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HomeMy WebLinkAbout892917B929t'! ]~ODK PR PAGE [Space Above This iLine For Recording Data[ MORTGAGE DEFINITIONS Words used in mnltiple sections of this document are defined below and other words are defined in Sections 3, 1 I, 13, 18, 20 and 21. Certain rules regarding the usage of words used itl this document are also provided in Section 16. (A) "Security Instrument" means this document, which is dated August 28th ., 200~3 all Riders to this document. (B) "Borrower" is Rick L. Bm~m~ audShellyL Martin, joint tenants ~ith rights ofsurvimrship together with Borrower is tile moflgagor under this Secnrity lnstrulnent. (C) "Lender" is Platte Valley National Bauk . Lender is a National Bauk organized and existing under the laws of tile United States of America Lender's address is 957 MAPLESTREEr PO Box 337 Wheatland, WY 82201 Lender is tile mortgagee under this Security hlstrument. (D) "Note" means tile promissory note signed by Bon'oxver and dated August 28th ,. 200____~_3. The Note states that Bon'ower owes Lender One Hundred Thous and and 00/100 Dollars (U.S. $100,000.00 _) pitts interest. Borrower has promised to pay this debt in regular Periodic Payme its and to pay the debt itl full not later tlmn September 1,2033 (E) "Property" means the property that is described below under the heading "Transfer of Rights in the Property." (F) "Loan" means tile debt evidenced by file Note, pitts interest, any prepa)aner~t charges and late charges due under the Note, and all sums due nnder this Security blstrnment, plus interest. (G) "Riders" meaos all Riders to this Security Instrument that are executed by Borroxver. The following Riders are to be executed by Borrower [check box as applicable]: [~]' Adjustable Rate Rider [] Coudominium Rider [] Second Home Rider [] Balloon Rider [] Planned Unit Development Rider [] Other(s) [specify] [] 1-4 Family Rider [] Biweekly Payment Rider tH) "Applicable Law" means all controlling applicable federal, state and local statutes, regulations, ordinances and adinmistrative rules and orders (that have the effect of law) as well as all applicable final, non-appealable judicial opinions. ti) "Commnnity Associati'on Dnes, Fees, aud Assessments" means all dues, fees, assessments and other charges that are imposed on Borrower or the Property by a condominium association, homeowners association or similar organization. (J) "Electronic F~ ads Transfer" means any transfer offimds, other than a transaction originated bycbeck, draft, or similar paper mstrumeut, which is initiated through an electronic telminal, telephonic instntment, computer, or magnetic tape so as .to re'der, instruct, or authorize a financial restitution to debit or credit an account. Snch tm'm includes, but is not limited to, poiut-of-sale transfers, atttomated teller machine transactions, transfers initiated by telephone, wire transfers, and atttomated clearinghouse transfers. (K) "Escrow Items" means those items that are described in Section 3. (L) "M isceIian eons Proceeds" meaus any compensation, settlement, award of damages, or proceeds paid by any third party (other than insurance proceeds paid under the coverages described in Section 5) for: ti) damage to, or destrnction of, the Property; (ii) condemnation or other taking of all or any part of the Property; (iii) conveyance iu lieu 0fcondemnation; or (ix,) misrepresentations of, or omissions as to, the value and/or condition of tile Property. tM) "Mortgage lnsnrauce" means insurance protecting Lender against the nonpayment of, or default on, tile Loan. tN) "Periodic Payment" means tile regularly scheduled amount due for ti) principal and interest trader the Note, plus (ii) any amounts trader Section 3 of this Security Instrument. (O) "RESPA" means the Real Estate Settlement Procedures Act ( 12 U.S.C. §2601 et seq.) mid its implementing regulation, Regulatiou X (24 C.F.R. Part 3500), as they might be amended fi'om time to time, or any additional or successor legislation or regulation that governs tile same subject matter. As used itl this Security |nstrument, "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 mortgage loan" under RESPA. (P) "Successor in Interest of Bo,'rower" means any party that has taken title to the Property, whether or not that pal~bas assumed Bon-ower's obligations under tile Note and/or this Security Insh'ument. WYOMING--Single Family--Fannie Mae/Freddie Mac UNIFORM INSTRUMENT 9789.CV(5/03) 2503337 Form 3051 1/01 (page I of 7 pages) GOTO(000$7dnd) 696 TRANSFER OF RIGHTS IN TIlE PROPERTY This Security h~strt, ment secures to Lender: (i) the repa)nnent of the Loan, and all renewals, extensions and modifications of the Note; and (ii) the performance of Borrower's covenants and agreements under this Security Instrument and the Note. For this pm-pose, Borrower does herebymortgage, g, ant and convey to Lender and Lender's st, ccessors and assigqls, with power of sale, the following described property located m the County of [Type of Recording Jurisdiction] Lincoln County : [Name of Recording Jurisdiction] Lot 5, of Block 5, of the Lincoln lIeights 3rd Addition, to the Tram of Kemmerer, Lincoln County, Wyoming as described on the official Plat thereof. ~ebich currently has the address of 1337 Uinta Dr. [Street] Ke~nmerer , Wyoming 83101 ("Property Address"): [City] [Zip Code] TOGETHER WITH all the improvements ]low or hereafter erected ou 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 this Security hlstxument. All of file foregoing is refi~rred to in this Security Instrument as the "Property." BORROWER COVENANTS that Bon'ower is lawfully seised of the estate hereby conveyed and bas file rigbt to mm~tgage, grant and convey the Property and fl~at the Property is unencumbered, except fol- encumbrances of record. Bon'ower wan-ants and will defend generally file title to the Prope,'ty against all claims and demands, subject to any encumbrances of record. THIS SECURITY INSTRUMENT combines tmiform covenants for national use and non-uniform covenants wifl~ limited variations byjurlsdiction to constitute a uniform security instrument covering real property. UNIFORM COVENANTS. Bon'ower and Lender covenant aud agree as follows: 1. Payment of