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HomeMy WebLinkAbout892773After Record~g Retm~ To: COUNTRYWIDE HOME LOANS, INC. MS SV-79 DOCUMENT PROCESSING P.O.Box 10423 Van Nuys, CA 91410-0423 Pr~ared By: SHEILA POUNDS 892773 RECEIVE'D LINCOLN COUNTy CLERK 03 ll.tG 2 5 PM t 0 [Space Above fhis Line For Recording Data] 04018110 [Esbrow/C10sing #] MORTGAGE 0003121702308003 [Doc ID #] DEFINITIONS Words used in multiple sections of this documenI are defined below and other words are defined in Sections 3, 11, 13, 18, 20 and 21. certain rules regarding tl~e usage of words used in this document m'e also provided in Section 16. (A) "Security Instrtm~ent" means this docUn~ent, which is dated with all Riders to this document. (B) "Borrower" is ¢~ VICKI J GAUB, A SINGLE WOMAN AUGUST 20, 2003 , together Borrower is the mortgagor under this Secm'ity Ius~rument. (C) "Lender" is COUNTRYWIDE HOME LOANS, INC. Lender is a CORPORATION organized and existing under the laws of NEW Y(DRK Lende~ s address ,s 4500 Park Granada, Calabasas, CA ~1302-1613 Lender is the mortgagee under this Security Iustru~nent. (D) "Note" means the promissory note signed ~y Borrower and dated AUGUST 20, 2003 The Note states that Bon:ower owes Lender ~ ' SEVENTY ONE THOUSAND FOUR HUNDRED 'and 00/100 Dollars (U.S. $ 71,400.00 ) plus intqrest. Bon'ower has promised to pay this debt in reguhu' Pedodic Payments and to pay the debt in full not liter than SEPTEMBER 01, 2033 . (E) "Property" means the property that is de,s~bed below under the heading "Transfe,- of Rights in the Property." (F) "Loan" means the debt evidenced by the Notq, plus interest, any prepayment charges and late charges due under the Note, and all sums due under this Securi¢, Iustmment, plus interest. WYOMING-SIngle Family-Fannie Mae/Freddie Mac UNII{ORM INSTRUMENT Page 1 of 11 Inltlals:._~ (~)®-6(WY) (0005) CHL (08/00)(d) VMP MORTGAI~E FORMS- (800)521-7291 3051 1/01 CONV/VA / Form *23991* DOC ID #: 0003121702308003 (G) "Riders" means all Riders to this Security Instrument that are executed by Bon'ower. The following Riders are to be executed by Bon'ower [check bbx as applicable]: [--] Adjustable Rate Rider ~'~ Condominium Rider [--] Second Home Rider [--] Balloon Ride,' ~-] Planned Unit Development Rider ~'] 1--4 Family Rider [--] VA Rider [--] Biweekly Payment Rider ~ Other(s) [specify] (H) "Applicable Law" means all controlling applicable federal, state and local statutes, regulations, ordinances and administrative rules mad orders (that have the effect of law) as well as all applicable final, non-appealable judicial opinions. (I) "Co~nmunity Association Dues, Fees, and Assessments" means all dues, fees, assessments and other charges that are imposed on Borrower or the Prtperty by a condominium association, homeowners association or similar organization. (J) "Electronic Funds Transfer" means any transfer of funds, other than a transaction originated by check, draft, or similar paper instrument, which is initiated through an electronic terminal, telephonic instrument, computer, or magnetic tape so as to order, insB'uct, or authorize a financial institution to debit or credit an account. Such term includes, but is not Ii .mited to, point-of-sale transfers, automated teller machine transactions, transfers initiated by telephone, wi~e transfers, and automated clearinghOuse transfers. (K) "Escrow Items" means those items that arc,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 p~id under the coverages described in Section 5) for: (i) damage to, or destruction of, the Property; (ii) condemnation or other taking of all or any part of the Property; (iii) conveyance in lieu of condemnation; or (iv) misrepre,sentations of, or omissions as to, the value and/or condition of the Property. (M) "Mortgage Insurance" means insurance protecting Lender against the nonpayment of, or default on, the Loan. (N) "Periodic PaYment" means the regularly scheduled amount due for (i) principal and interest under the Note, plus (ii) any amounts under Section 3 of this Security Instrument. (O) "RESPA" means the Real Estate Settlement Procedures Act (12 U.S.C. Section 2601 et seq.) and its implementing regulation, Regulation X (24 C.F.I~. Part 3500), as they might be amended from time to time, or any additional or successor legislation or regulation that governs the same subject matter. As used in this Security Instrument, "RESPA" refers to all reqUirements and restrictions that are imposed in regard to a "federally related mortgage loan" even if the Loan does not qualify a~s a "federally related mortgage loan" under RESPA. (P) "Successor in Interest of Borrower" means any party that has taken tire to the Property, whether or not that party has assumed Borrower's obligations under the Note and/or this Security Instrument. TRANSFER OF RIGHTS IN THE PROPERTY This Security Instrument secures to Lender: (i) the repayment of the Loan, and all renewals, extensions and modifications of the Note; and (ii) the perfo"mance of Borrower's covenants mad agreements under this Security Instrument and the Note. For this purpose, Borrower does hereby mortgage, grant and convey to Lender trod Lender's successors and assigns, with power of sale, the following described property located in the COUNTY of LINCOLN · [Type of Recording Jurisdiction] [Name of Recording Jurisdiction] A PORTION OF LOT 50 OF THE ALPINE VILLAGE SUBDIVISION NO. 1, PLAT 2, LOCATED IN ALPINE, LINCOLN COUNTY, WYOMING; BEGINNING AT THE SOUTHWEST CORNER OF LOT 50; THENCE EAST 160 ..FEET; THENCE NORTH 545.74 FEET; THENCE WEST 160 FEET TO THE NORTHWEST cORNER OF SAID LOT;THENCE SOUTH 545.74 FEET TO THE POINT OF BEGINNING. Parcel ID Number: 37181940310400 810 AIRPORT ROAD, [Street/City] . Wyoming 8 312 8 ("Property Address"): [Zip Code] ALPINE which currently has the address of 4~}®-5(WY) (0005) CH L (08/00) Page 2 of 11 Initials:._~ Form 3051 1/01 157 DOC ID #: 0.003121702308003 TOGETHER Wi~H all the improvements now or hereafter erected on the property, and all easements, appurtenances, and £uctures now or hereafter a part of the property. All replacements and additions shall also be covered by this Security Instrument. All of the foregoing is referred to in this Security Instrument as the "Property." BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has the right to mortgage, grant and convey the Property and that the Property is unencumbered, except for encumbrances of record. Borrower warrants and will defend generally the title to the Property against all claims and demands, subject to any encumbrances of record. THIS SECURITY INSTRUMENT combines uniform covenants for national use and non-uniform covenants with limited vatSafions by jurisdiction to constitute a unifmm security instrument covering real property. UNIFORM COVENANTS. Bon'ower and Lender covenant and agree as follows: 1. Payment of Principal, Interest, Escrow Items, Prepayment Charges, and Late Charges. Borrower shall pay when due the principal of, and h~terest on, the debt evidenced by the Note and any prepayment chat'ges and late charges due under the Note. Borrower shah also pay funds for Escrow Items pursuant to Section 3. Payments due under the Note and thi.