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HomeMy WebLinkAbout891153Jun-19-03 1Z:lBpm From- T-TST F-635 P. 0.14/053 When recorded, mail to: · LONG B ^C. COMP^NY 2o o8 LOAN NO. 5529359-7988 '-B'0~K~PR PAGE 3 3 3 891153 [Spice Above This Llr~ For Recording Data] MORTGAGE RECEIVED ...... k, 0 !...~ r,!TY CLERK LINCa~ ~",~ "' ' THIS MORTGAGE ("Security Instrument") is given on JOSEPH E. WALTHALL June 19 , 2003 . The mortgagor is ("Borrower"). This Security Instrument is given to LONG BEACH MORTGAGE COMPANY which is organized and existing under the laws of the State of Delaware , and whose address is 1100 TOWN & COUNTRY ROAD, ORANGE, CA 92868 ("Lender'). Borrower owes Lender the principal sum of Forty Five Ihousand Six Hundred and nell00 .... : .................................................. Della.rs (U.S. $ 45,600.00 ). This debt is evidenced by Borrower's note dated the .same date as this Security Instrument ("Note'). which provides for monthly payments, with the full debt, if not paid earlier, due and payable on July I , 2033 This Security Instrument secures to Lender: (a) the repayment of the debt evidenced by the Note, with interest, and all renewals, extensions and modifications of the Note; (b) the payment of all other sums, with imerest, advanced under paragraph 7 to protect the security of this Security Instrument: and (c) the performance of Borrower's covenants and agreements under this Security Instrument and the Note. For this purpose, Borrower does hereby mortgage, grant and convey to Lender, with power of sale, the following described property located in LINCOLN County, Wyoming: LEGAL DESCRIPTION ATTACHED HERETO AND MADE A PART HEREOF which has the address of 235 W FIRST STREET Wyoming ' 23123 WYOMING-Single Family-FNMA/FHLMC UNIFORM INSTRUMENT Form 3051 9/90 {~®-6H{W'Y} (~4031.ol Amended 12193 VMP AIIORTGAGE FORMS · l{)001621.72~1 Page 1 -,,~,.,~..-- LABARGE [Street, City]. [Zip Code] ("Property Address"); TOGETHER WITH ~1 ~e improv~en~s now or hercart~ erected on ~he property, ~d ~1 e~emen~, appunen~ces, fixtures now or hereater a p~ of ~e property. All r~lacements ~d additio~ sh~l ~so be cov~ed by this Sec~ Instrument. All of ~e foregoing k re,mad to in ~is Se~ Im~tmment as ~e "Propc~.' BORROWER COVENANTS that Boaower is law~lly seised of ae estate hereby conveyed ~d h~ the d~t to mortgage, gr~ ~d convey ~e ~ope~ ~d that the ~ope~ is un,crab,cd, except for encumbr~ces of r~ord. Bo~ow~ wa~ts ~d will defend generally the title ~o ~e ~ope~ ag~nst al clams ~d de~ds, subject to my encumbr~ces of record. THIS SECURITY IN~RUMENT combines ~ifo~ coven~ts for nation~ ~e ~d non-unifom coven~u wi~ li~ted v~ations by j~diction to constitute a ~i'fom sacufity inst~mem covet~g ~e~ prop~y. UNI'FO~ COVENANTS. Boxower ~d Lender coven~t ~d agree ~ ~ollows: l~ Payment of ~incipal and Inter,t; Prepaym~t and Late Charge. Bo~ow~ ~l promptly pay when due pfincip~ of ad interest on ~he debt evidenced by ~e Note ~d ~y prepaym~t ad late ch~ges due under ~e Note. 2. Fun~ for Tmx~ ~d ~umce. Subject to applicable law or to a wfitt~ w~ver by ~nder, Bo~ower sh~l pay Lcnd~ on ~e day mon~ly payments ~e due under the Note, until ~e Note is paid in ~ll, a sum ("F~") for: (a) ye~ly t~es ~d ~sessments which may attain p~0fiW over this Semri~ l~tmcmt a a lien on the Property; ~) ye~ly leaehold pa~ts or ground rents on ~e ~ope~, if ay; (c) ye~ly h~d or property insur~ce pre~; (d) ye~ly flood insurace pre,ms, if ay; (e) ye~ly mortgage ~urace pre~ums, if ay; ad (0 ~Y sums payable by Bo~ower to Lender, ~ accord~ce wi~ ~e provisio~ of p~agraph 8, ~ lieu of ae payment of mortgage i~urace pre~u~. These ite~ ~e caled "Escrow Irene." Mnder may, at ay t~e, collect ~d hold F~ds in a ~o~t not to exceed ~e m~imum aao~t a l~der for a federaly rela~ed moagage lo~ my require for Bo~ower's escrow account under ~e fedcr~ Real Estate Settlement ~ocM~es Act of 1974 ~ ~ended from time to time, 12 U.S.C. Section 2601 et seq. ("RESPA"), unless ~o~er law ~at applies to ~e F~ds se~ a lesser ~o~t. If so, ~ndcr may, at ~y time, collect ~d hold F~ in ~ amount not to excced the less~ ~o~t. Lender may e~timate ~e mo~t of F~ds due on ~e basis of ~ent daza ~d remomble estimates of expenditures of fuzure Escrow Items or o~e~ise ~ aceor~ce wi~h applicable law. The Funds sh~l be held in ~ ~stimtion whose d~osi~ ~e insured by a feder~ agency, imtmment~.ity, or entiw (~cluding ~nder, if Lender is su~ ~ ~timtion) or in ~y F~er~ Home Lo~ B~. L~d~ sh~l apply ~e F~ds to pay ~e Escrow Items. ~nder may not ~ge Bo~ower for holding and apply~g ~e F~, ~ually ~yz~g ~e cscrow a~o~t, vefi~ing the Escrow Ite~, t~ess Lender pays Bo~ow~ int~est on ~e Funds ~d applicable law per~s ~ndcr to m~e su~ a ch~ge. However, ~nder may m~ire Bo~ower to pay a one-time ch~ge for ~ ind~cmdent re~ estate t~ r~o~ng se~ice used by Lender ~ co~ecdon wi~ ~s lo~, ~lcss applicable law provides o~c~ise. U~ess ~ agreem~t is made or applicable law re~ires interest to be p~d, ~nder shall not be required to pay Bo~ower ~y interes~ or e~ings on ~e F~ds. Bo~owcr ~d L~d~ may agree in writing, hoWev~, that ~teres~ sh~l be p~d on ~e Funds. ~nder sh~l give to Borrower, without charge, m ~n~l accounting of the Funds, show~g credi~ ~d debits to ~e Funds ~d ~e pu~ose for which e~h debit to ~e F~ds wu made. The Funds ~e pl~ged as addido~ sec~ty for ~l sums secured by ~ Sec~w Inst~ment. If the Funds held by Lender exceed ~e mo~ts pe~tted to be held by applicable law, Lend~ sh~l accost to Bo~ower for ~e excess F~ds ~ aecord~ce wi~ ~e requirements of applicable ~w. If ~e ~o'~t of the Funds held by ~d~ a~ ~y t~e is not sufficient to pay the Escrow Items when due, L~d~ may so noti~ Borrower ~ writing, ~d, in su~ c~e Bo~ower sh~l pay m ~der ~e mo~t necess~ ~o m~e up ~e deficiency. Bo~ower sh~l m~e up ~e deficiency in no more ~elve money paym~ts, at Lender's sole d~cretion. Upon payment ~ ~ll of ~l su~ secwed by ~ Secufiw Institute, L~d~ sh~l prompdy re~d to Bonower ~y F~ held by Lender. If, under p~agraph 21, ~nder sh~l acquire or sell ~e Pmper~y, Lender, prior m the acqU~ition or of ~e Prope~, sh~l apply ~y F~ds held by Lender a~ ~e dine of acquisition or s~e ~ a c~dit ag~t ~e s~ s~ured by · is Secufiw ~t~ment. 3. Application of Pa~en~. U~ess applic~le law provides o~c~v~e, ~l paym~ts receivcd by ~nder ~der p~a~aphs 1 ~d 2 sh~l be applied: first, to ~y prepayment ~ges duc under ~e Note; second, to ~o~ts payable ~der p~agraph 2; · ird, to int~est due; fourth, to pfincip~ due; ~d l~t, to my late ~ges due under ~e Note. 4. Charge; Lie~. Borrower sh~l pay ~l ~es, ~sessments, ~ges, fines ~d impositiom attributable to ~e Property ' which may attain pfiofiw ov~ this S~ufity ~st~ent, ~d le~ehold paymems or gro~d ren~, if ~y. Borrow~ sh~l pay these obligatiom ~ ~e m~er provided in p~agraph 2, or if no~ p~d ~ ~at m~er, Bo~owet sh~l pay ~em on time directly to ~e person owed payment. Bo~ower sh~l promptly ~sh to ~d~ all notices of ~o~ to be p~d ~der ~ p~agraph. If Bo~ower m~es ~ese paymenu d~ecfly, Bo~ow~r shall prompdy ~sh to ~nd~ receipts evidencing ~e paymenu. Bo~ower sh~l promptly disch~gc ~y lien which has priority ovcr ~is Securi~ ~tmment ~ess Borrower: (a) ~ree~ writ~g to ~e paymen~ of ~e obligation secured by ~e li~ in a m~er acceptable to ~der; ~) contests ~ good f~ ~e lien by, or defends agorot ~forcement of ~c li~ ~, leg~ proceedings which in ~e L~der's opinion operate to prevent ~e enforcement of the lien; or (c) sec~cs ~om ~e holder of the li~ ~ agreement sat~f~to~ to ~nder subord~ating fine lien this Secufiw I~t~ment. If Lender dete~nes that ~y p~ of ~c Prope~ is subject to a lien which may a~in priori~ over this Sec~iw ~tmment, ~der may give Bo~0wer a notice idc~ti~g.the lien. Bo~ower shall satis~ ~c lien or t~e one or more o[ ~e actions sct fo~ above wifl~in i0 days of ~c giving of notice. Form 3051 9/90 Loan No. 5529359~ Jun-19-03 1Z:lgpm From- T-T67 P.016/053 F-635 J IIP-a 335 $. Hazard or Property Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included within the torsi 'extended cove-raga' and any other hazards, including floods or flooding, for which Lender requires insurance. This insurance shall be maintained in the amounts and for the periods that Lender requires. The insurance carrier providing the insurance shall bc chosen by Borrower subject to Lender's approval which shall not be un.reasOnably withheld. If Borrower fails to maintain coverage described above, Lender may, at Lender's option, obtain coverage to protect Lender's rights in the Property in accordance with paragraph 7. All insurance policies and renewals shall be acceptable to Leader and shall include a standard mortgage clause. Lender shall have the right to hold the policies and renewals. If Lender requires, Borrower shall promptly give to Lender all receipts of paid premiums and renewal notices. 