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HomeMy WebLinkAbout892863RetunlTo: WELLS FARGO HOME MORTGAGE, INC. 3601 MINNESOTA DRJ SUITE 200 BLOOMINGTON, MN 55435 892863 Prepa[ed By: WELLS FARGO HOME MORTGAGE, INC. 1919 DOUGLAS,, OMAHA, 681010000 NE -[Space Abave Tiffs Lh]e For Recording Data] MORTGAGE BOOK RECEIVED 'LINCOLI~,~ COUNTY CLERK '27 dEAt,lN7 DEFINITIONS Words used in multiple Sections of dfi.s document 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 Instrument" means this document which is datedAUgUST 22, 2003 together with all Riders to this document. (B) "Borrower" is MARY J HYDE AND RAY L HYDE, WIFE AND HUSBAND Borrower is the mortgagor uuder this Security Instrument. (C) "Lender" is WELLS FARGO HOME MORTGAGE, INC. Lender is a CORPORATION organized and existing under rite laxvs of THE STATE OF CALIFORNIA 0032195299 WYOMING-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT VMP MORT~A~F FORMS - (8001521-7291 Form 3051 11Ol Lendcr's address is P.O. BOX 10304, DES MOINES, IA 503'060304 Lender is the mortgagee under this Security Instrument. (D) "Note" means the promissory note signed by Borrower and datedAUHUST 22, 2 003 The Note states that Borrower owes Lender ONE HUNDRED FTVE THOUSAND TWO HUNDRED TWENTY ONE AND 29/100 Dollars (U.S. $ * * * * 105,221.2 9 ) plus interest. Borrower has promised to pay this debt in regular Periodic Payments and to pay the debt in full not later than SEPTEMBER 01, 2033 (E) "Property" means the property that is described below under the heading "Transfer of Rights in die Property." (F) "Loan" means the debt evidenced by die Note, plus interest, any prepayment charges and late charges due under the Note, and all sums due under this Security Instrument, plus interest. (G) "Riders" means all Riders to dss Security Instrument that are executed by Borrower. The /bllowing Riders are to be executed by Borrower [check box as applicable]: [~ Adjustable Rate Rider ~ Condominium Rider [-~ Second Home Rider ~-~ Ballo';n Rider ~ Planned Unit Development Rider ~ 1-4 Family Rider ~ VA Rider [~ Biweekly Payment Rider ~-~ Other(s) [specify] 0t) "Applicable Law" means all controlling applicable federal, state and local statntes, regulations, ordinances and adnfinistrative 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 assodiation, homeowners association or similar organization. (J) "Electronic Funds Transfer" means any transfer of funds, other dian a transaction originated by check, draft, or sinfilar 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-sale transfers, autoxnated teller nmchine transactions, transfers initiated by telephone, wire transfers, and autonmted clearinghouse transfers. (K) "Escrow Items" means those iterrm that are described in Section 3. (L) "Miscellaneous Proceeds" means any compensation, settlement, award of danmges, or proceeds paid by any third party (other than insurance proceeds paid under the coverages described in Section 5) lbr: (i) damage to, or destruction of, the Property; (ii) condennmtion or other taking of all or any part of the Property; (iii) conveyance in lieu of condmmmtion; or (iv) nfisrepresentations 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 del:ault on, the Loan. (N) "Periodic Payment" means the regularly scheduled amount due for (i) principal and interest under the Note, plus (ii) any amounts under Section 3 of this Security Instrument. (O) "RESPA" means the Real Estate Setdement Procedures Act (12 U.S.C. Section 2601 et seq.) and its implementing regulation, Regulation X (24 C.F.R. Part 3500), as they nfight be amended from time to time, or any additional or successor legislation or regulation that governs the same subject nmtter. As used in this Security Instrument, "RESPA" refers to all requirements and restrictions that are imposed in regard to a "federally related mortgage loan" even if the Loan does not qualify as a "federally related mortgaue loan" 'under RESPA. - I~-6(WY) (OddS) P.g. 2 of ]6 Form 3051 1/01 (P) "Successor in Interest of Borrower" means any party that has taken title to the Property, whether or not that party has assumed Borrower's obligations under the Note and/or tiffs Security Instrument. TRANSFER OF RIGHTS IN THE PROPERTY This Security Instrument secures to Lender: (i) the repayment of the Loan, and all renewals, extensions and modifications of the Note; and (ii) the performance of Borrower's covenants and agreements under tiffs Security Instrument and the Note. For this purpose, Borrower does hereby mortgage, grant and convey to Lender and Lender's successors and assigns, with power of sale, the following described property located in the COUNTY of LINCOLN : [Type of Recording Jurisdiction] ]Name of Recording Jurisdiction] SEE TITLE SCHEDULW. C TAX STATEMENTS SHOULD BE SENT TO: WELLS FARGO HOME MORTGAGE, INC., P.O. BOX 10304, DES MOINES, IA 503060304 Parcel ID Number: 49023 4173 HIGHWAY 241 AFTON ("Property Address ) wlfich currently has the address of [Streetl [City] , Wyoming 83110 [Zip Code] TOGETHER WITH all the improvements now or hereafter erected on the property, and all easements, appurtenances, and fixtures now or hereafter a part of the property. All replacements and additions shall also be covered by tiffs Security Instrument. All of the foregoing is referred to in this Security Instrument as the "Property." BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has the right to mortgage, grant and convey