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HomeMy WebLinkAbout892778Return To: WELLS FARGO HOME MORTGAGE, INC. FINAL DOCUMENTS X4701.022 ' 3601 MINNESOTA DRIVE BLOOMINGTON, MN 55435-5284 Prepared By: BJ STORM WELLS FARGO HOME MORTGAGE, INC. 7333 S. HARDY DR. TEMPE, AZ 85283- 89 2 7 7 8 REOEIVED LiNOOLN COUNTy CLERK 03 ~!J~25 P}~ Il: ~ soo 532pRPAGE 1 7 2 [Space Abgve Tl~is Line For Recording Data]- MORTGAGE 013208798~ DEFINITIONS Words used in multiple sections of thisl doqument are defined below and other words are defined in Sections 3, 11, 13, 18~ 20 and 21. Certain rules regarding the usage of words used in this document are also provided in Section 16. (A) "Security InstrumenY, means this doqument, which is dated AUGUST 22, 2003 together with all Riders to this documenti (B) "Borrower" is DAVID M HOFFMAN Borrower is the mortgagor under this Security, Instrument. (C) "Lender" is WELLS FARGO HOME M~RT~AGE, INC. Lender is a Corporation organized and existing under the laws of THE STATE OF CALIFORNIA WYOMING. Single Family - Faptt~/~jap/~.reddie Page , of,8 Initials: ..~ ~. Ma~ UNIFORM INSTRUMENT FORM 3051 1101 SWY01 Rev 08/13/01 Lender's address is P. O. BOX 5137, DES MOINES, IA 50306. Lender is the mortgagee under this Sec[ (D) "Note" means the promissory note ! The Note states that Borrower owes Ler AND NO/100 H37. 'ity Instrument. igned by Borrower and dated AUGUST 22, 2003 :ler TWENTY-ONE THOUSAND THREE HUNDRED ' Dollars (U.S. $ .. ~ .1.,:). .0.0. ,.0. .0. ............ ) plus interesl :Borrower has promised to pay this debt in regular Periodic Payments and to pay the debt in full :not later than SEPTEMBER 1, 2018 (E) "Property" means the property that is desCribed below under the heading "Transfer of Rights in the Property." (F) "Loan" means the debt evidenced b~/ the Note, plus interest, any prepayment charges and late charges due under the Note, an~ all sums due under this Security Instrument, plus interest. (G) "Riders" means all Riders to this S~curity Instrument that are executed by Borrower. The following Riders are to be executed I~y Borrower [check box as applicable]: ~ Adjustable Rate Rider J----] Condomiiium Rider J---~Second Home Rider ~ Balloon Rider J-'--J Planned ~..nit Development Rider ~ 1-4 Family Rider [-'-] VA Rider r-~ RiweeklyiPayment Rider ~ Other(s) [specify] Prepayment Rider I!ing applicable federal, state and local statutes, 'e rules and orders (that have the effect of law) as judicial opinions' ,es, and Assessments" means all dues, fees, ire imposed on Borrower or the Property by a s.sociation or similar organization. any: transfer of Cunds, other than a transaction (H) "Applicable Law" means all contrc regulations, ordinances and adm[nistrati. well as all applicable final, non-appealabl (I) "Community Association Dues, F~ assessments and other charges that condominium association, homeowners a (J) "Electronic Funds Transfer" means originated by check, draft, or similar )ape~r instrument, which is initiated through an electronic terminal, telephonic instrume~'t, domputer, or magnetic tape so as to order, instruct, or authorize a financial institutio, to debit or credit an account. Such term includes, but is not limited to, point-of-sa e transfers, automated teller machine transactions, transfers initiated by telephone, wire transfers, and automated clearinghouse transfers. (K) "Escrow Items" means those items that are described in Section 3. (L) "Miscellaneous Proceeds" means an, ~ compensation, settlement, award of damages, or proceeds paid by any third party (other an insurance proceeds paid under the coverages described in Section 5) for: (i) damage t~ or destruction of, the Property; (ii) condemnation or other taking of all or any part of the Pr ~pedy; (iii) conveyance in lieu of condemnation; or (iv) misrepresentations of, or omissions a., 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 regul interest under the Note, plus (ii) any amou (O) "RESPA" means the Real Estate Settl seq.) and its implementing regulation, Re amended from time to time, or any additic SWY02 Rev 12/18/00 Page 2 of 18 arly.scheduled amount due for (i) principal and nts under Section 3 of this Security Instrument. ~ment Procedures Act (12 U.S.C. Section 2601 et I'ulation X (24 C.F.R. Part 3500), as they might be ~al or successor legislation or regulation that Initlals.~ ~. FORM 3051 1101 173 governs the same subject matter. As usied i@ 1his Security Instrument, "RESPA" refers to all requirements and restrictions that are ilmpo~ed 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" ~neans any party that has taken title to the Property, whether or not that party has assumedi Bo~rower'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 modil'ications of the Notel; and (ii) the performance of Borrower's convenants and agreements under this Security InS:trument and the Note. For this purpose, Borrower does hereby mortgage, grant and conv~y toI Lender and Lender's successors and assigns, with power of sale, the following described pt,,operty located in the County of LINCOLN . [Type of Recording Jurisdiction] [Name of Recording Jurisdiction] LEGAL DESCRIPTION IS ATTACHED HER;ETO:AS SCHEDULE "A" AND MADE A PART HEREOF. r ~ THIS IS A PURCHASiE MONEY MORTGAGE. Parcel ID Number: which currently has the address of 402 CARBON STREET [Street] KEMMERER [City], Wyoming 83101 [Zip Code] ("Property Address"): TOGETHER WITH all the improvements now or hereafter erected on the property, and all easements, appurtenances, and fixturesi no~V or hereafter a part of the property. All replacements and additions shall also b.e covered by this Security Instrument. All of the foregoing is referred to in this Security InS)rument as the "Property." BORROWER COVENANTS that Borrow~k is ilawfully seised of the estate hereby conveyed and has the right to mortgage, grant add c,onvey the Property and that the Property is unencumbered, except for encurnbrance~ of':record. Borrower warrants and will defend generally the title to the Property againsti all claims and demands, subject to any encumbrances of record. THIS SECURITY INSTRUMENT combine, s uniform covenants for national use and non- uniform covenants with limited variations~"byljurisdiction to constitute a uniform security instrument covering real property. 175 UNIFORM COVENANTS. Borrower ~nd I~ender covenant and agree as follows: 1. Payment of Principal, Interest, Es~:rowl Items, Prepayment Charges, and Late Charges. Borrower shall pay when due the princlpal Df, and nterest on, the debt evidenced by the Note and any prepayment charges andlilate charges due under the Note. Borrower shall also pay funds for Escrow Items pursuant to, Section 3. Payments due under the Note and this Security Instrument shall be madet n :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 mayl reqUire that any or all subsequent payments due under the Note and this Security Instrum~ent be made in one or more of the following forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, treasurer's check or cashier's check, provided any~ such check is drawn upon an institution whose deposits are insured by a federal agency, instrumentality, or entity; or (d) Electronic Funds Transfer. Payments are deemed received by L the Note or at such other location as ma notice provisions in Section 15. Lender payment or partial payments are insuffic any payment or partial payment insufficil rights hereunder or prejudice to its right., future, but Lender is not obligated to ap accepted. If each Periodic Payment is a need not pay interest on unapplied fur Borrower makes payment to bring the reasonable period of time, Lender .shall If not applied earlier, such funds will be the Note immediately prior to foreclosur now or in the future against Lender shall the Note and this Security Instrument or end~r when received at the location