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HomeMy WebLinkAbout892758Return To: WELLS FARGO HOME MORTGAGE, INC. 3601 MINNESOTA DR. SUITE 200 BLOOMINGTON, 5S4-'5 8 9t2 7 5 8 Prepared By: WELLS FARGO I{OME MOR~GAGm.., INC. 1919 DOUGLAS,, OMAI-IA,~ NE 681010000 [Space Above tiffs Lh~e For Recordh~g Data] M( RTGAGE RECEIVED :LINCOLN COUNTY CLERK ~%K~PR PAGE 0 5 0 DEFINITIONS Words used in multiple sections of tiffs do~ ament are defined below and other words are defined ill Sections 3, 11, 13, 18, 20 al~d 21. Certain n les regarding file usage of words used in tiffs document are also provided in Section 16. (A) "Security Instrument'' means this documtnt, wlfich is datedAUGUST 19, 2 0 03 , together with all Riders to this document. / (B) "Borrower" is WTt'r'TAMi I~RK SUr.OF~ AND STEPI-IANIE SULOFF, I-IUSBAND AND WIFE Borrower is the mortgagor under this Securit2~ Instrument. (C) '''Lender'' is WELLS FARGO HOM~ MO~RTGAGE, INC. Lender is a CORPORATION i ' orgalfized and existing under,file laws of THEI STATE. OP CALIFORNIA i 0030662936 WYOMING-Single Family-Fannlel Mae/Freddie Mac Page 1 of lB Initials: VMP MORTGAGE FORMS - UNIFORM INSTRUMENT Form 3051 1/01 Lender's address is P.O. BOX 10304, DES MOINES, IA 503060304 Lender is the nmrtgagee under this Secm'ity Instrument. (D) "Note" means the promissory note signed by Borrower and datedAU~UST 19, 2003 The Note states that Borrower owes Lender ONE HUNDRED SEVENTEEN THOUSAND SIX HUNDRED AND 00/100 Dollars (U.S. $ * * * * 117,600.00 ) plus interest. Borrower has promised to pay this debt in regular Periodic Payments and to pay file debt in full not later than SEPTEMBER 01, 2018 (E) "Property" means the property that is described below m~der 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 'all snm.q due under this Security Instyument, plus interest. (G) "Riders" means all Riders to tiffs Security Instrument that are executed by Borrower. The following Riders are to be executed by Borrower [check box as applicable]: [-~ Adjustable Rate Rider ~ Condondnium Rider ~ Second Home Rider ~'] Balloon Rider I I Planned Unit Development Rider ~ 1-4 Fanfily Rider [--] VA Rider [--] Biweekly Payment Rider ['-'] Other(s) [specifyl 0-I) "Applicable Law" means all controlling applicable federal, state and local statutes, regulations, ordinances and administrative rules and orders (that have the effect of law) as well as all applicable final, non-appealable judicial opinions. (I) "Conununity 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 transfer of funds, other than a transaction originated by check, draft, or similar paper instrument, wlfich is initiated through an electronic terminal, telephonic instrument, computer, or magnetic tape so as to order, instruct, or authorize a financial institution to debit or credit an account. Such term includes, but is not limited to, point-of-sale transfers, automated teller machine transactions, transfers initiated by telephone, wire transfers, and autonmted clearinghouse transfers. (K) "Escrow Items" means those items that are described in Section 3. (L) "Miscellaneous Proceeds" means any compensation, settlement, award of damages, or proceeds paid by any third party (other than insurance proceeds paid under file coverages described in Section 5) for: (i) damage to, or destruction of, the Property; (ii) condenmation or other taking of all or any part of file Property; (iii) conveyance in lieu of comtenmation; or (iv) lnisrepresentations of, or omissions as to, the value and/or condition of the Property. (M) "Mortgage Insurance" means insurance protecting Lender against the nonpayment of, or default on, the Loan. (N) "Periodic Payment" means the regularly scheduled amount due for (i) principal and interest under file Note, plus (ii) any amounts under Section 3 of this Security Instrument. (O) "RESPA" means the Real 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 riley might be amended from time to time, or any additioml or successor legislation or regulation that governs the same subject matter. As used in fids Security Instrument, "RESPA" refers to all requirements and restrictions that are imposed in regard to a "federally related mortgage loan" even if the Loan does not qualify as a "federally related mortgage loan" under RESPA. O~-6(WY) Iooosi Pag~ 2 of 1~ Form 30,51 1/01 (P) "Successor in h]terest of Borrower" means any party that has taken title to the Property, whether or not that party has assumed Bon, ower's obligations under the Note and/or this Security Instrument. TRANSFER OF RIGHTS IN THE PROPERTY This Security Instrument securos to Lender: (i) the repaymem of rite Loan, and all renewals, extensions and modifications of the Note; and (ii) the performance of Borrower's covenants and agreemems under this Security Instrument and the Note. For this purpose, Borrower does hereby mortgage, grant and convey to Lender and Lender's successors and assigm% with power of sale, the following described property located in Otc COUNTY of LINCOLN : [Type of Recording Jurisdiction] [Name of Recording Jurisdiction] Sm.w. ATTACHI*.D SCHFDULE C. TAX STATEMENTS SHOULD BE SENT TO: WELLS FARGO HOME MORTGAGE, INC., P.O. BOX 10304, DES MOINES, IA 503060304 Parcel ID Number: 181 E SECOND AVE. AFTON ("Property Ad,ess"): wlfich currently has the address of [Street] [City] , Wyoming 83110 [Zip Code] TOGETHER WITH all the improvements 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 tlfis Security Instmmem. Al1 of the foregoing is referred to in this Security Instrument as the "Property." BORROWER COVENANTS that Borrower is lawfully seised of rite estate hereby conveyed and has the right to' ~nortgage, grant alad convey the Property and that the Property is unencumbered, except/bt encumbrances of record. Borrower warrmtts and will defend generally the tire to the Property agaim~t 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 mfiform security instrument coveting real property. .UNIFORlVl COVENANTS. Borrower and Lender covenant and agree as follows: 1. Payment of Princip.ai, 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 claarges 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 Initial"~L~F55 I~;t~-6(WY) Iooo~;} Page 3 o~ ~ s 051 1/01 053 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 Ibrms, 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, insU-umentality, or entity; or (d) Electronic Funds Transfer. Pay~nents are deemed received by Le~der when received at the location designated in the Note or at such other location as may be desigahated by Lender in accordance with the notice provisions in Section 15. Lender may return any payment or partial payment if the payment or partial payments are insufficient to bring the Loan current. Lender may accept auy 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 scl.