Principal, Interest, Escrow Items, Prepayment Charges, and Late Charges. Bon'ower shall pay when doe the principal of, mid interest on, the debt evidenced by the Note and ally prepayment charges and late charges due under the Note. Bon'ower shall also pay funds for Escrow Items pursuant to Section 3. Pa)qnents due trader the Note and this Secuhty Instrument shall be made in U.S. currency. However, if any check or other instrument received by Lender as payment nnder the Note or this Security Instrument is returned to Lender unpaid, Lender may require that any or all subsequent payments due under file Note and this Security Instrument be made in one or more of the fullowmg forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, treasurer's check or cashier's check,. provided any such check is drawn upon an institution whose deposits are insured by a federal agency, instrumentality, or entity; or (d) Electronic Funds Transfer. Payments are deemed received by Lender when received at file location designated ill the Note or at such other location as may be designated by Lender in accordance wifll the notice provisions in Section 15. Lender may return any pa)anent or partial payment if file payment or partial payments are insufficient to bring the Loan current. Lender may accept any pa~nent or partial paymeut insufficient to bring the Loan current, withot, t waiver of any rights hereunder or prejudice to its ]Sgbts to refuse such payment or partial pa)anents m the future, but Lender is not obligated to apply such payments at the time such pa)qnents are accepted, if each Periodic Pa3qnent is applied as of its schedu led due date, then Lender need not pay interest on unapplied funds. Lender may bold such unapplied funds until Borrower makes pa)mqent to bring fl~e Lom~ cmTent.. 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 trader the Note immediately prior to foreclosure. No offset or claim which Borrower might have now or in the future against Lender shall relieve Bon'ower fi'om making payments due under the Note and this Security Instrument or performing the covenants and agreements secured by dfis Security Instrument. 2. Application of Payments or Proceeds. Except as otherwise described in this Section 2, all pa3nnents accepted and applied by 'Lender shall be applied in file following order of priority: (a) interest due uuder the Note; (b) principal due under the Note; (C) mnounts due under Section 3. Such payments shall be applied to each Periodic Payment in file order in which it became dne. Any remaining amounts shall be applied ilrst 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 pa)qnent from Bon'ower fur a delmqueut Periodic Pa)anent which includes a sofficient amount to pay m~y late charge due, the pasnnent may be applied to the delinquent pa3nnent and the late charge. If more than one Periodic Pa)anent is ontstanding, Lender ]nay apply m~y pa)qnent received fi'om Borrower to tile repayment of the Periodic Payments if, and to the extent flint, each pa)qnent can be paid in full. To the extent that ally excess exists after file payment is applied to file full payment of one or more Periodic Payments, such excess may be applied to any late charges due. Voluntary prepa3anents shall be applied first to m~y prepa~nent charges and fl]en as described ill the Note. WYOMING--Single Family--Famfie Mae/F~neddie Mac UNIFOILM INSTRUMENT 9789.CV (5/03) 2503337 Form3051 1/01 (page 2 of T page~9 GOTO(00087d4d Anyapplication of payments, insurance proceeds, or Miscellaneous Proceeds to principal due under the Note sllall not extend or postpone tile due date, or change the amount, of the Periodic Payments. 3. Fu rids roi' Escrow Items. Borrower shall pay to Lender on the dayPerio'dic Paynents are due uuder tbeNote, until the Note is paid ill fitll, a sum (the "Ftmds") to provide for payment of amounts due lot': (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, ifm~y; (c) premitnns for any and all insurance required by Lender under Section 5; and (d) Mortgage Insurance premiums, if any, or any sums payable by Borrower to Lender in lieu of the payment of Mortgage Iusurance premiums iu accordance with the provisions of Section 10. These items are called "Escrow Items." At origination or at ally time dnring the term of the Loan, Lender may reqnire that Community Association Dues, Fees, and Assessments, if any, be escrowed by Borrower, and such dues, fees and assessments shall be all Escrow Item. Borrower shall promptly fiu'nish to Lender all notices of anmtmts to be paid under this Section. Bol~'ower shall pay Lender the Fnnds fol- Escrow Items nnless Lender waives Borrower's obligation to pay the Funds roi' ally or all Escrow Items. Lender may waive Borrower's obligation to pay to Lender Ftmds for any or all Escrow Items at ally time. Anysuch xvaiver may onlybe in writing. In the event of such waiver, .Borrower shall pay directly, when and where payable, the amounts due for any Escrow Items for which pa)~nent of Funds has been waived by Lender and, if Lender requires, shall furnish to Lender receipts evidencing snch payment within sucll time period as Lender mayrequire. Borrower's ob gatio 1 to make such pa)~nents and to provide receipts shall roi' all purposes be deemed to be a covenant and agreement contained ill this Securityblstrument, as the phrase "covenaut and agreement" is used in Section 9. ffBol~ower is obligated to pay Escrow Items directly, pursuant to a waiver, aud Borrower fails to pay the amount due roi' an Escroxv Item, Lender may exercise its rights under Section 9 and pay such amount aud Bo~q'ower s!lall 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 given in accordance with Section 15 aod, upon such revocation, Borrower shall pay to Lender all Funds, and ill such amounts, that are then required under this Section 3. Lender may, at any time, collect and hold Funds in an amouut (a) sufficient to permit Lender to applythe Funds at the time specified under RESPA, and (b) not to exceed tile maximum amount a lender can reqtfire 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 m' otherwise in accordance with Applicable Law. The FUuds shall be held in an institution'xvbose 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. Lender