designated in y bb designated by Lender in accordance with the nay return any payment or partial payment if the ient:to bring the Loan current. Lender may accept nt to bring the Loan current, without waiver of any to refuse such payment or partial payments in the );ly such payments at the time such payments are pplied as of its scheduled due date, then Lender ds. Lender may hold such unapplied funds until oan current. If Borrower does not do so within a ither apply such funds or return them to Borrower. ~pplied to the outstanding principal balance under ~. No offset or claim which Borrower might have 'elieve Borrower from making payments due under lerf°r, ming the covenants and agreements secured by this Security Instrument. · Apphcafion of Payments or Proceelds. Except as otherwise described in th' ' a~ oPr~t,Y,.rn, e~,nt:s_ a_c__c?t,ed and. ap.p. lied by L~end.er shall be applied in the followi~; Sf~tieC~no~' ~'~t;r~[ucOhU;aU;r~;~ :n: Na~lt;,elba)p;~;ltPoaledaUc~ ;:~,eo~ the Note; ,c)amounts due' · ' ic Payment in the order in which it became due. Any remaining amountsi shall be applied first to late charges, second to any other amounts due under this Sec Jrity! Instrument, and then to reduce the principal balance or the Note. If Lender receives a payment from B includes a sufficient amount to pay any la delinquent payment and the late charge. ~ Lender may apply any payment received Payments if, and to the extent that, each ~ excess exists after the payment is appli Payments, such excess may be applied' shall be applied first to any prepayment ch )rro,wer for a delinquent Periodic Payment which :e charge due, the payment may be applied to the f'mere than one Periodic Payment is outstanding, from Borrower to the repayment of the Periodic aym;ent can be paid in full. To the extent that any .,d to the full payment of one or more Periodic o amy late charges due. Voluntary prepayments arges and then as described in the Note. SWY04 Rev 11/06/00 Page 4 o1' 18 FORM 3051 1101 Any application of payments, insurance Proceeds, or Miscellaneous Proceeds to principal due under the Note shall not extend or post~one 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 sum (the "Funds") to provide [or payment of amounts due for: (a) taxes and !assessments and other items which can attain priority over this Security Inslrument as a lien or encumbrance on the Property; (b) leasehold payments or ground rents on thel Property, if any; (c) premiums for any and all insurance required by Lender under Sectio~ 5; and (d) Mortgage Insurance premiums, if any, or any sums payable by Borrower to Lender in lieu or 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, F,ees, 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 Itemsiunless Lender waives Borrower's obligation to pay the Funds for any or all Escrow Items. Lender may waive Borrower's obligation to pay to Lender Funds for any or all Escrow Itemsl 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 ~Vhich payment of Funds has been waived by Lender and, if Lender requires, shall furnish to Lender receipts evidencing such payment within such time period as Lender may ~equire. Borrower's obligation to make such payments and to provider receipts shall for all purposes be deemed to be a covenant and agreement Contained in this Security Instrument, as the phrase "covenant and agreement" is used in Section 9. If Borrower is obligated to pay Escrow Items directly, pursuant to a waiver, and Borrower fails to pay 'the amount due for an Escrow Item, Lender may exercise its rights under Section. 9 and pay such a, mou~t and Borrower shall then be obligated under Section 9 to repay to Lender any such amour~t. Lender may revoke the waiver as to any or all Escrow Items at any time by a notice giver~ in accordance with Section 15 and, upon such revocation, Borrower shall pay to Lender all Funds, and in such amounts, that are then required under this Section 3. Lender may, at any time, collect and hold iFunds in an amount (a) sufficient to permit Lender to applY the Funds at the time speciiied under RESPA, and (b) not to exceed the maximum amount a lender can require under~ RESPA. Lender shall estimate the amount of Funds due on the basis o¢ current data and r.'easonable estimates of expenditures of future Escrow Items or otherwise in accordance withiApplicable Law. The Funds shall be held in an institution whose deposits are insured by a federal agency, instrumentality, or entity (including Lender, if ~.ender is an institution whose deposits are so insured) or in any Federal Home Loan BanK. Lender shall apply the Funds to pay the Escrow Items no later than the time specified under RESPA. Lender shall not charge Borrower for holding and applying the Fund.s, annually analyzing the escrow account; or verifying the Escrow Items, unless Len,der Ipays Borrower interest on the Funds and Applicable Law permits Lender to make suc~ a charge. Unless an agreement is made in writing or Applicable Law requires interest to be paid on the Funds, Lender shall not be SWY05 Rev 11/06/00 Page 5 of 18 FORM 3051 1/01 required to pay Borrower any interest or earnings on the Funds. Borrower and Lender can agree in writing, however, that interest shall be paid on the Funds. Lender shall give to Borrower, without charge, an annual accounting of the Funds as reqUired by RESPA. If there is a surplus of Funds held in escrow, as defined under RESPA, Lender shall account to Borrower for the excess funds in accordance with RESPA. If there is a shortage of Funds held in escrow, as defined under RESPA, Lender shall notiP/Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to make up the shortage in accordance with RESPA, bul in ~r~o more than 12 monthly payments. If there is a deficiency of Funds held in escrow, as defir~ed under RESPA, Lender shall 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 I~eld by Lender. 4. Charges; Liens. Borrower shall pay ali taxes, assessments, charges, fines, and impositions attributable to the Property which can attain priority over this Security Instrument, leasehold payments or ground rents on the Property, if any, and Community Association Dues, Fees, and Assessments, if any. To the extent that these items are Escrow Items, Borrower shall pay them in the manner provided in Section 3. Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender, but only so long as Borrower is performing such agreement; (b) contests the lien in good faith by, or defends against enforcement of the lien in, legal proceedings which in Lender's opinion operate to prevent the enforcement of the lien while those proceedings are Pending, but only until such proceedings are concluded; or (c) secures from the holder of the lien an agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determines that any part of the Property is subject to a lien which can attain priority over this Security Instrument, Lender may give Borrower a notice identifying the lien. Within 10 days of the date on which that notice is given, Borrower shall sa.tis[y the lien or take one or more of the actions set forth above in this Section 4. ' Lender may require Borrower to pay a one-time charge for a real estate tax verification and/or reporting service used by Lender in connection with this Loan. 5. Property Insurance, Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included within the term "extended coverage," and any other hazards including, but not limited to, earthquakes and floods, for which Lender requires insurance. This insurance shall be maintained in the amounts (including deductible levels) and for the periods that Lender requires. What Lender requires pursuant to the preceding sentences can change during the term of the Loan. The insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's right to disapprove Borrower's choice, which right shall not