HomeMy WebLinkAbout878062 FIRST NATIONAL BANK-WEST ..................
PO BOX 1620
AFTON, WY 83110 ~ 7 ~ 0 {:) 2 ."'* r.r'~ ......... ~
BOOK_ PR PAGE ~
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MORTGAGE
DE FINITIONS
Words used in multiple sections of this document are defined below and other words are defined in Sections 3, l I, 13, 18, 20
and 21. Certain ruleS regarding tile usage of words used in this document are also provided in Section 16.
(A) "Security Instrument'means this document, which is dated December 13, 2001 together with all
Riders to this document. '
(B) "Borrower' is KAYDELL D. LUTHI AND MELANIE DAWN LUTHI, husband and wife
Borrower is tile mortgagor under this Security Instrument.
(C) "Lender' is FIRST NATIONAL BANK-WEST
Lender is a A NATIONAL BANKING ASSOCIATION
.~ the laws of UNITED STATES OF AMERICA organized and existing undei'
' 1001 MAIN ST., EVANSTON, WY 82930 . Lender+s address is
. Lender is the mortgagee under this Security Instrument.
(D) "Note' means the promissory note signed by Borrower and datedDecember 13, 2001 The Nole
":i':~i r'"~" states that Borrower owes LenderFifty Five Thousand and no/100 '
Dollars (U.S. $55,000.00 ) plus interest. Borrower }las promised
to pay this debt ill regular Periodic Payments and to pay the debt in full not later than Janua~ 0~, 2032
(E) "Property'means the property that is described below under the heading "Transfer of Rights in the Property.'
(F) "Loan' means the debt evidenced by the Note, plus interest, any prepayment charges and late charges due under tile
Note, and all sums due under this Security Instrument, plus interest.
(G) "Riders' means all Riders to this Security Instrument that are executed by Borrower. The following Riders are to be
executed by Borrower [check box as applicable]:'
[~ Adjustable 'Rate Rider ~' Condominium Rider {~ Second Home Rider
[~ Balloon Rider ~ Planned Unit Development Rider ~ Other(s)[specify]TAX EXEMPT
~ 1-4 i;amily Rider ~' FINANCING RIDER
~ Biweekly Payment Rider
WYOMING" Si~glc Family" Fannie Mae/Freddie Mac UNIFOR.M INSTRUMENT Fm'm 3a51 l/al
GREATLA~
ITEM 1678L(0011 ) (Page ] o,/']]/)ages) To Order Call: 1- 800-530-93~;~x: 616-791-1131
(H) "Applicable Law' means all controlliug applicable federal, state and local statutes, regulations, ordinances and
" administrative rules and Orders (that have the effect of law) as well as all applicable final, non-appealable judicial opinions.
(I) "Commnnity Association Dues, Fees, and Assess, merits' tneans all dues, fees, assessments and other charges that are
imposed on Borrower or the Property by a condominium association, homeowners association or similar organization.
(J) "Electronic Funds Transfer'means any transfer of funds, other than a transaction originated by check, draft, or
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-sale transfers, automated teller machine transactions, transfers initiated by telephone, wire transfers, and
automated clearinghouse transfers.
(K) "Escrow Items' means those items that are described in Section 3.
(L) "Miscellaneous Proceeds~ means any colhpenSation, settlement, award of damages, or proceeds paid by any third
party (other than insurance proceeds paid tinder the coverages described in Section 5) for: (i) damage to, or destruction of, the
ProperB~; (ii) condemnation or other talcing of all or any part of lhe Property; (iii) conveyance in lieu of condemnation; or
(iv) misrepresentations of, or omissions as to, the value and/or condition of the Property.
(M) "Mortgage Insurance'means insurance protecting Lender against the nonpayment of, or de¥'ault on, the Loan.
(N): "Periodic Payment~ means the regularly scheduled amount due for (i) principal and interest under the "Note, plus
(ii) any amounts under Section 3 of this Security Instrument.
(O) "RESPA' means the Real Estate Settlement Procedures Act (12 U.S.C. ~2601 et seq.) and its implememing 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.
(P) "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 tinder the Note and/or this Security Instrument.
TRANSFER OF RIGHTS IN THE PR OPERq¥
qlfis Security Instmmeut secures to Lender: (i) the repayment of the Loan, and all renewals, extensions and modifications of
the Note; and (ii) the performance of Borrower+s covenant's and agreements under this Security Instrument and the Notel For
this purpose, Borrower does hereby tnortgage, grant and convey to Lender and Lender+s successors and assigns, with power
of sale, the f. ollowing described property located in the COKEVILLE
[Type of Recording Jurisdiction]
of COUNTY OF LINCOLN :
[Name of l{.ecordJng Jurisdiction]
The easterly one-half of Lot 8 of the Stoner Kinney Addition to the Town of Cokeville, Lincoln County,
Wyoming as described on the offical plat thereof. LESS AND EXCEPT the East 10 feet of said Lot 8 of the
Stoner Kinney Addition.
which currently has the address of 520 E. MAIN
[Street]
COKEVILLE 83114
[City] , Wy om ing ("Property Address'):
[Zip Code]
TOGETHER WITH all the improvements now or hereafter erected on the property, and alt 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 relented to in this Security Instrument as the "Property.'
