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HomeMy WebLinkAbout892864Remrn To: WELLS FARGO HOME MORTGAGE, 3601 MINNESOTA DR. SUITE 200 BLOOMINGTON, MN 55435 Prepared By: COM/VlUNITY FIRST MORTGAGE, LLC INC. REC£1VED LINCOLN COUNTY CLERK 03/!U¢27 ?~ h: 808 3RD AVE SOUTH,, 5810300O0 FARGO, ND [Space Above Tiffs Line For Recording Data] .MORTGAGE ~: BOOK~532 PR PAGE. 5 75 DEFINITIONS Words used iu muldple sections of tiffs document are defined below and other words are defined in Secdons 3, 11, 13, 18, 20 and 21. Certain rules regarding fl~e usage of words used in tiffs document are also provided in Section 16. (A) "Security Instrument" means this document, wldch is dated AUGUST 22, 2003 together wi. fl~ all Riders to tiffs document. (]3) "Borrower" is JOHN J MAFFEI AND ANGIE MAFFEI, HUSBAND AND WIFE Borrower is the mortgagor under this Security Instrument. (C) "Lender" is COMMUNITY FIRST MORTGAGE; LLC Lender is a LIMITED LIABILITY COMPANY organized and existing under flmla~vs of THE STATE OF DELAWARE 0032389306 WYOMING-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT I~®-6(WY} Iooosl P~e ! of 15 [nitial~J~.~ VMP MORTGAGE FORMS/I~OI~))521_7291 Form 3051 1/O1 Lender's address is P.O. BOX 10304, DES MOINES, IA 503060304 Lender is the mortgagee under this Security Instrument. ' (D) "Note" means the promissory note signed by Borrower and datedAUgUST 22, 2 003 The Note states that Borrower owes Lender EIGHTY THOLTBAND FIVE HUNDRED AND 00/100 Dollars (U. S. $ * * * * * 80,500.00 ) plus interest. Borrower has promised to pay this debt in regular Periodic Payments and to pay the debt in full not later than SEPT~..MBER 01, 20113 (E) "Property" means the property that is described below under time heading "Transfer of Rights in the Property." (F) "Loan" means the debt evidenced by the Note, plus interest, any prepaynient charges and late charges due under the Note,. and. all sums due under this Security Instrument, plus interest.' (G) "Riders" means all Riders to tiffs Security Instrument that are executed by Borrower. The following Riders are to be executed by Borrower [check box as applicable]: [--] Adjustable Rate Rider [] Condominium Rider [] Secoud Home Rider ~ Balloon Rider [~ Planned Unit Development Rider [] 1-4 Fanfily Rider ~-] VA Rider [-~ Biweekly Payment Rider [] Other(s) [specify] (H) "Applicable Law" means all contrOlling applicable federal, state and local statutes, regulations, ordi~mnces and administrative rules and orders (that have time 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 condonfinium association, homeowners association or similar organization. (J) "Electronic Funds Transfer" means any transfer of funds, other than a transaction originated by check, draft, or similar paper instrmnent, which is initiated through an electronic terminal, telephonic instrument, computer, or magnetic tape so as to order, insU-uct, or authorize a financial institution to debit or credit an account. Such 'term includes, but is not limited to, point-of-sale transfers, automated teller machine transactions, transfers initiated by telephone, wire transfers, and automated clearinghouse transfers. (K) "Escrow Items" ~neans 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) tbr: (i) damage to, or destructinn of, the Property; (ii) condennmtion or other taking of all or any part of the Property; (iii) conveyance in lieu of condenmation; or (iv) ufisrepresentations of, or onfissions as to, the value and/or condition of the Property. (M) "Mortgage Insurance" means insurance protecting Lender against the nonpayment of, or delhult on, the Loan. (N) "Periodic Payment" means the regularly scheduled amount due for (i) principal and interest under the Note, plus (ii) any amounts under Section 3 of this Security Instrument. (O) "RESPA" means the Real Estate Settlement Procedures Act (12 U.S.C. Section 2601 et seq.) and its implementing regulation, Regulation X (24 C.F.R. Part 3500), as they might be amended from time to time, or any additional or successor legislatiou or regulation that governs the same subject matter. As used in this Security Instrument, "RESPA" refers to all requirements and restrictions that are imposed in regard to a "federally related mortgage loan" even if the Loan does not quality as a 'Tederally related mortgage loan" under RESPA. I~I~-6(WY) (ooosl Pag~ 2 of 15 Form 3051 1/01 577 (P) "Successor in Interest of Borrower" means any par~y that has taken title to the Property, whether or not that party has assmned Borrower's obligations under the Note and/or this Security Irkstrument. 