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, insurance proceeds shall be applied to restoration or repair of the Property damaged, if the restoration or repair is economically feasible and Lender's security is not lessened, ff the restoration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be applied to the sum~ secured by this Security Instrument, whether or not then due, with any excess paid to Borrower. If Borrower abandons the Property, or does not answer within 30 days a notice from Lender that the insurance carrier has offered to settle a claim, then Lc-rider may collect the insurance proceeds. Lender may use the proceeds to repair or restor~ the Property or to pay sums secured by this'Security Instrument, whether or not then due. The 30-day period will begin whcn the notice is given. Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shall not extend or postpone the due dale of the monthly payments referred to in paragraphs 1 and 2 or change the amount of the payments. If under paragraph 21 the Property is acquired by Lender, Borrower's right to any insurance policies and proceeds resulting from damage to the Property prior to the acquisition shall pass to Lender to the extent of the sums secured by this Security Instrument inm~ediately prior to the acquisition. 6. Occupancy, Presewatlon, Maintenance and Protection o1' the Property; Borrower's Loan Application; Leaseholds. Borrower shall occupy, establish, and use the Property as Borrower's principal residence within sixty days after the execution of this Security Instrument and shall continue to occupy the Property as Borrower's principal residence for at lea~t one year after the date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be unreasonably withheld, or unless extenuating circumstances exist which are beyond Borrower's control. BorroWer shall not destroy, damage or impair the Property, allow the Property to deteriorate, or corm'nit waste on the Property. Borrower shall be in default if any forfeiture action or proceeding, whether civil or criminal, is begun that in Lender's good faith judgment could result in forfeiture of the Property or otherwise materially impair the lien created by this Security Instrument or Lender's security interest. Borrower may cure such a default and reinstate, as provided in paragraph 18, by causing the action or proceeding to be dismissed with a ruling that, in Lender's good faith determination, precludes forfeiture of the Borrower's interest in the Property or other material impairment of the lien created by this Security Instrument or Lender's security interest. Borrower shall also be in default if Borrower, during the loan application process, gave materially false or inaccurate information or statements to Lender (or failed to provide Lender with any material information) in connection with the loan evidenced by the Note, including, but not limited to, representations concerning Borrower's occupancy of the Property as a principal residence. If this Security Instrument is on a leasehold, Borrowcr shall comply with all the provisions of the lease. If Borrower acquires fee title to the Progeny, the leasehold and the fee title shall not merge unless Lender agrees to the merger ia writing. 7. Protection or Lender's Rights in the Property. If Borrower fails to perform the covenants and agreement~ contained in chis Security Instrument, or there is a legal proceeding that may significantly affect Lender's fights ia the Property (such as a proceeding in bankruptcy, probate, for condemnation or forfeiture or to enforce laws or regulations), then Lender may do and pay for whatever is necessary to protect The value of the Property and Lender's rights in the Property. Lender's actions may include paying any sums secured by a lien which has priority over this Security Instrument, appearing in court, paying reasonable attorneys' fees and entering on the Property to make repairs. Although Lender may take action under this paragraph 7, Lender does not have to do so. Any mounts 6isbu.r~ed by Lender under this para, apb 7 shall become additional debt of Borrower secured by this Security Instrument. Unless Borrower and Lender agree to other terms of paymem, these amounts shall bear bare,st from the date of disbursement at the Note rate and shall be payable, with interest, upon notice from Lender to Borrower requesting payment. 