the Property and fl]at the Property is unencumbered, except for encumbrances of record. Borrower warrants and will defend generally the title to the Property agai]kst all claims and demands, subject to any encumbrances of record. THIS SECURITY INSTRUMENT combines uniform covenant~ for natio]ml use and non-uniform covenants with liufited variatiorks by jurisdiction to constitute a uniform security instrument covering real property. UNIFORM COVENANTS. Borrower and Lender coveirant and agree as follows: 1. Payment of Principal, Interest, Escrow Items, Prepayment Clmrges, and Late Charges. Borrower shall pay when due the principal of, and interest on, the debt evidenced by the Note and any prepayment charges and late charges due under the Note. Borrower shall also pay funds for Escrow Items pursuant to Section 3. Payments due under the Note and tlfis Security Instrument shall be made in U.S. currency. However, if any check or other instrument received by Lender as payme~g under .the Note or this {~-6(WY) 1ooo~} P~g~ 3 o~ ~s Form 3051 1/01 Security h~qtrument is returned to Lender unpaid, Lender ]nay require that any or all subsequent payments due under the Note and this Security Instrmnent be made in one or more of the following fornls, 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) Electro]tic 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 Lender in accordance witl~ 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 ~mty accept any payment or partial payment insufficient to bring Q~e Loan current, without waiver of any rights hereunder or prejudice to its hghts to refuse such payment or partial payments in the future, but Lender is not obligated to apply such payments at the time such payments are accepted. If each Periodic Payment is applied as of its scheduled due date, then Lender need not pay interest on unapplied funds. Lender may hold such unapplied funds until Borrower makes payment to bring the Loan current. If Borrower does not do so within a reasonable period of time, Lender shall either apply such funds or return them to Borrower. If not applied earlier, Such funds will be applied to the outstanding principal balance under the Note inm~ediately prior to foreclosure. No offset or claim which Borrower ]night have now or in the future against Lender shall relieve Borrower frmn making payments due under the Note and tlfis Security Instrument or performing the covemtnts and agreements secured by this Security Instrument. 2. Application of Payments or Proceeds. Except as otherwise described in dfis Section 2, all payments accepted and applied by Lender shall be applied in the tbllowing 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 Instnnnent, and then to reduce the principal balance of the Note. If Lender receives a' payment from Borrower for a delinquent Periodic Payment which includes a sufficient amount to pay any late charge due, the payment may be applied to the delinquent pay~nent 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 ~nay be applied to any late charges due. Voluntary prepayments shall be applied first to any prepayment charges and then as described in the Note. Any application of payments, insurance proceeds, or Miscellaneous Proceeds to principal due under the Note shall not extend or postpoue the due date, or change the a]nount, of the Periodic Payments. 3. Funds for Escrow Items. Borrower shall pay to Lender on the day Periodic Payments are due under the Note, until the Note is paid in full, a stun (the "Funds") to provide for pay]nero of amounts due for: (a) taxes and assessments and other items which can attain priority over this Security Instrmnent as a lien or encumbrance on the Property; (b) leasehold payments or ground rents on the Property, if any; (c) premiums for any and all insurance required by Lender under Section 5; and (d) Mortgage Insurance pre]niums, if any, or any stuns payable by Borrower to Lender in lieu of the payment of Mortgage Insurance premiuLr~S 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 ]nay require thar Connnmfity Association Dues, Fees, and Assessments, if any, be escrowed by Borrower, and such dues, fees and assessments shall be an Escrow Item. Borrower shall promptly funfish to Lender all notices of amounts to be paid under tiffs Section. Borrower shall pay Lender the Funds for Escrow Items unless Lender waives BmTower's obligation to pay die Funds for any or all Escrow Ite]rks. Lender ]nay waive Borrower's obligation to pay to Lender Funds/hr any or all Escrow Items at any time. Any such waiver ]nay only be in writing. In the event of such waiver, Borrower shall pay directly, when and where payable, the amounts (~-6(WY) Iooos} Page4o~ 15 Form 3051 1/01 due for any Escrow Items for which payment of Funds has been waived by Lender and, if Lender requires, shall fur~fish 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 tlfis Security hkstrument, as the phrase "covenant and agreement" is used itl Section 9. If Borrower is obligated to pay Escrow Items directly, pursuant to a waiver, and Borrower hils to pay the amount due tbr an Escrow Item, Lender may exercise its rights under Section 9 aud pay such amouut and Borrower shall then be obligated under Section 9 to repay to Lender any such amount. Lender may revoke the waiver as to any or all Escrow Itenks 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 pernfit Lender to apply the Funds at the ti]ne specified