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HomeMy WebLinkAbout878209 Cendant Mortgage Corporation r ,~ 2oo 133 Mount Laurel, NJ 08054 PreparedBy: Jessica Martinis, Cendant Mortgage Corporation 3000 Leadenhall Road Mount Laurel, NJ 08054 [Space Above This Line For Recording Data] MORTGAGE Loan DEFINITIONS , Words used in multiple sections of thi% document are defined below and other worcts are defined in Sections 3, Il, 13, 18, '20 and 21. Cert &'l rules regarding the usage of words used in this document are also provided .in Section 16. (A) "Security Instru,nent" means this document, which is datedDecember 27th, 2001 together with all Riders to this documer, t. (B) "Borrower" is David J Fogle, 3, MARRIDD PERSON and Nancy 3, Fox, 3, MARRTI*..D PERSON Borrower is the mortgagor under this Security. lnstrmnent. (C) "Lender" is Cendant Mortgage Corporation Lender is a Corporatio'n ' organized and existing under the laws of New Jersey WYOMING-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 1/01 (~e-6(WY) Page 1 of 15 initials:~'"' r~'~' ; VMP MORTGAGE FORMS-(800)521'-72~.-'~' Oriainal Lender's address is 3000 Leadenha'klL Road Mount Laurel, NJ 08054 Lender is the mortgagee under this Sectlrity Instrtn]qent. (D) "Note" means the promissory note ~iained by Borrower and datedDece~ar 27th, 2001 The Note states that Borrower owes LenderNinety-Six Thousand Dollars and Zero Cents Dollars (U. S. $ 96,000.00 ) phis interest. Borrower lms promised to pay this debt in regular Periodic Payments and to pay the debt in fidl not later than Janua~ 1st, 2032 (E) "ProperS" means the property that is described below under the heading "Trans~kr of Rights in the Property.' (F) "Loan" means the debt evidenced by tbeNote, plus interest, any prepayment charges aod late charges due under the Note, and all sums du~ undgr this Security Instrument, plus interest. (G) "Riders" means all Riders to ~his Security Instrument that are executed by Borrower. The foltowin~ Riders are to be executed by Borrower [check box as applicable]: ~ A4ustable 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 co~t~'olling applicable.federal, state and local statutes, regulations, ordinances and administrative rules and ~,rders (that have tlm effect of law) as well as all applicable final, non-appealable judicial opinions. (I) "Community Association Dnes, Fee..;, and Assessments" means all dues, tees, asse'ssments and other charges that are imposed on 'Borrowc~ or the Property by a condominium association, homeowners association or similar m:ganization. (J) "Electronic Fumts 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 iucludes, but is not limited to, point-of-sale transfers, automated teller machine transactions, transfers initiated by telephone, wire transfers, ami automated clearinghouse transfers. :: (K) "Escrow Items" means those iterns 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) conveyance in lieu of condenmation; or (iv) misrepresentations of, or omis'sions as to, the value and/or condition of the Property. (M) "Mortgage Insurance" means ina!nmce protecting Lender against the nonpayment of, or de'fimlt on, the Loan. (N) "Periodic Payment" means the i'eg:~iarly scheduled amount due for (i) principal and interest trader the Note, plus (ii) any amounts under Secti{m 3 of this Security Instrument. (O) "RESPA" means the Real Estate Se.dement Procedures Act (12 U.S.C. Section 2601 et seq.) and its impten]enting regulation, Regulation X i24 C.F.R. Part 3500), as they might be amended fi-om time to time, or any additional or successor legislation or regulation that governs the same subject matter. As used in this Security Instrument, "RESPA" rei~rs to all requirements and restrictions that are imposed in regard to a "federally related mortgage loan" .?eh if the Loan does not qualify as a "fEderally related mortgage loan" under RESPA. (~-6(WY) (ooos) Page2d,5 ~..~_~[~ Form 3051 1/01 (P) "Successor in Interest of Borrower" means any party that has taken title to the Property, whether or not that party has assumed Borrower's cbligations under tile Note and/or this Security Instrument. TRANSFER OF RIGHTS IN TIlE PROPERTY This Secm'ity 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 Secm'ity Instrument and the Note. For this purpose, Borrowei- 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 Jurisdictio~l] [Nalne of Recording Jurisdictirml Bein~ the same premises conveyed to the mort~agors herein by deed being recorded simultaneously herewith; this being a purchase money mortgage given to secure the purchase price of the above described premises. Parcel ID Number: ~-.-~' which currently has tile address of l0 6 7 CQUNTY ROAD 12 9 [Street] C-ROVER [City] , Wyoming 8 312 2 [Zip Code] ("Property Address"): TOGETHER WITH all the improvements now or hereafter erected on the property, and all easements, appurtenances, and fixtures aow or hereafter a part of the property. All replacements and additions shall also be covered by thi;~ Security Instrmnent. All of the foregoing is referred to in this Security Instrument as the '*Property." BORROWER COVENANTS thai llorrower ik lawfl~lly 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 waramts and will defend generally the title to the Property against all claims and demands, subject to any encmnbrances of record. THIS SECURITY INSTRUMENF combines uniform covenants for national use and non-uniform covenants with limited variations by ju:isdiction to constitute a uniform security instrument covering real property. 