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HomeMy WebLinkAbout892124Return TO: IRELAND 'BANK 2716 POLELINE ROAD, POCATELLO, ID 83201 Prepared EMILY ...'BOOK~,~ _PRPAGE 2 0 7 [Space Almve This IJne ltm· l/ecordiug Data] MORTGAGE DEFINITIONS Words used in inu.ldple sections oF this I-]r. lCtll/lel/t are defined below and o/her words are defined in Sections 3, 11, 13, 18, 20 arid 21. Ccrlain i-tiles regarding tile usage oF words used in this document are also provided in Seclion 16. (A) "Secu,ity lnsl,',m~enl" means ll~is dnct,menl, which is dated JULY 31, 2003 together wifl~ all Riders I;o l'his document. (B)_"_Borrower" is' NORMAN A FREEMAN AND CHARLOTTE A FREEMAN', HUSBAND AND WIFE Borrower is tile mo,!gagor under /Ills Security l,lsl, rLlmCnt. (C) "Lender" is IRELAND [lANK Lender is, a CORPORATION organized and existing tinder tile laws oF THE STATE OF IDAttO WYOMING-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT I~[~®-6(WY) io005I VMP MORTGAGE FORMS - 18001521-7291 Form 3051 1/01 Lender's address is 27]5 POLELINE ROAD,· POCATELLO,' ID 8320] Lender is the mortgagee under tl~is Security Instrument. (D) "Note" means the promissory note signed by Borrower and dated dULY 31, 2003 Tbe Note states Ibat Borrower owes Lender - ONE HUNDRED SIXTY;'SIX THOUSAND TWO HUNDRED FIFTY & 00/100 Dollars (U.S. $166,250,00 ) plus interest. Borrower bas promised to pay tiffs debt in regular Periodic Payments and to p~ty Ihe debt in full not later than (g) !'Property" me'ans tile property that is described below under the heading "Transfer of Rights in ll~e 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 raider dfis Security lustrument, plus.interest. (G) "II. triers" ineans all Riders to dtis Security Instrument I}~at are executed by Borrower. The following Riders are to be executed by Borrower Icheck box as applicablel: ~ Adjustable Rate Rider [~ Condo,ninium Rider ~ Second Ilome Rider ~ Balloon Rider [] Plauncd Unit 1)evelopmenl Rider [~] 1-4 Family Rider [~J VA Rider J~J Biweekly Payment Rider ~ Odmr(s) [specil:y] tH) "AppliCable Law" meaus all coulrolling applicable federal, state and local statutes, regulations, ordinances and adminish-adve rules and orders (Ihat have Ihe el'l'ect of law) as well as all applicable l'iual, non-appealable judicial opinions. (I) "Commtmity Association Dues, Fees, and Asscssmenls" means all dues, fees, assessments and other charges that are imposed on Borrower or thc Properly by a condominium' association, homeowners association or similar organization. (,I) 'Elech-onic Funds Transfer" means any h:ansfer oJ: 15reels, olher than a transaction originaled by check, draft, or similar paper instrument, which is initialed Ihrough an electronic Icrminal, telephonic instrument, computer, or magnetic lape so as ~o order, irish'riel, or audmrize a financial inslihHion to debit or credit an account. Such term includes, bat is not limJled lo, point-of-sale Irans[ers, aulomated leller machine transactions, transfers initiated by telephone, wire h'ansfers, and aulomaled clearinghouse transfers. (K) "Escrow items" means dmse items ti]at are described iu Section 3. (L) "Miscellaneous Proceeds" means any compensation, setllement, award of damages, or proceeds paid .by any t~aird party (0dmr dian insurance proceeds paid under the coverages described in Section 5) for: ti) damage to,' or destruction of, the Property; (ii) condemnatiou or other laking of all or any part oF the Property:; (iii) conveyance in lieu off condemnation; or (iv) misrepresentations of, or omissions as to, the value and/or condition of the Property. tM) "Mortgage Insurance" means insurance protecting Lender against the nonpayment of, or default on, tl~e Loan. tN) "periodic Payment" means llle regularly scheduled amount due for ti) principal and interest under the Note, plus (ii) any amounts under Section 3'o1' lhis Security Inslrumcnt. (O) "RESPA" means the Real Estate Setllement Procedures Acl (12 U.S.C. Section 2601 et seq.) and its implementing regulation, Regulation X (24 C.F.R. Part 3500), as II]ey might be amended from lime ~o time, or any additional or successor legislation or regulation Ihat governs the same subject matter. As used in Ibis Security Instrument, "RESPA" re[ers to all requiremenls and restrictions tl~at are imposed in regard to a "federally related mortgage loan" even i~ II]e Loan does not qt]alif5, as a "Federally rclaled mortgage loan" under RESPA. ~6(wY) 1ooo5} Pago 2 o~ ~s Form 3051 ~/01 (P) "Successm- in Interest of Borr~m, er" means any pony ii,at has taken title to the PrOl:~erly' whelher or not that party has assumed Borr0wer's obligations tinder tile Nolo ;mci/or d~is Security Inm-ument. TRANSFER OF RIGHTS IN TI'IE PROI;ER_TY This Security Inslrumen£ secures lo Leqde~-: (i) lhe repayment oF tl~e Loan, and all renewals, extensions and modifications of the Nme; and (ii). lhe l)crFormance of Borrower's covenants and agreements under Ihis Security Inm'umept and Ihe Nolo. For this purpose, Borrower does hereby mortgage, grant and convey to Lender and Lender"s successors and assigns, wid~ power of sale, the [ollowing described properly located in the COUNTY of LINCOLN : JType of Recto-drag JurisdicliunJ LNim~e c,f Rect~rding ]LH'isdiclitmJ PER TItE ATTACHED EXHIBIT "A" INCORPORATED HEREIN BY TttIS REFERENCE. Parcel ID Number: 24191810300500/2419182030200 ~which currently has the address of 370 TAYLOR COKEV I LLE ICi~yl Wyomiqg 83 ] ] 4 IZip ("Property Address"): 370 TAYLOR LANE ' COKEVILLE, ~Y 83114 TOGETHER WIT}I all Ihe improvements now or hereafter erected 0n tim property, and all easements, appurtenances, and t'ixmres now or hereafter a part of ll~e property. Al replacemenls and additions shall also be covered by this Security h~strument. All of the foregoing is referred to Secu)ity Instrumel~t as the "Property." BORROWER COVENANTS tha~ Borrower is lawfxdly seised of rl~e estate hereby conveyed and has lhe right to mortgage, grant and convey the Property and that the Property is unenc,mbered, except For encumbrances of record. Borrower warrants and will defend gcnerally Ihe title Io Iht ProperW agains~ all claims and demands, subject [o any encumbrances of record. THIS SECURITY INSTRUMENT combines uniform covenams for national usc and nou-tmil'ornl covenants wilh limited variations by jurisdiction lo conslitulc a