8. Mortgage Insurance. If Lender required mortgage insurance as a condition of making the loan secured by this Security Instrument, Borrower shall pay the premiums required to maintain the mortgage insurance ia effect. If, for any reason, the mortgage insurance coverage required by Lender lapses or ceases to be in effect, 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 approved by Lender. If substantially equivalent mortgage insurance coverage is not available, Borrower shall pay to Lender each month a sum equal to one-twelfth of the yearly, mortgage insurance premium being paid by Borrower when the insurance coverage lapsed or ceased to b= in cffect. Lender will accept, use and retain these payments as a loss reserve in lieu of mortgage insurance. Loss reserve Form 3051 9/90 1~)~-6H(WY) t~O~'l.Ol P0oe'3 0t 6 fhi~el~:~ . ~w¥~ ~o~/~o/o0 u[ Loan No. 5529359~ payments may no longer be required, at the option of Lender, if mortgage insuran'~eOeoUvcrag¢ (in the amount and for the period that Lender requires) provided by an insurer approved by Lender again becomes available and is obtained. Borrower shall pay the premi,,m~ required to maintain mortgage insurance in effect, or to provide a loss reserve, until the requirement for mortgage insurance ends tn accordance with any written agreement between Borrower and Lgnder or applicable law. 9. Inspection. Lender or its agent may make reasonable entrie; upon and inspections of the Property. Lender shall give Borrower notice at the time of or prior to an inspection specifying reasonable cause for the inspection. 10. Condemnation. The proceeds of any award or el;tim for damages,, direct or consequential, in connection with any conderrmation or other t 'ald.ng of any part of the Properxy, or for conveyance in lieu of condemnation, are hereby assigned and shill be paid to Lender. , In the event of a total taking of the Property, the proceeds shall he applied to the sums secured by this Security Instrument. whether or not then due, with any excess paid to Borrower. In the event of a partial taking of the Property in which the fair market value of the Property. immediately before the t 'aki.ng is equal to or greater than the amount of the sums secured by this Security Instrument immediately before the t 'a.king, unless Borrower and Lender otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by the mount of the proceeds multiplied by the following fraction: (a) the total amotmt of the sums secured inmaediately before the talcing, divided by (0) the fair market value of the Properry immediately before the taking. Any balance shall be paid to Borrower. In the event of a partial taking of the Property in which the fair market value of the Property immediately before the taking is less than the amount of the sums secured immediately before the taking, unless Borrower and Lender otherwise agree in writing or unless applicable law otherwise provides, the proceeds shill be applied to the sums secured by this Security Instrument whether or not the sums are then due. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor offers to make an award or settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date the notice is given, Lender is authorized to collect and apply the proceeds, at its option, either to restoration or repair of the Property or to the sums secured by this Security Instrument. whether or not then due. Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shill not extend or postpon~ the due date of the monthly paymcms referred to in paragraphs 1 and 2 or change the amount of such payments. 11. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or modification of amortization of the sums secured by this Sectufty Instrument granted by Lender to any successor in interest of Borrower shall not operate to release the liability of the original Borrower or Borrower's successors in interest. Lender shall not be required to commence proceedings agnin<t any successor in interest or 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 Borrower's successors in interest. Any forbearance by Lender in exercising any right or remedy shall not be a waiver of or preclude the exercise of any right or remedy. 12. Successors and Assigns Bound; Joint and Several Liability; Co-signers. The covenants and agreements of this Security Instrument shall bind and benefit the successors and assigns of Lender and Borrower, subject to the provisions of paragraph 17. Borrower's covenants and agreements shall be joint and several. Any Borrower who co-signs this Security Instrument but does not execute the Note: (a) is co-signing this Security Instrument only to mortgage, grant and convey that Borrower's interest in the Property under the terms of this Security Instrument; (0) is not personally obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower may agree to extend, modify, forbear or make any ac¢ommodations with regard to the terms of this Security Instrument or the Note without that Borrower's consent. 