~eduled due date, then Lender need not pay interest on unapplied funds. Lender may hold such unapplied funds until Borrower nmkes 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 inm~ediately prior to foreclosure. No offset or claim which Borrower might have now or in the future against Lender ,qhall relieve Borrower fi.om making payments due under the Note and this Security Instrument or performing the covenants and agreements secured by fltis 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 miler the Note; (b) principal due under the Note; (c) anaounts due under Section 3. Such payments shall be applied to each Periodic Payment in the order in which it became due. Any remaiuing amounts shall be applied first to late charges, second to any other amoums due under this Security Instrument, and then to reduce the principal balance of the Note. If Lender receives a payment from Borrower tbr 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 to any late charges due. Voluntary prepayments shall be applied first to any prepayment charges and then as described in the Note. Any application of payments, insurance proceeds, or Miscellaneous Proceeds to principal due under the Note shall not extend or postpone the due date, or change the amount, of the Periodic Payments. 3. Funds for Escrow Items. Borrower shall pay to Lend'er 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, ff any, or any sunkq payable by Bm'rower 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 escrowed by Borrower, and such dues, fees and assessments shall be an Escrow Item. Borrower shall promptly funfish 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 anay waive Borrower's obligation to pay to Lender Funds for any or all Escrow Itetns at any time. Any such waiver may Olfly be in writing. In the event of such waiver, Borrower shall pay directly, when and where payable, the amounts (~I~-6(WY) (ooo~l Pao~, ,4 cf '16 Initials:~~._....~.. 7~ v ~ Form 3051 1/01 due for any Escrow Items for wlfich payment of Funds has shall furnish to Lender receipts evidencing such payment Borrower's obligation to make such payments md to pmvi be a covenant and agreement contained in this Security Instt is used in Section 9. if Borrower is obligated to pay Ese Borrower fails to pay the amount due for an ~scrow Item, and pay such amount and Borrower shall then be obligate( amount. Lender may revoke the waiver as to any or all accordance with Secrion 15 and, upon such revocation, such amoums, that are then required under this Section 3. Lender may, at any time,, collect and hold Funds in an the Funds at rite time specified under RESPA, and (b) require under PJESPA. Lender shall estimate the amount reasonable estimates of expenditures of future Escrow Itel Law. The Funds shall be held in an instit-arion whose instrumentality, or entity (including Lender, if Lender is ar any Federal Home Loan Bank. Lender shall apply the Fund specified under RESPA. Lender shall not: charge Borrowe~ analyzing the escrow account, or verifying the Escrow Iten Funds and Applicable Law pernfits Lender to make such a or Applicable Law requires interest to be paid on the Fund: any interest or earnings on the Funds. Borrower and Lent shall be paid on the Fmtds. Lender shall give to Bon'owe Funds as required by RESPA. If there is a surplus of Funds held in escrow, as d, Borrower for the excess funds in accordance with RESPA. as defined under RESPA, Lender shall notify Borrower as Leader the amount necessary to make up the shortage in ac montifly payments. If there is a deficiency of Funds held in notify Borrower as required hy RESPA, and Borrower sba up the deficiency in accordance with RESPA, but in no mm Upon payment in full of all sums secured by this Sec to Borrower any Funds held by Lender. 4. Charges; Liens. Bo.rrower shall pay all taxes, attributable to the Property wlfich can attain priority over ground rents on the Property, if any, and Conanunity Asso~ rite extent that these items are Escrow Items, Borrower shall Borrower shall prOmptly discharge any lien which Borrower: (a) agrees in writing to the paymem of the oblig: to Lender, but oniy so long as Borrower is performing by, or defends against enforcement of the lien in, legal p~ prevent the enlbrcement of the lien while those proceedin are concluded; or (c) secures fi'om the holder of the lien rite lien to this Security Instrument. If Lender deterndnes which can attain priority over this Security Instrument, Le ~)~-6(WY) Iooo6} P.g. ~ of ~ 054 ~een waived by Lender and, if Lender requires, ~itifin such time period as Lender may require. ~e receipts shall for all purposes be deemed to ament, as the phrase "covenant and agreement" :ow Items directly, pursuant to a waiver, and Lender may exercise its rights under Section 9 under Secrion 9 to repay to Lender any such ~crow Items at any time by a notice given in u'rower shall pay to Lender all Funds, and in amount (a) sufficient to permit Lender to apply to exceed rite maxitnum amount a lender can ,f Funds due on the basis of em'rent data and ~s or otherwise in accordance with Applicable deposits are insured by a federal agency, institution whose deposits are so insured) or in to pay the Escrow Items no later titan the time for holding and applyiug the Funds, annually s, uniess