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 rite Note; and (ii) the perfornmnce of Borrower's covenants and agreements under this 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] LOT 4 OF BLOCK 2 OF THE LINCOLN HEIGHTS 3RD SUBDIVISION TO THE TOWN OF KEMMERER, LINCOLN COUNTY, WYOMING AS DESCRIBED ON THE OFFICIAL PLAT THEREOF. TAX STATEMENTS SHOULD BE SENT TO: WELLS FARGO HOME MORTGAGE, INC., P.O. BOX 10304, DES MOINES, IA 503060304 Parcel ID Number: 1006 SORENSON DR KEMMERER ("Property Address"): which currently has rite address of [Street] [City] , Wyonfing 83101 [Zip Code] TOGETHER WITH all fire i~nprovements now or hereafter erected on the property, and all easements, appurtenances, and fixtures now or hereafter a part of the property. All replacements and additions shall also be covered by tlfis Security Instrument. Ail of the foregoing is referred to in this Security Instrument as the "Property." BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has the right to mortgage, grant and convey the Property and that the Property is unencumbered, except for encumbrances of record. Borrower warrants and will defend generally the title to the Property against all claims and demands, subject to auy encumbrances of record. THIS SECURITY INSTRUMENT combines mfiform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 1. Pay~ment of Principal, Interest, Escrow Items, Prepayment Charges, and Late Charges. Borrower shall pay when due fl~e 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 fimds for Escrow Items pursuant to Section 3. Payments due under the Note and fltis Security Instrument shall be made in U.S. currency. However, if any check or other instrument received by Lender as l~nent under the Note or this (I~)~-6(WY, (ooo5) Page3of15 {Y/L'~' ~7//~-)'~ Form3051 1/01 578 Security Instrument is retun~ed to Lender unpaid, Lender may require that any or all subsequent payments due under file N°te and this Security Instrun]ent be nude 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 irkstitution 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 locafio~ as may be designated by Lender in accordance with the notice provisions in Section 15. Lender may return any payment or partial payment if the payment or partial payments are insufficient to bring the Loan current. Lender may accept any payment or partial payment insufficient to bring the Loan current, wifl~out waiver of any rights hereunder or prejudice to its rights to refuse such payment or partial payments in the future, but Lender is not obligated to apply such payments at the tiure such payments are accepted. If each Periodic Payment is applied as of its scheduled due date, then Lender need not pay interest on mmpplied funds. Lender nmy hold such mmpplied funds until Borrower nukes payment to bring die Loan current. If Borrower does not do so within a reasmnble 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 iunnediately prior to foreclosure. No offset or claim which Borrower might have now or in the future against Lender shall relieve Borrower from making payments due unde~ the Note and this Security Instnm~ent or perfbrnfing the covenants and agreements secured by this Security Instrument. 2. Application of Payments or Proceeds. Except as otherwise described in fids Section 2, all payments accepted and applied by Lender shall be applied in the following order of priority: (a) interest due under the Note; (b) principal due under the Note; (c) amounts due under Section 3. Such payments shall be applied to each Periodic Payment in the order in which it became due. Any remai~fing 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 wlfich includes a sufficient amount to pay any late charge due, the payment uny be applied to the delinquent payment and the late charge. If more than one Periodic Payment is outstanding, Lender may apply any payment received from Borrower to the repayment of the Periodic Payments if, and to the extent that, each payment can be paid in full. To the extent that any excess exists after the payment is applied to the full payment of one or more Periodic Payments, such excess may be applied to auy late charges due. Voluntary prepayments shall be applied first to any prepayment charges and fl~en as described in the Note. Any.application of.payments, insurance proceeds, or Miscellaneous Proceeds to principal due under the Note shall not extend or postpone the due date, or change the amount, of the Periodic Payments. 