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HomeMy WebLinkAbout892663#03018281 Retum To: CI-LASE MANHATTAN MORTGAGE 1500 N 19TH ST. MONROE, LA 71201 ATTENTION: POST CLOSING Prepared By: CORPORATI ON 892,.'663 RECEIVED LINCOLN COUNTY CLERK 03 ~lhS 20 Pit h: 2i~ JEANNE WAGNER m- 615 RODK ~iPR ~'AOE [Space Above This i_ine For Recording Data] MORTGAGE 49708531 1497085315 DEFINITIONS. Words .used in multiple sections of this document are defined below and other words are defined in Sections 3, 11, 13, 18, 20 and 21. Certain roles regarding the usage of words used in this document are also provided in Section 16. (A) "Security Instrument" means this document, ~ hich is dated togetherwith all Riders to this document. (B) "Borrower" is RANDY A VIVIER, DEBOHAH R VIVIER, HUSBAND & WIFE August 15, 2003 BorroWer is the mortgagor under this Security Instrument. (C) "Lender" is CHASE MANHATTAN MORFGAGE CORPORATION Lenderis a CORPORATION organized and existing under the laws of THE STATE OF New jersey WYOMING-Single Family-Fannie Mae/F~reddie Mac UNIFORM INSTRUMENT (~®-~lwYI ,ooo~, ~ ~,VD~ V, Page 1 of t 5 Initials: VMP MORTGAGE FORMS {800)521-7291 Form 3051 1/01 GIG Lender's address is 343 Thornall Street, Edison, NJ 08837 Lender is the mortgagee under this Security Instmmem. (D) "Note" means the promissory note signed by Borro';ver and dated Au~tus t 15, 2003 The Note states that Borrower owes Lender Two Hundred Thousand, and 00/100 Dollars (U.S. $ 200,000.00 ) plus interest. Borro'weii has promised to pay this debt in regular Periodic Payments and to pay the debt in full not later than Septer-&er 1, 2033 0g) "Property" means the property that is described below ::.nder the heading "Transfer of Rights in the Property." (F) "Loan" means the debt evidenced by the Note, plus interest, any prepayment charges and late charges due under the Note, and ail sums due under this Secuqity Instrument, plus interest. (G) "Riders" means ail Riders to this Security Instrument that are executed by Borrower. The following Riders are to be executed by Borrower [check box as applicable]: ['--] Adjustable Rate Rider ~ Condominium Rider' [--] Second Home Rider ~-~ Bailoon Rider ~ Planned Unit Development Rider ~-~ 1-4 Family Rider ~ VA Rider ~ Biweekly Payment Rider ~ Other(s) [spec,fyi (It) "Applicable Law" means all controlling applicable federai, state and local statutes, regulations, ordinances and administrative roles and orders (that have the effect of law) as well as .all applicable final, non-appealable iud,cia' opinions. (I) "Community Association Dues, Fees, and Assessments" means all dues, fees, assessments and other charges that are imposed on Borrower or the Property by a condominium association, homeowners association or similar organization. (J) "Electronic Funds Transfer" means any transfe~r of funds, other than a transaction originated by check, draft, or similar paPer instrument, which is initiated through an electronic terminai, 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 ?,imited to,. point-of-saie transfers, automated teller machine transactions, transfers initiated by telephene, wire transfers, and automated clearinghouse transfers. (K) "Escrow Items" means those items that are described in Section 3. (L) "Miscellaneous Proceeds" means any compensatio.n, 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 ail 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 protectirg Lender against the nonpayment of, or default on, the Loan. (bO "Periodic Payment" means the regularly scheduleJ 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 Rea' Estate Settlement Procedures Act (12 U.S.C. Section 2601 et seq.) and its implementing regulation, Regulation X (24 C.F.R. Part 3500), as they might be amended from time to time, or any additional or successor legislation or regulation tkat governs the same subject matter. As used in this Security Instrument, "RESPA" refers to all req!.~irements and restrictions that are imposed in regard to a "federaily related mortgage loan" even if the LOan does net qualify as a "federally related mortgage loan" under RESPA. , Initials: ~/~ %y (~-6(WY) (ooo5) Page: cf 15' Form 3051 1/01 617 (P) "Successor in Interest of Borrower" means any party that has taken title to the Property, whether or not that party has assumed Borrower's obligations c~ider 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 performanc, e of Borrower's covenants and agreements under this Security Instrument and the Note. For this purpose: Borrower does hereby mortgage, grant and convey to Lender and Lender's successors and assigns, with po~ver of sale, the following described property located in the COUNTY .of LINCOLN : [Type of Recording Jurisdiction] [Name of Recording Jurisdiction] LOT TWELVE (12)', STAR VALLEY RANCH PLAT TWO (2) AS PLATTED AND RECORDED IN THE OFFICIAL RECORDS -3F LINCOLN COUNTY, WYOMING. Parcel ID Number: 35192440103100 , 314 ASPEN WAY THAYNE ("Property Address"): TOGETHER WITH all the improvements which currently has the address of [Street] [C. ity] , Wyoming 8 312 7 [Zip Code] now or hereafter erected on the property, and all easements, appurtenances, and fixtures now or hereafter a part of the property. All replacements and additions shall also be covered by this Security Instrument. All of the foregoing is referred to in this Security Instrument as the "Property." . BORROWER COVENANTS that Borrower is !.awfully 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 wil~. defend generally the title to the Property against all claims and demands, subject to any encumbrances of record. THIS SECURITY INSTRUMENT combines uniform covenants for national use and non-uniform covenants with limited variatiOns by jurisdiction to constitute a uniform security instrument covering real property. UNIFORM COVENANTS. Borrower and Len. der covenant and agree as follows: 1. Payment of Principal, Interest, Escrow. Items, Prepayment Charges, and Late Charges. Borrower shall pay when due the principal of, and interest on, the debt evidenced by the Note and any prepayment charges and late charges due under the Note. Borrower shall also pay funds for Escrow Items pursuant to Section 3. Payments due under the Note and this Security Instrument shall be made in U.S. currency. However, if any check or other instrument received by Lender as payment under the Note or this Initiels:~ (~i)~-6(WY) (ooo51 Page 5 of 15 Form 3051 1/01 618 