Lender pays Borrower interest on the :harge. Unless an agreement is nmde in writing ',, Lender shall not be required to pay Borrower er can agree in writing, however, that interest :, without charge, an annual accounting of the !fined under RESPA, Lender shall accoum to If there is a shortage of Funds held in escrow, required by RESPA, and Borrower shall pay to cordance with RESPA, but in no more than 12 escrow, as defined under RESPA, Lender shall [1 pay to Lender the amount necessary to make e than 12 monthly payments. arity hkqtrument, Lender shall promptly refund assessments, charges, fines, and impositions his Security Instruutent, leasehold payments or :iation Dues, Fees, and Assessments, if any. To pay them in the ~nauner provided in Section 3. ~s priority over tlris Security Instrument mdess trion secured by rite lien in a anam~er acceptable h agreement; (b) contests the lien in good faith ~ceedings which in Lender's opinion operate to :s are pending, but only until such proceedings agreement satisfactory to Lender subordinating hat any part of the Property is subject to a lien ~der may give Borrower a notice identifying the Form 3051 1/01 055 lien. Within 10 (lays of the date on which that notice is given, Borrower shall satist3, the lien or take one or more of the actions set forth above in this Section 4. Lender may require Bon'ower to pay a one-time charge for a real estate tax verification and/or reporting service used by Lender in coxmection with this Loan. 5. Property IusUrance. Bon'ower sh.'fll keep the improvements now existing or hereafler erected on the Property insured against lo.ss by fire, hazards included wiflfin the term "extended coverage," and any other hazards including, but not linfited 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 carrie,r 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 Bon'ower to pay, in cmmection with this Loan, either: (a) a one-time charge for flood zone determination, certification and tracking services; or Co) a one-time charge for flood zone determination and certification services and subsequent charges each time remappings or similar changes occur wlfich reasonably might affect such determination or certification. Borrower .oh,all also be responsible for the · payment of any fees i~nposed, by the Federal Emergency Management Agency in corn(cc(ion with the review of any flood zone determination resulting from an objection by Borrower. If BmTower fails to maintain any of the coverages described above, Lender nnty obtain insurance coverage, at Lender's option and Bon'ower's expense. Lender is under no obligation to purchase any particular type or amount of coverage. Therefore, such coverage shall cover Lender, but might or nfight not protect Borrower, Borrower's equity in the Property, or the contents of the Property, against any risk, hazard or liability and might provide greater or lesser coverage titan was previously in effect. Borrower acknowledges that the cost of the insurance coverage so obtained might sig~fificantly exceed the cost of insurance flint 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 slmll be payable, with such interest, upon notice front Lender to Borrower requesting payment. All insurance policies req,,uired 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 ~ame 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 promptly give to Lender all receipts of paid premiums and renewal notices. If Borrower obtains any form of insurance coverage, not otherwise required by Lender, for dmnage 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 rite event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may snake 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, ff the restoration or repair is economically feasible and Lender's security is not lessened.. Dm'lng such repair and restoration period, Lender shall have the right to hold such insurance proceeds until Lender has had an opportunity to inspect such Property to ensure the work has been completed to Lender's satisfaction, provided tiaa( such inspection shall be undertaken promptly. Lender may disburse proceeds for the repairs and restoration in a ~ngle 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 insnrance proceeds and shall be the sole obligation of Borrower. If the restoration or repair is not economicaily 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 (~-6(WY) Iooo~l Page s of ~s Form 3051 1101 the excess, if any, paid to Borrower. Such insurance proceeds shall be applied in the order provided for in Section 2. If Borrower abandons the Property, Lender may file, negotiate and settle any available insurance claim and related matters. If Borrower does not respond witlfin 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, Bon'ower hereby assigns to Lender (a) Borrower's rights to any insurance proceeds in an amount not to exceed the a~noums unpaid under the Note or this Security Instrument, and (b) any other of Borrower's rights (other than the right to any reft.md of unearned premiums paid by BorroweO 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 witlfin 60 days after the execution of this Security Instrument and shall continue to occupy the Property as Borrower's principal residence for at least one year after the date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be unreasonably withheld, or unless extenuating circumstances e~dst 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 Bon'ower 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 condenmation proceeds are paid in co~mection with damage to, or the taking of, the Property, Borrower shall be responsible for repairing or restoring the Property only if Lender has released proceeds for such purposes. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as the work is completed. If the insurance or condemnation proceeds are not sufficient to repair or restore the Property, Borrower is not relieved of Borrower's obligation for the completion of such repair or restoration. Lender or its agent may make reasonable entries upon and inspections of the Property. If it has reasonable cause, Lender may inspect the interior of the improvements on the Property. Lender sllhll give Borrower notice at the ti~ne of or prior to such an imerior 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, misleading, or inaccurate information or statements to Lender (or failed to provide Lender with material information) in co~mection 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) Bm'rower fails to perform the covenants and agreements contained in this Security Instrmnent, (b) there is a legal proceeding that nfight significantly affect Lender's interest in the Property and/or rights under this Security Instrument (such as a proceeding in bankruptcy, probate, for condenmation or forfeiture, for eatbrcement of a lien which may attain priority over tiffs Security Instrument or to enforce laws or regulations), or (c) Borrower has abandoned the Property, then Lender may do and pay for whatever is reasonable or appropriate to protect Lender's interest in the Property and rights under this Security Instmment, including protecting and/or assessing the value of the Property, and securing and/or repairing the Property. Lender's actions can include, but are i]°t limited to: (a) paying any sums secured by a lien which has priority over this Security Instrmnent~::'.(b) appearing in court; and (c) paying reasonable (~I~-6(WY) Iooo~) Page 7 ef 16 rn 3051 1101 attorneys' fees m protect its interest in the PrOp.~rty and/or r its secured position in a banka'uptcy proceedia~g. Sqcuring entering the Property to make repairs, change Dcks, ~replacc ~ghts under this Security Instrument, including the Property includes, but is not limited to, or board up doors and windows, drain water from pipes, elinfinate building or other code violations or 4angerous conditions, and have utilities turned on or off. Although Lender may take action under rials Sectign 9, Lender does not have to do so and is not under any duty or obligation to do so. It is agreed that Lender incurs no liability for not taking any or all actions authorized under this Section 9. Any amounts disbursed by Lender under this Sectim~ 9 shall become additional debt of Borrower secured by tiffs Security Instrument. These anDuntsl shall l~ear interest at the Note rate from the date of disbursement and shall be payable~ with such interest, upoh notice fi'om Lender to Borrower requesting payment. If fltis Security Instrument is on a leasehold, l~orrow~r shall comply with all the provisions of the lease. If Borrower acquires fee title to the Property, the leasehold and the fee title shall not merge unless Lender agrees to the merger in writing. 10. Mortgage Insurance. If Lender required MortgagO Insurance as a condition of making the Loan, Borrower shall pay the premiums required to maintah~ the Mortgage Insurance in effect. If, for any reason, the Mortgage Insurance coverage required by Lender, ceases lto be available from the mortgage insurer that previously provided such insurance and Borrower was req~tired to make separately designated payments toward the prenfiunkg for Mortgage Insurance, Borrower shall pay the prenfiums required to obtain coverage substantially equivalent to the Mortgage I[~suran~ ~ previously in effect, at a cost substantially equivalent to the cost to Borrower of the Mortgage Insu 'ance previously in effect, fi'om an alternate mortgage insurer selected by Lender. If sub.~tanti~lly eq~ ivalent Mortgage Insurance coverage is not available, Borrower shall contixme to pay to Lender the am!unt of the separately designated payments that were due when the insurance coverage ceased to be in ef'ect. 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 Loon is u] fimately paid in full, and Lender shall not be required to pay Borrower any interest or earnings on~ such ~ss reserve. Lender can no longer require loss reserve payments if Mortgage Insurance coverage (ia the a~ount and for the period that Lender requires) provided by an insurer selected by Lender again become~ available, is obtained, and Lender requires separately designated payments toward the premiums~for Mc~rtgage Insurance. If Lender required Mortgage Insurance as a condition of makh~g the Loan and Borrowqr was required to make separately designated payments toward the premiums for Mortgage Insu[ance, Borrower shall pay the premiums required to maintain Mortgage Insurance in effect, or to provide al non-refundable loss reserve, until Lender's requirement for Mortgage Insurance ends in accor 'daace witl~ any written agreement between Borrower and Lender providing for such termination or until termination ~s required by Applicable Law. Nothing in this Section 10 affects Borrower's obligation to pay inter~st at th~ rate provided in the Note. Mortgage Insurance reimburses Lender (or any entityi that purchases the Note) for certain losses it may incur if Borrower does not repay the L~an as agre4d. Borrower is not a party to the Mortgage Insurance. Mortgage insurers evaluate their total risk on all such ~nsurance in force from time to time, and may enter into agreements with other parties that share ori modif~ their risk, or reduCe losses. These agreements are on terms and conditions that are satisfactory to ~e morqgage insurer and the other party (or parties) to these agreements. These agreements may requi,r,e the~ mortgage insurer to make payments using any source of funds that the mortgage insurer may have a ~ailab!e (wlfi~h may include funds obtained from Mortgage Insurance premiums). As a result of these agreements, Lender, any l~urchas~r of the Note, another insurer, any reinsurer, any other entity, or any affiliate of any of the 5oreg*ing, n~ay receive (directly or indirectly) amounts that derive from (or might be characterized as) a portion of Bo :rower's payments for Mortgage Insurance, in exchange for sharing or modifying the mortgage i~surer'; provideS that an affiliate of Lender takes a slmre of the premiunkq paid to the insurer, the arrangement is oftqn terme (a) Any such agreements will not affect tile arno Mortgage h~surance, orany other terms of the L~an. S! Borrower will owe for Mortgage h~surance~ and they will ~6(WY) (ooo6~ Page,lB of 16 risk, or reducing losses. If such agreement [llSUrer'8 risk in exchange for a share of the d "captive reinsurance." Further: rots that Borrower has agreed to pay for teh agreements will not increase the amount not entitle Borrower to any refund. FSrm 3051 1/01 (b) Any such agreements will not affe Mortgage Insurance under the Hmneowner may iuclude the right to receive certain Mortgage Insurance, to have the Mortgage refund of any Mortgage Insurance premiu[] termination. 