3. Funds for Escrow Items. Borrower shall pay to Lender on the day Periodic Payments are due under fl~e Note, until the Note is paid in full, a sum (the "Funds") to provide for payment of amounts due for: (a) taxes and assessments and other items which can attain priority over this Security Instrument as a lien or encumbrance on the Property; (b) leasehold payments or ground rents on the Property, if any; (c) premiums for any and all insurance required by Lender under Section 5; and (d) Mortgage hkgurance prenfiunks, if any, or any sums payable by Borrower to Lender in lieu of the payment of Mortgage Insurance preufiums in accordance with die provisions of Section 10. These items are called "Escrow Items." At origitmtion or at any time during the term of the Loan, Lender may require that Couununity Association Dues, Fees, and Assessments, if any, be escrowed by Borrower, and such dues, fees and assessments shall be an Escrow Item. Borrower shall promptly funfish to Lender all notices of amounts to be paid under this Section. Bo'rrower 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 (~)~-6(WY) Iooo51 Page 4 o~ ~s Form 3051 1/01 Initia~ 579 due for ally Escrow Items for which payment of Funds has been waived by Lender and, if Lender requires, shall furnish to Lender receipts evidencing .such payment witlfin 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 ill Section 9. If Borrower is obligated to pay Escrow Items directly, pursuant to a waiver, and Borrower fails to pay the amount due for an Escrow Item, Lender may exercise iks rights under Section 9 and 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 Items at any time by a notice giveu in accordance with Section 15 and, upon such revocation, Borrower shall pay to Le~der 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 maximum amount a lender can require under RESPA. Lender shall estimate the amount of Funds due on file 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 iusured by a federal agency, · instrumentality, or entity (including Lender, if Lender is an ixkstitution 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, ammally analyzing the escrow account, or verifying the Escrow Iren~s, unless Lender pays Borrower interest on the Funds and Applicable Law pernfits Lender to make such a charge. Unless au 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 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 rite amount necessary to make up the shortage in accordance with RESPA, but in no more than 12 monthly payments. If flmre 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 nmke up the deficiency iu accordance with RESPA, but in no more than 12 monthly payments. Upon payment in full of all sums secured by this Security hzm'ument, Lender shall promptly refund to Borrower any Funds held by Lender. 4. Charges; Liens. 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 Community Association Dues, Fees, and Assessments, if any. To the extent that these items are Escrow Items, Borrower shall pay them in the maturer provided in Section 3. Borrower shall promptly discharge any lien which has priority over tlfis Security Instrument unless Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender, but only so long as Borrower iS performing such agreement; (b) contests the lien in good faith by, or defends against mfforcement of file lien in, legal proceedings which iu 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 file lien an. agreement satisfactory to Lender subordinatil~g the lien to this Security h~strument. If Lender determines that any part of the Property is subject to a lien wlfich can attain priority over this Security Instrument, Lender zmy give Borrower a notice identifying the (~-6(WY} Iooos! p.~. s o¢ ~s Form 3051 1/01 580 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 may require Borrower to pay a one-time charge for a real estate tax verification and/or reporting service used by Lender in connection with this Loan. 5. Property Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included within the term "extended coverage," and any other hazards including, but not limited to, earthquakes and floods, tbr which Lender requires insurance. This insurance shall be maintained in the amounts (including deductible levels) and Ibr the periods that Lender requires What Lender requires pursuant to the preceding sentences can change during file term of the Loan. The insmance carrier providing the insurance shall be chosen by Borrower subject to Lender's right to disapprove Borrower's choice, wlfich right shall not be exercised unreaso~ably. Lender may require Borrower to pay, in com~ection with this Loan, either: (a) a one-time charge for flood zone determination, certification and tracldng services; or (b) a one-time charge for flood zone deternfination and certification services and subsequent charges each time remappings or similar changes occur which reasonably might affect such deterufination or certification. Borrower shall also be responsible for the payment of any fees imposed by the Federal Emergency Management Agency in com~ection with the review of any flood zone deterndnation resulting from an objection by Borrower. If Borrower fails to maintain any of the coverages described above, Lender nmy obtain insurance 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 nfight or nfight not protect