~ 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 Security Instrument is returned to Lender unpaid, Lender may require that any or all subsequent payments due under the Note and this Security Instrument be made in one or more of the following forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, treasurer's check or cashier's check, provided any such check is drawn upon an institution whose deposits are insured by a federal agency, instrmnentality, or entity; or (d) Electronic Funds Transfer. Payments at'e deemed received by Lender when received at the location designated in the Note or at such other location as may be designated 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 any payment or partial payment insufficient to bring the Loan current, without waiver of any rights hereunder or prejudice to its rights to refuse such payment or partial payments in the future, but Lender is not obligated to apply such payments at the time such payments are accepted. If each Periodic Payment is applied as of its scheduled due date, then Lender need not pay interest on unapplied funds. Lender may hold such unapplied funds until Borrower makes payment to bring the Loan current. If Borrower does not do so within a reasonable period of time, Lender shall either apply such funds or return them to Borrower. If not applied earlier, such funds will be applied to the outstanding principal balance under the Note immediately prior to foreclosure. No offset or claim which Borrower might have now or in the future against Lender shall relieve Borrower from malting payments due under the Note and this Security Instrument or performing the covenants and agreements secured by this Security Instrument. 2, Application of Payments or Proceeds. Except as otherwise described in this Section 2, all payments accepted and applied by Lender shall be applied in the following order of priority: (a) interest due under the Note; (b) principal due under the Note; (c) amounts due under Section 3. Such payments shall be applied to each Periodic Payment in the order in which it became due. Any remaining amounts shall be applied first to late charges, second to any other amounts due under this Security Instrument, and then to reduce the principal balance of the Note. If Lender receives a payment from Borrower for a delinquent Periodic Payment which includes a sufficient amount to pay any late charge due, the payment may be applied to the delinquent payment and the late 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 pa)maent 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 Lender on the day Periodic Payments are due under the Note, until the Note is paid in full, a stun (the "Funds") to provide for payment of amounts due for: (a) taxes and assessments and other items which can attain priority over this Security Instrument as a lien or encumbrance on the Property; (b) leasehold payments or ground rents on the Property, if any; (c) premiums for any and all insurance required by Lender under Section 5; and (d) Mortgage Insurance premiums, if any, or any sums payable by Borrower to Lender in lieu of the payment of Mortgage Insurance premiums in accordance with the provisions of Section 10. These items are called "Escrow Items." At origination or at any time during the term of the Loan, Lender may require that Community Association Dues, Fees, and Assessments, if any, be escrowed by Borrower, and such dues, fees and assessments shall be an Escrow Item. Borrower shall promptly furnish to Lender all notices of amounts to be paid under this Section. Borrower shall pay Lender the Funds for Escrow Items unless Lender waives Borrower's obligation to pay the Funds for any or all Escrow Itcms. Lender may waive Borrower's obligation to pay to Lender Funds for any or all Escrow Items. at any time. Any such waiver may only be in writing. In the event of such waiver, Borrower shall pay directly, when and where payable, the amounts due for any Escrow Items for which payment of Funds ha~s been waived by Lender and, if Lender requires, shall furnish to Lender receipts evidencing Inltials:,~ (~I~'6(WY) (0005) CHL (08/00) Page 3 of 11 ( Form 3051 1/01 158 DOC ID #: 0003121702308003 such payment within such time period as Lender may require. Borrower's obligation to make such payments and to provide receipts shall for all proposes l~e deemed to be a covenant and agreement contained in this Security Instrument, as the phrase "covenant a~d agreement" ~s used in Secuon 9. If Borrower is obligated to pay Escrow Items directly, pursuant to a waiver,i and Borrower fails to pay the amomlt due for an Escrow Item, Lender may exercise its rights under Section ~ and pay such mnount and Borrower shah then be obligated under Section 9 to repay to Lender any such 'amount. Lender may revoke the waiver as to any or all Escrow '1 Items at any time by a notice given in accordan?e with Section 15 and, upon such revocation, Borrower shall pay to Lender aH Funds, and in such amounts, ~at are then required under this Section 3. Lender may, at any time, collect and hold I~unds in an amount (a) sufficient to permit Lender to apply the Funds at the time specified under RESPA, andi (b) not to exceed the maximum amount a lender can require under RESPA. Lender shall estimate the amount of Funds due on the basis of current data and reasonable I ' estimates of expenditures of future Escrow Items, or otherwise in accordance with Applicable Law. The Funds shall be held in'an institution w~ose deposits are insured by a federal agency, instrumentality, or entity (including Lender, if Lender is an instiiution whose deposits are so insured) or in any Federal Home Loan Bank. Lender