under RESPA, and (b) not to exceed the m,aximum 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 Lender is an institution whose deposits are so insured) or in any Federal Home Loan Bank. Leuder shall apply the Funds to pa3' rite Escrow Iterms no later than the time specified under RESPA. Lender shall not charge Borrower for holding and applying the Funds, am~ually analyzing the escrow account, or verifying the Escrow Items, m~less Lender pays Borrower iuterest on the Funds and Applicable Law pernfits Lender to make such a charge. U]tless an agreement is made in writing or Applicable Law requires interest to be paid on the Funds, Lender shall not be required to pay Borrower any interest or earnings ou 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 rite 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 amouut 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 amount necessary to ~nake up the deficiency in accordance with RESPA, but in no more than 12 monflfly payments. Upon payment iu full of all sums secured by this Security Instrument, Lender shall promptly refund to Borrower arty Funds held by Leuder. 4. Charges; Lieus. Borrower shall pay all 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 Commmtity Association Dues, Fees, and Assessments, if any. To the extent that these items are Escrow Items, Borrower shall pay them in the nlmmer provided in Section 3. Borrower shall promptly discharge any lien which has priority Over this Security Instrument mfless Borrower: (a) agrees in writing to the payment of the obligation secured by file lien in a nmnner acceptable to Lender,' but only so long as Borrower is perfornfing such agreemeut; (b) contests the lien in good faith by, or defends against enforcement of the lien in, legal proceedings which in Lender's opitfion operate to prevent the enforcement of the lien Mille those proceedings are pending, but tuffy until such proceedings are concluded;, or (c) secures from the holder of the lien an agreement satisfactory to Lender subordinating file lien to fids Security Instrument. If Lender determines that any part of the Property is subject to a lien which can attain priority over fltis Security Instrument, Lender nmy give BorroWer a notice identifying the (~-6(WY) (ooos) pag~ 5 of ~5 Form 3051 1/01 56, lien. Within 10 days of the date on which that notice is given, Borrower shall satisfy the lien or take one or more of the actions set forth above in this Section 4. Lender nmy require Borrower to pay a one-time charge for a real estate tax verification and/or reporting service used by Lender in cmmection 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 temr "extended coverage," and any other hazards including, but not limited to, earthquakes and floods, for which Lender requires insurance. This insurance shall be nmintained 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 ~lall be chosen by Borrower subject to Lender's right to disapprove Borrower's choice, which right fl~all not be exercised unreasoxmbly. Lender nmy require Borrower to pay, in coxmection with this Loan, either: (a) a one-time charge Ibr flood zone deternfination, certification and tracking services; or (b) a one-time charge for flood zone deternfination and certification services and subsequent charges each time remappings or sinfilar changes occur which reasonably might affect such deterufination or certification. Borrower shall also be responsible for the payment of any tees imposed by the Federal Emergency Mamgement Agency in com~ection with the review of any flood zone deternfi]mtion resulting from an objection by Borrower. If Borrower fails to nmintain any of the coverages described above, Lender nmy obtain insm'ance coverage, at Lender's option and Borrower's expense. Lender is under no obligation to purchase any particular type or amount of coverage. Therefore, such coverage shall cover Lender, but might or nfight not protect Borrower, Borrower's equity in the Property, or the contents of the Property, against any risk, hazard or liability and nfight provide greater or lesser coverage than was previously in effect. Borrower ackamwledges that the cost of the insurance coverage so obtained nfight significantly exceed the cost of insurance that Borrower could have obtained. Any amounts disbursed by Lender under this Section 5 shall become additional debt of Borrower secured by this Security Instrument. These amounts shall bear interest at the Note rate from the date of disbursement and shall be payable, with such interest, upon notice Ii-om Lender to Borrower requesting payment. All insurance policies required by Lender and renewals of such policies shall be subject to Lender's right to disapprove such policies, shall include a standard mortgage clause, and shall name Lender as mortgagee and/or as an additional loss payee. Lender shall have the right to hold the policies and renewal certificates. If Lender requires, Borrower shall promptly give to Lender all receipts of paid premiums and renewal notices. If Borrower obtains any tbrm of insurance coverage, not otherwise required by Lender, for daumge to, or destruction of, the Property, such policy shall iuclude a standard mortgage clause and shall name Lender as mortgagee-and/or as an additional loss payee. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may nuike proof of loss if not made proxnptly by Borrower. Unless Lender and Borrower otherwise agree in writing, any insurance proceeds, whether or not the underlying irmurance was required by Lenderl shall be applied to restoration or repair of tim Property, if the restoration or repair is economically feasible and Lender's security is not lessened. Dm'lng such repair and restoration period, Lender shall have the right to hold such insurance proceeds'until Lender has had an opportunity to inspect such Property to e]tsure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as the work is completed. U]fless an agreement is nmde in writing or Applicable Law requires interest to be paid on such insurance proceeds, Lender shall not be required to pay Borrower any interest or earnings on such proceeds. Fees for public adjusters, or other tlfird 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 econonfically feasible or Lender's security would be lessened, the insurance proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, wifli 6(WY) Iooo61 Pag, 6 of 1~ Form 3051 1/01 565 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 insuralme carrier has offered to settle a claim, then Lender may negotiate and settle the claim. The 30-day perriod 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 od]er of Borrower's rights (other than the right to any refund of unearned premiunks 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 izxsurauce 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 of this Security Instrument and shall continue to occupy the Property as Borrower's principal residence for at least one year after the date of occupancy, unless Lender otherwise agrees iix writing, which consent shall not be unreasonably withheld, or unless extenuating circumstances exist which are beyond Borrower's control. 7. Preservation, Maintenance and Protection of the Property; Inspections. Borrower shall not destroy, damage or impair the Property, allow the Property to deteriorate or conunit waste on the Property. Whether or not Borrower is residing in the Property, Borrower shall maintain the Property in order to prevent the Property I¥om deteriorating or decreasing in value due to its condition. Unless it is deternri~ed pursuant to Section 5 that repair or restoration is not economically feasible, Borrower shall promptly repair the Property if dank'tged to avoid further deterioration or damage. If insurance or condenmation proceeds are paid in connection with damage to, or the taking of, the Property, Borrower shall be responsible for repairing or restoring the Property tuffy if Lender has released proceeds for such pm]poses. 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 tiuie of or prior to such an interior inspection specifying such reasonable cause. 8. Borrower's Loan Application. Borrower shall be in delhult 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 intbrmation) in commction with the Loan. Material representations include, but are not linfited to, representations concenfing Borrower's occupancy of the Property as Borrower's principal residence. 9. Protection of Lentler'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 htstrument (such as a proceeding in bankruptcy, probate, for condenmation or lbrfeiture, Ibr ' 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 ~nay 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 linfited to: (a) paying any. sums secured by a lien which has priority over this Security Instrument; (b) appearing in court; and (c) paying reasonable (~}~-6(WY) Iooosl P~ge 7 of 15 Form 3051 1/01 attorneys' tees to protect its interest in the Property and/or rights under this Security Instrument, including its secured position in a bankruptcy proceeding. Securing the Property includes, but is not limited to, entering the Property to make repairs, change locks, replace or board up doors and windows, drain water titan pipes, elimimtte building or other code violations or dangerous conditions, and have utilities turned on or off. Although Lender may take action under this Section 9, Lender does not have to do so and is not under any duty or obligation to do so. It is agreed that Lender incm-s no liability for not taking any or all actions authorized under fids Section 9. Any amounts disbursed by Lender under this Section 9 shall becmne additional debt of Borrower secured by this Security Instrument. These amounts Shall bear interest at the Note rate fi'om the date of disbursement and shall be payable, with such interest, upon notice from Lender to Borrower requesting payment. If this Security Instrmnent is on a leasehold, Borrower shall comply with all the provisions of the lease. If Borrower acquires tee title to the Property, the leasehold and the tee title shall not merge unless Lender agrees .to the merger in writing. 