Loading...
HomeMy WebLinkAbout890014Return To: GMAC Mortgage Corporation 200 Century Parkway, Mount Laurel, NJ 08054 Prepared By: Mandy Franken 89001L, BOOK ~,tSr'~ O'~' _PR PAGE &3, a.._v LINOOLtq COUNTY OLERK 82' [Space Above This Line For Recording Data] I MORTGAGEMiN :00037506852486308 DEFINITIONS Words used in multiple sections of this document are de£med below ar Sections 3, 11, 13, 18, 20 and 21. Certain rules regarding the usage of words also provided in Section 16. (A) "Security Instrument" means this document, which is dated 02/03/2( 03 together with all Riders to this document. (B) "Borrower"is Charles 3. Lord and Dorothy K. Lord BorroWer is the mortgagor under this Security Instrument. (C) "MERS" is Mortgage Electronic Registration Systems, Inc. MERS is acting solely as a nominee for Lender and Lender's successors and assig under this Security Instrument. MERS is organiZed and existing under the address and telephone number of P.O. Box 2026, Flint, MI 48501-2026, tel. 000685248630 WYOMING-Single Family-Fannie. Mae/Freddie Mac UNIFORM INSTRUMENT WITH MERS (~®-6AIWY) (ooo51.o~ Page I of 15 Initial/~ VMP MORTGAGE FORMS-1800,~/-7191 ' d other words are defined in used in this :document are a separate corporation that is ns. MERS is the mortgagee laws of Delaware, and has an (888) 679-MERS. Form 3051 1/01 088D0:!_4 (D) "Lender" is GMAC Mortgage Corporation Lender is a Residential Mortgage Lender organized and existing under the laws of Commonweal th of Pennsyl Lender's address is 200 Century Parkway, Mount Laurel, NJ (E) "Note" means the promissory note signed by Borrower and dated 02/( The Note states that Borrower owes Lender TWO Hundred Fi fty /ho (U.S. $ 250,000.00 ) plus interest. Borrower has promised to Payments and to pay the debt in full not later than March 1, 2033 (F) "Property" means the Property that is described below under the he~ Property." (G) "Loan" means the debt evidenced by the Note, plus interest, any prep due under the Note, and all sums due under this Security Instrument, plus i (H) "Riders" means all Riders to this Security Instrument that are execul Riders are to be executed by Borrower [check box as applicable]: Adjustable Rate Rider ~ Condominium Rider [~ Sec Balloon Rider [-~ Planned Unit Development Rider ~--~ 1-4 VA Rider ~ Biweekly Payment Rider ~ Otl Sched (I) "Applicable Law" means all controlling applicable federal, state 823 vania 08054 3/2003 Jsand Dollars my this debt in regular Periodic Ling "Transfer of Rights in the ayment charges and late charges nterest. ed by Borrower. The following :ond Home Rider Family Rider ret(s) [specify] J]e md local statutes, regulations, ordinances and administrative rules and orders (that have the effect of law as well as all applicable Final, non-appealable judicial opinions. / (J) "Community Association Dues, Fees, and Assessments" means all dues fees asses ' ' I ' ' sments and other charges that are imposed on Borrower or the Property by a condominium association, homeowners association or similar organization. (K) "Electronic Funds Transfer" means any transfer of funds, other lan 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 authori::e a financial institution to debit or credit an account. Such term includes, but is not limited to, point-of sale transfers, automated teller machine transactions, transfers initiated by telephone, wire transfers, and automated clearinghouse transfers. (L) "Escrow Items" means those items that are described in Section 3. I (M) "Miscellaneous Proceeds" means any compensation, settlement, awa~ d of damages, or proceeds paid by any third party (other than insurance proceeds paid under the coverages described in Section 5) for: (i) damage to, or destruction of, the Property; (ii) condemnation or other taking of all or any part of the Property; (iii) conveyance in lieu of condemnation; or (iv) misrepresentations of, or omissions as to, the value and/or condition of the Property. (N) "Mortgage Insurance" means insurance protecting Lender against thd nonpayment of, or default on, the Loan. I (O) "Periodic Payment" means the regularly scheduled amount due for (i)lPrincipal and interest under the Note, plus (ii) any amounts under Section 3 of this Security Instrument. I (P) "RESPA" means the Real Estate Settlement Procedures Act (12 U.S.C. Section 2601 et seq.) and its implementing regulation, Regulation X (24 C.F.R. Part 3500), as they .,might be amended from time to time, or any additional or successor legislation or regulation that governs the same subject matter. As used in this Security Instrument, "RESPA" refers to all requirements and restrictions that are imposed in regard to a "federally related mortgage loan" even if the Loan does not qualify as a "federally related mortgage loan" under RESPA. -- 000685248630 ~ Initial.,i: (~-fiA(WY) 1ooo51.ol Page 2 of iS Form 3051 1/01 (0~ "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 ttis Security Instrument. TRANSFER OF RIOHTS IN THE PROPERTY This Security Instrument secures to Lender: (i) the repayment of the Loan, I nd 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 hereby to MERS (solely as nominee for Lender and Lender's successors and and assigns of MERS, with power of sale, the following in the County of Lincoln [Type of Recording Jurisdiction] [Name of The ASsessor's Parcel Number (Property lax ID~) for 17 West Forest. Lot 28 of Star Valley Ranch Plat 11 Wyoming as described on the official plat thereof. mortgage, grant and convey assigns) and to the successors described property located : Recording Jurisdiction] the Real Property is · Lincoln COunty, Parcel ID Number: 17 West Forest 17 West Forest / [Street] Thayne [Ci~yl , Wyoming 83127 ]Zip Code] (,Property Address"): . t d ' - TOGETHER WITH all the improvements now or hereafter erec e on ti~e proPerty, and 'all easements, appurtenances, and fixtures now or hereafter a part of the property. All replacements and additions shall also be covered by this Security Instrument. All of the foregoing is referred to in this Security 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 n~cessary 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 forecl, le and sell the Property; and to take any action required of Lender including, but not limited to, releas'~ng and canceling this Security Instrument. BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has the right to mortgage, grant and convey the Property and that the Property is 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 foJ national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real 000685248630 Initials: I~I~-6A(WY) 10005).01 Page 3 of 15 rm 3051 1/01 which currently ha~ the address of UNIFORM COVENANTS. Borrower and Lender covenant and agre, 1. Payment of Principal, Interest, Escrow Items, Prepayment Borrower shall pay when due the principal of, and interest on, the debt prepayment charges and late charges due under the Note. Borrower shall pursuant to Section 3. Payments due under the Note and this Security h currency. However, if any check or other instrument received by Lender 825 as follows: Charges, and Late Charges. evidenced by the Note and any also pay funds for Escrow Items ~stmment shall be made in U.S. s payment under the Note or this Security Instrument is returned to Lender unpaid, Lender may require that any or all subsequent payments due under the Note and this Security Instrument be made in one or more of the following forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, treasurer's check or cashier's check, provided any such check is drawn upon an institution ~vhose 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 loca{ion designated in the Note or at such other location as may be designated by Lender in accordance with th~ notice provisions in Section 15. Lender may return any payment or partial payment if the payment or partial payments are insufficient to bring the Loan current. Lender may accept any payment or partial paym{nt insufficient to bring the Loan current, without waiver of any rights hereunder or prejudice to its rights to refuse such paYment or partial payments in the future, but Lender is not obligated to apply such payme4ts at the time such payments are .accepted. If each Periodic Payment is applied as of its scheduled due date then Lender need not pay interest on unapplied funds. Lender may hold such unapplied funds until 13 orrower makes payment to bring the Loan current. If Borrower does not do so within a reasonable period f time, Lender shall either apply such funds or return them to Borrower. If not applied earlier, such funds All be applied to the outstanding principal balance under the Note immediately prior to foreclosure. No >ffset or claim which Borrower might have now or in the future against Lender shall relieve Borrower fiom 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 lescribed in this l Section 2, all payments accepted and applied by Lender shall be applied in the followihg order of priority: (a) interest due under the Note; (b) principal due under the Note; (c) amounts due finder 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 Perilodic Payment which includes a sufficient amount to pay any late charge due the payment may be applied to the delinquent payment and the late charge. If more than one Periodic Payment is outstanding, Lender may apply any payment received from Borrower to the repayment of the Periodic Payments if, and to the ~xtent 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 Not~.. 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, ~f the Periodic Payments. 3. Funds for Escrow Items. Borrower shall pay t,o, Lender on the iday Periodic Payments are due under the Note, until the Note is paid in full, a sum (the Funds") to provlide for payment of amounts due for: (a) taxes and assessments and other items which can attain priority over this Security Instrument as a lien or encumbrance on the Property; (b) leasehold payments or groUnd r~nts on the Property, if any; (c) · premiums for any and all insurance required by Lender under Section ~; and (d) Mortgage premiums, if any, or any sums payable by Borrower to Lender in lieu of the payment ofMortgage Insurance Insurance premiums in accordance with the provisions of Section 10. These items are called "Escrow Items. At origination or at any time during the term of the Loan, Lender may reqmre 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 to pay the Funds for any or all Escrow Items. ILender may waive Borrower's obligation to pay to Lender Funds for any or all Escrow Items at any tim~. Any such waiver may only be in writing. In the event of such waiver, Borrower shall pay directly, when and where payable, the amounts 000685248630 ~Jm~(~-~/"MVVYJ (00051.01 Page4of 15 ~/ For.m 3051 1/01 82 due for any Escrow Items for which payment of Funds has been waived b Lender and, if Lender requires, shall furnish to Lender receipts evidencing such payment within such time period as Lender may require. Borrower's obligation to make such payments and to provide receipts shall for all 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 then be obligated under Section 9 to repay to Lender any such amount. Lender may revoke the waiver as to any or all Escrow Items at any time by a notice given in accordance with Section 15 and, upon such revocation, Borrower shall ~ay to Lender all Funds, and in such amounts, that are then required under this Section 3. Lender may, at any time, collect and hold Funds in an amount (a) sufficient to permit Lender to apply the Funds at the time specified under RESPA, and (b) not to exceed the maximum amount a lender can require under RESPA. Lender shall estimate the amount of Funds due n the basis of current data and reasonable estimates of expenditures of future Escrow Items or otherwise in accordance with Applicable Law. The Funds shall be held in an institution whose deposits are insured by a federal agency, instrumentality, or entity (including Lender, if Lender is an institution wh(~se' deposits are so insured) or in any Federal Home Loan Bank. Lender shall apply the Funds to pay the Est row Items no later than the time specified under RESPA. Lender shall not charge Borrower for holding ax.d applying the Funds, annually analyzing the escrow account, or verifying the Escrow Items, unless Lend :r pays Borrower interest on the Funds and Applicable Law permits Lender to make such a charge. Unless an agreement is made in writing or Applicable Law requires interest to be paid on the Funds, Lender shall aot be required to pay Borrower any interest or earnings on the Funds. Borrower and Lender can agree i~ 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 RE~PA, and Borrower shall pay to Lender the amount necessary to make up the shortage in accordance with RESPA, but in no more than 12 monthly payments. If there is a deficiency of Funds held in escrow, as defiled 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. 