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HomeMy WebLinkAbout878156 After Recording Return To: COUNTRYWIDE HOME LOANS, INC. MS SV-79 DOCUMENT PROCESSING 1800 Tapo Canyon Simi Valley, CA 93063-6712 Prepared By: M. SALAS [Space Above This Line For Recording Data] FA 8356M 000064854243193 [Escrow/Closing ~/~] [Doc ID ~/)] MORTGAGE DEFINITIONS Words used.in multiple sections of this document are defined below and other words are defined in Sections 3, 11, 13, 18, 20 and 21. Certain rules regarding the usage of words used in this document are also provided in Section 16. (A) "Security Instrument" means-this do.cument, which is dated D'~CEMBER 18, 2001 , together with all Riders to this document. (B) "Borrower" is DWAIN R WADE, AND ELAINA M WADE, HUSBAND AND WIFE Borrower is the mortgagor under this Security Instrument. (C) "Lender" is COUNTRYWIDE HOME LOANS, INC. Lenderisa A CORPORATION !; organized and existing under the laws of NEW YORK '~'~,. ~i, ~ Lender's address is ~ 4500 Park Granada, Calabasas, CA 91302-1613 Lender is the mortgagee under this Security Instrument. (D) "Note" means the promissory note signed by Borrower and dated DECEMBER 18, 2001 . The Note states that Borrower owes Lender FIFTY THOUSAND FOUR HUNDRED and 00/100 Dollars (U.S. $ 50,400.00 ) plus interest. Borrower has promised to pay this debt in regular Periodic Payments and to pay the debt in full not later than dANUAR¥ 01, 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 the Note, and all sums due under this Security Instrument, plus interest. WYOMING-Single Family-Fannie Mae/Freddie MacPa§e1UNIFORMo111. INSTRUMENT Initlal~.~'-'/i"~ ":' / (~.~,7, j' (~-6(WY) (ooas) CHL (08/00) VMP MORTGAGE FORMS - (800)521-7291 ' Form 3051 1/01 CONV/VA * 239g 1 * · 000648542000002006- * DOC ID # 000064854243193 (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 [] 1-4 Family Rider [----] VA Rider [--] Biweekly Payment Rider ~] Other(s) [specify] (H) "Applicable Law" means all controlling applicable federal, state and local statutes, regulations, ordinances and administrative rules and orders (that have the effect of law) as well as all applicable final, non-appealable judicial opinions. (I) ."Community Association Dues, Fees and Assessments" means all dues, fees, assessments and other charges that are imposed on Borrower or the Property by a condominium association, homeowners association or similar prganization. (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 thog'e items that are described in Section 3. (L) "Miscellaneous Proceeds" means any compensation, settlement, award of damages, or proceeds paid by any third party (other than insurance proceeds paid under the coverages described in Section 5) for: (i) damage to, or destruction of, the Property; (ii) condemnation or other taking of all or any part of the Property; (iii) con~eyance 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 default on, the Loan. ~ (N) "Periodic Payment" means the regularly scheduled amount due for (i) principal and interest under the Note, plus (ii) any amounts under Section 3 of this Security Instrument. (O) "RESPA" means the Real Estate Settlement Procedures Act (12 U.S.C. Section 2601 et seq.) and its implementing regulation, Regulation X (24 C.F.R. Part 3500), as they might be amended from time to time, or any additional or successor legislation or regulation that governs the same subject matter. As used in this Security Instrument, "RESPA" refers to all requirements and restrictions that are imposed in regard to a "federally related mortgage loan" even if the Loan does not qualify as a "federally related mortgage loan" under RESPA. (P) "Successor in Interest of Borrower" means any party that has taken tide to the Property, whether or not that party has assumed Borrower's oblightions under the Note and/or this Security Instrument. TRANSFER OF RIGHTS IN THE PROPERTY This Security Instrument 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 covenants and agreements under this Security Instrument and the Note..For this purpose, Borrower does hereby mortgage, grant and convey to Lender and Lender's successors and assigns, with power of sale, the following described property located in the COUNTY ,~ of LINCOLN : [Type of Recording Jurisdiction] [Name of Recording Jurisdiction] THE WEST 264 FEET OF THE N1/2N1/2N1/2SW1/4NW1/4 OF SECTION 24, T32N RllgW OF THE 6TH P.M., LINCOLN COUNTY, WYOMING. ParcellDNumber: 12321924200010.0 which currently has the address of 1730 ALLRED ROAD, AFTON , [Street/City] ~ Wyoming 83110 - ("Property Address"): - [Zip Code] ~ (~®-6(W¥) (o0o5) OHL (08]OD) Page 2 o~ 11 Form 3051 1/01 DOC ID # 000064854243193 TOGETItER WITH all the improvements now or hereatter erected on the property, and all easements, appurtenances, and fixtures now or hereafter a part of the property. All replacements and additions shall also be covered by this Security Instrument. All of the foregoing is referred to in this Security Instrument as the "Property." BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has the right to mortgage, grant and convey the Property and that the Property is unencumbered, except for encumbrances of record. Borrower warrants and will defend generally the title to the Property against all claims and demands, subject to any encumbrances of record. THIS SECURITY INSTRUMENT combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. UNIISORM COVENANTS. Borrower and Lender covenant and agree as follows: 1. Payment of Principal, Interest, Escrow Items, Prepayment Charges, and