Security Instrument is returned to Lender unpaid, -Lender may require that any or all subsequent payments due under the Note and this Security Instrument be made in one or more of the following forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, treasurer's check or cashier's check, provided any such check is drawn upon an institution whose deposits are insured by a federal agency, instrumentality, or entity; or (d) Electro:lic Funds Transfer. Payments are deemed received by Lender when re,:eived at the location designated in the Note or at such other location as may be designated by Lender in ,2:cordance with the notice provisions in Section 15. Lender may return any payment or partial payment if tine payment or partial payments are insufficient to bring the Loan current. Lender may accept any payment or partial payment insufficient to bring the Loan current, without waiver of any rights hereunder or prejudice to its rights to refuse such payment or partial payments in the future, but Lender is not obligated to apply such payments at the time such payments are accepted. If each Periodic Payment is applied as of its scheduled due date, then Lender need not pay interest on unapplied funds. Lender may hold such um¢,plied i~.;nds until Borrower makes payment to bring the Loan current. If Borrower does not do so within a reasonable period of time, Lender shall either apply such funds or return them to Borrower. If not applied earlier, Such funds will be applied to the outstanding principal balance under the Note immediately prior '~'3 foreclosure. No offset or claim which Borrower might have now or in the future against Lender shall i'elieve Borrower from making-payments due under the Note and this Security Instrument or performing the covenants and agreements secured by this Security Instrument. 2. Application of Payments or Proceeds. Except as otherwise described in this Section 2, all payments accepted and applied by Lender shall be applied in the following order of priority: (a) interest due under the Note; (b) principal due under the Note; (c) amounts due under Section 3. Such payments shall be applied to each Periodic Payment in the order in which it became due. Any remaining amounts shall be applied first to late charges, second to any otl~er amounts due nnder this Security Instrument, and then to reduce the principal balance of the Note. If Lender receives a payment from Borrower for a delinquent Periodic Payment which includes a sufficient amount to pay any late charge due, the payment may be applied to the delinquent payment and' the late charge. If more than one Periodic Payment is outstanding, Lender may apply any payment received from Borrower to the repayment of the Periodic Payments if, and to the extent that, each payment can be paid in full. To the extent that any excess exists after the payment is applied to the full payment of one or more Periodic Payments, such excess may be applied t6 any late charges due. Voluntary prepayments shall be applied first to any prepayment charges and then as d, escribed 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 shall pa~' to Lender on the day Periodic Payments are due under the Note, until the Note is paid in full,' a sum (the "Funds") to provide for payment of amounts due for: (a) taxes and assessments and other items which can attain priority over this Security Instrument as a lien or encumbrance on the Property; (b) leasehold payments or ground rents on the Property, if any; (c) premiums for any and all insurance required by Lender under Section 5; and (d) Mortgage Insurance premiums, if any, or any sums payable by Borrower to Lender in lieu of the payment of Mortgage Insurance premiums in accordance with the provisions of Section 10. These items are called "Escrow Items." At origination or at any time during the term of the Loan, Lender may require that Community Association Dues, Fees, and Assessments, if any, be ,scrowed by Borrower, and such dues, fees and assessments shall be an Escrow Item. Borrower shall pramptly furnish to Lender all notices of amounts to be paid .under this Section. Borrower shall pay Lender the Funds for Escrow Items unless Lender waives Borrower's obligation to pay the 'Funds for any or all Escrow Items. Lender may waive Borrower's obligation to pay to Lender Funds for any or all Escrow Items at any time. Any such waiver may only be in writing. In the event of such waiver, Borrower shall pay directly, when and where payable, the amounts (~-6{WY) Iooo51 Pa~e 4 of ~5 Form 3051 1/01 -' 6 ! 9 due for any Escrow Items for which payment of Funds has been waived by Lender and, if Lender requires, shall furnish to Lender receipts evidencing such payment within such time period as Lender may require. Borrower's obligation to make such payments and tc, provide receipts shall for all purposes be deemed to be a covenant and agreement contained in this Security Instrument, as the phrase "covenant and agreement" is used in Section 9. If Borrower is obligated to .pay Escrow Items directly, pursuant to a waiver, and Borrower fails to pay the amount due for an Escrow Item, 'Lender may exercise its rights under Section 9 and pay such amount and Borrower shall then be obligated under Section 9 to repay to Lender any such amount. Lender may revoke the waiver as to any Cc 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 Fund~ 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 futu': Escrcw Items or otherwise in accordance with Applicable Law. The Funds shall be held in an institution whose deposits' are insured by a federal agency, instrumentality, or entity (including Lender, if Lender is an institution whose deposits are so insured) or in any Federal Home Loan Bank. Lender shall apply the Funds to pay the Escrow Items no later than the time specified under RESPA. Lender shall not charge Borrower for holding and applying the Funds, annually analyzing the escrow account, or verifying the Escrzw Items, unless Lender pays Borrower interest on the Funds and Applicable Law permits Lender to make ruch a charge. Unless an agreement is made in writing or Applicable Law requires interest to be paid on the Funds, Lender shall not be required to pay Borrower any interest or earnings on the Funds. Borrower and Lender can agree in writing, however, that interest shall be paid on the Funds. Lender shall give to Borrower, without charge, an annual accounting of the Funds as required by RESPA. If there is a surplus of Funds held in escrow, as defined under RESPA, Lender shall account to Borrower for the excess funds in accordance with [~:ESPA. If there is a shortage of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to make up the shortage in accordance with RESPA, but in no more than 12 monthly payments. If there is a deficiency of Funds 's~eld in escrow, as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borro'o¢'er shall pay to Lender the amount necessary to make up the deficiency in acCordance with RESPA, but in rio more than 12 monthly payments. , Upon payment in full of all sums secured by fiJs Security Instrument, Lender shall promptly refund to Borrower any Funds held by Lender. 