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After Recording Remm To: COUNTRYWIDE HOME LOANS, INC. MS SV-79 DOCUMENT PROCESSING P.O.Box 10423 Van Nuys, CA 91410-0423 Pr~ared By: KEIANYA BROWN '7) PAGE ! 8 0 RECEIVED NCOLN COt]t',lTy CLERK [Space Above This Lh~e For Recordh~g Data] FA10523M [Escrow/Closing #] MORTGAGE 0003306295108003 [Doc ID ~1 1000157-0002749883-7 DEFINITIONS. Words used in multiple sectmns of this document ,'u'e defined below and other words m'e defined in Sections 3, 11, 1.3, 18, 20 and 21. Certain rules regarding the usage of words used in this document ,are also provided in Section 16. (A) "Security Instrmnent" means this document, which is dated AUGUST 23, with all Riders to this document. (B) "Borrower" is GLENDA R. YOUNG, AND CHARLES ~ YOUNG, WIFE4AND HUSBAND 2 003 , together Borrower is the mortgagor under this Security Instrument. (C) "NIERS" is Mortgage Electronic Registration Systems, Inc. MERS is a separate corporation that is acting solely as a nominee for Lender and Lender's successors and assigns. MERS is the mortgagee under this Security Instrmnent. MERS is organized and existing under the laws of Delawm'e, and has an address and telephone number of P.O. Box 2026, Flint; MI 48501-2026, tel. (888) 679-MERS. (D) "Lender" is FULL SPECTRUM LENDING, INC. Lender is a CORPORATION organized and existing under the laws of CALIFORNIA Lender's address is ' 4500 Park Granada, Calabasas, CA 91302 (E) "Note" means the promissory note signed by Borrower and dated AUGUST 23, 2003 .'The Note states that Borrower owes Lender SEVENTY NINE THOUSAND TWO HUNDRED and 00/100 Dollm's (U.S. $ '79,200.00 ) plus interest. Borrower has promised to pay this debt in regul,-u' Periodic Payments and to pay the debt in full not later than SEPTEMBER 01, 2033 (F) "Property" means the property that is described below under the heading "Transfer of Rights in the ProPerty." WYOMING-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT WITH MERS Page 1 of 11 (~i®-6A(WY) (0005) CHL (08/00)(d) VMP MORTGAGE FORMS- (800)521-7291 CONV/VA Initials:~~ ~4-orm 3051 1/01 *23991* * 033062951000002006A* 181 DOC ID #: 0003306295108003 (G) "Loan" means the debt evidenced by the Note, plus interest, any prepayment charges and late charges due under the Note, and all sums due Under this Security Instrument, plus interest. (H) "Riders" means all Riders to this Security Instrument' that are executed by Borrower. The following Riders are to be executed by Borrower [check box as applicable]: [--] Adjustable Rate Rider ~ Condominium Rider [---] Second Home Rider [-'-] Balloon Rider [---] ehmned Unit Development Rider [7] 1-4 Family Rider [---] VA Rider.. [--] Biweekly Payment Rider [--] Other(s) [specify] (I) "Applical)le Law" means all controlling applicable federal, state and local statutes, regulations, ordinances and administrative roles and orders (that have the effect of law) as well as all applicable final, non-appealable judicial opinions. (J) "Community Association Dues, Fees, and Assessments" means all dues, fees, assessments and other charges that are imposed on Borrower or the Property by a condominium association, homeowners association or similar organization. (K) "Electronic Funds Transfer" means any transfer of fuuds, other than a transaction originated by check, draft, or siinilm' paper instrument, which is initiated through an electronic terminal, telephonic instrument, computer, or magnetic tape so as to order, instruct, or authorize a financial institution to debit or credit an account. Such term includes, but is not limited to, point-of-sale u'ansfers, automated teller machine transactions, transfers initiated by telephone, wire transfers, and automated clearinghouse transfers. (L) "Escrow Itmns" means those items that are described in Section 3. (M) "Miscellaneous Proceeds.' means any compensation, settlement, award of damages, or proceeds paid by any third Party (other than insurance proceeds p,'fid under the coverages described in Section 5) for: (i) damage to, or destruction of, the Property; (ii) condemnation or other taking of all or any part of the Property; (iii) conveyance in lieu of condemnation; or (iv) misrepresentations of, or omissions as to, the value and/or condition of the Property.. (N) "Mortgage Insurance" me,ms insurance protecting Lender against the nonpayment of, or default on, the Loan. (O) "Periodic P'ay~nent" means the regularly scheduled amount due for (i) principal and interest under the Note, plus (ii) any amounts under Section 3 of this Security Ii~stl'ument. (P) "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 legislation 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 qualify as a "federally ]'elated mortgage loan" under RESPA. (Q) "Successor in Interest o1' Borrower" means m]y party that has taken title to the Property, whether or not that party has assumed Borrower's obligations under the Note aud/or this Security Instrument. TRANSFER OF RIGHTS IN THE