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HomeMy WebLinkAbout890005Return To: HOMECOMINGS FINANCIAL NET~VORK, INC ONE MERIDIAN CROSSING, STE 100 MINNEAPOLIS, MN 55423 loan Number: 041-549571-2 Prepared By: HomeComings Financial Network 14850 Quorum Drive, Suite 450 Dallas, TX 75254 **RERECORDING TO ADD LEGAL** [Space AboVe Tiffs Line For Recordh~g Data] MORTGAGE BOOIQ%~_~t~'~LPRPAGE 7{~0 MIN 1 89000,5 lOOK ~' ~"} ~t~_pR PAGE 0062604154957122 RECEIVED OLr"i OOJNTY CLERK Words used in multiple sections of this document are defined below an other words are defined in Sections 3, I1, 13, 18, 20 and 21. Certain rules ',regarding the usage of w4rds used in this document are also provided in Section 16./ . (A) "Security Instrument" means this document, which is dated JANUARY 8TH, 2003 together with all Riders to this document. (B) "Borrower" is JED ARLO MILLER AND LISA MILLER, HUSBAND AND WIFE Borrower is the mortgagor under fllis Security Instrument. (C) "MERS" is Mortgage Electrmfic Registration Systetns, Inc. MERS is la separate corporation that is ;Cntid;gr t?iltl~eca;ril;~,,snfit;;emef°nrt.I-/~lld~% ~llrLg:~i'dz;~SanSc~CeC~i.s;tl;Sg aul~l~te;S~gel lli'ws olVlEf~11ia%tahree, ai°clr~lga;gae~ address and telephone number Of P.O. Box 2026, Flint, MI 48501-2026, tel. (888) 679-MERS. WYOg/llNO-Single Family-Fannie Mae/Freddie Mae UIMIFOFIN1 INSTFtUMfPiT WITH M~:IS Form 305'1 '1/0.1 MFWY7770 (11/00) / 041-549571-2 (D) "Lender" is. HOMECOMINGS FINANCIAL NETWORK INC. 761 Lender is a CORPORATION organized and existing under the laws of DELAWARE Lender's addressis 14850 QUORUM DRIVE, SUITE 450 DALLAS, TX 75254 (E) "Note" means the prontissory note signed by Borrower and dated JA/qUARY 8TH, 2 003 . The Note states that Borrowerowes Lender ONE HUNDRED NINETY FIVE THOUSAND NINE HUNDRED FIFTY AND NO/100 Dollars (U.S. $ 195,950.00 ) plus interest. Borrower has pronfised to pay this debt in regular Periodic Payments and to pay the debt in full not later than FEBRUARY 1ST, 2 03~ . (F) "Property" means the property that is described below under the heading "Transfer Property." of Rights in the (G) "Loan" means the debt evidenced by the Note, plus interest, any prepayment charges and late charges due under the Note, and all sums due under Otis 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 ~ Condomilfium Rider [-~ Second Home Rider [--~ Balloon Rider ~ Plam~ed Unit Development Rider [--~ 1-4 Family Rider [--] VA Rider [---] Biweekly Payment Rider [--] Other(s) [specifyl I) "Applicable Law" means all controlling applicable federal, state and local statutes', regulations, ordinances and administrative rules and orders (that have the effect of law) las non-appealable judicial opinions, well as all applicable final, (J) "Community Association Dues, Fees, and Assessments" means all duqs, fees,, assessments and other charges that are imposed on Borrower or the Property by a condominium association, homeowners association or sinfilar 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 includes, but is not limited to, point-of-s ~le transfers, automated teller ~nachine transactions, transfers initiated by telephone, wire transfers, ]nd autonmted clearinghouse transfers. (L) "Escrow Items" means those items, that are described in Section 3. (M) "Miscellaneous Proceeds" means any compensation, settlement, award of danmges, or Proceeds paid by any third party (other than insurance proceeds paid under the coverages described in Secti'on 5) lbr: (i) damage to, or destruction of, the Property; (ii) condemnation or other taldng of all or any part of the Property; (iii) conveyance in lieu of condemnation; or (iv) nfisrepresentations Of, or °~nissions as to, the value and/or condition of the Property. I (N) !'Mortgage Insurance" means insurance protecting Lender against the nonpayment of, Or default on the Loan. (O) "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 Instrmnent. I (P) "RESPA" means the Real Estate Settlement Procedures Act (12 U.S.C.I Section 2601 etlseq.) and its implementing regulation, Regulation X (24 C.F.R. Part 3500), as they rnight be amended :from time to time, or any additional or successor legislation or regulation that governs th~ same.subject matter. As used in this Security Instrument, "RESPA" refers to all requirements and restficti )ns 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. MFWY7770 (11/oo) / 041-549571-2 In~tials.~__ (~(D-6A(WY) (0005).01 Page2 o¢15 I / /~/~./ Form 3051 1/01 447 (Q) "SucceSsor in Interest of Borrower" means any party that has taken title to the Property, whether or not that party has assumed Borrower's obligations under the Note and/or thi,, Security Instrument. TRANSFER OF RIGHTS'IN THE PROPERTY This Security Instrument secures to Lender: (i) the repayment of the Loan, ar d all renewals, extensions and modifications of the Note; and (ii) the performance of Borrower's covenants and agreements under this Security Instrument and the Note. For this purpose, Borrower does beret y mortgage, grant and convey to MERS (solely as nominee for Lender and Lender's successors and re;signs) and to the successors and assigns of MERS, with power of sale, the following :lescribed property located in the COUNTY of LINCOLN : [Type of Recording Jurisdiction] [Name of R~ cording Jurisdiction] Legal description attached hereto and made a part he~'eof Parcel ID Number: 12-3219-21-4-00-546-00 whi,:h currently has the address of 7541 HIGHWAY 238 , [Street] ,A,~TON ]City] , Wyoming 8 3 11 0 [Z p Code] ( Property Address"): TOGETHER WITH all the im rovement no h f ' · ' p s w or ereater erected on the property, and all easements, appurtenances, and fixtures now or hereafter a part of the property. All replacements and additions shall also be cov,~red by