be exercised unreasonably. Lender may require Borrower to pay, in connection with this Loan, either: (a) a one-time charge for flood zone determination, certification and tracking services; or (b) a one-time charge for flood zone determination and cert fication services and subsequent charges each time remappings or similar changes occur which reasonably might affect such determination SWY06 Rev 10/25/00 Page 6 of 18 Initials: ,~~- FORM 3051 1101 T or certification. Borrower shall also be the Federal Emergency Management, zone determination resulting from an o[ If Borrower fails to maintain any c insurance coverage, at Lender's opti~ obligation to purchase any particular tyl shall cover Lender, but might or mig Property, or the contents of the Prope provide greater or lesser coverage tha that the cost of the insurance coverage insurance that Borrower could have o this Section 5 shall become additional d, These amounts shall bear interest at the be payable, with such interest, upon noti All insurance policies required by L~ to Lender's right to disapprove such poli shall name Lender as mortgagee and/or right to hold the policies and renew~ promptly give to Lender all receipts of obtains any form of insurance coverage or destruction of, the Property, such po shall name Lender as mortgagee and/or In the event of loss, Borrower shall !78 'esponsible for the payment of any fees imposed by ~gency '.in connection with the review of any flood jection by Borrower. 'the coyerages described above, Lender may obtain .n and i Borrower's expense. Lender is under no e or' amount of coverage. Therefore, such coverage .t not Protect Borrower, Borrower's equity in the -ty, against any risk, hazard or liability ar;d might ~ was previously in effect. Borrower acknowledges so obtained might significantly exceed the cost of ~tained. Any amounts disbursed by Lender under ,bt of Borrower secured by this Security Instrument. Note rate from the date of disbursement and shall :e from Lender to Borrower requesting payment. nder arid renewals of such policies shall be subject :les, shall include a standard mortgage clause, and as an additional loss payee. Lender shall have the certificates. If Lender requires, Borrower shall paid premiums and renewal notices. If Borrower not otherwise required by Lender, for damage to, icy shall include a standard mortgage clause and as an additional loss payee. ;live prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. Unless Lender and Borrower otherwise agree in writi.~g, any insurance proceeds, whether or not the underlying insurance was required by Ler~der, shall be applied to restorati.o_,n_ or repair of the Property, if the restoration or repair is ~conomiCally feasible and Lender s security is not lessened. During such repair and resto~tion period, Lender shall have the right to hold such insurance proceeds until Lender h~s had ~n opportunity to inspect such Property to ensure the work has been completed to IJrender'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 be paid on such insurance proceeds, Lc interest or earnings on such proceeds. retained by Borrower shall not be paid OL obligation of Borrower. If the restoration, security would be lessened, the insuranc, by this Security Instrument, whether or Borrower. Such insurance proceeds shall If Borrower abandons the Property, L insurance claim and related matters. Ill notice from Lender that the insurance cart negotiate and settle the claim. The 30-day SWY07 Rev 10/25/00 Page 7 of 18 ~ in writing or Applicable Law requires interest to nder shall not be required to pay Borrower any Fees for public adjusters, or other third parties, t of the, insurance proceeds and shall be the sole ~r repair is not economically feasible or Lender's ; proceeds shall be applied to the sums secured not then due, with the excess, if any, paid to ~e applied in the order provided for in Section 2. ;nder may file, negotiate and settle any available ]orrower does not respond within 30 days to a ier has Offered to settle a claim, then Lender may )eriod Will begin when the notice is given. In Initials: FORM 3051 1101 either event, or if Lender acquires the Proper,ty under Section 22 or otherwise, Borrower hereby assigns to Lender (a) Borrower's rights ito any insurance proceeds in an amount not to exceed the amounts unpaid under the Nole Or this Security Instrument, and (b) any other of Borrower's rights (other than the right to ,any refund of unearned premiums paid by Borrower) under all insurance policies coverirlg the Property, insofar as such rights are applicable to the coverage of the Property. Ler{der 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, estabilish, and use the Property as Borrower's principal residence within 60 days after the execution of this Security Instrument and shall continue to occupy the Property as Borrower's ~rincipal residence for at least one year after the date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be unreasonably withheld, or unless extenuating circumstances exist which are beyond Borrower's control. 7. Preservation, Maintenance and Protectioniof the Property; Inspections, Borrower shall not destroy, damage or impair the PropertY, aillow 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 P;roperty 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 deteric~ration 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 repairing or restoring the Proper~y only if Lender has released proceeds for such purposes. Lender may disburse proceedsifor 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 rep¢ir 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 makel reasonable eniries upon and inspections or the Property. If it has reasonable cause, Lender may inspeci the interior of the improvements on the Property. Lender shall give Borrower notice atl the time of or prior to such an interior inspection specifying such reasonable cause. 8, Borrower's Loan Application, Borrower sba!Il be in default if, during the Loan application process, Borrower or any persons or ientities 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 toi provide Lender with material information) in connection with the Loan. Material represehtations include, but are not limited to, representations concerning Borrower's occupancy of the Property as Borrower's principal residence. 9. Protection of Lender's Interest in the Property and Rights Under this Security Instrument, If (a) Borrower fails to perform the covenants and agreements contained in this Security Instrument, (b) there is a legal proceeding that might significantly af[ect Lender's interest in the Property and/or rights under this Security Instrument (such as a proceeding in bankruptcy, probate, for condemnation or forfeiture, for enforcement o[ a lien which may attain priority over this Security Instrument or to e~force laws or regulations), or SWY08 Rev 10/25/00 Page B of lB FORM 3051 1/01 (c) Borrower has abandoned the Pro reasonable or appropriate to protect I. Security Instrument, including protect~ securing and/or repairing the Property (a) paying any sums secured by a liel appearing in court; and (c) paying re~ Property and/or rights under this Se~ bankruptcy proceeding. Securing the Property to make repairs, change Io~ water from pipes, eliminate building o have utilities turned on or off. Altho, Lender does not have to do so and is f that Lender incurs no liability for not t~ 9. Any amounts disbursed by Lender ~ Borrower secured by this Security In. Note rate from the date of disbursem notice from Lender to Borrower requesl If this Security Instrument is on a lel provisions of the lease. If Borrower acc 180 perty, then. Lender may do and pay for whatever is .ender's interest in the Property and rights under this ng and/or assessing the value of the Property, and Lender's actions can include, but are not limited to: whlich has priority over this Security Instrument; (b) sortable attorneys' lees to protect its interest in the urity Instrument, including its secured position in a ~roperty includes, but is not limited to, entering the ks, replace or board up doors and windows, drain · other code violations or dangerous conditions, and Igh Lender may take action under this Section §, ~ot under any duty or obligation to do so. It is agreed king any or all actions authorized under this Section nder this Section 9 shall become additional debt of trument. These amounts shall bear interest at the ent and shall be payable, with such interest, upon lng payment. ~sehold, Borrower shall comply with all the uireS fee title to the Property, the leasehold and the fee title shall not merge unless Lender agre,es to the merger in writing. 