PROPERTY This Security Instrument secures to Lender: (i) the repayment of the Loan, and all renewals,' extensions ,'md modifications of the Note; and (ii) the performance of Borrower's covenants and agreements under this Security Instrument and the Note. For this purpose, Borrower does hereby mortgage, grant and convey to MERS (solely as nominee for Lender and Lender's successors and assigns) and to the successors and assigns of MERS, with power of sale, the following described property located in the COUNTY of LINCOLN : [Type of Recording Jurisdiction] [Name of Recording Jurisdiction] LOT 17 OF BLOCK 3 OF THE LINCOLN HEIGHTS SUBDIVISION TO THE CITY OF KEMMERER, LINCOLN COUNTY~ WYOMING AS DESCRIBED ON THE OFFICIAL PLAT THEREOF. Parcel IDNumber: 1221162310504600 1002 3RD. WEST AVENUE, [StreeffCity] Wyoming 8 3 1 0 1 ( P~ operty Address ') [Zip Code] (~®~6A(WY) (ooo5) GIlL (08/00) Page 2 of 11 which currently has the address of KEMMERER Initials :~ (,/ForeST 3051 1/01 DOC ID #: 0003306295108003 TOGETHER WITH all the improvements now or hereafter erected on the property, and all easements, appurtenances, and fixtures now or here,'ffter a part of the property. All replacetnents and additions shall also be covered by this Security Instrument. Ail of the foregoing is refen'ed to in this Security Instrument as the "Property," Borrower understands and agrees that MERS holds only legal title to the interests granted by Borrower in this Security Instrument, but, if necessary to comply with law or custom, MERS (as nominee for Lender and Lender's successors and assigns) has the right: to exercise any or all of those interests, including, but not limited to, the right to foreclose and sell the Property;' and to take any action required of Lender including, but not limited to, releasing and canceling this Security Instrument. 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 any encumbrances of record. 'THIS SECURITY INSTRUMENT combines uniform covenants for national use and non-uniform covenants with limited variations by' jurisdiction to constitute a unifor~n security instrument covering real propertyl UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 1. Payment of Principal, Interest, Escrow Ite~ns, Prepayment Charges, and Late Charges. Borrower shall pay when due the principal of,' and interest .on, the debt evidenced by the Note and any prepayment charges and late charges due under the Note. Bon'ower shall also pay funds for Escrow Items pursuaut to Section 3. Payments due under the Note and this Security Instrument shall be made in U.S. currency. However, if any check or other instrument received by Lender as payment under the Note Or this Security Instrument is returned to Lender unpaid, Lender may require that any or all subsequent payments due under the Note and this Security Instrument be made in one or more of the following forms, as selected by Lender: (a) cash; (b) money order; (C) certified check, bank check, treasurer's check or cashier's check, provided any such check is drawn upon an institution whose deposits are insured by a federal agency, insu'umentality, or entity; or (d) Electronic Funds Transfer. Payments m'e deemed received by Lender when received at the location designated in the Note or at such other location as may be designated by Lender in accordance with .the notice provisions in Section 15. Lender may returu 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 cra'rent, without waiver of any rights hereunder or prejudice to its rights to refuse guch payment or partial payments in the fi~ture, but Lender is not obligated to apply such payments at the time such payments ,'u'e accepted. If each Periodic Payment is applied as of its scheduled due date, then Lender need not pay interest on unap.plied funds. Lender may hold such unapplied funds until Borrower makes payment to bring the Loan current. If Borrower does not do so within a reasonable period of time, Lender shall either apply such funds or return them to Bon'ower. If not applied earlier, sUch funds will be applied to the outstanding principal balance under the Note immediately prior to foreclosure. No offset or claim which Borrower might have now or in the furore against Lender shall relieve Borrower from making payments due under the Note and this Security InstrUment or performing the covenants and agreements secured by this Security Instrument. 