shall apply the Funds to l~ay the Escrow Items no later than the time specified under RESPA. Lender shall not charge Bon'ower for hplding and applying the Funds, annually analyzing the escrow account, or verifying the Escrow Items, unless iLender pays Borrower interest on the Funds and Applicable Law permits Lender to make such a chat'ge. Unle~ an agreement is made in writing or Applicable Law requires interest to be paid on the Funds, Lenderlshall not be reqtth'ed to pay Borrower any interest or earnings on the Funds. Borrower and Lender can agree in writing, however, that interest shall be paid on the Funds. Lender shall give to Borrower, without charge, a~i annual accounting of the Funds as required by RESPA. If there is a smplus of Funds held in escroW, as defined Under RESPA, Lender shall account to Borrower for the excess funds in accordance with RESPa. If there is a shortage of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower a~ required by RESPA, and Borrower shall pay to Leuder the amount necessary to make up the shortage in !accordance with RESPA, but in no more than 12 monthly payments. If there is a deficiency of Funds heid in escrow, as defined under RESPA, Lender shah notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to make up the deficiency in accordance with RESPA, but in no more than 12 monthly payments. Upon payment in full of all sums secured bY this Security Instrument, Lender shall promptly refund to Borrower any Funds held by Lender. 4. Charges; Liens. Borrower shall pay all tpxes, assessments, charges, fines, and impositions attributable to the Property which can attain priority over thi~ Security Instrument, leasehold payments or ground rents on the Property, if any, and Community AssoCiatio~ Dues, Fees, and Assessments, if any. To the extent that these items are Escrow Items, Bon'ower shall pay the~ in the manner provided in Section 3. Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a) agrees in writing to the payment o,f the obligation secured by the lien in a manner acceptable to Lender, but only so long as Borrower is perform~."'ng such agreement; (b) contests the lien in good faith by, or ~ . defends against enforcement of the lien in, legal proceedings which in Lender's opinion operate to prevent the enforcement of the lien while those proceedings! are pending, but only until such proceedings are concluded; or (c) secures from the holder of the lien an ag}cement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determines that a~y part of the Property is subject to a lien which can attain priority over this Security Instrument, Lender may give Borrower a notice identifying the lien. Within 10 days of the date on which that notice is given, Borrow~er 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-~me charge for a real estate tax verification and/or reporting service used by Lender in connection with this Lqan. 5. Property Insurance, Borrower shall keep rite improvements now existing or hereafier erected on the Property insured against loss by fire, hazards included within the tram "extended coverage," and any other hazards including, but not limited to, earthquakes and floods, for which Lender requires insurance. This insurance shall be maintained in the amounts (i~cluding deductible levels) and for the periods that Lender requires. What Lender requires pursuant to the p~eceding sentences can change during the term of the Loan. The insurance carrier providing the insurance Shall be' chosen by Borrower subject to Lender's right to disapprove Borrower's choice, which right shall got be exercised unreasonably. Lender may require Borrower to pay, in connection with this Loan, either: (a) a one-time charge for flood zone determination, certification and tracking services; or (b) a one-time charge ~for flood zone determination and certification services and subsequent charges each time remappings or similar changes occur which reasonably might affect such determination or certification. Borrower shall aisc be responsible for the payment of any fees imposed by the Federal Emergency Management Agency in connection with the review of any flood zone determination resulting from an objection by Borrower. If Borrower fails to maintain any of the Coverages described above, Lender may obtain insurance coverage, at Lender's option and Borrower's expeCse. Lender is under no obligation to purchase any particular type or amount of coverage. Therefore, such coverage shall cover Lender, but might or might not protect Borrower; Borrower's equity in the Property, ori the contents of. the Property, against any risk, hazard or 11~)®-8(WY) (ooo5) CHL (08100) Page 4 of 11 Inltlals;~ Form 3051 1/01 DOC ID #: 0003121702308003 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 Bon'ower 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 beat' interest at the Note rate from the date of disbursement and shall be payable, with such interest, upon notice from Lender to Borrower requesting payment. All insurance policies required by Lender and renewals of such policies shall be subject to Lender's right to disapprove such policies, shall include a standard mortgage clause, and shall name Lender ms mortgagee and/or a~s an additional loss payee. Lender shall have the right to hold the policies and renewal certificates. If Lender requires, Bon'ower shall promptly give to Lender all receipts of Paid premiums and renewal notices. If Borrower obtains any form of insurance coves'age, not otherwise required by Lender, for damage to, or destruction of, the PropexCy, such policy shall include a standard mortgage clause and shall name Lender as mortgagee and/or as an additional loss payee. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. Unless Lender and Bon'ower otherwise agree in writing, any insurance proceeds, whether or not the underlying insurmlce was required by Lender, shall be applied to restoration or repair of the Property, if the restoration or repair is economically feasible and ender s security is not lessened. During such repair and restoration period, Lender shall have the right to hold such insurance proceeds until Lender has had an 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 repairs and restoration in a single payment or in a series of progress payments as the work is completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such insurance proceeds, Lender shall not be required to pay Borrower any interest or earnings on such proceeds. Fees for public adjustea's, or other third parties, retained by Borrower shall not be paid out of the insurance proceeds and shall be the sole obligation of Borrower. If the restoration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be 'applied to the sums seem'ed by this Security Instt'mnent, whether or not then due, with 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 Properly, Lender may ftc, negotiate and settle any available insurance claim and related matters. If Borrower does not respond within 30 days to a notice from Lender that the insurance carrier has offered to settle a claim, then Lender may negotiate and settle the claim. The 30-day period will begin when the notice is given. In either event, or if Lender acquires the Property under Section 22 or otherwise, Borrower hereby assigns to Lender (a) Borrower's rights to any insurance proceeds in an amount not to exceed the amounts unpaid under the Noto or this Security li~strument, and (b) any other of Bonx)wer's rights (other than the right to m~y refund of unearned premiums paid by Borrower) m~der ail 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 Iusmunent, whether or not then due. 6. Occupancy, Borrower shall occupy, establish, and use the Property as Bon'ower's principal residence within 60 days after the execution of this Securhty Instrument and shall continue to occupy the Property as Borrower's principal residence fox' at lea~st one year after the date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be unreasonably withheld, or unless extenuating circmnstances exist which are beyond Borrower's control. 7. Preservation, Maintenance and Protection of the Property; Inspections. Borrower shall not destroy, damage or impair the Property, allow the Property to deteriorate or commit waste on the Property. Whether or not Borrower is residing in the Property, Borrower shall maintain the Property in order to prevent the Property fi'om 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 Pr°Peay if damaged to avoid further deterioration or damage. If insurance or condemnation proceeds are paid in connection with damage to, or the taking of, the Property, Borrower shall be responsible for repah'ing or restoring the Property only ff 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 Propea'ty. If it has reasonable cause, Lender may inspect the interior of the improvements on the Property. Lender shall give Borrower notice at the time of or prior to such an interior inspection specifying such reasonable cause. 8. Borrower's Loan Application. Borrower shall he in default if, during the Loan application process, Borrower or any persons or entities acting at the direction of Borrower or with Borrower's knowledge or consent gave materially false, misleading, or inaccurate information or statements to Lender (or failed to provide Lender with material information) in connection with the Loan. Material representations include, but are not limited to, representations concerning Borrower's occupancy of the Property as Borrower's principal residence. (~®-§(WY) (0005) CHL (08/00) Page 5 of 11 Initials Form 3051 1/01 DOC ID #: 0003121702308003 9. Protection of Lender's Interest in the Property and Rights Under this Security Instrument. If (a) Borrower fails to perform the covenants and agrecments contained in this Security Instrument, (b) there is a legal proceeding thai might significantly affect Lemder's interest in the Property and/or rights undm' this Sccufity Instrument (suCh as a proceeding in bankruptcy, probate, for condemnation or forfeiture, for enforcement of a lien which may 'attain priority over this Security Imstrument or to enforce laws or regulations), or (c) Bm'rowe,' 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 fights mtder this Security Instrument, including protecting and/or assessing the value of the Property, and securing and/or repairing the Property. Lendei"s actions can include, but are. not limited to: (a) paying any sums secured by a lien which hms priority over this Security Instrument; (b) appeming in courl; and (c) paying reasonable attorneys' fccs to protect its interest in the Property and/or fights under this Security Instrument, including its secured position in a bankruptcy proceeding. Secming the Property includes, but is noi limited to, entering the Property to make repairs, change locks, replace or board up doors and windows, di'ain water from pipes, eliminate building or other code violations or dangerous conditions, and have utilities turned on or off. Although Lender may take action under this Section 9, Lender does not have to do so and is not under any duty or obhgation to do so. It is agreed that Lender incurs no hability fur not taking any or all actions authorized under this Section 9. Any amounts disbursed by Lender under this Section 9 shall become additional debt of Borrower secured by this Security Instt'ument. These amounts shall bear interest at the Note rate from the date of disbursement and shall be payable, with such interest, upon notice from Lender to Borrower requesting payment. If this Security Instmrnent is on a leasehold, Barrower shall comply with all the provisions of the lease. If Bon'ower 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 Mortgage Insurance as a condition of making the Loan, Bor,'ower shall pay the premiums required to maintain the Mortgage Insurance in effect. If, for any reason, the Mortgage Insurance coverage required by Lender ceases to be available from the mortgage insurer that previously provided such insurance and Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiums required to obtain coverage substantially equivalent to the Mortgage Insurance previously in effect, at a cost substantially equivalent to the cost to Bon'ower of the Mo,'tgage Insurance previously in effect, from an alternate mortgage insurer selected by Lender. If substantially equivalent Mortgage :Insurance coverage ks not available, Borrower shall continue to pay to Lender the amount of Ibc separately designated payments that were due when the insurance coverage ceased to be in effect. Lender will accept, use and rc~ain these payments as a non-refundable loss reserve in lieu of Mortgage Insurance. Such loss reserve shall bc non-refundable, notwithstanding thc fact that the Loan is ultimately paid in full, and Lender shall not be 'required to pay Borrower any interest