Late Charges. Borrower shall pay when due the principal of, and interest on, the debt evidenced by the Note and any prepayment .charges and late charges due under the Note. Borrower. shall also pay funds for Escrow Items pursuant to Section 3. Payments due under the Note and this Security Inslxument shall be made in U.S. currency. However, if any check or other instrument received by Lender as payment under the Note or this Security Instrument is returned to Lender unpaid, Lender may require that any or all subsequent payments due under the Note and this Security Instrument be made in one or more of the following forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, treasurer's check or cashier's check, provided any such check is drawn upon an institution 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 location as may be designated by Lender in accordance with the notice provisions in Section 15. Lender may return any payment or partial payment if the payment or partial payments are insufficient to bring the Loan current. Lender may accept any payment or partial 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 in the future, but Lender is not obligated to apply such payments at the time such payments are accepted. If each Periodic Payment is applied as of its scheduled due date, then Lender need not pay interest on unapplied funds. Lender may hold such unapplied funds until Borrower makes payment to bring the Loan' current. If Borrower does not do so within a reasonable period of time, Lender shall either apply such funds or return them to Borrower. If not applied earlier, such funds will be applied to the outstanding principal balance under the Note immediately prior to foreclosure. No offset or claim which Borrower might have now or in the future against Lender shall relieve Borrower from making payments due under the Note and this Security Instrument or performing the covenants and agreements secured by this Security Instrument. 2. Application of Payments or Proceeds. Except as otherwise described in this Section 2, all payments accepted and applied by Lender shall be applied in the following order of priority: (a) interest due under the Note; (b) principal due under the Note; (c) amounts due under Section 3. Such payments shall be applied to each periodic Payment in 'the order in which it became due. Any remaining amounts shall be applied first to late charges, second to any other amounts due under this Security Instrument, and then to reduce the principal balance of the Note. If Lender receives a payment from Borrower for a delinquent Periodic payment which includes a sufficient amount to pay any late charge due, the payment may be applied to the delinquent 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 the payment is applied to the full payment of one or more Periodic Payments, such excess may be applied to any late charges due. Voluntary prepayments shall be applied first to any prepayment charges and then as described in the Note. Any application of payments, insurance proceeds, or Miscellaneous Proceeds to principal due under the Note shall not extend or postpone the due date, or change the amount, of the Periodic Payments. 3. Funds fl~r Escrow Items. Borrower shall pay to Lender on the day Periodic Payments are due under the Note, until the Note is paid in full, a sum (the "Funds") to provide for payment of amounts due for: (a) taxes and assessments and other items which can attain priority over this Security Instrument as a lien or 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 the provisions of Section 10. These items are called "Escrow Items." At origination or at any time during the term of the Loan, Lender may require that Community Association Dues, Fees, and Assessments, if any, be escrowed by Borrower, and such dues, fees and assessments shall be an Escrow Item. Borrower shall promptly furnish to Lender all notices of amounts to be paid under this Section. Borrower shall pay Lender the Funds for Escrow Items unless Lender waives Borrower's obligation to pay the Funds for any or all Escrow Items. Lender may waive Borrower's obligation to pay to Lender Funds for any or all Escrow Items at anytime. Any such waiver may only be in writing. In the event of such waiver, Borrower shall pay directly, wl)~n and where payable, the amounts due for any Escrow Items for which payment of Funds has been waived bfLender and, if U.-Form 3051 1/01 (~}®-6(WY) (ooo5) CHL (08~00) Page 3 ol 11 855 DSC ID ~ 000064854243193 Lender requires, shall furnish to Lender receipts evidencing such payment within such time period as Lender may require. Borrower's obligation to make such payments and to provide receipts shall for all purposes be deemed to be a covenant and agreement contained, in this Security Instrument, as the phrase "covenant and agreement" is used in Section 9. If Borrower is obligated to pay Escrow Items directly, pursuant to a waiver, and Borrower fails to pay the amount due for an Escrow Item, Lender may exercise its rights under Section 9 and pay such amount and Borrower shall then be obligated under Section 9 to repay to Lender any such amount. Lender may revoke the waiver as to any or all Escrow Items at any time by a notice given in accordance with Section 15 and, upon such revocation, BorrOwer shall pay to Lender all Funds, and in such amounts, that are then required under this Section 3. Lender may, at any time, collect and hold Funds in an amount (a) sufficient to permit Lender to apply the Funds at the time