shall apply the Funds to pay the Escrow Items no later than tile time specified trader RESPA. Lender shall not cbarge Borrower lot' holding and applying the Funds, annually analyzing the escrow account, or verifying the Escrow Items, unless Lender pays Borrower interest on the Funds and Applicable Law permits Lender to make such a charge. Unless an agreement is made in writing m' Applicable Law requires interest to be paid on the Funds, Lender shall not be required to pay Borrower any interest or earnings on the Ftmds. Borroxver and Lender can agree m writing, however, that interest shall be paid on tbe Funds. Lender shall give to Borrower, without charge, an annual accounting of the Fonds as required by RESPA. If there is a surplus of Funds Imld ill escrow as defined trader RESPA, Lender shall account to Borrower roi' the excess fimds in accordance with RESPA. lftbere is a shortage of Funds held in escrow, as defined nnder RESPA, Lender shall notify Bon'ower as required by RESPA, and Borrower shall pay to Lender the amount necessary to make up the shortage in accordance with RESPA, but in no more than 12 monthly pa}anents. If there is a deficiency of Funds held in escrow, as defined under RESPA, Lender shall notifyBmxower as required by RESPA, and Bo~]'ower shall pay to Lender the amount necessary to make up the deficiency ill accordance ~vith RESPA, bot in no more than 12 monthly payments. Upon payment in fidl o fall sums secured by this Security Instrument, Lender shall promptlyrefimd to Bon'o~ver any Funds held by Lender. 4. Charges; Liens. Bo~xower shall payall taxes, assessments, charges, flues, 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 Commonity Association Dues, Fees, and Assessments, if any. To the extent that these items are Escrow Items, Borrower shall pay them in tile manner provided in Section 3. Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a) agrees ill w~Sting to the payment of the obligation secured by tile lien in a manner acceptable to Lender, but only so long as Borrower is performing such agreement; (b) contests tile lien in good faith by, or defends against enforcement of the lien in, legal proceedings which in Lender's opinion operate to prevent the euforcement of the lien while those proceedings are pending, but oulytmtil such proceedings are coucluded; or (c) secures from the holder of the lien an agreement satisfactory to Lender snbordmating the lien to this Security Instrument. lfLender determines that any part of the Property is subject to a lien which can attain priority over this Security Iustrumeot. Lender may give Borrower a notice identifying the lien. Within 10 days of the date on which that notice is given, Borrowei- shall satisfy tile lien or take one or more of the actions set forth above in this Section 4. Lender may reqt|ire Borrower to pay a one-time charge roi' a real estate tax verification and/or reporting service used by Lender in connection with this Loan. 5. Property 1 nsu rance. Borrower shall keep the improvements now existing or hereafter erected on tile Property insured against loss by fire, hazards included within the term "extended coverage," and any other hazards including, but not limited to, earthquakes and floods, for which Lender requires insurance. This insurance sball be maintained in the amounts (including deductible levels) and for the periods that Lender requires. What Lender requires pt, rsuant to the preceding sentences can change during the term of the Loan. Tile insurance carrier providing the insorance shall be chosen by Borrower subject to Lender's right to disapprove Borroxver's choice, which right shall not be exercised unreasonably. Lender may require Bo~xower to pay, m connection with this Loan, either: (a) a one-time charge for flood zoue determination, certification and tracking services; or (b) a one-time charge for flood zone determination and certification services and subsequent charges each time remappings or similar changes occnr which reasonably might affect such detemfination or certification. Bolxower shall also be responsible roi- lhe payment of ally fees imposed by the Federal Emergency Management Agency in conoection w/th the review of any flood zone determination resulting from an objection by Borrower. If Borrower fails to maintain any of the coverages described above, Lender may obtain insurance coverage, at Lender's option and Borrower's expense. Lender is under no obligation to purchase any particular type or amount of coverage. Thereibre, such coverage shall cover Lender, but might or might not protect Borrower, Borrower's equityin the Property, or the contents of the Property, against ally 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 o:fBorrower secured by this Security Instrument. These amoonts shall bear interest at the Note rate fi'om the date of disbursement and shall be payable, xvitb such interest, upon notice fi'om Lender to Borrower requesting payment. All iusurance policies required by Lender and renewals of such policies shall be subject to Lender's right to disapprove soch policies, shall incklde a standard mortgage clause, and shall name Lender as mortgagee and/or as all additional loss payee. Lender shall have the right to hold the policies and renexval certificates. If Lender requires, Bolxower shall promptly give to Lender all receipts of paid preminms and renewal notices. If Borrower obtains any form of insurance coverage, not otherwise required by Lender, lot' damage to, or destruction of, tile Property, such policy shall include a standard mortgage clause and shall name Lender as mortgagee aud/or as an additional loss payee. In the event of loss, Borrower shall give prompt not/ce to the insurance carrier and Leoder. Lender maymake proof of loss if not made promptly by Bm~:ower. Unless Lender and Borrower otherwise agree in writing, any insurance proceeds, Mletber or not tile underlying insurance xvas reqnired by Lender, shall be applied to restoration or repair of the Property, if tile 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 bold such insurance proceeds until Lender has had all opportunity to inspect such Property to ensure the xvork bas been completed ~o Lender's satisfaction, provided