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HomeMy WebLinkAbout892690Return To: Principal Residential Mortgage, Inc. c/o Affiliaced Computer Svcs 4153 120 St, Urbandale, IA 50323-2314 892690 Prepared By: Shelly Florez Principal Residential Mortgage, Inc. 350 Int~rlocken Blvd ~280, Broomfield, CO 80021 Phone Number: (877) 841-9906 BOOK PAGE 6 9 2 6328358-4 [Space Above This IA: [ For Recording Data] MOR [ 3AGE MIN 100026600063283589 115 6328358 DEFINITIONS Words used in multiple sections of this document :re: clefmed below and other words are defined in Sections 3, 11, 13, 18, 20 and 21. Certain roles re~:~.di~vg the usage of words used in this document are also provided in Section 16. (A) "Security Instrument" means this document, which is da:ed August 11 together with all Riders to this document. ' (B) "B6rrower" is Michael Ray Dart and Rafelle J. Dar~ husb.:-.:, and wife 2003 Borrower is the mortgagor under this Security Instm~ ,, mt. (C) "MERS" is Mortgage Electronic Registration 5ynems, Inc. MERS is a separate corporation that is acting solely as a nominee for Lender and Lender successors and assigns. MERS is the mortgagee under this Security Instrument. MERS is organized and existing under the laws of Delaware, and has an address and telephone number of P.O. Box 2026, Flin~. MI 48501-2026, tel. (888) 679-MERS. WYOMING-Single Family-Fannie Mae/Freddie Mac UNIFOP : INSTRUMENT WITH MERS (~-6A{WY) Iooo§).o~ VMP MORTGAGE FORMS - (800)521-7291 88366866 Form 3051 110l .... ¢;J~. k; (D) "Lender" is Principal Lender is a Corporation Residential tlO~tgage, Inc. 693 organized and existing under the laws of the Sta .,; of. Iowa Lender's address is 711 High Street, Des Moines, IA 5)L ~2 (E) "Note" means the promissory note signed by L.:;: ',i, wer and dated August 11, 2003 The Note states that Borrower owes Lender One Hundred Twenty One Thousand Six .q.xndred and 00/100 Dollars (U.S. $ 121,600.00 ) plus interest· Bon ~.aer has promised to pay this debt in regular Periodic Payments and to pay the debt in full not later than ';;~-ptember 1, 2033 0~) "Property" means the property that is describer below under the heading "Transfer of Rights in the Property." (G) "Loan" means the debt evidenced by the Note, l,l'm interest, any prepayment charges and late charges due under the Note, and all sums due under this Seen-:~y Instrument, plus interest. (H) "Riders" means all Riders to this Security Into ~;:uent that are executed by Borrower. The following Riders are to be executed by Borrower [check box a~. ~ ~plicable]: [] Adjustable Rate Rider [~ Condominium Ride . ~ Second Home Rider [] Balloon Rider [~ Planned Unit Devei,'.iment Rider [--] 1-4 Family Rider [] VA Rider []Biweekly Payment ~tider [---] Other(s) [specify] (I) "Applicable Law" means all controlling app,. :able federal, state and local statutes, regulations, ordinances and administrative rules and orders (that :?ye the effect of law) as well as all applicable final, non-appealable judicial opinions. (J) "Community Association Dues, Fees, and ~Ssse. i_!iments" means all dues, fees, assessments and other charges that are imposed on Borrower or the F;,:4er.:y by a condominium association, homeowners association or similar organization. -' · (K) "Electronic Funds Transfer" means any [ransi:.; of funds, other than a transaction originated by check, draft, or similar paper instrument, which is~',fitiated through an electronic terminal, telephonic instrument, computer, or magnetic tape so as to orde: .. :;r:struct, or authorize a financial institution to debit or credit an account. Such term includes, but is no' d;_uited to, point-of-sale transfers, automated teller machine transactions, transfers initiated by tel,;: ,l~l..ite, wire transfers, and automated clearinghouse' transfers. . r Ob) "Escrow Items" means those items that a:.:. : .~scr!j.~,:d in Section 3: (M) "Miscellaneous Proceeds" means any c'....0ensa ~;,n, '~ettlement, award of damages, or proceeds paid by any third party (other than insurance proc~:.;ds pai~ m?.aer the coverages described in Section 5) for: (i) damage to, or destruction of, the Property; (ii' conO,~mnation or other taking of all or any part of the Property; (iii) conveyance in lieu of conderrm-: :2,v.; :~ (iv) misrepresentations of, or omissions as to, the value and/or condition of the Property. .,. ~. (N) "Mortgage Insurance" means insurance pr~ !~.chi~g Lender against the nonpayment of, or default on, the Loan. (O) "Periodic Payment" means the regularly sch: :. e:d amount due for (i) principal and interest under the Note, plus (ii) any amounts under Section 3 of th_'.;..c~urity Instrument. (P) "RESPA" means the Real Estate Settlement L ,;?~dures Act (12 U.S.C. Section 2601 et seq.) and its implementing regulation, Regulation X (24 C.F R. l~art 3500), as they might be amended from time to time, or any additional or successor legislation or relitilation that governs the same subject matter. As used in this Security Instrument, "RESPA" refers to ali"re t;firements and restrictions that are imposed in regard to a "federally related mortgage loan" even if the L.~ does not qualify as a "federally related mortgage loan" under RESPA..:' ? (~-6A{WY) (ooos~.m Page f ~5 m 3051 1/01 6 9 4 (Q) "Successor in Interest of Borrower" means any }may that has taken title to the Property, whether or not that party has assumed Borrower's obligations ut~.l~r the Note and/or this Security Instrument. TRANSFER OF RIGHTS IN THE PROPERTY This Security Instrument secures to Lender: (i) the re. tyrnent of the Loan, and all renewals, extensions and modifications of the Note; and (ii) the performa,::e of Borrower's covenants and agreements under this Security Instrument and the Note. For this purpo.~.~, Borrower does hereby mortgage, grant and convey to MERS (solely as nominee for Lender and Ler.',.ser's successors and assigns) and to the successors and assigns of MERS, with power of s;.,lz, the following described property located in the County of Lincoln : [Type of Recording Jurisdiction] [Name of Recording Jurisdiction] LOT 62 OF THE STAR VALLEY RANCH PLAT ;~3, LINCOLN COUNTY, WYOMING AS DESCRIBED ON THE OFFICIAL PLAT THERE()I?. Parcel ID Number: 94 Hillside Way, Thay~e' ("Property Address"): which currently has the address of [Street] [City] , Wyoming 8 3 ]-2 7 [Zip Code] TOGETHER WITH all the improvements' m. or hereafter erected on the property, and all easements, appurtenances, and fixtures now or hez,.:~fter a part of the property. All replacements and additions shall also be covered by this Security I[~t ~.unent. All of the foregoing is referred to in this Security Instrument as the "Property." Borrower um: .;stands and agrees that MERS holds only legal title to the interests granted by Borrower in this Security instrument, but, if necessary to comply with law or custom, MERS (as nominee for Lender and Lender's .: uccessors and assigns) has the right: to exercise any or all of those interests, including, but. not limited t, ,. the right to foreclose and sell the Property; and to take any action required of Lender including, but ~ot limited to, releasing and canceling this Security Instrument. BORROWER COVENANTS that Borrower is ': ~'~fully seised of the estate hereby conveyed and has the right to mortgage, grant and convey the Proper~ ?