Borrower, Borrower's equity in the Property, or the contents of the Property, against any risk, hazard or liability and might provide greater or lesser coverage than was previously in effect. Borrower acknowledges that the cost of the insurance coverage so obtained might 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 from Lender to Borrower requesting payment. All insurance policies required by Lender and renewals of such policies shall be subject to Lender's right to disapprove such policies, shall include a standard mortgage clause, and shall name Lender as mortgagee and/or as an additional loss payee. Lender shall have file right to hold the policies and renewal certificates. If Lender requires, Borrower shall promptly give to Lender all receipts of paid premiums and renewal notices. If Borrower obtains any form of insurance coverage, not otherwise required by Lender, for damage to, or destruction of, the Property; such policy shall include a standard mortgage clause and shall name Lender as mortgagee and/or as an additional loss payee. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. Unless Lender and Bon'ower otherwise agree in writing, any insurance proceeds, whether or not the underlying insurance was required by Lender, shall be applied to restoration or repair of the Property, if the restoration or repair is economically feasible and Lender's security is not lessened. During such repair and restoration period, Lender shall have the right to hold such insurance proceeds until Lender has had an opportmfity to inspect such Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as the work is completed. Unless an agreement is nhade 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 eanfings on such proceeds. Fees 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 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, with lniti~ (~'6(WY) (0006} Page 6 o1' ~5 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 aud 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 amouut 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 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 insurance proceeds either to repair or restore the Property or to 'pay amounts uupaid under the Note or this Security Ins[rument, 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 in writing, which consent shall not be unreasonably withheld, or unless extenuating circumstances exist which are beyond Borrower's control. 7. Preservation, 1Maintenance and Protection of the Property; Inspections. Borrower shall not destroy, damage or impair fl~e Property, allow the Property to deteriorate or conurfit waste on the Property. Whether or not Borrower is residing iu the Property, Borrower shall maintain the Property in order to prevent the Property fi'om deteriorating or decreasing in value due to its condition. Ulfless it is determined pursuant to Section 5 that repair or restoration is not economically feasible, Borrower shall promptly repair the Property Jf damaged to avoid further deterioration or damage. If insurance or c.ondmm]ation proceeds are paid in cmmection 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 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 reasmmble 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 iuterior 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 in/brmation or statements to Lender (or failed to provide Lender with material information) in com~ection with the Loan. Material representations include, but are uot linfited to, representations concenfing 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 pertbrm the covenants and agreements contained in this Security Instrument, (b) there is a legal proceeding that might sigItificantly affect Lender's interest in the Property and/or rights under this Security Instrument (such as a proceeding in bankruptcy, probate, for condeumation or forfeiture, for entbrcement 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 iu 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 sunxs secured by a lien which has priority over this Security Instrument; (b) appearing in court; and (c) paying reasonable 6{WY} {ooo51 Page 7 of 15 Form 3051 1/01 attorneys' fees 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 nmke repairs, change locks, replace or board up doors and windows, drain water from pipes, eliminate building or other code violations or dangerous conditions, and have utilities turned on or off. Although Lender may take action under this Section 9, Lender does not have to do so and is ]tot under any duty or obligation to do so. It is agreed that Lender incurs no liability tbr not taking any or all actions authorized under tiffs Section 9. Any amounts disbursed by Lender under tiffs Section 9 shall become additional debt of Borrower secured by,tiffs Security Instrument. These'amounts shall bear interest at the Note rate from the date of disburselnent and shall be payable, with such interest, upon notice from Lender to Borrower requesting payment. If this Security Instrument is on a leasehold, Borrower shall cmnply with all the provisions of the lease. If Borrower acquires fee title to the Property, the leasehold and the fee title shall not lnerge unless Lender agrees to the merger in writing. 