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HomeMy WebLinkAbout892661#02018250 A~er Recording Remm To: COUNTRYWIDE HOME LOANS, INC. MS SV~79 DOCUMENT PROCESSING P.O.Box 10423 Van Nuys, CA 91410-0423 Prepared By: SHEILA POUNDS 89266' [Space Above This Line Ft, r Recording Data] 02018250 [Escrow/Closing ~] MORTGAGE 0003264966508003 [Doc ID #] DEFINITIONS Words used in multiple sections of this document are defiw'.:l below and other words are defined in Sections 3, 11, 13, 18, 20 and 21. Certain rules regarding the usage of words used in this document are also provided in Section 16. ' (A) "Security Instrument" means this document, which is dated with all Riders to this document. 01) "Borrower" is JAMES L WEBER, A SINGLE MAN AUGUST 15, 2003 , together Bo~Tower is the mortgagor under this Security Instrument. (C) "Lender" is COUNTRYWIDE HOME LOANS, INC. Lender is a CORPORATION organized and existing under the laws of NEW YORK Lender's address is 4500 Park Granada, Calabasas, CA 91302-1613 Lender is the mortgagee under this Security Instrument. (D) "Note" means the pronfissory note signed by Borrower and dated Note states that Borrower Owes Lender * ONE HUNDRED THOUSAND SEVEN HUNDRED and 00/100 AUGUST 15, 2003 .The Dollars (U.S. $ 100,700.00 ) plus interest. Bor,'ower has promised to pay this debt in regular Periodic Paymen[s and to pay the debt in full not later than SEPTEMBER 01, 2028 CE) "Property" means the property that is described b,_:'iaw under the heading "Transfer of Rights in the Property." (F) "Loan" means the debt evidenced by the Note, plus irate, rest, any prepayment charges and late charges due under the Note, and all sums due under this Security Instn r. mnt, plus interest. WYOMING-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT s.'~~' 0 Page 1 of · ~ Initial (~®-6(WY) (0005) CHL (08/00)(d) VMP MORTGAGE FORM; (800)521-7291 ~ Porm 3051 ;/01 CONV/VA *23991* * ('32649665000002006 . · *THIS IS A FIRST RE~ ESTATE MORTGAGE RECO~ING CONCURRENTLY WITH A SECOND REAL ESTATE MORTGAGE IN FAVOR OF COUNTRS~IDE HOME LOANS, INC IN THE ORIGINAL AMOUNT OF $12,500.00o DATED AUGUST 15, 2003. ' DOC ID #: 0003264966508003 (G) "Riders" means all Riders to this Security Instru~.'tent that are executed by Bo~Tower. The following Riders are to be executed by Borrower [check box as applicable]: Adjustable Rate Rider [---] Condominium Rider . ~ Second Home Rider Balloon Rider ~ Planned Unit Development Rider ['~ 1-4 Family Rider VA Rider [---] Biweekly Payment Rider ~-] Other(s) [specify] (H) "Applicable Law" means all controlling applicable federal, state and local statutes, regulations, ordinances and administrative rules and orders (that h5:.ve the effect of law) as well as all applicable final, non-appealable judicial opinions. (I) "Community Association Dues, Fees, and Assessments means all dues, fees, a~ssessment~s and other charges that are imposed on Borrower or the Property by a condominium association, homeowners association or similar Organization. (J) "Electronic Funds Transfer" means any transfer of funds, other than a transaction originated by check, draft, or similar paper instrument, which is initiated through an electronic terminal, telephonic instrument, computer, or magnetic tape so as to order, instruct, or authorize a financial institution to debit or credit an account. Such term includes, but is not limited to, point-of-sale transfers, automated teller machine transactions, transfers initiated by telephone, wire transfers, and automated clearinghouse transfers. (K) "Escrow Items" means those items that are described in Section 3. (L) "Miscellaneous Proceeds" means any compensation, settlement, award of damages, or proceeds paid by any third party (other than insurance proceeds paid under the coverages described in Section 5) for: (i) damage to, or destruction of, the Property; (ii) condemnation or .other taking of all or any part of the Property; (iii) conveyance in lieu of condemnation; or (iv) misrepresentations of, or omissions as to, the value and/or condition of the Property. (M) "Mortgage Insurance" means insurance protecting Lender against the nonpayment of, or default on, the Loan. (N) "Periodic Payment" means the regularly scheduled amount due for (i) principal and interest under the Note, plus (ii) any amounts under Section 3 of this Security Instrument. (O) "RESPA" means the Real Estate Settlement Proi.,3dures Act (12 U.S.C. Section 2601 et seq.) and its implementing regulation, Regulation X (24 C.F.R. Part 3~00), as they might be amended from time to time, or any additional or successor legislation or regulation that governs the same subject matter. As used in this Security Instrument, "RESPA" refers to all requirements and restrictions that are imposed in regard to a "federally related mortgage loan" even if the Loan does not qualify as a "federally related mortgage loan" under RESPA. (P) "Successor in Interest of Borrower" means any p~a'ty that has taken title to the Property, whether or not that party has assumed Borrower's obligations under the Note and/or this Security Instrument. TRANSFER OF.RIGHTS IN TI-[E 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 perfonvance o:'~ Borrower's covenants and agreements under this Security Instrument and the Note. For this puq~'o~e, Borrower does' hereby mortgage, grant and conveY to Lender and Lender's successors and assigns, with power of sale, the following described property located in the COUNTY of LINCOLN - [Type of Recording Jurisdiction] [Name of Recording Jurisdiction] A PORTION OF THE SE 1/4 NW 1/4 OF SECTION 10, T36N, Rll9W, 6TH P.M., LINCOLN COUNTY, WYOMING AND BEING.MOR[' PARTICULARLY DESCRIBED AS FOLLOWS: THE TRUE POINT OF BEGINNING BEING A I[?)N PIPE SET AT A POINT IN THE WESTERLY RIGHT-OF-WAY LINE OF U.S. HICHWAY'89, SAID POINT BEING 834.175 FEET S89 52'36"W ALONG THE NORTH LINE OF SAID SE1/4 NW 1/4 TO A IRON PIPE SET AT A POINT IN SAID WESTERLY LINE AND 521.749 FEET S4 12'00"E, ALONG SAID WESTERLY LINE; THENCE S4 12'00"E CONTINUING ALONG SAID WESTERLY LINE, 308.981 FEET TO A IRON PIPE SET; THENCE S89 48'53"W 473.769 FEET TO A IRON PIPE SET AT A POINT IN THE EASTERLY BOUNDARY OF JAMES H. WATTS JR. 