~ and that the Property is unencumbered, except for encumbrances of record. Borrower warrants and wi[ :iefend generally the title to the Property against all claims and 'demands, subject to any encumbrances of ':ecord. THIS SECURITY INSTRUMENT combines t ~iform covenants for national use and non-uniform covenants with limited variations by jurisdiction to ~:Cnstitute a uniform security instrument covering real property. (~-6A(WY) (ooo5).ol Page: ~ ! 15 Initials: Forth' 3051 1/01 695 due for any Escrow Items for whmh payment of Fuff::~ has been waived by Lender and, if Lender requires, shall furnish to Lender receipts evidencing such ~ .:~ent' within such time period as Lender may require. Borrower's obligation to make such payments anaL:.; i!~9~'~vide receipts shall for all purposes be deemed to be a covenant and agreement contained in this Secm'il :/instrument, as the phrase ".covenant and agreement" is used in Section 9. If Borrower is obligated to p~ii' Escrow Items directly, pursuant to a waiver, and Borrower fails to pay the amount due for an Escrow ': em, Lender may exercise its rights under Section 9 and pay such amount and Borrower shall then be o[.~>.~ated under Section 9 to repay to Lender any such amount. Lender may revoke the waiver as to any?!' xIl Escrow Items at any time by a notice given in accordance with Section 15 and, upon such revoc:;:&;,t; Borrower shall pay to Lender all Funds, and in such amounts, that are then required under this L~;.,tica 3 .- Lender may, at any time, collect and h~!:i ' find,' .a an amount (a) sufficient to'permit Lender to apply ' the Funds at the time specified under RESP..~.: and. , not to exceed the maximum amount a lender can require under RESPA. Lender shall estimatc t.~_~ a~:bmt of Funds due on the basis of current data and reasonable estimates of expenditures of future'Escr, ,,~ Items' or otherwise in accordance with Applicable Law. The Funds shall be held in an institu.~.~: a ~;hose deposits are insured by a federal agency, instrumentality, or entity (including Lender, if L:,:- ~' ;. is an institution whose deposits are so insured) or in any Federal Home Loan Bank. Lender shall apply:. ~ ·.Funds to pay the Escrow Items no later than the time specified under RESPA. Lender shall not charge ". r~:ower for holding and applying the Funds, annually analyzing the escrow account, or verifying the Eccrt ~ Items, unless Lender pays Borrower interest on the Funds and Applicable Law permits Lender to mal:~: u~zha charge. Unless an agreement is made in writing or Applicable Law requires interest to be paid on tl~ ?unds, Lender shall not be required to pay Borrower any interest or earnings on the Funds. Borrower ~anJ'Lender can agree in writing, however, that interest shall be paid on the Funds. Lender shall give to E,,~mwer, 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 Ri~.~iPA. If there is a shortage of Funds held in escrow, as defined under RESPA, Lender shall notify Borro,~..~!r.as required by RESPA, and Borrower shall Pay to Lender the amount necessary to make up the shorta~.:~iin accordance with RESPA, but in no more than 12 monthly payments. If there is a deficiency of Funds ~ % sd m escrow, as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrox: .-~.: shall pay to Lender the amount necessary to make up the deficiency in accordance with RESPA, .but :n :~,'~ 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 c:./xes, assessments, charges, fines, and impositions attributable to the Property which can attain priorir3. ')ver this Security Instrument, leasehold payments or ground rents on the Property, if any, and Communk' '.~ssociation Dues, Fees, and Assessments, if any. To the extent that these items are Escrow Items, Bo~ow-~ sha~.l pay them in the manner provided in Section 3. Borrower shall promptly discharge any lie~,~ y~: LCh [,as priority over this Security Instrument unless Borrower: (a) agrees in writing to the. payment os ~i'~ '.t~bi.'_gation secured by the lien in a manner acceptable to Lender, but only so long as Borrower is perfora.?Tsuch agreement; (b) contests !,he lien in good faith by, or defends against enforcement of the lien in, lei~l proceedings which in Lender s opinion operate to prevent the enforcement of the lien while thc~se proc:,., dings are pending, but only until such proceedings are concluded; or (c) secures from the holder of th.~., li6a ~n agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender ~ de.~ern'...~.s:,, that any part of the Property is subject to a lien which can attain priority over this Security Ins~ .meF~il Lender may give Borrower a notice identifying the Initials: I~-6AIWY} ¢ooo5Lo~ * .,;~e 5. 3f 15 51 1/01 '1 · ':,' '.-, '.,' 696 :'::" lien. within 10 days of the date on which that notice i.g given., i?c":"ower 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-:"i ne, ~.sarge for a leal estate tax verification and/or reporting service used by Lender in connection w:';;, 1, L Loan. S. Property Insurance. Borrower shall keep t! ~.i imProvements now existing or hereafter erected on the Property insured against loss by fire, hazards in :. ude..d within the term "extended coverage," and any other hazards including, but not limited to, earthqur ~.s and floods, for which Lender requires insurance. This insurance shall be maintained in the amounts ,"' :,b~lzding deductible levels) and for the periods that Lender requires. What Lender requires pursuant ~o t? :' pyeceding sentences can change during the term of the Loan. The insurance carrier providing the insur~n':¢ shall be chosen by Borrower subject to Lender's right to disapprove Borrower's choice, which righ'. ,shall not be exercised Unreasonably. Lender may require Borrower to pay, in connection with this :_ .)an, either: (a) a one-time charge for flood zone determination, certification and tracking services; or kb) a one-time charge for flood zone determination and certification services and subsequent charges eact~ 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 Emer.:,ency Management Agency in connection with the review of any flood zone determination resulting fron~ ~ objection by Borrower. If Borrower fails to maintain any of the cove~,.,,es described above, Lender may obtain insurance coverage, at Lender's option and Bgrrower's expm'se. Lender is under no obligation to purchase any particular type or amount of coverage. Therefore, s::':h coverage shall cover Lender, but might or might not protect Borrower, Borrower's equity in the Propt rty, or the contents of the Property, against any risk, hazard or liability 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 an:k unts disbursed by Lender under this Section 5 shall become additional debt of Borrower secured by this ~ecurity Instrument. These amounts shall bear interest at the Note rate from the date of disbursement and s'~all be payable, with such interest, upon notice from Lender to Borrower requesting payment. All insurance policies required by Lender and 'r,~ne.:~als of such policies shall be subject to Lender's right to disapprove such policies, shall include a s~?c.