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HomeMy WebLinkAbout892786249 RECEIVED LINCOLN COLNTY CLER , Elh JEA" :' W ~:' ;:' ~ ~tqFF{;'R ...... '" ; ~' 714 .BQQK~PR pAGE -[Space Above This lane Eor Recordh~g Data] MORTGAGE 25313828 1253138283 DEFINITIONS Words used in multiple sections of this document ~e defined below and other words are defined in Sections 3, 11, 13, 18, 20 and 21. Cerr~dn rules regarding the usage of words used in this document are also provided in Section 16. (A) "Security Instrument" means this document, which is dated together with all Riders to this document. (B) "Borrower" is CALVIN L MCFARLAND, DONNA L DACHTLER, HUSBAND & WIFE August 14, 2003 (! Borrower is the mortgagor under this Security Instrument. (C) "Lender" is CHASE MANHATTAN MORTGAGE CORP. Lender is a CORPORATION organized and existing under the laws of THE STATE OF New Jersey WYOMING-Single Family-Fannie Mae/Fred,die Mac UNIFORM INSTRUMENT (~-6(WY) Iooo~1 Q ~ pt'} Page 1 of 1 NOTE: VMP MORTGAGE FORMS - {800)521-7291 Form 3051 1101 This serves to correct that certain mortgage recorded August 21, 2003 in Book 531PR on page 714 of the records of the LincOln County Clerk to include page 14 which was inadvertently omitted. Lender's address is 343 Thornall Street, Edison, NJ 08837 Lender is the mortgagee under this Security Instrument. (D) "Note" means the promissory note signed by Borrower and dated August 3.4, 2 0 0 3 The Note states that Borrower owes Lender Thirty-Five Thousand, and 00/100 Dollars (U.S. $ 3 5,0 0 0.0 0 ) plus interest~ Borrower has promised to pay this debt in regular Periodic Payments and to pay the debt in full not later th, an September 1, 2033 (E) "Property" means the property that is described below under the heading "Transfer of Rights in the Property." (19 "Loan" means the debt evidenced by the Note, plus interest, any prepayment charges and late charges due under the Note, and ail sums due under this Security Instrument, plus interest. (G) "Riders" means ail Riders to this Security Instrument that are executed by Borrower. The following Riders are to be executed by Borrower [check box as applicable]: [---] Adjustable Rate Rider ~'~ Condominium Rider [---] Second Home Rider ~-] Bailoon Rider ~ ~ Planned Unit Development Rider [--] 1-4 Family Rider ~-~ VA Rider ~ Biweekly Payment Rider [--] Other(s) [specify] 715 (H) "Applicable Law" means all controllin$ applicable federal, state and local statutes, regulations, ordinances and administrative rules and orders. (that have the effect of law) as well as all applicable final, non-appealable judicial opinions. (I) "Community Association Dues, Fees, and~ Assessments" means all dues, fees, assessments and other charges that are imposed on Borrower or the Property by a condominium association, homeowners association or similar organization. (J) "Electronic Funds Transfer" means anYl 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, instruct, or authorize a financial institution to debit or credit an account. Such term includes, but is not limited to, point-of-saie 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 any compensation, settlement, award of damages, or proceeds paid by any third party (other than insurance proceeds paid under the coverages described in Section 5) for: (i) damage to, or destruction of, the Property; (!i) condemnation or other taking of all or any part of the Property; (iii) conveyance in lieu of condemnation; or (iv) misrepresentations of, or omissions as to, the value and/or condition of the Property. (M) "Mortgage Insurance" means insurance 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 ~his Security Instrument. (O) "RESPA" means the Reai Estate Settlemeht Procedures Act (12 U.S.C. Section 2601 et seq.) and its implementing regulation, Regulation X (24 C'.F.R. Part 3500), as they might be amended from time to time, or any additional or successor legislation:~or regulation that governs the same subject matter. As used in this Security Instrument, "RESPA" refers to ail requirements and restrictions that are imposed in regard to a "federally related mortgage loan" even if the Loan does not qualify as a "federaily related mortgage loan" under RESPA. (~-6(WY) (ooo5~ Page 2 of 15 Form 3051 1/01 (P) "Successor in Interest of Borrower" meax not that party has assumed Borrower's obligatic TRANSFER OF RIGHTS IN THE PROPERT~ This Security Instrument secures to Lender: (i) modifications of the Note; and (ii) the perfon Security Instrument and the Note. For this Lender and Lender's successors and assigns, in the COUNTY [Type of Recording Jurisdiction] LOT 32 OF STAR VALLEY RANCH P] DESCRIBED ON THE OFFICIAL PLA~ 716 s any party that has taken title to the Property, whether or hs m~der the Note and/or this Security Instrument. xe repayment of the Loan, and all renewals, extensions and nance of Borrower's covenants and agreements under this )ose, Borrower does hereby mortgage, grant and convey to ith power of sale, the following described property located of LINCOLN : [Name of Recording Jurisdiction] · AT 3, LINCOLN COUNTY, WYOMING AS THEREOF. Parcel ID Number: 12-3519-24-4-05-1107 469 MAHOGA}IY WAYI THAYNE / ("Property Address"): TOGETHER WITH all the improvem easements, appm-tenances, and fixtures now additions shall also be covered by this Secm Security Instrument as the "Property." [Cityl which currently has the addreSs of [Stxeet] , Wyoming 8 312 7 [Zip Code] ,nts now or hereafter erected on the property, and all )r hereafter a part of the property. All replacements and ity Instrument. All of the foregoing is referred to in this 1 Lender covenant and agree as follows: ;crow Items, Prepayment Charges, and Late Charges. and interest on, the debt evidenced by the Note and any the Note. Borrower shall also pay funds for Escrow Items Note and this Security Instrument shall be made in U.S. ument received by Lender as payment under the Note or this Initials: ~..~ Pags 3 of 15 Form 3051 1101 II~-6{WY) Iooo6i UNIFORM COVENANTS. Borrower an 1. Payment of Principal, Interest, E Borrower shall pay when due the principal o prepayment charges and late charges due uncle pursuant to Section 3. Payments due under ti currency. However, if any check or other inst~ BORROWER COVENANTS that Borrm 'er ~s. lawfully seised of the estate hereby conveyed and has the right to mortgage, grant and convey the l~roperty and that the Property is unencumbered, except for encumbrances of record. Borrower warrants ~d will defend generally the title to the Property against all claims and demands, subject to any encumbrances of record. THIS SECURITY INSTRUMENT com.