specified under RESPA, and (b) not to exceed the maximum amount a lender can require under RESPA. Lender shall estimate the amount of Funds due on the basis of current data and reasonable estimates of expenditures of future Escrow Items or otherwise in accordance with Applicable Law. The Funds shall be held in an institution whose deposits are insured by a federal agency, instrumentality, or entity (including Lender, if Lender is an institution whose deposits are so insured) or in any Federal Home Loan Bank. Lender shall apply the Funds to pay the Escrow Items no later than the time specified under RESPA. Lender shall not charge Borrower for holding and applying the Funds, annually analyzing the escrow account, or verifying the Escrow Items, unless Lender pays Borrower interest on the Funds and Applicable Law permits Lender to make such a charge. Unless an agreement is made in writing or Applicable Law requires interest to be paid on the Funds, Lender shall 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 u) Borrower for the excess funds in accordance with RESPA. If there is a shortage of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to make up the shortage in accordance with RESPA, but in no more than 12 monthly payments. If there is a deficiency of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to make up the deficiency in accordance with RESPA, but in no more than 12 monthly payments. Upon payment in full Of all sums secured by this Security Instrument, Lender shall promptly refund to Borrower any Funds held by Lender. 4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines, and impositions attributable to the Property which can attain priority over this Security Instrument, leasehold payments or ground rents on the Property, if any, and Community Association Dues, Fees, and Assessments, if any. To the extent that these items are Escrow Items, Borrower shall pay them in the manner provided in Section 3. Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a) agrees in writing to the payment of the obligation secured 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 Inslrument. If Lender determines that any part of the Property is subject to a lien which can attain priority over this Security Instrument, Lender may give Borrower a notice identifying the lien. Within 10 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 Loan. 5. Property Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included within the term "extended coverage," and any other hazards including, but not limited to, earthquakes and floods, for which Lender requires insurance. This insurance shall be maintained in the amounts (including deductible levels) and for the periods that Lender requires. What Lender requires pursuant to the preceding sentences can change during the term of the Loan. The insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's right to disapprove Borrower's choice, which right shall not be exercised unreasonably. Lender may require Borrower to pay, in connection with this Loan, either: (a) a one-time charge for flood zone determination, certification and tracking services; or (b) a one-time charge for flood zone determination and certification services and subsequent charges each time remappings or similar changes occur which reasonably might affect such determination or certification. Borrower shall also be responsible for the payment of any fees imposed by the Federal Emergency Management Agency in connection with the review of any flood zone determination resulting from an objection by Borrower. If Borrower fails to maintain any of the coverages described above, Lender may obtain insurance coverage, at Lender's option and Borrower's expense. Lender is under no obligation to purchase any particular type or amount of coverage. Therefore, such coverage shall cover Lender, but might or migh?ribt protect Borrower, Borrower's equity in the Property, or the contents of the Property, against any r/jgk; hazard or (~®-6(WY) (ooo5) CHL (08/00) Paga4of 11 ' Form 3051 1/01 DOC ID # 000064854243193 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 mounts 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 from rile date of disbursement and shall be payable, with such interest, upon notice from Lender to Borrower requesting payment. All insurance policies required by Lender and renewals of such'policies shall be subject to Lender's right to disapprove such policies, shall include a standard mortgage clause, and shall name Lender as mortgagee and/or as an additional loss payee. Lender shall have the right to hold the policies and renewal certificates. If Lender requires, Borrower shall promptly give to Lender all receipts of paid premiums and renewal notices. If Borrower obtains any form of insurance coverage, not otherwise required by Lender, for damage to, or destruction of, the Property, such policy shall include a standard mortgage clause and shall name Lender as mortgagee and/or as an additional loss payee. In the event of loss~ Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, any insurance proceeds, whether or not the underlying insurance was required by Lender, shall be applied to restoration or repair of the Property, if the restoration or repair is economically feasible and Lender's security is not lessened. During such repair and restoration period, Lender shall have the right to hold such insurance · proceeds until Lender has had an opportunity to inspect such Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as the work is completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such insurance proceeds, Lender shall not be required to pay Borrower any interest or earnings on such proceeds. Fees for public adjusters, or other third parties, retained by Borrower shall not be paid out of the insurance proceeds and shall be the sole obligation of Borrower. If the restoration or repair is not 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 the Property, Lender may file, negotiate and settle any avai!able insurance claim ~and related matters. If Borrower does 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) Borrower's rights to any insurance proceeds in an amount not to exceed the amounts unpaid under the Note or this Security Instrument, and (b) any other of Borrower's rights (other than the right to any refund of unearned premiums paid by Borrower) under all insurance policies covering the Property, insofar as such rights are applicable to the coverage of the Property. Lender may use the insurance proceeds either to repair or restore the Property or to pay amounts unpaid under the Note or this Security Instrument, whether, or not then due. 6. Occupancy, Borrower shall occupy, establish, and use the Property as Borrower's principal residence within 60 days after the execution of this Security Instrument and shall continue to occupy the Property as Borrower's principal residence for at least one year after the date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be unreasonably withheld, or unless extenuating circumstances exist which are beyond Borrower's control. 7. Preservation, Maintenance and Protection of the Property; Inspections. Borrower shall not destroy, damage or impair the Property, allow the Property to deteriorate or commit waste on the Property. Whether or not Borrower is residing in the Property, Borrower shall maintain the Property in order to prevent the Property from deteriorating or decreasing in value due to its condition. Unless it is determined pursuant to Section 5 that repair or restoration is not economically feasible, Borrower shall promptly repair the Property if damaged to avoid further deterioration or damage. If insurance or condemnation proceeds are paid in connection with damage to, or the taking of, the Property, Borrower shall be responsible for repairing or restoring the Property only if I~ender has released proceeds fo.r 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 not relieved of Borrower's obligation for the completion of such repair or restoration. 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 Application. Borrower shall be in default if, during the Loan application process, Borrower or any persons or entities acting at the direction of Borrower or with Borrower's knowledge or consent gave materially false, misleading, or inaccurate information or statements to Lender (or failed to provide Lender with material information) in connection with the Loan. Material representations include, but are not limited t0, representations concerning Borrower's occupancy of the Property as Borrower's~, principal residence. / (~®-6(WY) (ooo5) CHL (08/00) Paoe S of ~1 'V( Form 3051 1/01 DOC ID ~ 000064854243193 9. Protection of Lender's Interest in the Property and Rights Under this Security Instrument. If (a) Borrower fails to perform the covenants and agreements contained in this Security Instrument, (b) there is a legal proceeding that might significantly affect Lender's interest in the Property and/or rights under this Security Instrument (such as a proceeding in bankruptcy, probate, for condemnation or forfeiture, for enforcement of a lien which may attain priority over this Security Instrument or to enforce laws or regulations), or (c) Borrower has abandoned the Property, then Lender may do and pay for whatever is reasonable or appropriate to protect Lender's interest in the Property and rights under this Security Instrument, including protecting and/or assessing the value of the Pr. operty, and securing and/or repairing the Property. Lender's actions can include, but are not limited to: (a) paying any sums secured by a lien which has priority over this Security Instrument; (b) appearing in court; and (c) paying reasonable attorneys' fees to protect its interest in the Property and/or rights under this Security Instrument, including its secured position in a bankruptcy proceeding. Securing the Property includes, but is not limited to, entering' the Property to make repairs, change locks, replace or board up 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 uuder any duty or obligation to do so. It is agreed that Lender incurs no liability for not taking any or all actions authorized under this Section 9. Any amounts disbursed by Lender under this Section 9 shall become additional debt of Borrower secured by this Security Instrument. These amounts shall bear interest at the Note rate from the date of disbursement and shall be payable, with such interest, upon notice from Lender to Borrower requesting payment. If this Security Instrument is on a leasehold, Borrower shall 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 required. Mortgage Insurance as a condition of making the Loan, Borrower shall pay the premiums required to maintain the Mortgage Insurance in effect. If, for any reason, the Mortgage Insurance coverage required by Lender ceases to be 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 ~;tthstantially equivalent Mortgage Insurance coverage is not available, BorroWer shall continue to pay to Lender the