~" u'd mortgage clause, and shall name Lender as mortgagee and/or as an additional loss payee. Lender .~: ~ll'have the right to hold the policies and renewal certificates. If Lender requires, Borrower shall prom/. ) i-ive to Lender all receipts of paid premiums and renewal notices. If Borrower obtains any form of ir. ;~.,r~'~.e.e coverage, not otherwise required by Lender, for damage to, or destruction of, the Property, such pc4ic¥ shall include a standard mortgage clause and shall name Lender as mortgagee and/or as an additioeal loss..gaYee. In the event of loss, Borrower shall give pron pr. notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by B, rower. :Jnless Lender and Borrower otherwise agree in writing, any insurance proceeds, whether or not t:....-mder:',ying insurance was required by Lender, shall be applied to restoration or repair of the Property, i' .~,e rest5?.'.~':ion or repair is economically feasible and Lender's security is not lessened. During such rep~i~, tnd re:~:ation period, Lendei' shall have the right to hold such insurance proceeds until Lender has had .~,~ 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 disburse proceeds for the rel:,~ .rs and restoration in a single payment or in a series of progress payments as the work is completed. Unle~ an agreement is.made in writing or Applicable Law requires interest to be paid on such insurance procee6 ;, Lender shall not be required to pay Borrower any interest or earnings on such proceeds. Fees for t:~,~hc adjusters, or other third parties, retained by Borrower shall not be pa. id out of the insurance ~rot. ~os and shall be the sole obligation of Borrower. If the restoration or repair is not economically feasible ~J 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 I~-6A(WY) ~ooos~.o~ Page (: ef 1.5 ' c../ Form 3051 1101 UNIFORM COVENANTS. BorrOwer an,'J ?.~nd~i:: covenant and agree as follows: 1. Payment of Principal, Interest, Es,?.r~',t/-~tems, Prepayment Charges, and Late Charges. Borrower shall pay when due the principal ofl. ~id ~terest on, 'the debt evidenced by the Note and any prepayment charges and late charges due under. :l~e ,~i'~te. Borrower shall also pay funds for Escrow Items pursuant to Section 3. Payments due under the 1.i'~,.;~ and this Security Instrument shall be made in U S currency. However, ff any check or other znstrun~.z.d' ~:'ece~ved by Lender as payment under the Note or this Security Instrument is returned to Lender unpaid.: !i Lder may require that any or all subsequent payments due under the Note and this Security Instrume~,: ~.,~i made in one or more of the following forms, as selected by Lender: (a) cash; (b) money orde:; (~:) certified check, bank check, treasurer's check or cashier's check, provided any such check is drawa (spon an institution whose deposits are insured by a federal agency, instrumentality, or entity; or (d) Ele~' ti'onic Funds Transfer. Payments are deemed received by Lender whe~ received at the location designated in the Note or at such other location as may be designated by Lender :r !accordance with the notice provisions in Section 15. Lender may return any payment or partial payment i[~.the payment or partial payments are insufficient to bring the Loan current. Lender may accept any pay r~ent or partial payment insufficient to bring the Loan current, without waiver of any rights hereunder or ~,r~judice to its rights to refuse such payment or partial payments in the future, but Lender is not obligate~ ~:'-'~'i apply such payments at the time such payments are accepted. If each Periodic Payment is applied as ~?its scheduled due date, then Lender need not pay interest on unapplied funds. Lender may hold such '3~ii~pplied funds until Borrower makes payment to bring the Loan current. If Borrower does not do so within !~i reasonable period of time, Lender shall either apply such funds or return them to Borrower. If not apPlie), earlier, such funds will be applied to the outstanding principal balance under the Note immediately prio'., [o foreclosure. No offset or claim which Borrower might have now or in the future against Lender sh~ ;J relieve Borrower from making payments due under the Note and this Security Instrument or performing i'~ te covenants and agreements secured by this Security Instrument. ' :: ' 2. Application of Payments or Proceeds.. l;~cept as otherwise described in this Section 2, all payments accepted and applied by Lender shall '~6 ,,}plied in the following order of priority: (a) interest due under the Note; (b) principal due under t, he N~,~-?.; (c) amounts due under Section 3. Such payments shall be applied to each Periodic Payment in the o:'~et in which it became due. Any remaining amounts shall be applied first to late charges, s.econd to an,/, :iher amounts due under this Security Instrument, and then to reduce the principal balance of'the Note. ' · .:,! . If Lender receives a payment from Borrower ;'::~x a delinquent Periodic Payment which includes a sufficient amount to pay any late charge due, 'the l~i"..hent may be. applied to the delinquent payment and the late charge. If more than one Periodic Payment is";:,utstanding, Lender may apply any payment received from Borrower to the repayment of the PeriOdic Pa~ii~)er:';'s if, and to the extent that, each payment can be paid in full. To the extent that any excess exists af~_:~,i~h¢ payment is applied to the full payment of one or more Periodic Payments, such excess may be appl,. :d t;, any late charges due. Voluntary prepayments shall be applied first to any prepayment charges and ¥' a a,, itescribed in the Note. Any application of payments, insurance: ocee,.is or Miscellaneous Proceeds to principal due under the Note shall not extend or postpone the du,:: .ate, oz~ ha~ ge the amount, of the Periodic Payments. 