13, Loan Charges. If the loan secured by this Security Instrument 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 (0) any sums already collected from Borrower which exceeded permitted limits will be refunded to Borrower. Lender may choose to make this refund by reducing the principal owed under the Note or by m 'airing a direct payment to Borrower. If a refund reduces principal, the reduction will be treated as a partial prepayment without any prepayment charge under the Note. 14. Notices. Any notice to Borrower provided for in this Security Instrument shall be given by delivering it or by mailing it by first class mail unless applicable law requires use of another method. The notice shall be directed to the Property Address or any other address Borrower designates by notice to Lender. Any notice to Lender shall be given by first class mail to Lender's address stated herein or any other address Lender designates by notice to Borrower. Any notice provided for in this Security Instrument shall be deemed to have been given to Borrower or Lender when given as provided in this para,apb. 15. Governing Law; Severability~ This Security Instrument shall be governed by federal law and the law oft he. jurisdiction in which the Property is located. In the event that any provision or clause of this Security Instrument or the Note 'conflicts with applicable law, such conflict shall not affect other provisions of this Security Instrument or the Note which can be given effect without the conflicting provision. To this end the provisions of this Security I.:tstrument and the Note are declared to be severable. I6. Borrower's Copy. Borrower shall be given one conformed copy of the Note and of this Sec.urity Instrument. Form 3051 9/90 · ~,~, ~o~o, u~ Loan No. 5529359~ Jun-19-03 1Z:19pmn,.~c~'~.,L~,.,~'~.~~[~m~'~ .,~ ~.~) "~'~' T-7G7 P.O18/OS3 F-635 17. Transfer of the ~pe~ or a B~e~ciai Intere~ in Bo~ow~. If all or ~y p~ of the Prop~ or is sold or tr~sfe~ed (or if a ben~ci~ ~terest in Bo~ower is sold or tr~sf~ed ~d Bo~ower is not a namrfl p~on) wi~out ~der's prior written consent, ~nder may, at its option, require imn,~iate paym~t in ~11 of ~1 sums sea.ed by ~is Secufi~ Instrument. However, ~s option shill not be exerci~d by ~nder if ex~c~e is prohibited by fedora hw as of ~e date of als Securiw If Lender exercises ~is option, ~dcr sh~l give Bo~ow~ notice of accel~ation. The notice shall provide a period of not leas ~ 30 days from ~e date ~e notice is delivered or m~l~ wi~in whi~ Boffower m~t pay ri s~ secured by ~is S~.u~w ~stmment. If Bo~w~ f~ls to pay ~ese sums prior to ~e expiration of ~is period, Lender may invoke ~y ~Mies pe~tted by ~is Sec~ty Instrument wi~out ~er notice or domed on Bo~ower. 18. ~o~ower's Right to Rd~tate. If Bo~ow~ meets ce~n condition, Bo~ower shill Mve ~e fight to have enforcement of ~is Secufi~ ~m~t discontinued at ~y time prior to ~e e~li~ of: (a) 5 days (or such o~ pe~od applicable law may speci~ for reinstat~ent) before s~e of ~e ~ope~ puget to ~y power of s~e con.ed Secu~ Ins~ment; or (b) eat~ of ajuflgm~t enforcing ~is Secu~w ~stmm~t. Those conditions ~e ~at Bo~ower: (a) pays ~nder fll sums which Sen would be ~e ~der ~ Secu~ I~tmment ~d ~e Nole a il' no acceleration had oc~ed; cures ~y default of ~y o~ coverts or agreemmts; (c) pays ri expenses ~ed in enforc~g ~is Securi~ ~s~ment, ~clud~g, but not limited to, reasonable attorneys' fees; ~d.(d) t~es such action ~ ~der may r~onably require to assu~ ~at ~e licm of this Secu~ I~tmm~t, ~nder's fi~ts ~ ~e Prope~ ~d Bo~ower's obligation to pay ~e sums seared by · is Secufi~ hstmme~t sh~l continue ~ch~ged. Upon reinstatem~t by Bo~ower, ~is S~uri~ ~t~ent ~d ~e obligations secured hereby sh~l remhn ~lly effective ~ if no acceleration hM ocmned. Howc~er, ~g ri~t to re~ta~e shall not apply in ~e case of acceleratioa.~der p~agraph 17. 