2. Application of Payments or Proceeds. Except as otherwise described in this Section 2, all payments accepted and applied by Lender 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 remaining amounts shall be applied first to late charges, second to any other amounts due under this Security Instrument, and then to reduce the principal balance of the Note. If Lender receives a payment fi'om Borrower for a delinquent Periodic Payment which includes a sufficient amount to pay any late charge due, the payment may be applied to the delinquent 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 exteut 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 any late charges due. Voluntary prepayments shall be applied first to any prepayment charges and then as described in the Note. Any application of paymenLs, 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 l'or Escrow Items. Borrower shall pay to Lender on the day Periodic Payments are due under the Note, until the Note is paid in full, a sum (the "Funds")to provide for payment of amounks 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 Insurance premiums, if any, or any sums payable by Borrower to Lender in lieu of the payment of Mortgage Insurance premiums in accordance with the provisions of Section 10. These items are called "Escrow Items." At origination or at any time during the term of the Loan, Lender may require that Community Association Dues, Fees, and Assessments, if any, be escrowed by Borrower, and such dues, fees and assessments shall be an Escrow Item. Borrower shall promptly furnish to Lender all notices of amounts to be paid under this Section. Borrower shall pay Lender the Funds for Escrow Items unless Lender waives Borrower's· obligation to pay the Funds for any or all EsCrow Items. Lender may waive Borrower's obligation to pay to Lender Funds for any or all Escrow tnitials:~ ~ ~®-6~A(WY) (00o5) CHL (08100) Page 3 of 11 ~orm 1~ 1/01 r 18 3 DOC ID #: 0003306295108003 Items at any time. Any such waiver may only be in writing. In the event of such waiver, Bon'ower shall pay directly, when mid where payable, the tmaouu[s due for any Escrow Items for which payment of Funds has been waived by Lender and, if Lender requires, shall fln-nish to Lender receipts evidencing such payment within such time period as Lender may require. Borrower's obligation to make such payments and to provide receipts shall for all puq~oses be deemed to be a covenant and agreement contained in this Security Instrument, as the phrase "covenant and agreement" is used in Section 9. If Borrower is obligated to pay Escrow Items direct]y, pursuant to a waiver, and Borrower fails to pay the amount due for an Escrow Item, Lender may exercise its rights under Section 9 and pay 'such amount 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 given in accordance with Section 15 and, upon such revocation, Borrower shall pay to Lender all Funds, and in such amounts, that am 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 the basis of current data and reasonable estimates of expenditures of future Escrow Items or otherwise in accordance with Applicable Law. The Funds shall be held in an-institution whose deposits are insured by a federal agency, instrumentality, or entity (including Lender, if Lender is an institution whose deposits are so insured) or in any Federal Home Loan Bank. Lender shall apply the Funds to pay the Escrow Items no later than the time specified under RESPA. Lender shall not chm'ge Borrower for holding and applying the Funds, annually analyzing the escrow account, or verifying the Escrow Items, Unless Lender pays BorroWer interest on the Funds 'and Applicable Law permits' Lender to make such a ch,u-ge. Unless an agreement is made in writing or Applicable Law requires interest to be paid on the Funds, Lender'shall not be required to pay Boi'rower any interest or earnings on the Funds. Borrower ,'md Lender can agree in writing, however, that interest shall be paid on the. Funds. Lender shall give to Borrower, without chm'ge, au 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 fiends 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, ,'md Borrower shall pay to Lender the amount necessat'y to make up the shortage in accordance with RESPA, but in no more than 12 monthly payments. If there is a deficiency of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the atnount necessary to make up the deficiency in accordance with RESPA, but in no more than 12 monthly payments. Upon payment in full of all sums secured by this Security Instalment, Lender shall promptly refund to Borrower any Funds held by Lender. 4. Charges; Liens, Borrower shall pay all taxes, assess~nents, charges, fines, and impositions attributable · to the Property which can attain priority over this Security Instrument, leasehold payments or ground rents on the Property, if any, and Community Association Dues, Fees, and Assessments, if any. To the extent that these items are Escrow Items, Borrower shall pay them in the manner provided in Section 3. Borrower shall prompdy dischm'ge any lien which has priority over this Security Instrument unless Bon'ower: (a) agrees in writirlg to the payment of the obligation secured by thc lien in a manner acceptable to Lender, but only so long as Borrower is performing such agreement; (b) contests the lien in good faith by, or defends against enforcement of the lien in, legal proceedings which in Lender's opinion operate to prevent the enforcement of the lien while those proceedings are pending, but only