3. Funds for Escrow Items. Borrowe:: .?hall t ,;' ;:~ Lender on the day Periodic Payments are due under the Note, until the Note is paid in full t: sum ,ihe "Funds") to provide for payment of amounts due for: (a) taxes and assessments and other item~' ,,i;z.,icb?.,:an attain priority over this Security Instrument as a lien or encumbrance on the Property; (b) leasc~.oi: 5,9¢yments or ground rents on the Property, if any; (c) premiums for any and all insurance required ~:/' ;'i~:nder under Section 5; and (d) Mortgage Insurance premiums, if any, or any sums payable by E:;:~'c,?er to Lender in lieu of the payment of Mortgage 'Insurance premiums in accordance with the pr..:., ,. '~ms of Section 10. These items are called "Escrow Items." At origination or at any time during the'.: ,ii~ of the Loan, Lender may require that Community Association Dues, Fees, and Assessments, if m :;.. ~e escrowed by Borrower, and such dues, fees and assessments shall be an Escrow Item. Borrower s{~m! ~romptly furnish to Lender all notices of amounts to be paid under this Section. Borrower shall pay Len,:},:r the Funds for Escrow Items unless Lender waives Borrower's obligation to pay the Funds for an~, ' ;~ .,~ all Escrow Items. Lender may waive Borrower's obligation to pay to Lender Funds for any or all Es; iow Items at any time. Any such waiver may only be in writing: In the event of such waiver, Borrower's~'a)l pay directly, when and where payable, the amounts (~-6A(WY) r--/Form 3051 1/01 the excess, if any, paid to Borrower. Such insurance Proceeds shall be applied in the order provided for in Section 2. If Borrower abandons the Property, Lender may f'.le, negotiate and settle any available insurance claim and related matters. If Borrower does not respb~,5'within 30 days to a notice from Lender that the insurance carrier has offered to settle a claim, then L,..:o ',;:..r -~ may negotiate and settle the claim. The 30-day period will begin when the notice is given. In eitl [.'~'" ':'?ent, or if Lender acquires the Property under Section 22 or otherwise, Borrower hereby assigns ~ 'Lender (a) Borrower's rights to any insurance proceeds in an amount not to exceed the amounts unl:~d' :.'.nder the Note or this Security Instrument, and (b) any other of Borrower's rights (other than the rig.~-;...~: ::~ any refund of unearned premiums paid by Borrower) under all insurance policies covering the .l"ml~erty, insofar as such rights are applicable to the coverage of the Property. Lender may use the insura' :e prcc~-;eds either to repair or restore the Property or to pay amounts unpaid under the Note or this Security.,~ instmr~.em, whether or not then due. 6. Occupancy. Borrower shall occupy, establish, a'-~4 use the Property as Borrower's principal residence within 60 days after the execution of this '.":ecu,'i":', Instrument and shall c°ntinue to occupy the Property as Borrower's principal residence for at lez~;~: or,.e year after the date of occupancy, unless Lender otherwise agrees in writing, which consent shalt...~'~o~ be unreasonably withheld, or unless extenuating circumstances exist which are beyond Borrower's co~, :ol. 7. Preseri, ation, Maintenance and Protecti0,: of the Property; Inspections. Borrower shall not destroy, damage or impair the Property, ai.~ow tt, Property to deteriorate or commit waste on the Property. Whether or not Borrower is residing ir. ti: ,Pr..o. perty, Borrower shall maintain the Property in order to prevent the Property from deteriorating or 'i.~.creasing 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 a~,°iC further deterioration or damage. If insurance or condemnation proceeds are paid in connection with ,~.;mage to, or the taking of, the Property, Borrower shall be responsible for repairing or restoring the Pr::~perty 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 in'Surance or condemnation-proceeds are not sufficient to repair or restore the Property, Borrower is not rei.~¥:'~ed of Borrower's obligation for the completion of such repair or restoration. Lender or its agent may make reasonable ent~,~:S upon and inspections of the ProPerty. If it has reasonable cause, Lender may inspect the interior of tine improvements on the Property. Lender shall give Borrower notice at the time of or prior to such an iht,: '!or inspection specifying such reasonable cause. 8. Borrower's Loan Application. Borrower 5hail be in default if, during the Loan application process, Borrower or any 'persons or entities actin.:,.: at the direction of Borrower or with Borrower's knowledge or consent gave materially false, misleadi: t,i~ or inaccurate information or statements to Lender (or failed to provide Lender with material infc. r:_nation) in connection with the Loan. Material .representations include, but are not limited to, rep~,~entations concerning Borrower's occupancy of the Property as Borrower's principal residence. ~ ~ 9. Protection of Lender's Interest in the ProF erty and Rights Under this Security Instrument. If (a) Borrower fails to perform the covenants and agrecn~en:s, contained in this Security Instrument, (b) there is a legal proceeding that might significantly affect ~"...~..'er s interest in the Property and/or rights under this Security Instrument (such as a proceeding in bankruptcy, probate, for condemnation or forfeiture, for enforcement of a lien which may attain priority oiiS.,.'.'this Security Instrument or to enforce laws or regulations), or (c) Borrower has abandoned the Prt,iisny, then Lender may do and pay for whatever is reasonable or appropriate to protect Lender's interest, in the Property and rights under this Security Instrument, including protecting and/or assessing the ~.a~ue of the Property, and securing and/or repairing the Property. Lender's actions can include, but are. h ~t 15nited to: (a) paying any sums secured by a lien which has priority over this Security Instrument ~i:b)' appearing in court; and (c) paying reasonable ,.. initials: (~6A(WY) (ooo5).o~ Page ~ ~f,~S ,-~ rm 3051 1/01 691t attorneys' fees to protect its interest in the Property ..,.