'S TRACT A OF THE DEED FILED IN BOOK 304 PR, PAGES 614-617; THENCE N0 30'39'W, ALONG SAID EASTERLY BOUNDARY, 304.014 FEET TO A IRON PIPE SET; THENCE N89 16'57"E 453.884 FEET, TO THE.' TRUE POINT OF BEGINNIG. Parcel iD Number: 3 619102 0 01810 0 which' currently has the address of 114003 US HIGHWA~~ 89, ALPINE [Street/City] Wyoming 8 312 8- 9 i 0 0 ("Property Address"): [Zip Code] Ini'tia · · (~®-6(WY) (0005) CHL (oa/oo) Page'2 3051 1/01 6O2 DOC ID #: 000326zt966508003 TOGETHER WITH all the improvements now or hereafter erected on the property, and ail easements, appurtenances, and fixtures now or hereafter a part of the property. All replacements and additions shall also be covered by this Security Instrument. All of the foregoing is referred to in this Security Instrument as the "Property." BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has the right to mortgage, grant and convey the Property and that the Property is unencumbered, except for encumbrances of record. Borrower warrants and will defend generally the title to the Property against all claims and demands, subject to any encumbrances of record. TI{IS SECURITY INSTRUMENT combines uniform covenants for nationai use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. UNIFORM COVENANTS. Borrower and'Lender covenant and agree as follows: 1. Payment of Principal, Interest, Escrow Items, Prepayment Charges, and Late Charges. Borrower shall pay when due the principal of, and interest on, the debt evidenced by the Note and any prepayment charges and late charges due under the Note. Borrower ~hall also.pay funds for Escrow Items pursuant to Section 3. Payments due under the Note and this Sec~afity Instmment shall be made in U.S. currency. However, if any check or other instrument received by Leander as payment under the Note or this Security Instrument is returned to Lender unpaid, Lender may require that any or all subsequent payments due under the Note and this Security Instrument be made in one or more of the following forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, treasurer's check or cashier's check, provided any such check is drawn upon an institution whose deposits :are insu;ed by a federai agency, instmmentaiity, or entity; or (d) Electronic Funds Transfer. Payments are deemed received by Lender when reccived at the location designated in the Note or at such other location a~s may be designated by Lender in accordance with the notice provisions in Section 15. Lender may return any payment or partiai payment if the payment or partiai payments are insufficient to bring the Loan current. Lender may accept any payment or partM payment insufficient to bring the Loan current, without waiver of any rights hereunder or prejudice to its rights to refuse such payment or partial payments in the future, but Lender is not obligated to apply such payments at the time such payments are accepted. If each Periodic Payment is applied a~s of its scheduled due date, then Lender need not pay interest on unapplied funds. Lender may hold such unapplied funds until Borrower makes payment to bring the Loan current. If Borrower does ~,'ot do so within a reasonable period of time, Lender shail either apply such funds or return them to Borrower. If not applied earlier, such funds will be applied to the outstanding principal balance under the Note immediately prior to foreclosure. No offset or cl~_im which Borrower might have now or in the future against Lender shall relieve Borrower from making paymenm due under the Note and this Security Instrument or performing the covenants and agreements secured by this Security Instrument. 2, Application of Payments or Proceeds. Except a.s otherwise de.scribed 'in this Section 2, all payments accepted and applied by Lender shall be applied in the following order of priority: (a) interest due under the Note; (b) principal due under the Note; (c) amounts due under Section 3. Such payments shall be applied to each Periodic Payment in the order in which it became due. Any remaining amounts Shail be applied first to late charges, second to any other amounts due under this Security Instrument, and then to reduce the principal balance of the Note. , If Lender receives a payment from Borrower for a delinquent Periodic Payment which includes a Sufficient amount to pay any late charge dUe, the payment may be applied to the delinquent payment and the late chat'ge. If more than one Periodic Payment is outstanCmg, Lender may apply any payment received from Borrower to the repayment of the Periodic Payments if, and to the extent that, each payment can be paid in full. To the extent that any excess exists after the payment is applied to the full payment of one or more PeriOdic Payments, such excess 'may be applied to any late charges due. Voluntary prepayments shall be applied first to any prepayment charges and then as described in the Note. Any application of payments, insurance proceeds, or Miscellaneous Proceeds to principal due under the Note shall not extend or postpone the due date, or change the amount, of the Periodic Payments. 3, Funds for Escrow Items. Borrower shail pay to Lender on the day Periodic Payments are due under the Note, until the Note is paid in full, a sum (the "Funds' )'f6-pr6vide for paynient of am0unt~' due for: (a) taxes and assessments and other items which can attain miority over this Security Instrument as a lien or encumbrance on the Property; (b) leasehold payments or ~k~und rents on the Property, if any; (c) premiums for any and all insurance required by Lender under Section 5'; and (d) Mortgage Insurance premiums, if any, or any sums payable by Borrower to Lender in lieu of the payment of Mortgage Insurance premiums in accordance with the provisions of Section 10. These items are tailed "Escrow Items." At origination or at any time dining the tetrn of the Loan, Lender may require that C~Ommunity A~ssociation Dues, Fees, and Assessments, if any, be escrowed by Borrower, and such daes, ~e~ arid a.sse,ssments shall be an Escrow Item. Borrower shail promptly furnish to Lender all notices of a,."3ounts td be paid under this Section. Borrower shall pay Lender the Funds for Escrow Items unless LendEr waives Bo~;ower's obligation to pay the Funds for any or ail Escrow Items. Lender may waive Borrower's obligation to pay to Lender Funds for any or ail Escrow Items at any time. Any such waiver may only be in writifig. In the event of such waiver, Borrower shall pay directly, when and where payable, the amounts due for at:.