10. Mortgage Insurance, If Lender r~quired Mortgage Insurance as a condition of making the Loan, Borrower shall payI the premiums required to maintain the Mortgage Insurance in effect. If, for any reason, tl}e 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 s~parately designated payments toward the premiums for Mortgage Insurance, Borrower sh~ll pay the premiums required to obtain coverage substantially equivalent to the Mort~.age Insurance previously in effect, at a cost substantially equivalent to the cost to iBor~ow.er of the Mortgage Insurance previously in effect, from an alternate mortgage insl'lrer'.selected by Lender. If substantially equivalent Mortgage Insurance coverage is not aw ilabl:e, Borrower shall continue to pay to Lender the amount of the separately designated pa ceased to be in effect. Lender will non-refundable loss reserve in lieu of non-refundable, notwithstanding the facl shall not be required to pay Borrowe /meats that were due when the insurance coverage accept, use and retain these payments as a Mo.rtgage Insurance. Such loss reserve shall be that the Loan is ultimately paid in full, and Lender ' any interest or earnings on such loss reserve. Lender can no longer require loss reser,~e payments if Mortgage Insurance coverage (in the amount and for the period that Lender r]equires} provided by an insurer selected by Lender again becomes available, is obtained, arid Lender requires separately designated payments toward the premiums for Mortgage Insu~rance. If Lender required Mortgage Insurance as a condition of making the Loan and Borr{~wer Was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiums required to maintain Mortgage Insuran~:e in effect, or to provide a non-refundable loss reserve, until Lender's requirement for IMortgage Insurance ends in accordance with any Written agreement between Borrower a[nd Fender prov d ng for such termination or unt, il termination is required by Applicable L~aw. NOthing in this Section 10 affects Borrower s obligation to pay interest at the rate proVided in the Note. SWY09 Rev 11/13/00 Page I~ of 11~, Initials: FORM 3051 1101 Mortgage Insurance reimburses Le~ certain losses it may incur if Borrower a party to the Mortgage Insurance. Mortgage insurers evaluate their to time, and may enter into agreements v~ 181 ~der (or any entity that purchases the Note) for Ioes not repay the Loan as agreed. BorrOwer is not Iai risk on all such insurance in force from time to ith other parties that share or modiCy their risk, or reduce losses. These agreements are n terms and conditions that are satisCactory to the mortgage insurer and the other iparty (qr parties) to these agreements. These agreements may require the mortgage insurer to r~ake 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, Le any reinsurer, any other entity, or any a or indirectly) amounts that derive fro Borrower's payments for Mortgage Ins mortgage insurer's risk, or reducing los ]der, any purchaser of the Note, another insurer, riliate o[ any of the foregoing, may receive (directly (or might be characterized as) a portion of Jrance, in exchange for sharing or modifying the sos. If such agreement provides that an affiliate of Lender takes a share of the insurer's ri.,k 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 af~rect the amounts that Borrower has agreed to pay for Mortgage Insurance, or any other ter~s of the Loan. Such agreements will not increase the amount Borrower will owe for Mortgtge Insurance, and they will not entitle Borrower to any refund. (b) Any such agreements will not a to the Mortgage Insurance under the Ho. These rights may include the right to r cancellation of the Mortgage Insuranc automatically, and/or to receive a return unearned at the time of such cancellation 11. Assignment o! Miscellaneous Pre hereby assigned to and shall be paid to L, If the Property is damaged, such Mis( or repair of the Property, if the restorati¢ security is not lessened. During such tel right to hold such Miscellaneous Procee~ such Property to ensure the work has that such inspection shall be undertake restoration in a single disbursement or completed. Unless an agreement is mad be paid on such Miscellaneous Proceeds, interest or earnings on such Miscellane( economically feasible or Lender's securit, shall be applied to the sums secured by with the excess, if any, paid to Borrower. the order provided for in Section 2. SWY10 Rev 10/25/00 Page 10 of 18 !tect the rights Borrower has - it any. with respect neowners Protection Act of 1998 or any other law. eceive certain disclosures, to request and obtain e, to have the Mortgage Insurance terminated of .any Mortgage Insurance premiums that were or termination. coeds; Forfeiture. All Miscellaneous Proceeds are ;rider. :el~aneous Proceeds shall be applied to restoration n or repair is economically feasible and Lender's air and restoration period, Lender shall have the 's until Lender has had an opportunity to inspect .=on completed to Lender's satisfaction, provided ~ promptly. Lender may pay for the repairs and n a series of progress payments as the work is in writing or Applicable Law requires interest to Lender shall not be required to pay Borrower any ~us Proceeds. If the restoration or repair is not would be lessened, the Miscellaneous Proceeds his Security Instrument, whether or not then due, Such Miscellaneous Proceeds shall be applied in FORM 3051 1101 In the event of a total taking, destruction, Or loss in value of the Property, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument whether or not then due, with the excesS, if any, paid to Borrower. In the event of a partial taking, des~truction,i or loss in value of the Property in which the fair market value of the Property imme:liately before the partial taking, destruction, or loss in value is equal to or greater than Instrument immediately before the p~ Borrower and Lender otherwise agre Instrument shall be reduced by the amc following fraction: (a) the total amount taking, destruction, or loss in value di the amount of the sums secured by this Security rtial taking, destruction, or loss in .value, unless e in writing, the sums secured by this Security unt of the Miscellaneous Proceeds multiplied by the 3f the sums secured immediately before the partial /ided b? (b) the fair market value of the Property immediately before the partial taking, lestruction, or loss in value. Any balance shall be paid to Borrower. i In the event of a partial taking, dest~-uClion, :or loss in value of the Property in which lhe fair market value of the Property immec~iately before the partial taking, destruction, or loss in value is less than the amount of the Cures seCured immediately before the partial taking, destruction, or loss in value, unless Bot'rower ;and Lender otherwise agree in writing, the Miscellaneous Proceeds shall be applie~t to the sums secured by this Security Instrument whether or not the sums are then due. if the Property is abandoned by Borr the Opposing Party (as