~c}/or rights under this Security Instrument, including its secured position in a bankruptcy proceeding. S.S .uring the' Property includes, but is not limited to, entering the Property to make repairs, change 10cks.;*:eplace or board up doors and windows, drain water from pipes, eliminate building or other code vi01atj'~:~S or dangerous conditions, and have utilities turned on or off. Although Lender. may take action under tt ~j. Section 9, Lender does not have to do so and is not under any duty or obligation to do so. It is agreed t:~;it Lender incurs no liability for not taking any or ail actions authorized under this Section 9. ~ '~ Any amounts disbursed by Lender under this ,'section 9 shail become additionai debt of Borrower secured by this Security Instrument. These amount: ~hail bear interest at the Note rate from the date of disbursement and shall be payable, with such inter .,~"i, Upon notice from Lender to Borrower requesting payment. If this Security Instrument is on a leasehold,L },)rrower shail comply with ail the provisions of the lease. If Borrower acquires fee title to the Proper~v: ~he leasehold and the fee title shail not merge unless Lender agrees to the merger in writing. ' .i 10. Mortgage Insurance. If Lender required Iv....'):tgage Insurance as a condition of making the Loan, Borrower shall pay the premiums required to maintar.: the Mortgage Insurance in effect. If, for any reason, the Mortgage Insurance coverage required by Lender ~ases to be available from the mortgage insurer that previously provided such insurance and BorrOwer:w~;i required to make separately designated payments toward the premiums for Mortgage Insurance, B~,,ci.c'~er shail pay the premiums required to obtain coverage substantiaily equivalent to the Mortga? I:.;:arance previously in effect, 'at a cost substantially equivalent to the cost 'to Borrower of the ~{z,~a[.g insurance previously in effect, from an aiternate mortgage insurer selected by Lender. If ~;:4;,s~tanti[/! equivaient Mortgage Insurance coverage is not available, Borrower shail continue to pay to Lefid~r: ..'.: ar:]ount of the separately designated payments that were due when the insurance coverage ceased t'q b..~.';:n;effect. Lender will accept, use and retain these payments as a non-refundable loss reserve in lieu~ o( Mortgage Insurance. Such loss reserve shall be non-refundable, notwithstanding the fact that the !~:~iis ultimately paid in full, and Lender shail not be required to Pay Borrower any interest or earnifigs' .oji, ~uch loss reserve. Lender can no longer require loss reserve payments if Mortgage Insurance covers[;C (i~. the amount and for the period that Lender requires) provided by an insurer selected by Lender ag;,5~ 4~Comes available, is obtained, and Lender requires separately designated payments toward the premi~:i:3 ?or Mortgage insurance. If Lender required Mortgage Insurance as a condition of making the Loan an,~.~'~'~rrower was required to make separately designated payments toward the premiums for Mortgage h:(': .;,'ince, Borrower shail pay the premiums required to maintain Mortgage Insurance in effect, or to p:, 41de a non-refundable loss reserve, until Lender's requirement for Mortgage Insurance ends in accords ti~e with any written agreement between Borrower and Lender providing for such termination or until termi ~ ~tion is required by Applicable Law. Nothing in this Section 10 affects Borrower's obligation to pay inter:..t:t at the rate provided in the Note. Mortgage Insurance reimburses Lender (or an3' :entity that purchases the Note) for certain losses it may incur if Borrower does not repay the Loan ;is. agreed. Borrower is not a party to the Mortgage Insurance. Mortgage insurers evaluate their totai risk on ~t! such insurance in force from time to time, and may enter into agreements with other parties that share o~' i aodify their risk, or reduce losses. These agreements are on terms and conditions that are satisfactory to t~::: mortgage insurer and the other party (or parties) to these agreements. These agreements may require th~';'nortgage insurer to make payments using any source of funds that the mortgage insurer may have availat..7~. (xvhich may include funds obtained from Mortgage Insurance premiums). .:; As a result of these agreements, Lender,_ any ? ;-.~rcl~aser of the Note, another insurer, any reinsurer, any other entity, or any affiliate of any of the fc.reg, ,i~g, may receive (directly or indirectly) amounts that derive from (or might be characterized as) a portio~,4~f Borrower's payments for Mortgage Insurance, in exchange for sharing or modifying the mortgage i5~urer's risk, 'or reducing losses. If such agreement provides that an affiliate of Lender takes a share ::.i'~ the insurer's risk in exchange for a share of the premiums paid to the insurer, the arrangement is ofu,.)~termed "captive reinsurance." Further: (a) Any such agreements will not affect ti:::.; amounts that Borrower has agreed to pay for Mortgage Insurance, or any other terms of the L~![m. Su(~h agreements will not increase the amount Borrower will owe for Mortgage Insurance, an~ t~.'~y wall. not entitle Borrower to any refund. (~}~-6A{WY) 1ooo51.o~ Pag~'!!:i:f ~5 ~ - Form 3051 1/01 (b) Any such agreements will not affect th?i"ights Borrower has - if any - with respect to the Mortgage Insurance under the Homeowners Prwection Act of 1998 or any other law. These rights may include the right to receive certain disclci~ures, to 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 tha~ were' unearned at the time of such cancellation or termination. ~ . 11. Assignment of Miscellaneous Proceeds; "\?orfeiturel All Miscellaneous Proceeds are hereby assigned to and shall be paid to Lender. If the Property is damaged, such Miscellaneoc:.. Proceeds shall be applied to restoration or repair of the Property, if the restoration or repair is econon ically feasible and Lender's security is not lessened. During such repair and restoration period, Lender s.t .~i~. have the right to hold such Miscellaneous Proceeds until Lender has had an opportunity to inspect sucl. 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 er 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 any 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 te Borrower. Such Miscellaneous Proceeds shall be applied in the order provided for in Section 2. In the event of a total taking, destruction, oi ~ss in value of the Property, the Miscellaneous Proceeds shall be applied to the sums secured by ~ i: '.!:/:cufity Instrument, whether or not then due, with the excess, if any, paid to Borrower. In the event of a partial taking, destruction, or !'S~i? ~ value of the Property in which the fair market value of the Property immediately before the partied tz~g, destruction, or loss in value is equal to or greater than the amount of the sums secured by th~.:~ $c~urity Instrument immediately before the partial taking, destruction, or loss in value, unless Borr°wcr'an.~.' Lender otherwise agree in writing, the sums secured by this Security Instrument shall be red, ced by the amount of the Miscellaneous Proceeds multiplied by the following fraction: (a) the t°ta'' 'araoum of the sums secured immediately before the partial taking, destruction, or loss in value :~iv...ed b-.