19. S~e of Note; Ch~ge or Loan S~ieer. The Note or a p~ti~ interest ~ ~he Note (toge~er wi~ Instrument) may be sold one or more times without prior notice to Bo~ow~. A sale may ~sult in a ~mge in the entity ~no~ as ~e "Los Se~icer') ~at' mllects mouthy payments due ~der ~e Note ~d th~ Se~ty Instm~t. Thee ~o may be one or more ~gea of ~e ~ Se~i~r u~elated to a s~e of the Note. If there is a ~mge of ~e ~m Sc~i~r, Bonower will be given wfinen notice of ~e ch~ge in accor~ce wi~ p~agraph 14 above md applicable law. ~e notice will state ~e name ~d address of ~e new ~ Se~ic~ ~d ~e address to which payments should be made. The notice will a~o conga ~y o~er infomation required by applicable law. 20. Ha',ardous Substance. Bo~ower shall not cause or pe~t ~e prea~ce, use, disposal, stor~e, or relic of ~y H~do~ Subst~ces on or ~ ~e Prope~. Borrower sh~l not do, nor allow ~yone clse to do, ~y~ing Mfecting the Prope~ that is ~ violation of ~y Enviromen~ ~w. The preceding two sentences sh~l not apply to the pr~ce, use, or storage on the Prope~ of s~l qualities of H~do~ Subst~ces ~at ~e gener~ly recopied to be appropriate to norm~ residcmti~ uses ~d to m~nr~mce of ~e ~openy. Bo~ower s~l promptly give Lender whnen notice of ~y investigation, clhm, domed, lawsuit or o~er action by ~y govemmt~ or re~lato~ agency or phvate p~ ~volving ~e Prope~ ~d ~y H~dom Subsmce or Envirommt~ Law of whi~ Bo~ower has ac.m~ ~owledgc. If Bo~ower le~, or is notified by ~y govmen~ or regulatou au~oh~, ~y ~mov~ or o~er remedhtion of ~y H~dous Subst~ affect~g ~e Pmpe~ is neceasa~, Bo~ower sh~l promptly ~1 necess~ remed~ actio~ in accord~ with Eavironmmt~ Law. As used ~ ~is p~agraph 20, "Haz~dous Subst~ces~ ~e ~ose subsmces defined as toxic or h~dous substmces by Enviroment~ Law ~d ~e following subs~ces: g~oline, kerosene, o~ fl~able or to~c pe~oleum products, toxic postludes ~d herbicides, volatile solvers, mareh~s cont~g ~bestos or form~dehyde, ~d r~ioactive mtefi~. As used · is p~agraph 20, "Enviroment~ Law" means feder~ laws ~d laws of ~e jurisdiction whc~e the Property is located ~at relate to he~th, safe~ or envkomental protection. NON-UNIFO~ COVENANTS. Bo~ower ~d Lead~ ~her ~v~t ~d agree ~ follows: 21. Acceleration; Remedies. Lmd~ sh~l give notice to Borrower prior to acceleration following Borrower's brmch of any cove~nt or agrement in this SeCurity Im~mment ~ut not prior to acceleration ~d~ pamg~ph 17 units appli~ble law provid~ othe~ise). The notice shall specify: (a) the default; ~) the action ~q~red to cure the dffault; (c) a ~te, not 1~ than 30 days from the date the notice B given to Bo~ower, by whi~ the delhult must be ~red; and (d) t~t failure to cure the default on or b~ore the ~te specified in ~e notice may r~ult in accde~tion of ~e secured by ~ Seemly In~mme~ and ~le ~ the ~op~. The notice shall fu~ iffibm Bo~ower of the right to reimmte after accel~tion ~d the ~ght to bring a cou~ a~ion to ~e~ the non-exi~mee of a default or any o~er d~e of Bo~ower to aeceleratlon and sale. ~ the default ~ not cured on or before ~e date spedfied in the no~iee, L~d~, at its option, may require ~me~ate payment in full ol' all sins secured by t~s Secu~ ~trument ~thout fu~her dmand and may invoke the pow~ of sale ~d any other r~e~ petalled by applimble law. L~der s~ll be entitled to colle~ ~l expens~ incurred in pu~ffing the remedi~ provided in ~ p~agraph 21, inclu~ng, but not limited to, r~sonable att~neys' fe~ and cos~ or ti~e evidence. ~ Lend~ invok~ the ~w~ of sale, Lend~ shall We notice of intent to forgive to Borrower and to the pemon in poss~sion or ~e Propemy, il' different, in accordance ~th applicable law. Lender shall give notice of the sale to Form 3051 9190 z~wYs~o~ao/ot~ ~, Lo~ No. 5529359-798~ Jun-lg-03 12:20pm From- T-T6T P.Olg/053 F-$35 Borrower in the mamaer provided in paragraph 14. Lender shall publish the notice of sale, and the Proper~y 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 ali sums secured by this Security instrument; and (c) any excess !o the person or persons legally entitled to it. 22. Release. Upon payment of all sums secured by this Security lnsh'~ment, Lender shall release this Security Instrument to Borrower. Borrower shall pay any recordation costs. Lender may charge Borrower a fee for releasing this Security Instrument, but only if the tee is paid to a third parry for services rendered and dc charging of the fee is permitted under applicable law. 23. Waivers. Borrower w~ive~ all rights of homestead exemption in the Property and relinquishes all rights of curtesy and dower in the Property. 