, at Lender's option and Borrower's expense. Lender is under no obligation to purchase any particular type or amount of coverage. Therefore, such coverage shall cover Lender, but might or might not protect Borrower, Borrower's equity in the Property, or the contents of the Property, against ;my risk, hazard or liability and might provide greater or lesser coverage than was previously in effect. Borrower acknowledges that the cost of the insurance coverage so obtained might significantly exceed the cost of insurance that Borrower could have obtained. Any amounts disbursed by Lender 'under this Section 5 shall become additional debt of Borrower secured by this Security instrument. These amounts shalllbear 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 subj '.ct to Lender's right to disapprove such policies, shall include a standard mortgage clause, and shall rome Lender as mortgagee and/or as an additional loss payee. Lender shall have the right to hold the polici,~s and renewal certificates. If Lender requires, Borrower shall prompdy give to Lender all receipts of paid premiums and renewal notices. If Borrower obtains any form of insurance coverage, not otherwise required by Lender, for damage to, or destruction of, the Property, such policy shall include a standard mortgage clause, and shall name Lender as mortgagee and/or as an additional loss payee. / In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. Unless Lender and Borrower otherwise, agree in writing, any insurance proceeds, whether or not the underlying insurance was required by Lender, shall be applied to restoration or repair of the Property, if the restoration or repair is economically feasible and LendeFs security is not lessened. During such repair and restoration period, Lender shall h~ve the right to hold such insurance proceeds until Lender has had an opportunity to inspect such Property to ~nsure 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 in a series of progress payments as the work is completed. Unless an agreement is made in writing or Applicabl~ Law requires interest robe 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 Borrow. er 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 (~-6(WY) (0005) Page 6 o[ 15 F)rm3051 1/01 6O2 ~-6(WY) (0005) 251900488 the sums secured by this Security Instrument, whether or not then due, with the excess, ~ 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 thai the insurance carrier has offered to settle a clai~n, 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) unde~ all insurance policies covering the Property, insofar as such rights are applicable to the coverage of the Pn ~perty. Lender may use the insurance proceeds either to repair or restore the Property or to pay amounts un ~aid under the Note or this Security Instm~nent, whether or not then due. 6. Occupancy. Borrower shall occupy, establish, and use the Property as Borrower's prim :ipal 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 o~der to prevent the Property from deteriorating or decreasing in value due to its condition. Unless it is determiniedk pursuant to Section 5 that repair or restoration is not economically feasible, Borrower shall promptly repair the Property if damaged to avoid further deterioration or damage. If insurance or condemnation proceeds are paid in connection with damage to, or the taking of, the Property, Borrower shall be responsible f~or repairing or restoring the Property only if Lender has released proceeds for such purposes. Lender may disburse proceeds for the repairs and restoration in .a single payment or in a series of progress payments as the work is completed. If the insurance or condemnation proceeds are not sufficient to repair or restore the Property, Borrower isnot relje ed of Borrower s obligatton for the compleUon of such repatr or restorabc n. Lender or its agent may make reasonable entries upon and inspections of the Property. If it has reasonable cause, Lender may inspect the interior of the improvements on the Property. Len ]er shall give Borrower notice at the time of or prior to such an interior inspection specifying such reasonable :ause. 8. Borrower's Loan Application. Borrower shall be in default if, during the Loan application process, Borrower or any persons or entities acting at .the direction of Borrower or with Borrower's knowledge or consent gave materially false, misleading, or inaccurate information or statements to Lende~ (or failed to provide Lender with material information) in connection with the Loan. Material representations include, but I , 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 Ihstrument. 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 rig)ts under this Security Instrument (such as a proceeding in bankruptcy, probate, for condemnation or forfeiture, for enforcement of a lien which may attain priority over this Security Instrument or to enforce laws or regulations), or (c) Borrower has abandoned the Property, then Lender may do and pay foI whatever is reasonable or appropriate to protect Lender's interest in the Property and rights under ,this Security Instrument, including protecting and/or assessing the value of the Property, and securing and/or repairing the Property. Lender's actions can include, but are not limited to: (a) paying any sums secured b~ a lien which has priority over this Security Instrument; (b) aPpearing in court; and (c) payin~ reasonable Page 7 of 15 Fo 1/01 603 251900488 attorneys' fees to protect its interest in the Property and/or rights under this Security Instrument including its secured posmon in a bankruptcy proceeding. Secunng the Property includes, but Is not hmlted to, entering the Property to make repairs, change locks, replace.or board up doors and windows, drain wa~er from pipes, eliminate building or other code violations or dangerous conditions, and have utilities tun,ed on or off. Although Lender may take action under this Section 9, Lender does not have