'UNIFORM COVENANTS. Borrower and Lender covenant and agree as ibllows: 1. Pay~nent of Principal, Interc'st, 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 Instrument shall be made in U.S. currency. However, if any check or other instrument received by Lender as payment under tile Note or lhis initials: ~ (~-6(WY)(ooos) Page3of15 ~,~^ ~ Form 3051 1/01 Security Instrument is returned to Lender' m~paid, Lender may require 'd~at any or all subsequent payments due under the Note and this Security lnstrgment 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 chec}c is drawn upon an institution whose deposits are insured by a federal ageucy, instrumentality, or entity: or (d) Electronic Ftmds Transfer. Payments are deemed received by l_ender when received at d~e location designated in the Note or at such other location as may be designate~,i by Lender in accordance with the notice provisions in Section 15. Lender may return any payment or parti:d payment it-the payment or partial payments are inst.tf'ficient to bring the Loan current. Lender may acc,:pt any payment or :partial payment insuflhcient to bring the Loan cra'rent, without waiver of any rights he~ eunder or prejudice to its rights to refuse such payment or partial payments in the tS~ture, but Lender is not obligated to apply such payments at the time such paymelats accepted. If each Periodic l'ayrnent is ~pplied as of its scheduled due date, then Lender need not pay interest on nnapplied funds. Lender may hold such unapplied funds tmtil Borrower makes payment the Loan current. If Borrower does not cio so within a reasonable period of time, Lender shall either apply such funds or return them to Borrower. i1' not applied earlier, snch 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 f~ture against Lender shall relieve Borrower fi'om making payments due under the 'Note and this Secm'ity Instrulnent o]' 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 b7 Lendc:r 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 seclion 3. Such payments shall be applied to each Periodic Payment in the order in which it became due. An~ ~semaining amounls 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 frem Borrower ~br 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 Periodit' Payment is outstanding, Lender may apply any payment received fi'om Borrower to the repayment of the Periodic Payments if, and to the extent that each payment can be paid in t'ull. To the extent that any excc:ss exists after the payment is applied to the fi~ll payment of one or more Periodic Payments, such excess n-~a'~ be applied to any late charges due Voluntary prepayments shall be applied first to any prepayment chaq)es and then as described in the Nole. Any application of~ payments, ins~.r:mce proceeds, or Miscellaneous Proceeds to principal dt~e under the Note shall not extend or postpone the due date, or change the amount, of the Periodic Payments. 3. Funds for Escrow Items. Born)wet shall pay to Lender on the clay Periodic Paymems are due under the Note, until the Note is paid ira ~5dl, a sum (the "Funds") to provide f~r payment of amounts due fbr: (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) premimns ~r any and all insurance required by Lender under Section 5; and (d) Mortgage Insurance premimns, if any, or any sums payable by Borrower to Lender in lieu of the payment of Mortgage Insurance premiums in accordance wiih the provisions of Section 10. These items are called "Escrow Items." At origination or at any time (h~rihg the term of the Loan, Lender may require that Community Association Dues, Fees, and Assessments, if any, be escrowed by Borrower, and such dues, ~es 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 t~r 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 fbr any'or all Escrow Items at any time. Any such waiver may only be in writing. In the event of such waiver, Borrower shall pay directly, when and where payable, the amounts Inilials:~ ; (~'6(WY) (ooo5) ~a~e4 o* ~5 (~ ~.. .... Form 3051 1/01 due £or any Escrow Items fbr which payment of Funds has been waived by Lender and, if Lender requi~'es, shall furnish to L~nder receipts evid~pci~g such payment widm~ such time period as L¢ndm' may require. Borrower's obligation to mak~ such pa~,ments and to provide receipts shall t~r all purposes be deemed m be a covenant and agreement.:contained h~ this Security' Insrrt mel~t, as the phrase 'cox enant rind agreement" is used in Section 9. If Borrower is obligated to pay Escrow Items directly, pursuant to a waiver, and Borrower fhils to pay the amount due t3~' an Escrow Item, Lender may exercise its rigiats under Section 9 and pay such amount and Borrower sh:di then be obligated under Sect/on 9 fo repay to Lender any such amount.. Lender may revoke the waiver as to any or all Escrow Items at any tirne 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 aad hold Funds in an amount (a) sufficient to permit Lender 1'o 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 lhe time specified under RESPA. Lender shall :~ot charge Borrower for holding and applying tbe 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, b0wever, that interest shall be paid on the Funds. Lender sh;dl give to Borrower, without charge, an annual.accounting of the Funds as required by RESPA. If there is a surplus of Funds hchi in escrow, as defined under RESPA, Lender sball account lO Borrower for the excess flmds in accordance with RESPA. If there is a shortage of Funds held in escrow, as defined under RESPA, Lender shall in(>ti'f~ Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to make ~,1-) the shortage in accordance with RESPA, but in no more than 12 monthly payments. If