~ines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. Security Instrument is returned to Lender unpai~d, Lender may require that any or all subsequent payments due under the Note and this Security Instrument be made in one or more of the following forms, as selected by Lender: (a) cash; (b) money order;. (c) certified check, bank check, treasurer's check or cashier's check, provided any such check is drawn upon an institution whose deposits are insured by a federal agency, instrumentality, or entity; or (d) Electronic Funds Transfer. Payments are deemed received by Lender, when received at the location designated in the Note or at such other location as may be designated by Lehder 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 hereundek 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 ~vithin 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 irnmediately prior to foreclosure. No offset or claim which Borrower might have now or in the future against Lend.er shall relieve Borrower from making payments due under the Note and this Security Instrument or perfoi-ming 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 sh~ll 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,i the payment may be applied to the delinquent payment and the late charge. If more than one Periodic PaYment is outstanding, Lender may apply any payment received from Borrower to the repayment of the Periodic Payments if, and to the extent that, each payment can be paid in full. To the extent that any excess exiSts after the payment is applied to the full payment of one or more Periodic Payments, such excess may be i app!ied 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, insurancei 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. Borrowe~ shall pay to Lender on the day Periodic Payments are due under the Note, until the Note is paid in fulli a sum (the "Funds") to provide for payment of amounts due for: (a) taxes and assessments and other iterr!s~ which can attain priority over this Security Instrument as a lien or encumbrance on the Property; (b) le;~sehoid 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 b~ 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 Items. Lender may waive Borrower's obligation to pay to Lender Funds for any or all Escrow Items at any time. Any such waiver may only be in writing. In the event of such waiver, Borrower' shall pay directly, when and where payable, the amounts Initials:~ Form 3051 1/01 (~-6(WY) 1ooo6) ~=;, 4 of ~6 due for any Escrow Items for which payment of Funds has been waived by Lender and, if Lender requires, shall furnish to Lender receipts evidencing such payment within such time period as Lender may require. Borrower's obligation to make such payments and to provide receipts shall for all purposes be deemed to be a covenant and agreement contained in this Security Instrument, as the phrase "covenant and agreement" is used in Section 9. If Borrower is obligated to pay Escrow Items directly, pursuant to a waiver, and Borrower falls to pay the amount due for an Escrow Item, Lender may exercise its rights under Section 9 and pay such amount and Borrower shall then be obligated under Section 9 to repay to Lender any such an~ount. Lender may revoke the waiver as to any or all Escrow Items at any time by a notice given in accordance with Section 15 and, upon such revocation, Borrower shall pay to Lender all Funds, and in such amounts, that are then required under this Section 3. Lender may, at any time, collect and hold Funds in an amount (a) sufficient to permit Lender to apply the Funds at the time specified under RESPA, and (b) not to exceed the nmximum amount a lender can require under RESPA. Lender shall estimate the amount of Funds due on the basis of current data and reasonable estimates of expenditures of future Escrow Items or otherwise in accordance with Applicable Law. The Funds shall be held in an institution whose deposits are insured by a federal agency, instrumentality, or entity (including Lender, if Let~ler is an institution whose deposits are so insured) or in any Federal Home Loan Bank. Lender shall apply the Funds to pay the Escrow Items no later than the time specified under RESPA. Lender shall not charge Borrower for holding and applying the Funds, annually analyzing the escrow account, or verifying the Escrow Items, unless Lender pays Borrower interest on the Funds and Applicable Law permits Lender to make such a charge. Unless an agreement is made in writing or Applicable Law requires interest to be paid un the Funds, Lender shall not be required to pay Borrower any interest or earnings on the Funds. Borrower and Lender can agree in writing, however, that interest shall be paid on the Funds. Lender shall give'to Borrower, without charge, an annual accounting of the Funds as required by RESPA. If there is a surplus of Funds held in escrow, as defined under RESPA, Lender shall account to Borrower for the excess funds in accordance with RESPA. If there is a shortage of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to make up the shortage in accordance with RESPA., but in no more than 12 monthly payments. If there is a deficiency of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the ~mount 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 taxes, assessments, charges, fmcs, 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 Imtnanent unless Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a mariner 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 idemifying the (~-6{WY} iooos) ~=aae ~ of 15 Form 3051 1/01 lien. Within 10 days of the date on which that n more of the actions set forth above in this Sectk Lender may require Borrower to pay a reporting service used by Lender in connection 5. Property Insurance. Borrower shall k the Property insured against loss by fire, haza] other hazards including, but not limited to, em This insurance shall be maintained in the amc 'Lender requires. What Lender requires pursuaJ the Loan. The insurance carrier providing the right to disapprove Borrower's choice, whicl require Borrower to pay, in connection with determination, certification and tracking servi~ and certification services and subsequent cha~ reasonably might affect such determination o payment of any fees imposed by the Federa' review of any flood zone determination resultir If Borrower fails to maintain any of the coverage, at Lender's option and Borrower's particular type or amount of coverage. Theret not protect