tiffs Security Instrument. All of the foregoing is referred to in this Security Instrument as the Property." Borrower understands and agrees that~ MERS holds only legal title to the 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 right: to exercise any or all of those interests, including, but not limited to, the right to forecloseI and sell the ProPerty; and to take any action required of Lender including, but not limited to, releasing and canceling this Security Instrument. · st BORROWER COVENANTS that Borrower is lawfully seised of the eta e hereby conveyed 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 all claims and demands, subject to any encumbrances of record. THIS SECURITY INSTRUMENT combines uniform covenants for national use and inon-unitbrm covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. . MFWY7770 (11/00) / 041-549571-2 initia[~,~/"[[~ ' (~II~-6A(WY) 1ooo51.o~ P~. 3 of 15 '~~/, Form 3051 1/01 UNIFORM COVENANTS. Borrower and Lender covenant and agree a follows: 763 449 1. Payment of Principal, Interest, Escrow Items, Prepayment £'.harges, and Late Charges. Borrower shall pay when due the principal of, and interest on, the debte,:idenced by the Note and any prepayment charges and late charges due under the Note. Borrower shall al,, o 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 ~ayment under the Note or this Security Instrument is returned to Lender unpaid, Lender nmy require that any or all subsequent payments due under the Note and this Security Instrument be made in one or mo~e 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) Electro~fic Funds Transfer. Payments are deemed received by Lender when received at the location designated in file Note or at such other location as may be designated by Lender in accordance with the n~tice 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 linsufficient to bring the Loan current, without waiver of any rights hereunder or prejudice to its rights to refuse such payment or partial payments in the future, but Lender is not obligated to apply such payments at the time such payments are accepted. If each Periodic Payment is applied as of its scheduled due dale, then Lender need not pay interest on unapplied funds. Lender may hold such unapplied funds until Bor[ower nmkes 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 apphed earher, such funds wll! be applied to the outstanding principal balance under the Note inmlediately prior to foreclosure. No offset or claim which Borrower nfight have now or in the future against Lender shall relieve Borrower from making payments due under the Note and 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 beca~ne due. Any remai~fing amounts shall be applied first to late Charges, second to any other amounts due undez this Security Instrument, and fllen to reduce the principal balance of die 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 ~ the delinquent payment and the late charge. If more than one Periodic Payment is outstanding, Lender m y apply any paymei~t received from Borrower to the repayment of file Periodic Payments if, and to the extmt that, each payment, can be paid in full. To the extent that any excess exists after the payment is applied to the full payment of one or more Periodic Payments, such excess may be applied to any late charges due Voluntary prepayments shall be applied first to any prepayment charges and then as described in the Note. Any application of payments, insurance proceeds, or Miscellaneous Pro. ceeds 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 die Note, until the Note is paid in full, a sum (the "Funds") · I . · to prowde for payment of amounts due for: (a) taxes and assessments and other items which can attain priority ove~ dlis Security Instrument as a lien or encumbrance on die Property; (b) leasehold payments or ground rents on die 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 in lieu of die payment of Mortgage Insurance premiums iix accordance with die provisions of Section 10. Th~se itenrs are called "Escrow Items." At origination or at any time during the term of die Loan, Lender may require dlat C0nunmfity Association Dues, Fees, and Assessments, if any, be escrowed by Borro~ver, and such dues, tees and assessments shall be an Escrow Item. Borrower shall promptly furnish to Lender all notices of amounts to be paid u,n. der this Section. Borrower shall pay Lender die Funds for Escrow items unless Lender waives Borrower s obligation to pay die 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., kny such waiver may only be in writing. In the event of such waiver., Borrower shall pay directly, when an where payable, the amounts MFWY7770 (11/00)/ 041-549571-2 ,niti,,,~ ~;6AlWY) Io0051.0, , Pa,,4o, lS /I ^/i Form 3051 1/01 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 timeperiod as Lender may require. Borrower's obligation to nuke such payments and to. provide receipts shall!for all purposes be deemed to be a covenant and agreement contained in this Security Instrument, as the pl.