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, ~harges, fines, and impositions attributable to the Property which can attain priority over this Security Instrument, leasehold payments or ground rents on the Property, if any, and Community Association Dues, Fees and Assessments, if any. To [ ' the extent that these items are Escrow Items, Borrower shall pay them in the manner provided in Section 3. ' Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a) agrees in writing to the payment of the obligation secured b,y the lien in a manner acceptable to Lender, but only so long as Borrower is performing such agreement; (?) Contests ,the lien in good faith by, or defends against enforcement of the lien in, legal proceedings which in Lender s opinion operate to prevent the enforcement of the lien while those proceedings are pending, are concluded; or (c) secures from the holder of the lien an agreement satL, the lien to this Security Instrument. If Lender determines that any part of which can attain priority over this Security Instrument, Lender may give E 000685248630 (~-6A(WY) (ooo5).o~ Page 5 of 15 Initials but only until suCh proceedings factory to Lender subordinating the Property is subject to a lien orrower a notice identifying the ~'~Form 3051 1/01 82? Borrower shall not be paid out of the insurance proceeds and shall be the the restoration or repair is not economically feasible or Lender's security proceeds shall be applied to the sums secured by this Security Instrumen 000685248630 Initials (~-6A(WY) (000S}.0~ ~age 6 of ~ S sole obligation of Borrower. If vould be lessened, the insurance whether or not then due, with lien. Within 10 days of the date on which that notice is given, Borrower s[ all satisfy the lien or take one or more of the actions set forth.above in this Section 4. Lender may require Borrower to pay a one-time charge for a re~l estate tax verification and/or reporting service used by Lender in connection with this Loan. 5. Property Insurance. Borrower shall keep the improvements nowI existing or hereafter e,rected 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 periods that Lender requires. What Lender requires pursuant to the preceding sentences Can change during the term of the Loan. The insurance carrier providing the insurance shall be chosen Oy Borrower subject to Lender's right to disapprove Borrower's choice, which right shall not be exercised unreasonably. Lender may require Borrower to pay, in connection with this Loan, either: (a) a ~ne-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 Emergency Management Agency in connection with the review of any flood zone determination resulting from an objection by Borrower. If Borrower fails to maintain any of the coverages described above, Lender may obtain insurance coverage, at Lender's option and Borrower's expense. Lender is under no obligation tO purchase any particular type or amount of coverage. Therefore, such coverage shall cc ver Lender, but might or might not protect Borrower, Borrower's equity in the Property, or the contents f the Property, against any risk, hazard or liability, and might provide greater or lesser coverage than win: 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 .ender under this: Section 5 shall become additional debt of Borrower secured by this SeCurity Instrument. These amounts shall bear interest at the Note rate from the date of disbursement and shall be payable, with such interest, upon notice from Lender to Borrower requesting payment. I , 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 clJuse, and shall name Lender as mortgagee and/or as an additional loss payee. Lender shall have the right to hold the policies and renewal certificates. If Lender requires, Borrower shall promptly give to Lender all receipts of paid premiums and renewal notices. If Borrower obtains any form of insurance coverage, no~ otherwise required by Lender, for damage to, or destruction of, the Property, such policy shall include a standard mortgage clause and shall name Lender as mortgagee and/or as an additional loss payee. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof 'of loss if not made promptly by Borrower. Unless Lender and Borrower Otherwise agree in writing, any insurance proceeds, whether or not the underlying insurance was required by Lender, shall be applied to restoration or repair of the Property, if the restoration or repair is economically feasible and Lender's security is not lessened. During such repair and restoration period, Lender shall have the 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 ma~e 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 the excess, if any, paid to Borrower. Such insurance proceeds shall be apl: Section 2. 828 lied in the order provided for in If Borrower abandons the Property, Lender may file, negotiate an settle any available insurance claim and related matters. If Borrower does not respond within 30 days ~o a notice from Lender that the insurance carrier has offered to settle a claim, then Lender may negotiate and settle the claim. The 30-day period will begin when the notice is given. In either .event, or if Lender acquires the Property under Section 22 or otherwise, Borrower hereby assigns to Lender (a) BorrOwer's rights to. any insurance proceeds in an amount not ~o 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 refundiofunearned premiums paid by Borrower) under all insurance policies covering the Property, insofar as such rights are applicable to the coverage of the Property. Lender may use the insurance proceeds either to repair or restore the Property or to pay amounts unpaid under the Note or this Security Instrument, whetherI or not then due. 6. Occupancy. Borrower shall occupy, establish, and use the P[operty as Borrower's principal residence within 60 days after the execution of this Security Instrument and shall continue to occupy the dlate of occupancy unless Lender Property as Borrower's principal residence for at least one year after the I ' 'otherwise agrees in writing, which consent shall not be unreasonably withheld, or unless extenuating circumstances exist which are beyond Borrower's control. / 7. Preservation, Maintenance and Protection of the Property; Inspections. Borrower shall not destroy, damage or impair the Property, allow the Property to deteriorate or commit waste on the Property. Whether or not Borrower is residing in the Property, Borrower shall maintain the Property in order to prevent the Property from deteriorating or decreasing in value due to its condition. Unless it is determined pursuant to Section 5 that repair or restoration is not economically 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 for repairing or restoring the Property only if Lende~ has released prOceeds for such purposes. Lender may disburse proceeds for the repairs and restoration in single payment or in a series of progress payments as the work is completed. If the insurance or condemr ation proceeds are not sufficient to repair or restore the Property, Borrower is not relieved of Borrower's ~bligation for the completion of such repair or restoration. Lender or its agent may make reasonable entries upon and inspec ions of the Property. If it has reasonable cause, Lender may inspect the interior of the improvements on the Property. Lender shall give Borrower notice at the time of or prior to such an interior inspection specif ling such reasonable cause. 