Borrower, Borrower's equity in th( hazard or liability and might provide greater acknowledges that the cost of the insurance insurance that Borrower could have obtained. become additional debt of Borrower secured b at the Note rate from the date of disbursemen Lender to Borrower requesting payment. All insurance policies required by Lende right to disapprove such policies, shall inch mortgagee and/or as an additional loss payee. certificates. If Lender requires, Borrower shal renewal notices. If Borrower obtains any for for damage to, or destruction of, the Propert shall name Lender as mortgagee and/or as an ~ In the event of loss, BOrrower shall giv, may make proof of loss if not made promptl) in writing, any insurance proceeds, whether be applied to restoration or repair of the Pro Lender's security is not lessened. During suc hold such insurance proceeds until Lender h~ work has been completed to Lender's satis promptly. Lender may disburse proceeds for of progress payments as the work is complete 719 ,.*'54 atice is given, Borrower shall satisfy the lien or take one or ~n 4. one-time charge for a real estate tax verification and/or a, ith this Loan. ~p the improvements now existing or hereafter erected on 'ds included within the term "extended coverage," and any 'thquakes and floods, for which Lender requires insurance. unts (including deductible levels) and for the periods that tt to the preceding sentences can change during the term of nsurance shall be chosen by Borrower subject to Lender's right shall not be exercised unreasonably. Lender may this Loan, either: (a) a one-time charge for flood zone :es; or (b) a one-time charge for flood zone determination es each time remappings or similar changes occur which certification. Borrower shall also be responsible for the Emergency Management Agency in connection with the g from an objection by Borrower. coverages described above, Lender may obtain insurance expense. Lender is under no obligation to purchase any ore, such coverage shall cover Lender, but might or might .. Property, or the contents of the Property, against any risk, or lesser coverage than was previously in effect. Borrower overage so obtained might significantly exceed the cost of ~ny amounts disbursed by Lender under this Section 5 shall this Security Instrument. These amounts shall bear interest and shall be payable, with such interest, upon notice from r and renewals of such policies shall be subject to Lender's de a standard mortgage clause, and shall name Lender as Lender shall have the right to hold the policies and renewal 1 promptly give to Lender all receipts of paid premiums and n of insurance coverage, not otherwise required by Lender, ?, such policy shall include a standard mortgage clause and ddifional loss payee. ~ prompt notice to the insurance carrier and Lender. Lender by Borrower. Unless Lender and Borrower otherwise agree r not the underlying insurance was required by Lender, shall erty, if the restoration or repair is economically feasible and t repair and restoration period, Lender shall have the right to ~s had an opportunity to inspect such Property to ensure the faction, provided that such inspection shall be undertaken the repairs and restoration ia a single payment or in a series t. 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. Feqs for public adjusters, or other third parties, retained by Borrower shall not be paid out of the insurance proceeds and ,shall be the sole obligation of Borrower. If the restoration or repair is not economically ~easible or Lender s security would be lessened, the insurance proceeds shall be applied to the suras secure~ by this Security Instrument,~hlthr~r or not then due, with Initials:~.~ (~-6{WY} 100061 ~0~ ~ of ~ Form 3051 1/01 the excess, if any, paid to Borrower. Such insurance proceeds shall be applied in the order provided for in Section 2. If Borrower abandons the Property, Lender may file, negotiate and settle any available insurance claim and related matters. If Borrower does not respond within 30 days to a notice from Lender that the insurance carrier has offered to settle a claim, then Lender may negotiate and settle the claim. The 30-day period will begin when the notice is given. In either event, or if Lender acquires the Property under Section 22 or otherwise, Borrower hereby assigns to Lender (a) Borrower's rights to any insurance proceeds in an amount not to exceed the amounts unpaid under the Note 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 covering the Property, insofar as such rights are applicable to the coverage of the Property. Lender may use the insurance proceeds either to repair or restore the Property or to pay amounts unpaid under the Note or this Security Instrument, whether or not then due. 6. Occupancy. Borrower shall occupy,~ establish, and use the Property as Borrower's principal residence within 60 days after the execution o,f this Security Instrument and shall continue to occupy the Property as Borrower's principal residence format 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 Pro!ection of the Property; Inspections. Borrower shall not destroy, damage or impair the Property, allow the Property to deteriorate or commit waste on the Property. Whether or not Borrower is residing in the Property, Borrower shall maintain the Property in order to prevent the Property from deteriorating or decreasing in value due to its condition. Unless it is determined pursuant to Section 5 that repair Or restoration is not economically feasible, Borrower shall promptly repair the Property if damaged to avoid further deterioration or damage. If insurance or condemnation proceeds are paid in counectioa with damage to, or the taking of, the Property, Borrower shall be responsible for repairing or restoringi the Property only if Lender has released proceeds for such purposes. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as the work is completed. If the insurance or condemnation proceeds are not sufficient to repair or restore the Property, Borrower is.:not relieved of Borrower's obligation for the completion of such repair or restoration. Lender or its agent may make reasonable entries upon and inspections of the Property. If it has reasonable cause, Lender may inspect the interior of the improvements on the Property. Lender shall give Borrower notice at the time of or prior to such an interior inspection specifying such reasonable cause. 