11. Assignment of Miscellaneous Pro assigned to and shall be paid to Lender. If the Property is damaged, such Miscel the Property, ii'the restoration or repair is e During such repair and restoration period, Le~ until Lender has had an opportunity to inspe, Leader's satisfaction, provided that such iuspe repairs and restoration in a single disburse~ completed. Unless an agreement is made in w~ Miscellaneous Proceeds, Leader shall not be Miscellaneous Proceeds. If the restoration or be lessened, the Miscellaneous Proceeds shall whether or not then due, with the excess, if applied in the order provided tbr in Section 2. In the event of a total taking, destruc Proceeds shall be applied to the sums securec the excess, if ally, paid to Bon'ower. In the event of a partial taking, destruction, or loss i: value of the Property immediately before thqparfial taki greater than the amount of the. sinus securedlbY this Sec taking, destruction, or loss in value, Ulfless ]Borrower an secured by this Security Instrument shall multiplied by the Ibllowing fraction: (a) the total amora partial taking, destruction, or loss in value div before the partial taking, destruction, or loss In the event of a Partial taking, destructi value of the Property 'immediately before the amount of the sums secured innnediately ' 058 ct the rights Borrower has - if any - with respect to the s Pl'otectim! Act of 1998 or any other law. These rights disclosures,l to request and obtain cancellation of the Insurance ~.erminated automatically, and/or to receive a ~s fllat wer6 unearned at the time of such cancellation or :eeds; Forfiiture. All Miscellaneous Proceeds are hereby .aneous Proqeeds shall be applied to restoration or repair of :onomically!feasible and Lender's security is not lessened. der shall ha~re the right to hold such Miscellaneous Proceeds :t such Prol:/~rty to ensUre the work has been completed to etlon shall i~e undertaken promptly. Lender may pay for the dent or in ~t series of progress payments as the work is iting or Applicable Law requires interest to be paid on such equired topay Borrower any interest or earnings on such >air is not qconomically feasible or Lender's security would be applied t~ the sums secured by tiffs Security Instrument, ~y, paid to Borrower. Such Miscellaneous Proceeds shall be ion, or loss in value of the Property, the Miscellaneous by this Security Iustrument, whether or not then due, with ded by (b) ~ value. An m, or lo88 partial takir )re the part: ~ value of the Property in which the fair market !g, destruction, or loss in value is equal to or arity Instrument inwnediately before the partial :1 Lender otherwise agree in writing, the sums y the amount of the Miscellaneous Proceeds tt of the s-m~ secured innnediately before the m fair market value of the Property inunediately balance shall be paid to Borrower. value of the Property in which the fair market g, destruction, or loss in value is less than the al taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writi secured by this Security Instrument whether o~ If the Property is abandoned by Bom Opposing Party (as defined in the next sente~ Borrower fails to respond to Lender within 3( to collect aad apply the Miscellaneous Proce sums secured by this Security Instrument, whe that owes Borrower Miscellaneous Proceeds regard to Miscellaneous Proceeds. Borrower shall be in default if any actio Leader's judgment, could result in forfeiture interest in the Property or rights under this S acceleration has occurred, reh~state as provid disnfissed with a ruling that, in Leader's judl impairu~ent of Leader's interest in the Proper any award or claim for damages that are attril: are hereby assigned and shall be paid to Lende All Miscellaneous Proceeds that are nc applied in the order ~rovided tbr in Section 2. ~g, the Mis¢ellaneous Proceeds shall be applied to the sums not the sum are then due. wet, or if, after notice by Leader to Borrower that the ce) offers to,' make an award to settle a claim for damages, days after ~e date the notice is given, Lender is authorized ~ds either to: restoration or repair of the Property or to the her or not flien due. 'Opposing Party" means the fltird party ir the party 6gaiust whmn Borrower has a right of action in t or proceeding, whether civil or crimi~ml, is begun flint, in of the ProOerty or other material impairment of Lender's curity Iustn4ment. Borrower can cure such a default and, if d in SectiOtl 19, by causing the action or proceeding to be meat, preclqdes forfeiture of the Property or other material y or rights gader this Security Instrument. The proceeds of utable to the! impairment of Lender's interest in the Property r. applied to restoration or repair of the Property shall be (~)~-6(WY) (ooos) Form 3051 1/01 12. Borrower Not Released; Forbearam payment or modification of amortization of the s to Borrower or any Successor in IntereSt of Bor or any Successors in Interest of Borrower. Lent any Successor in Interest of Borrower or to 059 e By Lender Not a Waiver. Extension of the tilne for ams secure~l by this Security Instrument granted by Lender ;ower shall', not operate to release the liability of Borrower .er ~hall n~t be required to connnence proceedings against :efu~e to qxtend time for payment or otherwise modify amortization of the sums secured by fids Securit [ Infm, mm~t by reason of m~y demand made by the original Borrower or any Successors in