until such proceedings are concluded; or (c) secures from the holder of the lien an agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determines that any part of the Property is subject tO a lien which can attain priority over this Security Instrument, Lender may give Borrower a notice identifying the lien. Within 10 days of the date on which that notice is given, Borrower shall satisfy the lien or take one or more of the actions set forth above in this Section 4. Lender may require Bon'ower 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. Bon, ower 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 bazar'ds including, but not limited to, earthquakes and. floods, for which Lender requires insurance. This insurance shall be tnaiutained in the amoun[s (including deductible levels) and for the periods that Lender requires. What Lender requites pursuant to the preceding sentences can change during the term of the Loan. The insurance carrier providing the insurance shall be chosen by Bon'ower subject to Lender's right to disapprove Borrower's choice, which right shall not be exercised unreasonably. Lender may require Borrower to pay, in connection with this Loan, either: (a) a one-time charge for flood zone determination, certification and tracking services; or (b) a one-time chat'ge for flood zone determination and certification services and subsequent charges each time remappings or similar changes occur which reasonably might affect such determination or certification. Borrower shall also be responsible for the payment of any fees imposed by the Federal Emergency Management Agency in connection with the review of ~my flood zone determination resulting from an objection by Borrower. If Borrower fails to maintain m~y 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. Therefore, such coverage shall cover Lender, but might or might not protect Borrower, Borrower's equity in the Property, or the contents of the Property, against any risk, hazard -6A(WY) (0005) CHL (08/00) Page 4 of ~ ~ (..~'orm 31~1 1/01 DOC ID #: 000330629'5108003 Or liability and might provide greater or lesser coverage thai] was previously i. effect. Box¥ower 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 Bon'ower 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 ,~s an additional loss payee. Lender shall have the right to hold the policies and renewal certificates. If Lender requires, Borrower shall promptly give to Lender all receipts of paid premiums and renewal notices. If Bon'ower 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 p!'omptly by Bon'ower. Unless Lender and Borrower otherwise agree iu 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 tbe 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 opportunity to inspect such Property to ensure the work bas been completed to Lender's satisfaction, provided ttiat such inspection shall be undertaken promptly. Lender may disburse proceeds for the repairs and restOration in a single payment or in a sehes of progress payments as the work is completed. Unless an agree~nent is made in writing or Applicable Law requires interest to be paid on such insurance proceeds, Lender shall not be required to pay Bon'ower any interest or em-nings 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 t'he sole obligation of Borrower. If the restoration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be apPlied to the sums secured by this Security Instrument, whe[l~er or not then due, with the excess, if any, paid to Borrower. Such insurance proceeds shail 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 fi'om Lender that the insurance carrier bas offered to settle a chfim, then Lender may negotiate and settle the claim. The 30-day period will begin when the notice is given. In either event, or if Lender acquires the Property under Section 22 or otherwise, Borrower hereby assigus to Lender (a) Bon'ower's rights to any insurmme proceeds in an amount not to exceed the amouuts unpaid under' the Note or this Security Instrument, and (b) any other of Borrower's rights (other than the right to any refund of unearned premiums paid by Bon'ower) under all insurance policies covering the Property, insofar as such rights are applicable to the coverage of the Property. Lender may use the insurance .proceeds either to repair or restore the Property or to pay amounts unpaid under the Note or this Security Instrument, whether or not then due. 6. Occupancy. Borrower shall occupy, establish, and use the Property as Borrower's principal residence within 60 days after the execution 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~ Maintenance and Protection of the PrOperty; Inspections. Borrower shall not destroy, damage or impair the Property, allow the property to deteriorate or commit waste on the Property.' Whether or not Borrower is residing in the Property, Borrower shall maintain the Property in order to prevent the Property from deteriorating or decreasing in value due to its condition. Unless it is determined pursuant to Section 5 that repair or restoration is'not economically feasible, Borrower Shall promptly repair the Property if damaged to avoid further deterioration or damage. If insurance or condemnation proceeds are paid in connection with damage to, or the taking of, the Property, Borrower shall be responsible for repairing or restoring the Property only if Lender bas released proceeds for such proposes. 