4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines, and impositions attributable to the Property which can attain priority over this Security Instrument, leasehold payments or ground rents on the Property, if any, and Community Association Dues, Fees, and Assessments, if any: To the extent that these items are Escrow Items, Borrower shall pay them in the manner provided in Section 3. Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a) agrees in writing to the payment of th :? obligation secured by the lien in a manner acceptable to Lender, but only so long as Borrower is performing such agreement; (b) contests the lien in good faith by, or defends against enforcement of the lien in, legal proceedings which in Lender's opinion operate to prevent the enforcement of the lien while those proceedings are pending, but only until such proceedings are concluded; or (c) secures from the holder of the lien an agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determ..:nes that any part of the Property is subject to a lien which can attain priority over this Security Instrumen't, Lender may give Borrower a notice identifying the (~-6(WY} Iooos) Page % ,Df 15 Form 3051 1/01 620 lien. Within 10 days of the date on which that notice is'g~ven, Borrower shall satisfy the lien or take one or mOre of the actions set forth above in this Section 4. Lender may require Borrower to pay a one-time charge for a real estate tax verification and/or reporting service used by Lender in connection with this Loan, 5. Property Insurance. BOrrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included within the term "extended coverage," and any other hazards including, but not limited to, earthquakes and floods, for which Lender requires insurance. This insurance shall be maintained in the amounts (including deductible levels) and for the' periods that Lender requires. What Lender requires pursuant to the preceding sentences can change during the term of the Loan. The insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's right to disapprove Borrower's choice, which right shall not be exercised unreasonably. Lender may require Borrower to pay, in connection with this Loan, either: (a) a one-time charge for flood zone determination, certification and tracking services; or (~) a one-time charge for flood zone determination and certification services and subsequent charges eaci:, 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 detemxination 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, su~. coverage shall cover Lender, but might or might not protect Borrower, Borrower's equity in the Prope~y, or the contents of the Property, against any risk, hazard or liabil!ty and might provide greater or lesser coverage than was previously in effect. Borrower acknowledges that the cost of the insurance coverage:so obtained might significantly exceed the cost of insurance that~ Borrower could have obtained. Any 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 sh?lt be payable, with such interest, upon notice from Lender to Borrower requesting payment. All insurance policies required by Lender and renewals of such policies shall be subject to Lender's right to disapprove such policies, shall include a standard mortgage clause, and shall name Lender as mortgagee and/or as an additional loss payee. Lender shall have the right to hold the policies and renewal certificates. If Lender requires, Borrower shall prompt!y>.give to Lender all receipts of paid premiums and renewal notices. If Borrower obtains any form of insuiance coverage, not otherwise required by Lender, for damage to, or destruction of, the Property, such policy shall include a standard mortgage clause and shall name Lender as mortgagee and/or as an additional loss payee. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, any insurance proceeds, whether or not the underlying insurance was required by Lender, shall be applied to restoration or repair of the Property, if ~e restoration or repair is economically feasible and Lender's security is n~ot lessened. During such repair a~d restoration period, Lender shall have the right to hold such insurance proceeds until Lender has had an 9pportunity to inspect such Property tO ensure the work has been completed to Lender's satisfaction, l~iovided that such inspection shall be undertaken promptly. Lender may disburse proceeds for the repai(~ and restoration in a single payment or in a series of progress payments as the work is completed, Unless, an agreement is made in writing or Applicable Law · requires interest to be paid on such insurance proceeds, Lender shall not be required to pay Borrower any interest or earnings on such proceeds. Fees for public adjusters, or other third parties, retained by Borrower shall not be paid out of the insurance proceeds and shall be the sole obligation of Borrower. If the restoration or repair i's not economically feasible or Lender's security would be lessened, the insurance proceeds shall be applied to the sums secured bY this Security Instrument, whether or not then due, with Inltials:~ (~}~-6(WY) (ooo5) Page S of/~S Form 3051 1/01 621 (~-6(WY) (ooosl the excess, if any, paid to Borrower. Such insurance proceeds shall be applied in the order provided for in Section 2. If Borrower abandons the Property, Lender :i~iay file, negotiate and Settle any available insurance claim and related matters, if Borrower does not respond within 30 days to a notice from Lender that the insurance carrier has' offered to settle a claim, then Lender may negotiate and settle the claim. The 30-day period will begin when the notice is given. In either event, or if Lender acquires the Property under Section 22 or otherwise, Borrower hereby assigns to Lender (a) Borrower's rights to any insurance Proceeds in an amount not to exceed the amounts unoaid under the Note or this Security Instrument, and · (b) any other of Borrower's rights (other':ban the right to any refund of unearned premiums paid by Borrower) under all insurance policies covering the Property, insofar as such rights are applicable to the coverage of the Property. Lender may use the insurance proceeds either to repair or restore the Property or to pay amounts unpaid under the Note or this Security Instrument, whether or not then due. .. 