amount of the separately ~lesignated 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, notwithstanding the fact that the Loan is ultimately paid in full, and Lender shall not be required ~o 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 for the period that Lender requires) provided by an insurer selected by Lender again becomes available, is obtained, and Lender requires separately designated payments toward the premiums for Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan and Borrower was requLrefl 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 tile Lender's requirement for Mortgage Insurance ends in accordance with any written agreement between Borrower and Lender providing for such termination or until termination is required by Applicable Law. Nothing in this Section 10 affects Borrower's obligation to pay interest at the rate provided in the Note. Mortgage Insurance reimburses Lender (or any entity that purchases the Note) for certain losses it may incur if Borrower does not repay the Loan as agreed. Borrower 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). As a result of these agreements, Lender, any purchaser of the Not~, another insurer, any reinsurer, any other entity, or any affiliate of any of the foregoing, may receive (directly or indirectly) mounts that derive from (or'might be characterized as) a portion of Borrower's payments for Mortgage Insurance, in exchange for Sharing or modifying the mortgage insurer's risk, or reducing losses. If such agreement provides that an affiliate of Lender takes a share of the insurer's risk in exchange for a share of the premiums paid to the insurer, the arrangement is often termed "captive reinsurance." Further: (a) Any such agreements will not affect the amounts that Borrower has agreed to pay for Mortgage Insurance, or any other terms of the Loan. Such agreements will not increase the amount Borrower will owe~for Mortgage Insurance, and they will not entitle Borrower to any refund. Initial ~.~l.~ ' (~®-6(WY) (ooo5) CHL (08/00) ~a0e o o~ ~ Form 3051 1/01 DOC. ID ~t~ 000064854E43193 (b) Any such agreements will not affect the rights Borrower has - if any - with respect to the Mortgage Insurance under the Homeowners Protection Act of 1598 or any other law. These rights may include the right to receive certain disclosures, to request and obtain cancellation of the Mortgage Insurance, to have the Mortgage Insurance terminated automatically, and/or to receive a refund of any Mortgage Insurance premiums that were unearned at the time of such cancellation or termination. 11. Assignment of Miscellaneous Proceeds; Forfeiture. All Misc~llaneoas Proc~ds ~e hereby assigned to ~d shall be paid to Lender. ' If ~e Property is damaged, such Miscellaneous Proceeds shall be applied to restoration or repair of ~e Property, if ~e restoration or rep~ is economically feasible ~d Lender's security is not lessened. During such repair ~d restoration period, Lender shall have ~e right to hold such Miscellaneous Proc~ds until Lender has had an opportunity to inspect such ~operty to ensure ~e work has been completed to Lender's satisfaction, provided flint such inspection shall b~ under.eh promptly. Lender may pay for ~e repairs ~d restoration in a single disbursement or in a series of progress payments as ~e work is completed. Unless ~ agreement is made in writing or Applicable Law requires interest to be paid on such Miscellaneous Proceeds, Lender shall not be requ~ed to pay Borrower any interest or earnings on such Miscellaneous ProceSs. If ~e restoration or repair is not economicMly feasible or Lender's security would be lessened, ~e Miscell~eous Proceeds shall be applied to the sums secured by ~is Security lns~ument, whe~er or not ~en due, wi~ ~e excess, if any, paid to Borrower. Such Miscell~eous Proc~ds sh~l be applied in fl~e order provided for in Section 2. In ~e event of a total raking, des~ucfion, or loss in v~ue of ~e Property, ~e Miscellaneous Proceeds shall be applied to ~e sums s~ured by ~is Security Ins~ument, whe~er or not ~en due, wi~ ~e excess, if ~y, paid to Borrower. In ~e event of a p~fial raking, des~ucfion, or loss in value of ~e ~operty in which ~e fair m~ket value of ~e ~operty immediately before ~e p~tial.mking, des~ucfion, or loss in value is equ~ to or grater ~an ~e amount of the sums secured by this Security Ins~ument immediately before ~e p~tial ~ing, des~ucfion, or loss in value, unless Bo~ower and Lender o~erwise a~ in writing, ~e sums secured by ~is S<urity Ins~ument shall be reduced by ~e amount of the Miscell~eous Proceeds multipli~ by ~e following frac~on: (a) ~e total amount of ~e sums s~ured immediately before ~e p~ti~ ~ing, des~ucfion, or loss in value divided by (b) ~e fa~ m~ket v~ue of ~e Property immediately before ~e p~fial ~ing, des~uction, or loss in value, Any balance shall be pMd to Borrower. In ~e event of a p~fial ~ing, des~ucfion, or loss in value of ~e Property in which'~e f~r m~ket value o'f ~e Property immediately before ~e p~fi~ ~ing, des~uction, or loss in value is less ~an the amount of ~e sums s<ured immediately before ~e p~fi~ ~ing, des~uction, or loss in value, unless Bo~ower and Lender o~erwise agr~ in writing, ~e Miscellaneous ~oceeds shall be applied to ~e sums s<ured by this Security Ins~ument whe~er or not ~e sums ~e ~en due. If ~e Property is abandoned by Bo~ower, or if, after notice by Lender to Bo~ower ~at ~e Opposing P~ty (as defined in ~e next sentence) offers to m~e an awed to settle a claim for d~ages, Bo~ower fails m respond to Lender