~y Escrow Items for which payment of Funds has been waived by Lender and, if Lender requires,,~ shall furnish to Lender receipts ovidencing Inltlals:~. ~./ ~o (~®-6(WY) (0005) · CHL (08/00) Page 3 of 11 / Form 3051 1/01 · ; DOC ID #: 00032649~6508003 such payment within such time period as Lender may requke. Borrower's obligation to make such payments and to provide receipts shall for all purposes be deemed to be a covenant and agreement contained in this Security Instrument, as the phrase "covenant and agreement" is used in Section 9. If Borrower is obligated to pay Escrow Items directly, pursuant to a waiver, and Borrower fails to pay the amount due for an Escrow Item, Lender may exercise its fights under Section 9 and pay such amount and Borrower shall then be obligated. under Section 9 to repay to Lender any such amount.: Lender may revoke the waiver as to any or all Escrow Items at any time by a notice given in accordance with Section 15 and, upon .such revocation, Borrower shall · pay to Lender all Funds, and in such amounts, that are then required under this Section 3. Lender may, at any time, collect and hold Funds in an amount (a) sufficient to permit Lender to apply the Funds at the time specified under RESPA, and (b) not to exceed the maximum amount a lender can require under RESPA. Lender shall estimate the amount of Funds due on the basis of current data and reasonable estimates of expenditures of future Escrow Items 6r otherwise in accordance with Applicable Law. The Funds shall be held in an institution whose deposits are insured by a federal agency, instrumentalitY, or entity (including Lender, if Lender is an institution whose deposits are so insured) or in any Federal Home Loan Bank. Lender shall apply the Funds to pay the Escrow Items no later than the time specified under RESPA. Lender shall not charge Borrower for holding agd applying the Funds, annually analyzing the escrow account, or verifying the Escrow Items, unless .Lender 'pays Borrower interest on the Funds and Applicable Law permits Lender to make such a charge. Unless an agreement is made in writing or Applicable Law requires interest to be paid on the Funds, Lender shall rot be required to pay Borrower any interest or earnings on the Funds. Borrower and Lender can agree in writmg,.however, that interest shall be paid on the Funds. Lender shall give to Borrower, without charge, an annual accounting of the Funds as required by RESPA. If there is a surplus Of Funds held in escrow, as defined under RESPA, Lender shall account to Bon'ower for the excess funds in accordance with RESPA. If there is a shortage of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower a.s requked by RESPA, and Borrower shall pay to Lender the amount necessary to make up the shortage in accordhnce 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 Borrow.er as required by RESPA, and Borrower shall pay to'Lender the amount necessary to make up the deficiency in accordance with RESPA, but in no more than 12 monthly payments. Upon payment in full of all sums secured.by this SecuritY Instrument, Lender shall promptly refund to Borrower any Funds held by Lender. 4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines, and impositions attributable to the PropertY which can attain priority over this SecuritY Instrument; leasehold payments or ground rents on the Property, if any, and CommunitY Association Dues, ~"~es, and Assessments, if any. To the extent that these items are Escrow Items, Borrower shall pay then: 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 af the ok, iigation secUred by the lien in a manner acceptable to Lender, but only so long as Borrower is perfcrrrJng such agreement; Co) contests the lien in good faith by, or defends against enforcement of the lien in, legal 'prOceedings which in Lender's opinion operate to prevent the enforcement of the lien while those proceedings are pending, but only until such proceedings are concluded; or (c) secures from the holder of the lien an agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determines that any Part of the Property is subject to a lien which can attain priority over this Security Instrument, Lender may give Borrower a notice identifying the lien. Within 10 days of the date on which that notice is given, Borrower she!: satisfy the lien or take one or more of the actions set forth above in this Section 4. Lender may require Borrower to pay a one-time charge for a real estate tax verification and/or reporting service used by Lender in connection with this Loan. 5. Property Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire~ hazer'ds included within the term "extended coverage," and any other hazards including, but not limited to, earthquakes and floods, for which Lender requires insurance. This insurance shall be maintained in the mounts (including deductible levels) and for the periods that Lender requires. What Lender requires pursuant to the precedin,.g sentences can change during the term of the Loan. The insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's right to disapprove Borrower's choice, which right shall not be exercised unreasonably. Lender may require Borrower to pay, in connection with this Loan, either: (a) a one-time chat'ge for flood zone determination, certification and tracking services; or Co) a one-time chat'ge for flood .zone determination and Certification services and subsequent charges each time remappings or similar changes occur which reasonably might affect such determination or certification. Borrower shall also be responsible for the payment of any fees imposed by the Federal Emergency Management Agency in connection with the review of any flood zone determination resulting from an objection by Borrower. If Borrower fails to maintain any of the coverages described above, Lender may obtain insurance coverage, at Lender's option and Borrower's expense. Lender is under no obligation to purchase any particular type or amount of coverage. Therefore, such coverage sl~all cover Lender, but might or might not protect Borrower, Borrower's equitY in the Property, or the cBntents of the Property, against any risk, hazard or ~®-6(WY) (ooo5) GIlL (08/00) Page 4 !.