Interest of Borm~verl Any forbearance by Lender in exercising any right or remedy including, widiout liluitation, Lender'S acheptanc~ of payments l¥om third persons, entities or Successors in Interest of Borrower or in amount~ less 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~rs;t Succeqsors and Assigns Bound. Borrower covenants and agrees that Borrower's obligations and liability .emil beijoint and several. However, any Borrower who co-signs this Security Instrument but does no(execute ~e Note (a ,co-signer"): (a) is co-sig~fing fltis Security InsU'ument only to mortgage, grant also cOnvey tile co-signer's interest in the Property under the terms of this Security Instrument; (b) is not pe~onally obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and an2~ other Borrower can agree to extend, modify, forbear or make any accommodations with regard to the lermS of this Security Instrument or the Note without the co-signer's consent. ~ Subject to die provisions of Section 1~, ally SucCessor in Interest of Borrower who assumes Bon'ower's obli,gations under this Secm'ity InstCnnCnt in Writing, and is approved by Lender, shall obtain all of Borrower s rights and benefits under thisI Sequrity Ii~strument. Borrower shall not be released from Borrower's obligations and liability under this Sect~rity InStrument unless Lender agrees to such release in writing. The cove~mnts and agreements of th~s Security i Instrmnent shall bind (except as provided in Section 20) and benefit the successors and assig~ of Lender. 14. Loan Charges. Lender may charge Borrower fees for services performed in connection with Borrower's default, for the purpose of protecti Security Instrumem, including, but not limited In regard to any oilier fees, the absence of expn fee to Btu'ewer shall not be consU'ued as a prol~ fees that are expressly prohibited by fids Secufit If the Loan is subject to a law which sets n that the interest or other loan charges collected permitted limits, then: (a) any such loan charg charge to the permitted limit; and (b) any sums limits will be refunded to Borrower. Lender r owed under the Note or by making a direct reduction will be treated as a partial prepay~ prepayment charge is provided for under the .~ direct payment to Borrower will constitute a wa ag Lender'~ interest in the Property and rights under this to, attome3[s' fees, property inspection and valuation fees. ss ~Udiorityin this Security Instrument to charge a specific ibitton on ~he charging of such fee. Lender ~nay not charge ~ In~trmne~t or by Applicable Law. taximum logn charges, and flint law is finally interpreted so or to be c¢llected in connection with the Loan exceed the e sljall be yeduced by the amount necessary to reduce the alrehdy collected from Borrower which exceeded permitted my !choose'. to make this refund by reducing the principal payinent tO Borrower. If a refund reduces principal, the ne~ without any prepayment charge (whether or not a leto). BorrOwer's acceptance of any such refmd made by [ve~ of any!right of action Borrower might have arising out of such overcharge. 15. Notices. All notices given by Borro~ must be in writing. Any notice to Borrower in ~ have been given to Borrower when mailed by notice address if sent by other means. Notice t~ unless Applicable Law expressly requires oth~ unless Borrower has designated a substitute no notify Lender of Borrower's change of address change of address, then Borrower shall only re There ~nay be only one designated notice add notice to Lender shall be given by delivering stated herein unless Lender has designated connection with fltis Security Instrumem shall received by Lender. If any notice required by Law, the Applicable Law requirement will Instrument. (~-6(WY) (ooo~! ,er or Lender in connection with this Security Insn'mnent :mmecfion .kvith fids Security Instrument shall be deemed to first class :nmil or when actually delivered to Borrower's , a.ny' one l~orrower. ·shall constitute notice to all Borrowers xw'.ase. The nonce address shall be the Property Address :icel address by notice to Lender. Borrower shall promptly IfI Lende~ specifies a procedure for reporting Borrower's ~ort a cha0ge of address through that specified procedure. es~ under ithis Security Instrument at any one time. Any it ok by m~.'.'ling it by first class mail to Lender's address mother aaaress by notice to Borrower. Any notice in mt ~e deemed to have been given to Lender until actually thi~ Security Instrument is also required under Applicable afisfy the Corresponding requirement raider this Security Page ~o of 15; Form 3051 1/01 060 i 16. Gow;rning Law; Severability; R~lles of Construction. This Security. Instrument ~all be governed by federal law and the law of the jiuriSciiction in which the Property is located. All rights and obligations contained in this Security Instnguent are subject to nay requirements and limitations of Applicable Law. Applicable Law aright explicitly or implicitly allow the parties to agree by contract or it nright be silent, but such silence mall not be. ~o..nstmed as a prohibition against agreement by contract. In rite event that any provision or clause of thi~ Security Instrument or the Note conflicts with Applicable Law, such coaflict shall not affect other proViisions of this Security Instmmeat or the Note which can be given effect without the conflicting provision. ~ As used in this Security Instrument: (; co~u:esponding neuter words or words of the include ate plural and vice versa; and (c) the take aay action. 