WVOMING" Single Family" Famde Mae/Freddie Mac UNIFORM INSTRUM ENq' For,n 3051 1/01
G R E ATLANII~
ITEM 1678;L(0011 ) (Page2 of ].l ])ages) To Order Call: 1- 800-530 93ff~x: 616- 791-1131
BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has tile right to
mortgage, grant and convey the Property and that the Property is unencumbered, except for encmnbrances 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 INSTP, UMENT combines uniform covenants for national nse and non-uniform covenants with
limited variations by jm'isdiction to constitute a uniform secnrity instrument covering real property.
UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows:
1. Payment of Princil)al, Interest, Escrow Items, Prepayment Charges, and Late Chargdlorrower shall pay
when due the principal of, and interest on, rile debt evidenced by the Note and any prepayment charges and late charges due
tinder the Note. Borrower shall also pay fl~nds for Escrow Items pnrsuant to Section 3. Payments due under the Note and this
Security Instrument sball be made in IJ.S. currency. However, if any check or other instrument received by Lender as
payment tinder tile Note or this Security Instrument is returned to Lender unpaid, Lender may require dlat any or all
subsequent payments due tinder the Note and this Security Instrument be made in one or more ~6f rite following forms, as
selected by Lender: (a) cash; (b) money order; (c) certified check, hank check, treasurer+s check m~.cashier+s check, provided
any such check is drawn upon an institution whose deposits are insured by a federal agency, instrumentality, or entity; or
(d) Electronic Funds Transfer.
Payments are deemed received by Lender when received at the location designated in the Note or at such other locatiotl'
as may be designated by Lender in accordance with the notice provisions in Section 15. Lender lnay return any payment or
partial payment if the payment or partial payments are insufficient to bring the Loan current. Lender may accept an5, pay ment
or partial payment insufficient to bring the Loan current, without waiver of any rights hereunder or prejudice to its rights to
refuse such payment or partial payments iii the future, but Lender is not obligated to apply such paymenls at file 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 bold such unapplied flmds until Borrower makes payment to bring lhe Loan current. If
Borrower does not do so within a reasonable period of time, Lender shall either apply such flmds or return them to Borrower.
If not applied earlier, such funds will be applied to tile outstanding principal balance under fl~e Note immediately prior to
foreclosure. No offset or claim which Borrower might have now or in the fliture against Lender shall relieve Borrower from
making payments due trader the Note and this Security Instrument or performing the covenants and agreements secured hy
this Security Instrument.
2. Application of Payments or Proceed~s. Except as otherwise described in this Section 2, all payments accepted
and applied hy Lender shall be applied in the following order of priority: (a) interest due under the Note; (b) principal due
under rite Note; (c) amounts due tinder Section 3. Such payments shall be applied to each Periodic Payment in the order in
which it became due. Any remaining amounm 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 I,ender receives a payment from Borrower for a delinquent Periodic Payment which includes a sufficient amount to
pay any late charge due, the payment may be applied to the delinquent payment and the late charge. If more than one Periodic
Payment is outstanding, Lender may apply any payment received from Borrower to the repayment of the Periodic Payments
if, and to the extent that, each payment can be paid in full. To the extent that any excess exists after rite 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 Pi'oceeds to principal due tinder fl~e Note shall not
extend or postpone the due date, or change the amount, of the Periodic Payments.
3. Fnnds for Escrow Items. Borrower shall pay to Lender on file day Periodic Payments are due under the Note,
until the Note is paid in hill, a sum (the "Funds.!) to provide for payment of amounts due for: (a) taxes and assessments and
other items w!dch can attain priority over this Security Instrument as a lien or encumbrance on the Property; (b) leasehold
payments or ground rents on the Property, if any; (c) premiums for any and all insurance required by Lender under Section 5;
and (d) Mortgage Insurance premiums, if any, or any sums payable by Borrower to Lender in lieu of the payment of
Mortgage Insurance premiums in accordance with rite provisions of Section'I0. These items are called "Escrow Items.' At
origination or at any time during the term of the Loan, Lender may require that Community Association Dues, Fees, and
Assessments, if any, be escrowed by Borrower, and such dues, fees and assessments shall be an Escrow Item. Borrower shall
promptly furnish to Lender all notices of amounts to be paid tinder this Section. Borrower shall pay Lender the Funds for
Escrow Items unless Lender waives Borrower+s obligation to pay the Funds for any or all Escrow Items. Lender may waive
WYOMING" Single Family" Famfic Mac/Freddie Mac UNIFORM INSTRUMENI' Form 3051 1/01
G R E ATLA F~
ITEM 167~(0011) (Page3 of]Ii, ages) To Order Call: 1-800-530-~D~x: 616-791-1131
~.., .:.,
Borrower+s obligation to pay to Lender Funds for any or all F, scrow Items at any lime. Any such waiver may only be in
writing. In the event of such waiver, Borrower si]all pay directly, when and where payable, the amounts due for any Escrow
Items for which payment of Funds has been waived by Lender and, if Lender requires, shall furnish to Lender ,'eceipts
evidencing such payment within such time period as Lender may require. Borrower+s obligation to make such paymenls and
to provide receipts shall for all purposes be deemed to be a covenant and agreement contained in this Security h~slrnment, 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 Scctiou 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 wilh Section 15 and, upon such
revocation, Bon'ower shall pay to Lender all Funds, and in such amounts, that are then required tinder 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 tinder RESPA, and (b) not to exceed the maximum amount a lender can require under RESPA. Lender shall
estimate rile amount of Funds due on file basis of current data and reasonable estimates of expenditures of future Escrow
Items or otherwise in accordance with Applicable Law.