24. Riders to this Security Instrument. If one or more riders are executed by Borrower and recorded together with this Security Instrument, the covenants and agreements o£ each such rider shall be incorporated into and shall amend and supplement the covenants and agreements of this Security Instrument as if the rider(s) were a pan of this Security Instrument. [Check applicable box(es)] [-~ Adjustable Rate Rider [--] Condominium Rider ~'~ 1-4 Family Rider ~-~ Graduated Payment Rider [~ Planned Unit Development Rider ~ Biweekly Payment Rider · · ~ Balloon Rider ~ Rate Improvement Rider [] Second Home Rider ~'] V.A, Rider [--1 Other(s) [specify] BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this Security Instrument and in any rider(s) executed by Borrower and recorded with it. Witnesses: ~ ~, b~J~~_~ (Seal) $O~PH E. WALTHALL -Sorrower (Se~l) (Seal) (Seal) -Borrower -Borrower STATE OF WYO/VEING, Lincoln County ss: The foregoing instrument was acknowledged before me ~his by Joseph E. Walthall My Commission Expires: TDWY6 (0:~/30~o II I.H 20th day of june, 2003 (per~on acknowledging) February 2, 2006 Notary Public Page $ o! ~; Form 3061 9190 Loan No. 5529359-7988 Jun-IS-03 12:20pm From- T-T6T P.0Z0/053 F-63§ 339 Loan No. 5529359-7988 FIXED/ADJUSTABLE RATE RIDER ('LIBOR Index - Rate Caps) THIS FIXED/ADJUSTABLE RATE RIDER is made on this 19th day of June 2003 ., and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed o~ Trust or Security Deed (the "Security Instrument") of the same date given by the undersigned (the "Borrower") to secure Borrower's Fixed/Adjustable Rate Note (the "Note") to: LONG BEACH MORTGAGE COMPANY (the "Lender") of the same date and covering the property described ia the Security Instrument and located at: 235 W FIRST STREET LABARGE, W'Y 83123 [Property Address] THE NOTE PROVIDES FOR A CHANGE IN THE BORROWER'S FIXED INTEREST RATE AND TO AN ADJUSTABLE INTEREST RATE. THE NOTE LIMITS THE AMOUNT THE BORROWER'S ADJUSTABLE RATE CAN CHANGE AT ANY ONE TIME AND THE MAXIMUM RATE THE BORROWER MUST PAY. ADDITIONAL COVENANTS, In addition to the covenants and agreements made ia the Security Instrument, Borrower and Lender further covenant and agree aa follows: A. ADjUSTABLE RATE AND MONTHLY PAYMENT CHANGES The Note provides for an initial fixed interest rate of a change in the initial fixed rate to aa adjustable interest rate, as follows: 6.700 %. The Note also provides for 1. ADJUSTABLE INTEREST RATE AND MONTI:I3LY PAYMENT CHANGES (a) Change Dates The initial fixed interest rate will change to an adjustable interest rate on the first day of July 2005 , and on the first day of the month every 6th month thereafter. Each date on which the adjustable interest rate could change is called a "Change Date." (b) The Index Beginning with the F=st Change Date, the interett rate will be based on an Index. The "Index" is the average of the London interbank offered rates for six month dollar deposits in the London market based on quotations at five major banks ("LIBOR'), as set forth in the 'Money Rates' section of The Wall Street Journal, or if the Money Rates section ceases to be published or becomes unavailable for any reason, then as set forth in, a comparable publication selected by the Lender. Thc most recent Index figure available as of the date 45 days before each Change Date is called the "Current Index." (c) Calculation of Change. s Before each Change Date, the Lender will calculate my new interest rate by adding Four and Ninety Nine Hundredths percentage point(s) ( 4.990 %) to the Current Index. The Lender will then round the result of this addition to the nearest one-eighth of one percentage point (0.125%). Subject to the limit~ stated in Section l(d) on the following page, this rounded mount will be the new interest rate until the next Change Date. Fixed/Adjustable Rate Rider Libor 956016 Page 1 of 3 Et. ECTRONIC LASER I:OAMS. INC, - (8001327.05~5 Jun-l§-03 12:20pm From- T-?67 P.02t/053 F-635 Loan No. 5529359-7988 The Lender will then determine, the amount of the monthly payment that would be sufficient to repay the unpaid principal balance as of the Change Date in full on the Maturity Date at the new interest rate in substantially equal payments. The result of this calculation will be the new monthly payment. (d) Limits on Interest Rate Changes The interest rate at the first Change Date will not be greater than 7.700 % or less than 6.700 %. Thereafter, the adjustable interest rate will never be increased or decreased on any single Chnnge Date by more than One percentage points ( 1.000 %) fi.om the rate of interest applicable during the preceding 6 month~. The adjustable interest rate will never be greater than 12.700 %, which is called the "Maximum Rate" or less than 6.700 % which is called the "Minimum