- ~b) the fair market value of the Property immediately before the partial taking, destructio.% ~- los-'~;'~, value. Any balance shall be paid to Borrower. In the event of a partial taking, destruction, or. 'c - m' value of the Property in which the fair market value of the Property immediately before the parti.~ :'-C~ng, destruction, or loss in value is less than the amount of the sums secured immediately before t~ partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, ~t'. Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument whether or net ~.:. ~. sums are then due. If the Property is abandoned by Borrower,. ,~- if, after notice by Lender to Borrower that the Opposing Party (as defined in the next sente~.ce) e,~ ers to make an award to settle a claim for damages, Borrower fails to respond to Lender within 30 days; .tier. the date the notice is given, Lender is authorized to collect and apply the Miscellaneous Proceeds ei'i~ :~ ~ restoration or repair of the Property or to the sums secured by this Security Instrument, whether o: :mt then due. "Opposing Party" means the third party that owes Borrower Miscellaneous Proceeds or the ?~ty against whom Borrower has a right of action in regard to Miscellaneous Proceeds. ' Borrower shall be in default if any action or p:~ceeding, whether civil or criminal, is begun that, in Lender's judgment, could result in forfeiture of th ~: Property or other material impairment of Lender's interest in the Property or rights under this Security Instrument. Borrower can cure such a default and, if acceleration has occurred, reinstate as provided in f!~'6tion 19, by causing the action or proceeding to be .disrr~.ssed with a ruling that, in Lender's judgment~ frecludes forfeiture of the Property or other material ~mpa~rment of Lender's interest m the Property or.~.~ts under th~s Security Instrument. The proceeds of any award or claim for damages that are attributable t:~ the impairment of Lender's interest in the Property are hereby assigned and shall be paid to Lender. All Miscellaneous Proceeds that are not appl ~ J to restoration or repair of the Property 'shall be applied in the order provided for in Section 2. : (~-6A(WY) tooos}.o~ Pag~ ~) of ~ - Form 3051 1101 (~-6A(WY) (ooo51.Ol '¥ 701 12. Borrower Not ReleaSedi Forbearance' 13 ~'Lender Not a Waiver. Extension of the time for payment or modification of amortization of the smk..~"~c'ared by this Security Instrument granted by Lender to Borrower or any Successor in Interest of Botrc ...~:~;;hall not operate to release the liability of Borrower or any Successors in Interest of Borrower. I,ep'L-~' sh~.l no~t be required to commence proceedings against any Successor in Interest of Borrower or t; ~fi.]si."'t,) ,.,xtend time for payment or otherwise modify amortization of the sums secured by this Sec~,'.',:4] I[~a~ .~¢nt by reason Of any demand made by the original Borrower or any Successors in Interest of Borrower. ;; ny forbearance by Lender in exercising any right or remedy including, without limitation, Lender's a:c~tance of payments from third persons, entities or Successors in Interest of Borrower or in amoums i'~s; than the amount then due, shall not be a waiver of or preclude the exercise of any right or remedy. . i 13. Joint and Several Liability; Co-sign.e~a; '!:'accessors and Assigns Bound. Borrower covenants and agrees that Borrower's obligations and liabill, t'.)- ..all be joint and several. However, any Borrower who co-signs this Security Instrument but does not .~;.t, c/~te the Note (a "co-signer"): (a) is co-signing this Security Instrument only to mortgage, grant and ~.~ ~:/ey the co-signer's interest in the Property under the terms of this Security Instrument; (b) is not person; liy obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and.ay ott: .e,f Borrower can agree to extend, modify, forbear or make any accommodations with regard to the term?of this Security Instrument or the Note without the co-signer's consent. Subject to the provisions of Section 18, a~;~,...Successor in Interest of Borrower who assumes Borrower's obligations under this Security Instrume~Lin writing, and is approved by Lender, shall obtain all of Borrower's rights and benefits under this secl]i;ity Instrument. Borrower shall not be released from orrower s obhgatmns and hahihty under th~s Secu ]ff Instrument unless Lender agrees to such release in writing. The covenants and agreements of this S,.t~rity Instrument shall bind (except as provided in Section 20) and benefit the successors and assigns ~ '.:knder. 14. Loan Charges. Lender may charge Bortj, iver fees for services performed in connection with Borrower's default, for the purpose of protecting 'I i ader's interest in the Property and rights under this Security Instrument, including, but not limited tO,;/;erneys' fees, property inspection and valuation fees. In regard to any other fees, the absence of express a ?a0rity in this Security Instrument to charge a specific fee to Borrower shall not be construed as a proh)bit[;f~i on the charging of such fee. Lender may not charge fees that are expressly prohibited by this Security:Im. tiument or by Applicable Law. If the Loan is 'subject to a law which sets maxii, ihm loan charges, and that law is finally interpreted so t ' f that he interest or other loan charges collected 'or t,) be collected in connection with the Loan exceed the permitted limits, then: (a) any such loan charge si]iii be reduced by the amount necessary to reduce the charge to the permitted limit; and (b) any sums alre;. ;y collected from Borrower which exceeded permitted limits will be refunded to Borrower. Lender may :.i,oose to make this refund by reducing the principal owed under the Note or by making a direct pay[~:..3:nt to Borrower. If a refund reduces principal, the reduction will be treated as a partial prepaymem ?vis, out any prepayment charge (whether or not a prepayment charge is provided for under the Note, 'B:,rrower's acceptance of any such refund made by direct payment to Borrower will constitute a waiver .+.! any right of action Borrower might have arising out of such overcharge. , -. 15. Notices. Ail notices given by Borrower o!-., Lender in connection with this Security Instrument must be in writing. Any notice to Borrower in conne.~icn with this Security Instrument shall be deemed to have been given to Borrower when mailed~ by firs} ii(~ss mail or when actually delivered to Borrower's notice address if sent by other means. Notice to a? :t ;~.~:,~ Borrower shall constitute notice to all Borrowers unless Applicable Law expressly requires other' s,.