todo 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 authorized under this Section 9. Any amounts disbursed by Lender under this Section 9 shall become additional deb: 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 Borro, ver requesting payment. If this Security Instrument is on a leasehold, Borrower shall comply with all the provisions of the lease. If Borrower acquires fee tire 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 ma ting the Loan, Borrower shall pay the premiums required to maintain the Mortgage Insurance in effect. If, f~r any reason, the Mortgage Insurance coverage required by Lender ceases to be available from the mortga ge 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 o blain coverage substantially equivalent to the Mortgage Insurance previously in effect, at a cost substantiall2' equivalent to the cost to Borrower of the Mortgage Insurance previously in effect, from an alternate mtrtgage 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 whe~ the insurance coverage ceased to be in effect. Lender will accept, use and retain these payments as a non4sfundable loss reserve in lieu of Mortgage Insurance. Such loss reserve shall be non-refundable, notwithstandi ~g the fact that the Loan is ultimately paid in full, and Lender shall not be required to pay Borrower any inter :st 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 ~gain 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 required to maintain Mortgage Insurance in effect, or to provide a non4efundable loss .I 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 10 affects Borrower's obligation to pay interest at the rate providel in the Note. Mortgage Insurance reimburses Lender (Or any entity that purchases the Note) for certail[ losses it [nay incur if Borrower does not repay the Loan as agreed. Borrower is not a party to the Mortgage h tsurance. Mortgage insurers evaluate their total risk on all such insurance in force from time to ime, 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 p ~rties) to these agreements. These agreements may require the mortgage insurer to make payments using any 3urce of funds that the ~nortgage insurer may have available (which may include funds obtained from Mor~ iage 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 indirecfly) anjou nts that derive from (or might be characterized as) a portion ,of Borrower's payments for Mortgage Insurance, in exchange for sharing or modifying the mortgage insurer s risk, or reducing losses. If such agreement p~ovides that an affiliate of Lender takes a share of the,insurer's risk in exchange for a share of the premiurns paid to the · insurer, the arrangement is often termed 'captive reinsurance." Further: I (a) Any such agreements will not affect the amounts that Borrower has agreeld to pay for Mortgage Insurance, or any other terms of the Loan. Such agreements will not increase the amount Borrower will owe for Mortgage Insurance, and they will not entitle Borrower to any refulnd. · ° .. (~-6(WY) (0005) P,~e ~ of ~5 rm 3051 1/0'1 251900488 (b) Any such agreements will not affect the rights Borrower has - it' any -with ~espect to the Mortgage Insurance under the Homeowners Protection Act of 1998 or any other law. Th6se rights may include the right to receive certain dtsclosures, to request and obtain cancellation of ~he Mortgage Insurance, to have the Mortgage Insurance terminated automatically, and/or to receive a refund of any Mortgage Insurance premiums that were unearned at the time of such cancellation or termination. 11. Assignment of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned to and shall be paid to Lender. / If the Property is damaged such Miscellaneous Proceeds shall be apphed to restoration or repair of the Property, if the restoraUon or repatr Is economically feasible and Lender s security is not lessened. Dunng such repair and restoration period, Lender shall have the right to hold such Miscellaneous Proceeds until Lender has had an opportunity to inspect such Property to ensure the work has been complete, d to Lender's satisfaction provided that such inspection shall be undertaken promptly. Lender may pay for the repairs and restoraUon in a s~ngle dxsbursement or in a series of progress payments as the work ~s completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such Miscellaneous Proceeds, Lender shall not be required to pay Borrower any interest or earnings on such Miscellaneous l~roceeds. If the restoration or repair is not economically feasible or Lender's security would be lessened, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument, whether or not thee due, with the excess, if any, paid to Borrower. Such Miscellaneous Proceeds shall be applied in the order provided for in Section 2. I 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. I 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 equal to or greater than the amount of the sums 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 oecured 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 taki6g, destruction, or loss in value divided by (b) the fair market value of the Property immediately before th~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 i~ 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 in the next sentence) offers to make an award to settle a claim for dmnages, Borrower fails to respond to Lender within 30 days after the date the notice is given, Lender is authorized to collect and apply the Miscellaneous Proceeds either to restoration or repair of the 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. I Borrower shall be in default if any action or proceeding, whether civil or criminal, is Ibegun that, in Lender's judgment, could result in forfeiture of the Property or other material impairment of Lender's interest in the Property or rights under this Security Instrument. Borrower can cure such a default and, if acceleration has occurred, reinstate as provided in