uniform secmity instrmnem covering real property. UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 1. Payment ~)r PFincipal, Interest, Escrow Items, Prepayment Charges, and L~de Clmrges. Borrower shall pay when due Ihe principal 0F, and imerest on, the debt evidenced by the No~e and any prepayment charges and late charges due under dm Note. Borrower shall also pay l:uuds for Escrow llems pursuant to Section 3. Paymeuts due under the Note and this Security Instrument shall be made in currency. However if any check or other instrument received by Lender as pa~nt under the Noteorthis ~6(WY) 100051 Pa~i. 3 ~ ]5 : ~ Form 3051 1/01 Security Instmmeut is returned lo Lender unpaid, Leuder 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 snch check is drawn upon an institution whose deposits are insm'ed by a federal agency, instrumentality, or entity; or (d) Eleclronic Funds Transfer. Payments are deemed received by Lender when received at the location designated in the Note or at such odmr location as may be designated by Lender in accordance will~ the notice provisions in Seclion 15. Leqder may retura any payment or partial payment if the payment or partial payments are insufficient to bri!)g th9 ~oan curr~nt. Lender may accept any payment or pa. rdal payment insufficient to bring II~e Loan current, wifhout waiver of any righls hereunder or prejudice ~o its rights to refl~se such payment or partial payments in the ~tnre, but Lender is not obligated to al)ply such payments at the time such payments are accep[ed. If each Periodic Payment is applied as of ils scheduled due date, then Lender need not pay interest on una'pplied flmds. Lender may hold such unapl)lied flmds uutii Borrower makes paymeut to bring theLoaq current. If Borrower does not do so wilhin a reasonable period of lime, Lender' shall eilher apply suc!~ ~nds or relurn them to Borrower. Ifuot applied earlier, such funds will be applied to ~l~e oulslanding principal balance under lhe Note immedialely prior to I:oreclosure. Mo offset or claim which Borrower might bare now or in Ihe h~ture againsl Lender shall relieve Borrower from making paymenls due under the No~e and tills Security Instrument or perf)rming dm covenants and agreements secured by this Security Instrument. 2. Applicalion of Payments m' Proceeds. Except as otherwise described in II, is Section 2, all payments accepted and' applied by Lender shall be applied iu II~e R>llowing order of priority: (a) inleres[ due under ll~e Nole; (b) principal due .under dm Nole; (c) amounts due under Section 3. Such payments shall be applied to each Periodic Payment in II~c order hi which it became dne. Any remaining atnottn[s shall be applied first to late charges, second to any odmr amounts due uude~ this Securily InslrunSent, and then to reduce dm principal bahmce of the Nolo. ,' If Lender receives a payment fi-om Borrower for a delinquent Periodic Payment which includes a sufficient amount Io~ pay any late charge due, Ibc payment may be applied Io the deli'nquent payment and the late charge. If more Ihau one Periodic Paymcat is oulslanding, Leuder may apply auy payment received from Borrower to the repayment of II~e Periodic Paymenls if, and 1o dm extent d~at, each paymenl can be paid in fidl. To [he extent that any excess exisls after dm paymeut is apl)lied 1o tl~e fidl payment of one or more Periodic Payments, such excess may be applied to any late charges due. Vohm[ary prepayments shall be applied first Io a~¢y prepayment charges and dmn as described in lhe Mole. Any application o1: paymenls, insurance proceeds, or Miscellaueous Proceeds to priucipal due under the Nole shall not extend or postpoue tl~e due dale, or change Ihe amount, of the Periodic Payments. 3. Ftmds for Escrow I/ems. Borrower shall pay 1o Lender on tl~e day Periodic Payments are duc under the Note, un{il the Nole is paid in Ikdl, a snm (dm "Funds") lo provide for payment of amotmts due for: (a) taxes and assessments and odmr ilcms which can altahl priority over this Security Inst'rument as a lien or encumbrance on tl~e Property; (b) leasehold paymenls or gronnd rents on dm Properly, if any; (c) premiums for any and all insurance required by Lender under Section 5; and (d) Morlg~ge Insurance premiums, if any, or any sums payable by Borrower to Lender in lieu of Ihe payment of Mortgage Insnrance premiums in accordance whh tim provisions of Section 10. These items are called "Escrow Items." At origination or at any lime during Ihe lerm of:lhe Loan, Leuder may require that Community Associalion Dues, Fees, and Assessments, if any, be escrowed by Borrower, and such dues, fees and assessments shall be an Escrow l~em. Borrower shall prompdy fln'nish Io Lender all notices of amonnts to be paid under Ibis Section. Borrower shall pay l_endcr ll~c Funds for Escrow hems nnless Lender waives Borrower's obligalion to pay Ihe Funds for auy or all Escrow l~ems. Lender may waive Borrower's obligation to pay to Lender Funds for any or all Escrow Ilems at auy time. Any such waiver may ouly be in writing. In the event of such waiver, Borrower shall pay directly, when~whcre payable, thc amounts ~6(WY) 100051 Paoe q o~5 Form 3051 1/01 due fox- any Escrow Items for whicl~ payment of Funds has been waived by Lender and, it' Lender requires, shall furnish [o Lender receipts evidt~ncing such payment within such time period as Lender may require. Borrower's obligation to make such payments and fo provide receipts shall for all purposes be deemed t'o be a covenant and agreement comained in this Security lnstrtnnent, as the phrase "covenant and agreement" is nsed in Section 9. If Borrower is obligated to pay Escrow Items directly, pursuant to a waiver, and Borrower fails to pay the amouut title for an Escrow llem, Lender may exercise its rigbts under Section 9 and pay such amount.and Borrowem: shall then be obligated under Section 9 to repay !o Lender any such amount. Lender' may revoke tile Waiver as to any or all Esc,-ow hems at any time by a notice given in accordanc~ with ~ection 15 and, upo~l suc. h ,-evocalion, Borrower shall pay to Lender all Funds, such amounts, tbat are tben requi|-ed under this Seclion 3. Lender may, at any time, collect and bold Funds itl all amount (a) sufficient to permit Lender in apply the Funds at the time specified under P,.ESPA, alld (B) ool