within 30 days afar ~e date ~e notice is given, Lender is au~ofized to collect ~fl apply ~e Miscellaneous Proc~ds eider to restoration or repa~ of ~e ~operty or to ~e sums secured by fids Security Ins~ument, whe~er or not then due. "Opposing P~ty" me~s ~e ~ird p~ty ~at owes Borrower Miscellaneous Proc~ds or ~e p~ty against whom Bo~ower has a right of action in reg~d to Miscell~eous Proc~ds. Borrower shall be in default if ~y action or proceeding, whe~er civil or criminal, is begun ~at, in Lender's judgment, could result in forfeiture of file Property or other material imp~rment of ~nder's interest in the Property or rights under ~is Security Ins~ument. Bo~ower can cure such a default ~d, if acceleration has occu~ed, reinstate as provided in Section 19, by causing ~e action or preceding to be dismissed wi~ a ruling ~at, in Lender's judgment, precludes forfeiture of fl~e Property or o~er material impa~ment of Lender's interest in ~e Property or righ~ under ~is Security Ins~ument. The proceeds of ~y awed or claim for d~ages ~at are at.bumble to ~e impairment of Lender's interest in ~e ~operty are hereby assign~ and shall be paid to Lender. All Miscell~eous Precis that ~e not applied to restoration or repair of ~e ~operty shall be applied in ~e order provided for in Section 2. 12. Borrower Not Released; Forbearance By Lender Not a Waiver. Ex~nsion of ~e time for payment or modification of amortization of the sums secured by ~is Security Ins~ument granted by Lender to Bo~ower or ~y Successor in Interest of Bo~ower shall not operate to release ~e liability of Bo~ower or any Successors in Interest of Bo~ower. Lender shall not be requ~ed to commence proceedings against ~y Successor in Interest of Borrower or to refuse to ex.nd time for payment or o~erwise modify ~o~fion of ~e sums secured by ~is Security Ins~ument by r~son of ~y dem~d made by ~e original Bo~ower or ~y S~ccessors in Interest of Bo~ower. Any forbe~ce by Lender in exercising ~y .right or remedy including, wi~out limi~tion, Lender's accep~ce of payments from ~d persons, entities or Successors in Interest of Bo~ower or in amounts less ~' ~e amount ~en due, shall not be a waiver of or preclude ~e exercise of ~y right or remedy. 13. Joint and Several Liability; Co-signers; Successors and Assigns Bound. Bo~ower covenan~ and agrees ~at Borrower's obligations ~d liability sh~l be joint ~d several. However, ~y Bo~ower.who co-signs ~is Security Insmxment but does not execute ~e Note (a "co-signer"): (a) is co-signing ~is S~urity Ins~ument  -6(WY) (ooo5) CHL (08/00) ea~e 7 of I1 ~ Form 3051 1/01 '7 DOC I0 ~/ 000064854243193 only to mortgage, grant and convey the co-signer's interest in ~ Properly under ~ ~s of ~is S~cud~y Instalment; (b) is not personally obligated to pay ~e sums s~ured by ~is S~urity Ins~ument; ~d (c) agr~s · at ~nder and ~y o~er Borrower c~ agree to extend, modi~, forbe~ or m~e ~y accommodations with reg~d to the terms of this Security Ins~ument or ~e Note wi~out ~e co-signer's consent. Subject to ~e provisions of Section 18, any Successor in Interest of Bo~ower who assumes Bogower's obliga~ons under ~is S~urity Ins~ument in writing, and is approved by Lender, sh~l obtain all of Bo~ower's rights and benefits under tiffs Security Ins~ument. Borrower shall not be released from Bo~ower's obligations and liability under ~is Security Ins~ument unless Lender agrees to such release in writing. The coven~ and agreements of this Security Instalment shall bind (except as provided in Section 20) ~d benefit fl~e successors and assigns of Lender. 14. Loan Charges. Lender may ch~ge Borrower fees for services performed in connection wi~ Bo~ower~s default, for the pu~ose of protecting Lender's interest in ~e Property ~d rights under this Security Ins~ument, including, but not limited to, attorneys' f~s, property inspection and valuation fees. In regard to any o~er fees, ~e absence of express au~ority in ~is Security Ins~ument to ch~ge a specific fee to Borrower shall not be consm~ed as a prohibition on ~e charging of such fee. Lender may not ch~ge fees that ~e expressly prohibimd by this Security Instalment or by Applicable Law. If ~e Loan is subject to a law which sets m~imum 1o~ charges, and ~at law is finally interpremd so ~at the interest or o~er loan charges collated or to be collect~l in connection wi~ ~e Loan exceed ~e permitted limits, ~en: (a) any such loan chgge shall be reduced by ~e ~ount necess~y to reduce ~e charge to the permitted limit; ~d (b) any~ sums ~ready collected from Bo~ower which exc~ded permitt~ limi~ will be refunded to Borrower. ~nder may choose to make ~is refund by r~ucing ~e principal owed under · e Note or by m~ing a d~ect payment ~ Bo~ower. If a refund reduces principal, ihe reduction will be ~eated as a p~al prepayment wi~out any prepayment chgge (whefl~er or not a prepayment chgge is provid~ for under ~e Note). Borrower's accep~ce of any such refund made by dir~t payment to Bo~ower will constitute a waiver of any right of action Bo~ower might have arising out of such overcharge. 