8. Borrower's Loan Application. Borrower shall be in default f, during the Loan application process, Borrower or any persons or entities acting at the direction ol Borrower or with Borrower's knowledge or consent gave materially false, misleading, or inaccurate info rmation or statements to Lender I. (or failed to provide Lender with material information) in connect]on with the Loan. Material representations includ, e, but are not limited to representations concerning Borrower's occupancy of the Property as Borrower s principal residence. 9. Protection of Lender's Interest in the Property and Rights Under. this Security Instrument. If (a) Borrower fails to perform the covenants and agreements contained in this Security Instrument, (b) there is a legal proceeding that might significantly affect Lender's interest in the Property and/or rights 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 for whatever is reasonable or appropriate to protect Lender's interest in the Property and rights under this Security Instrument, including protecting and/or assessing the value of the Propert'.r, and securing and/or repairing the Property. Lender's actions can include, but are not limited to: (a) pa.~ing any sums secured by a lien which has priority over this Security Instrument; (b) appearing in court; and (c) paying reasonable Initials (~)~-6A(WY) (oo05).m Page 7 ot ~5 rm 3051 1/01 829 attorneys' fees to protect its interest in the Property and/or rights uuder th s Security Instrument, including its secured position in a bankruptcy proceeding. Securing the Property includes, but is not limited to, entering the Property to make repairs, change locks, replace or board up Joors and windows, drain water from pipes, eliminate building or other code violations Or dangerous conditions, and have utilities turned on or off. Although Lender may take action under this Section 9, Lender does not have to do so and is not under any duty or obligation to do so. It is agreed that Lender incurs no iabi]ity for not taking any or all actions authorized under this Section Any amounts disbursed by Lender under this Section 9 shall beco ne additional debt of Borrower secured by this Security Instrument. These amounts shall bear interest at the Note rate from the date of disbursement and shall be payable, with such interest, upon notice from Lender to Borrower requesting payment. If this Security Instrument is on a leasehold, Borrower shall compl with all the provisions of the lease. If Borrower acquires fee title to the Property, the leasehold and the fee title shall not merge unless Lender agrees to the merger in writing. 10. Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan, Borrower shall pay the premiums required to maintain the Mortgage Insurance in effect. If, for any reason, the Mortgage Insurance coverage required by Lender ceases to be avallabh from the mortgage insurer that previously provided such insurance and Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay th~ premiums required to obtain coverage substantially equivalent to the Mortgage Insurance previously irt effect, at a cost substantially equivalent to the cost to Borrower of the Mortgage Insurance previomly in effect, from an alternate mortgage insurer selected by Lender. If substantially equivalent Mortf age Insurance coverage is not available, Borrower shall continue to pay to Lender the amount of the sep;trately designated payments that were due when the insurance coverage ceased to be in effect. Lender will accept, use and retain these payments as a non-refundable loss reserve in lieu of Mortgage Insurarce. Such loss reserve shall be non-refundable, notwithstanding the fact that the Loan is ultimately paid n full, and Lender shall not be required to pay Borrower any interest or earnings on such loss reserve. L '.nder can no longer require loss reserve payments if Mortgage Insurance coverage (in the amount and for the period that Lender requires) provided by an insurer selected by Lender again becomes available, is obtained, and Lender requires separately designated payments toward the premiums for Mortgage Insuranqe. 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 non-refundable loss reserve, until Lender's requirement for Mortgage Insurance ends in accordance with any written agreement between Borrower and Lender providing for such termination or until termination is required by Applicable Law. Nothing in this Section 10 affects Borrower's obligation to pay interest at the rate provided in the Note. Mortgage Insurance reimburses Lender (or any entity that purchases the Note) for certain losses it may incur if Borrower does not repay the Loan as agreed. Borrower i} not a party to the Mortgage Insurance. Mortgage insurers evaluate their total risk on all such insurance in force from time to time, and may enter into agreements with other parties that share or modify their risk, Or ?educe losses. These agreements are on terms and conditions that are satisfactory to the mortgage insurer and the other party (or parties) to these agreements. These agreements may require the mortgage insurer to make payments using any source of funds that the mortgage insurer may have available (which may include funds obtained from Mortgage Insurance premiumS). As a result of these agreements, Lender, any pUrchaser of the Note, another insurer, ~any reinsurer, any other entity, or any affiliate of any of the foregoing, may receive (dirt :ctly or indirectly) amounts that derive from (or might be characterized as) a portion of Borrower's paymt:nts for Mortgage Insurance, in exchange for sharing or modifying the mortgage insurer's risk, or redu:ing losses. If such agreement provides that an affiliate of Lender takes a share of the insurer's risk n 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 agreement~ will not increase the amount Borrower will owe for Mortgage Insurance, and they will not entitle Borrower to any refund. 