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 oi' restore the Property, Borrower is not relieved of Bo~xower's obligation for the completion of such repair or restoration. Lender or its agent may ~nake reasonable entries upon and inspections of the Property. If it has reasonable cause, Lender may inspect the interior of the improvements on the Property. Lender shall give Bon'ower notice at the time of or prior to such an interior inspection specifying such reasonable cause. 8. Borrower's Loau Application. Borrower shall be in default if, during tbe Loan application process, Borrower or any persons or entities acting at the direction of Borrower or With Borrower's knowledge or consent gave materially false, misleading, or inaccurate information or statemen[s to Lender (or failed to provide Lender with material information) in connection with the Loan. Material representations include, but are not limited to, representations concerning Bon'ower's occupancy of the Property as Borrower's principal residence. (~®-6A(WY) (0005) CHL (08/00) Page 5 of 11 Initials:~~ · ~orm~51 1/01 o©c 'rD #: 0003306295108003 9. Protection of Lender's Interest in the Property and ~ghts Under this Security Inst~ent. If (a) Bon'ower fnils to perform the covenants and agreements contained in this Security InStrument, (b) there is a legal proceeding that might significantly affect Lender's interest in the property ancot rights under this Securi~ Instrument (such .as a proceeding in banl~'uptcy, probate, for condemnation or forfeiture, for enforcement of a lien which may att~n priority over this Security Instalment or to enforce laws or regulations), or (c) Bon'ower has abandoned the ProperS, then Lender may do and pay for whatever is reasonable or approprinte to protect Leuder's interest in the Property and righ~ un,er this SecuriW Ins~ment, including protecting m~or assessing the value of the ProPerty, ~md. secm'ing and/or repairing the ProperS. Lender's actions can include, but are not limited to; (a) paying any sums secured by a lien which has priority over this Securi~ InsU~ment; (b) appe~Sng in court; and (c) paying reasonable attorneys' fees to protect its interest in the Proper~ and/or rights under this SecuriW Instrument, including its secured position in a banh~ptcy proceeding. Securing tt!e Property includes, but is not limited to, entering the Property to m~e repairs, ch~ge locks, replace or bom'd up doors and windows, dr~n water fi'om pipes, eli~nate building or other code violations or dangerous conditions, and have utilities turned on or off. Although Lender may take action under this Section 9, Lender does not have to do so and is not under any duly or obligation to do so. It is agreed that Lender incurs no liability for not taking any or all actions authorized under this Section 9. Any amounts disbursed by Lender unde~ this Section 9 shall become ~dditional debt 0f Borrower secured by this Securi~ InsU~ment. These amounts shall be~ interest at the Note rate fi'om the date of disbursement and shall be payable, with such interest, upon notice fi'om Lender to Borrower requesting payment. if this Security Instrument is on a leasehold, Borrower shall comply with all the provisions of the lease. If Borrower acquires fee title to the ProperW, the leasehold and the fee title shall not merge unless Lender agrees to the merger in writing. 10. Mortgage Insnrance. If Lender required Mortgage Insurance as a condition of m~ing the Lo~, Borrower shall pay the premiums required to maintain the Mortgage Insur~mce in effect. If, for any reason, the Mortgage Insurance coverage reqnired by Lender ceases to be available from the mortgage insurer that previously provided such insurance and Borrower was required to make separately designated payments towm'd the premiums for Mortgage Insurance, Borrower shah pay the premiums required to ob~in coverage substantially equivalent to the Mortgage Insurance previously m effect, at a cost substanti~ly equiv~ent to the cost to Bon'ower 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 mount of the sepm'ately designated payments that were due when the insurance coverage ceased to be in effect. Lender will accept, use and retmn these payments as a non-refi~ndable loss rese~we in lieu of Mortgage Insurance. Such loss .reserve shaH be non-refundable, notwithstauding the fact that the Loan is ultimately p~d in full, ~d Lender shall not be required to pay Borrower any interest or em~ings on such loss resmwe. Lender can no longer