~' The notice address shall be the Property Address unless Borrower has designated a substitute nr .~: ~iJ~hess by notice to Lender. Borrower shall promptly notify Lender of Borrower's change'of addz~...If 1-;.;]dcr specifies a procedure for reporting Borrower's change of address, then Borrower shall only' :',¥ort ,.~.:hange of address through that specified procedure. There may be only one designated notice r-J(2;---.s$ ~!i!der this Security Instrument at any one time. Any notice to Lender shall be given by delivering it 9r .,t~y mailing it by first class mail to Lender's address stated herein unless Lender has designated ':a,.~:,ii;~ address by notice to Borrower. Any notice in connection with this Security Instrument shall ~.~:t '~. deemed to have been given to Lender until actually received by Lender. If any notice required by :ii.~s.-~curity Instrument is also required under Applicable Law, the Applicable Law requirement will sg:..i, f~the corresponding requirement under this Security Instrument. ' '~ Initials: Page IJ of 15 -' ~ Form 3051 1/01 16. Governing Law; Severability; Rules et C.,;,~astruction. This SecUrity Instrument shall be governed by federal law and the law of the jurisdic[ior~"i.n which the Property is located. All rights and obligations contained in this Security Instrument ~re S~'.bject to any xequirements a~d limitations of Applicable Law. Applicable Law might explicitly o: Unplicit!y allow the parties t° agree ~by contract or it might be silent, but such silence shall not be const~i-'.ed as a,~rohibition against agreement by contract. In the event that any provision or clause of this Szzt":'.ty Ins~v'~ment or the Note conflicts with Applicable Law, such conflict shall not affect other provisions ,.ff this .~;:urity Instrument or the Note which can be given effect without the conflicting provision. As used in this Security Instrument: (a) WobSs 05 'the masculine gender shall mean 'and include corresponding neuter words or words of the fewim:ie .gqnder; (b) words in the singular shall mean and include the plural and vice versa; and (c) the w°:'cl i!'rr, ay" gives sole discretion without any obligation to take any action. 17. Borrower's Copy. Borrower shall be giver:. Sne 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 benefi,:: al interest in the Property, including, but not limited to, those beneficial interests transferred in a bond. fo~ ~ed, contract for deed, installment sales contract or escrow agreement, the intent of which is the tran3,fe~- ?. 5 title by Borrower at a future date to a purchaser. If all or any pan of the Property or any Interest. ;n the Property is sold or transferred (or if Borrower is not a natural person and a beneficial interest in B,:" rower is sold or transferred) without Lender's prior written consent, Lender may require immediate p~..'ment in full of all Sums secured by this Security Instrument. However, this option shall not be ex,:,',~ised by Lender if such exercise is .prohibited by Applicable Law. If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days from the c~tete the notice is given in accordance with Section 15 within which Borrower must pay all sums secured ?.'3: this Security Instrument. If Borrower 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 ,.,n Borrower.· 19. Borrower's Right to Reinstate After l~,.cceleration. If Borrower meets certain conditionsI Borrower shall have the right to have enforcement ::,f this Security Instrument discontinued at any time prior to the earliest of: (a) five days before sale of ~ e Property pursuant to any power of sale contained in this Security Instrument; (b) such other period as,.~pplicable Law might specify for the termination of BorrOwer's right to reinstate; or (c) entry of a j':dgment enforcing this Security Instrument. Those conditions are that Borrower: (a) pays Lender all ~ums which then would be due under this Security Instrument and the Note as if no acceleration had occ'.,.;rred; (b) cures any default of any other covenants or agreements; (c) pays all expenses incurred in enforci--.,.g this Security Instrument, including, but not limited to, reasonable attorneys' fees, property inspection and valuation fees, and other fees incurred for the purpose of protecting Lender's interest in the Prope~i' and rights under this Security Instrument; and (d) takes such action as Lender may reasonably require: to vssure that Lender's interest in the Property and rights under this Security Instrument, and Borrower's .:-5ligation to pay the sums secured by this Security Instrument, shall continue unchanged. Lender may re.?:e that Borrower pay such reinstatement sums and expenses in one or more of the following forms, a;~ sz?_.cted by Lender: (a) cash; (b) money order; (c) certified check, bank check, treasurer's check or cas-.:3er~.~ check, provided any such check is drawn upon an institution whose deposits are insured by a fede~,t ag.ency, instrumentality or entity; or (d) Electronic Funds Transfer. Upon reinstatement by Borrower, t~..?; Security Instrument and obligations secured hereby shall remain fully effective as if no acceleration ha/i' occurred. However, this right to reinstate shall not apply in the case of acceleration under Section 18. 20. Sale of Note; Change of Loan Servicer; ~:otice of Grievance. The Note or a partial interest'in the Note (together with this Security Instrument) c~ i' be sold one or'more times without prior notice to Borrower. A sale might result in a change in the ::ntity..( .l(w...own as the "Loan Servicer") that collects Periodic Payments due under the Note and this S°X:urity, Ir~trnment and performs other mortgage loan servicing obligatiOns under the Note, this Security). ~ strument, and Applicable Law. There also might be one or more changes of the Loan Servicer unrelate0 ,i.~ .a sale of the Note~ If there is a change of the Loan Servicer, Borrower will be given written notice of '.tt~t:~ change which will state the name and address of the new Loan Servicer, the address to which paymen~:~! ~hould be made and any other information RESPA (~'6A{WY) {ooos).o~ Page ' ~ 6f .:l 5 - requires in connection with a notice of transfer ,27, !rvicing. If the Note is sold and thereafter the Loan is serviced by a Loan Servicer other than the purchase ? of the Note, the mortgage loan servicing obligations to Borrower will remain witl~ the Loan Servicer or '?,~ transferred to a successor Loan Servicer and are not assumed by the Note purchaser unless otherwise pro-'!:fled by the Note purchaser. Neither Borrower nor Lender may commence, jpin, or be joined to any judicial action (as either an individual litigant or the member of a class) that alises from the other party's actions pursuant to this Security Instrument or that alleges that the other par~y has breached any provision of, or any duty owed by reason of, this Security Instrument, until such Borr,;-.' ?r or Lender has notified the other party (with such notice given in compliance with the requirements cf Section 15) of such alleged breach and afforded the other party hereto a reasonable period after t.he .,:-iving of such notice to take corrective action. If Applicable Law provides a time period which mus"'zlapse before certain action can be taken, that time period will be deemed to be reasonable for p::rpo t-s of this paragraph. The notice of acceleration and opportunity to cure given to Borrower pursuant t, ~ Section 22 and the notice of acceleration given to Borrower pursuant to Section 18 shall be deemed.t,~ satisfy the notice and opportunity to take corrective action provisions of this Section 20. 