~,ase "covenant and agreement" is used in Section 9. If Borrower is obligated to pay Escrow Items direclly, pursuant to a waiver, and Borrower fails to pay the amount due for an Escrow Item, Lender may exe[cise its rights under Section 9 and pay such amount and Borrower shall then be obligated under Section ~ 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 pa~ to Lender all Funds, and in such amounts, that are then required under fl]is Section 3. Lender may, at any time, collect and hold Funds in an amount (a) suffi~:ient to pern]it Lender to apply the Funds at the time specified under RESPA, and Co) not to exceed the rutximum amount a lender can require under RESPA. Lender shall estimate the amount of Funds due on the basis of current data and reasonable estimates of expenditures of future Escrow Items or otherwise 'n 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 an institution whose deposits are so insured) or in any Federal Home Loan Bank. Lender shall apply the Funds to pay the EscrOw Items no later than the time specified under RESPA. Lender shall .not charge Borrower for holding and applying the Funds, mmually analyzing the escrow account, or verifying the Escrow Itmns, unless Lender! pays Borrower interest on the Funds and Applicable Law pernfits Lender to make such a charge. Unless afl 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 interest shall be paid on the Funds Lender shall give to Borrower, without charge, an annual accounting of the Funds as required by RESPA. / If there is a surplus of Funds held in escrow, as defined under RESPA, Lender shall account to Borrower for the excess funds in accordance with RESPA. If there is a shortage of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to make up the shortage in accordance with RESPA, but in no more than 12 montlfly payments. If there is a deficiency of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender Lhe amount necessary to make up the deficiency in accordance with RESPA, but in no more than 12 monthl ~ payments. Upon payment in full of all smrkg secured by dais Security Instrument, Lender shall promptly refund to Borrower any Funds held by Lender. 4. Charges; Liens. Borrower shall pay all taxes, assessments, ch:~rges, fines, and impositions attributable to the Property which can attain priority over this Security Insu ument, leasehold payments or ground rents on the Property, if any, and Community Association Dues, Fee: and Assessments, if any. To the extent that these items are Escrow Items, Borrower shall pay them in the nmnner provided in Section 3. Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a) agrees in Writing to the payment of the obligation secured by ~e lien in a manner acceptable to Lender, but only so long as Borrower is performing such agreement; (b) icontests the lien ~n good faith by, or defends against enforcement of the lien in, legal proceedings which i~ 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 n~ay give Borrower a notice identifying the MFWY7770 (11/00) / 041-549571-2 (~-6A(WY) 1ooo~1.o~ Page 5of 15 Form 3051 1/01 451 morelien. Within of the actions 10 days set of forth the date above on in which this Section that notice 4. is given, Borrower shall satisfy the lien or take one or 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. exi 5. Property Insurance. Borrower shall keep the improvements now sting or hereafter erected on the Property insured against loss by fire, hazards included wiflfin the 'tern~ "extended coverage," and any other hazards including, but not limited to, earthquakes and floods, for which' Lender requires insurance. Tiffs insurance shall be maintained in the amounts (including deductible levels) and for the periods that Lender requires· What Lender requires pursuant to the preceding sentences can change dunng the term of the Loan. The insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's right to disapprove Borrower's choice, which right shall not be exerczsed unreasonably. Lender may require Borrower to pay, in connection with this Loan, either: (a) a one-time charge for flood zone determination, certification and tracking services; or (b) a one-time char for flood zone deternfination and certification services and subsequent charges each time remappings similar changes occur which reasonably might affect such determination or certification· Borrower si Il also be responsible for the payment of any fees imposed by the Federal Emergency Management ,gency in connection with the review of any flood zone deternfination resulting from an objection by Borrower. If Borrower fails to nmintain any of the coverages described above Lender nmy 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 co, er Lender, but might or nfight not protect Borrower, Borrower's equity in the Property, or the contents el the Property, against any risk, hazard or liability and nfight provide greater or lesser coverage than was previously in effect. Borrower acknowledges that the cost of the insurance coverage so obtained ]night ~ignificantly exceed the cost of insurance that Borrower could have obtained· Any amounts disbursed by L ;nder under tiffs 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 subject 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 fight to hold the policies and renewal certificates· If Lender requires, Borrower shall promptly give to Lender all receipts of paid premiums and renewal notices. If Borrower obtains any form of insurance coverage, not otherWise required by Lender, for damage to, or destruction of, the Property, such policy shall include a standard mortgage clause and shall ~mme Lender as mortgagee and/or as an additional loss payee. In the event of loss, Borrower shall give prompt notice to the !nsu,rance ,c~rier and Lender. Lender nmy nmke proof of loss if not made promptly by Borrower. Unless Lenaer uno t~orrower otherwise agree in writing, any insurance proceeds, whether or not the underlying insurance was required by Lender, shall be applied to restoration or repair of the Property, if the restoration or repair is economically feasible and Lender s security ~s 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 in a series of progress payments as the work is completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such insurance proceeds, Lender shall not be required to pay Borrower any interest or earnings on such proceeds. Fees for public adjusters, or other third parties, retained by Borrower shall not be paid out of the insurance proceeds and shall be the sole obligation of Borrower. If the restoration or repair is not econonfically feasible or Lender's security would be lessened, the insurance proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with (~II~-6A(WY) 1oo05}.Ol Page 6 o~ ~5 ~]~-~/~ f~ Form 3051 1/01 the excess, if any, paid to Borrower. Such insurance proceeds shall be appli~ Section 2. 