to 'exceed the maximum amount a lender can require under'RESPA. Lender shall esih-nate tim anloUnt of Finials due on the basis of current dala and reasonable estimates of expenditures of future Escrow Items or nlherwise in accordance with Applic, able Law. The Funds shall be held in an inslitution whose deposits are insured by a federal agency, inst'rumenta!ity, or entity (including Lender, il' Lender is an institulion whose deposits are so insured) or in any Federal Home Loan Bank. Lender shall apply the Ftmnds to pay the Escrow Items no later than Ibc time specified under. RESPA. Lendem- shall un[ charge Borrower roi' holding and applying the Funds, annually analyzing the'escrow acc0til!t, or verifying the Escrow llems, unless Lender p, ays Borrower interest on Funds and Applicable Law permits Lender Io make such a cbarge. Unless an agreement is made in writing or Applicable Law requires interest to .be paid on Ihe Funds, Lender shall not be required t'o pay Borrower any interest or earnings on Ibc Funds. Bor,-ower and Lender can agree in writing, however, Ihat interest shall be paid on tile Funds. Lender shall give lo Borrower, without charge, an ftlinual accounting o1' tile Funds as required by RESPA. If there is a surplus .of Fullds held in escrow, as defined urn:let RESPA, Lendcm' shall account Itl Borrower for tile excess hinds in accordance wilb RESPA. If there is a shorlage of Furmds held itl escrow, as definer! under RESPA, Lender shall notify Borrower as required by RESPAi an,,_l Borrower shall pay to Lender the amount necessary to make up the sborlage in accordance with RESPA, but in on ~llore thaml 12 monthly paymeats. Il: there is a deficiency of Funds beld in escrow, as defined under RESPA, Lender shall notify.Borrower as required by RESPA, and Borrower shall pay to Lender tile amount necessary to make t!.D [!m deficiency in accordance with RESPA, but in no more lhan 12 monthly, payments. ,: Up'on:payment in ~lll of all sums secured b.y this Security Instrument, Lender shall promlnly tel'trod I0 Bo,r?o?(r a!:~y Funds held by Lender. ¢!. :Charges; Li~ns. Borrower shall pay all taxes, assessments, charges, fines, and imposiiions attributable to the Property which can attain priohty over Ibis Security InstrumenL leasehold payments or groun, d rents on file Property, if any, and Community Association Dues, Fees, and Asse'ssments, if any. To the ex. tent .t!lat Ibese items are Escrow Items, Borrower shall pay Ihem in the manner pro'vialed in Section 3. eof rower shall promplly discharge any lien which bas priority over lids Securily lash-ume,lt unless Borrower: (a) agrees in writing to tile payment of tile obligatiou secured by tile 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 enforcenlent of lhe hen in, legal proceedings which in Lender's opinion operate to prevent the enforcement of the lien while those proceedings are pending, but ouly until such proceedings are concluded; or (c) secures fi'om the holder o1: the lien all agreement satisfactory to Lender subordinating the lien to Ibis Security Instrument. If Lender determines that any part of tile Property is subject to a lien which can attain priority over this Sectn'ity Inst|-tmlent, Leuder may give Borrower a notice identifying tile 6twY) looos) paaesotls Form 3051 1/01 lien. Within 10 days of the date on which Ibat notice is given, Borrower shall satisfy the lien or take one'or more of tl~e actions set forth above ill ]his 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 Ihis Loan. 5. Property Insm'ance. Borrower shall keel) the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included wilhin tim lerl'n "extended coverage," and any other hazards including, but not limited to, earthquakes anti floods, for which Lender requii'es insnrance. This insurance sb,,all be maintained in the amounts (including deductible levels) and ['or the periods that Lender requires. What Lender requires pursuant to Ihe preceding sentences can change during the term of the Loan.. Tim 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 tiffs Loan, either: (a) a one-time charge for flood zone determination, certification and tracking services; or (b) a one-time charge for flood zone dete,'mination and certification services and snbsecltlCl~[ charges each time rcmappings or similar changes occur which reasonably might affect such determination or eertil'icalion. Borrower shall also be responsible for paYment of any fees imposed by the Federal Emergency Management Agency in connection with review of any flood zone determination rcsulling from an objection by Borrower. If Borrower fails to mainlain any of the coverages described above, Lender may obtain insurance coverage, at Lender's option and Bon:ower's expense. Lender is under no obligation lo purchase any particular type or anlotlnt of coverage. Therefore, snch coverage shall cover Lender, but might or might not protect Borrower, Borrower's equity in the Property, or tile contenls of the Property, against any risk, hazard or liability and might provide greater or lesser coverage Ihan was previously in effect. Borrower acknowledges that the Cos't of tile insurance coverage so obtained might significantly exceed tile cost of insuranc,,e that Bon-ower could have obtained. Any amounts disbursed by Lender under this Section 5 shall becvm? ~dc!itional debt of Box-rower secured by this Security Inslrulnent. These amot us shall bear interest at [be N~)te, rate from tile date of disbursement aqd shall be payable, wilh such interest, npon notice from Leqdef tp Borrower reqnesting payment. : ,All. jns~nr!mce policies required hy Lender and renewals of such policies shall be snbject [o Lemler's right to;disapprove' such policies, shall irmlude a standard mortgage clause, and shall name Lender as mo,rtgagee ~and/or as an additional loss payee. Lender shall have the right lo hold the policies and renewal certificates. If Lender requires, Borrower shall prompdy give to kender all receipts of paid premiun)s and renewal notices. If Borrower obtains any form of insurance'coverage, not otherwise rdquired 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 lo 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, ally insurance proceeds, wbetl'mr or not the underlying insurance was rerluired by Lel)der, 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. Dr!ring