Section 19, by causing the action or proceeding to be dismissed with a ruling that, in Lender's judgment, precludes forfeiture of the Property or other material !mpairment of Lender's interest in the Property or rights under this Security Instrument. The proceeds of any award' or claim for damages that are attributable to the impairment of Lender's interest in the Property are hereby assigned and shall be paid to Lender. / All Miscellaneous Proceeds that are not applied to restoration or repair of the Property shall be applied in the order provided for in Section 2. Initials: //~ ~0 (~}~-6(WY) (ooos) Page 9 el ls rm 3051 1/01 251900488 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 gravted by Lender to Borrower or any Successor in Interest Of Borrower shall not operate to release the liabilit,y, of Borrower or any Successors in Interest of Borrower. Lender shall not be required to commence proceedings against any Successor in Interest of Borrower or to refuse to extend time for payment or otherwise modify amortization of the sums secured by this Securxty Instrument by reason of any demand made by the original Borrower or any Successors ~n Interest of Borrower. Any forbearance by Lender in exercising any right or remedy including, without limitation, Lender's acceptance of payments from third persons, entities o~ Successors in · I Interest of Borrower or in amounts less than the amount then due, shall not be a wzuver of 9r preclude the exercise of any right or remedy. / 13. Joint and Several Liability; Co-signers; Successors and Assigns Bound. BorrowerI covenants and agrees that Borrower's obligations and liability shall be joint and several. However, any Borrower who co-s~gns th~s Security Instrument but does not execute the Note (a "co-s~gner ): (a) ~s co-s~gmng thru Security Instrument only to mortgage, grant and convey the co-signer s ~nterest ~n the Property under the terms of th~s Security Instrument; (b) is not personally obligated to pay the sums secured by this Security Iastrument; and (c) agrees that Lender and any other Borrower can agree to extend, modify, forbear or make any accommodations with regard to the terms of this Security Instrument or the Note without he co-signer's consent. Subject to the provisions of Section 18, any Successor in Interest of Borrower who assun ~es Borrower's obligations under this Security Instrument in writing, and is approved by Lender, shall obtain all of Borrower's rights and benefits under this Security Instrument. Borrower shall not be released from Borrower's obligations and liability under this Security Instrument unless Lender agrees to ;uch 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. Lender may charge Borrower fees for services performed in connection with Borrower's default, for file purpose of protecting Lender's interest in the Property and rights under this Security Instrument, including, but not limited to, attorneys' fees, property inspection and v~uation 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 pot charge fees that are expressly prohibited by this Security Instrument or by Applicable Law. I If the Loan is subject' to a law which sets maximum loan charges, and that law is finall~ interpreted so that the interest or other loan charges collected or to be collected in connection with the Lpan exceed the permitted limits, then (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to the permitted hmxt; and (b) any sums already collected from Borrower winch exceeded permmed hlmts 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 part~al prepayment w~thout any prepayment charge (whether or not a prepay~nent charge ~s 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. Notmes. All nonces given by Borrower or Lender ~n connecnon w~th this Security I9strument must be in writing. Any notice to Borrower in connection with this Security Instrument shall be deemed to have I , 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 Bcrrowers unless Applicable Law expressly requires otherwise. The notice address shall be the Property , Borrower has designated a substitute notice address by notice to Lender. Borrower shall F Lender of Borrower's change of address. If Lender specifies a procedure for reporting Borrov address, then Borrower shall only report a change of address through that specified procedure only one designated notice address under this Security Instrmnent at any one time. Any notice be given by delivering it or by mailing it by first class mail to Lender's address stated herein has designated another address by nonce to Borrower. Any nonce ~n connecnon w~th th~s Security Instrument shall not be deemed to have been given to Lender unnl actually recmved by Lender· If any nonce reqmred by this Security Instrument is also required under Applicable Law, the Applicable Law requirement will satisfy the corresponding requirement under this Security Instrument. ° 11~}~-6(WY) (0005) Page 10 of 15 · F ~rm 3051 1/01 kddress unless romptly notify ,er's change of There may be~ to Lender shall unless Lender 16. Governing La,v; Severability; RUles ot' Construction. This Security Ins~ument sh~l be governed by feder~ law and ~e law of ~e j~isdicfion in which ~e ~operty is located. All righ~ ~nd obligations con.ned in ~is Security Ins~ument ~e subject to ~y requkemenm ~d limitations of A>p~cable Law. Applicable Law might explicitly or implicitly ~low the p~fies to agree by con~act or it mig~ t be silent, but such s~ence sh~l not be cons~ued ~ a prohibition ag~nst agreement by con~act. In ~e event ~at ~y provision or clause of ~is Security Ins~ument or ~e Note conflicB wi~ Applicable Law, suc a conflict sh~ not ~fect o~er provisions of ~is SecmW Ins~ument or ~e Note which c~ be given effict wi~out conflicting provision. As used ~ ~is Sec~ity Ins~ument: (a) words of ~e m~culine gender sh~l mea ~d include co~esponding neuter words or words of ~e fem~ine gender; (b) words in ~e singul~ slh~l me~ ~d include ~e plurfl ~d vice versa; ~d (c) ~e word "may" gives sole discretion wi~out ~y ob igafion to ~e any action. 