000685248630 (~-6A(WY) (ooo5).m Page 8 of 15 Form 3051 1/01 830 (b) Any such agreements will not affect the rights Borro~ver ha - 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 ahd obtain cancellation of the Mortgage Insurance, to have the Mortgage Insurance terminated autgmatically, 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. I 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 hbld such Miscellaneous Proceeds until Lender has had an opportunity to inspect such Property to ensure lhe work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may pay for the repairs and restoration in a single disbursement or in a series of progress payments as the work is completed. Unless 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 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 Properly, 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 ~n writing, the sums secured by this Security Instrument shall be reduced by the arnount of the Miscellaneous Proceeds multiplied by the following fraction: (a) the total amount of the sums secured immediately before the partial taking, destruction, or loss in value divided by (b) the fair Imarket value of the Property immediately before the partial taking, destruction, or loss in value. Any balance shall be paid to Borrower. In the event of a partial taking, destruction, or loss in value of the Property in which !he fair market value of the Property immediately before the partial taking, destruction, Dr loss in value is less than the amount of the sums secured immediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument whether or not the sums are then due. i · I 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 damages, .I 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 Mmcetlaneous Proceeds or the party against whom Borrower has a right of acnon ~n regard to Miscellaneous Proceeds. Borrower shall be in default if any action or proceeding, w ' I · hether civil 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. Borrowe~ can cure such a default and, if acceleration has occurred, reinstate as provided in Section 19, by causin~ the action or proceeding to be dismissed with a ruling that, in Lender's judgment, precludes forfeiture of the Property or other material impairment of Lender's interest in the Property or rights under th~s Secur!ty 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 applied in the order provided for in Section 2. 000685248630 (~-6A(WY) (ooo5~.Ol :epair of the Property shall be Form 3051 1/01 Page 9 of 15 831 12. Borrower Not Released; Forbearance By Lender Not a W ~iver. Extension of the time for payment Or modification of amortization of the sums secured by th~s Security Instrument granted by Lender to Borrower or any Successor in Interest of Borrower shall not op rate to release the habd~ty of Borrower o any Successors m Interest of Borrower. Lender shall not be reqmred ~o commence proceedings against any Successor in Interest of Borrower or to refuse to extend time for payment or otherwise modify amortization of the sums secured by this Security Instrument by reason of[any demand made by the original Borrower or any Successors in Interest of Borr,ower. Any forbearance by [Lender in exercising any right or remedy including, without limitation, Lender s acceptance of payments from third persons, entities or Successors in Interest of Borrower or in amounts less than the amount theh 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 Asslgns Bound. Borrower covenants and agrees that Borrower's obligations and liability shall be joint and se.veiral. Ho ,w, ever, any Borrower who co-signs this Security Instrument but does not execute the Note (a c9-signer '): (a) is co-signing this Security Instrument only to mortgage, grant and convey the co-signer's interest in the Property under the terms of this Security Instrument; (b) is not personally obligated to pay lhe 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 Inltrument or the Note without the co-signer's consent. Subj,ect to the provisions of Section 18, any Successor in Interest of Borrower who assumes Borrower s obligations under this Security Instrument in writing, and is approved by Lender, shall obtain all of Bor, rower's rights and benefits under this Security Instrument. Borrower shall not be released from Borrower s obligations and liability under this Security Instrument unles~Lenderl agrees to. such release in writing. The covenants and agreements of this Security Instrument shall bind (except as provided in Section 20) and benefit the successors and assigns of Lender. [ 14. Loan Charges. Lender may charge Borrower fees for servic~.s performed 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 limited 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 tee to Borrower shall not be construed as a prohibition on the charging of such fee. Lender may not charge fees that are expressly prohibited by this Security Instrument or by Applicable Law. If the Loan is subject to a law which sets maximum loan charges, and that law is finally interpreted so that the interest or other loan charges collected or to be collected in connection With the Loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the! amount necessary to reduce the charge to the permitted limit; and (b) any sums already collected from Borrower which exceeded permitted limits will be refunded to Borrower. Lender may choose to make this ~efund :by reducing the principal owed under the Note or by making a direct payment to BorrOwer. If a refund reduces principal, the reductiOn will be treated as a partial prepayment without a~,y prepay~nent charge (whether or not a prepayment charge is provided for under the Note). Borrower s acceptapce of any such refund made by direct payment to Borrower will constitute a waiver of any right of action Borrower might have arising out of such overcharge. 