require loss reserve payments if Mortgage Insurance coverage (in the amount and for the period that Lender reqnires) provided by an insurer selected by ~nder ag~fin becomes available, is obtained, and Lender requires sepm'ately designated payments towm'd the premiums for Mortgage insurance. If Lender required Mortgage Insurance as a condition of making the Loan ~d Borrower was required to make sepm'ately designated payments toward the premiums for Mortgage Insur~ce, Borrower shall pay the premiums 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 ~my written agreement between Borrower and Lender providing for such termination or until termination is required by Applicable Law. Nothing in this Section 10 affects Bon'ower~s obligation to pay interest at the rate provided in the Note. Mortgage Insurance reimburses Lender (or ~y entity that purchases the Note) for certain losses it may incur if Borrower does not repay the Loan as agreed. Bon'ower is not a pm'W to the Mortgage Insurance. Mortgage insurers evaluate their total risk on all such insurance in force from time to time, aud may enter into agreements with other p~ties that share or modi~ their risk, or reduce losses. Th'ese agreements m'e on terms and conditions that m'e satisfacto~ to the mortgage insurer aud the other pm'~ (or pm'ties) to these agreements. These agreements may require the mortgage insurer to make payments using any source of ~nds that the mortgage insurer may have awfilable (which may include l~nds obtained fi'om Mortgage Insurance premiums). As a result of these agreements, Lender, any purchaser of the Note, another insurer, any reinsurer, any other entity, or any }fffiliate of any of the foregoing, may receive (directly or indirectly) amounts that derive from (or might be characterized as) a portion of Borrower's payments for Mortgage Insurance, in exchange for shying or modi~ing the mortgage insurer's risk, or reducing losses. If such agreement provides that an affiliate of Lender rakes a sht~e of the iusurer's risk in exch~ge for a shoe of the premiums paid to the insurer, the m'rangement is often tm~ed "captive reinsurance." Further: (a) Any such agreements will not affect the amounls that Borrower has agreed to pay for Mortgage Insurance, or any other terms of the Loan. Such agreements will not increase the amount Borrower ~1 owe for Mortgage Insurauce, and they ~1 not entitle Borrower to any rebind. (~®-6A(WY) (0005) CHL (08/00) Page 6 of 11 186 (b) Any such agree~nents will not affect fl~e rights Borrower has - if any - with respect to the Mortgage Insurance under the Homeowners Protection Act of 1998 or any oiher law. These rights may include the right to receive certain disclosures, to request and obtain cancellation of the Mortgage Insurance, to have tim Mortgage Insurance terminated automatically, and/or to receive a refund of any Mortgage Insurance premiums that were unearned at the time of such canceilafiou or termination. 11. Assigmnent 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 disbumement or in a series of progress payments as the work is completed. Unless 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 economically feasible or Lender's security would be lessened, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. Such Miscellaneous Proceeds shall be applied in the order provided for in Section 2. In the event of a total taking, destruction, or loss in value of the Property, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. In the event of a partial taking, destruction, or loss in value of the Property in which the fair market value of the Property immediately before the partial t~ddng, destruction, or loss in value is equal to or greater than the amount of the sums secured by this Secufity Instrument immediately before the partial taking, destruction, or loss in value, unless 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 the sums secured immediately before the p,'u'tial taking, destruction, or loss in value divided by (b) the fair mm'ket value of the Property immediately before the partial taking, destruction, or loss in value. Any balance shall be paid to Borrower. In the event of a partial taking, destruction, or loss in value of the Property in which the fair market value of the Property immediately before the partial taking, destruction, or loss in value is less than the amount of the sums secured immediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument whether or not the sums are then due. 