~i~ 11 S04 DOC ID #: 0003264966508003 liability and might provide greater or lesser coverage than Was previously in effect. B0rrower acknowledges that the cost of the. insurance coverage so obtained might significantly exceed the cost of insurance that Borrower could have obtained. Any amounts disbursed by Lender under this Section 5 shall become additional debt of Borrower secured by this Security Instrument. These amounts shall bear interest at the Note rate from the date of disbursement and shall be payable, with such interest, upon notice from Lender to Borrower requesting payment. All insurance policies required by Lender and reneWals Df .such policies shall be subject to Lender's right to disapprove such policies, shall include a standard mortgage clause, and shail name Lender as mortgagee and/or a~s an additional loss payee. Lender shall have the right to hold the policies and renewal certificates. If Lender requires, Borrower shall promptly give to Lender a? receipts of paid premiums and renewal notices. If Borrower obtains any form of insurance coverage, not o'therwise required by Lender, for damage to, or destruction of, the Property, .such policy shall include a s%andard mortgage clause and shall name Lender as mortgagee and/or as an additional loss payee. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, any insurance proceeds, whether or not the underlying insurance was required by Lender, shall be applied to restoration or repair ,of the Property, if the restoration or repair is economically feasible and Lender's security is not lessened. During such repair and restoration period, Lender shall have the right to hold such insurance proceeds until Lender has had an opportuni'.y to inspect such Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may disburse proceeds'~for the repaks and restoration in a ¢ ngle payment or in a seres of progress payments as the work is completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such insurance proceeds, Lender shall not be required to pay Borrower any interest or earnings on such proceeds. Fees for public adjusters, or other third parties, retained by Borrower shall not be paid out of the insurance proceeds and shall be the sole obligation of Borrower. If the restoration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be applied to the sums secured by this Security Instrument, whether or not ;hen due;'with the excess, if any, paid to Borrower. Such insurance proceeds shall be applied in the order provided for ,_'n 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 cra'tier has offered to settle a claim, then Lender may negotiate and settle the claim. The 30-day period will begin when the notice is given. In either event, orif l_ender, acquires the Property under Section 22 or otherwise, Borrower hereby assigns to Lender (a) Borrov. i~r',s rights to any insurance proceeds in an amount not to exceed the amounts unpaid under the Note or this Security Instrument, and Co) any other of Borrower's rights (other than the right to any refund of unearned premiums paid by Borrower) under all insurance policies covering the prope~V, insofar as such rights are applicable to the coverage of the prOperty. Lender may use the insurance proceeds either to repair or restore the Prope!lY or to pay amounts unpaid under the Note or this Security Instrument, whether or not then due. ~ 6. Occupancy. Borrower shall occupy, establish, and use the Property as Borrower's principal residence within 60 days after the execution of this Security Instrument and shall continue to occupy the Property as Borrower's principal residence for at least one year after the date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be unreasonably withheld, or unless extenuating circumstances exist which are beyond Borrower's control. 7. Preservation, Maintenance and Protection of .:he Property; Inspections. Borrower shall not destroy, damage or impair the Property, allow the Propelty to deteriorate or commit waste on the Property. Whether or not Borrower is residing in the Property, Borrower shall maintain the Property in order to prevent the Property from deteriorating or decreasing in value due ~e its condition. Unless it is determined pursuant to Section 5 that repair or restoration is not economically fea.s'iide, Borrower shall promptly repair the Property if damaged to avoid further deterioration or damage, if i. nsurance or condemnation proceeds are paid in connection with damage to, or the taking of, the Property, Borrower shall be responsible for repairing or restoring the Property only if Lender has released proceeds for such purposes. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as the work is completed. If the insurance or condemnation proceeds are not sufficient to repair or restore the Property, Borrower is not relieved of Borrower's obligation for the completion of such repair or restoration. Lender or its agent may make reasonable entries upon and inspections of the Property. If it has reasonable cause, Lender may inspect the interior of the improvements on the Property. Lender shall give Borrower notice at the time of or prior to such an interior in?pection specifying such reasonable cause. 