6. Occupancy. Borrower shall occupy, establish, and use the Property as Borrower's principal residence within 60 days after the execution of this Security Instrument and shall continue to occupy the Property as Borrower's principal residence for at least one year after the date of occupancy, unless Lender otherwise agrees in writing, which consent shall iaot be unreasonably Withheld, or unless extenuating circumstances exist which are beyond Borrower's control. 7. Preservation, Maintenance and Protection of the Property; Inspections. Borrower shall not destroy, damage or impair the Property, allow the Property to deteriorate or commit waste on the Property. Whether or not Borrower is residing in the Property, Borrower shall maintain the Property in order to prevent the Property from deteriorating or decreasing in value due to its' condition. Unless it is determined pursuant to Section 5 that repair or restoration is not economically feasible, Borrower shall promptly repair the Property if damaged to avoid further deterioration or damage. If insurance or condemnation proceeds are paid in connection wi~ damage to, or the taking of, the Property, Borrower shall be responsible for repairing or restoring the F":operty 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 re!ieved of Borrower's obligation for the completion of such repair or restoration. Lender or its agent may make reasonable entries upon and inspections of the Property. If it has reasonable cause, Lender may inspect the interior of the improvements on the Property. Lender shall give Borrower notice at the time of or prior to such an interior inspection specifying such reasonable cause. 8. Borrower's Loan Application. Borrower shall be in default if, during the Loan application process, Borrower or any persons or entities acting at the direction of Borrower or with Borrower's knowledge or consent gave materially false, misleau,ag, 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. 9. Protection of Lender's Interest in the Property and Rights Under this Security Instrument. If (a) Borrower fails to perform the covenants and agre~:..nents contained in this Security Instrument, (b) there is a legal proceedin~ that might significantly affec[Lender's interest in the Property and/or rights under this Security Instrument (such as a proceeding in b .a{tkmptcy, probate, for condemnation or forfeiture, for enforcement of a lien which may attain priority over this Security Instrument or to enforce laws or regulations), or (c) Borrower has abandoned the Property, then Lender may do and pay for whatever is reasonable or appropriate to protect Lender's interest ia the Property and rights under this Security Instrument, including protecting and/or asses, sing the value of the Property, and securing and/or repairing the Property. Lender's actions can include, But areh~)t limited to: (a) paying any sums secured by a lien which has priority over this Security Inst.rument; (b) appearing in court; and (c) paying reasonable Initials: ~ Page, 7 of 15 Form 3051 1/01 " 622 attorneys' fees to protect its interest in the Property and/or rights under this Security Instrument, including its secured position in a bankruptcy proceeding. Securing the Property includes, but is not limited to, entering the Property to make repairs, change locks, replace or board up doors and windows, drain water from pipes, eliminate building or other code violatiom~ 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 thai Lender incurs no liability for not taking any or all actions authorized under this Section 9. Any amounts disbursed by Lender under this Section 9 shall become additional debt of Borrower secured by this Security Instrument. These amounts sh.'dl bear interest at the Note rate from the date of disbursement and shall be payable, with such interest, upon notice from Lender to Borrower requesting payment. If this Security Instrument is on a leasehold, Borrower shall comply with all the provisions of the lease. If Borrower acquires fee title to the Property, the leasehold and the fee title shall not merge unless Lender agrees to the merger in writing. 10. Mortgage Insurance. If Lender re. quired Mortgage Insurance as a condition of making the Loan, t,~ Mortgage Insurance in effect. If, for any reason, Borrower shall pay the premiums required to maintain ~-~ the Mortgage Insurance coverage required by Lender c,~.~ses to be available from the mortgage insurer that previously provided such insurance and Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiums required to obtain coverage substantially equivalent to the Mortgage Insurance previously in effect, at a cost substantially equivalent to the cost to Borrower of the Mortgage Insurance previously in effect, from an alternate mortgage insurer selected by Lender. If substantially equivalent Mortgage Insurance coverage is not available, Borrower shall continue to pay to Lender the,amounT cf the separately designated payments that were due when the insurance coverage ceased to be'}h effect. Lender will accept, use and retain these payments as a non-refundable loss reserve in lieu of Mortgage Insurance. Such loss reserve shall be non-refundable, notwithstanding the fact that the Loan is ultimately paid in full, and Lender shall not be required to pay Borrower any interest or earnings on ~uch loss reserve. Lender can no longer require loss reserve payments if Mortgage Insurance coverage (in the amount and for the period that Lender requires) provided by an insurer selected by Lender again becomes available, is obtained, and Lender requires separately designated payments toward the premiums for Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan and B&'rower 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 requirement for Mortgage :Insurance ends in