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HomeMy WebLinkAbout878216 Return To: GreenPoint Mortgage Funding, Inc. 100 ~Zood Hollow Drive, Disiribution Department Novato, CMifornia 94945 159 Prepared By: GreenPoint Mortgage Funding,/nc. 330 120th Ave. NE, Suite 210 Bellevue, Washington 98005 [Space Above This Line For Recording DatM MORTGAGE MIN 100013801042191340 DEFINITIONS Words used in multiple sections of this document are defined below and other words are defined in Sections 3, 11, 13, 18, 20 and 21. Cerlaia rules regarding the usage of words used in this docmnent are also provided in Section 16. (/%) "Security Instrument" means ti-ds dot:mnent, which is dated Deceraber 21, 2001 , together with all Riders to ti'tis document. (B) "Borrower" is Jason Michael Johnson and Katherine Hannah Johnson, Husband and Wife --,'~ Borrower is the mortgagor under this S-ecurity Instrument. · ~'5~ (C) "MERS" is Mortgage Electronic Registration Systems, Inc. MERS is a separate corporation that is acting solely as a nominee for Lender and Lender's successors and assigns. M[ERS is the mortgagee under this Security Instrument. MERS is organized and existing under the laws of Delaware, and has an address and telephone number of P.O. Box 2026, Flint, MI 485{)1-2026, tel. (888) 679-MERS. BBAT - 06 WYOMING-Single Family-Fannie Mae/FredflJe Mac UNIFORM INSTRUMENT WITH MERS Form 3051 ~/01 Page 1 of 15 Initials ,, /~,t ; VMP MORTGAGE FORMS - (800)521-7291 1 6O (D) "Lender" is GreenPoint Mortgage Funding, Inc. Lender is a corporation organized and existing under the lax~s oi' The State Of New York Lender's address is 100 Wood Holtcx,: Drive Novato, California 94945 (E) "Note" means the pI'omissory note signed by Borrower and datedDecember 21, 2001 The Note states that Borrower owes Lend~r One Hundred One Thousand Six Hundred Fifty and 00/100tbs Dollars (U.S. $101,6 5 0.0 0 ) phis in lerest. Borrower has promised to pay this debt in regular Periodic Payments and to pay the debt in filll not l~ter than January :I., 2032 (F) "Property" means the property tirol is described below under the heading "Transfer of Rights in the Property." (G)'"Loan" means the debt evidenced by the Note, plus interest, any prepayment charges and late charges due under the Note, and all stuns due under this Security Instrument, phis interest. (It) "Riders" means all Riders to this Security Instrument that are executed by Borrower. The following Riders are to be executed by Borrower [check box as applicable]: [] Adjustable Rate Rider ~ Condontinium Rider [] Second Home Rider ~ Balloon Rider [--] Planned Unit Development Rider ~ 1-4 Family Rider [-~ VA Rider [~] Biweekly Payment Rider .: I ] ©ther(s) [specify] (I) "Applicable Law" means all conln~lling applicable federal, state and local statutes, regulations, ordinances and administrative rules and orders (that have the effect of law) as well as all applicable final, non-appealable .judicial opinions. (.1) "Community Association Dues, Fees, and Assessments" means all dues, fees, assessments and other charges that are imposed on Borrowc. r or the Property by a condominium association, homeowners association or similar organization. (K) "Electronic Funds Transfer" metir~.s any transfer of fimds, other than a transaction originated by check, draft, or similar paper instrum¢m,-which is initiated through an electronic terminal, telephonic instrmnent, computer, or magnetic tape so as to order, instruct, or authorize a financial institution to debit or credit an account. Such term include~s, but is not limited to, point-ot~sale transfers, automated teller machine transactions, transfers initiated by telephone, wire transfers, and automated clearinghouse transfers. (L) "Escrow Items" means those items lhat are described in Section 3. (M) "Miscellaneous Proceeds" means m~y 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) conden~ation or other taking of all or any part of the Property; (iii) conveyance in lieu of condenmation; or (iv) misrepresentations of, or omissions as to, lhe value and/or condition of the Property. (N) "Mortgage Insurance" means insur~mce protecting Lender against the nonpayment of, or del'ault on, the Loan. (O) "Periodic Payment" means fl~e regularly scheduled amotmt due for (i) principal and interest under the Note, plus (ii) any atnounts u:nder Section 3 of this Secm'ity instrument. (P) "RESPA" means the Real Estate Se:tlement Procedures Act (12 USC. Section 2601 et seq.) and its implementing regulation, Regulation X 124 C.F.R. Part 3500), as they might be amended fi'om time to time, or any additional or successor leg/s':ttion or regulation that governs the same subject matter. As used in this Security Instrument, "RESPA" rcfi.~rs to all requirements and restrictions that are imposed in regard to a "federally related mortgage loan" cv,:n if the Loan does not qualify as a "federally related mortgage loan" under RESPA.' BBAT - 06 ~ "i~,,~-6A(WY) (ooo5),o~ Page2of15 Form 3051 1/01 (Q) "Successor in Interest of Borrower" means any party that has taken title to the Property, whether or not that party has assumed Borrower's oSligations under the Note and/or this Security Instrument. TRANSFER OF RIGHTS IN THE PROPERTY This Security Instrument secures to Lender: (i) the repayment of the Loan, and all renewals, extensions and modifications of the Note; and (ii) the performance of Borrower's covenants and agreements under this Security Instrument and the Note. Fo: this purpose, Bon'ower does hereby mortgage, grant and convey to MERS (solely as nominee for Lender and Lender's successors and assigns) and to the successors and assigns of MERS, with power of sate, the following described property located in the County of Lincoln [l'ype of Recording Jarisdictim~] [Name of Recording Jurisdiction] PART OF SECTION 23, T35N RI19W OF THE 6TH P.M., LINCOLN COUNTY, WYOMING BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: BEOINNING AT THE SOUTHEAST CORNER OF SAID SECTION 23, AND RUNNING WEST 295.17 FEET TO THE BEGINNING POINT; THENCE NORTH 295.17 FEET; THENCE WEST 147.58 FEET; THENCE SOUTH 295.17 FEET; THENCE EAST 147.58 FEET TO THE POINT OF BEGINNING. Parcel ID Number: 12 - 3519 - 23 - 4 - 00 - 55.00 which cmu'ently has the address of 933 Clark Lane County Road 115 IStreet] Thayne '-' [City] , Wyoming 83127 [Zip Code] ("Property Address"): TOGETHER WITtI all the improvements now or heu'ea~er erected on the property, and all easements, appurtenances, and fixtures now or hereafter a pa1 of the property. AIl replacements and additions shall also be covered by this Security Instrument. All of the foregoing is referred to in this Security