10. Mortgage Insurance. If Lender required Mortgage Iusurance as a condition of making the Loan, Borrower shall pay the premiums required to maintain the Mortgage Insurance in effect. If, for any reason, the Mortgage Insurance coverage required by Lender ceases to be available from the mortgage insurer that previously provided such insurance and Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the preufimns required to obtain coverage substantially equivalent to the Mortgage Insurance previously in effect, at a cost substantially equivalent to file cost to Borrower of the Mortgage Insurance previously in effect, from an altmmte mortgage insurer selected by Lender. It' substantially equivalent Mortgage Insurance coverage is not available, Borrower shall contiuue to pay to Lender .the amount of the separately desig~mted payments that were due when the insurance coverage ceased to be in effect. Lender will accept, use and retain these payments as a non-refundable loss reserve in lieu of /Vlortgage Insurance. Sucl~ 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 interest or ear]tings on such loss reserve. Lender can no longer require loss reserve payments if Mortgage Insurance coverage (in the amount and for the period that Lender requires) provided by an insurer selected by Lender again becomes available, is obtained, and Lender requires separately designated payments toward the prenfiums tbr Mortgage Insurance. If Lender required Mortgage Irkqurance as a condition of making the Loan and Borrower was required to make separately desig~mted payments toward the prenfiums for Mortgage Insurance, Borrower shall pay the premiunm required to maintain Mortgage Insurance in effect, or to provide a nmi-refundable loss reserve, until Lender's requirement fur Mortgage Insurance ends in accordance with auy written agreement between Borrower and Lender providing tbr such termination or until ternfitmtion is required by Applicable Law. Noflfing in this Section 10 affects Borrower's obligation to pay interest at the rate provided in the Note. Mortgage Insurance reimburses Lender (or any entity that purchases the Note) for certain losses it may incur if Borrower does not repay the Loan as agreed. Borrower is not a party to the Mortgage Insurance. Mortgage insurers evaluate their total risk on all such insurance in force fi'om time to time, and may enter into agreements with other parties that share or modify their risk, or reduce losses. These agreements are on terms and conditions that are satisfactory to file ]nortgage insurer and the other party (or parties) t° &ese agreements. These agreements nmy require the mortgage insurer to nmke payments using any source of funds that the mortgage insurer nmy have available (which nmy include hnds obtained from Mortgage Insurance prenfiunm). As a result of &ese agreements, Lender, anY purchaser of the Note, another insurer~ any reinsurer, any other entity, or any affiliate of any of the foregoing, nmy receive (directly or indifectly) amounts that derive from (or nfight be characterized as) a portion of Borrower's 'payments /hr Mortgage Insurance, in exchange for sharing or modit~ing ~e mortgage i~urer's risk, or reducing losses. If such agreement provides that an affiliate of Lender takes a share of the insurer's risk in exchange fora share of the pre~u~q paid to the i~urer, the arrangement is often termed "captive reinsurance." Fur~er: (a) Any such agreements will not affect the amounts that Borrower has agreed to pay for Mortgage Insurance, or any other terms of the Loan. Such agreemen~ will not increase the amouut Borrower will owe for Mortgage Insurance, and they will not entitle Borrower to any refund. 6{WY) {ooo6) P~e 8 of ls Form 3051 1/01 (b) Any such agremnents will not affect the rights Borrower has - if any - with respect to the Mortgage Insm'ance 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 auy Mortgage Insurance premiums that were unearned at the time of such cancellation or termination. 11. Assignment of Miscellane0ns Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned toand shall be paid to Lender. If the Property is damaged, such Miscellaneous Proceeds shall be applied to restoration or repair of tile Property, if file restoration or repair is econonfically 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 tile work has been completed to . Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may pay for tire repairs and restoration in a single disbursement or in a series of progress payments as tim work is completed. U~fless an agreement is made in writing or Applicable Law requires interest to be paid on such Miscellaneous Proceeds, Lender shall not be required to pay Borrower any interest or earnings on such Miscellaneous Proceeds. If the restoration or repair is not ccononfically feasible or Lender's security would be lessened, tim Miscellaneous Proceeds shall be applied to the sun~ secured by this Security Instrument, Whether or not then due, with the excess, if any, paid to Borrower. Such Miscellaueous Proceeds shall be applied in the order provided for in Section 2. In the event of a total takiug, destruction, or loss in value of the Property, the Miscellaneous Proceeds shall be applied to the sums secured by tiffs Security Instrument, whether or not then due, with tile excess, if any, paid to Borrower. In the event of a partial taking, destruction, or loss in value of the Property in which the fair nmrket value of the Property inmmdiately 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 inm~ediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the stuns seem'ed by this Security Instrument s!mll be reduced by the amount of file Miscellaneous Proceeds nmltiplied by the following fraction: (a) the total a~nount of the sun~ secured i~mnediately before the partial taking, destructkm, 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, destruction, or loss in value of the Property in which the fair market value of the Property innnediately before the partial taking, destructiou, or loss in value is less than the amount of the stuns secured inunediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, file Miscellaneous Proceeds shall be applied to file sums secured by this Security Instrument whether or not the sums are then due. If tile Property is abandoned by Borrower, or if, after notice by Lender to Borrower that tile 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 Proceeds either to restoration or repair of tile Property or to the sums secured by this Security Instrument, whether 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 dehult if any action or proceeding, whether civil or criminal, is begun that, in Lender's judgment, could result in forfeiture of file Property or other material impairment of Lender's interest iu the Property or rights under this Security 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 disnfissed with a rnling that, in Lender's judgment, precludes tbrfeiture of the Pr°Perty or other material impairment of Lender's interest in the Property or rights under this Security hkstrument. The proceeds of any award or claim for damages that are attributable to fl~e impairment of Lender's interest in the Property are hereby assigned and shall be paid to Lender. All Miscellaneous Proceeds that are not applied to restoration or repair of the Property shall be applied iu the order provided for iu Section 2. (~D~6(WY) (ooos} Pagegof 15 Form 3051 1/01 .'?Z!: 568 12. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or modification of amortization of the sums secured by this Security lnstrmnent 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 connnence proceedings against any Successor in Interest of Borrower or to refuse to extend time for payment or otherwise modify amortization of the stuns secured by this Security Instrument by reason of any demand made by file original Borrower or aw Successors in Interest of Borrower. Any furbearance by Lender in exercising any right or remedy including, without limitation, Lender's acceptance of payments from flfird 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 file Note (a "co-signer"): (a) is co-signing this Security 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 fl~e sinus secured by this Security Instrument; and (c) agrees that Lender and any oilier Borrower can agree to extend, modify, forbear or mabe any accoxmnodations with regard to the terms of tiffs Security Instrument or the Note without the co-signer's consent. Subject to fl~e provisions, 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 wfitiug. 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 tees for services pertbrmed in co~mection with Borroweds default, for the purpose of protecting Lender's interest in the Property and rights under this Security Instrument, including, but not limited to, attorneys' lees, property inspection and valuation tees. In regard to any other fees, the abseuce of express authority in this Security l~trument to charge a specific fee to Borrower shall not be construed as a prohibition on the charging of such tee. Lender may not charge fees fl~at are expressly prohibited by tiffs Security Instrument or by Applicable Law. If the Loan is subject to a law wlfich sets maximum loan charges, and that law is finally interpreted so that the interest or other loan charges collected or to be collected in com~ection with the Loan exceed the permitted limits, fllen: (a) any such loan charge shall be reduced by file amount necessary to reduce the charge to the permitted limit; and (b) any sums already collected from Borrower which exceeded pernfitted limits will be refunded to Borrower.. Lender ~nay choose to make this refund by reducing the principal owed under the Note 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 ~br under the Note). Borrower's acceptance of any such refund nmde 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 com~ection with this Security Instrument must be in writing. Any notice to Borrower in co~mection with tiffs 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 Bon'ower shall constitute notice to all Borrowers mfless Applicable Law expressly requires otherwise. The notice address shall be the PrOperty Address unless Borrower has designated a substitute notice 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 report a change of address through fl'~at specified procedure. There may be m~ly 'one designated notice address under this Security Instrument at any one time. Any notice to Lender shall be given by delivering it or by ~nailing it by first, class mail to Lender's address stated herein unless Lender has designated another address by notice to Borrower. Any notice in co~mection with this Security Instrument shall not be deemed to have been given to Lender until actually received by Lender. If any notice required by this Security Instrument is also required under Applicable Law, the Applicable Law requirement will satisfy the con-esponding requirement under this Security Instrument. filWY) (ooos) Page ~o of ]5 Form 3051 1/01 16. Governing Law; Severability; Rules of Construction. Tiffs Security Instrument shall be governed by federal law and the law of ti~e jurisdiction in which the Property is located. All rights and obligatiotks contained in this Security Instrument are subject to any requirements and liufftations of Applicable Law. Applicable Law might explicitly or implicitly allow the parties to agree by contract or it nffght be silent, but such silence shall not be construed as a prohibition agai~st agreement by contract. In the event that any provision or clause of this Security Instrument or the Note conflicts with Applicable Law, such conflict shall not affect oti~er provisions of tiffs Security Instrument or the Note which can be given effect without the conflicting provision. As used in tiffs Security Instrument: (a) words of the masculine gender shall mean and include corresponding neuter words or words of tim femitfine gender; (b) words in the singular shall mean and include tile plural and vice versa; and (c) the word "may" gives sole discretion without any obligation to take any action. 