10. Mortgage Insurance. If Lender required Mortgage Insurance as a condition of nniking the Loan, Borrower shall pay the prenfimns required to maintain the Mortgage Insurance in effect. If, tbr 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 premimns for Mortgage Insurance, Borrower shall pay the premiums required to obtain coverage substantially equivalent to the Mortgage Insurance previously in effect, at a cost substantially equivalent to the cost to Borrower of the Mortgage Insurance previously in effect, from an alternate mortgage insurer selected by Lender. If substantially equivalent Mortgage Insurance coverage is not available, Borrower shall continue to pay to Lender the amount of the separately designated 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 Mortgage Insurance. Such loss reserve shall be non-refundable, notwithstanding the fact that the Loan is ultinmtely paid in full, and Lender shall not be required to pay Borrower any interest or earnings on such loss reserve. Lender can no longer require loss reserve payments if Mortgage Insurance coverage (in the amount and tbr the period that Lender requires) provided by an insurer selected by Lender again becomes available, is obtained, and Lender requires separately designated payments toward the premiums tbr Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan and Borrower was required to ~nake separately designated payments toward the premimns Ibr Mortgage Insurance, Borrower shall pay the prenfiums required to maintain Mortgage Insurance in effect, or to provide a non-refundable loss reserve, until Lender's requirement for Mortgage Insurance ends in accordance with any written agreement between Borrower and Lender providing for such ternfination or until termination is required by Applicable Law. Nothing 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 nmy 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 I¥om time to time, and ]nay enter into agreements with other parties that share or modify their risk, or reduce losses. These agreements are on terms and conditions that are satislhctory to the mortgage insurer and the other party (or parties) to these agreements. These agreements may require the mortgage insurer tO make payments using any source of funds that the mortgage insurer may have available (wlfich nmy include funds obtained from Mortgage Insurance premimns): As a result of these agreements, Lender, any purchaser of the Note, another insurer, any reinsurer, any other entity, or any affiliate of any of the tbregoing, xnay receive (directly or indirectly) amounts that derive from (or ]night be characterized as) a portion of Borrower's payments for Mortgage Insurance, in exchange for sharing or lnodifying the mortgage insurer's risk, or reducing losses. If such agreement provides that an affiliate of Lender takes a share of the insurer's risk iii exchange tbr a share of the premiums paid to the insurer, the arrangement is often termed "captive reinsurance." Further: (a) Any such agreements will not affect the amounts that Borrmver has agreed to pay for Mortgage Insurance, or any other terms of the Loan. Such agreements will not increase the amount Borrower will owe for Mortgage Insurance, and they will not entitle Borrower to any refund. Initi~ ~~t~ (~-6(WY) Iooos}. Page 8 of 15 Form 3051 1/01 583 (b) Any such agremnents 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. Assignmeut of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned to and shall be paid to Lender. If the Property is damaged, such Miscellaneous Proceeds shall be applied to restoration or repair of the Property, if the restoration or repair is economically 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. Uldess 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 econonfically feasible or Lender's security would be lessened, the Miscellaneous Proceeds shall be applied to the sunk~ 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 iu 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 secured by fids Security hk~trument, whether or not then due, with the 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 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 immediately before the partial taking, destruction, or loss iu value, uMess Borrower and Lender otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by the amount of the