accordance with any written agreement between Borrower and Lender providing for such .termination or until termination is required by Applicable Law. Nothing in this Section 10 affects Borrower's obligation to pay interest ~,t the rate provided in the Note. Mortgage Insurance reimburses Lender (or any ex'}[ity that purchases the. Note) for certain losses it may incur if Borrower does not repay the Loan as agreed. Borrower ~s not a party to the Mortgage insurance. Mortgage insurers evaluate their total risk on all such insurance in force from time to time, and may enter into agreements with other parties that share or modify, their risk, or reduce losses. These agreements are on terms and conditions that are satisfactory to the mortgage Insurer and the other party (or parties) to these agreements. These agreements may require the mortgage insurer to make payments using any source of funds that the mortgage insurer may have available (which may include funds obtained from Mortgage Insurance premiums). '~ As a result of these agreements, Lender, any.pm'~haser 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 e5 Borrower's payments for Mortgage Insurance, in exchange for sharing or modifying the mortgage in~rer's risk, or reducing losses. If such agreement provides that an affiliate of Lender takes a share of the insurer's risk In exchange for a share of the premiums paid to the insurer, the arrangement is often te:-med "captive reinsurance." Further: (a) Any such agreements will not affect the amounts that Borrower has agreed to pay for Mortgage Insurance, or any other terms of the Loan. Such agreements will not increase the amount Borrower will owe for Mortgage Insurance, and they will not entitle Borrower to any refund. (~}~-6(WY) 10005} Pag~ a o~ ~ ~ Form 3051 1101 623 Co) 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 Insu~)ance terminated automatically, and/or to receive a refund of any Mortgage Insurance pre~'~-niums that were unearned at the time of such cancellation or termination. 11. Assignment of Miscellaneous Proceeds; Forfeiture. 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 econc?~Jcally feasible and Lender's security is not lessened. During such repair and restoration period, Lender ,';hall have the right to hold such Miscellaneous Proceeds until Lender has had an opportunity to inspect su.~h 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 payments 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 my interest or earnings on such Miscellaneous Proceeds. If the restoration 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. Such Miscellaneous Proceeds shall be applied in the order provided for in Section 2. In the event of a total taking, destruction, or loss in value of ti e Property, the Miscellaneous Proceeds shall be applied to the sums secured by tlrlis Security Instrument whether or not then due, with the excess, if any, paid to Borrower. . In the event of a partial taking, destruction, oi 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 Borrower and Lender otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by the amount of the M~scellaneous Proceeds multiplied by the following fraction: (a) the total amount of the sums secured immediately before the partial taking, destruction, or loss in value divided by (b) the fair market value of the Property immediately before the partial taking, destruction, or loss in value. Any balance shall be paid to Borrower. 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 parti,d taking, destruction, or loss in value is less than the amount of the sums secured immediately before tile partial taking, destruction, or-loss in value, unless Borrower and Lender otherwise agree in writing, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument whether or not the sums are then due. ' If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the Opposing Party (as defined in the next sentence) offers to make an award to Settle a claim for damages, Borrower fails to respond to Lender within 30 days.after the date the notice is given, Lender is authorized to collect and apply the Miscellaneous Proceeds either to restoration or repair of the Property or to the sums secured by this Secunt Instrument whether or not then due "O os~n Part" · ' Y , . pp ' g y means the third party that owes Borrower Miscellaneous Proceeds or the }?.arty 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 forfeiture of the. Property or other material impairment of Lender's interest in the Property or rights under this Eecurity'[nstrument. Borrower can cure such a default and, if acceleration has occurred, reinstate as prcv:_rled in Section 19, by causing the action or proceeding to be dismissed with a ruling that, in Lender's judgment, precludes forfeiture o.f 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. e All Miscellaneous Proceeds that are not app!,~ed to restoration or .r pair of the Property shall be applied in the order provided for in Section 2. (~-6(WY) (ooosl Page g of 15 Form 3051 1/01 · 624 12. Borrower Not Released, Forbearance B Len er Not a Waiv r Extenston of the · . ' Y . · ' time for Payment or modification of amortization of the sums se:ured by this Security Instrument granted by Lender to Borrower or any Successor in Interest of Borrower ~,hall not operate to tel!ease the liability of Borrower or any Successors in Interest of Borrower. Lender shall not be required to commence proc~dings against any S. ucc.essor in Interest of .Borrow6r or to refuse to extend time fc~r p~yment or otherwise modify amortization of the sums secured by this Security Instrument by reason ofanYldemand 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 fr6m third persons, entities or Successors in Interest of Borrower or in amounts less d?an the amount then due, shall not be a waiver of or preclude the exercise of any right or remedy. .~ i Assigns 13. Joint and Several Liability; Co-signers; Successors and Bound. Borrower covenants and agrees that Borrower's obligations and liability shzll be joint and several. However, any Borrower who co-signs this Security Instrument but does not exe6t?