8. Borrower's Loan Application. Borrower shall be .in default if, during the Loan application process, Borrower or any persons or entities acting at the direction of Borrower or with Borrower's knowledge or consent gave materially false, misleading, or inaccurate information or statements to Lender (or failed to Provide Lender with material information) in connection With the Loan. Material representations include, but are not limited to, representations concerning Borrower's occupancy of the Property as Borrower's principal residence. (0005) CHL (08/00) Page 5 of i'!' Form 3051 1/01 ' ,: DOC ID #: 0003264966508003 9. Protection of Lender's Interest in the Proper'tY and Rights Under this Security Instrument. If (a) Borrower falls to perform the covenants and agreements contained in this Security Instrument, (b) there is a legal proceeding that might significantly affect Lender's intere~st in the Property and/or rights under this Security Insu'ument (such as'a proceeding in bankruptcy, probate, for condemnation or forfeiture, for enforcement of a lien which may attain priority over this Security Instrument or to entbrce laws or regulations), or (c) Borrower has abandoned the Pr,.,perty, then Lender may do and pay for whatever is reasonable or appropriate to protect Lender's interest in the Property and fights under this Security Instrument, including protecting and/or assessing the value of the ?roperty, and securing and/or repairing the Property. Lender's actions can include, but are not limited to: (a)0Paying any sums secured by a lien which has priority over this Security Instrument; (b) appearing in court; ~nd (c) paying reasonable attorneys' fees to protect its interest in the Property and/or rights under this Secfirity Instrument, including its secured Position in a bankruptcy proceeding. Securing the Property includes, but is not limited to, entering the Property to make repairs, change locks, replace or board up doors and ',y;ndows, drain water from pipes, eliminate building or other code violations or dangerous conditions, and have utilities turned on or off. Although Lender may take ..... action under this Section 9, Lender does not have.to do so and is not under any duty or obligation to do so. It is agreed that Lender incurs no liability for not taking any or all actions authorized under this Section 9. Any amounts disbursed by Lender under this Section 9 shall become additional debt of Borrower secured by this Security Insu-ument. These amounts shall bear interest at the Note rate from the date of disbursement and shall be payable, with such interest, upon notice frcm Lender to Borrower requesting payment. If this Security Instrument is on a leasehold, BorioWer shall comply with all the provisions of the lease. If Borrower acquires fee title to the Property, the leasehold .and the fee title shall not merge unless Lender agrees to the merger in writing. 10. Mortgage Insurance. If Lender required Mortgag'e Insurance as a condition of making the Loan, Bon'ower shall Pay the premiums'required to maintain th? Mortgage Insurance in effect. If, for any reason, the Mortgage Insurance coverage required by Lender ceases to be available from the mortgage insurer that previously provided such insurance and Borrower w~s required to make separately designated payments toward the premiums for Mortgage Insurance, Borrowe? shall pay the premiums required to obtain coverage substantially equivalent to the Mortgage Insurance previbusly in effect, at a cost substantially equivalent to the cost to Borrower of the Mortgage Insurance previously in effect, from an alternate mortgage insurer selected by Lender. If substantially equivalent Mortgage Insurar,.~e coverage is not aVailable, Borrower shall continue to pay to Lender the amount of the separately des~gnatecI, payments that were due when the insurance coverage ceased to be in effect. Lender will accept, use z~nd retain these payments as a non-refundable loss reserve in lieu of Mortgage Insurance. Such loss reserve Shall be non-refundable, notwithstanding the fact that the Loan is ultimately paid in full, and Lender shall not be required 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)~; pro~,3.:fled by an in~rer selected by Lender again becomes avallable~ is obtained, and Lender requires separately d6~ignated payments toward the premiums for Mortgage Insurance. if Lender required Mortgage Insurance a~s'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 the Lender's ~'equirement 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 Bon'ower's obligation to pay interest at the rate provided in the Note. Mortgage Insurance reimburses Lender (or any entity that purchases the Note) for certain losses it may incur if Borrower does not repay the Loan as agreed. Borrower is not a party to the Mortgage Insurance. Mortgage insurers evaluate their total risk on all sudh insurance in force from time to time, and may enter into agreements with other parties that share or modi~/their risk, or reduce losses. These agreements are on terms and conditions that are satisfactory to the mortgage insurer and the other.party (or parties) to these agreements. These agreements may require the mortgage insurer to make payments using any source of funds that the mortgage insurer may have available (which may include funds obtained from Mortgage Insurance premiums). . As a result of these agreements, Lender, any purchaser of the 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 for sharing or modifying the mortgage insurer's risk, or reducing losses. If such agreement provides that an affiliate of Lender takes a share of the insurer's risk 5n exchange for a share of the premiums paid to the insurer, the arrangement is often termed "captive reinsure, ace." Further: (a) Any such agreements will not affect the amounts that Borrower has agreed to pay for Mortgage Insurance, or any other terms of the Loan. Such agreements will not increase the amount Borrower will owe for Mortgage Insurance, and they will not entitle Borrower to any refund. (~®-5(wY) (ooos) CHL (Oa/O0) .Page 6 c(";1 f Form 3051 1/01 6 0 6 DOC ID #: 0003264966508003 (b) Any such agreements will not affect the rig~its 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, t0 request and obtain cancellation of the Mortgage Insurance, to have the Mortgage Insurance terminated automatically, and/or to receive a refund of any Mortgage Insurance premiums that were unearned at the time of Such cancellation or termination. 11. Assignment of Miscellaneous Proceeds; Fo['.