Instrument as the "Propeay." Borrower understands and agrees that MERS holds only legal title to the interests granted by Borrower in tl:is Security Instrument, but, if necessm7 to comply with law or custom, MERS (as nominee for Lender and Lender's successors and assigns) has the right: to exercise any or all of those interests, including, but n,>t limited to, the right to foreclose and sell Ihe Property; and to take any action required of Lender im.l~ding, but not limited to, releasing and canceling this Security Instrument. BORRO~R COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has the right to mortgage, grant and convey the Propeity and that the PropmXy is unencumbered, except iBr encumbrances of record. Borrower warl'~l~lts and will deiknd generally the title to the Prope~Xy against all claims and demands, su(ject to any encumbrances of record. THIS SECURITY INSTRUMENT combioes unifornl covenants for national use and non-uniibm~ covenants with limited variations by jut'isdiction to constitute a tmifonn security insi'rument covering real propeay. I ii,als: .~[6A(WY) (0005),01 Pa~e 30~ lS Form 305f 1101 UNIFORM COVENANTS. Borrower and Lender covenant and agree as fbllows: 1. Payment of Principal, Interest, Escrow Items, Prepayment Charges, and Late Charges. Borrower shall pay when due the principal of, and interest on, the debt evidenced by the Note and any prepayment charges and late charges due under the Note. Bmxower shall also pay fimds for Escrow Items pursuant to Section 3. Payments due under the Note and {his Security Instrmnent shall be made in U.S. currency. However, if any check or other instrument received by Lender as payment under tbe Note or flats Security Instrument is returned to Lender unpaid, Lender may~require that any or all subsequent payments due under the Note and this Security Instrument be made in one or more of the fbllowing forms, as selected by Lender: (a) cash; (b) money.order; (c) certified check, bank check, treasurer's check or cashier's check, provided any such check is drawn upon an institution whose deposits are insm'ed by a federal agency, instrumentality, or entity; or (d) Electronic Funds Transfer. Payments are deemed received by Lender when received at the location designated in the N,-~le or at such other location as ina5/be designated by Lender in accordance with the notice provisions in Section 15. Lender may return any payment or parti~[ payment i'f the l~ayment or partial payments are insufficient to bring the Loan current. Lender may acuept any payment or partial payment insufficient to bring tile Loan current, withont waiver of any rights het:um~der.or prejudice to ils rights to refuse s[~ch payment or partial payments in the fl~ture, but Lender is nol obligated to apply such payments alt the time such payments are accepted. If each Periodic Payment is applied as of its scheduled due date, thel¢ Lender need not pay interest on unapplied ftlnds. Lender may hold snch unapplied funds until Borrower makes payment to bring the Loan current. If Borrower does not tl~ so within a reasonable period of time, Lender shall either apply such funds or return them to Borrower. Ii' not applied earlier, such funds will be applied to the outstanding principal balance tinder the Note immediately prior to foreclosure. No offset or claim which Borrower might have now or in the fi~ture against Lender shall relieve Borrower from making payments dne under the Note and this Security Instrument or performing the covenants and agreements secured by this Security Instrument. ' 2. Application of Payments or Proceeds. Except as otherwise described in 'this Section 2, all payments accepted and applied by Lender shall be applied in the following order of priority: (a) interest due under the Note; (b) principal due amder the Note; (c) amounts due under Section 3. Such payments shall be applied to each Periodic Payment in the order in which it became due. Any remaining amounts shall be applied first to late charges, second to any other amounts due under this Security Instrument, and then to reduce the principal balance of !/he Note. If Lender receives a payment from Borrower for a delinqnent Periodic Payment which includes a sufficient amount to pay any late charge due, the payment naa}, be applied to the deliuquent payment and the late charge. If more than one Periodic Payment is outstanding, Lender may apply any payment received :from Borrower to the repayment of the Periodic Payments if, and to the extent that, each payment can be paid in fldl. To the extent tllat any excess exists afl:er the payment is applied to the full payment of one or more Periodic Payments, such excess may be applied to any late charges due. Voluntary prepayments shall be applied first to any prepayment char~..el; and then as described in the Note. An5' application of payments, insurunce proceeds, or Miscelhmeous Proceeds to principal title trader the Note shall not extend or postpone fiat: dne date, or change the amount, of'the Periodic Payments. 3. Funds for Escrow Items. Borrower shall pay to Lender on the clay Periodic Eayments are due under the Note, trtatil the Note is paid i~ Full, a sum (the "Funds") to provide for payment of amounts due for: (a) taxes and assessments and othe~ ~tems which can attain priority over this Security Instrument as a lien or encumbrance on the Property; (h) leasehold payments or ground rents on the Property, il' any; (c) premiums :fbr any and all insurance r<~quired by Lender under Section 5; and (ti) Mortgage Insurance premium.s, if any, or any sums payable by Borrower to Lender in lieu of the payment of Mortgage Insurance premiums in accordance with the provisions of Section 10. These items are called "Escrow Items." At origination or at tiny time during the te~nn of the Loan, Lender may require that Community Association Dues, Fees, and Assessments, if any, be escrowed by Borrower, and such dues, fees and assessments shall be an Escrow Item. Borrower shall promptly fiLrnish to Lender all notices of amounts to be paid Under this Section. Borrower shall pay Lender the Funds for Escrow Items unless Lender waives Borrower's obligation to pay the Funds for any or all Escrow Items. Lender may waive Borrower's obligation to pay to Lender Funds for any or all Escrow Items at 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 arnonnts (~,~-6A(WY) (0005).01 Page4of15 I Form 3051 1/01 due for any Escrow Items for which payment of Funds has been waived by Lender and, if Lender reqnires, shall fm'nish to Lender receipts evidench3g such payment within such time period as Lender may require. Borrower's obligation to make