8. Borrower's Loan Application. Borrower shall be in default if, during the Loan application process, Borrower or any persons or entities acting at the direction of Borrower or with Borrower's knowledge or consent gave materially false, 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. 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, affect 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 of a lien which may attain priority over this Security Instrument or to enforce laws or regulations), or (c) Borrower has abandoned: the Property, then Lender may do and pay for whatever is reasonable or appropriate to protect Lender's interest in the Property and rights under this Security Instrument, including protecting and/or assessing the value of the Property, and securing and/or repairing the Property. Lender's actions can include, but are not limited to: (a) paying any sums secured by a lien which has priority over this Security Instrument; (b) appearing in court; and (c) paying reasonable Inltials:~ (~-6(WY) {ooos} Page 7 of is Form 3051 1/01 attorneys' fees to protect its interest in !the Prop~erty and/or rights under this Security Instrument, including its secured position in a bankruptcy lbroceedillg. Securing the Property includes, but is not limited to, entering the Property to make repairs, khange ~ocks, replace or board up doors and windows, drain water from piues, eliminate building or othetr code violations or dangerous conditions, and have utilities turned on or off, Although Lender may take action uniter this Section 9, Lender does not have to do so and is not under any duty or obligation to do so.i It is agt!eed that Lender incurs no liability for not taking any or ail authorized under this Section 9. acti°n~ny amounts disbursed by Len.d~r undelI thi.s S.ect!.o.n 9 s.hal, l _b_.ec~o.m.e,_~ad~d~i..t!~on~odec..b~t~O~hBe°~a~)~v;~ ...... ~ h,, thle ~,',,ritO Instrument These amounts snail oear interest at mc lnut~ ~a~. x,,~,,, disbursement and shall :be payable, with suchlinterest, upon notice from Lender to Borrower requesting payment. If this Security Instrument is onl a lease}t°ld, Borrower shall comply with all the provisions of the lease. If Borrower acquires fee title tO. the Pro~)erty, the leasehold and the fee title shall not merge unless Lender agrees to the merger in writing. 10. Mortgage Insurance. If Lenkler requ Borrower shall pay the .premiums required to n the Mortgage Insurance coverage reqdired by ] previously provided such insurance ~nd Bom toward the premiums for Mortgagei Insuran .red Mortgage Insurance as a condition of making the Loan, minmin the Mortgage Insurance in effect. If, for any reason, ~ender ceases to be available from the mortgage insurer that )wet was required to make separately designated payments :e, Borrower shall pay the premiums required to obtain coverage substantially iequivalent to the Morlgage Insurance previously in effect, at a cost substantially equivalent to the cost~ to Borrower bf the l~[ortgage Insurance previously in effect, from an alternate mortgage insurer selected by Lender. If suf)stantially equivalent Mortgage Insurance coverage is not available, Borrower shall continue to ipay to L coder the amount of the separately designated payments that were due when the insurance coverage cease, to be in effect· Lender will accept, use and retain these payments as a non-refundable loss ?eserve ia lieu of Mortgage Insurance. Such loss reserve shall be non-refundable, notwithstanding the fact that the Loan is ultimately paid in full, and Lender shall not be required to pay BorroWer any interesi or earn reserve payments if M~)rtgage Insurat~ce cove provided by an insurer selected by !Lender separately designated payments towar$:l the pr~ ags on such loss reserve. Lender can no longer require loss :age (in the amount and for the period that Lender requires) again becomes available, is obtained, and Lender requires niums for Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loax~ and Borrower was required to make separately designated paym6nts toward the premiums for iMortgage Insurance, Borrower shall pay the premiums required to maintain Mortgage Ifisurance in effect, or to provxde a non-refundable loss reserve, until Lender's requirement for Mortgage Insurance ends in a~cordance with any written agreement between Borrower and Lender providing for such terminatidn or until termination is required by Applicable Law. Nothing in this Section 10 affects Boffower's obligation to p~ interest at the rate provided in the Note. Mortgage Insurance reimbursesl Lender! (or any entity that purchases the Note) for certain losses it may incur if Borrower does not repay the ILoan as agreed. Borrower is not a party to the Mortgage Insurance. ........... , ....... *..,lit tntnl rihk on all such insurance in force from time to time, and may enter into a reements :with other par~ies mat ~nare or momxy mctr . g .............. ieati~factt~I'V tO the morteage insurer and the other party (or parties) to are on terms anti contiltlOnS that mc,~ ........ --a ~ - these agreements. These agreements [may require the mortgage insurer to make payments using any source of funds that the mortgage insurer nuty have[ available (which may include funds obtained from Mortgage Insurance premiums). As a result of these agreements, Lende.~, any purchaser of the Note, another insurer, any reinsurer, any other entity, or any affiliate of/ny of tl~ foregoing, may receive (directly or indirectly) amounts that derive from (or migh;t be characteri.Zed as) i portion of Borrower's pay .ments fo.r Mort.g~age Insurance, i~. exchange for sharing, or modifying[ the moBgage insurer's risk, ,or reducing losses. Ir SUCh agreement provides that an affiliate of Lender takes ~[ share of the insurer s risk in exchange for a share of the · . · ' ' e~'t is often termed "ca rive reinsurance." Further: elmums atd to thelmsurer, the arfangem P pr a ~n~ such itgreements will not ,Iffect the amounts that Borrower has agreed to pay for ( ) Y .... ~- ........ e-~. a-reements will not increase the amount Mortgage Insurance, or any otne~ terms ~I~ me. ~ua-. ~.~,.,,. s Borrower will owe for Mortgage lasuranclb anti mey Will nog ~jlglglt~ (~-6(WY) (ooo~) V,ge s of is Form 3051 1/01 (b) Any such agreements will not affeCt the rights Borrower has - if any - with respect to the Mortgage Insurance under the Homeowners~, Protection Act of 1998 or any other law. These rights may include the right to receive certain disclosures, to request and obtain cancellation of the Mortgage Insurance, to have the Mortgage Insurance terminated automatically, and/or to receive a refund of any Mortgage Insurance premiums that were unearned at the time of such cancellation or termination. 