that such inspection shall be undertaken WYOMING--Single Family--Famde Mae/Freddie Mac UNIFORM INSTRUIMENT 9789.CV(5/03) 2503337 Fmm~ 3051 1/01 (page 3 of 7 pages) GOTO(00087d4d promptly. Lender may disbm-se proceeds for the repairs and restoration in a single payment or in a series of progress payments as file work is completed. Unlesi an agreement is n3ade in writing or Applicable Law requires interest to be paid on such msurm3ce proceeds, Lender shall not be required to pay Bon'ower any interest or earnings on such proceeds. Fees fbr 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 repah- is not econon3ically t~asible or Lender's security would be lessened, the insm'ance proceeds shall be applied to the sores secured by this Security h3sn'umel3t, whether or not tl3eo due, with the excess, if any, paid to Borrower. Such insurance proceeds shall be applied m the order provided fob' m Sectiou 2. If Borrower abandons the Property, Lender may file, negotiate and settle any available insurance claim and related matters. [fBorr0wer does not respond within 30 days to a notice fi'om Lender that the mst, rance career has offered to settle a claim, then Lender may negotiate and settle the claim. The 30-day period will begin \vl3en the notice is given, b3 either event, 03' if Lender acquires the Property under Sectiou 22 or otherwise, Borrower hereby assigns to Lender (a) Borrower's rights to any insnrance proceeds in an amount not to exceed the amounts unpaid under the Note or this Security Instrument, and (b) any other of Borrower's rights (other.than the right to any retired of unearned premiun3s paid by Borrower) under all ~insurance policies covering the Property, insmCar as such rights are applicable to the coverage of the Property. Lender may use the insorance proceeds either to repair or restore the Property or to pay amounts unpaid under tbe Note or this Secnrity lnst*ument, whether or not then due. 6. Occupancy. Borrower shall occupy, establish, and use the Property as Borrower's principal residence wiflfin 60 days ariel' the execution of this Sectu'ity 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 other~vise agrees in writing, which consent shall not be unreasonably withheld, or unless extenuating circumstances exist wl3ich are beyond Bon'ower's control. 7. Preservation, Maintenance and Protection of the Property; luspections. Borrower shall not desta'oy, dan3age or impair the Property, allow the Property to deteriorate or commit waste on tl3e Property. Whether or not Borrower is residing in the Propm~y, Borrower shall maintain the Property in order to prevent the Property fi'om deteriorating or decreasing m value due to its condition. Unless it is determined pursuant to Section 5 that repair or restoration is not economically feasible, Bon'oWer shall pron3ptly repair the Property if damaged to avoid fin'ther deterioration or damage. If insurance or condemnation proceeds are paid in connection with damage to, or the talcing 0t~ the Property, Bon-ower shall be responsible for repairing or restoring the Property only if Lender has released proceeds for snch purposes. Lender may disburse proceeds lbr the repairs and restoration m a single pa)anent or in a series of progress payments as the work is con3p}eted, lfthe insurance or condemnation proceeds are not sufficient to repair m' restore the Property, Borrower is not relieved of Borrower's obligation fob' the completion of such repair or restoration. Lender Or its agent may make reasonable enta'ies upon and inspections of the Property. If it has reasonable cause, Le?der may inspect the interior of the improvements on the Property. Lender shall give Borrower notice at the tin3e of or prior to such an interior inspection specifyh3g such reasonable cause. 8. Borrower's Loan Application. Bon'ower 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, misleadiug, or inacctn'ate information or statements to Lender (or thiled to provide Lender with material information) in connection with the Loan. Material representations include, but are not lm3ited to, representations conceromg Bon'ower's occupancy of the Property as Borrower's principal resideuce. 9. Protection of Lender's Interest in the Property and Rights Under this Security Instrument. If (a) Borrower/hils to perform the covenants and agreements contained iu this Security hastrunaent, (b) there is a legal proceeding that might sibmificantly afl~ct Lender's interest m the Property and/or rights under this Security h~strument (such as a proceeding in bankruptcy, probate, ibr condemnation or forfeiture, roi' enforcemeot ora lien which n3ay attain priority over tl3is 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 iute,'est in the Property and rights under this Security h3strument, including protecting and/or assessing the wdue of the Property, and securing and/or repairing the Property. Lender's actions can include, but are not limited to: (a) paying any sums secured by a lien which has priority over this Security [nsta-umeot; (b) appearing in court; and (c) paying reasonable attorneys' f~es to protect its interest in the Property and/or rights under this Security Instrument, including its secured position io a bankruptcy proceeding. Securiog the Property includes, but is not limited to, entering the Property to make repairs, change locks, replace or board tip doors and windows, drain water fi'om pipes, eliminate building or other code violations or daugerous conditions, and have uhlities tun3ed on or off. Although Lender may take action under this Section 9, Leuder does not have to do so and is not under any duty or obligation to do so. It is agreed that Lender incurs no liability tbr not taking any or all actions autl3olSzed under tl3is Section 9. Any amounts disbursed by Lender under this Section 9 shall become 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 fi'om Lender to Bon'ower requesting pa~nent. . if this Security Instrument is on a leasehold, Borrower shall cmnply with all the provisions of the lease, lfBon-ower acquires fee title to the Property, the leasehold and the fee title shall not merge unless Lender agrees to the merger in writing. 10. Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan, Bon'ower shall pay the premiums reqnired to maintain the Mortgage lnsurm~ce in effect. If, fob' any reason, the Mortgage !nsurance coverage required by Lender ceases to be available fi-om the mortgage insurer that previously provided such n3surance and Borrower was required to make separately desigmated payments toward the premiums roi' Mortgage h3surance, Borrower shall pay the premiums required to obtain coverage substantially equivalent to the Mortgage h3surance previously in effect, at a cost substantially equivalent to the cost to Borrower of the Mortgage Insurance previously in effect, fion3 an alternate mortgage instu'er selected by Lender. If substantially equivalent Mortgage lnsorance coverage is not available, Bon'ower shall continue to pay to Lender the amount of the separately designated pa)anents that were due when tbe insurance coverage ceased to be in effect. Lender will accept, ose and retain these payn3enls as a non-refimdable loss reserve in lieu of Mmntgage insurance. Snch loss reserve shall be non-refundable, notwithstanding tl3e Pact that the Loan is ultimately paid i,3 fifll, and Lender shall not be required to pay Bon-ower any interest or earnings on such loss reserve. Lender can bio longer require loss reserve payments if Mortgage Insurauce coverage (m the amount and tbr the period that Lender requires) provided by an insurer selected by Lender again becomes available, is obtaiued, and Lender requires separately designated payments toward the premioms for Mortgage h3surance. If Lender required Mortgage lusurauce as a coodition of making the Loan and Borrower was reqnired to make separately designated payments toward the prenfiums fbr Mortgage Insurance, Bon'ower shall pay the prenfiums required to maintain Mortgage Insurance in effect, or to provide a non-refimdable loss reserve, until Lender's requirement for Mortgage Insm'ance ends in accordance with any written agreement between Bon'ower and Lender providing fbr such tern3ination or until termination is required by Applicable Law. Notlm3g m 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 tile Note) fob' 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-on3 time to time, and n3ay enter into ag~'eements with other parties that share or modify their risk or redt,ce losses. These agreelnents are on temls and conditious that are satisfactory to the mortgage insurer and the other Carry (or parties) to these agreen3ents. These agreements may require the mortgage instu-er to make payments using any source of funds that the n30rtgage insurer may have available (whicl3 may include fluids obtained fi'om Mortgage Insurance premiums). As a result of these agreements, Lender, anypurchaser of the Note, another insurer, any reinsurer, any otl3er entity, or any affiliate of any of the foregoing, may receive (directly or indirectly) amouuts that derive fi'om (or might be characterized as) a portion of Borrower's pa)qanents for Mortgage h3surance, iii exchange for sharing or n30difymg the mortgage insurer's risk, or reducing losses, tf sucl3 agreement provides that an affiliate of Lender takes a share of the WYOMING--Single Family--Famfie Mae/Freddie Mac UNIFORM INSTRUMENT 9789.CV (5/033 2503337 Form3051 1/01 (pctge 4 of 7 pages) GOTO(00087d4d) 699 insu3'er's risk in exchange for a share of tim premiums paid to tim insurer, the arrm~gement is often termed "captive reinsurmme." Fm'tber: ia) Any snch agreements will not afl, ct tlie amounts that Borrower has agreed to pay for Mortgage lnsurm]ce, or any other terms of the Lonn. Such agreements will not increase tim amount Borrower will owe for Mortgage Insurnnce, and they will not entitle Borrower to any retired. (b) Any such agreements will not aft~ct the rights Borrower hns - if m~y - with respect to the Mortgage lnsurnnce under the Ilomeowners Protection Act of 1998 or nuy other lnw. These rights may include the right to receive certain disclosures, to request aud obtain cancellntion of the Mortgnge lusurm~ce, to hnve the Mortgage Insurnnce termiunted automatically, nnd/or to receive a refund or auy Mortgnge Insurnnce premiums that were unearned at the ti]ne of such cancellation or termination. 11. Assignment of Miscellmmous Proceeds; Forfeiture. All Miscellaneous Proceeds are berebyassiD]ed to and shall be paid to Lender. lftbe Property is damaged, such Miscellaneo~s Proceeds sball be applied to restoration or repair of file Prope~, if the restoratiou or repair is economically feasible mid Lender's security is not lessened. During such repair mid restoration period, Lender shall have the right to hold such Miscellm~eous Proceeds until Lender bas 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 m a single disbursement or in a series of progress pa~ents as the work is completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such Miscellaueous Proceeds, Lender shall not be required to pay Borrower any iuterest or earnings on such Miscdlaneous Proceeds. If the restoration or repair is not economically feasible or Lender's security would be lessened, the Miscellmmous Proceeds shall be applied to the sums secured by this Security lnstrumeut, xvbether or not then due, with the excess, if any, paid to Borrower. Such Miscellaueous Proceeds shall be applied m the order provided for in Section 2. In the event of a total taking, destruction, or loss in value of the Property, the Miscellaueous Proceeds shall be applied to the sums secured by this Security lnstrtmaent, whether or not then due, with the excess, if any, paid to Borrower. In the event ora pm~ial taking, destruction, or loss in value of the Property in which the fair market value of the Property immeOiately before the partial taking, destructiou, 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 in value, unless BmTower and Lender otherwise agree in writing, the sums secured by this Security lnstrmnent shall be reduced by the anmunt of the Miscellaneous Proceeds multiplied by fl~e following fiaction: ia) ll~e total amount of the sums secured immediately before the pm'rial taking, destruction, or loss in value divided by (b) Ibe fair market value of the ProperW immediately before the pm~ial taking, destruction, or 10ss in value. Any balance shall be paid to Borrower. In the event