~eiture. All Miscellaneous Proceeds are hereby assigned to and Shall be paid to Lender. If the Property is damaged, such Miscellaneous Proceeds shall be applied to restoration or repair of the Property, if the. restoration or repair is economically feasible and Lender's security is not lessened. During such repair and restoration period, Lender shall have the right to hold such 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 paymen[s 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 · not be required to.pay BorroWer any interest or em-nings o~ such Miscellaneous Proceeds. If the restoration or repair is not economically fea~sible or Lender's security wc~,.ild be lessened, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrumer:~; whether or not then due, with the excess, if any, paid to Borrower. Such Miscellaneous Proceeds shall be applied in the order provided forin 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 Rums secured by this Secm-ity Instrument, whether or not then due, with the excess, if any, paid to Borrower. In the event of a partial taking, destruction, or loss in value of the Property in which the fair market value of the Property immediately before the partial taking, destruction, or loss in value is equal to or greater than the amount of the sums secured by this Security Instrument immediately before the partial taking, destruction, or loss in value, unless Bon'ower and Lender otherwise agcee in writing, the sums secured by this Security Instrument shall be reduced by the amount of the Miscellanz~us Proceeds multiplied by the following fi'action: (a) the total amount of the sums secured immediately before the partial taking, de~struction, 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. In the event of a partial taking, destruction, or loss in value of the Property in which the fair market value of the Property immediately before the partial taking, destruction, or loss in value is less than the amount of .......... ed.a.e_y 5e_%re paten! tak/ng, ~:Se~s*_r'_'c2o:'., o_" !oss ;_n va!'.:e, '_'_".].ess Bo_".rowcr a_-'_~ Lender otherwise agree in writing, the Miscellaneous Proceeds shell be applied to the sums secured by this Security Instrument whether or not the sums are then due. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the Opposing Patty (as defined in the next sentence) offers to make an aw. ard to settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date the n, otice ~s 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 ha~s 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 forfeiture of the Proper; i~ or other material impairment of Lender's interest in the Property or rights under this Security Instrument. Bo~ower can cure such a default 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 impairment of Lender's interest in the Property or rights under this Security Instrument. 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. 12. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or modification of amortization of the sums securea by this Security Instrument granted by Lender to Borrower or any Successor in Interest of Borrower shall no~:-~operate to release the liability of Borrower or any Successors in Interest of Borrower. Lender shall not be required to commence .proceedings against any Successor in Interest of Borrower or to refuse to extend time for payment or otherwise modify amortization of the sums secured by this Security instrument by reason of ahy demand made by the original Borrower 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 from third persons, entities or Successors in Interest of Borrower or in amounts less than the amount then due, shall' not be a waiver of or preclude the exercise of any right or remedy. 13. Joiut and Several Liability; Co-signers; Successoi's and Assigns Bound. Borrower covenants and agrees that Borrower's obligations and liability shall be' juint and several. However, any Borrower who co-signs this Security Instrument but does not execute the N'~te '" ' " (a co-s~gner ): (a) is co-signing this Security (~®-6(WY) (0005) CHL (08/00) , ~ ~'orm 3051 1/01 Page 7 of i 1 607 DOC ID #: 0003264966508003 Instrument only to mortgage, grant and convey the co-signer's interest in 'the Property under the tea'ms of this Security Instrument; (b) is not personally obligated to Imy the sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower crtn agree to extend, modify, forbear or make any accommodations with regard tO. the terms of this Sc~',arity Instrument or the Note without the co-signer's consent. ~ Subject to the provisions of Section 18, any Success9r in Interest of Borrower who assumes Borrower's obligations under this Security Instrument in writing, an~l is approved by Lender, shall obtain all of Borrower's rights and benefits under this Security Instrument. Borrower shall not be released from Borrower's obligations and liability under 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 Lender. 14. Loan Charges. Lender may charge Borro, wer fees for services performed in connection with Borrower's default, for the purpose of protecting D2~?,der's interest in the Property and rights under this Security Instrument, including, but not limited to, attorneys' fees, property inspection and valuation fees. In regard to any other fees, the absence 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 fee. Lender may not charge fees that are expressly prohibited by this Security Instrument.or by Applicable Law. If the Loan is subject to a law which sets maximu~.n loan charges, and that law is finally interpreted so that the interest or other loan charges collected or to. 3e collected in connection with the Loan exceed the permitted limits, then: (a) any such loan charge shall he. reduced by the amount nece~ssary to reduce the charge to the permitted limit; and (b) any sums already collecte,J from Borrower which exceeded permitted limits will be refunded to Borrower. Lender may choose to make this refund by reducing the principal owed under the Note or by making a direct payment to Borrower. If a rethmd reduces principal, the reduction will be treated as a partial prepayment without any prepayment' charge. ~*:vhether or not a prepayment charge is provided for under the Note). Borrower's acceptance of m~ suc~ 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 with this Security Instrmnent must· 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 notice address if sent by other means. Notice to any one Ba.,:rower shall constitute notice to all Borrowers unless Applicable Law expressly requires otherwise. The notice address shall be the Property Address unless Borrower has designated a substitute notice address· by notice to Lender. Borrower shall promptly notify Lender of Borrower's change of address. If Lender specifies a procedure for reporting Borrower's change of address, then Borrower shall only report 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 mailing it by first class mail to Lender's address stated herein unless Lender has designated another address by notice to Borrower. Any 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 Instr~ament. 