11. Assignment of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned to and shall be paid to Lender. If the Property is damaged, such Miscell~aneous Proceeds shall be applied to restoration or repair of the Property, if the restoration or repair is ec. onomically, feasible and Lender's security is not lessened. During such repair and restoration period, Lender shall have the right to hold such Miscellaneous 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 pay for the repairs and restoration in a single disbursement or in a series of progress payments as the work is completed. Unless an agreement is made in whiting or Applicable Law requires interest to be paid on such Miscellaneous Proceeds, Lender shall not be required to pay Borrower any interest or earnings on such Miscellaneous Proceeds. If the restoration or repair is not economically feasible or Lender's security would be lessened, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. Such Miscellaneous Proceeds shall be applied in the order provided for in Section 2. In the event of a total taking, destruction, or loss in value of the Property, the Miscellaneous Proceeds shall be applied to the sums securedby this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. In the event of a partial taking, destructi.on, or loss in value of the Property in which the fair market value of the Property immediately before the partial taking, destruction, or loss in value is equal to or greater than the amount of the sums secured ;: by this Security Instrument irmnediately before the partial taking, destruction, or loss in value, unless' Borrower and Lender otherwise agree in writing, the sums secured by this Security Instnanent shall be reduced by the amount of the Miscellaneous Proceeds multiplied by the following fraction: (a) thel total amount of the sums secured immediately before the partial taking, destruction, or loss in value divided by (b) the fair market value of the Property immediately before the partial taking, destruction, or loss in value. Any balance shall be paid to Borrower. In the event of a partial taking, destmcti0n, or loss in value of the Property in which the fair market value of the Property immediately before thei partial taking, destruction, or loss in value is less than the amount of the sums secured immediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument whether of not the sums are then due. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the Opposing Party (as defined in the next sentence) offers to make an award to settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date the nOtice is given, Lender is authorized to collect and apply the Miscellaneous Proce~.ds either to restoration or repair of the Property or to the sums secured by this Security Instrument, wh~ther or not then due. "Opposing Party" means the third party that owes Borrower Miscellaneous Proceeds Or the party against whom Borrower has a right of action in regard to Miscellaneous Proceeds. Borrower shall be in default if any action or proceeding, whether civil or criminal, is begun that, in Lender's judgment, could result in forfeiture of the Property or other material impairment of Lender's interest in the Property or rights under this S. ecurity Instrument. Borrower can cure such a default and, if acceleration has occurred, reinstate as provided in Section 19, by causing the action or proceeding to be dismissed with a ruling that, in Lender's judgment, precludes forfeiture of the Property or other material impairment of Lender's interest in the Property or rights under this Security Instrument. The proceeds of any award or claim for damages that are attributable to the impairment of Lender's interest in the Property are hereby assigned and shall be paid to Lend6r. 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: Initials~ (~-6(WY) Iooo6} Page 9 of 15 Form 3051 1/01 9 12. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time fo~' payment or modification~ of amortization of the ~ums 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. Lemter Shall not be required to commence proceedings against any Successor in Interest of Borrower or to refuse to extend time for payment or otherwise modify amortization of the sums secured by 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,' Lenderi's acceptance of payments from third persons, entities or Successors in Interest of Borrower or in amounls less than the amount then due, shall not be a waiver of or preclude the exercise oflany right or remedy. 13. Joint and Sev;erai Liability; Co-signers; Successors and Assigns Bound. Borrower covenants and agrees that Borrower's obligationsiand liability shall be joint and several. However, any Borrower who co-signs this Security l[nstmment butl does nc,t execute the Note (a "co-signer"): (a) is co-signing this Security Instrument only to mortgage,~ grant md convey the co-signer's interest in the Property under the terms of this Security Instrument; (b) is not porsoaally obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lendex and andy other Borrower can agree to extend, modify, forbear or make any accommodati'ons with regard to the terms of this Security Instrument or the Note without the co-signer's consent. Subject to the provisions of Section 18, any Successor in Interest of Borrower who assumes Borrower's obligations render this Security Instrument in writing, and is approved by Lender, shall obtain all of Borrower's right~i and benefits finder this Security Instrument. Borrower shall not be released from Borrower's obligations :and liability mxder thislSecurity Instrument unless Lender agrees to such release in writing. The covenants and agreem~ts of this Security Instrument shall bind (except as provided in Section 20) anti benefit'.the successors m~d assigns of Lender. 14. Loan Charges. Lender may charge: Borrower fees for services performed in connection with Borrower's default, fo~ the purpose of protecting Lender's interest in the Property and rights under this Security Instrument, including, but nft limited to, attorneys' fees, property inspection and valuation fees. In regard to any other ~es, the absence of express authority in this Security Instrument to charge a specific fee to Borrower shall nbt be construed, as a prohibition on the charging of such fee. Lender may not charge fees that are expressly prohibited by this Secur.