21. Hazardous Substances. As used in' thi;. Section 21: (a) "Hazardous Substances" are those substances defined as toxic or hazardous substances oo.llutants, or wastes by Environmental Law and the following substances: gasoline, kerosene, other 'fla ::.mable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials contaimn~,!~.abestos or formaldehyde, and radioactive materials; (b) "Environmental Law" means federal laws and law.!~ of the jurisdiction where the Property is located that relate to health, safety or environmental protectionl -c) "Environmental Cleanup" includes any response action, remedial action, or removal action, as defmt:,~ ~,n Environmental Law; and (d) an "Environmental' Condition" means a condition that can cause, cc:t!.ribute to, or otherwise trigger an Environmental Cleanup. Borrower shall not cause or permit the pre::~c.;..c~ use, disposal, storage, or release of any Hazardous Substances, or threaten to release any Hazardoo~. S::l:.~;/mczs, on or in the Property. Borrower shall not do, nor allow anyone else to do, anything affecfi~::g the ii!:gP~rtY (a) that is in violation of any Environmental Law, (b) which creates an Environmental Co~0J:ipn, .C? (c) which, due to the presence, use, or release of a Hazardous Substance, creates a condition that rd',,e;','~ely affects the value of the Property. The preceding two sentences shall not apply to the presence us~.{: or storage on the Property of small quantities of Hazardous Substances that are generally recog:..::e ,.'to be appropriate to normal residential uses and to maintenance of the Property (including, but not Ii".: :~ to, hazardous substances in consumer products). Borrower shall promptly give Lender writt~:-c .: ~tice of (a) any investigation, claim, demand, lawsuit or other action by any governmental or regnlat0.~ .~g~ncy or private party involving the Property and any Hazardous Substance or Environmental Law ol iwhich Borrower has actual knowledge, (b) any Environmental Condition, including but not limited el, any spilling, leaking, discharge, release or threat of release of any Hazardous Substance, and (c) any t clndition caused by the presence, use or release of a Hazardous Substance which adversely affects the vs~:!e of the Property. If Borrower learns, or is notified by any governmental or regulatory authority, or an~, private party, that any removal or other remediation. of any Hazardous Substance affecting the Property i.~ ~lecessary, Borrower shall promptly take all necessary remedial actions in accordance with Enviro.mmenta!' Law. Nothing herein shall create any obligation on Lender for an Environmental Cleanup. ~ Ini~iels: - (~-6A(WY} 1ooo51.Ol Pag~ ~.;i°f !5 Form 3051 1/01 NON-UNIFORM COVENANTS2 BorroWer ant :2ender fUrther covenant and agree as follows: 22. Acceleration; Remedies. Lender shall giw:. 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 Lew provides otherwise). The notice shall sPecify: (a) the default; (b) the action required to cure the def:mlt; (c) a date, not less than 30 days from the date the notice is given to Borrower, by which the defeuIt must be cured; and (d) that failure to cure the default on or before the date specified in the notic~ may result in acceleration of the sums secured by this Security Instrument and sale of the Property, The notice shall further inform Borrower of the right to reinstate after acceleration and the right to.' bring a court action to assert the non-existeace of a default or any other defense of Borrower to acc~.lc~:a~ion and sale. If the default is not cured on or before the date specified in the notice, Lender at it~ .~ption may require immediate payment in full of all sums secured by this Security Instrument with _~"~' i~urther demand and may invoke the power of sale and any other remedies permitted by Appli,:abi~ La.w. Lender shall be entitled to collect all expenses incurred in pursuing the remedies provided ia ~his Section 22, including, but not limited to, reasonable attorneys' fees and costs of title evideac~. '~ If Lender invokes the power of sale, Len~ea~ . hall g;~-e notice of intent to foreclose to Borrower and to the person in possession of the Propc:.rty if d~:~.~reat, in accordance with Applicable Law. Leader shall give notice of the sale to Borrower it ~?- :aanner provided in Section 15. Lender shall publish the notice of Sale, and the Property sha~! '--.~ sold in the manner prescribed by Applicable Law. Lender or its designee may purchase the Prop:erty at any sale. The proceeds of the sale shall be applied in the following order: (a) to all e~o6~t.~es of the sale, including, but not limited to, reasonable attorneys' fees; (b) to all sums secm'e~, by tkis Security Instrument; and (c) any excess to the person or persons legally entitled to it. 23. Release. Upon payment of all sums securec ",~-~. this Security Instrument, Lender shall release this Security Instrument. Borrower shall pay any rccor~don costs. Lender may charge Borrower a fee for releasing this Security Instrument, but only if the fee'~,s paid :o a third partY for services rendered and the charging of the fee is permitted under Applicable 24. Waivers. Borrower releases and waives'~l rights under and by virtue of the homestead exemption laws of Wyoming. (~-6A(WY) ~ooo,%o~ PaGe13of 15 1/Ol 0 ,,a 590 705 BY SIGNING BELOW, Borrower accepts ant', igrees to the terms and covenants contained in this Security Instrument and in any Rider executed by B©.': p ~er and recorded with it. Witnesses: /~~ · ~ ' v (Seal) ~ hag Ray Dart -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (~6A(WY) (ooosl.m Form 3051 1/01 STATE OF WYOMING, · ~&ncoln The foregoing instrument was acknowledged be L~c me this by M±¢hael Ray Dart and Ra£elle' 3. D~.~'t 7O6 County ss: llth day of August, 2003 My Commission Expires: (~®:6A(WY) {ooos).m Pagel. if 15 Form 3051 1/Ol