15. Notices. All notices given by Borrower or Lender in connection with this Security Instrument must be in writing. Any notice to Borrower in connection with this Security Instrument shall be deemed to have been given to Borrower when mailed by first class mail or when actually delivered to Borrower's notice address if sent by other means. Notice to any one Borrower shall ~onstitute notice t° all Borrowers unless Applicable Law expressly requires otherwise. The notice addres~ shall be the Property Address unless Borrower has designated a substitute notice address by notice to Lender. Borrower shall promptly notify Lender of Borrower's change of address. If Lender specifies a procedure for reporting Borrower's change of address, then Borrower shall only report a change of address through that specified procedure. There may be only one designated notice address under this Security Instrument at any one time Anv not~ce to Lender shall be given by dehvenng ~t or by mmhng ~t by first class marl to Lender s address stated herein unless Lender has designated another address by notic!e to Borrower. Any notice in connection with this Security Instrument shall not be deemed to have be+n given to Lender until actually received by Lender. If any notice required by this Security Instrument is also required under Applicable Law, the Applicable Law requirement will satisfy the corresponding requirement under this Security Instrument. tI~-6A(WY) (ooosl.o~ Page to of ~s 3051 1/01 832 16. Governing Law;' Severability; Rules of Construction. Thi~ Security Instrument shall be governed by federal law and the law of the jurisdiction in which the Property is located. All rights and obligations contained in this Security Instrument are subject to any ~equirements and limitations of Applicable Law. Applicable Law might explicitly or implicitly allow the parties to agree by contract or it might be silent, but such silence shall not be construed as a prohibition against agreementlby contract. In the event that any provision or clause of this Security Instrument or the Note conflicts with Applicable Law, such conflict shall not affect other provisions of this Security Instntment or the Note which can be given effect without the conflicting provision. As used in this Security Instrument: (a) words of the masculine gender shall mean and include corresponding neuter words or words of the feminine gender; (b) words in the singular shall mean and include the plural and vice versa; and (c) the word "may" gives sole disc retion :without any obligation to take any action. 17. Borrower's Copy. Borrower shall be given one copy of the Note and of this SecuritY Instrument. 18. Transfer of the Property or a ·Beneficial Interest in Borrower. As used in this Section 18, "Interest in the Property" means any legal or beneficial interest in the Pro?erty, including, but not limited to, those beneficial interests transferred in a bond for deed, contract for d~ed, installment sales contract or escrow agreement, the intent of which is the transfer of title by Borrower aI a 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 trahsferred) without Lender's prior written consent, Lender may require immediate payment in full of all lsums secured by this Security Instrument. However, this option shall not be exercised by Lender ifIsuch exercise is prohibited by Applicable Law. I If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days from the date the notice is given ~n accordance with Section 15 within which Borrower must pay all sums secured by this Security Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies permitted by this Security Instrument without further notice or demand on Borrower. · 19. Borrower's Right to Reinstate After Acceleration. If Borrower meets certain Conditions, Borrower shall have the right to have enforcement of this Security instrument discontinued at any time prior to the earliest of: (a) five days before sale of the Property pursuant to any power of sale contained in this Security Instrument; (b) such other period as Applicable Law mighi specify for the termination of Borrower's right to reinstate; or (c) entry of a judgment enforcing this Security Instrument. Those conditions are that Borrower: (a) pays Lender all sums which then would be due under this Security Instrument and the Note as if no acceleration had occurred; (b) cures any default of any other covenants or agreements; (c) pays all expenses incurred in enforcing this Security Instrument, including, but not limited to, reasonable attorneys' fees, property inspection and valuation fees, and other fees incurred for the purpose of protecting Lender's interest in the Property and rights under this Security Instrument; and (d) takes such action as Lender may reasonably require to assure that Lenddr's interest in the Property and rights under this Security Instrument, and Borrower's obligation to pay the sums secured by this Security Instrument, shall continue unchanged. Lender may require that Borrower~ pay such reinstatement sums and expenses in one or more of the following forms, as selected by Lender:l (a) cash; (b) money order; (c) certified check, bank check, treasurer's check or cashier's check, provided any such check is drawn upon an institution whose deposits are insured by a federal agency, instrumentality or entity' or (d) Electronic Funds Transfer. Upon reinstatement by Borrower, th~s Security Instrument and obhgations :secured hereby However, shall remain fully effective as if no acceleration had occurred, this 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. Il'he Note or a partial interest in the Note (together with this Security Instrument) can be sold one or more times without prior notice to Borrower. A sale might result in a change in the entity (known as th( "Loan Servicer?) that collects Periodic Payments due under the Note and this Security Instrument an.d performs other ;mortgage loan servicing obligations under the Note, this Security Instrument, and Applicable Law. There also might be one or more changes of the Loan Servicer unrelated to a sale of the Note. If there is a change of the Loan nS~Ti2r~nB~;%i~;rr,Wt~le baeddgir;sesn t'~ritwl~linc~ll ;iaCy&°efntthses~lhouaI~dgebxjhimCahdeWi lanl r]tatane;hoethneramienfoan&~tdidorneS~[~ (~I~-6A(WY) (0005).01 Page ~ of ~5 ff ' ' Form 3051 1/01 requires in connection with a notice of transfer of servicing. If the Note serviced by a Loan Servicer other than the purchaser of the Note, the mc : sold and thereafter the Loan is tgage loan servicing obligations to Borrower will remain 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 purr haser. Neither Borrower nor Lender may commence, join, or be joined to any judicial action (as either an individual litigant or the member of a class) that arises from the other ?arty's actions pursuant to this Security Instrument or that alleges that the other party has breached any plovision of, or any duty owed by reason of, this Security Instrument until such Borrower or Lender has notified the other party (with such' notice given in cOmpliance with the requirements of Section 15)of such alleged breach and afforded the other party hereto a reasonable period after the giving of such noticle to take corrective action. If Applicable Law provides a time period which must elapse before certain afition can be taken, that time period will be deemed to 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 shall be deemed to satisfy the notice and opportunity to take corrective action provisions of this Section 20. 