~ the Note (a "co-signer")'. (a) is co-signing this Security Instrument only to mortgage, grant and convey the co-signer's inteiest in the Property under the terms of this Security Instrument; (b) is not personally obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any other- Borrower can agree t~ extend, modify, forbear or make any accommodations with regard to the terms oF' this Security Instrument or the Note without the co-signer's consent. Subject to the provisions of Section 18, any Successor in Interest of BorroWer who assumes Borrower's obligations under this Security Instrument in writing, and is app~ oved by Lender, shall obtain all of Borrower's rights and benefits under this Security Instrument. Borrower shall not be released from B. orrower's obligations and liability under this Security Instrument unless Le~3der agrees to such release in writing. The covenants and agreements of this Secu:ity InstrUment shall bind (except as provided in Section 20) and benefit the successors and assigns of Le~xder. 14. Loan Charges. Lender may charge Borrov;gr fees for services p~rformed in connection with Borrower's default, for the purpose of protecting Len~ter's interest in the P~operty and rights under this Security Instrument, including, but not limited to, attorneys' fees, property ihspection and valuation fees. In regard to any Other fees, the absence of express authori,ty in' this Security Ifistrument to charge a specific fee to Borrower shall not be construed as a prohibition on/he charging of such fee. Lender may not charge fees that are expressly prohibited by this Security Instrument o~ by Applicable Law. If the Loan is subject to a law which sets maximum loan..~harges, and that law is finally interpreted so that the interest or other loan charges collected or to ~e collected La connection with the Loan exceed the permitted limits, then: (a) any such loan charge shall'.be reduced by the ambunt necessary to reduce the charge to the permitted limit; and (b) any sums already collected 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 payme~t to Borrower. If a r~efund reduces principal, the reduction will be treated as a partial prepayment wlithout any prepayment charge (whether or not a prepayment charge is Provided for under the No~e). '~orrower's acceptance bf 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 ~ith this Security Instrument 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 o~e Borrower shall constitute notice to all Borrowers unless Applicable Law expressly requires otherwise. ~Fhe notice address sh!all 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 addre, ss, 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 maili.ng it by first class mail to Lender's address stated herein unless Lender has designated another-.addre~ss by notice t6 Borrower. Any notice in onnect~on with th~s Security Instrument shall not be deemed to have been given to Lender until actually received by Lender. If any notice required by this Se. Curity Instrument is alio required under Applicable Law, the Applicable Law requirement will satisfy~ ~he corresponding requirement under this Security Instrument. (~)~-6(WY) (ooos) Page lO o~ is ' ?' Form 3051 1/01 625 (~)~-6(WY) (0oo5~ Pal:, 11 of 15 Form 3051 1/01 16. Governing Law; Severability; Rules Of Construction. Thi Security Instrument shall be governed by federal law and the law of the jurisdiction in which the PrOperty 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 2r implicitly allow the iparties to agree by contract or it might be silent., but such silence shall not be construed as a prohibition ~gainst agreement by contract. In the event that any provision or clause of this Sec'arity Instrument or the Note conflicts with Applicable Law, such conflict shall not affect other provisiohs of this Security InstrUment or the Note which can be given effect without the conflicting provision, of the masculine gender As used in this Security Instrument: (a) words 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 d~scretlon without any obligation to take any action. I 17. Borrower's Copy. Borrower shall be given one copy of the Notel and of this Security Instrument. 18. Transfer of t_h,,e 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 !0r deed,, contract for d~ed, installment sales contract or escrow agreement, the intent of which is the transfer of title by Borrower ~t a future date to a purchaser. If all or any part of the Property or any Interest in the Property is so!d or transferred (or if Borrower is not a natural person and a beneficial interest in iclorrower 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 &xercised by Lender ifl such exercise is prohibited by Applicable Law. / If Lender exercises this optio~n, Lender shall give Borrower notice~f acceleration. The notice shall provide a period of not less than 30 days from the date the notice is giveh in accordance with Section 15 within which Borrower must pay all sums secured by this Security Instr Jment. If Borrow6r fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies permitted by this Security Instrument without further notice or demand on Borrower. 19. Borrower's Right to Reinstate After Acceleration. If Borrawer meets certain conditions, Borrower shall, have the right to have enforcement of this Security Instzument discontinued at any time prior to the earliest of: (a) five days before sale of the Property pursuant any power of sale contained in this Security Instrument; (b) such other period a'.q Applicable Law migh specify for the termination of Borrower's right to reinstate; or (c) entry of a judgment enforcing this Security Instrument. Those conditions are that Borrower: (a) pays Lender al. sums which then wduld be due under this Security Instrument and the Note as if no acceleration had occurred; (b) cures any default of any other covenants or agreements; (c) pays all expenses incurred in enforcing this Security Instrument, including, but not limited to, reasonable attorneys' fees, property inspectio:,; and valuation fees, and other fees incurred for the purpose of protecting Lender's interest in the Property and rights under this Security Instrument; and (d) takes such action as Lender may reasonably require to assure that Lend.er's interest in the Property and rights under this Security Instrument, and Borrowe[;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:I (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 applyShall remainin the casefUllYofeffectiVeaccelerationaS ifundernO acceleratiOnsection 18. had occurred. However,I this right to reinstate shall not 20. Sale of Note; Change of Loan Servicer; Notice of Grievance. The Note or a partial interest