~ty Instrument or by Applicable Law. If the Loan is subject to a law which sets maximum loan charges, and that law is finally interpreted so that the interest or other loan charges collected or to be collected in connection with the Loan exceed the permitted limits, then:, (a) any such l'oan cha~ge shall be reduced by the amount necessary to reduce the charge to the permitted limit; and (b)!any surm already collected from Borrower which exceeded permitted limits will be refunded to Borrower. Lender imay choose to make this refund by reducing the principal owed under the Note or by makingl a direct payment to Borrower. If a retired reduces principal, the reduction will be treated'as a parti~ 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 Inotices given by Borrower or Lender in connection with this Security Instrument must be in writing. An:y notice to Bmucower in connection with this Security Instrument shall be deemed to have been given to Borrower when .m~led hy 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 requires otherwise. The notice address shall be the Property Address unless Borrower has ctesignated a substitute r[°tiee address by notice to Lender. Borrower shall promptly notify Lender of Borrower's change of address. If Lender specifies a procedure for reporting Borrower's change of address, then Borrower shall only keport a change of address through that specified procedure. There may be only one designated hotice afdress under this Security Instrument at any one time. Any notice to Lender shalll be given by d;eliverinl; it or by mailing it by first class mail to Lender's address stated herein unless Lender has d{~signated another address by notice to Borrower. Any notice in connection with this Security Instrurhent shai, l not be deemed to have been given to Lender until actually received by Lender. If any notice re.quired b~, this Security Instrument is also required under Applicable Law, the Applicable ~Law requirement wilB satisfy the corresponding requirement under this Security Instrument. f~/l~ Initials:~ (~I~-6(WY} 10005} I Page ~o o~: ~5 Form 3051 1/01 16. Governing Law; Severabflity; Rules of Construction. This Security Instrument shall be governed by federal law and the law of the jurisdiction in which the Property is located. All rights and obligations contained in this Security Instrument are subject to any requirements and limitations of Applicable Law. Applicable Law might explicitly Or implicitly allow 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 Instrtunent or the Note conflicts with Applicable Law, such conflict shall not affect other provisions of this Security Instrument or the Note which can be given effect without the conflicting provision. As used in this Security Instrument: (a) words of the masculine gender shall mean and include corresponding neuter words or words of the feminine gender; (b) words in the singular shall mean and include the plural and vice versa; and (c) the word "may" gives sole discretion without any obligation to take any action. 17. Borrower's Copy. Borrower shall be ~given one copy of the Note and of this Security Instrument. 18. Transfer of the Property or a Beneficial Interest in Borrower. As used in this Section 18, "Interest in the Property" means any legal or b'eneficial interest in the Property, including, but not limited to, those beneficial interests transferred in a b6nd for deed, contract for deed, installment sales contract or escrow agreement, the intent of which is the transfer of title by Borrower at a future date to a purchaser. If all or any part of the Property or any Interest in the Property is sold or transferred (or if Borrower is not a natural person and a beneficial interest in Borrower is sold or transferred) without Lender's prior written consent, Lender may require immediate payment in full of all sums secured by this Security Instrument. However, this option shall not be exercised by Lender if such exercise is prohibited by Applicable Law. If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days from the 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 p.eriod, Lender may invoke any remedies permitted by this Security Instrument without further notice or c~emand on Borrower. 19. Borrower's Right to Reinstate After Acceleration. If Borrower meets certain conditions, Borrower shall have the right to have enfordement of this Security Instrument discontinued at any time prior to the earliest of: (a) five days before sale of the Property pursuant to any power of sale contained in this Security Instrument; (b) such other period as Applicable Law might specify for the termination of Borrower's right to reinstate; or (c) entry of a judgment enforcing this Security Instrument. Those conditions are that Borrower: (a) pays Lender all sums which then would be due under this Security Instrument and the Note as if no acceleration had occurred; (b) cures any default of any other covenants or agreements; (c) pays all expenses incurred in enforcing this Security Instrument, including, but not limited to, reasonable attorneys' fees, property inspection and valuation fees, and other fees incurred for the purpose of protecting Lender's interest in thel PrOperty and rights under this Security Instrument; and (d) takes such action as Lender may reasonably require to assure that Lender's interest in the Property and rights under this Security Instrument, and Borrower's obligation to pay the sums secured by this Security Instrument, shall continue unchanged. Lende} may require that Borrower pay such reinstatement sums and expenses 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. Upon reinstatement by BorrOwer, this Security Instrument and obligations secured hereby shall remain fully effective as if no acceleration had occurred. However, this right to reinstate shall not apply in the case of acceleration under Section 18. 