4,52 766 :d in the order provided for in If Borrower abandons the PropertY, Lender may file, negotiate and settle any available insurance claim and related matters. If Borrower does not respond within 30 days to a notice from Lender that the insurance carder has offered to settle a claim, then Lender may negotiate and settle the claim. The 30-day period will begin when the notice xs given. In exther event, or ~f Lende~ acqmres 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 prenfiums paid by Borrower) under all Insurance pohc~es covering the Property, ~nsofar as su[h rights are apphcable to the coverage of the PropertY. Lender may use the insurance proceeds either to repair or restore the Property or to pay amounts unpaid under the Note or this Security Instrument, whether o3 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 tlfis Security Instrument and shall continue to occupy the Property as Borrower's principal residence for at least one year after the dat~ 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 deterioriate or comfit waste on the Property. Whether or not Borrower is residing in the Property, Borrower shall maintain the Property in order to prevent the Property from deteriorating or decreasing in value duc to its condition. Unless it is determined pursuant to Section 5 that repair or restoration is not economi:ally feasible, BOrrower shall promptly repair the Property if damaged to avoid further deterioration or damage. If :insurance or condemnation proceeds are paid in comtection with damage to, or the takix~g of, the Property, Borrower shall be responsible for repairing or restoring the Property only if Lender tas released proceeds for such purposes. Lender ~nay disburse proceeds for the repairs and restoration in a'single payment or in a series of progress payments as rite work is completed. If the insurance or condemnation proceeds are not sufficient to repair or restore the Property, Borrower is not relieved of Borrower's ol:ligation for the completion of such repair or restoration. Lender or its agent may make reasonable entries upon and inspectic ns of the Property. If it has reasonable cause, Lender may inspect the interior of the improvements on dte Property. Lender shall give Borrower notice at the time of or prior to such an interior inspection specifyi:lg such reasonable cause. 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 lorrower or with Borrower's knowledge or cot~ent gave materially false, nfisleading, or inaccurate infon ~ation or statements to Lender (or failed to provide Lender with material information) in connection with the Loan. Material representations include, but are not limited to, representations concerning I Borrower's occupancy of the Property as Borrower's principal residence. I 9. Protection of Lender's Interest in the Property and Rights Under' this Security Instrument. If (a) Borrower fails to perform the covenants and agreements contained in this Security Instrument, (b) there is a legal proceeding that might significantly affect Lender's interest in the Property and/or rights under fltis Security Instrument (such as a proceeding in bankruptcy, probate, for c mdenmation 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 for whatever is reasonable or appropriate to protect Lender's interest in the Property mtd 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 linfited to: (a) payi~tg any sums secured by a lien which has priority over this Security Instrument; (b) appearing in corot; and (c) paying reasonable MFWY7770 (11/00) / 041-549571-2 ~nitial :~.~'~/~ (~-6A[WY) 100051.0~ Page7ol~ ~s ~-~~~ Form 3051 1/01 attorneys' fees to protect its interest in the Property and/or rights under this its secured position in a bankruptcy proceeding. Securing the Property ir entering the Property to make repairs, change locks, replace or board up dc 453 767 Security Instrument, including cludes, but is not limited to, ors and windows, drain water from pipes, eliminate building or other code violations or dangerous condil )ns, and have utilities turned on or off. Although Lender may take action under this Section 9, Lender do~s not have to do so and is not under any duty or obligation to do so. It is agreed that Lender incurs no habfllty for not taking any or all actions authorized under this Section 9. / Any amounts disbursed by Lender under this Section 9 shall becomg 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, with If this Security Instrument is on a leasehold, Borrower shall comply all the provisions of the lease. If Borrower acquires fee title to the Property, the leasehold and the fee title shall not merge unless Lender agrees to the merger in writing. / 10. Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan, Borrower shall pay the prenfiums required to maintain the Mortgage InsuranCe in effect. If, for any reason, the Mortgage Insurance coverage required by Lender ceases to be available ~rom the mortgage insurer that previously provided such insurance and Borrower was required to make s~parately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the prenfiums required to obtain coverage substantially equivalent to the Mortgage Insurance previously inI effect, at a cost substantially equivalent to the cost to Borrower of the Mortgage Insurance previously in effect, from an alternate mortgage insurer selected by Lender. If substantially equivalent Mortgage Insurance coverage is not available, Borrower shall continue to pay to Lender the amount of the separately designated payments that were due when the insurance coverage ceased to be in effect. Lender will accept, use and retain fltese 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. Len der can no longer require loss reserve paytnents if Mortgage Insurance coverage (in the amount and for th ~ period that Lender requires) provided by an insurer selected by Lender again becomes available, is c btained, 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 :o make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall l~ay the premiums required to maintain Mortgage Insurance in effect, or to provide a non-refundable loss reserve, until Lender's requirement for Mortgage Insurance ends in accordance with any written agx cement between Borrower and Lender providing for such termination or until termination is required by Al~plicable Law. Nothing in this Section 10 affects Borrower's obligation to pay interest at the rate provided rite Note. Mortgage Insurance reimburses Lender (or any entity that purchases the Note) for certain losses it Insurance.may incur ff Borrower does not repay the Loan as agreed. Borrower is not a party to the Mortgage Mortgage insurers evaluate their total risk on all such insurance in for~e t¥om time to time, and may enter into agreements with other parties that share or modify their risk, or re!duce losses. These agreements are on terms and conditions that are' satisfactory to the mortgage insurer anti rite 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 nmy have available (which may include funds obtained front Mortgage Insurance premiums), a th As a result of these agreements, Lender, any purchaser of the Note, no er insurer, any reinsurer, any other entity, or any affiliate of any of tl~e foregoing, may receive (directly or indirectly) amounts that derive from (or might be characterized as) a portion of Borrower's paymeqts for Mortgage Insurance, in exchange for sharing or modifying the mortgage insurer's risk, or reducing losses. If such agreement provides that an affiliate of Lender takes a share of rite 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 amount Borrower will owe for Mortgage Insurauce, and they will not entitle Borr~qwer to any refund. (~-6A{WY) (0005).01 PageSo[ 15 Form 3051 1/01 (b) Any such agreements will not affect the rights Borrower has 4 if any - with respect to the Mortgage Insurance under the Homeowners Protection Act of 1998 or! any other law. These rights · may include the right to receive certain disclosures, to request and obtain cancellation of the Mortgage Insurance, to have the Mortgage Insurance terminated autormticaily, and/or to receive a refund of any Mortgage Insurance premiums that were unearned at thc time of such cancellation or termination. 11. Assignment of Miscellaneous Proceeds; Forfeiture. All Misc¢llaneous Proceeds are hereby assigned to and shall be paid to Lender. If the Property is damaged, such Miscellaneous Proceeds shall be applied to restoration or repair of the Property, if the restoration or repair is economically feasible and Lender's security is not lessened. During 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 cmnpleted to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may pay for the repairs and restoration in a single disbursement or in a series of progress payments as the work is completed. Unless an agreement is made in writing or Applicable Law requires interest t° 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 Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. Such Miscellaneous Proceeds shall be applied in the order provided for in Section 2. In the event of a total taking, destruction, or loss in value of the Property, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument, ~,vhether or not then due, with the excess, if any, paid to Borrower. In the event of a partial taking, destruction, or loss in value of the Prqperty in which the lair market value of the Property inm~ediately 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 betbre the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by the amount of the M~scellaneous Proceeds multiplied by the following fraction: (a) the total amount of the sums s~cured in~nediately before the partial taking, destruction, or loss in value divided by (b) the fair market value of the Property immediately before the partial taking, destruction, or loss in value. Any balance shall be paid to Borrower. In the event of a partial taking, destruction, or loss in value of the Pro!perty in which the fair market value of the Property immediately before the partial taking, destruction, o~ loss in value is less than the a~nount 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 ito settle a claim :for damages, Borrower fails to respond to Lender within ~0 days after the date the notice lis given, Lenderis 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. "Oooosi~a Party" means the third nartv that owes Borrower Miscellaneous Proceeds or the party against who~ Bo~r~ower~has a right of actio~-n i;~ regard to Miscellaneous Proceeds. Borrower shall be in default if any action or proceeding, whether civilI or criminal, is begun 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 d~snnssed w~th a ruhng that, in Lender's judgment, precludes forfexture of the property or other material impairment of Lender's interest in the Property or fights under this Securit any award or claim for damages that are attributable to the impairment of Li are hereby assigned and shall be paid to Lender. All Miscellaneous Proqeeds that are not applied