'[he Funds shall be held in an institution whose deposits are insured by a federal agenc~'~ 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 file Funds to pay tile Escrow Items no later than the time specified tinder RESPA. Lender shall qot charge Borrower for
holding and applying the Funds, annually analyzing tile escrow account, or verifying tile Escrow Items, nnless Lender pays
Borrower interest on the Funds and Applicable Law permits Lender to make such a ci~arge. Unless an agreement is made in
writing or Applicable Law requires interest to be paid on the Funds, Lender shall not be required to pay Borrower any interest
or earnings on the Funds. Borrower and Lender can agree in writing, however, that 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 sball
notify Borrower as required by RESPA, and Borrower shall pay to Lender file amount necessary to make lip tile shortage in
accordance with RESPA, but in no more than 12 monthly payments. If there i's a deficiency of Funds held in escrow, as
defined under RESPA, Lender shall uotify 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 reflind to Borrower any
Funds held by Lender.
4. Charges; Liens. Borrower shall pas) all taxes, assessments, charges, fines, and impositions altributable to tile
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
sholl pay them in the manner provided in Section 3.
Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Bon'ower: (a) agrees
in writing to the payment of lhe obligation secured by the lien in a manner acceptable to Lender, but only so long as
Borrower is performing such agreement; (b) contests the lien in good faith by, or defends against enforcement of the lien in,
legal proceedings which in Lender+s opinion operate to prevent the enforcement of the lien while those proceedings are
pending, but only until such proceedings are concluded; or (c) secures from the holder of the lien an agreement satisfactory to
Lender subordinating the lien to this Security Instrument. If Lender determines that any part of the Property is subject to a
"lien which can attain priority over this Security Instrument, Lende,' may give Borrower a notice identifying tile lien. Within
10 days of the date on which that notice is given, Borrower shall satisfy the lien or take one or more of the .actions set forth
above in this Section 4.
Lender may require Borrower to pay a one-time charge for a real estate tax verification and/or reporting service used by
Lender in connection with this I~oan.
5. Property Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property
insured against loss by fire, hazards included within the term "extended coverage,' and any other hazards including, but not
limited to, earthquakes and floods, for which Lender requires insurance. This insurance shall be maintained in the amounts
(including deductible levels) and for the periods that Lender requires. What Lender requires pursuant to the preceding
sentences can change during the term of the Loan. Tile insurance carrier providing rile insurance shall be chosen by Borrower
subject to Lender.:-s right to disapprove Borrower+s choice, which right shall not be exercised nnreasonably. 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 charge for flood zone determination and certification services and
WYOMING" Single Family" Fannie Mae/Freddie Mac I~IFORM INSTRUMENT Fm'm 3051 1/01
· / G REAl kAb~)
ITEM i67~t (OOi 1) (Page4 of l] pages,) To Order Call: 1-800-530-~t3~x: 6!6-791-1131
subsequent charges 'each time remappings or similar changes occur which reasonably ~night affect such determination or
certification. Borrower shall also be responsible for the payment of any fees impo. sed by the Federal Emergency Managemenl
Agency in connection with the review of any flood zone determination resulting from ~m objection by Borrower.
If Borrower fails to maintain any of tile coverages described above, Lender may obtain insurance coverage, at Lender+s
option and Borrower+s expense. Leoder is under no obligation to purchase any particular type or amotmt of coverage.
Therefore, such coverage shall cover Lender, but might or might not protect Borrower, Borrower+s equity itl the Property, or
the contents of the Property, against any risk, hazard or liability and might provide greater or lesser coverage than was
previously in effect. Borrower acknowledges that the cost of the insurance coverage so obtained might significantly exceed
the cost of insurance that Borrower could have obtained. Any amounts disbursed by Lender under this Section 5 shall become
additional debt of Borrower secured by this Security Instrument. These amounts shall bear interest at the Note rate fi'om lhe
date of disbursement and shall be payable, with such interest, upon notice from Lender to Bon'ower requesting pay ment.