17. Borrower's Copy. Bo~owe3 sh~l be given one copy of ~e Note ~d of ~is Security Ins~ument. 18. Transfer of the Property or a Beneficial Interest in Borrower. As used in fils Section 18, "Interest in ~e ~operty" me~s ~y leg~ or benefici~ interest in fl~e ~oper~, including, but not ~mited to, ·ose benefici~ interesm ~sfeged in a bond for deed, con~act for deed, ins~ent s~es con=act or escrow a~eement, ~e intent of which is the =~sfer of rifle by no.ewer at a furore date to a purch~e~ If ~1 or ~y p~t of ~e ~operty or ~y Interest in ~e Property is sold or =~sfeged (or if no.ewer is not a natur~ person ~d a beneficial interest in Bogower is sold or =~sfeged) wi~out Lender's paler written consent, Lender may requke immediate payment in full of ~ sums secured by ~is Secur,~ty Ins=ument. However, ~is option sh~ not be exercised by Lender if such exercise is prohibited by Apphca)le Law. If Lender exercises ~is option, Lender sh~l give Bogower notice of acceleration. The notice sh~ provide a period of not less ~ 30 days from ~e date ~e notice is given in accord~ce ~i~ Section 15 wi~in which Bogower must pay ~ sums sec~ed by ~is Security Ins~ument. If Bogower f~ls to pay ~ese sums prior to ~e expkafion of ~is Pefiod, Lender may invoke ~y remedies permitted b~ ~is Security Ins=ument wi~out fur~er notice or dem~d on Bogower. / 19. Borrower's Right to Reinstate After Acceleration. If Bogower mee~ cer~n conditions, Bogower sh~l have ~e right to have enforcement of ~is Security Ins=ument discontinued at ~y time prior to ~e e~hest of: (a) five days before s~e of ~e ~operty p~su~t to ~y power of s~e con.ned in Security Ins=ument; (b) such o~er period ~ Applicable Law might specify for ~e termination of Bo~ower's right to reinstate; or (c) envy of a judgment enforcing ~is Security Ins~ument. %ese conditions ~e ~at Bogower: (a) pays Lender ~1 sums which ~en would be due under ~is Sec~ity Ins=ument ~d ~e Note as ff no acceleration had occuged; (b) cures ~y default of ~y o~er coven~B or a~eemen~; (c) pays inched in enforcing ~is Security Ins~ument, including, but not limited to, re~onhble attorneys' expenses fees, property inspection ~d v~uafion fees, ~d o~er f~s incuged for ~e pu¢ose of protecting' Lender's interest in ~e ~operty ~d fighB under ~is Security ins~ument; ~d (d) ~es such action ~ Lender may re~onably requke to assure ~at Lender's interest in ~e ~operty ~d righB under ~is Secu~W Ins=ument, ~d Bogower s obhgafion to pay ~e sums secured by ~is Security Ins=ument, shah confidue unch~ged. Lender may requke ~at Bogower pay such reinstatement sums ~d expenses in one or more o~ ~e following forms, as,selected by Lender: (a) cash; (b) money order; (c) cer~ied check, b~k check, ~easurer's' check or cashier's check, provided ~y such check is &awn upon ~ institution whose deposiB ~e insured by a feder~ agency, ins=umen~ity or entity; or (d) Elec~onic Funds Tr~sfer. Upon reinstatement by IBo~ower, mis Securi~ Ins~ument ~d obligations secured hereby sh~l remmn fully effective as if no acceleration had .I occ~ed. However, ~is right to reinstate sh~l not apply in ~e c~e of acceleration under Secuon 18. 20. Sale of Note; Change of Loan Servicer; Notice of Grievance. The Note or a p~fi~ interest in ~e Note (mge~er wi~ ~is Security Ins=ument) .... c~ be sold one or more umes w~out prior nonce to Bogower. A s~e ~night result in a change in ~e entity (known ~ ~e "Lo~ Servicer") ~at collec~ Periodic Paymenm due under ~e Note ~d ~is SecuriW Ins~ument ~d performs o~er mortgage lo~ servicing obligations under ~e Note, ~is Security InsUum~nt, ~d Apphcable Law. ~ere ~so might be one or m~re ch~ges of · e Lo~ Servicer unrelated to a s~e of ~e Note. If ~ere is a ch~ge of ~e Lo~ Servicer, Bogower will be given written notice of ~e ch~ge which will state ~e nme ~d ad.ess of ~e new Lo~ Servicer, ~e address to which paymenu should be made ~d ~y o~er Nfomafion RESPA requkes in connection wi~ a o ~6(WY) (ooos) Page 11 of 15 F rm 3051 1/01 {~)~-6(WY) (0005) OS JtJ G: 607 251900488 notice of transfer of servicing. If the Note is sold and thereafter the Loan is serviced by a Lorn Servicer other than the purchaser of the Note, the mortgage loan servicing obligations to Borrower will [emain 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 joined to any judicial acti( n (as either an individual litigant or the member of a class) that arises from the other party's actions pursuant to this Security Instrument or that alleges that the other party has breached any provision of, or any duty owe d by reason of, this Security Instrument, until such Borrower or Lender has notified the other party (with such notice given in compliance with the requirements of Section 15) of such alleged breach and afforded the othe party hereto a reasonable period after the giving of such notice to take corrective action. If Applicable Law ~rovides a time period which must elapse before certain action can be taken, that time period will be deemed t~ be reasonable for purposes of this paragraph. The notice of acceleration and opportunity to cure given to Borrower pursuant to Section 22 and the notice of acceleration given to Borrower pursuant to Section 18 shal~ be deemed to satisfy the notice and opportunity to take corrective action provisions of this Section 20. 21. Hazardous Siibstances. 