1.7. 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 beneficial interest in the Property, including, but not limited to, those beneficial interests transferred in a bond for deed, contract for deed, i~kstallment sales contract or escrow agreement, tile 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 tiffs Security Instrmnent. However, tiffs option shall not be exercised by Lender if such exercise is prohibited by Applicable Law. If Lender exercises tiffs 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 hkstrument. If Borrower fails to pay ti~ese sums prior to the expiration of this period, Lender may invoke any remedies permitted by Offs Security Instrument without further notice or demand on Borrower. 19. Borrower's Right to Reinstate After Acceleration. If Borrower meets certain conditions, Borrower shall have the right to have enforcement of this Security Instrument discontinued at any time prior to tim earliest of: (a) five days before sale of the Property pursuant to any power of sale contained in tiffs 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 tm acceleration had occurred; (b) cures any default of any other covenants or agreements; (c) pays all expenses incurred in enforcing tlfis Security Instrument, including, but not limited to, reasonable attorneys' tees, property inspection and valuation tees, and other fees incurred for the purpose of protecting Lender's interest' in the Property and rights under this Security Instrument; and (d) takes such action as Lender may reasothably reqnire 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. Lender 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 hkqtrument and obligations 'secured hereby shall renmin fully effective as if no acceleration had occurred. However, tiffs right to rei~kstate shall not apply in the case of acceleration under Section 18. 20. Sale of Note; Change of Loan Servicer; Notice of Grievance. The Note or a partial interest in the Note (together with this Security Instrument) can be sold oue or more times without prior notice to Borrower. A sale might result iu a change in the entity (known as the "Loan Servicer") that collects Periodic Payments due under the Note and tiffs Security Instrument and performs other mortgage loan servicing obligations under the Note, tiffs. Security Irk~trument, aud Applicable Law. There also ufight be o]m or more changes of the Loan Servicer unrelated to a sale of the Note. If there is a change of the Loan Servicer, Borrower will be given written notice 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 intbrnmtion RESPA (~)~-6(WY) Iooosl ~'~g~ 11 of 15 Form 30.51 1/01 requires in co]mection with a notice of transfer of servicing. If the Note is sold and thereafter the Loan is serviced by a Loan Servicer other than the purchaser of the Note, the mortgage loan servicing obligations to Borrower will remain with the Loan Servicer or be transfen'ed to a successor Loan Servicer and are not assmned by the Note purchaser unless od~erwise provided by the Note purchaser. Neither Borrower nor Lender may conunence, join, or be joined to any judicial action (as either an individual litigant or the member of a class) that arises frmn the other party's actions pursuant to tiffs Security h~qtrument or that alleges that the other party has breached any provision of, or any duty owed by reason of, this Security Instrument, until such Borrower or Lender has notified the other party (with such notice given in compliance with the requirements of Section 15) of such alleged breach and aflbrded the other party hereto a reasonable period after the giving of such notice to take corrective action. If Applicable Law provides a time period which nmst elapse before certain action can be taken, that time period will be deemed to be reasonable for purposes of this paragraph. The notice of acceleration and opportmfity to cure given to Borrower pursuant to Section 22 and the notice of acceleration given to Borrower pursuant to Section 18 shall be dee~ned to satisfy the notice and opportmfity to take corrective action provisions of this Section 20. 