such repair and restoralion period, ~Lender shall have the right to hold snch insurance proceeds until Lender has had an Ol)l)Orlurfity to inspect sucll Property lo ensure the work has been completed to Lender's satisfaction, provided that such inspection sllall I)e undertaken promptly. Lender may disbnrsc proceeds ftir Iht repairs and restoration in a single payment or in a series of progress payments as the work is compleled. Unless an agreement is made in writing or Applicable Law requires interest lo be paid on such insurance proceeds, Lender shall not be required Io 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 /be sole obligation of Borrower. the restoration or repair is not economically feasible or k. cntlcr's security would be lessened, the insurance proceeds shall be al)plied to dm snms secured by Ibis Security Instrument, wlletber or not then due,'with ,~-6[WY} Iooosl Page 6 o~ ~5 Form 3051 1/01 213 the excess, ii-' any, paid to Borrower. Such iusurance proceeds shall be applied in the order provided forth Section 2. If Borrower abandons the Property, Lender ~ay file, negotiate and setde any available insurance claim and related matters. If Borrower does not respond within 30 days to a nodce ~rom Uender II, at the ins~raBce carrier has offered to settle a claim, then Lender may negotiate and sel[le the claim. The 30-day period ~i!l begin when the notice is given. In eidmr event, m' if Lender acquires the Properly under Section ;22 or odmrwise, Borrower hereby assigns to Lender (a) BorroWer's rights to any insurance prdcd~d5 in m~ an)ount llOt 1o exceed II~e amounts unpaid under tile Note or this Secm'ity Instrument, and (bi any.:otber of B'orrower's rights (other th0n the right to any re,md of unearned premimns paid by Borrower) under all insurance policies covering the Property, insofar as such rights are applicab}e to core,ag¢ of the Property. Lender may use the insurance proceeds either to repair or restore the Property or to pay amounts unpaid under the No~e or this Security Instrmnent, whether or not then due. 6. Ofcupancy. Borrower shall occupy, esiablish, and use d~e Property as Borrower's principal residence witldn 60 days al)er the execution of II, is Security lush'ument and shall contiuue to occupy Property as Borrower's principal residence for al least one year after the date of occupancy, unless Leuder olherwise agrees in writing, which consent shall no~ be um-easonably wid~held, or unless extenuating circumstances exist which are beyond Borrower's control. 7. Preservation, Maintenance and Protection of the Property; h~speclians. Borrower shall not destroy, damage or impa? the Property, allow the Property .Io deteriorate or oommi~ waste on the Property. Whether or not Borrower is residing in the Property, Borrower shall maimain II~e Property in order to prevent the Property from deteriorating or decreasing in value clue to its condition. Unless it is determined pursuant to Section 5 that.repair or restoration is not economically feasible, Borrower shall promplly repair the Property if damaged to avoid fitrlher delerioration or damage. If insurance or condenmation proceeds are paid in connection witl~ dmnage to, or the raking o1', the Property, Borrower shall be responsible for repairing or resloring dm Property only if kender has released proceeds J'or such purposes. Lender may disburse proceeds for the repairs and restoralion in a single payment or in a series progress payments as tl~e work is cou~pleled. If the insurance or condemnation proceeds are ~/ot sufficient 1o repair or restore Ihe Property, Borrower is oot relieved of Borrower's obligation for the completion such repair or restoration. Lender or ils agent may make reasonable entries upon mid inspections of Ihe Property. l~ i~ has reasonable cause, Lender may inspect the interior o~' the improvements on the Propet'~y. Eender shall give Borrower notice at the time of or prior to such a~l interior inspection speci~ing st~ch reasonable cause. 8. Borrower's Loan Al~plicalion. Borrower shall be in default if, during tile Loan application process, Borrower or any persons or entities acting al II~e direction of Borrower ar wilh Borrower's knowledge or consent gave materially t'alse, misleading, or inaccurate iaformation or statemenls to Lender (or failed ~o provide Lender with material information) in connection with [l~e Loan. Material representations include, bur are not limited to, representations concerning Borrower's occ(~pancy of the Property as Borrower's principal residence. 9. Ih'oleclion of l.ender's lnlm'est in ~he lh'operly and Righls Umler lhiS Secm'ily Iastrmnent. (a) Borrower fails ~o perform thc coveuants and agreements comaincd in this Secm'ity Insmm~ent, (bi there is a legal proceeding thai might sigaificantly afl'cci Lender's interest in lhe Properly and/or rights under Ibis Security Instrtmmnt (simh as a procecdh~g in b;mkrupmy, probate, for condenJnation or l:orl'citure, for enforcement of a. lien which may attain priority over this Secm'i[y Instrument or [o enforce laws or regulations), or (c) Borrower has abandoned tl~e Properly, d~eu kender may do and pay l~r whatever is reasonable or appropriate to prolect Lender's inlerest in Ibc Property and rights trader this Security Instrument, including protecting and/or assessing the value of the Property, and securing aod/of repairing the Property. Lender's actions can irmlmle, but are n(~t limited to: (a) paying any sums secured by a lien which has priority over this Secm'ity Instrument; (bi appearing in court; and (c) paying reasonable 6(Wy).looosl eao~ 7 ol ~5 ~~ Form 3051 1101 atto'rneys' !~ees to protect its interest in the Property and/or rights under this Security Instrument including its secnred position in a bankruptcy' proceedi'ngi Securing tl~e Property includes, but is not limited to, entering [1~¢ Property Io make repairs, change locks, replace or board up doors and w ~dows drain water from pipes, eliminate building or other code violations or dangerous Conditions, and have ulilit-ies tnrned on or off.. Allho~gh Lender may take action trader this Secdon 9, Lender does not have to do so and is not under any duty 0r obligation to do so. It is agreed Ihat Lender incurs no liability for not taking any or all actions authorized rudder dfis Section 9. Any. amounts disbursed by Lender under this Section 9 shall become additional debt of Borrower secured by this S~ctirity Instrument. These amotmls shall bear interest at the Note rate from the date of disbursement and s1~all be payable, with such inlerest, upon nolice from Lender to Borrower requesting payment. If this Security Instrument is on a leasehold, Borrower shall comply' with all II~e provisious of lhe lease. If Borrower acquires fee title to Ihe Properly, the leasehold and the fee title shall not merge unless Lender agrees ~o Ihe merger in wriling. 