such payments and to provide receipts shall Jbr all purposes be deemed to be a covenant and agreement Contained in this Security Instrument, as the phrase "covenant and agreement" is used in Section 9. If Bon'ower is ohligaled to pay Escrow Items directly, pursuant to a waiver, and Borrower.fhils to pay the amount due 5)t' an Escrow Item, Lender may exercise its .rights under Section 9 and pay such amount and Borrower sl2r~l~ then be obligated under Section 9 to repay to Lender any s~,ch amotmt. Lender may revoke the waive~' its to any or all Escrow Items at any time by a notice given in accordance with Section 15 and, t~pon s~ch revocation, BorrOwer shall pay to Lender all Funds, and in such amotmts, that are then required undc: this Section 3. Lender may, at any time, collect a~ x:. h~ld Funds in an amotmt (a) sufficient to permit Lender to apply the Funds at the time specified trader I?.I-~SPA, and (b) not to exceed the maximum amotmt a lender can require under RESPA. Lender shall estimate the amotmt of Funds due on the basis of cra'rent data and reasonable estimates of expenditures of J'ttture Escrow Items or otherwise in accordance with Applicable Law. The Funds shall be lleld in an "institution whose deposits are insured by a federal agency, instrumentality, or entity (inclnding Lender, if Lender is an institution whose deposits are so insured):or in any Federal Home Loan Bank. Lender shall apply the Funds to pay the Escrow Items no later than the time specified under RESPA. Lender shall not charge Borrower for holding and applying the Funds, annually analyzing the escrow acconnt, or verifying the Escrow ]terns, unless Lender pays Bm~ower 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 Bon'ower any interest or earnings on the Funds. Bo~ower and Lender can agree in writing, hoWever, that interest shall be paid on the Fnnds. Lender shall give to Borrower, without charge, an annual gccounting of the Funds as required by I~SPA. If there is a sm~lus of. Funds held in escrow, as defined under RESPA, Lender shall accotmt to Borrower for the excess ~hnds in accordance with ~SPA. If there is a sho~age of Funds held in escrow, as defined under RESPA, Lender shall m)tify Borrower as required by I~SPA, and Borrower shall pay to Lender the amount necessary to make u,? the shmtage in accordance with RESPA, but in no more than 12 monthly payments. If there is a deficiency of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as required by RESPA. :tnd Borrower shall pay to Lender the amount necessary to make up the deficiency in accordance with RES2A, but in no more than 12 monthly payments. Upon payment in Full of all sums secured by this Security Instrument, Lender shall promptly retired to Bon'ower any Funds held by Lender, 4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines, and impositions attributable to the Property which can zttt:dn priority over this Security Instrmnent, leasehold payments or ground rents on the Prope~y, if any, and Community Associatiou 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 Secnrity Instrument unless Bmwower: (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 Borrowe~: is pe?forming such agreement; (b) contests the lien in good faith by, or defends against enforcement of the lien in, legal proceedings which in Lender's opinion operate to prevent the enforcement of the lien while those proceedings are pending, but only until snch proceedings are concluded; or (c) secures from the holder of the lien an agreement satisfactory to Lender subordinating fl~e lien to riffs Security Instrument. If Lender determines that any pa~ of the Properly is subject 1o a lien which can attain priority over this Seourily Instrument, Lender may give Borrower a notice identit?ing the ~;6A(WY) (0oo5).o~ Page 5 of ~5 Form 3051 1/01 lien. Witlnin 10 days 6fthe date on which that notice is given, Borrower shall satis~' tine lien or mice one or more of thc actions Set forth above in this Section 4. Lender may require Borrower to Fay a one-time charge for a real estate tax verification and/or reporting service used by Lender in con~'.e.,.ztion with tlxis Loan. S. Properly Insurance. Borrower slmll keep the in~provements now existing or hereafter erected on the Property insured against loss by fir~.~, h~izards included .widxin the term "extended coverage," ;tnd any other hazards including, but not limited lo, earthquakes and floods, for which Lender requires insurance. This insurance shall be maintained in ll-~e amounts (incluc[~ng deductible levels) and fix the periods that Lender requires, What Lender requires p,rsuant to the preceding sentences can change during the lerm of the Loan. The insurance cagier pi'ovid/ag the insurance shall be chosen by Bo~ower subject to Lender's right to disapprove Borrower's choice, w!}ich right shall not be exercised unreasonably. Lender may reqnire Borrower to pay, in connection wilh this Loau, either: (a) a one-time charge for flood zone determination, certification and tracking services; or (b) a one-time charge ibr flood zone determination and certification services and subsequent charges each time remappings or similar changes occur which reasonably might affect such detemfinafion or certification. Borrower shall also be responsible ibr the payment of any i~es imposdd by the Federal Emergency Management Agency in connection with the review of any flood zone determination ,esulting fi'om an objection by Borrower. If Borrower fails to maintain any of die coverages described above, Lender may obtain insurance coverage, at Lender's option and Borrower's expense. Lender is under no obligation to purchase any pmlicular type or amount of coverage. Therefore, such coverage shall cover Lender, but might or might not protect Borrower, Bon'ower's equity in the Prope~y, orthe contents of the Propen'y, against any risk, hazard or liability and might provide g-~ater or lesser coverage than was previously,~n effect, Borrower acknowledges that the cosi of the insu~'a~ce coverage so obtained might significantly exceed the cost of insurance that Bom)wer could have obhS~ed. Any amounts disbursed by Lender under this Section 5 shall become additional debt of Borrower secL~'ed by this Security Instrument. These amounts shall bear interest at the Note rate fi'om the date of disburs~ment and shall be payable, with such interest, upon notice fi'om Lender to Borrower requesting paymenl All inst~rance policies required by Lender and renewals of such policies shall be sul~iect to Lender's right to disapprove such policies, shall include a standard mortgage clanse, and shall name Lender as mortgagee and/or as an additional loss i~t,yee. Lender shall have the right to hold line policies and renewal certificates. If Lender requires, Boxower shall promptly give to Lender all receipts of paid premiums and renewal notices. If' Borrower obtains any ibrm of insurance coverage, not otherwise required by Lender, for damage to, or destruction of, the Prope~y, such policy shall include a standard mortgage clause and shall name Lender as mo~¢gagee and/or as an additional loss payee. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. Unless Lender and Borrower ofl~erwise agree in writing, any insurance proceeds, whetl~er or not the underlying insurance was required by Lender, shall be applied to restoration or repair of the Property, if the restoration or repair is economically feasible and Lender's security is not lessened. During su. ch repair and restoration period, Lender shall have the right to hold such insurance proceeds until Lender has had an opportunity to inspect such Propmiy to ensure the work: has been completed to Lender's satisfaction, provided that such inspection shall be undeaaken promptly. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progress Payments as the work is completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such insurance proceeds, Lender shall not be required to pay Borrower any interest or earnings on such proceeds. Fees for public adiusters or other third parties, retained by Borrower shall not be paid out of the insm'ance proceeds and shall be the sole obligation of Borrower. if the restoration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be applied to the sums s2..:ured by this Security Instrument, Whelher or not then due;' with ~6A(WY) ~ooo5),o~ P,~5 m 3051 1/01 the excess, if any,.pai'd to Borrower. Such insnrance proceeds shall be applied in the order provided for iu Section 2. If Borrower abandons the Property, Lender may file, negotiate and settle any available insurance claim and related matters. If Borrower does not respand within 30 days to a notice from Lender that the insurance carrier has offered to settle a claim, then Lender ma5, 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 ammmts uupaid under the Note or this Security Instrument, and (b) any other of Borrower's rights (other than the right tO any refi~nd of unearned premiums paid by Borrower) under all insurance policies covering the Property, insofar as such rights are applicable to the coverage of the Property. Lender may use the insurance proceeds either to repair or restore the Property or to pay amounts unpaid under the Note or this Security Instrument, whether or not then due. 6. Occupancy. Borrower shall occupy, establish, and use the Property as Borrower's principal residence within 60 days after the exectition of this Security Instrument and shall continue to occupy the Property as Borrower's principal residence ibr at least one year after the date of occupancy, tmless Lender otherwise agrees in writing, which consent shall not be unreasonably withheld, or uuless 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 Prope?/, allow the Property to deteriorate or commit waste on the Property. Whether or not Borrower is ~'csicling isa the Property, Borrower shall maintain tine P,'operty in order to prevent the Property fi'om detc. rioraling or decreasing in value due to its condition. Unless it is determined pursuant to Section 5 that ?cpair or restoration is not economically feasi, ble, Borrower shall promptly repair the Property it' dami~gcd to avoid flu-ther deterioration or damage. If insurance or condemnation proceeds are paid in connection with damage to, or the taking of, the Property, Borrower shall be respousible for repairing or restr;ring the Property only if Lender has released proceeds f})r snch purposes. Lender may disburse proceeds :li)r the repairs and restoration in a single payment or in a series of progress payments as the work is compictcd. If the insurance or condemnation proceeds are not snfficient to repair or restore the Property, Borrower is not relieved of Borrower's obligation for the completion of such repair or restorat:ion. Lender or its agent: may make reasonable entries upon and inspections of the Property. I:f it has reasonable cause, Lender may inspect the interior of the improvements on the Property. Lender shall give Borrower notice at the time of or prior to such an interior inspection specit'ymg such reasonable cause. 8, Borrower's Loan Application. Borrower shall be in defhult if, during the Loan application process, Borrower or any persons or entities acting at the direction of Borrower or with [:lorrower's know]edge or consent gave materially false, misleading, or inaccnrate infomaation or statemeuts to Lender (or failed to provide Lender with material information) in connection with the Loan, Material representations include, but are not limiled to, representations concerning Borrower's occupancy of the Property as Borrower's principal residence. 9. Protection of Lender's Interest in the Property and Right,~ Under this Security lnstru]nent. If (a) Borrower t;ails to perform the coven~l]~l's and agreements contained in this Security Instrument, (b) there is a legal proceeding that might signific~ntly affect Lender's interest in the Properly and/or ,-ights under ' this Security Instrument (such as a proceeding in bm~lcruptcy, probate, for condemnation or forf'eiture, for enforcement of a lien which 1nay att:~i~ priority over this Security Instrument or to enforce laws or regnlations), or (c) Borrower has abandrmed the Property, then Lender may do and pay for whatever is reasonable or appropriate to protect, l,cnder's interest in tbe Property and rights under this Secu,'ity Instrument, including protecting and/or assessing the value of the Property, and securing and/or repairing the Property. Lender's actions can inchx!e, 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 IniIial~ JI~,~-6A(WY) (0oo5).01 Page 7 of 15 or 3051 1/01 attorneys' fees to protect its interest in'thc Property aud/or rights under this Security Instrument, including its secured position m a bankruptcy proceeding Securing the Property includes, but is not limited to, entering the Property to make repairs, cltange loc[cs, replace or board up doors and windows, drain water fi-om pipes, eliminate building or other code violations or dangerous conditions, and have utilities turned on or off. Although Lender may take action under this Section 9, Lender does not have to do so and is not under any duty or obligation to do so. It is agreed that Lender incurs no liability :for not taking any or all actions authorized trader this Section 