Miscellaneous Proceeds multiplied by the following fraction: (a) the total amount of tile sunk~ secured iuunediately before the partial taking, destruction, or loss in value divided by (b) the fair market value of the Property inmiediately 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 immediately betbre the partial taking, destruction, or loss in value is less than the amount of the stuns secured immediately before the partial taking, destruction, or toss in value, mfless Borrower and Lender otherwise agree in writing, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument whether or ;lot 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 aud apply the Miscellaoeous Proceeds either to restoration or repair of the Property or to the SUlllS secured by this Security Instrument, whether or not then due. "Opposing Party" means the tlfird 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 auy action or proceeding, whefl]er 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 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 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 clai~n for damages that are attributable to the impairment of Lender's interest in the Property are hereby assigned andshall be paid to Lender. 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. 6(WY) 100051 ~g. 9 o~ ~5 Form 3051 1/01 '58 I 12. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of fl~e time for payment or modification of amortization of flxe sums secured by tiffs Security Instrmnent granted by Lender to Borrower or any Successor in Interest of Borrower shall not operate to release fl~e liability of Borrower or any Successors in Interest of Borrower. Lender shall not be required to commence proceedings agai~ut any Successor in Interest of Bo~ower or to re~se to extend time for payment or o~erwise modiI~ amortization of fl~e sums secured by tiffs Security hxqtmment by reason of any dexmnd made by fl~e ofigi~ml Borrower or any Successors in Interest of Borrower. Any forbearauce by Lender in exercising any right or remedy including, wiflmut lii~tation, Lender's acceptance of paymeuts t¥om flfird persons, entities or Successors in Interest of Borrower or in amounts less fl~an ~e amount fl~en due, shall not be a waiver of or preclude ~e exercise of any right or remedy. 13. Joint and Several Liability; Co-signers; Succ~sors and Assigns Bound. Borrower covenants and agrees fl~at Borrower's obligations and liability shall be joint and several. However, any Borrower who co-signs tiffs Security Instrument but does not execute fl~e Note (a "co-signer"): (a) is co-sighting Security h~trument o~fly to mortgage, grant and convey fl~e co-signer's interest in fl~e Property uuder fl~e ternu of tiffs Security Imstmment; (b) is not perso~mlly obligated to pay fl~e sum~ secured by tiffs Security I~tmment; and (c) agrees fl~at Lender and any off, er Borrower can agree to extend, modi¢, tbrbear or rake any accon~odatioms wifl~ regard to ~e temm of ~is Security hmtmment or fl~e Note wi~out fl~e co-signer's consent. Subject to flxe provisions of Section 18, any Successor in Interest of Borrower who assumes Borrower's obligatioms under &is Security hxs~ment in writing, and is approved by Lender, shall obtain all of Borrower's rights and benefits under tiffs Security InstrUment. Borrower shall not be released from Borrower's obligatio~q and liability under tiffs Security Instrument udess Lender agrees to such release in writing. The covenants and agreements of tiffs Security Inst~ment shall bind (except as provided in Section 20) and benefit ~e successors and assig~ of Lender. 14. Loan Charge. Lender nmy charge Borrower fees for services per/brmed in co~ection wiflt Borrower's default~ for fl~e pu¢ose of protecting Lender's interest in fl~e Property and rights under tiffs Security hmtmment, including, but not li~ted to, attorneys' l~es, property i~spection and valuation fees. In regard to any o~er t~es, fl~e absence of express aufl~ority in tiffs Security hmtmment to charge a specific fee to Borrower shall not be counted as a prohibition on fl~e charging of such l~e. Lender ~my not charge fees fl~at are expressly prohibited by tiffs Security hmtmment or by Applicable Law. If fl~e Loan is subject to a law which sets nm~nmm loan charges, and fl~at law is fi~mlly inteCreted so · at fl~e interest or off, er loan charges collected or to be collected in cmmectiou wi~ fl~e Loan exceed fl~e pemfitted li~ts, ~en: (a) any such loan charge shall be reduced by fl~e amount necessary to reduce fl~e charge to fl~e per~tted linfit; and (b) any sums already collected from Borrower which exceeded peri,fitted linfits will be re~nded to Bogower. Lender xmy choose to nmke tiffs re,nd by reducing fl're principal owed under fl~e Note or by nmking a direct payment to Borrower. If a re,nd reduces principal, fl~e reduction will be treated as a partial prepayment wi~out any prepaynmnt charge (whe~er or not a prepayment charge is provided /hr under ~e Note). Borrower's acceptance of any such re~udnmde by direct payment to Borrower will comstitute a waiver of auy right of action Borrower nfight have arising out of such overcharge. 