in the Note (together with this Security Instrument) Can be sold one or more times without prior notice to Borrower. A sale might result in a change in the entity (known as th~ "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. There also might be one or more changes of the Loan Servicer unrelated to a sale of the Note. Iif there is a change of the Loan Servicer, Borrower will be given written notice of the change which will state the name and address of the new Loan Servicer, the address to which payme,~ts should be made and any Other information RESPA Imtlals: 626 ~6(WY) (goos) Lender for an Environmental Cleanup. Page12of 15 Form 3051 1/01 requires in connection with a notice of transfer of servicing. I~[ the Note is s Id and thereafter the Loan is serviced by a~ Loan Servicer other than the purchaser ~f the Note, 'the mortg~ ge 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. j~in, / Borrower nor Lender may commence, or be joined to any judicial action (as either an individual litigant or the member ora class) thai'arises from the'other p .arty's/ actions pursuant to this Security Instrument or that alleges that the other party has breached anY provision of, or any duty owed by reason of, this Security Instrument, until such BOrrower or Lender has notified the other party (with such notice given in compliance with the requirements of S~ction 15) of such all~ged breach and afforded the other party hereto a reasonable period after the giving of such notice t~! take corrective action. If Applicable Law provides a time period which must elapse before certain action can be taken, that time period will be deemed to be reasonable for purposes of this paragraph. The notice of acceleration and . opportunity to cure given to Borrower pursuant to Section 22 and the notice of acceleration given to Borrower pursuant to Section 18 shall be deemed to satisfy the notice and opportunity to take corrective action provisions of this Section 20. 21. Hazardous SubstanCes. As used in this Section 21: (a) "Haz,mdous Substances" are those substances defined as toxic or hazardous substances, p~llutants, or wastes by Environmental Law and the following substances: gasoline, kerosene, other flamn:able or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or formaldehyde, and radioactive materials; (b) "Environmental Law" means federal laws and laws .of the jurisdiction whe~ e the Property is located that relate t° health? safety or environmental protection; (c) "Environmental Cleanup" includes any response action, re,m, edial action, or removal action, as defined in Environmental Law; and (d) an "Environmental Condition' means a condition that can cause, contribute to, or otherwis~ trigger an Environmental Cleanup. I Borrower shall not cause or permit the presence, use, disposal, storage, or release of any Hazardous Substances, or threaten to release any Hazardous Subst~..'-ces, on or in the Prol~erty. Borrower shall not do, nor allow anyone else to do, anything affecting the Prt)perty (a) that is in vi( lation of any Environmental Law, (b) which creates an Environmental Condition, or (c) which, due to the )resence, use, or release of.a Hazardous Substance, creates a condition that adversely affects the value of the Property. The preceding two sentences shall not apply to the presence, use, or 'Storage on the Pro?erty of small quantities of Hazardous Substances that are generally recognized t° be appro, priate to nar mai residential uses and to maintenance of the Property (including, but not limited to, hazard(~us substanc&s in consumer products). Borrower shall promptly give Lender Written notice of (-a)' any investiga!ion, claim, demand, lawsuit or other action by any governmental or regulatory agency or p?ivate party involving the Property and any Hazardous Substance or Environmental Law of ~f~hich Borrower has actual knowledge, (b) any Environmental Condition, including but not limited .to,:any spilling, leaking, discharge, release or threat of release of any Hazardous Substance, and (c) any condition caused bY the p~esence, use or release of a Hazardous Substance which adversely affects the valu,~J'of the Property. If Borrower/ learns, or is notified by any governmental or regulatory authority, or any private party, that any ~ ;moral or other remediation of any Hazardous Substance affecting the Property ,.'s necessary, Borrower shal promptly take all necessary remedial actions in accordance with Environmental Law. Nothing herein shall create any obligation on NON-UNIFORM COVENANTS. Borrower a~d Lender further cove aant and agree as follows: 22. Acceleration; Remedies, Lender shall give notice 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 otherwi., e). 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 nodee may result in acceleration of the sums secured by this Security Instrument and sale of the Prope.~ ~.y. 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-existenee 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 ac. its option may require immediate payment in full of all sums secured by this Security Instrument vd~hout further demand and may invoke the power of sale and any other remedies permitted by Applicable Law. Lender shall be entitled to collect all expenses incurred in pursuing the remedies provided in this Section 22, including, but not limited to, reasonable attorneys' fees and costs of title evidence. If Lender invokes the power of sale, Lender shall give notice of intent to foreclose to Borrower and to the person in possession of the Property, if different, in accordance with Applicable Law. Lender shall give notice of the sale to Borrower in the manner provided in Section 15. Lender shall publish the notice of sale, and the Property shall be sold in the manner prescribed by Applicable Law. Lender or its designee may purchase the Property at any sale. The proceeds of the sale shall be applied in the following order: (a) to all expenses of the sale, including, but not limited to, reasonable attorneys' fees; (b) to all sums secur~ J 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 azty recordation costs. Lender may charge Borrower a fee for releasing this Security Instrument, but only if the fee is paid to a third pm ty for services rendered and the charging of the fee is permitted under Applicable Lzw. 24. Waivers. Borrower releases and waives all rights under an by virtue of the homestead exemption laws