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 I following substances: gasoline kerosene other flammable or toxic petroleum products toxic pesticides and erbicides, volatile solvents, materials containing asbestos or formaldehyde, and radioactive materials; (b) Environmental Law" means federal laws and laws of the jurisdiction where the Property is located that relate to health, safety or environmental protection; (c) "Environmental Cleanup" includes any r:sponse action, remedial action, or removal action, as defined in Environmental Law; and (d) an "Environmental Condition" means a condition that can cause, contribute to, or otherwise trigger an Environmental Cleanu[. Borrower shall not cause or permit the presence, use, disposal, storage, or release of any HazardoUs Substances, or threaten to release any Hazardous Substances, on or in the Property. Borrow:r shall not do, nor allow anyone else to do, anything 'affecting the Property (a) that is in violation of any Environmental Law, (b) which creates an Environmental Condition, or (c) which, due to the presence, use, or release of a Hazardous Substance, creates a condition that adversely affects the value of the Property. Thc preceding two sentences shall not apply to the presence, use, or storage on the Property of small quantitie of Hazardous Substances that are generally recognized to be appropriate to normal residential uses and to naintenance 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, den.and, lawsuit or other action by any governmental or regulatory agency or private party involving the Pr,)perty and any Hazardous Substance or Envkonmental Law of which Borrower has actual knowl:dge, (b) any Envkonmental Condition, including but not limited to, any spilling, leaking, discharge, reletse or threat of release of any Hazardous Substance, and (c) any condition caused by the presence, use >r release of a Hazardous Substance which adversely affects the value of the Property. If Borrower learns, ~r is notified by any governmental or regulatory authority, or any private party, that any removal or other remediation of any I Hazardous Subslance affecting the Property is necessary, Borrower shall promptly take all necessary remedial actions in accordance with Environmental Law. Nothing herein shall create any obligation or Lender for an Environmental Cleanup. ~a,, ~,o, 15 'nitials:/~"/'~F ~ OrE 3051 1/01 251900488 NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows~ 22. Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration following Borrower's breach of any covenant or agreement in this Security Instrument (but not prior to acceleration under Section 18 unless Applicable Law provides otherwise). The notice sh. dl specify: (a) the default; (b) the action required to cure the default; (c) a date, not less than 30 days from the date the notice is given to Borrower, by which the default must be cured; and (d) that faih re to cure the default on or before the date specified in the notice may result in acceleration of the sums. secured by this Security Instrument and sale of the Property. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to bring a court action to assert the nonl-existencel of a default or any other del'ense of Borrower to acceleration and sale. If the default is n~t cured on or before the date specified in the notice, iLender at its option may require immediate pa3 a~ent in tull of all sums secured by this Security Instrument without further demand and may invoke the power of sale and any other remedies permitted by Applicable Law. Lender shall be entitled to collect all expenses incurred in pursuing the remedies provided in this Section 22, including, but lot limited to, reasonable attorneys' fees and costs of title evidence. If Lender invokes the power of sale, Lender shall give notice of intent to foreclos~ 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 following order: (a) to all expenses of the sale, including, but not limited to, reasonable attorneys fees; (b) to all sums secured by this Security Instrument; and (c) any excess tv the person or persons legally entitled to it. ~ 23' ~Release' Up°~n payment °f all Sums secured, bY this Secu~ritY.Instrumen~' Len~ s~all rele~e ~is ~ecurity Instrument. gorrower shall pay any recoraation costs. Lenaer may c arge om~wer a tee ~or releasing this Security Instrument, but only if the fee is paid to a third party for services readered 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 homes :ead exemption laws of Wyoming. (~}~-6(WY) (0005) Page 13 of 15 orm3051 1/01 251 BY SIGNING BELOW, Borrower accepts ,and agrees to the terms and covenants c( Security Instrument and in any Rider executed by Borrower and recorded with it. Wimesses: C I~OOKER -Borrower (Seal) -Borrower (Seal) -Borrower (~6(WY) (o005) Page 14of 15 900488 ,ntained in this (Seal) -Borrower (Seal) -BorTowel' (Seal) -Borrower (seal) -Borrower orm 3051 1/01 STATE OF WYOMING, Ltnc o In The foregoing instrument was acknowledged before me this 12 th day by NANCY KAE PRISK CHRISTINE E BOOKER of 251 C May, l0 )00488 mnty ss: 003 My Commission Expires: February 2, 2006 ~ ~~. NOTAJ~Y PUSUC I (~-6(WY) (0005) Page 15 of ~5 ~rm3051 i/01' 251900488 PLANNED UNIT DEVELOPMENT RIDER 511 THIS PLANNED UNIT DEVELOPMENT RIDER is made this 9 th day of MAY , 2 0 0 3 , and is incorporated h tto and shall be deemed to amend and supplement the Mortgage, Deed of Trust or Security Deed 'the "Secuhty Instrument") of the stone date, given by the undersigned (the "Borrower") to secure Borre~ver's Note to CENTEX HOME EQUITY COMPANY, LLC "Lender") of the same date and covering the Property described in the Security Instrument 449 VISTA DRIVE THAYNE, WY 83127 [Property Address[ The Property includes, but is not limited to, a parcel of land improved with a dwelling, togl ther with other such parcels and certain common areas and facilities, as described in SEE BELOW * (the "Declaration"). The Property is a part of a planned unit development known as STAR VALLEY RANCH [Name of Planned Unit Development] (the "PUD"). The Property also includes Borrower's interest in the homeowners associationI or equivalent entity owning or managing the co,nmon, areas and facilities of the PUD (the "Owners Association") and the uses, benefits and proceeds of Borrower .s interest. PUD COVENANTS. In addition to the covenants and agreements made in the Security Instrument, Borrower and Lender further covenant and agree as follows: A. PUD Obligations. Borrower shall perform all of Borrower's obligations under the