or earnings on such loss reserve. Lender can no longer require loss reserve payments if Mortgage Insurance coverage (in the amotmt and for the period that Lender requires) provided by an insurer selected by Lender again becomes available, is obtained, and Lender requires separately designated payments toward the premiums for Mortgage Insurance. If Lender required Mortgage Insurance as a condition of m~king the Loan Mid Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiums required to maintain Mortgage Insurance in effect, or to provide a non-refundable loss reserve, until the Lender's requirement for Mortgage Insurance ends in accordance with any written agreement between Borrower and Lender providing for such termination or Until termination is required by Applicable Law. Nothing in this Section 10 affects Bon'ow&s obligation to pay intere~st at the rate provided in thc Note. Mortgage Insurance reimburses Lender (or any entity that purchsscs the Note) for certain losses it may incur if Borrower does not repay the Loan as agreed. Boffower is not a party to thc Mortgage Insurance. Mortgage insurers evaluate their total fisk on all such insurance in force from time to time, and may enter into agreements with other pat'ties that share or modify their risk, or reduce losses. These agreements are on terms at~d conditions that are satisfactory to the mortgage insurer and the other party (or parties) to these agreements. Thcs~ agreements may require the mortgage insurer to make payments using any source of funds that the mortgage insurer may have available (which may include funds obtained from Mortgage Insurance premiums). As a result of these agreements, Lender, any purchaser of the Note, another insurer, any reinsurer, any other entity, or any af£fliate of any of the foregoing, may receive (directly or indirecdy) atnounts that derive from (or might be characterized as) a portion of Borrower's payments for Mortgage Insurance, in exchange for sharing or modifying the mortgage insurer's risk, or reducing losses. If such agreement provides that an .affiliate of Lender takes a share of the insurer's risk in exchange for a share of the premiums paid to the insurer, the arrangement is often termed "captive reinsurance." Further: (a) Any such agreements will not affect rite mounts that Borrower has agreed to pay for Mortgage Insurance, or any other terms of the Loan. Such agreements will not increase rite amount Borrower will owe for Mortgage Insurance, and they will not entitle Borrower to any refund. (~-6(WY) (0005) CHL (08/00) Page 6 of t ~ Initials :_~.~ Form 3051 1/01 DOC ID #: 0003121702308003 (b) Any SUdl agreements will not affect the riglits Borrower has -ff any - with respect to tile Mortgage Insurance under the HomeOwnerslProtection Act of 1998 or any other law. These rights ~nay include the right to receive certain disclosures, to request and obtain canceHatiou o1' file Mortgage ~Insu~rance;to have the Mo.rtgage Insurance t~rminated automatically, and/or to receive a refund of any lviort~g.age.nm, urance pre..n~. _runs that were unqarned at the time of such cancellation or termination. il. Assignment ot Miscellaneous ProCeeds;, Forfeiture. All Miscellaneous Proceeds are hereby assigned to and shall be paid to Lender. ~ If the Property is damaged, such Miscell~ Property, if the restoration or repah' is economic. repair and restm'ation period, Lender shall have 1 had an opportunity to inspect such Property to provided that such inspection shall be undertake a single disbursement or in a series of progress ~eous Proceeds shall be applied to restoration or repair of the flly feasible and Lender's security is not lessened· During such he right to hold such Miscellaneous Proceeds until Lender has :nsure the work has been completed to Lender's satisfaction, n promptly. Lender may pay for the repairs and restoration in payments as the work is completed. Unless an agreement is made in writing or Apphcable Law requires iht{ :rest to be paid on such Miscellaneous Proceeds, Lender shall not be required to pay Bon'ower any interest or ,earnings on such Miscellaneous Proceeds. If the restoration or repair is not economically feasible or Lender's ~ecurity would be lessened, the Miscellaneous Proceeds shall be applied to the sums secured by this Secufityllnstmment' whether or not then due, with the excess, if any, paid to Bon'ower. Such Miscellaneous Proceeds ~hall be applied in the order provided for in Section 2. In the event of a total taking, destruction, [or loss in value of the Property, the Miscellaneous Proceeds i shall be applied to the sums secured by this Sequnty Instrument, whether or not then due, with the excess, if any, paid to Borrower. ' In the event of a parrial taking, destruction, lot loss in value of the Property in which the fair market value of the Property immediately before the pm'tial t~king, destruction, or loss in value is equal to or greater than the amount of the sums secured by this Security ~.nstmment inunediately before the partial taking, destruction, or loss in value, unless Bon'ower and Lender o~herwise agree in writing, the sums secured by this Security Instrument shall be reduced by the amount of the Miscellaneous Proceeds multiplied by the following fraction: (a) the total amount of the sums secured hnmec iately before the partial taking, destrucrion, or loss in value divided by (b) the fair market Value of the Prope ray immediately before the partial taking, destruction, or loss in value. Any balance shall be paid to Bon'ower. In the event of a partial taking, destruction, )r loss in value of the Property in which the fair market value of the Property immediately before the pm'rial ta ~ing, destruction, or loss in value is less than the amount of the sums secured immediately before the partia~ taking, destruction, or 1o~ in value, unless Borrower and Lender otherwise agree in writing, the Miscell~ [eous Proceeds shall be applied to the sums secured by this Security Instrument whether or not the sums are ~'aen due. If the Property is abandoned by Borrower, 'or if, after notice by Lender to Borrower that the Opposing Pmty (as defined in the next sentence) offers to n~ake an award to settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date ~he notice is given, Lender is authorized to collect and apply the Miscellaneous Proceeds either to restoratio~i or repair of the Property or to the sums secured b this ~Secm~ty