defined in the n claim for damages, Borrower fails to re notice is given, Lender is authorized to c to restoration or repair of the Property c whether or not then due. "OppoSing p Miscellaneous Proceeds or the party aga to Miscellaneous Proceeds. Borrower shall be in default if any ac begun that, in Lender's judgment,' could impairment of Lender's interest in the Borrower can cure such a default and, if Section 19, by causing the action or p Lender's judgment, precludes forfeiture Lender's interest in the Property or right any award or claim for damages that are in the Property are hereby assigned and s All Miscellaneous Proceeds that are n, shall be applied in the order provided for 12. Borrower Not Released; Forbearan for payment or modification of amortizatio )wer, o~ if, after notice by Lender to Borrower that ext sentence) offers to make an award to settle a ~Pond to Lender within 30 days after the date the :)llecl and apply the Miscellaneous Proceeds either r to lhe~ sums secured by this Security Instrument, arty" means the third party that owes Borrower !nst whom Borrower has a right of action in regard lion or Proceeding, whether civil or criminal, is esult in:.forfeiture of the Property or other material )ropertyi or rights under this Security Instrument. ~cceler~tion has occurred, reinstate as provided in oceeding to be dismissed with a ruling that, in of the property or other material impairment of ~ under,this Security Instrument. The proceeds of attributable to the impairment of Lender's interest hall be paid to Lender. )t applie~d to restoration or repair of the Property Section 2. e By Lender Not a Waiver. Extension of the time n ofthel sums secured by this Security Instrument granted by Lender to Borrower or any Successor in Interest of Borrower shall not operate to release the liability of Borrower or any Successors in Interest of Borrower. Lender shall not be required to commence pr°ceed~ings aglainst ar~y Successor in Interest of Borrower or to refuse to extend time for payment or other~vise m6dify amortization of the sums secured by SWY11 Rev 11/06/00 Page 11 of 18 FORM 3051 1/01 this Security Instrument by reason of any demand made by the original Borrower or any Successors in Interest of Borrower. Any forbearance by Lender in exercising any right or remedy including, without limitation, Lender's acceptance of payments from third persons, entities or Successors in Interest of Borrower or in amounts less than the amount then due, shall not be a waiver of or preclude the exercise of any right or remedy. 13. Joint and Several Liability; Co-signers; Successors and Assigns Bound. Borrower covenants and agrees that Borrower'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 Securily Instrument only to mortgage, grant and convey the co-signer's interest in the Property under the terms of this Security InstrUment; (b) is not personally obligated to pay the sums secured by this Security Instrument;= and (c) agrees that Lender and any other Borrower can agree to extend, modify, forbear or make any accommodations with regard to the terms of this Security Instrument or the Note without the co-signer's consent. Subject to the provision of Section 18, any Successor in 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 rights .and benefits under this Security Instrument. Borrower shall not be released from Borrower's obligations and liability under this Security Instrument unless Lender agrees to such release in writing. The covenants and agreements of this Security Instrument shall bind (except as provided in Section 20) and benefit the successors and assigns of Lender. 14. Loan Charges, Lender may charge Borrower fees for services performed in connection with Borrower's default, for ~he purpose of protecting Lender's interest in the Property and rights under this Security Instrument, including, but not limited to, attorneys' fees, property inspection and valuation fees. In regard to any other fees, the absence of express authority in this Security Instrument to charge a specific fee to Borrower shall not be construed as a prohibition on the charging of such fee. Lender may not charge fees that are expressly prohibited by this Security Instrument or by Applicable Law. If the Loan is subject to a law which sets. !maximum loan charges, and that law is tinally interpreted so that the interest or other loan charges collected or to be collected in connection with the Loan exceed the permitt~ed limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to the permitted limit; and (b) any sums already collected from Borrower which exceeded permitted limits will be refunded to Borrower. Lender may choose to make this refund by reducing the principal owed under the ~lote or by making a direct payment to Borrower. If a refund reduces principal, the reduction will be treated as a partial prepayment without any prepayment charge (whether or not a prepayment charge is provided for under the Note). Borrower's acceptance of any such refund made by direct payment to Borrower will constitute a waiver of any right of action Borrower might have arising out of such overcharge. 15. Notices, All notices given by Borrower or Lender in connection with this Security Instrument must be in writing. Any notice to Borrower in connection with this Security Instrument shall be deemed to have been given to Borrower when mailed by first class mail or when actually delivered to Borrower's notice address if sent by other means. Notice to any one Borrower shall constitute notice to all Borrowers unless Applicable Law expressly SWY12 Rev 11/06/00 Page 12 of lB Inilials:_.~J~. FORM 3051 1101 requires otherwise. The notice address designated a substitute notice address Lender of Borrower's change of addr Borrower's change of address, then that specified procedure. There may, Security Instrument at any one time. Ar by mailing it by first class mail to L designated another address by notice Security Instrument shall not be deel received by Lender. If any notice req under Applicable Law, the Applicable requirement under this Security Instrum~ 16. Governing Law; Severability; Rul~ 184 shall be the Property Address unless Borrower has by r{otice to Lender. Borrower shall promptly notify .~ss. I[ Lender specifies a procedure for reporting rower shall only report a change of address through ,e o;nly one designated notice address under this y notice to Lender shall be given by delivering it or ;nde~r's address stated herein unless Lender has to BorrOwer. Any notice in connection with this led .to have been given to Lender until actually dred by this Security Instrument is also required Law requirement will satisfy the corresponding nt. s of!Construction, This Security Instrument shall be governed by federal law and the la~ of the jurisdiction in which the Property is located. All rights and obligations contained lin this Security Instrument are subject to any requirements and limitations of Applicabile Law. Applicable Law might explicitly or implicitly allow the parties to agree by contract (~r it imight be silent, but such silence shall not be construed as a prohibition against agree~nent by contract. In the event that any provision or clause of this Security Instrument or th~. No're conflicts with Applicable Law, such conflict shall not affect other provisions of this ~ecu~ity Instrument or the Note which can be given effect Without the conflicting provision. ~ As used in this Security Instrument: (a include corresponding neuter words or singular shall mean and include the plL sole discretion without any obligation to 17, Borrower's Copy, Borrower shall Instrument. 