PUD's Constituent Documents. The "Constituent Documents" are the: (i) Declaration; (ii) articles of incorporation, trust instrument or any equivalent document which creates the Owners Association; and (iii) any by-laws or other rules or regulations of the Owners Association. Borrower Shall promptly pay, when due, all dues and assessments imposed pursuant to the Constituent Documents. . MULTISTATE PUD RIDER-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3150 9/90 Page1 0f3 Initials: ,/~//~)13 ~ (~®-7U (9705) VMP MORTGAGE FORMS - (800)521-7291 (the nd located at: 251900488 B. Hazard Insurance. So long as the Owners Association maintains, with a ge~ insurance carrier, a "master" or "blanket" policy insuring the Property which is satisfactor, erally accepted to Lender and which provides insurance coverage in the mounts, for the periods, and against the hazards Lender requkes, including fire and hazards included within the term "extended coverage," then: (i) Lender waives the provision in Uniform Covenant 2 for the monthly payment Lender of the yearly premium installments for hazard insurance on the Property; and (ii) Borrower's obligation under Uniform Covenant 5 to maintain hazard ins[ race coverage on the Property is deemed satisfied to the extent that the required coverage' is provided by the Owners Association policy. Borrower shall give Lender prompt notice of any lapse in required hazard insurance co',erage provided by the master or blanket policy. In the event of a distribution of hazard insurance proceeds in lieu of restoration or repair following a loss to the Property, or to common areas and facilities [ of the PUD, any proceeds payable to Borrower are hereby assigned and shall be paid to Lender. Lender shall apply the proceeds to the sums secured by the Security Instrument, with any excess paid to Borrower. C. Public Liability Insurance. Borrower shall take such actions as may be reasonable tO insure that the Owners Association maintains a public liability insurance policy acceptable in form, amount, and extent of coverage t© Lender. D. Condemnation. The proceeds of any award or claim for damages, direct or consequential, payable to Borrower in connection with any condemnation or other taking of all or any part of the Property or the common areas and facilities of the PUD, or for any conveyance in lieu of condemnation, are lereby assigned and shall be paid to Lender. Such proceeds shall be applied by Lender to the sums secured by the Security Instrument as provided in Uniform Covenant 10. E. Lender's Prior Consent. Borrower shall not, except after notice to Lender and with Lender's prior written consent, either partition or subdivide the Property or consent to: · (i) the abandonment or termination of the PUD, except for abandonment or termina ion required by law in the case of substantial destruction by fire or other casualtY or in the case of a taking b~ condemnation or eminent do~nain; . . (ii) any amendment to any provision of the "Constituent Documents" if the proyislon is for the express benefit of Lender; / (iii) termination of professional management and assumption of self-management of the Owners Association; or (iv) any action which would have the effect of rendering the public liability insurance coverage maintained by the Owners Association unacceptable to Lender. (~®-7U (9705) Page 2 of 3 Initials: Form 3150 9/90 251900488 F. Remedies. If Borrower does not pay PUD dues and assessments when due, then Le~ them.' Any amounts disbursed by Lender under this paragraph F shall become additional debt secured by the Security Instrument. Unless Borrower and Lender agree to other terms of p: amounts shall bear interest from the date of disbursement at the Note rate and shall be payable, upon notice from Lender to Borrower requesting payment. BY SIGNING BELOW, Borrower accepts and agq-ees to the terms and provisions contained Rider. (Seal) -Borrower (Seal) -Borrower (~®-7U (9705) Page 3 of 3 3 ~der may pay of Borrower tyment, these with interest, in this PUD (Seal) -Borrower (Seal) -Borrower (Se'fi) -Borrower (Seal) -Borrowel rm 3150 9/90 ADJUSTABLE RATE RIDER 614 251900488 (LIBOR 6 Month Index (As Published In The Wall Street Journal) - Rate Cape THIS ADJUSTABLE RATE RIDER is nude this 9 th day of l~Y , , and is jly~-porated into and shall be deemed to amend and supplement fl~e Mortgage, Dee of Trust or Security Deed (the "Security Instrmnent") of the same date given by the undersigned (the "Borrower") to secure Borrower's Adjustable Rate Note (the "Note") to / CENTEX HOME EQUITY COMPANY, LLC d located (the "Lender") of the same date and covering the Property described in the Security Instrument a at: 449 VISTA DRIVE THAYNE, WY 83127 [Property Address] THE NOTE CONTAINS PROVISIONS ALLOWING FOR CHANGES IN THE INTEREST RATE AND TIlE MONTHLY PAYMENT. THE NOTE LIMITS THE AMOUNT TH]J3 BORROWER'S INTEREST RATE CAN CHANGE AT ANY ONE TIME AND THE MAXIMUM RATE THE BORROWER MUST PAY. ADDITIONAL COVENANTS. In addition to the covenants and agreements made in the Security Instrument, Borrower and Lender further covenant and agree as follows: A. INTEREST RATE AND MONTHLY PAYMENT CHANGES The Note provides for an initial interest rate of 8.250 %. The Note provides ~r changes in the interest rate and the monthly payments, as follows: 4. INTEREST RATE AND MONTHLY PAYMENT CHANGES (A) Change Dates The interest rate I will pay may change on the 15Eh day of 1vl~y 2006 and on that day every 6TH month thereafter. Each date on which my interest rate c( fid change i~ called a "Change Date." (B) The Index Beginning with the first Change Date, my interest rate will be based on an hxlex. The "Index" is the average of interbank offered rates for 6 month U.S. dollar-denominated deposits in the Lcndon nmrket ("LIBOR"), as published in The Wall Street Journal. The most recent Index figure available as ,)f the first Multistate Adjustable Rate Rider - LIBOR 6 Month Index Modified 838U (9705) / FNMA 3138 (6/94) CE838U1 (031098) Page 1 of 3 25i900488 business day of the month immediately preceding the month in which the Change Date occurs is called the "Current Index." a If the Index is no longer available, the Note Holder will choose a new Index that is based upon comparable information. The Note Holder will give me notice of this choice. (C) Calculation of Changes Before each Change Date, the Note Holder will calculate my new interest rte by adding EIGHT AND 550/1000 I percentage point(s) ( 8. 