16. Governing Law; Severability; Rules of Co~truction. This Security Instrument shall be governed by federal law and the law of the jurisdiction in whic'h the Property is located. All fights and obligations contained in this Security Instrument are subject to' any requirements and limitations of Applicable Law. Applicable LaTM might explicitly or implicitly allow the parties to agree by contract or it might be silent, but such silence shall not be construed as a prohibition against agreement by contract. In the event that any provision or clause of this Security Instrument or the Note conflicts with Applicable Law,. such conflict shall not affect other provisions of this Security Instrument or the Note which can be given effect without the conflicting provision. 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, Transfer of the Property· or a Beneficial Interest in Borrower. As used in. this Section 18, "Interest in the Property" means any legal or beneficial interest in the Property, including, but not limited to, those beneficial interests transferred in a bond for deed, cOntract for deed, installment sales contract or escrow agreement, the intent of which is the transfer of title by Borrower at a future date to a purchaser. If all or any part of the Property or any Interest in tt~c Property is sold or transferred (or if Borrower is not a natural person and a beneficial interest in Borrower.iS sold or transferred) without Lender's prior written consent, Lender may require immediate payment in full of all sums secured by this Security Instrument. However, this option shall not be exercised by Lender if ']uch 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 from the date the not'ice is given in accordance with Section 15 within which Borrower must pay all sums secUred by this Security Instrument. If Borrower fails tO pay these sums prior to the expiration of this period, Lender may invoke any remedies peamit~ byth~ Security Instrument without further notice or demand on Borrdwer. (~®-6(WY) (0005) CHL (OS/O0) Page ~'of 11 ~ Form 3051 1/01 6O8 DOC ID #: 0003264966508003 19. Borrower's Right to Reinstate After Acceleration. If B0~.:ower meets certain conditions, Borrower shall have the right to have enforcement of this Securit!.' Instn~ent discontinued at any time prior to the earliest of: (a) five days before sale of the Property pursuant to any power of sale contained in this Security Instrument; (b) such other period as Applicable Law might speci .fy' for the termination of Borrower's right to reinstate; or (c) entry of a judgment enforcing this Secu?.y Instrument. Those conditions are that Borrower: (a) pays Lender ail sums which then would be due under this Security Instrument and the Note as if no acceleration had occurred; (b) cures any default of any other covenants or agreements; (c) pays all expenses incurred in enforcing this Security Instrument, JncludL-~, but not limited to, reasonable attorneys' fees, property inspection and vaiuation fees, and other fees inc[~rred for the purpose of protecting Lender's interest in the Property and rights under this Security Instrument; and (d) takes such action as Lender may reasonably require to a~ssure 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 following forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, treasurer's check or cashier's check, provided any such check is drawn upon an institution whose deposits are insured by a federal agency, instrumentality or entity; or (d) Electronic Funds Transfer. Upon reinstatement by Borrower, this Security Instrument and obligations secured hereby shall remain fully effective as if no acceleration had occurred. However, this right to reinstate shail not apply in the case of acceleration under Section 18. 20. Sale of Note; Change of Loan Servicer; Notice of Grievance, The Note or a partial interest in the Note (together with this Security Instrument) can be sold· cme o~ more times without prior notice to Borrower. A sale might result ir( a change in the entity (known as the "Loan Servicer") that collects Periodic Payments due under the Note and this Security Instrument and performs other mortgage loan servicing obligations under the Note, this Security Instrument, and Applicable Law. Th;:re also might be one or more changes of the Loan Servicer unrelated to a sale of the Note. If there is a change of the Loan Servicer, Borrower will be given written notice of the change which will state the name ani:l address of the new Loan Servicer, the address to which payments should be made and any other information RESPA requires in connection with a notice of transfer of servicing. If the Note is sold and thereafter the 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 transferred to a successor Loan Servicer and are not assumed by the Note purchaser unless otherwise provided by the Note purchaser. Neither Borrower nor Lender may commence, join, or be joined to any judicial action (as either an individual litigant or the member of a class) that arises from the other party:s actions pursuant to this Security Instrument or that aileges that the other party has breached, any provision of, or any duty owed by rea.son of, this Security Instrument, until such Borrower or Lender has notified the other party (with such notice given in compliance with the requirements of Section 15) of such alleged breach and afforded the other party hereto a reasonable period after the giving of such notice to take corrective action. If Applicable Law provides a time period which must elapse before certain action can be taken, that time period will be deemed to be reasonable for proposes of this paragraph. The notice of acceleration, and oppc.