ora 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 less than the amount of the sums secured immediately before the partial taldng, destruction, or loss m value, unless Bon'ower and Lender otherwise a~ee in writing, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument whether or not file sums are then due. lfthe ProperW is abandoned by Bon'ower, or if, after notice by Lender to Borrower that the Opposing ParW (as defined in the next sentence) offers to make an award to settle a clam~ for damages, Borrower Fails to respond to Lender within 30 days after the date tbe notice is given, Lender is authorized to collect and apply the Miscellaneous Proceeds either to restoration or repair of the Property or to the snms secured by this Security lustrument, whether or not then due. "Opposing Party" means the third party that owes Borrower Miscellaneous Proceeds or the party against whom Bowower has a right of action m regard to Miscellaneous Proceeds. Bm'rower shall be in default if any action or proceeding, whether civil of criminal, is begun that, in Lender's judgment, could resnlt in for feitm'e of the Property or other material impahment of Lender's interest m the PropeiW or rights under fl~is Security hlstrunlent. Bon-ower can cure such a default and, if acceleration has occm-red, reinstate as provided in Section 19, by causing the action or proceeding to be dismissed with a ruling that, m Lender'sjudgment, preclud~ fo~Teiture ' of file Property or other material impairment of Lender's interest in (l~e Property or rights under this SecuriWlnsmm~o~t. The proceeds of any award or claim for damages that are attributable to the impairment of Lender's interest in the Property are hereby assi~md mid shall be paid ~o Lender. All Miscellaneous Proceeds that are not applied to restoration or repair of the Property shall be applied in file order provided for in Section 2. 12. Borrower Not Released; Fom'bear~nce By Leuder ~ot n Waiver. Extension of the time for papnent or modification ofamortizatiou of the sums secured by this Security lnsmmment granted by ~nder ~o BOml'ower or rely Successor in Interest of Borrower shall not operate to release the liability of Borrower or any Successors in Interest of Bon'ower. Lender shall not be m-equired to cmnmence proceedings against any Successor iml Interest of Bon'ower or to refi~se to extend (mae for papnent or otherwise modify mnortization of the sums secured by this Security lustmment by reason ofanydemand made by the original Borrower or any Successors in Interest of Borrower. Any forbearance by Lender in exercising anyfigbt or remedy inclnding, without limitation, Lender's acceptance of pas~nents fi'om third persons, entities or Successors in Interest of Borrower or in amounts less thau the amount then due, shall not be a waiver of or preclude tlle exercise of any right or remedy. 13. Joint nnd Several Liability; Co-siguerS; Snccessors nmi Assigns Bound. BosTower covenan~ and a~'ees that Borrower's obligations and liability shall be joint and several. However, any Borrower who co-sigus this Security Instrument but does not execute the Note (a-co_signer"): ia) is co-signing this Security Instrument only to mortgage, grant aud convey fl~e co-signer's interest in the Property under the terms of 0~is Security Instrument; (b) is uot personally obligated to pay the sums secured by tlfis Security )nstrumeut; and (c) agrees that Lender and any other Bon'ower can a~ee to extend, modify, forbear or make any accommodations with regard to the terms of this Security Iustrument or the Note x~fl~out file co- signer's cousent. Subject to the provisions of Section i 8, auy Successor in Interest of Borrower who assumes Bon'ower's obliga6ons under this Security lnstrumeut in writing, mid is approved by Lender, shall obtain all of Borrower's rights and benefi~ under tiffs Security lnsh'mnent. Borrower shall not be released fi-om Borrower's obligations and liability under this Security lns2mnent unless Lender agrees to such release in writing. The covenants and agreements of this Securi~ Instrument shall bind (except as provided in Section 20) and benefit the successors and assigns of Lender. 14. Lonn Ch arges. Lender may chm'ge Borrower fees for services performed in connection with BmTower's default, for the purpose of protecting Lender's interest m the Property and rights under this Security Instrument, including, but not limited to, a~omeys' fees, property inspection and valuation fees. In regard to any other fees, the absence of express atmfl~oriW in this Security Instrument to charge a specific fee to Borrower shall not be construed as a prohibition on the clmrgmg of such fee. Lender may not charge fees that are expressly prohibited by this Security Instrument or by Applicable ~w. If the Loan is sukiect to a law which sets maximum loan charges, and that law is finally inte~reted so that the interest or otller loan charges collected or to be collected in connection with the Loan exceed the pemaitted limits, then: ia) any such loan charge shall be reduced by the mnount necessary to reduce the charge to the permitted limit; and (b) any sums ah-eady collected fi'om Borrower which exceeded pemlitted Ihnits will be refimded to Borrower. ~nder maycboose to make this retired by reducing tbe principal owed trader the Note or by making a direct pasteur to Borrower. Ifa refund reduces principal, the reduction will be h'eated as a partial prepapnent without any prepapnent charge (whether ornot aprepa~ent charge is provided for under the Note). Bon'ower's acceptance of any such retired made by direct pa~ent 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 connect/on with this Security Instrumeut must be io writing. Anyuotice to Bon'ower in connection with this Security Instrument shall be deemed to have been ~ven to Bowower · when mailed by first class mail or when actually delivered to Borrmver's no~ce address if sent by other means. Notice to any WYOMING--Single Family--Fmmie Mae/F~mldie Mac UNIFORM IhtSTRUMENT 9759.CV(5/03) 2503337 Form3051 1/01 (pnge 5 of Tpages) GOTO(00087d4d) one Bon'ower shall constitute notice to all Bon-owers tmless Applicable Law expressly requires otherwise. The notice address shall be the Properly Address unless Bon'ower has desigmated a substitute notice address by notice to Lender. Bon'ower shall promptly notify Lender of Bon'ower's change of address. If Lender specifies a procedure for reporting Bon'ower's change of address, then Borrower shall only report a change of address through that specified procedure. There may be only one desi~mted notice address under this Secm'ity insu'ument at any one time. Any notice to Lender shall be given by delivering it or by mailing it by first class mail to Lender's address stated herein unless Lender bas designated another address by notice to Borrower. Anynotice in connection with this Security Instrument shall not be deemed to }lave been ~ven to Lender until actually received by Lender. If any notice required by this SecmSty Instrument is als0 required under Applicable Law, the Applicable Law requirement will satis~ the con'esponding requirement under this SecmSty [ns~-ument. 