of Wyoming. v Initials I~I~-6(WY) Iooosl Page ~3 of ~S ~ Form 3051 1/01 628 BY SIGNING BELOW, Borrower accepts and ggrees.,', the terms ~d covenants contained in this Security Instrument and in any Rider executed by.Boi3ower and recorded with it. Witnesses: RANDY A VIVIER -Borrower (Seal) DEBORAH R VIVIER -Borrower (Seal) -Borrower Page 14 m 15 Form 3051 (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower 1/Ol 629 STATE OF WYOMING, TETON County ss: The foregoing instrument was acknowledged'before me this Au~us by RANDY A VIVIER, DEBORAH R VIVIER, HUSBAND & WIFE My Commission Expires: 9-12-03 15, 2003 (~I)~-6(WY) (0005) Page 1 Form 3051 1/Ol 630 49708531 1497085315 PLANNED UNIT DEVELOPMENT RIDER ! THIS PLANNED UNIT DEVELOPMENT RIDER is made this 15 th day of August 2 0 0 3 . . , and is lincorporated into and shall be deemed to, amend and supplement the Mortgage, Deed of Trust, or Siecurity Deed (the "Security Instrument') of the same date, given by the undersigned (the "Borrower") io secure Borrower's Note to CHASE MANHATTAN MORTGAGE CORPOPATION I a corporation organized and ex~_.sting under the laws of the State of New Jersey (the "Lender") of the same date and covering the Property deScribed in the Security Instrument and located at: 314 ASPEN WAY, THAYNE, WY 83127 [Property Address] The Property includes, but is not limited to, a parcel of land improved with a such parcels and certain common areas and facilities, as described in dwelling, together with other COVENANTS, CONDITIONS A_ND RESTRICTIONS / (the "Declaration"). The Property is a part ~of a planned uni development known as STAR VALLEY RANCH [Name of Planned [;'pit Development] (the "PUD"). The Property also includes Borrower's ::ntereSt in the homeowners association or equivalent entity owning or managing the common,areas and faci!ities of the PUD (the "Owners Association") and the uses, benefits and proceeds of Borrower s interest. ' PUD COVENANTS. In addition to the covenants and agreements made in the Security Instrument, Borrower and Lender further covenant and agree as follows: A. PUD Obligations. Borrower shall perform all of Borrower's obligations, under the PUD's Constituent Documents. The "Constituent Documents" are the (i) Declaration; (ii) articles of incorporation, trust instrument or any equivalent document which CreateS the Owners Association; and (iii) any by-laws or other rules or regulations of the Owners Association. Borrower. shall promptly pay, when due, all dues and assessments imposed pursuant to the C3nstituent Documents[ MULTISTATE PUD RIDER - Single Family - Fannie Mae/Fred0ie Mac UNIFORM INSTRUMENT Page 1 of 3 Initials: (~)..-7R (0008) VMP MORTGAGE FORMS - (800)521-7291 Form 3150 1/01 631 B. Property Insurance. So long as the Owners Association maintains, with a generally accepted insurance carrier, a "master" or "blanket" policy b:suring the Property which is satisfactory to Lender and which provides insurance coverage in the amounts (including deductible levels), for the periods, and against loss by fire, hazards included within the term "extended coverage," and any other hazards, including, but not limited to, earthquakes and floods~ for which Lender requires insurance, then: (i) Lender waives the provision in' Section 3 for the Periodic Payment to Lender of the yearly premium installments for property insurance on the Property; and (ii) Borrower's obligation under Section 5 to maintain property insurance coverage on the Propcny is deemed satisfied to the extent that the required coverage is provided by the Owners Association pc?icy. What Lender requires as a condition of this waiver Can change during the term of the loan. Borrower shall give Lender prompt notice o~ any lapse in required property insurance coverage provided by the master or blanket policy. In the event of a distribution of propex-~y insurance proceeds in lieu of restoration or repair following a loss to the Property, or to common areas ~_d faciEdes of the PUD, any proceeds payable to Borrower are hereby assigned and shall be paid to Lender;. Lende:' shall apply the proceeds to the sums secured, by the Security Instrument, whether or not then du.,~, With the excess, if any, paid to Borrower. C. Public Liability Insurance. Borrower shall take such actions as may be reasonable to insure that the Owners Association maintains a public liability insurance policy acceptable in form, amount, and extent of coverage to Lender. D. Condemnation. The proceeds of any zv~ard or claim for damages, direct or consequential, payable to Borrower in connection with any conde_.z~natidn or other taking of all or any part of the Property or the common areas and facilities of the PUD, or for any conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. Such proceexis shall be applied by Lender to the sums secured by the Security Instrument as provided in Section 11. E. Lender's Prior Consent. Borrower shall not, except after notice to Lender and with Lender's prior written cons. ent, either partition or subdivide the Property or consent to: (i) the abandonment or termination of the PUD,' except for abandonment Or termination required by law in the case of substantial destruction by fire or other casualty or in the case of a taking by condemnation or eminent domain; (ii) any amendment to any provision of the "Constitue,at Documents" if the provision is for the express benefit of Lender; (iii) termination of professional management and assumption of self-management of the Owners Association; or (iv) any action which would have the effect of rendering the public liability insurance coverage maintained by the Owners Association unacceptable to Lender. F. Remedies. If Borrower does not pay PUL'. dues and assessments when due, then Lender may pay them. Any amounts disbursed by Lender under this paragraph F shall become additional debt of Borrower secured by the Security Instrument. Unless Borrower and Lender agree to other terms of payment, these amounts shall bear interest from the date of disbursement at the Note rate and shall be payable, with interest, upon notice from Lender to Borrower reqcesting payment. Initials: F~rm 3150 1/01 632 BY SIGNING BELOW, Borrower accepts and agrees to the terms and provisions contained in this PUD Rider. RANDY A VIVIER -Borrower DEBORAH R VIVIER -Borrower (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Borrower -Borrower (~<~7R {0008) Page 3 of 3 Form 3150 1/01