21. Hazardous Substances. As used in this Section 21: (a) "H~ substances defined as toxic or hazardous substances, pollutants, or wastes following substances: gasoline, kerosene, other flammable or toxic petrc and herbicides, volatile solvents, materials containing asbestos or formalde (b) "Environmental Law" means federal laws and laws of the jurisdiction a relate to health, safety or environmental protection; (c) "Environmental 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. Boirower 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 ~roperty. Borrower shall not do, nor allow anyone else to do, anything affecting the Property (a) that is in iviolation 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. The preceding two sentences shall not apply to the presence, use, or storage on the Property of small quantities Hazardous Substances that are generally recognized to be appropriate to normal residential uses and ofto maintenance of the Property (including, but not limited to, hazardous substances in consumer products). Borrower shall promptly give Lender written notice of (a) any investigation, Claim demand, lawsuit or other action by any governmental or regulatory agency or private party involving the prOperty and any Hazardous Substance or Environmental Law of which Borrower has actual knowledge, (b) any. Environmental Condition, including but not limited to, any spilling, leaking, discharge, release or threat of release of any Hazardous Substance, and (c) any condition caused by the/ presence, use Or release of a Hazardous Substance which adversely affects the value of the Property. If Borrower learns; or is notified by any governmental or regulatory authority, or any private party, that any removal or other remediation of any Hazardous Substance affecting the Property is necessary, Borrower shall promptly take all necessary remedial actions in accordance with Environmental Law. Nothing herein Lender for an Environmental Cleanup. 000685248630 (~-6A(WY) (ooo5).o~ Page 12 of 15 tzardous Substances" are those by Environmental Law and the' leum products, toxic pesticides hyde, and radioactive materials; here the Property is located that Initials:. ~~ Form 3051 I 1/Ol shall create any obligation on NON-UNIFORM COVENANTS. Borrower and Lender further cover 834 ant and agree as follows: 22. Acceleration; Remedies. Lender shall give notice to Borrower ~rior to acceleration following Borrmver's breach of any covenant or agreement in this Security Instrument (but: not prior to acceleration under Section 18 unless Applicable Law provides otherwisi). The notice shall specify: (a) the default; (b) the action required to cure the default; (c) a date, not less than 30 days from the date the notice is given to Borrower, by which the default must be cured; and (d) that failure to cure the · I default on or before the date specified in the notice may result m 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 actiofi to assert the non-existence of a default or any other defense of Borrower to acceleration and sale. If the default is not cured on or before the date specified in the notice, Lender at its option may requireI immediate payment in full of all sums secured by this Security Instrument without further demand .and may invoke: the power of sale and any other remedies permitted bY Applicable Law. Lender shall be entitled to collect all expenses incurred in pursuing the remedies provided in this Section 22, including, but not limited to, reasonable attorneys' fees and costs of title evidence. If Lender invokes the power of sale, Lender shall give notice of intent to foreclose to Borrower and to the person in possession of the Property, if different, in accordance with Applicable Law. Lender shall give notice of the sale to Borrower in the manner provided in Section 15. Lender shall 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. Th e proceeds of the sale shall be applied in the following order: (a)to all expenses of the sale, in:luding, but not limited to, reasonable attorneys' fees; (b) to all sums secured by this Security Instrument; and (c)any excess to the person or persons legally entitled to it. 23. Release. Upon payment of ail sums secured by this Security Instn ~ment, Lender shail release this Security Instrument. Borrower shail pay any recordation costs. Lender may charge Borrower a fee for releasing this Security Instrument, but only if the fee is paid to a third party/for services rendered and the charging of the fee is permitted under Applicable Law. 24. Waivers. Borrower releases and waives ail exemption laws of Wyoming. 000685248630 (~-6A(WY) {ooo5}.o~ Page 13 of 15 rights under and Initials: by virtue of the homestead Form 3051 1/01 BY SIGNING BELOW, Borrower accepts and agrees to the terms Security Instrument and in any Rider executed by Borrower and recorded with it. Witnesses: 83,5 000685248630 (~(~6A{WY} Iooo5).o~ (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower Page 14 of 15 md covenants contained in this (Seal) -Borrower (Seal) -Borrower (Seal) -Bo~ower (Seal) -Borrower (Seal) -Borrower Form 3051 1/01 STATE OF ~zO}~ ~e foregoing instrument was ac~owledged before me this 8,36 County ss: ~.~NOT~Y PUBLICZALIFORN~ ~ ~ ~~ R~IDE COU~Y 0 ~~ COMM. ~P. ~T. 3 ~ ~ My Co~ission Expires: ~ ~ . Notary ~blic ~ Initials:_ 000685248630 (~6A(WY) (oo05Lm Page ~ 5 of 15 ~'~/~F~rm 3051 1/01 SCHED tILE Lot Twenty-Eight (28.), Star Valley Ranch Plat Twenty Two (22) as plat! Official records of Lincoln County, WyOming. ~d and recorded in the 837 538 PLANNED UNIT DEVELOPME qT RIDER THIS PLANNED UNIT DEVELOPMENT RIDER is made this Thi I February, 2003 , and deemed to amend and supplement the Mortgage, Deed of Trust, or Instrument") of the same date, given by the undersigned (the "Borrower" GMAC Mortgage Corporation (the "Lender") of the same date and covering the Property described in the Sect~rity Instrument and located at: 17 West Forest, lhayne, WY 83127 [Property Address] The Property includes, but is not limited to, a parcel of land improved with a dwelling, together with other such parcels and certain common areas and facilities, as described in (the "Declaration"). The Property is a part of a planned nit development known as Star Valley Ranch [Name of Planned Unit Development] (the "PUD"). The Property also includes Borrower's interest in the homeo~vners association or equivalent entity owning or managing the common 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)i Declaration; (ii) articles of incorporation, trust instrument or any equivalent document which creates thle 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. 