~tunity to cure given to Borrower pursuant to Section 22 and the notice of acceleration given to Bo.~_;~ower. ~.~rSuant to Section 18 shall be deemed to satisfy the notice and opportunity to take corrective action }~ovision's. of this Section 20. 21. Hazardous Substances. As used in this Section. 21~: (a) "Hhzardous Substances" are those substances defined as tOxic or hazardous substances, pollutants, Or :gastes by Environmental Law and the following substances: gasoline, kerosene, other flammable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or formaldehyde, and radioactive materiais; (b) nwronmental Law" means federai laws and laws of the ?/risdiction where the Property is located that relate to health, safety or environmentai protection; (c) nvir0nmental Cleanup" includes any response action, remedial action, or removal action, as defined in Environmental Law; and (d) an "Environmental Condition" means a condition that can cause, contribute to, or otherwise trigger an Environmental Cleanup. Borrower shall not cause or permit the presence, use; .disposal, storage, or release of any Hazardous Substances, or threaten to release any Hazardous Substance:s, on or in the Property. Borrower shall not do, nor allow anyone else to do, anything affecting the Property (aj'~:.;hat is in violation of any Environmental Law, (b) which creates an Environmental Condition, or (c) which, due to the presence, use, or release of a Hazardous Substance, creates a condition that adversely affects the vaiue of the Property. The preceding two sentences shall not apply to the .presence, use, or storage on the Property of small quantities of Hazardous Substances that are generally recognized to be appropriate to normal residential uses and to maintenance of the Property (inclUding, but not limited to, hazardous substances in consumer products). Borrower shall promptly give Lender written notice,of' (a) any investigation, claim, demand, lawsuit or other action by any governmental or regulatory agency br private party involving the Property and any Hazardous Substance or Environmental Law of which Borrower has actuai knowledge, (b) any Environmentai Condition, including but not limited to, any spilling, lealt;;:g, discharge, release or threat of release of any Hazardous Substance, and (c) any condition caused by the Cresence, use or release of a Hazardous Substance which adversely affects the value of the Property. If Borr6wer leaL'ns, or is notified by any govemmentai or regulatm3, authority, or any private party, that any removal or other remediation of any Hazardous .Substance affecting the Property is necessary, Borrower shall promptly take all necessary remedial actions in accordance with Environmental Law. Nothing herein shall create any obligation on Lender for an Environment~ Cleanup. Initials:Q '.'/ (~®-6(WY) (0005) CHL (08/00) Page 9 of 11 / 'Form 3051 1/01 609 ,' DOC ID #: 0003264966508003 NON-UNIFORA4 COVENANTS. Borrower and L~.dcr further covenant and agree as follows: 22. Acceleration; Remedies. Lender shall give ?.]otice to Borrower prior to.acceleration following Borrower's breach of any covenant or agreement in this Security Instrument (but not prior to acceleration under Section 18 unless Applicable Law provides otherwise). The notice shall specify: (a) the default; (b) the action required to cure the default; (c) a date, not less than 30 days from the date the notice is given to Borrower,'by which the default must be cured; and (d) that failUre to cure the default on or before the date specified in the notice may result in acceleration of the sums secured by this Security Instrument and sale of the Property. The ?~otice shall further inform Borrower of the right to reinstate after acceleration and the right to bring a 'court action to assert the non-existence of a default or any other defense of Borrower to acceleration and sale. If the default is not cured on or before the date specified in the notice, Lender at its option may require immediate payment in full of all sums secured by this SeCurity Instrument without further demand and may invoke the power of sale and any other remedies permitted by Applicable Law. Lender shall be entitled to collect all expenses incurred in pursuing the remedies provided in this Section 22, f~Cluding, but not limited to, reasonable attorneys' fees and costs of title evidence. "': If Lender invokes the power of sale, Lender sha~l give notice of intent to foreclose to Borrower and to the person in possession 'of the Property, if different, in accordance with Applicable Law. Lender shall give notice of the sale to Borrower in the manner'provided in Section 15. Lender shall publish the notice of sale, and the Property shall be sold ih the m~nner prescribed by Applicable Law. Lender or its designee may purchase the Property at ~n~..sale. The proceeds of the sale shall be applied in the following order: (a) to all expenses of the sal, e, ~ncluding, but not limited to, reasonable attorneys fees; (b) to all sums secured by this Security Instrument; and (c) any excess to the person or persons legally entitled to it. 23. Release. Upon payment of all sums secured by this Security Instrument, Lender shall release this Security Instrument. Borrower shall pay any recordation costs. Lender may charge Borrower a fee for releasing this Security Instrument, but only if the fee ~s paid to a third party for services rendered and the charging of the fee is permitted under Applicable Law. 24. Waivers, Borrower relea~ses and waives all rights under and by virtue of the homestead exemption laws of Wyoming. BY SIGNING BELOW, Borrower accepts and agrees to thc terms and covenants contained in this Security Instrument and in any Rider executed by Borrower and recorded with it. Witnesses: J~S L. ~EBER (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (~®-6(WY) (ooo5) CHL (08/00) Page 10 of 11 Form 3051 1/01 STATE OF WYOMING, The foregoing instrument was acknowledged before me this by James L. Weber DOC ID #: TETOI~ 15th day of 0003264966508003 Countyss: August, 2003, My Commission Expires: 9-12-03 (~®-6(WY) (0005) CHL (08/00) Page11 of 11 InltlalS~~O~51 '1/01