20. Sale of Note; Change of Loan SeVvicer; Notice of Grievance. The Note or a partial interest in the Note (together with this Security Instrurhent) can be sold one or more times without prior notice to Borrower. A sale might result in a changel in the entity (known as the "Loan Servicer") that collects Periodic Payments due under the Note andi this Security Instrument and performs other mortgage loan servicing obligations under the Note, this S6curity Instrument, and Applicable Law. There also might be one or more changes of the Loan Servicer tmr~ elated to a sale of the Note. If there is a change of the Loan ' Servicer, Borrower will be given written not!ce Of the change which will state the name and address of the new Loan ServiCer, the address to which payments should be made and any other information RESPA (~)~-6{WY) (ooo~i! Page 1l of 15 Form 3051 1101 requires in connection with a notice of transfe: serviced by a Loan Servicer other than the pu! to Borrower will remain with the Loan Servic assumed by the Note purchaser unless otherwi: · of servicing. If the Note is sold and thereafter the Loan is chaser of the Note, the mortgage loan servicing obligations ',r or be transferred to a successor Loan Servicer and are not provided by the Note purchaser. Neither Borrower nor Lender may cona ;ncc, join, or be joined to any judicial action (as either an individual litigant or the member of a class)lthat arises from the other party's actions pursuant to this Security Instrument Or that alleges that the o~t~er party has breached any provision of, or any duty owed by reason of, this Security Instrument, until sucl~ Borrower or Lender has notified the other party (with such notice given in comPliance with the require~'nts of Section 15) of such alleged breach and afforded the other party hereto a reasonable period afte~ the giving of such notice to take corrective action. If Applicable Law provides a time period whk t must elapse before certain action can be taken, that time mrposes of this paragraph. The notice of acceleration and period will be deemed to be reasonable for opportunity to cure given to Borrower purs Borrower pursuant to Section 18 shall be de, action provisions of this Section 20. 21. Hazardous Substances. As used substances defined as toxic or hazardous sub following substances: gasoline, kerosene, ot and herbicides, volatile solvents, materials cc (b) "Environmental Law" means federal laws relate to health, safety or environmental pr{ action, re,m, edial action, or removal action, ~ Condition means a condition that can ca Cleanup. Borrower shall not cause or permit the Substances, or threaten to release any Hazar¢ nor allow anyone else to do, anything affec~ Law, (b) which creates an Enviromnental Cc Hazardous Substance, creates a condition tl~ two sentences shall not apply to the prese Hazardous Substances that are generally re .ant to Section 22 and the notice of acceleration given to med to satisfy the notice and opportunity to take corrective in this Section 21: (a) "Hazardous Substances" are those tances, pollutants, or wastes by Environmental Law and the ter flammable or toxic petroleum products, toxic pesticides .ataining asbestos or formaldehyde, and radioactive materials; and laws of the jurisdiction where the Property is located that tection; (c) "Environmental Cleanup" includes any response ~ defined in Environmental Law; and (d) an "Environmental lse, contribute to, or otherwise trigger an Environmental ~resence, use, disposal, storage, or release of any Hazardous ms Substances, on or in the Property. Borrower shall not do, ag the Property (a) that is in violation of any Environmental adition, or (c) which, due to the presence, use, or release of a ~t adversely affects the value of the Property. The preceding ice, use, or storage on the Property of small quantities of :ognized to be appropriate to normal residential uses and to maintenance of the Property (including, but: ~ot limited to, hazardous substances in consumer products)· Borrower shall promptly give Lender ~ritten notice of (a) any investigation, claim, demand, lawsuit or other action by any governmental or regulatory agency or private party involving the Property and any Hazardous Substance or Enviromnental law of which Borrower has actual knowledge, (b) any Environmental Condition, including but not ~imited to, any spilling, leaking, discharge, release or threat of release of any Hazardous Substance, and (:) any condition caused by the presence, use or release of a Hazardous Substance which adversely affec by any governmental or regulatory authorit of any Hazardous Substance affecting the Px remedial actions in accordance with Envir. Lender for an Environmental Cleanup. (~-6(WY) Iooos) the value of the Property. If Borrower learns, or is notified or any private party, that any removal or other remediation }erty is necessary, Borrower shall promptly take all necessary ,nmental Law. Nothing herein shall create any obligation on Page!2of15 Form 3051 1/01 NON-UNIFORM COVENANTS. Borrow 22. Acceleration; Remedies. Lender sha Borrower's breach of any covenant or ag~ acceleration under Section 18 unless Applical the default; (b) the action required to cure ti the notice is given to Borrower, by which th default on or before the date specified in the 726 ~r and Lender further covenant mad agree as follows: give notice to Borrower prior to acceleration following ,.ement in this Security Instrun~ent (but not prior to le Law provides otherwise). The notice shall specify: (a) ,e default; (c) a date, not less than 30 days from the date e default must be cured; and (d) that failure to cure the notice may result in acceleration of the sums secured by this Security Instrument and sale of the Pr, lperty. The notice shall further inform Borrower of the right to reinstate after acceleration and the ~ ight to bring a court action to assert the non-existence of a default or any other defense of Borrower [o acceleration and sale. If the default is not cured on or before the date specified in the notice, Lend{r at its option may require immediate payment in full of all sums secured by this Security Instrumel~t without further demand ?ri.el..may in..v..ok.e !he p.o.w~ _o,fi sale and any other remedies permitted by]Applicable Law. Lender snau De enuuea to conect aa expenses incurred in pursuing the remedi.es ~rovided in this Section 22, including, but not limited to, reasonable attorneys' fees and costs of title evidence. If Lender invokes the power of sale, L and to the person in possession of the Pre Lender shall give notice of the sale to Ben publish the notice of sale, and the Proper ender shall give notice of intent to foreclose to Borrower ~erty, if different, in accordance with Applicable Law. iwer in the manner provided in Section 15. Lender shall shall be sold in the manner prescribed by Applicable Law. Lender or its designee may purchase he 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 ~ecured by this Security Instrument; and (c) any excess to the person or persons legally entitled to it. secured ' 23. Release. Upon payment of ail sums by this Security Instrument, Lender shail release this Security Instrument. Borrower shail pay an', recordation costs. Lender may charge Borrower a fee for releasing this Security Instrument, but only charging of the fee is permitted under Appli~ 24. Waivers. Borrower releases and exemption laws of Wyoming. (~O-6{WY) the fee is paid to a third party for services rendered and the ble Law. waives all rights under and by virtue of the homestead Page 13 of 15 Form 305rl 1/01 BELOW, Borrower accepls BY SIGNING mad in any Rider executed ~y Security Instrument ! Wimesses: DONNA L DACHTLER -Borro (S~ -Borre (~6(WY) {ooo~) a) ,er a) ~er .1) vet 262 and agrees to the terms and covenants contained in this Borrower and recorded with it. (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower Page 14 =f 1§ Form 3051 1101 ? STATE OF WYOMING, LINCOLN ] ~.