'd day of is incorporated into and shall be Security Deed (the "Security to secure Borrower's Note to 000685248630 MULTISTATE PUD RIDER - Single Family - Fannie Mae/Freddie Mac UNIFORM INS1 Page 1 of 3 (~:7R (OOO8) VMP MORTGAGE FORMS (800)521-7291 B. Property Insurance. So long as the Owners Association main insurance carrier, a "master" or "blanket" policy insuring the Property wh which provides insurance coverage in the amounts '(including deductibl against loss by fire, hazards included within the term "extended cove including, but not limited to, earthquakes and floods, for which Lend Lender waives the provision in Section 3 for the Periodic Payment to 839 ains, with a generally accepted ich is satisfactory to Lender and e levels), for the periods, and rage," and any other hazards, .~r requires insurance, then: (i) Lender of the yearly premium installments for property insurance on the Property; and (ii) Borrower'~ obligation under Section 5 to. maintain property insurance coverage on the Property is deemed satisfied to the extent that the required coverage is provided by the Owners Association policy. What Lender. requires as a condition of this waiver can change during Ithe term of the loan. Borrower shall give Lender prompt notice of any lapse in required property insurance coverage provided by the master or blanket policy. In the event of a distribution of property insurance proceeds in lieu of restoration or repair following a loss to the Property, or to common areas and facilities of the PUD, any m-oceeds oavable to Borrower are hereby assigned and shall be paid to Lender. Lender shall apply the pro~ll,.eds to the'sums secured by the Security Instrument, whether or not then due, with the excess, if any, paid :o 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 ac :eptable in form, amount, and extent of coverage to 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 c f all or any part of the Property or the common areas and facilities of the PUD, or for any conveyance in lieu of condenmation, are hereby assigned and shall be paid to Lender. Such proceeds shall be applied by Leader to the sums :secured by the Security Instrument as provided in Section 11. E. Lender's Prior Consent. Borrower shall not, except after notic to Lender and with Lender's prior written consent, either partition or subdivide the Property or consent to: (il the abandonment or termination of the PUD, except for abandonment or termination required by law iff 'the case of substantial destruction by fire or other casualty or in the case of a taking by condemnation or eminent 'domain; (ii) any amendment to any provision of the "Constituent Documents" if the prc vision is for the express benefit of Lender; (iii) termination of professional management and assumption of Association; or (iv)'any action which would have the effect of renderin coverage maintained by the Owners Association unacceptable to Lender. F. Remedies. If Borrower does not pay PUD dues and assessments x them. Any amounts disbursed by Lender under this paragraph F shall beco secured by the Security Instrument. Unless Borrower and Lender agree to amounts shall bear interest from the date of disbursement at the Note r interest, upon notice from Lender to Borrower requesting payment. self-management of the Owners the public liability insurance then due, then Lender may pay Ne additional debt of Borrower other terms of payment, these ~te and shall be payable, with 000685248630 (1~;7. (0008) Page 2 of 3 Initials Form 3150 1/01 840 BY SIGNING BELOW, Borrower Rider. Cha~l es~. L~o ~'d ~ accepts and agrees to the terms and provisions contained in this PUD -Bo~ower Dorothy K. mL/6~d -Bo~ower '000685248630 ~7. 10008> (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower Page 3 of 3 (Seal) -Borrower (Seal) -Borrower .(Seal) -Borrower Form 3150 1/01 SECOND HOME RIDER 841 THIS SECOND HOME RIDER is made this 3 day o and is incorporated into and shall be deemed to amend and suppl( Trust, or Security Deed (the "Security Instrument") of the same date "Borrower" whether there are one or more persons undersigned) t GMAC Mortgage Corporation (the "Lender") of the same date and covering the Property described in "Property"), which is located at: 17 West Forest. Thayne. WY 83127 [February . 2003 , ment the Mortgage, Deed of given by the undersigned (the secure Borrower's Note to the Security Instrument (the [Property Address] s In addition to the covenants and agreements made in the Security In trument, Borrower and Lender further covenant and agree that Sections 6 and 8 of the Security InstrumentI are deleted and are replaced the following: Borrower Shall occupy, by ~. 2eC. Cupancy. and shall only use, the Property as Borrower's second o . Borrower shall keep the Property available for Borrower's exclusive use and enjOyment at all times, and shall not subject the Property to any timesharing or other shared ownership arrangement or to any rental pool or agreement that requires Borrower either to rent the Property or give a management firm or any other person any control over the occupanlcy or use of the Property. 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, o[ inaccurate information 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, Borrower's occupancy of the Property as Borrower's second home. 000685248630 MULTISTATE SECOND HOME RIDER - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Page 1 of 2 (~365R (OO11) VMP MORTGAGE FORMS - (800)521-7291 epresentations concerning Initials:~8~_~O1 BY SIGNING BELOW, Borrower accepts and agrees to the terms Second Home Rider. 842 md provisions contained in this CVha~l es J(~/Lord (Seal) Borrower Dorothy (Seal) Borrower 000685248630 (Seal) Borrower (Seal) Borrower (Seal) Borrower Page 2 of 2 (Seal) -Borrower (Seal) -Borrower .(Seal) -Borrower Form 3890 1/01