15. Notices. All notices given by Bo~ower or Lender in connection wi~ ~is Security Ins~ument must be in writing. Any notice ~ Bo~ower in connection with this Security Ins~ument sh~l be deemed to have been given to Bo~ower when m~led by first class mail or when actually delivered to Borrower's notice addr~s if sent by o~er me~s. Notice to any one Borrower shall constitute notice to all Bo~owers uoless Applicable Law expressly requires otherwise. The notice address shall be ~e Property Address unless Bo~ower has designated a substitute notice address by notice to Lender. Bo~ower shall promptly notify Lender of B0~ower's ch~ge of address. If Lender specifies a procedure for reporting Bo~ower's change of address, ~en Bo~ower shall only report a ch~ge of address ~rough ~at specifi~ procedure. There may be only one designated notice address under ~is Security Ins~ument at any one time~ Any notice to Lender shall be given by deliveriag it or by mailing it by first class mail to Lender's address s~ted herein unless Lender has designa~ uno,er address by notice to Borrower. Any notice in conn~tion wi~ ~is Security Ins~ument shall not be d~med ~ have been given to Lender until actually received by Lender. If any notice required by ~is Security Ins~ument is also required under Applicable Law, ~e Applicable Law requirement will satisfy ~e co~esponding requkement under ~is Security Ins~ument. 16. Governing Law; Severability; Rnles of Construction. This S~urity Ins~ument sh~l be governed by federal!aw and ~e law of fl~e jurisdiction in which ~e ~operty is located. All rights ~d obligations contained in ~is Security Ins~ument are' subject to any requirements~nd limitations of Applicable Law. Applicable Law might explicitly or implicitly ~low ~e pgfies to agr~ by con~act or it might be silent, but such silence shall not be cons~ued as a prdhibition against agreement by con~act. In ~e event ~at any provision or clause of ~is Security Ins~ument or ~e Note conflic~ wi~ Applicable Law, such conflict sh~l not affect o~er provisions of ~is S~uriW Ins~ument or ~e Note which can be given eff~t wi~out ~e conflicting provision. As used in ~is S~urity Ins3ument: (a) words of ~e masculine gender sh~l mean and include corresponding neuter words or words of ~e feminine gender; (b) words in ~e singular shall m~n ~d inclnde · e plural and vice versa; and (c) ~e word "may" gives sole discretion wi~out any obligation to ~e any action. 17. Borrower's Copy. Borrower sh~l be given one copy of ~e Note ~d of ~is S~urity Ins~ument. 18. Transfer of the Property or a Beneficial Interest in Borrower. As used in ~is Section 18, "Interest in ~e ~operty" me~s ~y leg~ or beneficial interest in ~e ~operty, including, but not limited to, ~ose beneficial interests ~sferred in a bond for deed, con~act for d~d, ins~lment sales con~act or escrow agreement, ~e intent of which is ~e ~ansfer of rifle by Bo~ower at a future date to a purch~er. If all or any p~t of ~e Property or ~y Interest in ~e Property is sold or ~sferred (or if Bo~ower is not a natur~ person ~d a beneficial interest in Borrower is sold or ~ansferr~) wi~out Lender's prior written consent,. Lender may require immediate payment in full of all sum~s~ur~ by ~is S~urity Instrument. However, ~is option shall not be exercised by Lender if such exercise is prohibited by Applicable Law. If Lender exercises ~is option, Lender shall give Bo~ower notice of acceleration. The notice shall provide a period of not less ~ 30 days from ~e da~ ~e notice is given in accord~ce wi~ Section 15 wi~in which Bo~ower.must pay ~1 sums secured by ~is Security Ins~ument. If Bo~ower f~ls to pay these sums prior to ~e expiration of ~is period, Lender may invoke any remedies permitted by ~is S~uHty Ins~ument wi~out fur~er notice or dem~d on Borrower. ... :~'/. ." r-- ~-6(WY)(ooo5) CHL(08/00) Pa0eaof11 ~./ Form3051 1101 DOC ID # 000064854243193 19. Borrower's Right to Reinstate After Acceleration. If Borrower meets certain conditions, Borrower shall have the right to have enforcement of this Security Instrument discontinued at any time prior to the earliest of: (a) five days before sale of the Property pursuant to any power of sale contained in this Security Instrument; (b) such other period as Applicable Law might specify for the termination of Borrower's right to reinstate; or (c) entry of a judgment enforcing this Security Instrument. Those conditions are that Borrower: (a) pays Lender all sums which then would be due under this Security Instrument and the Note as if no acceleration had occurred; (b) cures any default of any other covenants or agreements; (c) pays all expenses incurred in enforcing this Security Instrument, including, but not limited to, reasonable attorneys' fees, property inspection and valuation fees, and other fees incurred for the purpose of protecting Lender's interest in the Property and rights under this Security Instrument; and (d) takes such action as Lender may reasonably require to assure that Lender's interd~t in the Property and rights tinder this Security Instrument, and Borrower's obligation to pay the sums secured by this Security Instrument, shall continue unchanged. Lender may require that Borrower pay such reinstatement sums and expenses in one or more of the following forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, treasurer's check or cashier's check, provided any such check is drawn upon an institution whoSe deposits are insured by a federal agency, instrumentality or entity; or (d) Electronic Funds Transfer. Upon reinstatement by Borrower, this Security Instrument and obligations secured hereby shall remain fully 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 Grievance. The 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, anti 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, the 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 iLoan is serviced by a Loan Servicer other than the purchaser of the Note, the mor[gage loan servicing obligations to Borrower will remain with the Loan Servicer or be transferred