550 ' %)to the Current Index. The Note Holder will then round th~ result of this addition to the nearest one-eighth of one percentage point (0.125%). Subject to the hmits stated in Section 4(D) below, this rounded amount will be my new interest rate until the next Change Date. The Note Holder will then determine the amount of the monthly payment that would be sufficient to repay the unpaid principal that I am expected to owe at the Change Date in full on the Maturity Date at my new interest rate in substantially equal payments. The result of this calculation will be the new amount of my monthly payment. (D) Limits on Interest Rate Changes The interest rate I am required to pay at the first Change Date will not b~ greater than 11.250 % or less than 8.250 %. Thereafter, my ir terest rate will never be increased or decreased on any single Change Date by more than ONE AND 000/1000 per¢ en~age point(s) ( 1.000 %) from the rate of interest I have been paying for the preceding months. My interest rate will never be greater than 15.25O %. * (E) Effective Date of Changes * or lower than 8.250 %. My new interest rate will become effective on each Change Date. I will pay the amofint of my new monthly payment beginning on the first monthly payment date after the Change Date until the amount of my monthly payment changes again. (F) Notice of Changes The Note Holder will deliver or mail to me a notice of any changes in my interest rate and the amount of my monthly payment before the effective date of any change. The notice will include information required by law to be given me and also the telephone number of a person who will answer any questi6n I may have regarding the notice. B. TRANSFER OF THE PROPERTY OR A BENEFICIAL INTEREST IN ]ORROWER Uniform Covenant 17 of the Security Instrument is amended to read as follows: Transfer of the Property or a Beneficial Interest in Borrower. If all or any part of ~e Property or any interest in it is sold or transferred (or if a beneficial interest in Borrower is sold or :ansferred and Borrower is not a natural person) without Lender's prior written consent, Lender may, at its )ption, require immediate payment in full of all sums secured by this Security Instrument. However, this opti,)n shall not be exercised by Lender if exercise is prohibited by federal law as of the date of this Security Instrument. Lender also shall not exercise this option if: (a) Borrower causes to be submitted to Lender information required by Initials: /4Z,~F ~ I~-838U (9705) Page 2 of 3 orm 3138 6~94 oss. l) G 1 G 251900488 Lender to evaluate the intended transferee as if a new loan were being made to the l~ansferee; reasonably determines that Lender's security will not be impaired by the loan assmnpdon and a breach of any covenant or agreement in this Security Instrument is acceptable to Lender. To the extent permitted by applicable law, Lender may charge a reasonable tee as Lender's consent to the loan assumption. Lender also may require the transferee to sign agreement that is acceptable to Lender and that obligates the transferee to keep all the and (b) Lender that the risk of a condition to an assumption promises and agreements made in the Note and in this Security Instrument. Borrower will continue to be ~bligated under the Note and this Security Instrument unless Lender releases Borrower in writing. f Lender exercises the optton to reqmre ~mmedmate payment mn full, Lender shall g~ve Borrower notice of acceleration. The notice shall provide a period of not less than 30 days from the date the notice is delivered or mailed 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 pe:mitted by this Security Instrument without further notice or demand on Borrower. BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this ~~ -(Seal) (Seal) i R~'~ K -~-~-''~'~ -Borrower C}~R'fS-fINE E BdOKER -Borrower -Borrower (~<~S38 U (9705) (Seal) -Borrower (seal) -Borrower Page 3 of 3 (Seal) -Borrower (Seal) -Borrower :orm 3138 6/94 251900488 1-4 FAMILY RIDER Assignment of Rents THIS 1-4 FAMILY RIDER is made this 9 th day of MAY , and is incorporated into and shall be deemed to amend and supplement the Mortgage, De Security Deed (the "Security Instrument") of the stone date given by the undersigned (the secure Borrower's Note to CENTEX HOME EQUITY COMPANY, LLC "Lender") of the same date and covering the Property described in the Security Instrument 2003 , ed of Trust or 'Borrower") to (the and located at: 449 VISTA DRIVE THAYNE, WY 83127 [Property Address] 1-4 FAMILY COVENANTS. In addition to the covenants and agreements made in the Security Instrument, Borrower and Lender further covenant and agree as follows: INSTRUMENT A. ADDITIONAL PROPERTY SUBJECT TO THE SECURITY . In addition to the Property described in the Security Instrument, the following items are added to the Property description, and shall also constitute the Property covered by the Security Instrument: building materials, appliances and goods of every nature whatsoever now or hereafter located in, on, or used, or intendedI to be used in connection with the Property, including, but not limited to, those for the purposes of supplying or distributing heating, cooling, electricity, gas, water, air and light, fire prevention and extinguishing apparan ~s, security and access control apparatus, plumbing, bath tubs, water heaters, water closets, sinks, ranges, stove ~, refrigerators, dishwashers, disposals, washers, dryers, awnings, storm windows, storm