18. Transfer of the Property or a Benel 18, "Interest in the Property" means including, but not limited to, those be contract for deed, installment sales cont transfer of title by Borrower at a future da If all or any part of the Property or any Borrower is not a natural person and a bt without Lender's prior written consent, LE sums secured by this Security Instrume Lender if such exercise is prohibited by A If Lender exercises this option, Lender notice shall provide a period of not les accordance with Section 15 within whic Security Instrument. If Borrower fails to period, Lender may invoke any remediE further notice or demand on Borrower. SWY13 Rev 11/06/00 Page 13 o1' II WOrr. dS of the masculine gender shall mean and wor'ds of the feminine gender; (b) words in the 'al and vice versa; and (c) the word "may" gives )ke any action. De g!ven one copy of the Note and of this Security Cial,lnterest in Borrower. As used in this Section ny legal or beneficial interest in the Properly, eficial interests transferred in a bond for deed, ct o,r escrow agreement, the intent of which is the :e tc~ a purchaser. nter:est in the Property is sold or transferred (or if nefiCial interest in Borrower is sold or transferred) nder may require immediate payment in full of all Hqwever, this option shall not be exercised by )licable Law. ~alll give Borrower notice of acceleration. The hani 30 days from the date the notice is given in ~: Borrower must pay all sums secured by this payl these sums prior to the expiration of this permitted by this Security Instrument without FORM 3051 1/01 19. Borrower's Right to Reinstate Af~ conditions, Borrower shall have the ri discontinued at any time prior Io the pursuant to any power of sale containe~ Applicable Law might specify for the te~ of a judgment enforcing this Security pays Lender all sums which then woulc as if no acceleration had occurred; agreements; (c) pays all expenses incu. but not limited to, reasonable attorney; other fees incurred for the purpose of pr: under this Security Instrument; and (d) ti to assure that Lender's interest in the ;r Acceleration. If Borrower meets certain ht tO have enforcement of this Security Instrument arliesl of: (a) five days before sale of the Property in this Security Instrument; (b) such other period as nina~ion of Borrower's right to reinstate; or (c) entry Istrument. Those conditions are that Borrower: (a) be due under this Security Instrument and the Note b) cures any default of any other covenants or red in enforcing this Security Instrument, including, ' fees, property inspection and valuation fees, and ~tecting Lender's interest in the Property and rights Ikes such action as Lender may reasonably require =roperty and rights under this Security Instrument, and Borrower's obligation to pay the sums secured by this Security Instrument, shall continue unchanged. Lender may requir~e that Borrower pay such reinstatement sums and expenses in one or more of the following! forms, ,a_s selected by Len.d, er (a) cash; (b) money order; (c) certified check, bank check, t~'easurer s check or cashier s check, provided any such check is drawn upon an institutio..n[ whose deposits are insured by a federal agency, instrumentality or entity; or (d) Electroni: Funds Transfer Upon reinstatement by Borrower, this Security Instrument and obligations ~eCured hereby shall remain fully effective as if no acceleration had occurred. However, thi right to reinstate shall not apply in the case of acceleration under Section 18. ~ 20. Sale of Note; Change of Loan Serv interest in the Note (together with this S without prior notice to Borrower. A sale "Loan Servicer") that collects Periodic Instrument and performs other mortga! Security Instrument, and Applicable Law. Loan Servicer unrelated to a sale of the Borrower will be given written notice of t of the new Loan Servicer, the address t( information RESPA requires in connectio[ is sold and thereafter the Loan is service the Note, the mortgage loan servicing o Servicer or be transferred to a successor purchaser unless otherwise provided by ti" Neither Borrower nor Lender may corn (as either an individual litigant or the mol actions pursuant to this Security Instru breached any provision of, or any duty C such Borrower or Lender has notified theI with the requirements of Section 15) of S hereto a reasonable period after the gii Applicable Law provides a time period taken, that time period will be deemed to SWY14 Rev 12/27/00 cer; Notice of Grievance. The Note or a partial ;curity Instrument) can be sold one or more times tight result in a change in the entity (known as the ~aYments due under the Note and this Security ; loan servicing' obligations under the Note, this Thelre also might be one or more changes of the Note. If there is a change of the Loan Servicer, ~e cflange which will state the name and address ~ which payments should be made and any other : with a notice of transfer or servicing. If the Note d by a Loan Servicer other than the purchaser of ~ligations to Borrower will remain with the Loan Loan Servicer and are not assumed by the Note e Note purchaser. Hence, join, or be joined to any judicial action ~ber of a class) that arises from the other party's ~ent or that alleges that the other party has wed by reason of, this Security Instrument, until other party (with such notice given in compliance Uch :alleged breach and afforded the other party ~ing of such notice to take corrective action. If /hich must elapse before certain action can be e reasonable for purposes of this paragraph. Page 14 of 18I The notice of acceleration and opportur and the notice of acceleration given to. satisfy the notice and opportunity to take 21. Hazardous Substances. As use( are those substances del3ned as toxic Environmental Law and the following., toxic petroleum products, toxic pesti. ity to cure given to Borrower pursuant to Section 22 ]orrower pursuant to Section 18 shall be deemed to corrective action provisions of this Section 20. in this Section 21: (a) "Hazardous Substances" or hazardous substances, pollutants, or wastes by ubstances: gasoline, kerosene, other flammable or :ides and herbicides, volatile solvents, materials containing asbestos or formaldehyde, and radioactive materials; (b) "Environmental Law" means federal laws and laws of the jurlsdictior~ wh,e, re the Property is Iocate,,d that relate to health, safety or environmental protection; ,~c) 'Environmental C eanup includes any response action, remedial action, or retnoval action, as defined in Environmental Law: and (d) an "Environmental Condition" me~s a ~ondition that can cause, contribute to, or otherwise trigger an Environment CleanUp. Borrower shall not cause or permitlthe presence, use, disposal, storage, or release of any Hazardous Substances, or threaten Property. Borrower shall not do, nor Property (a) that is in violation of Environmental Condition, or (c) which, d Substance, creates a condition that ~ preceding two sentences shall not apply to release any Hazardous Substances, on or in the allow anyone else to do, anything affecting the any Environmental Law, (b) which creates an ~e to the presence, use, or release of a Hazardous idversely affects the value of the Property. The governmental or regulatory authority, ¢ remediation of any Hazardous Substance promptly take all necessary remedial Nothing herein shall create any obligatior NON-UNIFORM COVENANTS. Borrowe, 22. Acceleration; Remedies. Lender sh~ following Borrower's breach of any cove~ not prior to acceleration under Section 1 notice shall specify: (a) the defau!t; (b) not less than 30 days from the date the must be cured; and (d) that failure to cur~ notice may result in acceleration of the s of the Property. The notice sha~l! furthel acceleration and the right to bring: a courl any other defense of Borrower to~ accele before the date specified in the notice, Lef to the presence use, or storage on the Property of small quantities of Hazardous Substance~s that are generally recognized to be appropriate to normal residential