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 I,ender 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 premimns and renewal notices. If Bon'ower obtains any for~ of insurance coverage, not
otherwise required by Lender, for damage to, or destruction of, the Property, such p01icy shall indlude 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 pron~pfly by Borrower. Unless Lender and Borrower otherwise agree in writing, arty insurance proceeds,
whether or not the underlying insurance was required by [,ender, 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 }told 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 tile 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 res:toration or repair is not economically feasible or Lender+s security would be lessened,
the insurance proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with the
excess, if any, paid to Borrower. Such insurance proceeds shall be applied in the order provided for in Section 2.
If Borrower abandons tile Property, Lender may file, negotiate and settle any available insurance claim and related
matters. If Borrower cJoes not respond within 30 days to a notice from Lender that the insurance carrier has offered to settle a
claim, then Lender may negotiate and settle the claim. The 30-day period will begin when the notice is given. In either event,
or if Lender acquires the Property under Section 22 or otherwise, Borrower hereby assigns to Lender (a) Borrowerq 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 Bmxower+s rights (other than the right to any refund of unearned premiums paid by Borrower) under all
insurance policies covering the Property, insofar as such rights are applicable to the coverage of file Properly. Lender may use
the insurance proceeds either to repair or restore the Property or to pay amounts unpaid under the Note or this Sectu:ity
Instrument, whether or not then due.
6. Occupa:ncy. Borrower shall occupy, establish, and use the Property as Borrower+s principal residence within 60
days after tile execution of this Security Instrument and shall continue to occupy the Property as Borrower+s principal
residence for at least one year after the date of occupancy, unless Lender otherwise agrees in writing, which consent shall not
be unreasonably withheld, or unless extenuating circumstances exist which are beyond Borrower+s conk'el.
7. Preservation, Maintenance and Protection of the Property; InspectionsBorrower 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 itl 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 Lender has released proceeds for such purposes. Lender may
disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as the work is
completed. If the insurance or condemnation proceeds are not sufficient to repair or restore the Property, Borrower is eot
relieved of B orrower+s obligation for lite completion of such repair m' restoration.
WYOMING" Single Family" Famde ,Mae/Freddie Mac I~*IFORM INSTRUMENT Form 3051 1/01
G R E ATLA ~
ITEM 1678~_(0011 ) (Page5 of ] ] p(iJ~e$) To Order Call: 1-800 530-f~l~x: 616-791 - 1 t31
[;:, L., ;; ~i:.
Lender or its agent may make reasonable entries upon and inspections of the Property. If it has reasonable cause, Lender
may inspect the interior of the improvements on the Property. Lender shall give Borrower notice at the time of or prior to
such an interior inspection specifying such reasonable cause.
8. Borrower+s Loan AppiicationBorrower shall be in default if, during the Loan application process, Bor,-ower or
any persons or entities acting at the direction of Borrower or with Borrower+s knowledge or consent gave materially false,
misleading, or inaccurate information or statements to Lender (or failed to provide Lender with material infm-mation) in
connection with the Loan. Material representations include, 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 lnstrume~lt:(a) Borrower
fails to perform the covenants and agreements contained irt 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 02' to enforce laws or regulations), or (c) Borrower has abandoned the Property, then Lender may do and pay for
whatever is reasonable 02' appropriate to protect Lender+s interest in the Property and rights under this Security Instrmnent,
including protec~ng and/or assessing the value of the Property, and securing and/or repairing th~'Property. Lender+s actions
can include, but ar~ not limited to: (a) paying any sums secured by a lien which has priority over this Security Instrument;
(b) appearing in codrt; and (c) paying reasonable attorneys+ fees to protect its interest in the Property and/or rights under this
Security lnstrumenl; including its secured position in a bankruptcy proceeding. Securing the Property inch~des, but is not
limited to, entering the Property to make repairs, change locks, replace or board up doors and windows, drain water from
~' pipes, eliminate building or other code violations or dangerous conditions, and have utilities turned on or off. Although
Lender may take action under this Section 9, Lender does not have to do so and is not under anY duty 02' obligation to do so.
It is agreed that Lender incurs no liability for not taking any or all actions authorized under this Section 9.
Any amonnts disbursed by Lender under this Section 9 shall become additional debt 0f Borrower secured by this
Security Instrument. ~lhese amounts shall bear interest at the Note rate from the date of disbursement and shall be payable,
with such interest, upon notice from Lender to Borrower requesting payment.
If this Security Instrument is on a leasehold, Borrower shall comply with all the provisions of the lease. If Borrower
acquires fee title to the Property, the leasehold and the fee title shall not merge unless Lender agrees to the merger in writing.