Rate". (e) Effective Date of Changes Each new adjustable interest rate will become effective on each Change Date. The amount of each new monthly payment will be due and payable on the first monthly payment date after the Change Date until the amount of the monthly payment changes again. (O Notice of Changes The Lender will deliver or ma/l a notice of any changes in the adjustable interest rate and the amount of the new monthly payment to The Borrower before the effective date of any change. The notice will include information required by law to be .given to the Borrower and also the title and telephone number of a person who will answer any questions regarding the notice. B. TRANSFER OF THE PROPERTY ORA BENEFICiAl; iIhlTE~ IN'ii'OR.RowER ........ 1. Until Borrower's initial fixed interest rate changes to an adjustable interest rate under tile terms stated in Section A above, Unifom Covenant 17 of the Security Instrument provides as follows: Transfer of the Property or a Beneficial Interest in Borr6wer. If all or any part of the Property or any interest in it is sold or transferred (or if a beneficial interest ha Borrower is sold or transferred and Borrower is not a natural person) without Lender's prior written consent, Lender may, at its option, require immediate payment in fall of all sums secured by this Security Instrument. However, this option shall not be exercised by Lender if exercise is prohibited by federal law as of the date of this Securi~ IJaStrumem. 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 delivered or mailed within which Borrower must pay all sums secured by this Security Instrument. If Borrower fnils 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. 2. When Borrower's initial fixed interest rate changes to an adjustable interest rate under the terms stated in Section A above, Uniform Covenant 17 of the Security Instrument contained in Section B(1) above shall then cease to be in effect, and Uniform Covenant 17 of the Security Instrument shall be amended to read as follows: Transfer o1' the Property or a Beneficial Interest in Borrower. If all or any par~ of the Property or any interest ha it is sold or transferred (or if a beneficial interest in Borrower is sold or transferred and Borrower i~ not a natural person) without Lender's prior written consent, Lender may, at its option, require immediate payment in full of all sums secured by this Security Instrument. However, this option shall not be exercised by Lender if Fixed/Adju=tabla Rate Rider - Libor ~-1956016 i95101 .=age 2 of 3 l'1t~6016~ (~/l,UOl) PC Jun-19-O~ 1Z:2Opm From- T-767 P.OZ2/053 F-635 exercise is prohibited by federal law as of the date of this Security Instrument. Lender also shall not exercise this option if: (a) Borrower causes to be submitted to Lender information required by Lender to evaluate the intended transferee as if a new loan were being made to the transferee; and (b) Lender reasonably determines that Lender's security will not be impaired by the loan assumption and that the risk of a breach of any covenant or agreement in this Securiey Instrument is acceptable to Lender. To the extent permkted by applicable law, Lender may charge a reasonable fee as a condition to I.~-nder's consent to the loan assumption. Lender also may require the transferee to sign an assumption agreement that is acceptable to Lender and that obligates the transferee to keep all the promises and agreements made in the Note and in this Security Instrument. Borrower will continue to be obligated under the Note and Security Instmmcnt unless Lender releases Borrower in writing. If Lender exercises the option to require immediate payment in full, 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 delivered or mailed within which Borrower must pay all sums secured by this Security InstrUment. If Borrower fails to pay these sums prior to thc expiration of this period, Lender may invoke any remedies permitted by this Security Instrument wit. hour further notice or demand on Borrower. BY SIGNING BELOW, Borrower accep~ ~nd agrees to thc terms and covenants contained in this Fixezi/Adjustable Rate Rider. (~O$£1~H Il. WA_LTHALL (Seal) (Seal) -Borrowcr -Borrower (Seal) _ (Seal) -Borrower -Borrower [Sign Original Only] F~xed/Adjusiable Ra~e Rider - L;bor ~-1956016 Issa o~ 19~11~ (O~4Of) PC LEGAL DESCRIPTION 342 Lots 1 and 2 of Block 3 of the Second Addition to Tulsa to the Town of LaBarge, Lincoln County, Wyoming as described on the official plat thereof.