16. Governing Law; Severability; Rules of Construction. This Security Instrument shall be governed by federal law and the law of the jurisdiction m which the Property is located. All rights and obligations contained in this Security Ins~'ument are subject to any requirements and limitations of Applicable Law. Applicable Law might explicitly or implicitly allow the parties toagree by contract or it might be silent, but such silence shall not be consm~ed as a prohibition 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 this Secm'ity lns~mnent or the Note which can be given effect without the conflicting provision. As used in this Security lnsmm~ent: (a) words of the masculine gender shall mean and include corresponding neoter words or words oftbe 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 auy obligation to take any action. 17. Borrower's Copy. Borrower shall be given one copy of the Note and of this Security Instalment. 18. Transfer of the Property or a Beneficial Interest in Borrower. As used in this Section 18, "lnterestin the Property" means any legal or beneficial interest in the ProperW, including, but not limited to, those beneficial interests O'ansfen'ed in a bond for deed, Cram-act for deed, instalhnent sales contract or escrow agn'eement, the intent of which is the ~'ansfer of title by Bon'ower at a fi~ture date to a purchaser. If all or anypart of the ProperW or any Interest in the Property is sold or transferred (or ifBon-ower is not a natural person and a beneficial interest in Borrower is sold or ~'ansl~rred) without Lender's prior wri~en consent, Lender may require immediate pa~nent in fidl of all sums secured by tiffs Security lnsmm~ent. However, tlfis option shall not be exercised by ~nder if such exercise is prohibited by Applicable Law. If Lender exercises this option, Leuder shall give Borrower not/ce of acceleration. The notice shall provide a period of not less tban 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 fifils to pay these sums prior to the expiration of this period, Lender may invoice any remedies permitted by this SecmSty Instrument without fin-ther notice or demand on Borrower. 19. Borrower's Right to Reinstate After Acceleration. If Borrower meets certain conditions, Borrower shall have fl~e right to have enforcement of this Security Instrument discontinued at any time p~for 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 temfination of Borrower's right to reinstate; or (c) eun'y ora judgment enfbrcmg this Security lnsn'mnent. Those conditions are that Bon'ower: (a) pays Lender all sums which then would be due under tiffs Security Insmm~ent and the Note as if no acceleration had occurred; (b) cures any default of any other covenants or agreements; (c) pays all expenses recurred in enforcing this Security Instrument, including, but not limited to, reasonable a~omeys' fees, property inspection and valuation fees, and other ikes incurred for the purpose of protecting ~nder's interest m the Property and fights under this Security lnsn'ument; and (d) takes such action as Lender may reasonably require to asstn'e that ~nder s intm est m the Prope~ and rights trader this Security Instrument, and Borrower's obligation to pay the 'stuns secured by this Security lns~-ument, 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) mooey order; (c) certified check, bank check, ~'easurer'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 Instalment and obligations secured hereby shall remain fully effective as if no acceleration bad occurred. However, this right to reinstate shall not apply m the case of acceleration under Section 18. 20. Sale of Note; Chauge of L0an Servicer; Notice of Grievance. The Note or a partial interest m the Note (together with this SecuriW Instalment) can be sold one or more times without prior notice to Borrower. A sale might result in a change in the entity (known as the' Loan Sm vice~') that collects Periodic Pa~nents due under the Note and this Securi~ Ins~'ument and pertbm~s other mortgage loan servicing obligations under the Note, this Security losn'ument, and Applicable Law. There also might 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, Bon'ower will be given wri~en notice of the change which will state the name and address of the new Loan Servicer, the address to which pa~nents should be made and any other infommtion RESI A requires m com~ection with a notice 0f~'ansfer of servicing. If the Note is sold and tberea~er the Loan is serviced by'a Loan Servicer other than the purcbaser of the Note, the mortgage loan servicing obligations to Borrower will remain with the Loan Servicer or be ~'ansfen'ed to a successor Loan Servicer and are not assumed by the Note purchaser unless otherwise provided by the Note purchaser. Neither Bon'ower nor Lender may commence, join, or be joined to any judicial action (as either an individual litigant Or the member of a class) that arises fi'om the other party's actions pursuant to this Security lns~'ument or that alleges that the other pm'ty has breached any provision o[ or any duty owed by reason of, this Security lnsmm~ent, until such Bon'ower or Lender bas notified the other proxy (with such notice given in compliance with the requirements of Section 15) of such alleged breach and afforded the other proxy