10, Mortgage Insurance.If Lender reqnh'ed 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 available from the mortgage insurer that previously provided such insurance and Borrower
was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the
?': premiums required to obtain coverage substantially equivalent to the Mortgage Insurance previously in effect, at a cost
substantially equivalent to the cost to Borrower of the Mortgage Insurance previously in effect, from an alternate mortgage
insurer selected by Lender. If substantially equivalent Mortgage Insurance coverage is not available, Borrower shall continue
to pay to Lender the amount of the separately designated payments that were due when the insurance coverage ceased to be in
effect. Lender will accept, use and retain these payments as a non-refundable loss reserve in lieu of Mortgage Insurance. Such
loss reserve shall be non-refundable, notwithstan_ding the fact that the Loan is ultimately paid in full, and Lender shall not be
required to pay Borrower any interest or earnings on such' loss reserve. Lender can no longer require loss reserve payments if
~:~, Mortgage Insurance coverage (in the amount and f'or the period that Lender requires) provided by an insurer selected by
Lender again becomes available, is obtained, and Lender requires separately designated payments toward the premiums For
Mortgage Insurance. If Lender required Mortgage Insm'ance 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 tile. 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 tl~e Loan as agreed. Borrower is 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 reduce losses. These agreements are on terms and conditions
that are satisfactory to the mortgage insurer and the other party (or parties) to these agreements. These agreements may
require the mortgage insurer to make payments using any source of funds that the mortgage insurer may have available
(which may include funds obtained from Mortgage Insurance premiums).
WYOMING" S ingle Family" Famdc Mae/Freddie Mac I.;NI1;'ORM INSTRUMENq' Form 31151 1/01
G R E A-I LAf~I)
ITEM 16781.(0011 ) (Page6 qf/, ] pages) To Order Call: 1-800-530-fl3t~:~x. 616-791-1131
As a result of these agreemems, Lender, any purchaser of the Note, another insm'er, any reinsurer, any od]er entity, or
any affiliate of any of the foregoing, may receive (directly or indirectly) amounts that derive from (or might be characterized
as) a portion of Borrower+s payments for Mortgage Insurance, iu exchange for sharing or modifying the mortgage insurer+s
risk, or reducing losses. If such agreement provides that an affiliate of Lender takes a share of the insurer+s risk in exchange
for a share of tile premiums paid to the insurer, the arrangement is often termed "captive reinsurance.' Further:
(a) Any such agreements will not affect the amounts that Borrower has agreed to pay for Mortgage Insurance,
or any other terms of the Loan. Such agreements will not increase the amonnt Borrower will owe for Mortgage
Insurance, and they will not entitle Borrower to any refund.
(b) Any such agreements will not affect the rights Borrower has"if any"with respect to the Mm'tgage
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 bare the Mm'tgage
Insurance terminated automatically, and/or to receive a refund of any Mortgage Insurance premiums that we,'e
unearned at the time of such cancellation or termination.
11. Assignment of Miscellaneous Proceeds; ForfeitureAll Miscellaneous Proceeds are hereby assigned to and shall
be paid to Lender.
If the Property is damaged, such Miscellaneous Proceeds shall be applied to restoration or repair of the Property, if the
restoration or repair is ecouomically 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 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 Property, the Miscellaneous Proceeds shall be applied to
the sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower.
In the event of a partial taking, destruction, or loss in value of the Properly in which the fair market value of the
Property immediately before the partial taking, destruction, or loss in value is equal to or greater than the amount of the sums
secured by this Security Instrument immediately before the partial taking, destruction, or loss in value, unless Borrower and
Lender otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by the amonnt of the'
Miscellaneous Proceeds multiplied by the following fraction: (a)the total amount of the sums secured immediately before the
partial taking, destrpction, or loss in value divided by (b) the fair market value of the Property immediately before the partial
taking, deslrqction, or loss in value. Any balance shall be paid to Borrower. '
In lhe event of a partial taking, destruction, or loss in value of the Property in which the fair market value of tile
Property immediate(y before the partial taking, destruction, or loss in value is less than the amount of the sums secured
immediately before the partial taking, destruction, or loss in value, nnless 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'f 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, Borrower fails to respond to Lender within 30
days after the date tile 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 lnstn~ment, whether or not then due. "Opposing
Part5,' means tile third party that owes Borrower Miscellaneous Proceeds or the party against whom Borrowerhas a right of
action in regard to Miscellaneous Proceeds.
Borrower~ shall be in default if an), action or proceeding, whether 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
Securib, Instrument. Borrower can cure such a default and, if acceleration has occurred, reinstate as provided iu Section 19,
by causing the action or proceeding to be dismissed with a ruling that, in Lender+s judgment, precludes forfeiture of the
Property or other material impairment of Lender+s interest in the Property or rights under this Security Instrument. The
proceeds of any award or claim for damages that are attributable to the impairment of Lender~vs interest in the Property are
hereby assigned and shall be paid to Lender.
All Miscellaneous Proceeds that are not applied to restoration or repair of the Property sha}l be applied in the order
provided for in Section 2.