uses and to mainten~ance of the Property (including, but not limited to, hazardous substances in consumer prod{ucts). Borrower shall promptly give Lenderlwritlen notice of (a) any investigation, claim, demand, lawsuit or other action by any ~overnrr, ental or regulatory agency or private party involving the Property and any Hazar~lous Substance or Environmental Law of which Borrower has actual knowledge, (b) an~/ Environmental Condition, inc uding but not limited to, any spilling, leaking, discharge,. releas{e or thr'eat of release of any Hazardous Substance, and (c) any condition caused by the pr{se.rice, use or release of a Hazardous Substance which adversely affects the value of thelProperl~y. If Borrower learns, or is notified by any ,r any private party, that any removal or Other Page 15 of SWY15 Rev 10/25/00 affectin[I the Property is necessary, Borrower shall actions in accordance with Environmental Law. on Lender rot an Environmental Cleanup. · and Lender further covenant and agree as follows: ~11 give r~°tice to Borrower prior to acceleration lant or agreement in this Security Instrument (but ~ unless Applicable Law provides otherwise). The ~e action required to cure the default; (c) a date, notice is given to Borrower, by which the default ~ the. default on or before the date specified in the urns secured by this Security Instrument and sale inform Borrower of the right to reinstate after action to assert the non-existence of a default or 'afion and sale. I! the default is not cured on or ~der at its option may require immediate Payment 11~ Initials: FORM 3051 1101 In full of all sums secured by this Security Instrument without further demand and may invoke the power of sale and any other remedies permitted by Applicable Law. Lender shall be entitled to collect all expenses incurred irt pursuing the remedies provided in this Section 22, including, but not limited to, reasonable attorneys' fees and costs of title evidence. If Lender invokes the power of sale, Lender shall give notice o! intent to foreclose to Borrower a,d to the person in possession of the Property, il different, in accordance with Applicable Law. Lender shall give notice ot the sale to Borrower in the manner provided in Section 15. Lender shall publish the notice ot sale, and the Property shall be sold in the manner prescribed by Applicable Law. Lender or its designee may purchase the Property at any sale. The proceeds of the sale shall be applied in the following order: (a) to all expenses of the sale, including, but not limited to, reasonable attorneys' fees; (b) to all sums secured by this Security Instrument; and (c) any excess to the person or persons legally entitled to it. 23. Release. Upon payment or all sums secured by this Security Instrument. Lender shall release this Security Instrument. Borrower shall pay any recordation costs. Lender may charge Borrower a fee for releasing this Security Instrument, but only if the fee is paid to a third party for services rendered and the charging of the fee is permitted under Applicable Law. 24, Waivers, Borrower releases and waives all rights under and by virtue o¢ the homestead exemption laws of Wyoming. SWY16 Rev 10/25/00 Page 16 of 18 FORM 3061 1101 BELOW, BY SIGNING Borrower accepts and agrees to the terms and covenants contained in this Security Instrument and in an I Rider executed by Borrower and recorded with it. Witnesses: DAVID M. HOFFMAN /~ (Seal) Borrower SWY17 Rev 12/27/00 Page 17 of 18 FORM 3051 1101 STATE OF WYOMING, LINCOLN The foregoing instrument was ack DAVID M HOFFMAN My Commission Expires: O~,~-o~ SWY18 Rev 10/25/00 Page 18 of 1~ 189 County ss: lowledged before me this AUGUST 22, 2003 by Notary Public Initials: ~,~ 4 FORM 3051 1/01 SCHEDULE A Lots 1 and 2 of Block 19 of the First Addition to the Town of Kemmerer, Lincoln County, Wyoming as described on the official plat ~hereof. PREPAYMENT RIDER 0132087982 THIS PREPAYMENT RIDER is made this ....2..2. p..d. ..... day of ....A...U..G...U..S..T. ............ .2..0..0..3. .... , and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust or Security Deed (the "Security Instrument") of the same date given by the undersigned (~l"LBfr~,~r;)~leEc~RB~(~rf~v~,r;~cNote ,o ........................... of the same date and covering the Property described in the Security Instrument and located at: 402 CARBON STREET, KE~..MERER, WY 83101 (Property Addre~~i .............................................. PREPAYMENT COVENANTS. In addition to the covenants and agreements made in the Security Instrument, Borrower and Lender further covenant and agree as follows: I have the right to make payments of principal at any time before they are due. A prepayment of all of the unpaid principal is known as a "full prepayment." A prepayment of only part of the unpaid principal is known as a "partial prepayment." Except as provided below, I may. make a full prepayment or a partial prepayment at any time without paying any penalty. However, if within the first ..t..h..r.e..e.... (...3...) year(s) after the execution of the Security Instrument I make full prepayment, I will pay a prepayment charge in an amount equal to the payment of six (6) months' advance interest, at the interest rate provided for under the Note, on the amount prepaid which is in excess of' twenty percent (20%) of the original principal amount. Prepayment Rider (AL, AR, AZ, CA, CO, CT, DE, FL, GA, HI, ID, IN, KY, MA, ME, MT, ND, NE, NH, NV, NY, OK, PA, SC, SD, TN, TX, UT, WA, WY) (Page I of 2) EC180L Rev. 11/26/02 BY SIGNING BELOW, Borrower accepts and agrees to the contained in this Prepayment Rider. bAVll~ M' M~. Prepayment Rider (AL, AR, AZ, CA, CO, CT, DE, FL, GA, HI, ID, IN, KY, I MA, ME, MT, ND, NE, NH, NV, NY, OK, PA, SC, SD, Th ;)FFMAN ~ ' TX, UT, WA, WY) terms .192 0132O87982 and provisions (Seal) -Borrower (Page 2 or 2) EC180L Rev. 11/26/02 1-4 FA (As THIS 1-4 FAMILY RIDER is made this., into and shall be deemed to amend and supl: 193 MILY RIDER ignment of Rents) o~32o67982 22nd day of AUGUST, 2003 , and is incorporated ~Security InstrumenV) of the same date given by Ihe undersigned (thc ~Borrower") to secure Borrower's Note to WELLS FARGO HOME MORT'GA~E, IIqC. located at: ........ .4..O..2. CARBON SlREill ....... K E M'I~I~'[¥~'I~: '~;" ~;~'i 5;I ............ J .................................................................................................. (Pro#e~ly AOdress) 1-4 FAMILY COVENANTS. In addition Instrument, Borrower axtd Lender further cox A. ADDITIONAL PROPERTY SUBJEC~I the Property described in the Security Instrua the Property description, and shall also con building materials, appliances and goods of e' used, or intended to be used in connection the purposes of supplying or distributing h prevention and extinguishing apparatus, sec~ water heaters, water closets, sinks, ranges, s~t~ awnings, storm windows, storm doors, sere mirrors, cabinets, paneling and att~tched ftc additions thereto, shall be deemed to be an~ Instrument. All of the foregoing together wi o the covenants and agreements made in the Security mant and agree as follows: TO THE SECURITY INSTRUMENT. In addition to ient, the following items are now or hereafter attached to ttitute the Property covered by the Security Instrument: ,ery nature whatsoever now or hereafter located in, on, or fith the Property, including, but not limited to, those for :ating, cooling, electricity, gas, water, air and light, fire [rity and access control apparatus, plumbing, bath tubs, ~ves, refrigerators, dishwashers, disposals, washers, dryers, :ns, bliads, shades, curtains and curtain rods, attached or coverings, all of which, including replacements and remain a part of the Property covered by the Security :h the Property described in the Security Instrument (or the leasehold estate if the Security Instrument is on a leasehold) are