there is a deficie~ncy 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 t 2 monthly payments. Upon paymeut in fi:ll of all sums secured by this Security Instrument, Lender shall promptly refund to Borrower any Fmads 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 en/brcement of the lien while those proceedings are pending, but only until such proceedings are concluded; or (c) secures from the l[older of the lien an agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determines that any part of the Property is subject to a lien which can attain priority over this Secu~'i~y Instrun]ent, Lender may give Borrower a notice identify, lng the Init a --~:6(WY)(00,)5) Page S of 15 ~o/~~ Form 3051 1/01 lien. Within 10 days o£the dale on whicl': that notme is given, Borrower shall satisfy the lien or take one or more oFthe actions set forth above in thi~, 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 con~,..'ction 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 !mzards including, but not limited to, earthquakes and floods, for which Lender requires insurance. This insurance shall be maintained in l:]'~e amonnts (including deductible levels) and for the periods that Lender requires. What Lender requires pursuant to the pre'ceding sentences can change during the term of the [~oan. 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 occm' which reasonably might affect such determination or certification. Borrower shall also be respousible for the payment .of any fees imposed by the Federal Emergency Management Agency in connection with the review of any flood zone determination resulting fi'om an objection by Borrower. If Borrower fails to maintain an5 ()f the coverages described above, Lender may obtain insurance coverage, at Lender's option and Bor'~wer's expense. Lender is under no obligation to purchase any particular type or amount of coverage. Therefbre, such coverage shall cover Lender, but might or might not protect Borrower, Borrower's equity, in the Property, or the contents of ti~e Property, against any risk, hazard or liability and might provide greater or lesser cox;e'rage than was previously in effect. Borrower acknowledges that the cost of the insr~:=~nce coverage so obtained might significantlS)' exceed lhe cost of insurance that Borrower could have obl::~l~ed. Any amounts disbursed by Lender under this Section 5 shall become additional debt of Borrower secu~'ed by this Security Instrument. These amounts shall bear interest at the Note rate from the date of disbu:sement and shall be payable, with such interest, upon notice fi'om 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 p:~yee. Lender shall have the right to hold the policies and renewal certificates. If Lender requires, Borrowe~' shall promptly give to Lender all receipts of paid prenfiums 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 evm~t 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. Duri~qg 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 satisfhction, provided that such inspection shall be umtertal<en promptly. Lender may disburse proceeds for the repairs and restoration in a single payment or m a series of progress payments as the work is co~.~91eted. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such insm ance proceeds, Lender shall not be required to pay Borrower any interest or earnings on such proceeds.. Fees fbr public adjusters, or other third parties, retained by Borrower shall not be paid out of the i~.4urance proceeds and shall be the sole obligation of Borrower. If' the restoration or repair is not economically feasible or Leoder's security would be lessened, the insurance proceeds shall be applied to.the sums sec:tn'ed by this Security Instrument, whether or not theu 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 available insurance claim and related matters. If Borrower does not respond within 30 days to a notice from Lender that the insurance carrier has off, red 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 .unpaict trader: the Note or this Security Instrument, and (b) any other of Borrower's rights (oil:er than the right'to any retired 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 usc the insurance proceeds either to repair or restore the Property or to pay amou ~ts unpaid under the Note er this Secm'ity instrument, whether or not then due. 6. Occupancy. Borrower shall (,ccnpy, establish, and use the Property as Borrower's principal residence within 60 days after the execmiqn of this Security Instrument and shall continue to occupy the Property as Borrower's principal resideace for at least one year after the date of occupancy, m~less Lender otherwise agrees in writing, which consent shall not be um'easonably 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 fi'om deterim-ating or decreasing in value due to its condition. Unless it is determined pursnant to Section 5 that repair or restoration is not economically feasible, Borrower shall promptly repair the Property if dam~tged 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 resu)ring the Property only if Lender has released proceeds fbr such purposes. Lender may disburse proceeds l'br the repairs anti restoration in a single payment or in a series of progress payments as the work is completed. If the insm'ance or condemnation proceeds are not sufficient to repair or restore the Property, Borrower is not relieved of Borrower's obligation ~or the completion of such repair or restoration. Lender or its agent may make r~asonable entries upon and inspections oF the Property. I~~ it has reasonable cause, Lender may inspect th,:~ interior of' the improvements on the Property. Lender shall t'ive Borrower notice at the time of or prior ~o such an interior inspection speciISing such reasonable cause. 