to restoration or re applied in the order provided for in Section 2. he action or proceeding to be t Instrument. The proceeds of rider s interest in the Property ~air of the Property shall be MFWY7770 (11/00) / 041-549571< (~)®-§AIWV) Iooo5~.o~ Page 9 of 15 IniiialC Form 3051 1/01 12. Borrower Not Released; Forbearance By Lender Not a Waiv payment or modification of amortization of the sums secured by this SecuriB to Borrower or any Successor in Interest of Borrower shall not operate to r{ or any Successors in Interest of Borrower. Lender shall not be required to ~onnnence 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 lbrbearance by Lehder in exercising any right or remedy including, without linfitation, Lender's acceptance of payments from third persons, entities or Successors in Interest of Borrower or in amounts less than the amount then due, shall not be a waiver of Or preclude the exercise of any right or remedy. 13. Joint and Several Liability; Co-signers; Successors and Assigns Bound. BorroWer covenants and agrees that Borrower's obligations and liability shall be joint and several. However, any Borrower who co-signs this Security Instrument but does not execute the Note (a "co-signer"): (a) is co-signing this Security Instrument only to mortgage, grant and convey the co-signer's int,:rest in the Property under the terms of this Security Instrulnent;' (b) is not persmmlly obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower can agree to extend, modify, forbear or make any accommodations with regard to the terms of this Security Instrt ment or the Note without the co-signer's consent. Subject to the provisions of Section 18, any Successor in Intere of Borrower who assumes Borrower's obligations under tiffs Security Instrument in writing, and is apl~roved by Lender, shall obtain all of Borrower's rights and benefits under this Security Instrument. Borro'eer shall not be released from Borrower's obligations and liability under this Security Instrument unless L ruder agrees to such release in writing. The covenants and agreements of this Security Instrument shall bind (except as provided in Section 20) and benefit rite successors and assigns of Lender. 14. Loan Charges. Lender may charge Borrower fees for services ~erformed in connection with Borrower's default, for the purpose of protecting Lender's interest in the Property and rights under this Security Instrument, including, but not linfited to, attorneys' fees, property inspection and valuation 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 Applicab]e Law. If the Loan is subject to a law which sets nmximum loan charges, and mt law is finally interpreted so that the interest or other loan charges collected or to be collected in conner tion with the Loan exceed the permitted linfits, then: (a) any such loan charge shall be reduced by the a nount necessary to reduce the charge to the permitted linfit; and (b) any sums already collected from Borrc wet which exceeded permitted linfits will be refunded to Borrower. Lender nmy choose to make this retund by reducingl 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 ~s provided for under the Note). Borrower s acceptance of any such refund nmde by direct payment to Borrower will constitute a waiver of any right of action Borrower nnght have arising out of such overcharge. I 15. Notices. All notices given by Borrower or Lender in connectionI with this Security Instrument must be in writing. Any notice to Borrower in cOmtection with this Security/Instrmnent shall be deemed to have been given to Borrower when lnailed by first class mail or when actually delivered to Borrower's notice address if sent by other means. Notice to auy one Borrower shall co~titute notice to all Borrowers unless Applicable Law expressly requires otherwise. The notice address }hall 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 proc~ change of address, then Borrower shall only report a change of address thr There may be only one designated notice address under this Security Ins~ notice to Lender shall be given by delivering it or by mailing it by first stated herein unless Lender has designated another address by notice connection with tlfis Security Instrument shall not be deemed to have been received by Lender. If any notice required by this Security Instrument is Law, the Applicable Law requirement will satisfy the corresponding reqUirement Instrument. 455 ?69, er. Extension of the time for Instrument granted by Lender lease the liability of Borrower MFWY7770 (11/00) / 041-549571-2 (~-6A(WY) {ooosl.ol Page 10 of 15 3051 1/01 dure lbr reporting Borrower's 9ugh that specified procedure. rument at any one time. Any :lass mail to Lender's address to Borrower. Any notice in given to Lender ::until actually lso required under Applicable under this Security 16. Governing Law; Severability; Rules of Construction. This governed by federal law and the law of the jurisdiction in which the ProF obligations contained in this Security Instrument are subject to any re~ Applicable Law. Applicable Law might explicitlY' or implicitly allow the p~ might be silent, but such silence shall not be construed as a prohibition ag~ the event that any provision or clause of this Security Instrument or the Law, such conflict shall not affect other provisions of this Security Instrun given effect without the conflicting provision. As used in this Security Instrument: (a) words of the masculine g~ 770 658 Security Instrument shall be ertY is located. All rights and uirements and limitations of tries to agree by contract or it inst agreement by contract. In ~ote contlicts with Applicable lent or the Note which can be :nder shall mean and include corresponding neuter words or words of the feminine