10. Mortgage Insm'ance. If Lender required Morlg~ge Insurance as a condition of making the Loan, Borrower shall pay the l)remiums reqtmired Io mainlain Ihe Morlgage Insurance in effect, lf, for a~y reason the Morlgage Insurance coverage required by Lender ceases to be available from the mortgage insurer that previously provided such insurance and Borrower was required Io make separalely designated paymen[s toward the l)remiums for Mortgage Insurance, Borrower shall pay tl~e premiums required Io obtain coverage substantially equivalent Io Ihe Mortgage Insurance previously in effect, at a cost subslanlially equivalent lo il~e cost to Borrower of the Mortgage Insurance previously in effect, from an alternate mortgage insnrer selected' by Lender. 11' subslautially equivalent Morlgage Insurance coverage is. not available, Borrower shall conlinue Io pay to Lender Ihe amount of the separately designalcd payments thai were due when the insurmice coverage ceased to be in effect. Lender will accel)t, use and re,alu Ihese payments as a non-rehmdable loss reserve iu lieu of Morlgage Insurance. Such loss reserve shall be non-rehmdable, noiwid~standing the fact that II~e Loan is ultimately paid in hall, and Lender shall not be required Io pay Borrower any inleresl or earnings on such lOSS reserve. Lender can no longer require loss reserve payments i~ Mortgage Insurance coverage (in Ihe amount and for Ihe period thai Lender ~equires) provided by an insurer selected by Lender again becomes avaih~ble, is oblaiaed, aud Lender:' requires separately designated paymenls loward Ihe premmms for Mortgage lnsm'aace. If Lender required Mortgage Insurance as a condition of: making the Loan and Borrower was required Io make separately designaled payments Ioward the premiums for Mortgage 'Insurance, Borrower shall pay the premiums required Io maintain Mortgage Insurance in el'fact, or Io p~ovitle a non-rchmdable loss reserve, until Lender's requirement I:or Morigage lnsnrance ends in accordance with any wrilien agreement between Borrower and Lender l)roviding for such lermination or until lermination is required by Applicable Law. Nothing in Ihis Section 10 affects Borrower's oblJgalion 1o pay interest al lhe tale provided il~ tim Note. Mortgage Insurance reimburses Lender (or any entity that purchases the Note) fBr cerlain 16sses ii may incur iE Borrower does not repay the Loan as agreed. Borrower is not a party ~o the Mortgage Insurance. Mortgage insurers evaluate Iheir Iotal risk on all such insurance in force from time to time, and may enter into agreements with other parties Ihat share or modify Ibeir risk, or reduce losses. These agreements are on lerms and conditions that are satisfactory 1o Ihe morlgage insurer and ll~e olher party (or parties) Io lhese agreemenls. These agreements may require II~e mortgage insurer to make payments using any source of flmds that the mortgage insurer may have available (which may include ~m'ls oblaincd From Mortgage lnsnrance premiums). As a result of these agreemenls, Leto!er, any purchaser of the Note, anod~er insurer, any reinsurer, any other entity, or any al:filiale of any of ll~e Foregoing, may receive(directly or indireclly) alnounls that derive from (or might be characterized as) a portion oF Borrower's payments for Mortgage Insurance, in exchange for sharing or modi~ing the mortgage insurer's risk, or reducing losses. If such agreement provide5 !hat an affiliate of Lender takes a share of the iusurer's risk in exchange for a share of die premiums pai~ ~o tl)e insurer, the arrangement is often termed "captive reinsurance." Furdmr: (a) Any such agreements will not affect the ammmts dmt Borrower has agreed to pa7 for Mortgage Insurance, or any olher terms of the Loan. Such agreemenls will not increase the nmounl Borrower will owe for Mortgage Insm'ance, and they will not entitle B~ rel'und. ~-6(WY} Iooo51 Page 8 gl 15 Form 3051 1/01 ........ :::5_?.::i (b) Any snch ~greemcnts will not affect the rights Bm'rower has - if any - xvitl~ respect to the Mortgagelnsm-ance trailer the Ilomeowners Protection Act of' 1998 m' any other law. These righls may include the right lo receive certain disclosm-es, Io l'eqllegt aBd oblain cancellalion of die Mortgage Insurance, ta have the Mm'lgage [nsm'uuce lerminated auimnaiically, and/or lo receive a refund Of any Mor/gaRe Insurance premimns dmt were tmearned at lhe lime of such cancellation termination. 11. Assignment of Miscellaneous Proceeds; Forfeitm'e. All Miscellaneous Proceeds ate hereby assigned to and shall be paid to Lender. If the Propert~ is damaged, such Miscellaneous Proceeds shall be applied to restoration or repair of the Properly, if Ihe restoration or repair is economically feasible and Lender's security is not lessened. During such repair and restoration period, Lender shall have II~e right to hold such Miscelhmeous Proceeds until Lender has had an oppormuily [o inspect such Property to ensure the work has been completed Lender's satisfaction, provided lhat such inspeclion shall be underlaken prolnptly. Lender may pay for the repairs and restoration in a single disbursement 0r in a series of progress payments as the work is compleled. Unless an agreement is made in writing or Applicable Law requires interest {o be paid on' such Miscellaneous Proceeds, Lender shall not be reqmred 1o pay Borrower any inlerest or earuings on such Miscellaneous Proceeds. It' the restoratiou or repair is not economically feasible or Lender's security would be lessened, the Miscelhmeous Proceeds shall be al)plied Io dm snms secured by tl~is Security Instrument, wl~et!