8. Borrower's Loan Applicatit)n. Borrower shall be in defhult if, during the Loan application process, Borrower or any peisons or.entities acting at the direction of Borrower or with Borrower's knowledge er consent gave materially false, misleading, or inaccurate in~brmation or statements to Lender (or failed to provide Lender with material infi)rmation) in connection wid~ the Loan. Material representations include, but are not limited to, representations concerning Borrower's occupancy of the Property as Borrower's principal residence. 9. Protection of Lender's Interest in the Property and Rights Under this Secnrity Instrnment. If (a) Borrower fails to perform the covenants and agreements contained in this Security Instrument, (b) there is a legal proceeding that might significantly affkct Lender's interest in the Property and/or rights under this Security Instrument (such as a proceeding in bankruptcy, probate, for condemnation or fbrfeiture, for enlbrcement of a lien which may attaia 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 Instrmnent, including protecting and/or assessing the value of the Property, 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 lni~als:~ ~dO(WY)(ooos'o~, Pag~za,~s ~ Form3051 ~/O~ 1.4 0 attorneys' fees to protect its interest in the Property and/o,- rights trader this Security Instrument, including its secured position in a bankruptcy pr,:ceeding. 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 fi'om pipes, diminate building or othe~ code violalions or dangerous conditions, and have utilities turned on or off. Although Lender may take action under this Section 9, Lender does not have to do so and is not under any duty or obligation to do so. It is agreed that Lender incurs no liability fbr 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 fi'om the date of disbursement and shall be payable, witl~ such interest, updn notice fi'om 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 tI~e 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. It} 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 m effect, at a cost substantially equivalent to the cost to Borrower of the Mortgage Insurance previously in effect, fi'om an alternate mortgage insurer selected by Lender. If substantially equiwflent Mortgage Insurance coverage is not available, Borrower shall continue to pay to Lender the amount of the separately designated payments that were due when the insurance coverage ceased to be m effect. Lender will accept, use and retain these payments as a non-reffmdable loss reserve in lieu of Mortgage Insnrance. Such loss reserve shall be non-reftmdable, notwithstanding the fact that the Loan is uhimately paid in h~II, and'Lender shall not be required to pay Borrower any interest r~r earnings on such loss reserve. Lender can no longer require loss reserve payments if Mortgage Insurance coverage (in [l~e amount and for the period that Lender requires) provided by an insurer' selected by L;x~der again becomes available, is obtained, and Lender requires separately designated payments toward [he premiums ibr Mortgage Insurance. If Lender_ required Mortgage Insurance as a condition of making thc: Loan alld Borrower was required to make separate}y dcsigm~ted payments toward the premiums for Mo~'tgage Insurance, Borrower shall pay the premiums required to maintain Mortgage Insurance m effort, or to provide a non-reflmdable loss reserve, until Lender's requirement fbr 'Mortgage insurance ends in accordatlce with any written agreement between Borrower and Lender providing for such termination or until termination is required by Applicable Law. Nothing m this Section 10 affkcts Borrower's obligation to pay interest at the rate provided in the Note. Mortgage Insurance reimburses Le~der (or any entity that purchases the Note) for certain losses it may recur if Borrower does not repay the Loan as agreed. Borrower is not a party to the Mortgage Insurallce. Mortgage insurers evahmte their tolal risk on all such insurance in tbrce 'from ti~ne to time, and may enter into agreements with other parties lhat share or modify their risk, or reduce losses. These agreements are on terms and conditions that are satisPactory 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 som'ce of funds that the mortgage insurer may have available (which may inchnle fimds obtained from Mortgage Insurance premiums). As a result of these agreements, Lender, any purchaser of the Note, another insurer, any reinsurer, any other entity, or any affiliate of any of the foregoing, may receive (directly or indirectly) amounts that derive from (or might be characterized as) a portion of Borrower's payments for Mortgage Insurance, in exchange Jbr sharing or modifying the mortgage insurer's risk, or reducing losses. If such agreement provides that an affiliate of Lender tal<t:s 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 n~t 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 losm aace, ami they will not entitle Borrower to any refund. !nit[als:~" : ~6(WY),, ¢oo~0, Pa~ao,~ ~. Form305] 1/O1 (b) Any Such agreements will not al[ecl the rights Borrower has - it' an)' - ~.ith respect to the Mortgage Insurance under the Homeowners Protection Act of 1998 or any other law. These rights may include the right to receive ct, rlain disclosm'es, to request and obtain cancellation of the Mortgage Insurance, to have the Mortgage Insorance terminated automatically, and/or to receive a refnnd of any Mortgage Insurance premimns that were unearned at the time of such cancellation or termination. 