hereto a reasonable period after the giving of such notice to take co~xective action. If Applicable Law provides a time period which must elapse betbre certain action can be.taken, that time period ~vill be deemed to be reasonable for purposes of this paragraph. The notice of acceleration and opportuniW to cure given to Bon'ower pursuant to Section 22 and the notice of acceleration given to Borrower pursuant to Section 18 shall be deemed to satis~ 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, m' wastes by Environmental Law and the following substances: g~oline, kerosene, other flammable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or formaldehyde, and radioactive materials; (b) 'Environmental La~v' means t~dmal laws and laws of the jurisdiction where the Property is located tliat relate to health, safety or environmental Protection; (c) "Euvironmental Cleanup" includes any response action, remedial action, or removal action, as defined m Environmental Law; and (d) an "Environmental Condition" means a condition that can cause, contribute to, or otherwise ~'igger an Environmental Cleanup. Bon'ower shall not cause or permit the presence, use, disposal, storage, or release of any Hazardous Snbstances, or tin'eaten to release any Hazardous Substances, on or in the Property. Borrower shall not do, nor allow anyone else to do, an~bing affecting the Property (a) that is io violation of any Enviromnental Law, (b) which creates an Environmental Condition, or (c) which, due to the presence, use, or release ora 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 qoantities of Hazardous Substances that are generally recognized to be appropriate to normal residenhal uses and to maintenance of the ProperW (including, but not limited to, b~ardous substances in consmner products). Bon'ower shall promptly give Lender written notice of(a) any investigation, claim, demand, lawsuit or other action by any governmental or regulatory agency or private pmly involviug the Property and any Hazardous Substauce or Environmental Law of which 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 fl~e presence, use or release ora Hazardous Substance which adversely affects the value of the Propmly. lfBon-ower learns, or is notified by any governmental or regulatory authority, or any private party, that any removal or other remediation of any B~ OMING--Single Family--Fannie Mae/Freddie Mac UNIFORM INSTRUMENT 9789.CV(5/03) 2503337 Form3051 1/0'1 (page 6 of 7 pageO GOTO(O0087d4d) ttazardous Substance affecting the Property is uecessary, Borrower shall promptly take all necessary remedial actions iii accordmlce with Environmental Law. Nothing herehl shall create any obligation on Lender for an Environmental Clemmp. NON-UNIFORM COVENANTS. Borrower and Lender further covenmlt and agree as follows: 22. Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration lbllowing Borrower's breach of any coveuant or agreement in this Secu,'ity lustrument (but uot prior to acceleration uuder Section 18 uuless Applicable Law provides otherwise). The notice shall specify: (a) the default; (b) the action required to cure the default; (c) a date, uot less than 30 days fi-om tile date the nOtice is given to Borrower, by which the defanlt mast be cured; and (d) that failure to cure the defanlt on or before the date specified in the notice may result iii acceleration of the sams scented by this Secnrity Instrument aud sale of the Property. The uotice shall farther inform Borrower of the right to reinstate a Iter acceleratiou and the right to bring a court actiou to assert the non-existeuce ora default or auy other defeuse of Borrower to acceleration and sale. If the default is not cured on or before the date specilied iii the notice, Lender at its option may require immediate payment in full of all sums secnred by this Security Instrument withont further demaml and may invoke the power of sale and all)' other remedies permitted by Applicable Law. Lender shall be cutitled to collect all expenses incurred in pursuing the remedies provided in this Sectiou 22, iucludiug, but not limited to, reasonable attorneys' fees and costs of title evidence. lfLeuder invokes the power of sale, Lender shall give notice of intent to foreclose to Borrower and to the persou in possession of the Property, ifdifferent, in accordance with Applicable Law. Lender shall give notice of the sale to Borrower ill the manuer provided ili Section15. Leuder shall pnblish the uotice of sale, and the Prope,'ty shall be sold in the manuer prescribed by Applicable Law. Lender or its designee may purchase the Property at any sale. ]'lie proceeds of the sale shall be applied in the following order: (a) to all expeuses of the sale, including, but not limited to, reasonable attorneys' fees; (b) to all sums secured by this Secnrity lnstrnmeut; aud (c) nny excess to the person or persons legally eutitled to it. 23. Release. Upon payment of all sums secured by this Security Instrument, Lender shall release this Security Inslxument. Borrower shall pay any recordation costs. Lender may cbarge Borrower a fee for releasing this Security [nstrun]ent, but ouly 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 Immestead exemption laws of Wyoming. BY SIGNING BELOWi Borrower accepts and agrees to the telTns and covenants contained in this Security hlstrument and in any Rider executed by Bon'ower aud recorded with it. Witnesses: Rick L' Bowen, ' ~larti n (Seal) BOITOWeF (Seal) [Space Below This Liue For Acknowledgment] STATE OF Wyoming , L:t. ni:oln County ss: Oo this 28th dayof August, 2003 ., before Ine, the undersigned, a Notary Public iii aud for said State, personally appeared Rick L. Boweu aud S hclh' L. Martin~joint tenants ~ith rights ofsurximrshi (known to me) (or proved to me on the basis of satisfactory evidence) to be the person(s) whose name(s) subscribed to the foregoing instrunleut and acknowledged that they WITNESS my hand and official seal. (Reserved for official seal) Signature: exect[~t the same. Shelley Sandall Name (typed or printed) My Commission expires: February 2, 2006 YVYOMING--Single Family--Fannie .h'lae/Freddle Mac UNIFORM INSTRUMENT 9789.CV (5/03) 2503337 Form3051 1/01 (page 7 of 7 pages) G OTO(OOO87dad