9. Any amounts disbursed by Lende,' under this Section 9 shall become additional debt of Bon'ower secured by this Security Instrmnent. These amounts shall ,bear interest at the Note rate fi'om the date of disbursement and shall be payable, with such interest, upbn notice fi'om Lender to Borrower requesting payment. If this Security lnstrmnent is on a leasehold, Borrower shall comply with all the provisions of the lease, i.t' Borrower acquires fee title to th~ 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 makiog the Loan, Borrower shall pay the premiums required to maintain the Mortgage Insurance in effect. If, for any reason, the Mortgage Insurance coverage requir~:d by Lender ceases to be available ['rom ~lle mortgage insurer that previously provided such insurance am, Borrower was required to make separately designated payn'~ents toward the premiunrs for Mortgage Insm'ance, Borrower shall pay the premiums recNired to obtain coverage substantially equivalent to th~_, Mortgage Insurance previously in effect, at a cost substantially equivalent to the cost to Borrower of lhe Mortgage Insurance previously in effect, fi'om an alternate mortgage, iusurer selected by Lender. ]1' substantially equivalent Mortgage Insurance coverage is not available, Borrower shall continue to pay to Lender the amount of the separately designated payments that were due when the insurance coverage ceased to be in effect. Lender will accept, use and retain these payments as a non-refundable loss reserve' in lieu of Mortgage Insurance. Such lo. ss reserve shall be non-refimdable, notwithstanding the hct that tile Loan is ultimately paid in full, and Lender shall not be required to pay Borrower any interest or earnings on such loss reserve. Lender can no longer require loss reserve payments if Mortgage insurance coverage (in the amount and for the period that Lender requires) provided by an insurer selected by Lcnde:r again becomes available, is obtained, and Lender requires separately designated payments toward the premiums lbr Mortgage Insurance. If Lender required iMortgage Insurance as a condition of making the Loan and Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiums required to maintain Mortgage Insurance in effect, or to provide a non-refundable loss reserve, until Lender's requirelnent for Mortgage Insurance ends in accordance with any written agreement between Borrower and Lender providing for such. termination or until termination is required by Applicable Law. Nothing in this Section 10 affects Borrower's obligation to pay interest at the rate provided in the Note. Mm~tgage Insurance reimburses Lcl~der (or any entity that purchases the Note) for certain losses it may incur if Borrower does not repay tile Loan as agreed. Borrower is not a party to the Mortgage Insurance. Mortgage insurers evaluate their tc',t:d risk on all such insurance in force from time to time, and may enter iuto agreements with other parties l:.~at share or modify their risk, or reduce losses. These agreements are on terrns and conditions that are saiis[i~ctory to the mortgage insurer and the other party (or parties) to these agreements. These agreements ma ~' :equire the mortgage insurer to make payments using any source of funds that the mortgage insurer may h:tve available (which may include fimds obtained from Mortgage Insurance premiums). As a result of these agreements, I. e~der, any purchaser of the Note, another insurer, any reinsurer, any other entity, or any affiliate of any of the fbregoing, may receive (directly or indirectly) amounts that derive from (or might be characterized as) a portion of Borrower's payments ibr Mortgage Insurance, in exchange~ for sharing or modi~ing thc mortgage insurer's risk, or reducing losses. If such agreement provides that an aftiliate of Lender takes a share of the insurer's risk in exchange for a share of the premiums paid to the insurer, the arrangement is often termed "captive reinsurance." Further: (at Any such agreements will not affect the amounts that Borrower has agreed to pay for Mortgage Insurance, or any other terms of the Loan. Such agreements will not increase the amount Borrower will owe for Mortgage Insurance, and they will not entitle Borrower to any retired. BBAT - 0 6 / ,iI~q~6A(WY) (0005).01 Page 8 or~5 Form 3051 1/01 (b) Any such agreements will not affect the rights Borrower has - if any - with respect to the Mortgage Insurance under the Homeowners Protection Act of 1998 or any other law. These rights may include the right to receive certain disclosures, to request and obtain cancellation of the Mortgage Insurance, to have the Mortgage Insurance terminated automatically, and/or to receive a retired of any Mortgage Insurance premiums that were unearned at the time of such cancellation or termination. 11, Assignment of Miscellaneon;; Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned to and shall be paid to Lender. : l'f the Property is damaged, such Miscellaneous Proceeds shall be al)plied to restoration or repair of the Property, if the restoration or repair is economically feasible and Lender's security is not lessened. During such repair and restoratic~n period. Lender shall have'the right to hold such Miscellaneous Proceeds until Lender has had~an opportunity to i~spect such Prope~l:y to ensure the work has been completed to Lender's satisfaction, provided that stroh ins. peclion shall be undertaken promptly. Lender may pa), ibr lhe repairs and restoration in a single di,~bursement or in a series of progress paymeuts as thc work is completed. Unless an agreement is ma&; in writing or Applicable Laxv requires interest to be paid on such Miscellaneous Proceeds, Lender shall r.c,c be required to pay Borrower any interest or earnings ou such Miscellaneous Proceeds. If the restoratior or repair is not economically feasible or Lender's security would be lessened, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. Su. ch Miscellaneous Proceeds shall be '. applied in the order provided [hr in Section 2. In the event of a total taking, destruction, or loss in value of the Property, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. In the event of a partial talcing, deslruction, or loss in Value of the Property in which the fair market value of the Property immediately be~bre the partial taking, destruction, or loss in value is equal to or greater fl~an fl~e amount of the sums secured by this Security Instrument immediately betbre the partial taking, destruction, or loss in value, unless Bon'ower and Lender otherwise agree in'writing, the sums secured by this Security instrument shrill be reduced by the amount of the Miscellaneous Proceeds multiplied by the following fraction: (a) the total amount of the stuns secured immediately befbre the partial taking, destruction, or loss in value divided by (b) the fair market value of the Property immediately before the partial taking, &.struction, or loss in value. Any balance shall be paid to Borrower. In the event of a partial taking, de:~lmction, or loss in value of the Property in which the fair marl<et value of the Property immediately bef(~re the partial taking, destruction, or loss in value is les,'; than the amount of the sums secured immediately bef'ore the partial taking, destruction, or loss iu value, m~less Borrower and Lender otherwise agree i~ writing, the Miscellaneous Proceeds shall be appfied to the sums secured by this Security Iustrument wheal;er or not the sums are then due. l~f the Property is abandoned by '.