11. Assignment of Miscellaneous Proceeds; Forfeiture. All Miscelhmeons Proceeds are hereby assigned to and shall be paid to Lender. If the Property is damaged, such Miscellanetms Proceeds slmll be applied to restoration or repair of th~ Property, ff th~ restoration or repair is economically feasible and Lender's security is not lessened. During such r~pair and restomlion period, Lender shall haw the right to hold such Miscellaneous Proceeds until Lender has had an opportunity to inspect such Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may pay for the repairs and restoration in a single disbursement or in a series of progress paymenls as the work is completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such Miscellaneous Proceeds, Lender shall I~t)t be required to pay Borrower any interest or earnings on such Miscellaneous Proceeds. If the restoration or repair is uot economically feasible or Lender's security would be lessened, the Miscellaueous Proceeds shall be applied to the sums secured by this Security Instrument, whether or not then clue, with the excel;s, if any, paid to Borrower. Such Miscellaneous Proceeds shall be applied in the order provided for in Section 2. In the event of a total talcing,., destruction, or loss in value of the Property, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower, In the evenl of a partial taking, desl. ruction, or Joss in value of the Property in which the tim' market value of the Property immediately before the partial taking, destruction, or loss in ~vatue is equal to or greater than the ammmt of the sums s.ecured by this Secur'ity Instrument immediatel~ belBre the parlial taking, destruction, or loss in value, mtless Borrower and Lender otherwise agree in writing, the sums secured by this Securffy Instrument shall be reduced by the amount of the Miscellaneous Proceeds multiplied by the following fi'action: (d) the total amount of the sums secured immediately betbre the partial talcing, destruction, or loss in value divided by (b) the fair market value of the Property immediately before the partial taking, destruction, or loss in value. Any balance shall be paid to Borrower. Iu the event of a partial talcing, destruction, or loss in value of the Property in which the fai~' market value of the Property immediately before the partial taking, destruction, or loss in value is less than the amount of the sums secured immediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument whether or not the sums are then due. If the Property is abandoned by Borroxver, or if, after notice by Lender to Borrower that the Opposing Party (as defined in the next sentence) offers Io make an award to settle a claim for damages, Borrower fails to respond to Lender witMn 30 days after the date the notice is given, Lender is authorized to collect and apply the Miscellaneous Proceeds either to restoration or repair of the Property or to the sums secured by this Security Instrument. whether or not then due. "Opposing Party" means the third party that owes Borrower Miscellaneous Proceeds or the party against whom Borrower has a right of action in regard to Miscellaneous Proceeds. Borrower shall be in default if any action or proceeding, whether civil or criminal, is begtm that, in Lender's judgment, cottld result in fb]:t::iture of the Property or other material impairment of Lender's interest in the Property or rights under this Security Instrument. Borrower can cure such a defimlt and, if acceleration has occun'ed, reinstate as ~,rovided in Section 19, by causing the action or proceeding to be dismissed with a ruling that, in Lender' s .judgment, precludes tbrfeiture.of the Property or other material impairment of Lender' s interest in the ~O:operty or rights under this Security h~strurnent. The proceeds of any award or claim for damages that are ~lttributable to the impairment of Lender's interest in the Property are hereby assigned and shall be paid to Lender. All Miscellaneous Proceeds that are not applied to restoration or repair of the Property shall be applied in the order provided for in Section 2. Initials:. ~ 142 12. BOrrower Not Released; Forbearance By Lender Not a Waiver. Extension of th~ ~i)ne payment or modification of amortization of the sums secured by this Security Instrument granted by Lender lo Borrower or any Successor in Interest of Borrower shall not operate to release the liability of Borrower or any Successors in interest of Borrower. q~.ender shall not be required to commence proceedings against any Successor in Interest of Borrower or to refuse to extend time for payment or otherwise inodi'f~, amortization of the sums secured by this Security h~strument by reason of any demand made by the original Borrowe~, or any Successors in Interest of Borrower. Any forbearance by Lender in exercising any right or remedy including, without limitation, Lender's acceptance of payments fi'om third persons, entit:ies or Successors in Interest of Borrower or in amounts less thah the amount then due, shall not be a waiver et' ' preclude the exercise of any right or feint:dy. ': 1.3. Joint and Several Liability; Co-signers; Sm:cessm-s and Assigns Bmmd. Borrower covenants and agrees that Borrower's obligations ~,t liability shall be joint and several, llowever, any Borrmver who co-signs this Security Instrument bxt &3es not execute the Note (a "co-signc~"): (a) is co-signing this Security Instrument only to mortgage, g~'anl and convey the co-signer's imerest in the