Insmmaent, whether or not then due. ,Opposing Party" means the third party that owes Borrower lwiscellaneous Proceeds or the party against who~n Borrower has a right of action in regard to Miscellaneous Proceeds. Borrower shall be in default if any action lot proceeding, whether civil or criminal, is begun that, in Lender's judgment, could result in forfeiture of t~e Property or other material impairment of Lender's interest in the Property or rights under this Secmity Instn)ment. Borrower can cure such a default and, if acceleration has occurred, reinstate as provided m Sectton 19iby causing the action or proceeding to be disrmssed w~th a rifling that, in Lender's judgment, precludes forfeiture of the Property or other material impah'ment of Lender's interest an the Paoperty o,' rights under thru Se iud Instrument The roce · ' ' '" '- ' ' q 'ty · p eds of any award or claim for damages that are attributable to the impairment Sf Leader's interest in the Property are hereby assigned and shall be paid to Lendea-. ' All Miscellaneous Proceeds that are not applied to restoration or repair of the Property shall be applied in the order provided for in Section 2. 12. Borrower Not Released; Forbearan{e By Lender Not a Waiver. Extension of the time for payment or modification of amortization of the su~ns secured by this Security Instrument granted by Lender to Borrower or any Successor in Interest of Borrowe~ shall not operate to release the liability of Borrower or any Successors in Interest of Borrower. Lender sh~ not be required to commence proceedings against anY Successor in Interest of Borrower or to refuse to Ottend time for payment or otherwise modify amortization of the sums secured by this Security Instrument by reason of any demand made by the original Bon'ower or any Successors in Interest of B, orrower. Any forbcar~nce by Lender in exercising any right or remedy including, without limitation, Lender s acceptance of payments from third persons, entities or Successors in Interest of Borrower or in amounts less than the amount then idue, shall not be a waiver of or preclude the exercise of any right or remedy. 13. Joint and Several Liability; Co-signer~ Successors and Assigns Bound. Borrower covenants and agrees that Bon'ower's obligations and liability !shall be joint and several. However, any Borrower who co-signs this Security Instrument but does not execute the Note (a "co-signer"): (a) is co-signing this Security ~-6(WY) (0005) CHL (081001 Page 7 of 11 Initials: ~ Form3051 1/01 Instrument only to mortgage, grant and conve~ Security Instrument; (b) is not personally obit (c) agrees that Lender and any other Bm accommodations with regard to the terms of consent. IG2 0 DOC ID #: 0003121702308003 tthe co-signer s interest in the Property under the terms of this tater to pay the sums secured by this Security Instrument; and · ~w. er can agree to extend, modify, forbear or make any ithls Security Instrument or the Note without the co-signer's Subject to the provisions of Section 18, my Successor itt Interest of Borrower who assumes Borrower's obligations under this Security Instrument in writing, and is approved by Lender, shall obtain all _,of Borrower's right,.s .~..d. bene~ts .u~.der this Security Instrument. Borrower shall not be released from Borrowers obligations and liabih, ty u~n.d.er t~his S.ecur_tty Instrument unless Lender agrees to such release in writing. The covenants and agreements ti' tins aecunty Instrument shall bin~l (except as provided in Section 20) and benefit the successors and assigns of Lender. 14. Loan Charges. Lender may charge Borrower's default, for the purpose of protec~ Security Instrument, including, but not limited regat'd to any Other fees, the absence of express: Borrower shall not be construed as a prohibitio~ are expressly prohibited by this Security Instmm If the Loan is subject to a law which sets that the interest or other loan charges collectet permitted limits, then: (a) any such loan charge to the permitted limit; and (b) any sums already Borrower fees for services performed in connection with ing Lender's interest in the Property and fights under this to, attorneys' fees, property inspection and valuation fees. In mthority in this Security Instrument to chat'ge a specific fee to on the charging of such fee. Lender may not charge fees that ent or by Applicable Law. maximum loan charges, and that law is finally interpreted so or to be collected in connection with the Loan exceed the hall be reduced by the amount necessary to reduce the charge :ollected from Borrower which exceeded permitted limits will be refunded to Borrower. Lender may choose t make this refund by reducing the principal owed under the Note or by making a direct payment to Borrowe~[. If a refund reduces principal, the reduction will be treated as a pat'rial prepayment withou, t any prepayment ~harge (whether or not a prepayment charge is provided for under the Note). Borrowers acceptance of aqy such refund made by direct payment to Borrower will constitute a w~v~er of any right of action BOrrower might have arising out of such overcharge. ' 15. Notices. All notices given by Borrowel' or Lender in connection with this Security Instrument must be in writing. Any notice to Bon'ower in connection with this Security Instrument shall be deemed, to have been given to Bon'ower when mailed by first ~:la~ss mail or when actually delivered to Bon'owers notice address if sent by other means. Notice to any ~ne Borrower shall constitute notice to all Borrowers unless Applicable Law expressly requires otherwise. The notice address shall be the Property Address unless Bon'ower has designated a substitute notice ac Lender of Borrower's change of address. If Len address, then Borrower shall only report a chan~ only one designated notice address under this Se tress by notice to Lender. Borrower shall promptly notify specifies a procedure for reporting Borrower's change of of address through that specified procedure. There may be :urity Instrument at any one time. Any notice to Lender shall be given by delivering it or by mailing it by first :lass mail to Lender's address stated herein unless Lender has designated another address by notice to Bo~IoW~er. Any notice in connection with this Security Instrument shall not be deemed to have been given to Lendel~: until actually received by Lender. If any notice required by this Security Instrument is also required under ~pplicable Law, the Applicable Law requirement will satisfy the corresponding requirement under this Securit~ Instrument. 