gender; (b) words the singular shall mean and include the plural and vice versa; and (c) the word "may" gives sole discreltion without any: obligation to take any action. I 17. Borrower's Copy. Borrower shall be given one copy of the Note agd 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 iu the Prop{rty, including, but not limited to, those beneficial interests transferred in a bond for deed, contract fur deed, installment sales contract or escrow agreement, the intent of wlfich is the transfer of title by Borrower at ~ future date to a purchaser. . If all or any part of the Property or any Interest in the Property is sold or transferred (or if Borrower is not a natural person and a beneficial interest in Borrower is sold or transferred) without Lender's prior written consent, Lender may require immediate payment in full of all shms secured by i:this Security Instrument. However, this option shall not be exercised by Lender if sfich exercise is prohibited by Applicable Law. ' of acceleration. If Lender exercise~ fids option, Lender shall give Borrower notice The notice shall provide a period of not less than 30 days from the date the notice is given in accordance with Section 15 within which Borrower nmst 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 an~ remedies permitted by this Security Instrument without further notice or demand on Borrower. B I 19. Borrower's Right to Reinstate After Acceleration. If orrower meets certain conditions, BorroWer shall have the right to have enforcement of this Security Instrument discontinued at any time · I prior to the earliest of: (a) five days before sale of the Property pursuant to any power of sale contained in this Security InstrUment; (b) such other period as Applicable Law might ~pecify for the termination of Borrower's right to reinstate; or (c) entry of a judgment entbrcing thi~ Security Instrument. Those conditions are that Borrower: (a) pays Lender all sums Milch then woul~ be due under this Security Instrument and the Note as i.f no acceleration had occurred; (b) cures any default of any other.covenants or agreements; (c) pays all ,expenses incurred in enforcing this Security Instrume, nt, including but nOt li~nited to, reasonable attorneys fees, property inspection and valuation fees, and other fees incUrred for the purpose of protecting Lender's interest in the Property and rights under thi~ Security Instrument; and (d) takes such action as Lender may reasonably require to assure that Lender'~ interest in the Property and rights under this Security Instrument, and Borrower's obligation to pay the )urns secured by this Security Instrument, shall conti~me unchanged. Lender may require that Borrower pay such reinstatement sums and expenses in one or more of the following forms, as selected by Lender: (~) 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, instrumentaliiy or entity; or (d) Electronic Funds Transfer. Upon reinstatement by Borrower, this Security Instrument a~.d obligations secured hereby shall remain fully effective as if no acceleration had occurred. However, tlfis right to reinstate shall not apply in the case of acceleration under Section 18. . 20. Sale of Note; Change of Loan Servicer; Notice of Grievance. The Note or a partial interest in the Note (together with this Security Instrumen0 can be sold one or more Borrower. A sale might result in a change 'in the entity (known as the Periodic Payments due under the Note and this Security Instrument and servicing obligations under the Note, this Security Instrument, and Applic~ one or more changes of the Loan Servicer unrelated to a sale of the Note. If Servicer, Borrower will be given written notice of the change which will stal new Loan Servicer, the address to which payments should be made and a Page 11 of 15 times without prior notice to Loan Servicer")that collects erforms other mortgage loan fie Law. There also might be there is a change of the Loan e the name and address of the ay other information RESPA MFWY7770 (11/00) / 041-549571-2 {~}~-6AlWY) {ooo5i,ol Form 3051 1/01 457 0 8 kS'.J 00o 7 71 requires in connection with a notice of tranSfer of servicing. If the Note is sold and thereafter the Loan ~s serviced by a Loan Servicer other than the purchaser of the Note, the mort gage loaa~ servicing obligations to Borrower will remain with the Loan Servicer or be tranSferred to a succ~ ;sor 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 j~dicial action (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 bas breached any provision of, or any duty owed by reason of, tiffs 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 ~lleged breach and afforded the other party hereto a reasonable period after the giving of such notice to take corrective action. If Applicable Law provides a time period which must elapse before certain action can be taken, that time period will be deemed to be reaso~mble for purposes of this paragraph. ?he notice of acceleration and opportunity to cure given to Borrower pursuant to Section 22 and the ~ .otice of acceleration given to Borrower pursuant to Section 18 shall be deemed to satisfy the notice ant opportunity to take corrective action provisions of this Section 20. 