Property under the terms of this Security h~strtm~ent; (b) is ~mt personally obligated to pay the sums seem'ed by this Secm-it:y lnstrun~cnt; and (c) agrees that Lender ~nd any other Borrower can agree to extend, modit}', ~rbcar make any accommodations with regard ~o the terms of this Security Inst'rument or the Note WilhOtll co-signer' s colasell[. Suihject to the provisions of Se,:lion 18, any Successor in Interest off Borrower who assumes Borrower's c)bligations under this Secu~'ity Instrument in writing, and is approved by Lender, shall obtain all of Bon'ower's rights and benefits umler this Secm-ity. Instrmnent. Borrower shall not be released fi-om Borrower's obligations and liability under this Security Instrument unless Lender agrees to such release writing. The covenants and agreemen::s of this Security l'nslrtmqent shall bind (except as provided in Section 20) and benefit the successors aad assigns of Lender. 14. Loan Charges, Lender may charge Borrowe~ tkes fbr services performed in connection with Borrower's defimlt, lbr the pm'pose ~f protecting l.ender's interest in the Property find rights m'~der this Security Instrmnent, including, but not limited to, attoroeys' fees, property inspection anti valuation l~es. In regard to any other fees, the at~sence of express authority in this Security Instrument to charge a specific fee to Borrower shall not be construed as a prohibition on the charging of such Ike. Lender may not charge i~es that are expressly prohibited by this Seom'ity Ins/rmnent or by Applicable Law. If the Loan is sub.ject to a law which sets maximum loan charges, and that law is finally interpreled so that the interest or other loan charges collected or to be collected in connection with the Loan exceed permitted limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to the permitted limit; and (b) any sums ah'eady collected fi'om Borrower which exceeded permitted limits will be refimded to Borrower. Lender may Choose to make this refund by reducing the principal owed nnder the Note or by making a direct payment to Borrower. If a rethnd reduces principal, the reduction will be treated as a partial prepayment without any prepayment charge (whether or not a prepayment charge is provided for under the Note). Borrower's acceptance of any such retired made by dix'et;t payment to Borrower will constitc~e a waiver of any right of action Borrower might have arising out of such overcharge. 15. Notices. All notices given by Borrower or Lender in connection with lhis Security lnstrtm~ent musl be in writing. Any notice to Borrower in connection with this Security Instrument shall be deemed to have been given to Borrower when mailed by first class mail or when actually delivered to Borrower's no/ice address if sent by other means. N.~tice to any one Borrower shall constitute .notice to) all Borrowers unless Applic:able Law expressly requ4":'s otherwise. The notice address shall be the Property Address unless Borroxver has designated a subs~ittite notice address by notice to Lender. Borrower shall promptly notify Lender oF Borrower's change of address. If Lender spedifies a procedm'e tbr reporting ao~'rower's change of' address, then Borrower shall Cmly report a chlmge of address through that specified procedure. There may be only one designated nolice address under this Security Instrument at any one time. Any notice to Lender shall be given by delivering it or by mailing it by first class mail to Lender's address stated herein unless Lender has desig~mted another address by notice to Borrower. Any notice in connection with this Security Instrume['~l shall not be deemed to have been given to Lender tmtil actually received by Lender. If any notice required by this Security lnstrmnent is also required under Applicable Law, the Applicable Law requirement x~l] satisfy the corresponding requirement under this Secm'ity Instrument. Initials: ~- (~-fi(WY) (ooo5) ~ ' ' Pa~e to ~t ls -'-----' Form 3051 1/01 143 16. Governing Law; Severability; Rules of Construction. This Security Instrument shall he governed by ~Ederal law and the law of the jurisdiction in which the Property is located. All rights and obligations contained in this Secm-ity Instrument are subject to any requirements and limitations of Applicable Law. Applicable Law migh~ explicitly or implicitly allow the parries to agree by contract or it might, be silent, but such silence shall m)t be construed as a prohibition against agreement by contract. 'In the event that any provision or clause oF this Security Instrument or the Nole conflicts with Applicable Law, such conflict shall not affect other provisions of this Sectn'ity Instrument or the Note which ca~ be given eft~ct without the conflicting pr9vision. As used in this Security Instrument: (a) words of i:lse masculine gender shall mean and inch~de corresponding neuter words-or words ,)l:' the feminine gehder; (b) words in Ibc singular shall mean and include the plural and vice versa; and (c) the word "may" gives sole discretion wid~out any obligati(m to take aoy action. 17. Borrower's Copy. Borrower shall be given one copy of the Note and oF tlais Security Instrtmicnt. 