16. Governing Law; Severability; Rules 6t' Construction. This Security Instrument shall be governed by federal law and the law of the jurisdiction ib which the Property is located. All rights and obligations contained in this Security Instrument are subje,:t to any requirements and limitations of Applicable Law. Applicable Law might explicitly or implicitly all ow the parties to agree by contract or it might be silent, but such silence shall not be construed as a prohibition against agreement by contract. In the event that any provision or clause of this Security Instrument o~ the Note conflicts with Applicable Law, such conflict shall not affect other provisions of this Security Inst'ument or the Note which can be given effect without the conflicting provision. ~ As used in this Security Insu'ument: (a) words of the masculine gender shall mean and include corresponding neuter Words or words of the femi~ ine gender; (b) words in the singular shall mean and include the plural and vice versa; and (c) the word "ma ~" gives sole discretion without any obligation to take any action. 17. Borrower's Copy. Borrower shall be gi~.en one copy Of the Note and of this Security Instnanent. 18. Transfer of the Property or a Ben~ I]cial Interest in Borrower. As used in this Section 18, "Interest in the Property" means any legal or ben, :ficial interest in the Property, including, but not limited to, those beneficial interests transferred in a bond for deed, contract for deed, installment sales contract or escrow agreement, the intent of which is the transfer of tit e by Borrower at a future date to a purchaser. If all or any part of the Property or any Intere st in the Property is sold or transferred (or if Borrower is not a natural person and a beneficial interest in Bon ower is sold or transferred) without Lender's prior written consent, Lender may require immediate paymen't in full of all sums secured by this Security Instrument. HoweVer, this option shall not be exercised by Ler der if such exercise is prohibited by Applicable Law. If Lender exercises this option, Lender sh~ll give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days from ~he date the notice is given in accordance with Section 15 within which Borrower must pay all sums secured by this Security Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Le~der may invoke any remedies permitted by this Security Instrument without further notice or demand on Bdrrower. Initials:L (~I®-6(WY) (oo05) CHL (08/00) Page a of 11 / Form 3051 1/01 19. Borrower's Right to Reinstate After Acceler shall have the right to haVe enforcement of this Secua earliest off (a) five days before sale of the Property pm Instrument; (b) such other period as Applicable Law m reinstate; or (c) entry of a judgment enforcing this Sec~ (a) pays Lender all sums which then would be due u acceleration had occurred; (b) cures any default of any incurred in enforcing this Security Instrument, inclu( property inspection and valuation fees, and other fees h in the Property and rights under this Security Instmmenl require to assure that Lender's interest in the Prope. Borrower's obligation to pay the sums secured by this S~ may require that Borrower pay such reinstatement sums as selected by Lender: (a) cash; (b) money order; (c) cer~ check, provided any such check is drawn upon an instit~ instrumentality or entity; or (d) Electronic Funds Tran Instrument and obligations secured hereby shall remai However, this right to reinstate shall not apply in the cas{ 20. Sale of Note; Change of Loan Servicer; Noti Note (together with this Security Instrument) can be solt A sale might result in a change in the entity (known as due under the Note and this SectuSty Instrument and peri the Note, this Security Instrument, and Applicable Law. Servicer unrelated to a sale of the Note. If there is a cl written notice of the change which will state the name which payments should be made and any other inform transfer of servicing. If the Note is sold and thereafter ti purchaser of the Note, the mortgage loan servicing oblige ur be transferred to a successor Loan Servicer and are provided by the Note purcha~ser. Neither Borrower nor Lender rnay commence, jo individual litigant or the member of a class) that arises fi Instnmaent or that alleges that the other party has breacl this Secmity Instrument, until such Borrower or Lender I compliance with the requirements of Section 15) of sucl~ reasonable period after the giving of such notice to take period which must elapse before certain action can be ta for pulposes of this paragraph. The notice of accelemti{ to Section 22 and the notice of acceleration given to satisfy the notice and opportunity to take corrective acti~ 21. Hazardous Substances, As used in this Sectiot del'reed as toxic or hazardous substances, pollutants, substances: gasoline, kerosene, other flammable, or toxi volatile solvents, materials containing asbestos "Envkonmental Law" mean~s federal laws and laws of th to health, safety or envkonmental protection; (c) "Em remedial action, or removal action, ms defined in Enviro means a condition that can cause, contribute to, or othem Borrower shall not cause or permit the ~'esence, Substances, or tlu'eaten to release any Hazardous Substar allow anyone else to do, anything affecting the Property which creates an Environmental Condition, or (c) which Substance, ereates a condition that adversely affects the shall not apply to the presence, use, or storage on the I: that are generally recognized to be appropriate to norma (including, but not limited to, hazardous substances in co: Borrower shall promptly give Lender written nofic, other action by any governmental or regulatory agenc Hazardous Substance or Environmental Law of which B~ Condition, including but not limited to, any spilling, le Hazm'dous Substance, and (c) any condition eat[,ed by ti which adversely affects the value of the Propexly. If Bo regulatory authority, or any private party, that any remo, affecting the Property is necessm~y, Bon'ower shall prom with Environmental Law. Nothing herein shall create an' (~-6(WY) (0005) CHL (00/00) Page 9 DOC ID #: 0003121702308003 ~tion. If Borrower meets certain conditions, Bon'ower ity Instrument discontinued at any rime prior to the ;uant to any power of sale