WYOMING" Single Family" Fannie Mae/Freddie Mac UNIFORM INSTRIBIENT Form 31151 1/01
GREATLA~
ITEM 1678TL(0011 ) (.Page 7 qf I I ,oages) To Order Call: 1 - 800- 530-11J~llax: 616-791 - 1131
12. Borrower Not Released; Forbearance By Lender Not a WaiverExtension of the time t'or payment or
modification of amortization of the sums secured by this Security Instrument granted by Lender to Borrower or any
Successor in Interest of Borrower shall not operate to release lhe liability of Borrower or any Successors in Interest of
Bon'ower. l~ender shall not be required to commence proceedings against any Successor io Interest of Bon'ower or to ret,se
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 t'orbearaoce by Lender in
exercising any right 02' remedy including, without'limitation, Lender+s acceptance of payments fi'om third persons, entities or
Successors in Interest of Borrower or in amounts less than the amount then duq, shall not be a waiver of or preclude the
exercise of any right 02' remedy.
13. ,I oint and Several Liability; Co-signers; Successors and Assigns BoumBorrower covenants and agrees that
Borrower+s ohligations and liabiliw shall be joint and several. Itowever, any Borrower who co-signs this Security h~strument
but does not execute the Note (a "co-signer'): (a) is co-signing this Security lnstrmnent 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 pa),
the sums secured by lhis 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 temps of this Security Insta'urh'em or the Note withont the
co-s igner+ s cons ellt.
Subject 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 Borrower+s rights and benefits under
this Security Instrument. Borrower shall not be released from Borrower+s obligations and liability under lhis Security
Instrument unless Lender agrees to such release in writing. ~lhe covenants and agreements of this Security Instrument shall
bind (except as provided in Section 20) and benefit the successors and assigns of Lender.
14. Loan Charges. Lender may charge Borrower fees for services performed in connection with Borrower+s default,
for the purpose of protecting Lender+s interest in the Property and rights under this Security' Instrument, iocluding, 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 Instrmnent to charge a specific fee to Borrower shall not be construed as a prohibition on the charging of such
fee. Lender may not charge fees that are expressly prohibited by this Security Instrument or by Applicable Law.
If the 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 sucb
· loan charge shall be reduced by the amonnt 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. I,ender 2nay choose to make tiffs
refl2nd 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 prepay~nent without any prepay ment charge (whether or not a prepay ment
cl3arge is provided for under the Note). Borrower+s acceptance of any such refund made by direct payment to Borrower will
constitute 'a waiver of any right of action Borrower might have arising out of such overcharge.
15. Notices. All notices given by Borrower or Lender in connection with this Security Instrument must be in writing.
Aoy notice to Borrower in connection with this Security Insn'ument 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 constitute notice to all Borrowers unless Applicable Law expressly requires otherwise. The notice address
shall be the Property Address unless Borrower has designated a substitute notice address by notice to Lender. Borroxver 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. Any notice to Lender shall be given, by delivering it
or by snailing it by first class mail to Lender+s address stated herein unless Lender has designated another address by notice to
Borrower. Any notice in connection with this Security Instrument shall not be deemed to have been given to Lender until
actually received by Lender. If any notice required by this Security Instrument is also required under Applicable Law, the
Applicable Law requirement will satisfy the corresponding requirement under this Security Instrument.
16. Governing Law; Severability; Rules of ConstructionThis Security Instrument shall be governed by federal law
and the law of the jurisdiction in which the Prope~, is located. All rights and obligations contained in this Security
lnsn'ument are subject to any requirements and limitations of Applicable Law. Applicable Law might explicitly or implicitly
allow, the parties to agree by contract or it might be silent, but such silence shall not be construed as a prohibition against
agreement by contract. In the event that any provision or clause of this Security Instnnnent or the Note conflicts with
Applicable Law, such conflict shall not affect other provisions of this Security Instrument or the Note which can be given
effect without the conflicting provision.
WY()MING" Single Family" Fannie MaefFreddie ?,lac UNIFORM INSTRU.MENI' Fm'm 3051 1/01
GREATtA~
lie M 167~(0011) (Page8 ofI l pages) To Order GaL: 1-gOO-S~O-~Ggx: 61~191-1131
595
As used in this Secnrity Instrument: (a) words of the masculine gender shall mean and inchMe corresponding neuter
words or words of the feminine gender; (b) words in the singular shall mean and include file plural and vice versa; and (c) the
word "may' gives sole discretion without any obligation to take any action.
17. Borrower+~ CopyBorrower shall be given one copy of lhe Note and of this Sect:riff Inslrument.
18. Transfer of tile Property or a Beneficial Interest in BorrowerAs used ill this Section 18, "Interest in tile
Property' means any legal or beneficial interest in the Property, ~including, but not limited to, those beneficial interests
transferred in a bond for deed, contract for deed, installment sales contract or escrow agreement, the intent of which is the
t,'ans fer of title by Borrower at a future date to a purchaser.