~on'ower, or if, after notice by' Lender to Borrowe~ that the Opposing Party (as defined in the next sentence) offers to make an award to settle a claim ibr damages, Borrower fails to respond to Lender wiI[",~n 30 days after the date the notice is given, Lender is authori×ed to collect and apply the Miscellaneous Proceeds either to restoration or repair of the.Property or to the sums secured by this Security l'nstrm'nel~L whether or not then clue. "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 begun that, in Lender's judgment, could result in forf'eiture of the Property or other material impairment of Lender's interest in the Property or rights under I!lnis Security Instrument. Borrower can cure such a defimlt and, if acceleration has occurred, reinstate as provided in Section 19, by causing the action or proceeding to be dismissed with a ruling that, in Lender's judgment, precludes forfeiture of the Property or other material impaitxnent of Lender's interest in the Property or rights under this Security Instmn~ent. The proceeds of any award or claim for damages that are attributable to the impairment of Lender's interest in the Property are hereby assigned and shall be paid to Lender. Ail Miscellaneous Proceeds that are not applied to restoration or repair of the Property shall be applied in the order provided for in Section 2. Initial 1~.~-6A(WY) (0005).0~ Page 9 of ~s Form 3051 1/01 12. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or modification of amortization cfi the sums secured by this Security Instrument granted by Lender to Borrower or any Successor in Interest ()f Bon'ower shall not operate to release the liability of Borrower or any Successors in Interest of Borrowe~. Lender shall not be required to conuuence proceedings against any Successor in lnlerest of Borrower or 1o refuse to extend time fbr payment or otherwise mudi[y amortization of lhe sums secured by this Security Instrument by reason of any demand made by thc original Borrower or any Successors in Interest of Borr~xver. A1D' fi~rbearance by Lender m exercising auy right or remedy including, without limitation, 2m~der's acceptance 0f payments fi'om third persons, entities or Successors in lnteresl of Borrower or in mnounts less than tl~e amount then due, shall not be a waiver of or preclude the exercise of any right or remedy. 13. Joint and Several Liability; Co-signers; Successors and Assigns Bonnd. Borrower covenants and agrees that Borrower's obligations am[ liability shall be joint and several. However, any Borrower who co-signs this Security Instrument but does not execute the Note (a "co-signer"): (a) is co-signing this Security Instrmnent only to mortgage, gran~ and convey the co-signer's interest in the Prope~y under the terms of fl~is Security Instrument; (b) is not personally obligated to pay the sums secured by this Security Instrmnent; and (c) agrees that Lender and any other Borrower can agree to exlend, modify, forbear or make any accommodatim~s with regard 1o the terms of this Security Instrument or the Note without co-signer's conserm Subject to the provisions of Section 18, any guccessor in h~terest of Borrower who assumes Borrower's obligations under this Security Instrument in writing, and is approved by Lender, shall obtain all of Borrower's rights and benefits under tiffs Security Instrmnm~t. Bo~xower shall not be released from Borrower's obligations' and liability nnder this Security Instrument unless Lender agrees to such release in writing. The covenants and agreements of this Security Instrument shall bind (except as provided in Section 20) and benefit the successors and assigns of Eender.. . 14. Loan Charges. Lender may charge Borrower f~es for services per,brined,in connection xvitl~ Borrower's dehult, for the propose of protecting Lender's interest in the PropmXy anti rights under this Security instrument, including, but not limited to, attorneys' f~es, properly inspection and valuation f~es~ In regard to any other f~es, the absence o'f' express attthority in this Security h~strument to charge a specific fee to Borrower shall not be construed as a prohibition on the charging of such f~e. Lender may aot charge fees that are expressly prohibited by this ~;ecurity Instrument or by Applicable Law. If the Loan is subject to a law whirl-: sets maximmn loan charges, and that law is finally interpreted so that the interest or other loan charges c~l!ected or to be collected in connection with the Loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to the permitted limit; and (b) any sums already collected from Borrower which exceeded permitted limits will be refi~nded to Bo~'ower. Lei~der may choose to make lhis retSnd by reducing the principal owed under the Note or by making a direct payment to Borrower. If a refund reduces principal, the reduction will be treated asa paaial prepayment without any prepayment charge (whetber or not a prepayment charge is provided for under the Note), Bon'ower's acceptance of any such refund made by direct payment to Borrower will constitute a waiver of any right of action Borrower might have arising out of such overcharge. 