18. Transfer of the Prnperty or a Beneficial Interest in Borrower. As used in this Section 18, "Interest in the Property" means any leg;fl or beneficial interest in the Property, inc tiding, but not limited to, those beneficial interests transikrred in a bond for deed, contract for deed, installment sales contract or escrow agreement, the intent of which is the transtbr of title by Borrower at a fi~ture date to a pm'chaser. If all or any part of the Property er any Interest in the Property is sold or transferred (or if Borrower is not a natural person and a beneficial interest in Borrower is sold or transferred) without I..ender's pr/or written consent, Lender may require .immediate payment in fifll of all sums secured by this Security Instrument. However, this option shall not be exercised by Lender if such exercise is prohibited by Applicable Law. If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days fi'om the date the notice is given in accordance with Section 15 within which Borrower must pay all stuns secured by this Security Instrument. If Borrower fhils to pay these sums prior to the expiration of this period, Lender may invoke any remedies permitted by this Security Instrument without fin'ther notice or demand on Borrower. 19. Borrower's Right to Reinstate Alter Acceleration. If Borrower meets certain conditions, Borrower shall have the right to have enfin'cement of this Sccm'ity Instrument discontinued at any time prior to the earliest off (a) five days beFere sale of the Property pursuant to any power of sale contained in this Security instrument; (b) such otht~r period as Applicable Law might speci~k for the termination of Borrower's right to reinstate; or (c) entry of a judgment enforcing this Security Instrument. Those conditions are tl~at Borrower: (a) pays [~ender all sums which then would be due under this Secm'ity Instrumdnt and the Note as if no accele~aiion had occurred; (bi cures any defimlt of any other covenants or agreements; (c) pays all expenses incurred in enfl)rcing this Secm'ity Instrument, inchtding, but rtol limitecl to, reasonable attorneys' fees, property inspectic)n and wduation fees, and other t~es lucre-red fBr the purpose cfi' protecting Lender's interest i~ 'the Property and rights under this Security I srrument' and (d) t:akes such action as Lender may reasomfl~ly require to assm'e that Lender's interest in the Property and rights under this Security Instrument, and Borrower's obligation to pay the sums secured by this Security Instrument, shall continue unchanged. Lender may require that Borrower pay such reinstatement sums and expenses in one or more of the Follo~ii~g fbrms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, treasurer's {'beck or cashier's check, provided any such check is drawn upon an institution whose deposits m'e nsurec* 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 ~hlly effective as if no acceleration had occurred. HoweveL lhis right to reinstate shall not apply in the case of acceleration under Section 18. 20. Sale of Note; Change of Loan Servicer; Notice of Grievant. 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 chang~ in ~he entity (~own as the "Loan Servicer") that collects Periodic Payments due under the Note and this Security Instrument and perfbrms other mortgage loan servicing obligations under the Note, th:is Security Instrument, and Applicable Law. There also might be one or more changes of the Loan Servicer m~related 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 initials: (~}~-6(WY) (ooos) Page 1~ r~ 15 (~,[r~F°rm3051:1/01 144 requires in connection with a notice of transfer o£ servicing. If the Note is sold and thereafter lhc Loan is serviced by a Loan Servicer other than the purchaser of the Note, the mortgage loan servicing obligations to Borrower will remain with the Loan Servicer or be transfkrred to a successor Loan Servicer and are not assumed by the Note purchaser tmless otherwise provided by rl~e 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 .'lass) that arises fi'om the other party's actions pursuant to this Security Instrument or that alleges that fl':e other party has breached any provision of, or any duty owed by reason of, this Security Instrument, un~il such Borrower o'r Lender has notified the other party (with such notice given in compliance with the req~.~irements of Section 15) of such alleged breach and aflbrded the other party hereto a reasonable period after the giving of such notice to take corrective action. Applicable Law provides a time period which must elapse befbre &rtain action can be taken, that time period will be deemed to be reasonable For purposes of this paragraph. The notice of acceleration and opportunity to cure given to Borrower pursuant to Section 22 and the notice of acceleration given to Borrower pursuant to Section 18 shall be deemed to satisiy the notice and opportunity to take corrective action provisions of this Section 20. 21. Itazardous Substances. As used in this Sectiou 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, wflatile solvents, materials containing asbestos or formaldehyde, and radioactive materials; (b) "Environmental Law" means federal ]rays and laws of tl{e jurisdiction where the Property is located that relate to health, safety or environmental protection; (c) "Environmental Cleanup" includes any response action, remedial action, or removal action, as defined in Environmental Laxv; and (d) an "Environmental Condition" means a condition that c:m cause, contribute to, or otherwise trigger an Environmental Cleanup. Borrower shall not cause or perm?t rl~e presence, use, disposal, storage, or release of any l-lazardous Substances, or threaten to release auy tlazardous Substances, on or in the Property. Borrower sha}l not do, nor allow anyone else to do, anything ~d~kcting the Property (a) that is in violation of any Environmental Law, (b) which creates an Environmenta: Condition, or (c) which, due to the presence, use, or release of a Hazardous Substance, creates a conditio~ ~hat adversely affects the value of the Property. The preceding two sentences shall not appjy to the ?