~= The foregoing instrument was acl~owled§¢d before me [his August ~ 2003 by ff~ County ss: DONNA L DACHTLER, HUSBAi~D & WIFE My Commission Expires: Notary Public (~-6(WY) Iooo5) ;age ;5 of ~5 Form 3051 1/01 728 264' 25313828 1253138283 PLANNED UNIT DEVELOPMENT RIDER THIS PLANNED UNIT DEVELOPMENT RIDER is made this 14th day of August 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 (the "Borrower") to secure Borrower's Note to CHASE MANHATTAN MORTGAGE CORP. a corporation organized and existing under the laws of the State of New Jersey (the "Lender") of the same date and covering the Property described in the Security Instrument and located at: 469 MAHOGANY WAY, THAYNE, WY 83127 ['Prolmrly Address] The Property includes, but is not limited to, a parcel of land improved with a dwelling, together with other such parcels and certain common areas and facilities, as described in REC 09/25/86 BK 243PR PG 252 (the "Declaration"). The Property is a part of a planned unit development known as STAR VALLEY RANCH [Name of Pl~nned Unit Development] (the "PUD"). The Property also includes Borrower's interest in the homeowners association or equivalent entity owning or managing the common areas and facilities of the PUD (the "Owners Association") and the uses, benefits and proceeds of Borrower's interest. PUD COVENANTS. In addition to the. covenants and agreements made in the Security Instrument, Borrower and Lender further covenant and ag,~ee as follows: A. PUD Obligations. Borrower shalli: perform all of Borrower's obligations under the PUD's Constituent Documents. The "Constituent Documents" are the (i) Declaration; (ii) articles of incorporation, trust instrument or any equivalent document which creates the Owners Association; and (iii) any by-laws or other rules or regulations of {he Owners Association. Borrower shall promptly pay, when due, all dues and assessments imposed pursuaht to the Constituent Documents. MULTISTATE PUD RIDER - Single Family - Fannie;Mae/Freddie Mac UNIFORM INSTRUMENT Form 3150 1/01 ~ Page 1 of 3 Initials:~.~ I~7R (0008) VMP MORTGAGE FORMS - (800)521-7291 B. Property Insurance. So long as the insurance carrier, a "master" or "blanket" polk which provides insurance coverage in the an against loss by fire, hazards included withk including, but not limited to, earthquakes a~ Lender waives the provision in Section 3 fo~ installments for property insurance on the P~ maintain property insurance coverage on the coverage is provided by the Owners Associatic What Lender requires as a condition of th Borrower shall give Lender prompt no! provided by the master or blanket policy. In the event of a distribution of property 729 65 Owners jAssociation maintains, with a generally accepted y insuring the Property which is satisfactory to Lender and tounts (i~tpeluding deductible levels), for the periods, and the term "extended coverage," and any other hazards, d floods~ for which Lender requires insurance, then: (i) the Periodic Payment to Lender of the yearly premium ~perty; ad (ii) Borrower's obligation under Section 5 to 'roperty is deemed satisfied to the extent that the required t policy. s waiverlcan change during the term of the loan. ce of a~y lapse in required property insurance coverage insuran~ proceeds in lieu of restoration or repair following facilitieslof the PUD, any proceeds payable to Borrower are ~ender sl~all apply the proceeds to the sums secured by the ~ith the ~cess, if any, paid to Borrower. a loss to the Property, or to common areas and hereby assigned and shall be paid to Lender. i Security Instrument, whether or not then due, ~ C. Public Liability Insurance. Borrowe:,' shall ta~e such actions as may be reasonable to insure that the Owners Association maintains a public lability igsurance policy acceptable in form, amount, and extent of coverage to Lender. D. Condemnation. The proceeds of y award', or claim for damages, direct or consequential, payable to Borrower in connection with any co ldemnati~bn or other taking of all or any part of the Property or the common areas and facilities of the PUD. or for ~ny conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. Such pre eeeds sh~ll be applied by Lender to the sums secured by the Security Instrument as provided in Section 11. E. Lender's Prior Consent. Borrower ~;hall not~ except after notice to Lender and with Lender's prior written consent, either partition or sub~livide th~ Property or consent to: (i) the abandonment or termination of the PUD, except for abandonm mt or te~'mination required by law in the case of substantial destruction by fire or other casualty or in the. case of ~a taking by condemnation or eminent domain; (ii) any amendment to any provision of the "Constituent Dq~cuments" if the provision is for the express benefit of Lender; (iii) termination of professional nm ~agemen~ and assumption of self-management of the Owners Association; or (iv) any action which would have thq effect of rendering the public liability insurance coverage maintained by the Owners Associatio~ unaccelbtable to Lender. F. Remedies. If Borrower does not pay IPUD du~s and assessments when due, then Lender may pay them. Any amounts disbursed by Lender unde~ this paragraph F shall become additional debt of Borrower secured by the Security Instrument. UnleSs BOrrower ~and Lender agree to other terms of payment, these 'amounts shall bear interest from the date of[disbursement at the Note rate and shall be payable, with interest, upon notice from Lender to Borrowerlrequest~g payment. (~1~7 R 10008) Page 2 of 3 Form 3150 1/01 BY SIGNING BELOW, Borrower accepts and Rider. _CALVIN L MCFARLAND -Borr, -Borm 730 266 agrees to the terms and provisions contained in this PUD al) DONNA L DACHTLER -Borrower ,al) (Seal) ~,er -aorroweg .(sial) -Borrower (Seal) -Borrower (s al) -Bom eeer (Seal) -Borrower (~I~7R (0008) Page 3 of 3 Form 3150 1101