~er or not then due, with the excess, il: any. paid to Borrower. Such Miscellaneous Proceeds shall be applied in [l~e orde'r provided for in Sectiou 2. In the evenl of a tolal taking, destruction, or loss in wdue 0f the Property, [l~e Miscellaneous Proceeds shall be applied io the snrns secured by this Securily Instrument, whedmr or not dmn due, witi~ the excess, if any, paid to Borrower. In tl~e event of a parlial taking, destruction, or loss in value of the Property in which the fair market value of' t!m Property immediately befbre the partial taking, destruction, or loss in valtle ts equal to or greqter ~thgn ll~e amount of the stlnls secured by this Security Instrument immediately before Ihe partial taking, 'destruction, or loss in value, unless Borrower and ~ender odmrwise agree it! writing, 'the sums secured} by ti/is Security Instrunmnt 'shall b'e reduced by the amotlnt of the Miscellaneous Proceeds mqltipli'ed'by dm following fr;ction: (a) the: to'iai amount of the sums secured immedimely before tl~e partigl taking, destruction, or loss in valu~ divided by (b) Ihe fair market value of tl~e Property imBaediately Before the partial taking, destruction, or loss in value. Any balance shall be paid lo Borrower. 'ln'tl~e event of a partial taking, destruction, or loss in value of the Property in which tl~e fair market value of tl~e Property immediately bel:ore Ihe partial taking, destruction, or loss in value is less than the amount~of the sums secured immediately before the partial laking, destruction, or loss in value, tmless Borrower and Lender otherwise agree in writing, the Miscellaneons Proceeds shall be applied to Ihe sums secured by this Security lnslrument whether or not t}~e sums are then due. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the Opposing Party (as defined in the next sentence) ol'fers 1o make an award to setlle a claim for damages, Borrower fails to respond m Lender within B0 days al'let the date the notice is given, Lender is authorized to collecl and apply /l~e Miscellaneous Proceeds either to restoration or repair of the Property=or to sums secured by this Security Instrument, whether or not then due. "Opposing Party" means the third party that owes Borrower MiScellaneous 'Proceeds or the party against whom Borrower has a right of action in regard to Miscellaneous Proceeds. Borrower shnll be in del'mdt il: any action or proceeding, whedmr civil or criminal, is begun ii, at Lender's jndgment, could result in forfeiture of the Property or other material impairment of Lend'er's interest in the Property or rights under tibia Security Instrument. Borrower can cure such a default and, if acceleratioo has occurred, reinstate as provided in Seclion 19, by causing lhe aclion or proceeding to be dismissed with a ruling that, in Lender's judgment, precludes forfeiture of the Proper{y or olher material impairment of Lender's interest in lhe Property or rights nnder this Security Instrument. The proceeds of any award or claim for damages that are allribulable to the impairmeot of Lender's imerest in Ihe Property are hereby assigned and shall be paid to Lender. All Miscelhmeous Proceeds that are not applied Ia restoratirm or repair of the Properly shall be applied in the order provided for in Section 2. ~6(WY) looofi) P.ue 9 .~ ~5 Form 3051 1/01 12. Borrower Not llcleased; Forbearance By Lender Not a Waive,'. Extension Of the time for payment or modification of amortization of die stuns secured by Ibis Security instrument granted by Lender to Borrower or any Successor in Interest of Borrower shall not operate to release the liability of Borrower or any Successors Jrt Interest of Borrower. Lender shall nol be required to commence proceediugs against any Successor in Interest of Borrower or It/ refnse Io extend dine for payment or olherwise modify amortization of tim sums seem-cd by this Security hlslrument by reason of any demand made by die original Borrower or any Successors in Interest of Borrower. Any forbearauce by Lender ill exercising any right or remedy including, without limitation, Lender's acceptance of payments from third persons, entities or Successors in Inlerest of Borrower or in amour~ts less than tile arnourtt then clue, shall not be a waiver of or preclude the exerdise of any right or remedy. !3. Joint and Several Liability; Co-signers; Snccessors and Assign's Bmtnd. Borrower covenants and agrees that Borrower's obligations and liability shall be joint and several. However, any Borrower who co-signs this Security Instrument but does not execute the Note (a "co-signer"): Ca) is co-signing this Security lnsmmmnt only to mortgage, grant and convey the co-signer's interest in tile Property under the terms of this Security Instrument; Cb) is not personally obligated to pay the sums secured by this Secnrity Instrument; alld Cc) agrees thai Lender and any other Borrower can agree to extend, modify, t'orl)ear or make any accommodations with regard lo the terms of Ihis Security Instrument or tile Nole without the co-signg:r's consent. . 'Subject Io tile provisions of Seclion 18, auy Successor in Interest of Borrower who assumes Borrow6r's obligations under this Security Instrument in writing, and is approved by Lender, shall obtain alliof Borrower's rights and benefits under this security Instrument. Borrower she not be released fi-om Bo~r0W~r'$ oSl'igations and liability under th)i.£&curity lnsmmmnt unless Lender agrees to such release in writiDg" The covenants alid agreements of this Security lnstrunmnt shall bind (exc,ept as provided in Sect!.gn 20) aqd benefit tile successors and assigns of Lender. :14. Loan Charges. Lender may.charge Borrower fees for services performed 'in connection with Bq.,rr0~ver's default, for tile purpose of protecting Lender's interest in tile Property anti rights under this Security lrlstrumen!, including, but not limited lo, attorneys' I~ces, property inspection and valuation fees. In regard to any olher fees, the absence of express aulhority in tiffs Security Instrument to charge a'specific fee to Borrower shall not be construed as a prollibition on Ihc charging of such fee. Lender may not charge fees tiler are expressly prohillited by this Securily lnslrurnent or by Applicable Law. If Ihe Loan is subject lo a law which sols nlaximtm~ loan charges, and Illal Jaw is finally interprcled so tbat the interest or other loan charges collected or to be collected in cormection witll dm Loan exceed the perm)ICed limils, limn: Ca) any such loan charge shall be reduced by Ibc amount necessary to rednce llle charge to tile permitted limit; and Cb) any sums abeady collected from Borrower wbich exceeded perm)ICed limits will be reflmded to Borrower, Lender may choose to make Ibis retired by reducing the principal owed under the Note or by making a direct payment to Borrower. If a fei\md redoces principal, Ihe reduction will be treated as a partial prepayment without any prepayment charge (whedmr or not a prepayment charge is provided for under dm 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 Ont of such overcharge. 