-esence, use, or storage on the Proper~y of small qtmntities of Itazardous Substances that are generally recognized to be appropriate to normal residential uses and to maintenance of the Property (including, but not limited to, hazm'doqs substances in consumer products). Borrower shall promptly give Lender written notice of (a) any investigation, claim, demand, lawsuit or other action by any governmental or regulatory agency or private party involving the Property and any Hazardous Substance or Enviromnental Law of which Borrower has actual knowledge, (b) any Environmental Condition, including but not limited to, any spilling, leaking, discharge, release or threat 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 affkcting the Property is necessary, Borrower shall promptly take all necessary remedial actions in accordance with Environmental Law. Nothing herein shall create any obligation on Lender for an Environmental Cleanup. Initials:~- (~-6(WY) (ooos) Page 42 ol ~s . ~. Form 3051 1/01 145 NON-UNIFORM COVENANTS. Borrower and Lender fl~rfl~er covenant and agree as follows: 22. Acceleration; Reinedies. Lender shall give notice to Borrower prior to acceleration following · Borrower's breach of any covenant ~r 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 default; (C) a date, not less than 30 days from the {late the notice is given to Borrower, by which tile default ~nnst be cured; and (d) that failure to cure default on or heft}re the date specified in the notice may ~'esult in acceleration of the sums secured by this Security Instrument and sale of tile Property. The' notice shall further inform Borrower of the right to reinslate 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 fidl of all sums secured by this Security Instrument without fl~rther 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 pursning the remedies provided in this Section 22, including, hut not lilnited to, reasonable attorneys' tees and costs of Ii{lc evidence. If Lender invokes the power of sale, Lender shall give uotice of intent to foreclose to Borrower and to the person in possession of thc Property, il' 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 P~'operty shall be sold in the manner prescribed hy Applicable Law. Lender or its designee may purcl:',~se the Property ',at any sale. The proceeds of the sale shall be applied in the following order: (a) to all expenses of the sale, including, but not limited to, reasonable attorneys' fees; (b) to all s,~ms secured by this Security Instrmnent: and. (c) any excess to the person or persons legally eutitled ~o it. ' 23. Release. Upon payment of all sums secured by this Security Instrument, Lender shall release this Security Instrmnent. Borrower shall p~ly any recordation costs. Lender may charge Borrower a fee for releasing this Security Instrument, but o~fly if the fee is paid to a third party for services rendered and the charging of the fee is permitted under A?plicable Law. 24. Waivers. Borrower releases and waives all rights under and by virtne of the homestead exemption laws of Wyoming. Form 3051 1/01 BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this Secm'ity Instrument and in any Rider executed by Borrower and recorded with it. Witnesses: David J Fogle -Bm'rowe,- (Seal) (Seal) -Borrower ".. -Borrower (Seal') (Seal) -Borrower -Borrower (Seal) (Seal) -Borrower -Borro\ver l~6(WY)(ooos) Paga ~4 or 15 Form 3051 1/01 STATE ~OF ~,¥~OMING, LINCOLN County ss: The foregoing instrument was acknowledged before me this December 27th, 2001 by , David J Fo~tle, Nancy A Fox s.~,~ ~o~. ,o~ ~.~--I My CommissionEx.pi;'~'s: February 2, 2002 Ih/~~~ ~ ~! Notary Public / EXHIBIT A' Legal Description for David J. Fogle and Nancy A. Fox That part of the NE IA of Section 32, T33N Ri 18W of the 6th P.M., Lincoln County, Wyoming, being part of that tract of record in the Office of the Clerk of Lincoln County in Book 138PR on page 541, described as follows: COMMENCING at the southeast corner of the NE~,~NE~,t of said Section 32, found as descrihe in the Certified Land Corner Recordation Certificate filed in said Office; thence N 45018.5' W, 551.56 feet, along the southwest line of that tract of record in said Office in Book 106PR on page 482, to the POINT OF BEGINNING; thence N 89°52.3', 932.92 feet to a point on the west line of said record inBook 138PR; thence N 00044.6, W, 903.42 feet, along said west line, to a point; thence N 83046.5, E, 26.67 feet, along an existing fence, in part, to a point on said southwest line; thence S 45018.5, E, 1291.52 feet to the POINT OF BEGINNING. ALSO That part of the NE¥~ of Section 32, T33N Ri 18W of the 6th P.M., Lincoln County, Wyoming, being part of that tract of record in the Office of the Clerk of Lincoln County in Book 7 of Mixed Records on page 291, described as follows: COMMENCING at the northwest corner of the NE~,~NE~ of said Section 32, found as described in the Certified Land Corner Recordation Certificate filed in said Office; thence S 00044.6, E, 29.50 feet, along the west line of that tract of record in said Office in Book 138PR on page 541, to the POINT OF BEGINNING; thence continuing S 00044.6' E, 31.75 feet to a point; thence S 84008.7' W, 24.50 feet, along an existing fence, to a point; thence N 00044.6, W, 31.74 feet, along an existing fence, to a point; thence N 84006.9, E, 24.50 feet, along an existing fence, to the POINT OF BEGINNING. LESS AND EXCEPT the land as provided in Warranty Deed recorded March 16, 1995 in Book 365PR on page 786 of the records of the Lincoln County Clerk.