contained in this Security ~ht specify for thc termination of Boz~rower's right to rity Instrument. Those conditions are that Borrower: tdex this Security Instrument and the Note as if no other covenants or agreements; (c) pays all expenses lng, but not limited to, reasonable attorneys' fees, cuffed for the purpose of protecting Lender's interest ; and (d) talces such action as Lender may reasonably :ty and rights under this Security Instrument, and ~curity Insttment, shall continue unchanged. Lender and expea~ses in one or more of the following forms, ified check, bank check, treasurer's check or cashier's trion whose deposits are imm'ed by a federal agency, ffer. Upon reinstatement by Borrower, this Security ~ fully effective as if no acceleration had occurred. ',of acceleration under Section 18. .'e of Grievance. The Note or a pm'rial interest in the [ one or more times without prior notice to Borrower. the "Loan Servicer") that collects Periodic Payments ~rms other mortgage loan servicing obligations under rhexe also might be one or more changes of the Loan ~ange of the Loan Servicer, Bom)wet will be given [nd address of the new Loan Servicer, the address to fion RESPA requires in connection with a notice of e Loan is serviced by a Loan Servicer other than the .dons to Borrower will remain with the Loan Servicer ~ot assumed by the Note purchaser unless otherwise n, or be joined to any judicial action (as either an om the other party's actions pursuant to this Security ed any provision of, or any duty owed by reason of, las notified the other party (with such notice given in alleged breach and afforded the other party hereto a corrective action. If Applicable Law provides a time :eh, that time period will be deemed to be reasonable and opportunity to cure given to Borrower pursuant orrower pursuant to Section 18 shall be deemed to t provisions of this Section 20. 21: (a) "Hazardous Substances" are those substances wastes by Environmental Law and the following >etroleum products, toxic pesticides and herbicides, formaldehyde, and radioactive materials; (b) urisdicfion where the Property is located that relate ironmental Cleanup" includes any response action, hmental Law; and (d) an "Environmental Condition" iise trigger an Environmental Cleanup. use, disposal, storage, or release of any Hazardous ces, on or in the Property. Borrower shall not do, nor ia) that is in violation of any Environmental Law, (b) , due to the presence, use, or release of a Hazardous value of the Property. The preceding two sentences roperty of small quantifies of Hazardous Substances residential uses and to maintenance of the Property sumer products). ~ of (a) any investigation, claim, demand, lawsuit or 5' or private party involving the Property and any ~rrower has actual knowledge, (b) any Environmental airing, discharge, release or threat of release of any te presence, use or release of a Hazardous Substance ~a'ower learns, or is notified by any governmental or ,al or other remediation of any Hazardous Substance ,fly take all necessary remedial actions in accordance obligation on Lender for an Envkonmental Cleanup. Initials: ~ 11 'V/Form 3051 1/01 / NON-UNIFORM COVENANTS. Bon'ow, 22. Acceleration; Remedies. Lender Borrower's breach of any covenant Or a acceleration under Section 18 unless Applicl the default; (b) the action required to cure th notice is given to Borrower, by which the del on or bet'ore the date specified in the notic Security Instrument and sale of the Propertl reinstate after acceleration and the right to 1 or any other defense of Borrower to acceter date specified in the notice, Lender at its secured by this Security Instrmnent without other remedies perJnitted by Applicable Law pursuing the remedies provided in this Sec~J fees and costs of title evidence. 164 DOC ID #: 0003121702308003 a' and Lender further covenant and agree as follows: tH give notice to Borrower prior to acceleration following :reement in this Security Instrument (but not prior to tble Law provides otherwise). The notice shall specify: (a) ~ default; (c) a date, not less than 30 days from the date the ault must be cured; and (d) that failure to cure the default may result in acceleralion of the sums secured by this '. The notice shall further inform Borrower of the right to ,ring a court action to assert the non-existence of a default ~tion and sale. If the d'efault is not cured on or bet'ore the ~on may require immediate payment in full of aH sums Mrther demand and may invoke the power of sale and any . Lender shall be entitled to collect all expenses incurred in on 22, including, but not lhnited to, reasonable attorneys' It' Lender invokes the power of sale, Leqder shall give notice of intent to foreclose to Borrower and to the person in possession of the Property, l if different, in accordance with Applicable Law. Lender shall give notice of the sale to Borrower in t~e manner provided in Section 15. Lender shall publish the notice of sale, and the Property shah be sold in the manner prescribed by Applicable Law. Lender or its designee may purchase file Property at an~ sale. The proceeds of the sale shah be applied in the following order: (a) to all expenses of the sa!e, including, but not limited to, reasonable attorneys fees; (b) to all sums secured by this Security Instrmnent; and (c) any excess to the person or persons legally entitled to it. 23. Release. Upon payment of all sums ~ecured by this Security Instrument, Lender shall release this Security Instrument. Borrower shall pay any!recordation costs. Lender may charge Borrower a fee for releasing this Security Instrument, but only if the fee is paid to a third party for services rendered and the charging of the fee is permitted under Applieabl~ Law. 24. Waivers. Borrower relea~ses and waiv~ all rights under and by virtue of the home.stead exemption laws of Wyoming. BY SIGNING BELOW, Bo,xower accepts and agrees to the terms and covenants contained in this Security Instrument and in any Rider executed b~, Borrower and recorded with it. Witnesses: (Seal) (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (~®-6(WY) (ooo5) CHL (08/00) Page 10 of 11 Form 3051 1/01 STATE OF WYOMING, The foregoing instrument was actmowleaged before me this by VICKI J. GAUB My Commission Expires: 9-12-03 (~)~-6(WY) (ooo5) CHL (08/00) Page 11 of 11 165 DOC ID %: 0003121702308003 TETON County ss: 20TH DAY OF AUGUST, 2003 Inlttals:_~ fForm3051 1/01