15. Notices. All notices giveu by Borrower or Lender in conuection' with this Security lnstrunmnt must be in writing. Any nolice to Borrower in connection wilh this Security Instrument shall be deemed to bare been given to Borrower when mailed by First class mail or when actnally delivered ~o Borrower's notice address it' sent by other means. Nolicc (o any one Borrower shall constitute notice to all Borrowers unless Applicable Law expressly requires olbcrwise. The notice erich-ess shall be the Property Address unless Borrower bas designated a subslitule notice address by notice to Lender. Borrower shall promptly notil:y Lender ol: Borrower's change of address. Il' Lender specifies a procedure for reporting Borrower's cllmige of adch-ess, then Borrower shall only report a chartge of address tbrougl~ that specified procedure. Tbere may'be only one designated notice address under this Security Instrument at ally one limel Any uotice to Lender shall be given by delivering it or by mailing it by first class inail lo Lender's address stated herein unless Lender has designated anolber address by notice t,o Borrower. Any notice ill connection with Ibis Security Instrument shall not be deemed to have been given to Lender until actually received by Lender. If any nolice required by Ibis Sccm'ily hlsh-umcnt is also required under Applicable Law, the Applicable Law reqtdrcment will satisfy the corresponding requirement under this Secnrity. !nstrumeq[.. (~-6(WY) {ooos) Paoe 10ol 15 FOrrll 3051 1/01 16, Goyerning Law; Severability; Rvles of Constroclion. This Security Instrun~ent shall be governed by federal law and [l~e la~ of the jurisdicdou ia which the Property is located. All rights and obliggtions contained in this Security Instrument are subject [o any requirements and linmatious of Applicable Law. Applicable Law might explicitly or i~plicitly allow ~l~e parries to agree by contract or it might be s~lent, but such silence shall uot be construed as a prolfibition against agreement by coutracl, hi (be event that any provision or clause of Ibis Security lnsmmmnt or the Note conflicts with Applicable Law, such con~ict shall not affect other provisions of this gecurity lustrumelat or (he Note wbich can be given effect without lhe conflicting provision. As used iu this Security Instrument: (a) words of the masculiue gender shall mean and include corresponding he'lief words or words of the f%minine gender; (b) words iu the siugtdar shall mean aud include tim plural and vice versa: and (c) the word "nlay" gives sole discretion without any obligation m take any action. 17. Borrower's Ct}py. Borrower shall be given one copy of ~l~e Note and of this Security luslrunlen[. !8. Transfer of the Property or a Beneficial Interest in Borrower. As used in this Section 18 "Interest in tbe Property" menus any legal or beneficial interest in lhe Property, including, but not limileci to, those beneficial inleresls transferred iu a bond l~)r deed, conH'acl J:or deed, installment sales contract or escrow agreement, the intent of which is the lrans~r of lille by Borrower at a fi~tt~t-e date to a pm'chaser. If all or any part of tl~e Property or any Interest in Ibc Property is sold or transferred (or i~' Borrower, is not a natural persou aud a beneficial inlerest ia Borrower is sold or h'ansferred) without Lender's prior written consent, Lender may require immediale payment in h~ll of all sums secured by this Security Instrument. However, Ibis option shall not be exercised by Lender if such exercise is probibiied by Applicable Law. . If Lender exercises this 'option,. Lauder shall give Borrower notice of acceleration. The notice shall provide a period of not less dmn 30 days from the d~tte the notice is given in accordance with Section 15 within which Borrower must.pay all stuns secured by Ibis Security Instalment. I1: Borrower fails lo pay these sums prior to the expiration of ibis period, Lender may invoke any remedies permitted by Ibis Security lnstrttment witlmut t~rtber nolice or demand on Borrower. 19. Borrower's Right la Reinstate After Accelm'alion. If Borrower meels certain co~{di~ions, Borrower shall have Ihe right lo bare cuforcement or' lhis Security h~strument discontinued at any lime prior to the earliest of: (a) five days bel:ore sale of the Property pursuant to any power of sale contained in Ibis Security Instrmnent; (b) such Other period as Applicable Law might speciI~ for the lermiuation of Borrower's right to reinstate; or (c) entry Of a .}t~tlgment enforcing this Security lnsn-unaent. Those: conditions are Ihal Borrower: (n) pays Lender all stuns which dmn would be due under this Securily Instrument and lbe Note as if n0 acccleralion bad occurred; (b) cures auy default of any other covenants or agreemeuts; (c) pays all expeuses incurred iu enforcing d]is Secm-ity lnstruu%ent, including, but not limited to, reasouable attorneys' fees, property iuspection and valualiou r%es, and olber fees incurred for the purpose of protecting Lender's interest in lbe Property and l-igbts under this Security lustrtnnent: aud (d) takes such actiou as Lender may reasonably require to assure that Lender's interest in the Property and rights under tbis Security h]strument, and Borrower's obligation to pay Ihe sums secured by this Security Instrument, shall continue tlucbanged. Lender may require dial Borrower pay such l-eillsla[emell[ sums and expenses in one or more of the following IBrms, as selected by Lender: (a) cash; (b) money order; (c) certihed check, bank check, treasurer's check m- cashier's check, provided any sncb check is drawu upon an institution whose deposits are insured by a federal agency, instrumentality or entity; or (d) ~lec~ronic Funds Transfer, Upon reinstatement by Borrower, this Securily Insmm~ent and obligalions secured hereby shall remain hdly elTective as if no acceleration bad occurred. However, this right to reinslaie shall not apply in the case of acceleralion under Sectiou 18. 