17. Borrower's Copy. Borrower shall be 18; Transfer of the Property or a Be; "Interest in tl~e Property" means any legal or to, those beneficial imerests transferred in a b escrow agreement, the intent of wlfich is the t~ t) words of the masculine gender shall mean and include feminine gender; (b) words in the singulm' shall mean and word "may" gives sole discretion without any obligation to given one copy of the Note and of this Security Instrument. ~eficial Interest in Borrower. As used in this Section 18, >eneficial interest in the Property, including, but not limited >nd for deed, contract for deed, installment sales contract or ansfer of title by Borrower at a furore date to a purchaser. If all or any part of the Property or any Interest in the Property is sold or transferred (or if Borrower is not a natural person and a ,beneficial interest in Borrower is sold or transferred) without Lender's prior written consent, Lender ma) require immediate paymeat in full of all sums secured by this Security Instrument. However, this option shall not Ibe exercised by Lender if such exercise is prolfibited by Applicable Law. If Lender exercises tiffs opfioa, Lender ~hall give Borrower notice of acceleration. The notice shall provide a period of not less titan 30 days fro~ within wlrich Borrower must pay all sums se these sums prior to the expiration of fids p Security Instrument without further notice or i 19. Borrower's Right to Reinstate ,4 Borrower shall have the right to have enforc prior to the earliest of: (a) five days before sa] fids Security Instrument; (b) such other peri~ Bon-ower's right to reinstate; or (c) entry conditions are that Borrower: (a) pays Lend Instrument and the Note as if no acceleration I a the date the notice is given in accordance with Section 15 :ured by this Security Instnunent. If Borrower fails to pay Xiod, Lender nmy invoke any re~nedies permitted by this emand on Borrower. fter Acceleration. If Borrower meets certain conditions, ;mere of thks Security Instmmem discominued at any time e of the Property pursuant to any power of sale contained in ~d as Applicable Law might specify for the termination of of a judgment enforcing this Security Instm~nent. Those er all sum.q which then would be due under fids Security tad occurred; Co) cures any default of any other covenants or agreements; (c) pays all expenses incurred in ~nforcing this Security Instmmeat, including, but not limited to, reasonable attorneys' tees, property inspection and valuation fees, and other tees incurred for the propose of protecting Lender's interest ia theIProperty and rights under fids Security Instrument; and (d) takes such action as Lender may reasonably ~equire to assure that Lender's interest in the Property and rights under this Security Instrument, and Borrower's obligation to pay the sums secured by tiffs Security Instrument, shall coati,me unchanged. Lende~ may require that Borrower pay such reinstatement sums and expenses in one or more of the tbllowing fo.'~, as selected by Lender: (a) cash; (la) money order; (c) certified check, bank check, treasurer's check an institution whose deposits are insured by Funds Transfer. Upon reinstatement by Borro shall remain fully effective as if no accelera~ apply in the case of acceleration under Section 20. Sale of Note; Change of Loan Ser~ the Note (together with this Security Instmm BorroWer. A sale aright result in a change Periodic Payments due uader the Note and ~ servicing obligations under the Note, this Sec one or ~nore changes of the Loan Servicer um Servicer, Borrower will be given written notk new Loan Servicer, the address to which pa: (~-6(WY) (ooosl or cashier's check, provided any such check is drawn upon federal ageacy, iastmmentality or entity; or (d) Electronic s, er, tiffs Security Instillment and obligations secured liereby on had occurred. However, this right to reinstate shall not 18. leer; Notice of Grievance. The Note or a partial interest in ~nt) can be sold one or more ti~nes without prior notice to n the entity (known as the "Loan Servicer") that collects his Security Instrument and performs other mortgage loan m'ity Instrument, and Applicable Law. There also might be alated to a sale of the Note. If there is a change of the Loan .~ of the change which will state the name and address of the meats should be made and any other information RESPA Pa[i= 11 of 15 Form 3051 1101 J requires in co]mection with a notice of transfer iof servicing. If the Note is sold and thereafter the Loan is serviced by a Loan Servicer other than the purc~aser of the Note, the mortgage loan servicing obligations to Borrower will remain with the Loan Service~ or be transferred to, a successor Loan Servicer and are not assumed by the Note purchaser unless otherwiseipro,vided by the Note purchaser. Neither Borrower nor Lender nmy com,n~ncel join, or be joined to any judicial action (as either an individual litigant or the member of a class) ~hat arises from the other party's actions pursuant to this Security Instrument or that alleges that the othe! par. ty 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 Section 15) of such alleged breach and afforded the other party hereto a reasomble period after ithe giving, of such notice to take'corrective action. If Applicable Law provides a time period which inmst elapse before certain action can be taken, that time period will be deemed to be reasonable for p~trposes of this paragraph. The notice of acceleration and opportunity to cure given to Borrower pursua Borrower pursuant to Section 18 shall be deenc action provisions of this Section 20. 21. Hazardous Substances. As used in substances defined as toxic or hazardous substa following substances: gasoline, kerosene, ofl~e~ and herbicides, volatile solvents, nmterials cont'. (b) "Enviromnental Law" means federal laws an relate to health, safety or envirmmlental protec action, remedial action, or removal action, as c Condition" means a condition that can cause ut re Section 22 and the notice of acceleration given to ed to satisfy the notice and opportunity to take corrective ~ Section 21: (a) "Hazardous Substances" are those ~ces, pollutants, or wastes by Environmental Law and the flammable or toxic petroleum products, toxic pesticides tiniag asbestos or fm'maldehyde, and radioactive materials; laws of file jurisdiction where the Property is located that fion; (c) "Environmental Cleanup" includes any response .efined in Environmental Law; and (d) an "Environmental contribute to, or otherwise trigger an Environmental Cleanup. Borrower shall not