21. Hazardous Substances. As used in tlfis Section 21: (a) "Hazardous Substances" are those substances defined as toxic or hazardous substances, pollutants, or wastes by Environmental Law and the following substances: gasoline, kerosene, other flannnable or toxic petrolemn products, toxic pesticides and herbicides, volatile solvents, materials contai]fing asbestos or formaldehyde, and radioactive materials; (b) "Enviro~nnental Law" means federal laws and laws of the jurisdiction where the Property is located that relate to health, safety or enviromnental protection; (c) "Enviromnental Cleanup" includes any response action, remedial action, or removal action, as defined in Environmental Law; and (d) an "Enviromnental Condition" means a condition that can cause, contribute to, or otherwise trigger an Envirmm~ental Cleanup. Borrower shall not cause or permit the presence, use, disposal, storage, or release of any Hazardous Substances, or threaten to release any Hazardous Substances, on or in the Property. BorroWer shall not do, nor allow anyone else to do, anything affecting the Property (a) d~at is in violation of any Enviromnental Law, (b) which creates an Enviromnental Condition, or (c) which, due to the presence, use, or release of a Hazardous Substance, creates a condition that adversely affects the value of the Property. The preceding two sentences shall not apply to the presence, use, or storage on the Property of small quantities of Hazardous Substances that are generally recog~fized to be appropriate to normal residential uses and to maintenance of the Property (including, but not linfited to, hazardous substances in consumer products). Borrower shall promptly give Lender written notice of (a) any investigation, claim, demand, lawsuit or other action by any govermnemal or regulatory agency or private party involving the Property and any Hazardous Substance or Environmental Law of which Borrower has actual knowledge, (b) any Environmental Condition, including but not limited to, any spilling, leaking, discharge, release or threat of release of any Hazardous Substance, and (c) any condition caused by the presence, use or release of a Hazardous Substance which adversely affects the value of the Property. If Borrower learns, or is notified by any governmental or regulatory authority, or any private party, that any removal or other remediatian of any Hazardous Substance affecting the Property is necessary, Borrower shall promptly take all necessary remedial actions in accordance with Environmental Law. Nothing herein shall create any obligation on Lender for an Environmental Cleanup. (~-6(WY) Iooo~l P~g. ~2 o~ ~5 Form 3051 1/01 571 NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows: 22. Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration following Borrower's breach of any covenant or agreement in this Security Instrument (but not prior to acceleration under Section 18 unless Applicable Law provides otherwise). The notice shall specify: (a) the default; (b) the actiou required to cure the default; (c) a date, not less than 30 days h-om the date the notice is given to Borrower, by which the default must be cured; and (d) that failure to cure the default on or before tlie date specified iu the notice may result in acceleration of the sums secured by this Security Instrument and sale of the Property. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to bring a court action to assert the non-existence of a default or auy other defense of Borrower to acceleration and sale. If the default is not cured on or before the date specified in the notice, Lender at its option may require immediate payment 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 in pursuing the remedies provided in this Section 22, including, but not limited to, reasonable attorneys' fees and costs of title evidence. If Leuder invokes the power of sale, Lender shall give notice of intent to foreclose to Borrower and to the person in possessiou of the Property, if different, in accordance with Applicable Law. Leuder shall give notice of the sale to Borrower in the manner provided in Section 15. Lender shall publish the notice of 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 iu 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 Instrulnent; and (c) any excess to the person or persous legally entitled to it. 23. Release. Upon payment of all sums secured by fids Security Instrument, Lender shall release flfi's 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. Bon'ower releases and waives all rights under and by virtue of the homestead exemption laws of Wyoming. (~)~-6(WY) Iooos~ p~. 13 of 15 Form 3051 1/01 5?2 BY SIGNING BELOW, Borrower accepts and agrees to the terms and Covenants contained in this Security htstnm~ent and in any Rider executed by Borrower and recorded wifl~ it. Witnesses: (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) (Seal) -Borrower -Bo,'rower (Seal) -Borrower (Seal) -Borrower (~)~6(WY) (0005) Pag, ~4 ot ~5 Form 3051 1/01 573 STATE OF WYOMING, LINCOLN The foregoing instrument was acknowledged before me this by MARY J HYDE AND RAY L HYDE 22nd day Countyss: of ^ugust,.2003 My Conmfission Expires: February 2, 2006 ¥,,qEUZY $,q,rOLt. - NOTARY Pt/gUC Notary l%~blic (~-6G(WY} (ooos] Page 15 of 15 Form 3051 1/01 SCHEDULE C 574 A portion of the NE~NE~ of Section 12, T31N Rll9W of the 6th P.M., Lincoln .County, Wyoming more particularly described as follows: COMMENCING at the Northeast Corner of said Section 12 and running thence S 00°00' E along the East line of said Section 12, 667.28 feet to the POINT OF BEGINNING; thence N 90000' W thence N 00000' E thence N 90o00' E thence S 00°00'- E thence N 90000' E thence S 00000' E thence N 90o00, E thence S 00o00, E BEGINNING. a distance of 693.0 feet; a distance of 403.28 feet; a distance of 396.0 feet; a distance of 33.00 feet; a distance of 33.00 feet; a distance of 165.00 feet; a distance of 264.00 feet; a distance of 205.28 feet to the POINT OF LESS AND EXCEPT the land described in Warranty Deed recorded March 11, 1982 in Book 185PR on page 382 of the records of the Lincoln County~Clerk.