15. Notices. All notices given by Borrower or Lender in comxection wifl~ tiffs Security Instn~ment must be in writing. Any notice to Borrower in com~ection wiflx fids Security hmn~ment shall be deemed to have been given to Borrower when nmiled by first class nmil or when actually delivered to Borrower's notice address if sent by o~er mea~. Notice to any one Borrower shall constitute notice to all Borrowers mfless Applicable Law expressly requires ofl~erwise. The notice address shall be rte Property Address uNess Borrower has desigmted a substitute notice address by notice to Lender. Borrower shall promptly notify Lender of Bogower's change of address. If Lender specifies a procedure for reporting Borrower's change of address, fl~en Borrower shall o~fly report a change of address fl~rough fl~at specified procedure. There nmy be o~fly one desigmted notice address under Otis Security Im~tmment at auy one time. Any notice to Lender shall be given by delivering it or by nmiling it by first class nmil to Lender's address stated herein u~ess Lender has desigmted ano~er address by notice to Borrower. Any notice in co~ection wifl~ tiffs Security hxstmment shall not be deemed to have been given to Lender until actually received by Lender.'If any notice required by tiffs Security hmtmment is also required under Applicable Law, fl~e Applicable Law requirement will satist~ flxe corresponding requirement under fids Security Imqtmment. ~6(WY) (ooosl p.g. ~o of ~5 Form 3051 1/01 5'85 16. Governing Law; Severability; Rules of Construction. Tiffs Security Instrument shall be governed by federal law and the law of the jurisdiction in which the Property is located. Ail rights and obligations contained in this Security Instrument are subject to any requirements and linfitations of Applicable Law. Applicable Law might explicitly or implicitly allow the parties to agree by contract or it ]night be silent, but such silence shall not be construed as a prolfibition against 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 other provisions of tiffs 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 tlfis Section 18, "Interest in the Property" means any legal or beneficial interest in the Property, including, but not linfited to, those beneficial interests transferred in a bond for deed, contract for deed, installment sales contract or escrow agreement, the intent of which is the transfer of 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 i]mnediate 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 period, Lender may invoke any remedies permitted by this 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 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 entbrcing 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 linfited to, reasonable attorneys' lees, 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 reasonably require to assure that Lender's interest in the Property and rights under this Security Instrmnent, and Borrower's obligation to pay rite sums secured by Offs 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, ba~k check, treasurer's check or cashier's check, provided any such check is drawn upon an institution whose deposits are insured by a federal agency, instrmnentality or entity; or (d) Electro~fic 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 rite case of acceleration under Section 18. 20. Sale of Note; Change of Loan Servicer; Notice or Grievance. The Note or a partial interest in the Note (together with this Security Instrumen0 can be sold one or more times without prior notice to Borrower. A sale nfight result in a change in the entity (known as the "Loan Servicer") that collects Periodic Payments due under the Note and this Security Instrument and performs other mortgage loan servicing obligations under the Note, this Security Instrument, aud Applicable Law. There also nfight be one 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 wlfich will state the name and address of the new Loan Servicer, fl~e address to which payments should be made and any other infornmfion RESPA 6(WY) (ooo5) P~ge ~ 1 o~ ls Form 3051 1/01 586 requires in com~ection with a not]ce of trarkqfer 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 relnain with the. Loan Servicer or be trarksferred to a successor Loan Servicer and are not. assumed by the Note purchaser unless otherwise provided by the Note purchaser. Neither Borrower nor Lender may co']mnence, join, or be joined to any judicial