20; Sake ar N,[e; Change al' I,nan S~rvicer; Notice al' (h'ievm~ce. The Nolo or a partial interest iu the Note (roger}mr wilb Ibis gecurity lnsh-ument) eau be sold one or more times without prior notice to Botr0wer. iA 'sale lnigbt result in a change h~ tl~e entity (knowu as,tim "Loan Servicer") that collects Periodic Payments due under Ibc Note and ti!is' Security Insh'ument aud perforn~s other morlgage loan servicing obligations uuder the Note, this Security Instrument, and Applicable Law. There also might be one qr more changes of the Loan .Servicer unrelated to a sale of the Nole. If there is a pbange of the'Loan Servicer, Borrower will be given wrinen notice of the change which will state tl!e name and address o1: Ihe new Loan Servicer, the address to which payments should be made nm~uaalion RESPA requi'res itl connection with a notice of transfer of servicing. If ihe Note is sold and thereafter tile Loan is serviced by a Loan Servicer other than 'lhe purchaser of the .Note, tile mortgage loan servicing obligations to Borrower will remain with the Loan Servicer or be tr'ansferred to a'successor Loan Servicer and are not assumed by Ibc Note purchaser unless otherwise provided by the Note purchaser. Neither Borrower nor Lender may corn hence, 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 pursum~t to this Security Instrument or that alleges tiler the olher party has breached any provision of, or any duty owed by reason of, this SeCurity hlstrument, unlil such Borrower or Lender has notified the od'mr party (with sucll notice given in compliance with tile reqnirements of Section 15) or such alleged breach and afforded dm · other party hereto a reasonable period after the giving of such notice t~ take corrective action· If Applicable Law provides a time period which must elapse before certain action can be taken, Illat ~ime period will be deemed to be reasonable for purposes of this paragrapll. The notice of acceleration and ol)portunity to care given In Borrower pursuant Io Seclion 22 and lhe notice of acceleration given lo 'Borrower pursuant Io Section 18 shall be deemed to satisfy the notice and opportuniiy to take corrective action provisions of this Section 20. 2!. Ilazardous Sul)stances. As used in this Section 21: (a) "llazardous Substauces" are tllose substances defined as toxic or hazardous snbstances, pollutants, or wastes by Environmental Law and ihe following substances: gasoline, kerosene, other flanm~able or toxic petroleunl products, toxic pesticides and herbicides, volatile solvenls, materials containing asbestos or formaldehyde, and radioaclive materials; (b) '~Enviromnental Law" menus federal laws and laws of tile jnrisdiclion where the Property is Iocaled that t-elate to healtll, safety or environmental protection; (c) "Environmenlal Cleanup" inclndes any response action, remedial action, or removal action, as defined in Environmental Law; and (d) an "Envi~:onmenlal Condition" means a condition Ihat can. cause, contrilmle to, or olherwise trigger an Environmental Cleannp. Borrower shall not cause or permit the i')resence, usc, disposal, slorage, or release of any Ilazardous Substances, or tllreaten to release any l-[azardous Substances, on or in Ihe ProPerly. Borrower shall not do, nor allow anyone else to do, anytlm~g affecting the Property (a) that is in. violation of any Enviromnental Law, (b) wllich creates an Environnlental Condition, or (c) which, due to the presence, use, or release of a Hazardous Substance, creates a condition that adversely affects tile valne of the Property. Tile preceding two sentences shall not apply to Ille presence, use, or storage on'the Property or small quantities of Hazardous Substances (bat are generally recognized to be appropriate to normal residemial uses and to maintqngnce of tile Property (inchn:ling, but not limited lo, baizardous substances in consmner products). Bo[rower shall promptly give Lender written notice of tn) any investigation, claim, demand, lawsuit or otheFaclion by any governmental or regulatory agency or private party involving die Property and any Hazardous St)bstance or Environmental Law of which Borrower has actual knbwledge, (b) any Env!ronme!ltal Condition, including but not limited to, any spilling, leaking, discharge, ~elease or threat of release of any l'-Iazardons Substance, and (c) any condition cansed by tile presence, use or release of a Hazardous `substance which adversely al'fe~ts the vahJe of the Property. If Borrower learns, or is notified by any governmental or regulatory authority, or any private party, tlxat any removal or other remediation of any Hazardous Substance affecting the Properly is necessary, Borrower shall promptly take all necessary remedial actions in accordance with Enviromncntal Law. Nodmlg hereiu shall create any obligation oil Lende. r for an Environmenlal Cleanup. (~-6(WY) IOOOS) Page 12of 1,5 '' : Form 3051 1/Ol BY SIGNING BELOW, Borrower accepts and agrees to. lhe terms and covenants contained in II, is Security h~strument and in any P. ider ~xecuted by Bor,'ower and recorded will~ it. Wi messes: CHARLOTTE A FREEMAN (Seal) - J](I I'l'l] WU r (Seal) (Seal) (Seal) -]]oflllWcf (Seal) -~orrowcf (Seal) -l]ormwer (~.~filWY)· Iooo51 P~,g. ~,~ ol ~.~ Form 3051 1/01 22O Nolary Public (~)~6[WY) (ooos~ P"o" ~5 o~ ~5 X/~''Q. Form 3051 1/01 '.the Lincoln countyf-C!erk'%s-'~ffi-ce, in Ke~merer, W~oming-, " .... -- , '?~: 7:~ ~ .- _..'..-'_. .. -..-....: .....;-.-..-._ .... '-. ......: ............ . .. also being t~e: ~orthwes~"-'corn6r "of_ Bo~ --1 0 of.';s~id':.Su~d&'~iS~o~)'--_ -.'-- . ~hence South 08~4'3'. W, ~ 286' feeE; ~h&nce .Nor[h 1'8~"4~~- .w, 175 - -'bouaSary 'li;ne'bf--sal8-1ot 6, 'bo' the peinb of bCginn¢.ng. . Sub, ebb Soubhw~st Corner 'of ~ot ~o; 6 in '~h'e' waYior Subaivis&on ~o. 5 file8 an8 plat~e8 in ~he ~incoln C0un~y Clerk's Office in [e~mererr Wyoming~ bhence Soubh 76~00' ~ 455 feet bo the poin~ of beginning2 thence North 76"00' W, 455 feeb2 bhence ~orth 00~5' ~, ~51.44 fe'eb; ~heaCe South 75~59' ~, '455 feeb; thence approximately; 95') ~ee~ .in-a 'st~alght line ~o ~he poinb of beginning.