to a successor Loan Servicer and are not assumed by the Note purchaser unless otherwise provided by the Note 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 from the other party's actions pursuant to this Security Instrument or that alleges that the other party has breached any provision of, or any duty owed by reason of, this Security Instrument, until such Borrower or Lender has notified the other party (with such notice given in compliance with the requirements of Section 15) of such alleged breach and afforded the other party hereto a reasonable period after the giving of such 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 tbr purposes of this paragraph. The notice of acceleration and opportunity to cure given to Borrower pursuant to Section 22 and the notice of acceleration given to Borrower pursuant to Section 18 shall be deemed to satisfy the notice and opportunity to take corrective action provisions of this Section 20. 21. Hazardous Substances. As used in this Section 21: (a) "Hazardous Substances" are those substances 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 the 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 "Environmental Condition" means a condition that can cause, contribute to, or otherwise trigger an Environmental Cleanup. Borrower shall not cause or permit the presence, use, disposal, storage, or release of any Hazardous 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 Property 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, demand, lawsuit or other acti~)n by any governmental or regulatory agency or private lmrty involving the Property and any Hazardous Substance or Environmental Law ,of which Borrower has actual knowledge, (b) any Environmental Condition, including but not limited to, any. spilling, leaking, discharge, release or threat of release of any Hazardous Substance, and (c) any condition caused by the presence, use or release .of a Hazardous Substance which adversely affects the value of the Property. If Borrower learns, or is notified by any governmental or regulatory authority, or any private party, that any removal or other remediation of any Hazardous Substance affecting the Property is necessary, Borrower shall promptly take all necessary remedial act~o[ts m accordance with Environmental Law. Nothing herein shall creata any obligation on Lender for an Environ~ntal Cleanup. (~®-6(WY) (ooo5) CHL (08/00) Pa969 of ~ '~ Form 3051 1/01 D,.0C ID # 000064854243193 NON-IYNIFORM eOV~TS. Bo~mwe~ ~d ~ende~ ~u~ cove~an~ ~d ag~ as FoIlow~: 22. Acceleration; Remedies. Lender ~hall give notice to Borrower prior to acceleration t311owing Borrower's breach of any covenant or agreement in this Security Instrument (but not prior to acceleration under Section 18 unless Applicable Law provides otherwise). The notice shall specify: (a) the default; (b) the action required to cure the del~ult; (c) a date, not less than 30 days from the date the notice is given to Borrower, by which the default must be cured; and (d) that failure to cure the default on or before the date specified in the notice may result in acceleration of the sums secured by this Security Instrument and sale of the Property. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to bring a court action to assert the non-existence of a default or any other defense of Borrower to acceleration and sale. If the default is not cured on or before the date specified in the notice, Lender at its option may require immediate payment in full of all sums secured by this Security Instrument without further demand and may invoke the power of sale and any other remedies permitted by Applicable Law. Lender shall be entitled to collect all expenses incurred in pursuing the remedies provided in this Section 22, including, but not limited to, reasonable attorneys' fees and costs of title evidence. If Lender inw~kes the power of sale, Lender shall give notice of intent to foreclose to Borrower and to the person in possession of the Property, if different, in accordance with Applicable Law. Lender shall give notice of the sale to Borrower in the manner provided in Section 15. Lender shall publish the notice of sale, and the Property shall be sold in the manner prescribed by Applicable Law. Lender or its designee may purchase the Property at any sale. 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) io all sums secured by this Security Instrument; and (c) any excess to the person or persons legally entitled to it. 23. Release. Upon payment of all sums secured by ~is Security Ins~ument, Lender shall release this Secudty Ins~ument. Borrower shall pay ~y recorda~on cos~. Lender may ch~ge Bo~ower a fee for releasing ~is Secudty Ins~ument. but only if the fee is p~d to a ~d p~ty for se~ices rendered and ~e ch~ging of ~e f~ is permit~d under Applicable Law. 24. Waivers. Bo~ower releases ~d waives all rights under ~d by virtue of ~e homestead exemption laws of Wyoming. BY SIGN~G BELOW, Bo~ower accepB ~d agrees to ~e ~rms and coven~tS~ contained in ~is Securi~ Ins~ument ~d in ~y Rider'execut~ by Bo~owe~ a~ recorded wi~ it. Wimesses: : . DW~N R WADE -Bo~ower _~_~[,.~q ~),...~ [)_,~.. /~.x,~ C~;,i (Seal) ELAINA M WADE -Borrower (Seal) -Borrower (Seal) -Borrower {~)~-6(WY) (ooo5) CH L (08/00) Page lO of 1! Form 3051 1/01 DOC ID # 0000648,54243[93 STATE OF WYOMING, Lincoln. ~ County ss: Thc ffiregoing instrument was acknowlcdged bcfore me this December 18, 200l by ~ Dwain R. Wade and Elaina. M. Wade " inlllald!~ 3051 1/01 I~®-6(WY) (ooo5) CH L (08/00) Page 11 of 1 1