action (as either an individual litigam or fl~e member of a class) that arises from the other party's actions pursuant to this Security hkqtrument or that alleges that the other party has breached any provision of, or any duty owed by reason of, this Security h~qtrument, until such Borrower or Lender has notified the other party (with such notice given in compliance with the requirements of Section 15) of such alleged breach and afforded the other party hereto a reasonable period after the giving of such notice to take corrective action. If Applicable Law provides a time period which must elapse betbre certain action can be taken, that time period will be deemed to be reasorkqble lbr purposes of fids 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 deemed to satisfy the notice and opportunity to take corrective action provisions of this Section 20. 21. Hazardous Substances. As used in this Section 21: (a) "Hazardous Substances" are those substances defined as toxic or hazardous substances, pollutants, or wastes by Euviromnental Law and the following substances: gasoline, kerosene, other flauunable or toxic petroleum products, toxic pesticides and herbicides, volatile solventsl materials containing asbestos or formaldehyde, and radioactive materials; (b) "Environmental 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 resporkqe action, remedial action, or removal action, as defined in Environmental Law; aud (d) an "Envirmm~ental Condition" means a condition that can cause, contribute to, or otherwise trigger an Enviromnental Clea~mp: 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) that 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 snmll quantities of Hazardous Substances that are generally recognized to be appropriate to normal residential uses and to nmintenance of the Property (including, but not limited to, hazardous substances in consmner products). Borrower shall promptly give Lender written notice of (a) any investigation, claim, deumnd, lawsuit or other action by any govermnental or regulatory agency or private party involving the Property and any Hazardous Substance or Enviromnental Law of wlfich Bo~xower 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 remediation 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) (OOOSl Page ~2 of i5 Form 3051 1/01 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 raider Section 1.8 unless Applicable Law provides otherwise). The notice shall specify: (a) the default; (b) the action required to cure the default; (c) a date, not less than 30 days from 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 the date specified in the notice may result iu 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 any other defense of Borrower to acceleration anti 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 Instrumeut without further demand and may invoke the power of sale and any other remedies permitted by Applicable Law. Lender slmll 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 Lender invokes the power of sale, Lender shall give notice of intent to foreclose to Borrower and to the person in possession of the Property, if different, in accordance with Applicable Law. Lender 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 iu the manner prescribed by Applicable Law. Lender or its designee may purchase the Property at any sale. The proceeds of the sale shall be applied in the following order: (a) to all expenses of the sale, includiug, but noi limited to, reasonable attorneys' fees; (b) to all sums secured by this Security Iustrument; and (c) any excess to the person or persous legally eutitled to it. 23. Release. Upon payment of all sums secured by tlfis Security Instrument, Lender shall release this Security Instrument. Borrower shall pay any recordation costs. Lender may charge Borrower a fee for releasing this Security Instrument, but only if the fee is paid to a third party for services rendered and the charging of the fee is permitted under Applicable Law. 24. Waivers. Borrower releases and waives all rights under and by virtue of the homestead exemption laws of Wyoming. (~-6(WY) Iooos) Init i al~~z//~ Page 13o[ 15 Form 3051 1/01 588 BY SIGNING BELOW, Borrower accepts and agrees to fl~e terms and covenants contained Security Irkstmment and in any Rider executed by Borrower and recorded wifl~ it. Witnesses: in tiffs (Seal) -Borrower (Seal) -Borrower (Sea[) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borro~ver (~6(WY) iooo5) Page 14of 15 Form 3051 1/01 589 STATE OF WYOMING, Lincoln The foregoing instrument was acknowledged before me tiffs by JOHN J MAFFEI AND ANGIE MAFFEI 22nd day Countyss: of August, 2003' My Conunission Expires: February 2, .~ELLEY S~.~a_L. NOTNtYPUSUC '. No~. r~lic [ ~7 (~-66(W¥) Iooos] Initial// Page 15 or 15 Form 3051 1/01