21. Hazardous Substances. As used in this Section 21: (a) "Hazardous Substances" are those substances defined as toxic or hazardous substances, pollutants, or wastes ily Enviromnental Law and the following substances: gasoline, kerosene, other flammable or toxic petrolemn products, toxic pesticides and herbicides, volatile solvents, nmterials containing asbestos or fornmldeh~de, and radioactive ~naterials; (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) "Enviromnental Cleanup" includes any response action, remedial action, or removal action, as defined in Environmental Law; and (d) an "Environmental Condition" meanS a condition that can cause, contribute to, or otherwise trigger an Environmental Cleanup. Borrower shall not cause or permit the presence, use, disposal, storag,:, or release of any Hazardous Substances, or threaten to release any Hazardous Substances, on or in the P~aperty. Borrower shall not do, · nor allow anyone else to do, anything affecting the Property (a) that is in iolation of any Enviro~m~ental 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. The preceding two sentences shall not apply to the presence, use, or storage on the Property of s~nalllquantities of Hazardous Substances that are generally recognized to be appropriate to tormal 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 investi. or other action by any governmental or regulatory agency or private party Hazardous Substance or Environmental Law of which Borrower ha~ Environmental Condition, including but not limited to, any spilling, leaking, release of any Hazardous Substance, and (c) any condition caused by the Hazardous Substance which adversely affects the value of the Property. If by any governmental or regulatory authority, or any private party, that an of any Hazardous Substance affecting the Property is necessary, Borrower sh remedial actions in accordance with Environmental Law. Nothing herein Lender for an Environmental Cleanup. ation, claim, demand, lawsuit ~volving the Property and any actual knowledge, (b) any discharge, release or threat of ~resence, use or release of a Iorrower learns, or is notified removal or other remediation all promptly take. all necessary ;hall create any obligation on MFWY7770 (11/00) / 041-549571-2 {~-6A(WY) (ooos).o~ Page 12 of 15 3051 1/01 NON-UNIFORM COVENANTS. Borrower and Lender further cove~ 22. Acceleration; Remedies. Lender shall give notice to Borrower Borrower's breach of any covenant or agreement in this Security acceleration under Section 18 unless Applicable Law provides otherwis~ the default; (b) the action required to cure the default; (c) a date, not I~ the notice is given to Borrower, by which the default must be cured; am default on or before the date specified in the notice may result in accele this Security Instrument and sale of the Property. The notice shall fm right to reinstate after acceleration and the right to bring a court action 772 mt and agree as follows: 458 ,rior to acceleration following astrument (but not prior to · The notice shall specify: (a) ~ than 30 days from the date td (d) that failure to cure the ation of the sums secured by ther inform Borrower of the to assert the non-existence of a default or any other defense of Borrower to acceleration and sale. If :he default is not cured on or before the date specified in the notice, Lender at its option may require immediate payment in full of all sums secured by this Security Instrument without further demand ~nd may invoke the power of sale and any other remedies permitted by Applicable Law. Lender shall be entitled to collect all expenses incurred in pursuing the remedies provided in this Section 22, including, but not limited to, reasonable attorneys' fees and costs of title evidence. If Lender invokes the power of sale, Lender shall give notice of inlent to foreclose to Borrower and to the person in Possession of the Property, if different, in accordance with Applicable Law. Lender shall give notice of the sale to Borrower in the manner provided in Section 15. Lender shall publish the notice of sale, and the Property shall be sold in the manner prescribed by Applicable Law. Lender or its designee may purchase the Property at any sale. The proceeds of the sale shall be applied in the following order: (a) to all expenses of the sale, in¢ reasonable attorneys' fees; (b) to all sums secured by this Security Instt the person or persons legally entitled to it. 23. Release. Upon payment of all sums secured by this Security Instru Security Instrument. Borrower shall pay any recordation costs. Lender m releasing this Security Irkstmment, but only if the fee is paid to a third part charging of the tee is permitted under Applicable Law. 24. Waivers. Borrower releases and waives all rights under and exemption laws of Wyoming. MFWY7770 (11/00) / 041-549571-2 (~-6AIWY) Iooo5).o~ Page 13 o[ 15 luding, but not limited to, ument; and (c) any excess to ment, Lender shall release this ty charge Borrower a tee for for services rendered and the by virtue of the homestead Initials 3051 1/01 BY SIGNING BELOW, Borrower accepts and agrees to the temps a Security Instrument and in any Rider executed byBorrower and recorded with it. 459 773 ~d covenants contained in this Witnesses: MFWY7770 (11/00) 041-549571-2 t~6A(WY) (ooo5~.Ol (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower pa~e 14 of 15 I LLER , ' /-~or~',~er ,- -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower Form 3051 1/01 STATE OF WYOMING, Lincoln The foregoing instrument was acknowledged before me this ~ ~k ~c by ~by his attorney in fact Lisa Hiller GED ARLO MILLER' AND LISA MILLER HUSBAND AND WIFE 77~ 460 CoUnty ss: ,y ~ 3'"~..,,..,o.',y 2oo~ MFWY7770 (11/00) ! 041-549571-2 (~I~-6A(WY) (ooom.o~ Page 15 of 15 Initial~f~ ) 3051 1/01 Form No. 1056 (6/87)W-Y ALTA Loan Policy [3/92] SCHEDULE C The land referred to in this policy is situated in the State of Wyoming as follows' T32N Rll9W of the 6th P.M., Lincoln County, Section 21: S~/NE~SE~; Section 22: S~gxIW~SW~; and beginning at a pc corner of the NW~SW~ of said Se( South 40 rods/ thence West 1 rod; thence North 40 rods; thence East 1 rods to the POINT 775 Policy No.. 12 - 7 5 3 8 - M County of Lincoln, and is described Wyomin9 int which, is the Northeast :tion 22 and running thence OF BEGINNING.