15. Notices. All notices given by Borrower or Lender in connection wifl~ this Security Instrument must be in writing. ~y 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 Bon-ower's notice address if sent by other means. Notice to any one Bon'ower shall constitute notice to all Borrowers unless Applicable Law expressly requires othe~ise. The notice address shall be the Propm~y Address unless Borrower has designated a substitute notice address by notice to Lender. Bo~ower shall promptly notify Lender of Borrower's change of ad&ess. If Lender specifies a procedure for reporting Bon'ower's change of address, then Botxower shall only repmX a change of address through that specified procedure. There may be only one designated notice address.under this Security Instrument at any one time. Any notice to Lender shall be given by delivering it or by nmiling it by first class mail to Lender's address stated herein unless Lender has designated another address by notice to Borrower. ~xy notice in connection with this Security Instrument shall not be deemed to have been given to Lender until actually received by Lender. If any notice required by this Security Instrument is also required under Applicable Law, the Applicable Law requirement will satisfy the corresponding requirement under this Security Instrmnent. BB~T-06 ,, trdtia[s:~/~J Form 3051 1/01 ~6A(WY) (ooo5),o~ Pa~ ~o of ~5 16. Governing'Law; Several)lilt:y; Rules of Construction. This Security lnstnmnenl shall be governed by federal law and the law t)f the jurisdiction in which the Propetxy is located. All rights and obligations contained in this Security Instrument are subject to any requirements and limitations of Applicable Law. Applicable Law might explicitly or implicitly allow the parties to agree by contract or it might be sileut, but such silence shall not be construect asa prohibition against agreement by conlract. the event that any provision or clause of this Security instnimeut or fl~e Note conflicts with Applicable La~, such conflict shall not aflkct other provisions of this .Security Instrument or the Note which can be given eftbct without the conflicting provision. As used in this Security Instrument: (a) words of the masculine gender shall mean and include corresponding neuter words or words of the feminine gender; (b) words in the singular shall mean and include the plural and vice versa; and (c) the word "may" gives sole discretion without any obligation to take any action. 17. Borrower's Copy. Borrower shall be given one copy of the Note and of this Security Instrument. 18, Transtar of the Property or a Beneficial Interest in Borrower. As used in this Section 18, "Interest in the PropetXy" means any legal or beneficial interest in the Property, including, but not limited to, those beneficial interests transferred in a bond tbr deed, contract for deed, installment sales contract: or escrow agreement, the intent of which is lhe transikr of title by BotTower at a thtm'e (late to a purchaser. if all or any part of the Prope~y or :my Interest in the Properly is sold or transferred (or if Borrower is not a natural person and a beneficial interest i~ Borrower is sold or transfkrred) without Lender's prior written consent, Lender may require i:~mediat'e payment in t'hll of all sums secured by this Security Instrument. However, this option shall aot be exercised by Lender if such exercise is prohibited by Applicable Law. If Lender exercises this option, Lender shall give Borrower notice o:f 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 wtfich Borrower must pay all stt~s secured by this Security Instrument. If Borrower fails to pay these sums prior to the expiration of tllis period, Lende~ may invoke any remedie~ permitted by lhis Security Instrun~ent without further notice: or demand on Borrower. 19. Borrower's Right to Reinslate After Acceleration. If Bo~ower meets certain conditions, Borrower shall have the right to have e4~forcement of this Secm'ity Instrument discontinued at any time prior to the earliest of: (a) five days beS)r.:~ sale o:f the Property pursuant to any power of sale contained in this Security hrstrument; (b) such other 9eriod as Applicable Law might spccit~ for the ternfination of Borrower's right to reinstate; or (c) entry of a judgment en~brcing this Security Instrument. Those conditions are that Borrower: (a) pays Lender all sums which then would be due under this Security Instnm'~ent and the Note as if no acceleration had occmzed; (b) cures any default of any other covenants or agreements; (c) pays all expenses incurred in enforcing this Security Instrument, including, but not limited to, reasonable attorneys' fees, property inspection and valualion fees, and other fees recurred for the purpose of protecting Lender's interest in the Property and rights under this Security Instrument; and (d) takes such action as Lender may reasoaably require to assure that Lender's interest in Se 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 Bo~ower pay such reinstatement sums and expenses in on~ or more of the following fom~s, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, treasurer's check or cashier's check, provided any such check is drawn upon an institution whose deposits are insured by a federal agency, instrumentality or entity; or (d) Electronic Funds Transfer. Upon reinstatement by Borrower, this Security Instrument and obligations secured hereby shall remain fully effective as if no acceleration had occurred. However, this right to reinstate shall not apply in the case of acceleration under Section 18. 20. Sale of Note; Change of Loan Servicer; Notice of Grievance. The Note or a pa~ial interest in the Note (together with this Security h-~s~rpment) can be sold one or more times without prior notice to Borrower. A sale might result in a cha~ge in the entity (l~uown as the "Loan Servicer") that collects Periodic Payments due under the Not( :md this Security Instrument and perfbrms other mmlgage loan servicing obligations under the Note, till;-; Security Instrument, and Applicable Law. There also might be oue or more changes of the Loan Servioer unrelated to a sale of the Note. if there is a change of the Loan Servicer, Borrower will be given writtet~ ~otice of the change which will state the name and address of the new Loan Se~icer, the address to which payments should be made and any other information RESPA In~tial ~-6A(WY) (ooos),Ol P~. 11 o~ 15 Form 3051 1/01 requires :n connection with a notice of trm~sfer of servicing. If the Note is sold and therealter the Loan is serviced by a Loan Servicer other than the purchaser of the Note, the mortgage loan servicing obligations to BoIrower will remain with the Loan Servicer or be transferred to a successor Loan Servicer and are not assumed by the Note purchaser unless otherwise provided by the Note purchaser. Neither Borrower nor Lender may commence, join, or be joined to any judicial action (as either an individual litigant or the member of a class) that arises from the other party's actions pursuant to this Secnrity Instrument or that alleges that the other party has !