cause or permit the pre Substances, or threaten to release anY Hazardou nor allow anyone else to do, anytlfing affecting Law, (b) wlfich creates an Enviromnental Condi Hazardous Substance, creates a condition that; two sentences shall not apply to the presence sence, use, disposal, storage, or release of any Hazardous Substance. s, on or in the Property. Borrower .qhall not do, thel Property (a) that is in violation of any Environmental ~ion, or (c): which, due to the presence, use, or release of a dversely affects the value of the Property. The preceding use, or storage on the Property of sanall quantities of Hazardous Substances flint are generally recoggized to be appropriate to normal residential uses mad to maiutemnce of the Property (including, but not limited to, hazardous substances in consumer products). Borrower shall prompfly give Lender writ or other action by any governmental or regulat~ Hazardous Substance or Environmental Lax, Enviromnental Condition, including but not lira release of any Hazardous Substance, and (c) , Hazardous Substance which adversely affects ti ten notice of (a) any investigation, claim, denmnd, lawsuit u3' agency or private party involving the Property and any of which Borrower has actual knowledge, (b) any [tedito, any. spilling, leaking, discharge, release or threat of ny condition caused by the presence, use or release of a e value of:the Property. If Borrower learns, or is notified y any governmental or regulatory authority, c r any private party, that any removal or other remediation of any Hazardous Substance affecting the Prope: ;ty is necessary, Borrower shall promptly take all necessary remedial actions in accordance with Environm :ntal Law. Nothing herein shall create any obligation on Lender for an Enviromnental Cleanup. (~t~-6(WY) Iooo5~ Page 12 of lS Form 3051 1/01 NON-UNIFORM COVENANTS. Borrow 22. Acceleration; Remedies. Lender si]al Borrower's breach of any covenaut or agr acceleration under Section 18 unless Applical the default; (b) the action required to cure tli the notice is given to Borrower, by which tlu default on or before the date specified in the this SeCurity ]histrument and sale of the Pro right to reinstate after acceleration and the ri a default or any other defense of Borrower t~ before the date specified iii the notice, Lend~l all sums secured by this Security Instrument sale and any other remedies permitted by ~ expenses incurred in pursuing the remedies p reasonable attorneys' fees and costs of title e, If Leuder iuvokes the power of sale, L~ and to the person in possession of the Pro' Lender shall give notice of the sale to Borr~ publish the notice of sale, and the Propert3 Law. Lender or its designee may purchase ti applied in the followiug order: (a) to reasonable attorneys' fees; (b) to all sums se the person or persons legally entitled to it. 23. Release. Upon payment of all sums st Security Instrument. Borrower shall pay any releasing this Security Instrument, but only if charging of the fee is pemfitted under Applicat 24. Waivers. Borrower releases exemption laws of Wyoming. O62 :r and Lender further covenant m~d agree as follows: i give notice to Borrower prior to acceleration following cement in this Security Instrument (but not prior to ,lc Law prevides otherwise). The notice shall specify: (a) e default; (c) a date, not less than 30 days from the date ~ default must be cured; and (d) that failure to cure the notice may. result in acceleration of the sums secured by perty. The notice shall further inform Borrower of the :bt:to bring a court action to assert the non-existence of acceleration and sale. If the default is not cured on or ' at its option may require immediate paylnent in full of without further demand and may invoke the power of kpplicable Law. Lender shall be entitled to collect ali mvided in.this Section 22, including, but not limited to, idence. lder shall :give notice of intent to foreclose to Borrower erty, if different, in accordance with Applicable Law. ver in the manner provided in Section 15. Lender shall shall be sold iii the manner prescribed by Applicable Property at any sale. The proceeds of the sale shall be !expenses of the sale, iududiug, but not limited to, :ured by this Security Instrument; and (c) any excess to :cUred by this Security Instrument, Lender shall release this ['ecardafion costs. Lender may charge Borrower a fee for he fee is paid to a third party for services rendered and the e Law. and v~aives all fights under and by virtue of the homestead (~i~-6(WY) (ooosl P~ge 13 of 1~ Form 3061 1/01 063 BY SIGNING BELOW, Borrower acceptsl md agrees to the terms and covenants contained in this Security Instrument and in any Rider executed b3~ Bo'rrower and recorded with it. Witnesses: S TE'~H~NT E SUIaOF1l' (Seal) -Borrower (seg) (Seal) -Borrower -Borrower (Sea~) (Seal) -Borrower -Borrower (Seat) (Se'd) -Borro~'~r -Borrower (~6{WY) 1ooo6~ Paae ~4 of ~6 Form 3051 1/01 064 STATE OF WYOMING, LINCOLN Tile foregoing instrument was acknowledged before me this by WILLIAM MARK SULOFF AND STm. P~NIm. SULOFF 19th day County ss: of August, 2003 My Commission Expires: February 2, 2!006 ' '~~,o Nmary Public (~-6G(WY) {0006) 'Page 16of 15 Initial~ ~ ~-~ Form3051 1/01 SCHEDULE C Part of Lot 4 of Block 4 of the Town of Alton, Lincoln County, Wyoming being more particularly described as follows: Beginning at a point which is 63 feet West from the Southeast corner of said Lot 4 and~running thence West 5 rods; thence North 5 rods; : thence East 5 rods; thence South 5 rods to the point of beginning. ALSO Part of Lot 4 of Block 4 of the Town of Afton, Lincoln County, Wyoming being more particularly'described as follows: Beginning at a point whiich is 79,5 feet West and 82.5 feet North from the Southeas~ corner of said Lot 4 and running thence west 4 rods; thence North 1 rod; thence East 4 rods; thence South 1 rods to t~e Point of Beginning. LESS AND EXCEPT the land icontained in Warranty Deed recorded January 8, 1969 in Book 8~PR on page 263 of the records of the Lincoln County Clerk.