If all or any part of die 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 wrilten consent, Lender may
require immediate payment ih full of all sums secured by this Security Instrument. However, this option shall not be
exercised by Lender if Such exercise is prohibited by Applicable Law.
If Lender exercises this option, Lender shall give Borrower notice of acceleration. ~lhe notice shall provide a period o'f
not less than 30 days from the date the notice is given in accordance with Section 15 within which Borrower must pay all
sums secured by this Security Instrument. If Borrower fails to pay these sums prior to the expi'ration of this period, Lender
may invoke any remedies permitted by this SecuriBr Instrument without further notice or demand on Borrower.
'19. Borrower+'s Right to Reinstate After AccelerationIf Borrower meets certain conditions, Borrower shall have
tile right to have enforcement of this Security Instrument discontinued at any tilne prior to tile earliest of: (a) five days before
sale of the Property pursuant to an), power of sale contained in this Security Instrument; (b) such other period as Applicable
Law might specify for file 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 wonld be due under this Security'
Instrument and tile Note as if no acceleration had occurred; (b) cures any default of any olher covenants or agreements;
.(c) pays all expenses incurred in enforc~ing this Security Instrnment, including, but not limited to, reasonable attorneys+ fees,
property inspection and valuation fees, and other fees incurred for tile purpose of protecting Lender+s interest in the Property
and rights under this Security hlstrUmem; and (d)takes such action as Lender may reasonably require to assure that Lender+s
interest in the Property and rights under this Security lnslrument, and Borrower+s obligation to pay tile sums secured by this
Security Instrument, shall continue unchanged. Lender may require that Borrower pay such reinstatement sums and expenses
itl one or more of the following forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check,
t|'easurer+s check or cashier+s check, provided ally such check is drawn upon an institution 'whose deposits are insured by a
federal agency, instrumentality or entily; or (d) Electronic Fnnds Transfer. Upon reinstatement by Borrower, this Security
Instrument and obligations secured hereby shall remain full), effective as if no acceleration had occurred. However, this right
to reinstate shall not apply in the case of acceleration under Section 18.
20. Sale of Note; Change of Loan Servicer; Notice of Grievance3'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 the "Loan Servicer') that collects Periodic Payments due under the Note and this Security
Instrument and 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 Servicer, Borrower will be given written notice of the change which will state the name and address of the new Loan
Servicer, tile address to which payments should be made and any other information RESPA requires in connection with a
notice of transfer of servicing. If the Note is sold and thereafter the Loan is serviced by a Loan Servicer other than the
purchaser of tile Note, the mortgage 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 file Note
purchaser.
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 fi'om the other pa:ty+s actions pursuant to this Security Instrument or that alleges that the
other party has,breached ally provision of, or any duty owed by reason of, this Security Instrun~ent, until such Borrower or
Lender has notified the other party (with such notice given in compliance with tile requirements of Section 15) of such
alleged breach and afforded the other party hereto a reasonable period after the giving of such notice to take corrective action.
If Applicable Law provides a time period which'must elapse before certain action can be taken, that time period will be
deemed to be reasonable for pm'poses of this paragraph. The notice of acceleration and opportunity to cure given to Borrower
pursuant to Section 22 and tile notice of acceleration given to Borrower pursuant to Section 18 shall be deemed to satisfy lhe
notice and opporhmity to take con'ective action provisions of this Section 20.
WYOMING" Single Faintly" Fannie Mae/Freddie Mac UNIFORM INSTRL,'M ENT Form 3051 1/01
GREATLA~
ITEM 167~(0011 } (~ag¢9 qf 11 page~ To Order Call: 1-800- 530- ~x: 616-791-1131
21. Hazardous Snbstances. As used in this Section 21' (a) "Hazardous Substances' are those suhstauces defined as
toxic or hazardous substances, pollutants, or wastes by Environmental Law and the following substances: gasoline, kerosene,
other flammable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos
or formaldehyde, and radioactive materials; (b) "Environmental Law' means federal laws and laws of fl:e jurisdiction where
the Property is located that 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 'Environmenlal 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, storage, or release of any llazardous Substances, or
threaten to release any Hazardous Substances, on or in the Property. Borrower shall not do, nor allow anyone else to do,
anything affecting the Property (a) that is in violation of any Environmental Law, (b) which creates an 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 P,'operty
of small quantities of Hazardous Substances that are generally recognized to be appropriate to normal residential uses and to
maintenance of the Property (including;but not limited to, hazardous substances in consumer products).
Borrower shall promptly give Lender written notice of (a) any investigation, claim, deman'd,~ lawsuit or other action by
any governmental or regulatory agency or private party involving the Property and any llazardons 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 hy 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 shall create any obligation on Lender for an Environmental Cleannp.
NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows'
22. Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration following Borrower+s
breach of any covenant or agreement in this Secnrity Instrument rout not prior to acceleration nnder Section 18
unless Applicable Law provides otherwise). The notice shall specify: (a) the default; (b) the action reqnircd to cure the
default; (c) a date, not less than 30 days from the date the notice is given to Borrower, by which the defanlt must be
cared; ami (d) that failure to cnre the defanlt on or before the date specified in the notice may resnlt in acceleration of
.the sums secored by this Security Instrument and sale of the Property. The notice sball further inform Borrower of
the right to reinstate after acceleration and the right to bring a court action to assert the non-existence of a default or
any other defense of Borrower to acceleration and sale. If the defanlt is not cnred on or before the date specified in the
notice, Lender at its option may reqnire immediate payment in full of all sums secured by this Security Instrument
without fnrther 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, bnt 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
Burrower in the manner provided in Section 15. Lender shall publish the notice of sale, and the Property shall be sold
in the manner prescribed by Applicable Law. Lender or its designee may purchase the Property at any sale. The
proceeds of the sale shall be applied in the following order: (a) to all expenses of the sale, including, but not limited to,
reasonable attorneys+ fees; (b) to all sums secnred by this Security Instrument; and (c) any excess to the person or
persons legally entitled to it.
23. Release. Upon payment of all sums secured by this Security Instrument, Lender shall release this Security
lnsu'ument. Borrower shall 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 fl~e fee is permitted under
Applicable Law.
24. Waivers. Borrower releases and waives all rights under and by virtue of the homestead exemption laws of
Wyoming.
WYOMING" Single Family" Fannie Mae/Freddie Mac L,~'iFORM INSTRUM ENI' For~n 3051 1/01
G R EATLAN~)
ITEM 1678t0 (00! 1) f?age] O q/'] ] pages) To Order Call: 1- 800- 530- [t~fCAx: 616-791 1131
BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in pages 1 lhrough I I of
this Security Instrument and in any Rider executed by Borrower and recorded with it.
AYDEUL D, LUTHI ~ -Borrower MELANIE DAWN LUTHI
(Seal) (Seal)
orrower
-Borrower
(Seal) (Seal)
-Borrowcr
-Borrower
Witness: Witness:
)ss
Co,l,,ty of )
Tile foregoing instrument was acknowledges before me by ~ ~, /Z~t~_9 ~
Witness my hand and official seal.
~~~ Nm a ,¥ Pt,blic
)} Coun~ o~ ~3~ sta~e o~ ({
~J U~oln ~ Wyoming J j
{{~onExplresSeptem,erl8 2~3 )} My commission expires: ~/~ ~
WYOMING" Single Family" Fannie Mae/Fi-eddie/Mac UNIFORM INSTRIJ.MENT Form 3051 1/01
G REA-FLA~
ITEM 1678L1 (0011) (~a~e]] qfllpages) To Order ~alt: 1-800-530-~x:616-791_t151
[: -: :, .:.~
The following is an Addendum to the Mortgage. The addendum shall be
incorporated into, and recorded with, the Mortgage.
TAX EXEMPT FINANCING RIDER
This Tax-Exempt Financing Rider is incorporated into and shall be deemed to
amend the terms of the Mortgage to Which it is attached.
In addition to the covenants and agreements made in the Security instn~ment,
Borrower and Lender further covenant and agree as follows:
assume responsibility for assuring comPliance by '
Lender, or such of its successors or assigns as may, by separate instrument,
provisions' of this Tax Exempt Financing Rider, the Borrower with the
may require immediate
payment in full of all sums secured by this Security Instrument if:
a) All of part of the Property sold or otherwise transferred (o~her than
by devise, descent or operation of law) by Borrower to a'purchaser
or other transferee:
i) Who cannot reasonably be expected to occupy the property
as a principal resident within a reasonable time after the sale
or transfer, all as provided in Section 143(c) and (i) (2) of the
Internal Revenue Code; or
ii) ' Who has had a present ownership interest in a principal
residence during any part of the three year period ending on
the date of the sale or transfer, all as provided .in Section
143(d) and (iI {2). of the Internal Revenue Code; or
iii) At an acquisition coat which is greater than 90 percent of the
average area PUt:chase price (greater than 110 percent for
targeted area residences), all as provided in Section
' and (i) (2) of the Internal Revenue Code; or
iv) Whose family income exceeds applicable income limits as
provided in Section 143(0 and (i) (2) of the Internal Revenue
Code.
b) Borrower fails to occupy the property described in the Security
Instrument without prim- written consent of the lender or its
successors or assigns described at the beginning of this 'Tax
Exempt Financing Rider, or
c) Borrower omits or misrepresents a fact that is material with
respect to the provisions of Section 143 of the Internal Revenue
Code in an application for the loan secured by this Security
Instrument.
References are to the Internal Revenue Code as amended, in effect on the date
of execution of the Security Instrument and are deemed to include the
implementing regulations.
BY SIONINO BELOW, Borrower accepts and agrees to the terms and provisions
in this Tax-Exempt Financing Rider.
~orro~er K a y d e l~---~---
ower elan~e D~wn-Luthi
MPP 210-B (Revised 12/95)