~reached any provision of, or any duty owed by reason of, this Security Instrument, until such Borrower of:Lender has notified the other party (with such notice given in compliance with the requirements of Section 15) of such alleged breach and afforded the other pmn[y hereto a reasonable period after the giving of such notice to take corrective action. If Applicable Law provides a time period which must elapse before certain action can be taken, that time period will be deemed to be reasonable for purposes of this paragraph. The notice of acceleraqon and opportnnity to cure given to Borrower pursuant to Section 22 and the notice of acceleration given to Borrower pursuant to Section 18 shall hc deemed to satisf7 the notice and opportunity to take correct'ire action provisions of this Section 20. 21. Hazardous Substances. As re,ed in this Section 21: (a) "ltazardous Substances" are those substances defined as toxic or hazard6t~s snbstances~ pollutants, or wastes by Environmental Law and the fbllowing substances: gasoline, kerose~e, other flammable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbes~:os or formaldehyde, and radioactive materials; (b) "Environmental Law" means federal laws and laws of th'e.jurisdiction where the Property is located that relate to health, safety or enviromnental protection; (c) "Enviromnentat Cleanup" includes any response action, remedial action, or removal action, as defined in Environmental Law; and (d) an "Environmental Condition" means a condition that cain cause, contribute to, or otherwise trigger an Environmental Cleanup. Borrower shall not canse or permit the presence, use, disposal, Storage, or release of any Hazardous Snbstances, or threaten to release any Hazardous Substances, on or in the Property. Borrower shall not do, nor allow anyone else to do, anything affecting the Property (a) that is in violation of any :Environmental Law, (b) which creates an Environment:d Condition, or (c) which, due to the presence, nse, or release of a Hazardous Substance, creates a condition that adversely affects the value of the Property. The preceding two sentences shall not apply to the presence, use, or storage on the Property of small quantities of Hazardous Substances that are generally recognized to be approphate to normal residential uses and to maintenance of the Property (including, bt~t not limited to, hazardous substances in consumer products). Borrower shall promptly give Len&sr written notice of (ia) any investigation, claim, demand, lawsuit or other action by any govenm~ental or r-'gulatm7 agency or private party involving the Property and any Itazardous Substance or Environmer/lat Law of which Borrower has actual knowledge, (b) any Environmental Condition, inchlding but riot limited to, any spilling, leaking, discharge, release or Il'treat of release of any Hazardous Substance, a~,i (c) any condition caused by the presence, use or release of a Hazardous Substance which adversely ',ll'lbcts the value ot' the Property, It' Borrower learns, or is uotified by any governmental or regulatory autl~o~'ity, or any private party, that auy removal or other remediation of any Hazardous Substance affecting the Pi'operty is necessary, Borrower shall promptly take all necessary remedial actions in accordance with Environmental Law. Nothing herein shall create any obligation on Lender/hr an Environmental Cleanup. BBAT - 0 6 In~iaJs ~,~-6A(WY) (ooo5).ol" Page12of15 /' Form 3051 1/01 NON-UNIFORM COVENANTS, Borrower and Lender fi~rther covenant and agree as follows: 22. Acceleration; Remedies. Lender shall give notice to Borro3tver prior to acceleration following Borrower's breach of any covenant or agreement in this Security Instrument (but not prior to acceleration umler Section 18 unless'Applicable Law provides otherwise). The notice shall specify: (a) the default; (b) the action r_.equired to cure lhe delhult; (c) a date, not less than 30 days from the date the notice is given to Borrower, by which the default nmst be cnred; and (d) that failure to cure the default on or before the date specified ill the notice may r. esult in acceleration of the sums secured by this Security Instrument and sale of the Property. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to bring' a court action to assert the non-existence of a default or an)' other defense of Bott,wet to acceleration and sale. If the default is not cured on or before the date specilied in the notice, l,ender at its option may require immediate payment in full of all sums secured by this Security Inst,'mnent without further demand and may invoke the power of sale and any other remedies permitted hy Applicable Law. Lender shall be entitled to collect all expenses incurred in pursuing the remedies provided in this Section 22, including, but not limited to, reasonable attorneys' fees and costs of ~itle evidence. It' Lender invokes the power of sale, Lender shall give notice of intent to fln'eclose to Borrower and to the person in possession of the Property, if different, in accordance with Applicable Law. Lender shall give notice of the sale to Borrower in the manner provided in Section 15. Lender shall publish the notice of sale, and the Property shall be sold in the manner prescribed by Applicable Law. Lender or its designee may purchase the Property 'at an), sale. The proceeds of the sale shall be applied in the following order: (a) to all expenses of the sale, including, blit not limited to, reasonable attorneys' fees; (b) to all Sums secured by this Security Instrument; and (c) an), excess to the person or persons legally entitled to it. 23. Release. Upon payment of all sums secured by this Security Instrtunent, Lender shall release this Security Instrument, Borrower shall pay any recordation costs. Lender may charge Bon'ower a fee for releasing this Security Instrument, but cmly if the fee is paid to a third party for services rendered and the charging of the fee is pemfitted under A l~plicable Law. 24. Waivers. Borrower releases rind waives all rights under and by virtue of the homestead exemption laws of Wyoming. ,II~,.~6A(WY) (ooo5).ol Page ~3 05 ~5 Form 3051 1/01 0 '?S 16 1 7 2 BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this Security Instrument and in any Rider executed by Borrower and recorded with it. Witnesses: ,~"~ ~ ~ (Seal) J~son Michael Johnson' -~km'cwcr (Seal) (Seal) . Borrower d~orrower (Seal) (Seal) - [~orrower -Borrower (Seal) (Seal) Borrower -Borrower BBAT - 0 6 1~..(6A(WY)(ooos).ol p~ge!43f15 Form 3051 1101 STATE OF WYOMING, Lincoln County ss: The foregoing instrument was acknowledged before me this 21st day of December, 2001 by Jason Michael Johnson and Katherine Hannah Johnson My Commission Expires: February 2 2002 (~'  $HSISY SAN~1''%~' ~{llU0 Notary Public (~,~- 6 A(WY) 3051 1/01