doors, screens, 91inds, shades, curtains and curtain rods, attached mirrors, cabinets, panelling and attached floor coverings m ~w or hereafter attached to the Property, all of which, including replacements and additions thereto, shall be de'~med to be and remain a part of the Property covered by the Security Instrument. All of the foregoing to ether with the Property described in the Security Instrument (or the leasehold estate if the Security ' Instrument is on a leasehold) are referred to in this 1-4 Family Rider and the Security Instrument as the "PropertyJ" MULTISTATE 1- 4 FAMILY RIDER - Fannie Mae/Freddie Mac Uniform Instrument Initials: (~,~ ~__~__~Page 57U (9801) VMP MORTGAGE FORMS - (800)521-7291 Form 3170 9/90 Amended 3/93 251900488 B. USE OF PROPERTYi COMPLIANCE }VITH LAW. Borrower shall not seek, agr,:e to or make a change in the use of the Property or its zoning classification, unless Lender has agreed in writing to the change. Borrower shall comply with all laws, ordinances, regulations and requirements of an, governmen~l body applicable to the Property. C. SUBORDINATE LIENS. Except as permitted by federal law, Borrower shall not glow any lien inferior to the Security Instrument to be perfected against the Property without Lender's prior written permission. D. RENT LOSS INSURANCE. Borrower shall maintain insurance against rent loss in addition to the other hazards for which insurance is requked by Uniform Covenant 5. E. "BORROWER'S RIG}IT TO REINSTATE" DELETED. Uniform Covenant 18 is deleted. F. BORROWER'S OCCUPANCY. Unless Lender and Borrower otherwise agree in ~riting, the first sentence in Uniform Covenant 6 concerning Borrower's occupancy of the Property is deleted All remaining covenants and agreements set forth in Uniform Covenant 6 shall remain in effect. G. ASSIGNMENT OF LEASES. Upon Lender's request, Borrower shall assign to Leto Ler all leases of the Property and all security deposits made in connection with leases of the Property. Upon the assignment, Lender shall have the right to modify, extend or terminate the existing leases and to execute new leases, in Lender's sole discretion. As used in this paragraph G, the word "lease" shall mean "sublease" if the Security Instrument is on a leasehold. H. ASSIGNMENT OF RENTS; APPOINTMENT OF RECEIVER; LENDER IN OSSESSION. Borrower absolutely and unconditionally assigns and transfers to Lender all the rents and rev hues ("Rents") of the Property, regardless of to whom the Rents of the Property are payable. Borrower autho izes Lender or Lender's agents to collect the Rents, and agrees that each tenant of the Property shall pay the Rents to Lender or Lender's agents. However, Borrower shall receive the Rents until (i) Lender has given Borrower notice of default pursuant to paragraph 21 of the Security Instrument and (ii) Lender has given notice to the tenant(s) that the Rents are to be paid to Lender or Lender's agent. This assignment of Rents constitutes an absolute assignment and not an assignment for additional security only. / If Lender gives notice of breach to Borrower: (i) all Rents received by Borrower shall be held by Borrower as trustee for the benefit of Lender only, to be applied to the sums secured b~ the Security Instrument; (ii) Lender shall be entitled to collect and receive all of the Rents of the Property; (iii) Borrower agrees that each tenant of the Property Shall pay all Rents due and unpaid to Lender or Lender's agents upon Lender's written demand to the tenant; (iv) unless applicable law provides otherwise, 'all Ren~s collected by Lender or Lender's agents shall be applied first to the costs of taking control of and managing the Property and collecting the Rents, including, but not limited to, attorneys' fees, receiver's fees, premium s on receiver's bonds, repair and maintenance costs, insurance premiums, taxes, assessments and other charges on the Property, and then to the sums secured by the Security Instrument; (v) Lender, Lender's agents or any judicially appointed receiver shall be liable to account for only those Rents actually received; a ad (vi) Lender shall be entitled to have a receiver appointed to take possession of and manage the Property md collect the Rents and profits derived from the Property without any showing as to the inadequacy of I~e Property as security. Initials: ~ ~__~ (~57U (9801 Page 2 of 3 orm 3170 9~90 251900488 If the Rents of the Property are not sufficient to cover the costs of taking control of an~ Property and of collecting the Rents any funds expended by Lender for such purposes managing the shall become indebtedness of Borrower to Lender secured by the Security Instrument pursuant to Uniform £ ovenant 7. Borrower represents and warrants that Borrower has not executed any prior assignment c ! the Rents and has not and will not perform any act that would prevent Lender from exercising its ril hts under this paragraph. I Lender, or Lender's agents or a judicially appointed receiver, shall not be required to ~nter upon, hake control of or maintain the Property before or after giving notice of default to Borrower. However, Lender, or Lender's agents or a judicially appointed receiver, may do so at any time when a defafilt occurs. Any application of Rents shall not cure or waive any default or invalidate any other right or remedy of Lender. This assignment of Rents of the Property shall terminate when 'all the Sums secured by the Security Instrument are paid in full. I I. CROSS-DEFAULT PROVISION. Borrower's default or breach under any note or agreement in which Lender has an interest shall be a breach under the Security Instrument and Lender ma~ invoke any of the remedies permitted by the Security Instrument. BY SIGNING BELOW, Borrower accepts and agrees to the terms and provisions conmined in this 1-4 Family Rider. ' ~~~~. (~ (Seal) ITINE E BOOKE~ -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) (Seal) -Borrower i(seat) -Borrower (~<~57U (9801) Page 3 of 3 Form 3170 9~90