referred to in this 1-4 Family Rider and the Security Instrument as the "Property., B. ,USE ?F THE PROPERTY; CgMPLIA~CE V~ITu LAW. Borrower shall not seek, agree to or ma~e a cnange in the use oi the Property pr its zoning classification, unless Lender has agreed in writing to the change. BOrrower shall compl~wilh all laws, ordinances, regulations and requirements of any governmental body applicable to the P~operty. C. SUBORDINATE LIENS. Except as per~aitted by federal law, Borrower shall not allow any lien inferior to the Security Instrument to be pertFcted a~alnst the Property without Lender's prior written permission. ~ ~ M~LTISTATE %4 FAMILY RIDER ~orrn 3~70 1/0~ IPaoe ~ ot 3) FNMA/FHIMC Uniform Instrument E¢0~4L Rec. ~/~3100 .194 0132087982 D. RENT LOSS INSURANCE. Borrower shall maintain insurance against rent loss in addition to the other hazards for which insurance is requtred lby SeCtion 5. E. "BORROWER'S RIGHT TO REINSTATE" '. DELETED. Section 19 is deleted. F. BORROWER'S OCCUPANCY. Unless Len~r and Borrower otherwise agree in writing, Section 6 concerning Borrower's occupancy of the Property is deleted. G. ASSIGNMENT OF LEASES. Upon Lender's request after default, Borrower shall assign to Lender all leases of the Property and all securily deposits made in connection with leases of the Property. Upon the assignment, Lender shall have the right to modify, extend or terminate the existing leases and to execute new leases, in Lender's sole discretion. As used in this paragraph G, the word 'qease# shall mean "sublease" ff the Security iInstrument is on a leasehold. H.* ASSIGNMENT OF RENTS; APPOINTMENT OF RECEIVER; LENDER IN POSSESSION. Borrower absolutely and unconditionally assigni and transfers to Lender all the rents and revenues ("Rents") of the Property, regardless of to whom the Rents of the Property are payable. Borrower authorizes Lender or Lender's agents to collect the Rents, and agrees that each tenant of the Property shall pay the Rents to Lender or Lender's a~nts. However, Borrower shall receive the Rents until (i) Lender has given Borrower notice of default pursuant to Section 22 of the Security Instrument and (ii) Lender has given notice to the tenant(s) that the Rents axe to be paid to Lender or Lender's agent. This assignment of Rents constitutes an absolute assignment and not an assignment for additional security only. If Lender gives notice of default to Borrower: (i) all Rents received by Borrower shall be held by Borrower as trustee for the benefit of Lender only, to be applied to the sums secured by the Security Instrument; (ii) Lender shall be entitled to collect and receive all of the Rents of the Property; (iii) Borrower agrees that each tenant of the Properiy shall pay all Rents due and unpaid to Lender or Lender's agents upon Lender's written demand to the tenant; (iv) unless applicable law provides otherwise, all Rents collected by Lender or Lender's agents shall be applied first to the costs of taking control of and managing the Property and collecting the Rents, including, but not limited to, attorney's fees, receiver's fees, premiums on receiver's bonds, repair and maintenance costs, insurance premiums, taxes, assessments and other charges o~n the Property, and then to the sums secured by the Security Instrument; (v) Lender, Lender's agents or any judicially appointed receiver shall be liable to account for only those Rents actually received; and (vi) Lender shall be entitled to have a receiver appointed to take possession of and manage the Property and collect the Rents and profits derived from the Property without any showing as to lhe inadequacy of the Property as security. If the Rents of the Property are not sufficient to cover the costs of taking control of and managing the Property and of collecting the Rents any funds expended by Lender for such purposes shall become indebtedness of Borrower to Lender secured by the Security Instrument pursuant to Section 9. Borrower represents and warrants that Borrower has not executed any prior assignment of the Rents and has not performed, and will not perform, any act that would prevent Lender from exercising its rights under this paragraph. MULTISTATE 1-4 FAMILY RIDER Form 3170 1/01 (Page 2 of 3) . FNMNFNLMC Uniform Instrument EC024L Rev. 11/13/00 L .... i 01320e7982 ender, or Lender s agents or a judicially appointed r~ceiver, shall not be required to enter upon, take control of or mai,ntain the Property :before~r after Igiving notice of default to Borrower. However, Lender, or Lender s agents or a judicially al~poinled ireceiver, may do so at any time when a default occurs. Any application of Rents shall not core or waive any default or invalidate any other right or remedy of Lender. This assignment of RerBs of the Property shall terminate when all the sums secured by the Security Instrument ax~ paid i~L full. i I. CROSS-DEFAULT PROVISIONi Borro~ver's default or breach under any note or agreement m which Lender has an interest shall bela breach underlthe Security Instrument and Lender may invoke any of the remedies permitted by the Security Instrum'ent. * Section H is deleted in its entirety if the Pre petty is ilocated in the State of Michigan. BY SIGNING BELOW, Borrower accepts nd agrees to the terms and provisions contained in this 1-4 Family Rider. ~ (Seal) DAVID M. HOFFMAN ~ -Borrower MULTISTATE 1-4 FAMILY RIDER FNMA/FNLMC Uniform Instrument Form 3170 1/01 (Page 3 or 3) EC024L Rev. 11/13/00 BALL OON RIDER 0132067982 THIS BALLOON RIDER is made on this :!2nd day~ of AUGUS,.T~ 2003 and is '.re. to and shall be deemed to amend and su,~i~.';i~"~';-'"' ......... ~'"';'"";'~ ......... ...... , t~' ,,, ,.,~ lvmngage, JJeea oz ,~rust or Security Deed (me ~ec, urity Instrument") of the same dhte given by the undersigned Borrowe~ Borrower s: Note to WELLS FARGO HOME MORTGAGg ,~c' __ ( r') to secure ("Lender") of the s~;"~'~;"~i";;;;'~'~i~;"~;'~¢:';~t':';"~;;;~4~;~i"in the Secunt Instru '' located at: ............ 402 CARBON SIREEI ..[. ' ' Y merit and ...... : .... ' "i~'g'~}~gg'~'ff,"Og'?"/fffiii"."~ ..................................................................................... .......................................................... · ~;;¢;~;.~;.;;) ............................................................................ the Note Rate." The date of the Note is called the transfer the Note, Security Instrument and this Rider. the Security Instrument and this Rider by transfer and qote is called the "Note Holder." the covenants and agreements in the Security xant and agree as follows (despite anything to the the NOte): MATURITY. YOU MUST REPAY THE ENTIRE ~ID UNPAID INTEREST THEN DUE. LENDER IS ~CE THE LOAN AT THAT TIME. YOU WILL, ?AYMENT OUT OF OTHER ASSETS THAT YOU ND A LENDER, WHICH MAY BE THE LENDER lNG TO LEND YOU THE MONEY. IF YOU , YOU MAY HAVE TO PAY SOME OR ALL OF OCIATED WITH A NEW LOAN EVEN IF YOU E LENDER. The interest rate stated on the Note is calle~ "Note Date." I understand the Lender may The Lender or anyone who takes thc Note, who is entitled to receive payments mzder the ADDITIONAL COVENANTS. In addition t Instrument, Borrower and Lender further cove~ contrary contained in the Security Instrument THIS LOAN IS PAYABLE IN FULL ATi PRINCIPAL BALANCE OF THE LOAN Al UNDER NO OBLIGATION TO REFINAi THEREFORE, BE REQUIRED TO MAKE MAY OWN, OR YOU WILL HAVE TO Fi YOU HAVE THIS LOAN WITH, WILI REFINANCE THIS LOAN AT MATURIT THE CLOSING COSTS NORMALLY AS OBTAIN REFINANCING FROM THE SAi~ LendAe~ line,Sstt ?e~ie~YB(ogn.0)o bwUetr naOntoI~icOere th, mi. one i hundred twenty (120)days prior to Maturity Date. ,, which stat~s the Maturity Date and the amount of the "Balloon Payment which will be due on the Maturity Dhte (assuming all scheduled payments due between the date of the notice and the Maturity Date are mtde on time). (SEAL) (Borrower) I96