'If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the Opposing Party (as defined iii the next sentence) offers to ~nake an award to settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date the notice is given, Lender is authorized to collect and apply the Miscellaneous Proceeds either to restoration or repair of the Property or to the sums secured by this Security Instrument, whether or not then due. "Opposing Party" means the third party that owes Borrower Miscellaneous Proceeds or the pm'ty against whom Borrower has a fight of action in regard to Miscellaneous Proceeds. Borrower shall be in default if any action or proceeding, whether civil or criminal, is begun that, in Lender's judgment, could result in forfeiture of the Property or other material impairment of Lender's interest in the Property or rights under this Security Instrument. Bon'ower can cure such a default and, if acceleration has occurred, reinstate as provided in Section 19, by causing the action or proceeding to be dismissed with a ruling that, in Lender's judgment, precludes forfeiture of the Property or other material impairment of Lender's interest in the Property or rights under this SecUrity Instrument. The proceeds of any award or claim for damages that are attributable to the impmrment of Lender's interest in the Property are hereby assigned and shall be paid to Lender. All Miscellaneous Proceeds that m'e not applied to restoration or repair of the Property shall be applied in the order provided for in Section 2. 12. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or modification of amortization of the sums secured by this Security Instrument granted by Lender to Borrower or any Successor in Interest of Borrower shall not operate to release the liability of Borrower or any Successors in Interest of Bon'ower. Lender shall not be required to commence proceedings against any Successor in lntenest of Borrower ar to refuse to extend time for payment or otb erwme modify amorazatian of the sums secured by this Security Instrumem by reason of any demand made by the original Borrower or any Successors in Interest of Borrower. Any forbearance by Lender in exercising any right or remedy including, without limitation, Lender's acceptance of payments from third persons, entities or Successors ~n Interest of Borrower or in amounts less than the amount then due, shall not be a waiver of or preclude the exercise of any right or remedy. 13. Joint and Several Liability; Co-signers; Successors and Assigns Bound. Borrower covenants and agrees that Borrower's obligauons and liability shall be joint and several. However, any Borrower who co-signs this Security Instrument but does not execute the Note (a "co-signer"): (a) is co-sigmng this Security (~;I®-6A(WY) (ooo5) CHL (08/00) Page 7 of 11 ~form 30'51 1/01 187 ' DOC ID #: 000330'6295108003' Instrument only to mortgage, grant and convey the co~signer's interest in the Property under the terms of this Security Instrument; (b) is not personally obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower can agree to extend, modify, forbem' or make any accommodations with regard to the terms of this Security Instrument or the Note without the co-signer's consent. Subject to the provisions of Section 18, any Successor in Interest .of Borrower who assumes Borrower's obligations under this Security Instrument in writing, and is approved by Lender, shall obtain all of Borrower's rights and benefits under this Security Instrument. Bon'ower shall not be released fi'om Borrower's obligations and liability under this Security Iustrument unless Lender agrees to such release in whting. The covenants and agreements of this Security Iustrument shall bind (except as provided iu Section 20) and benefit the successors and assigns of Lender. 14. Loan Charges. Lender may chat'ge Bon'ower fees for services performed in connection with Borrower's default, for the purpose of protecting Lender's interest in the Property and rights under this Security Instrument, including, but not limited to, attorneys' fees, property inspection and valuation fees. In regard to any other fees, the absence of express authority in this Security Instrument to charge a specific fee to Borrower shall not be construed as a prohibition on the charging of such fee. Lender may not charge fees that are expressly prohibited by this Secm'ity Instrument or by Applicable Law. If the Loan is subject to alaw which sets maximum loan charges, and that law is finally interpreted so that thc interest or other loan charges collected or to be collected in connection with the Loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the atnount necessat'y to reduce the charge to the permitted limit; m~d (b) any sums already collected from Borrower which exceeded permitted limits will be refunded to Borrower. Lender may choose to make this refund by reducing the principal owed under the Note or by making a direct payment to Borrower. If a refund reduces principal, the reduction will be treated as a pat'tial prepayment without any prepayment chat'ge (whether or not a prepayment charge is provided for under the Note). Bon:ower's acceptance of any such refund made by direct payment to Borrower will constitute a waiver of any right of action Borrower might have arising out of such overcharge. 15. Notices. All notices given by Borrower or Lender in connection with this Security Instrument must be in writiug. Any notice to Borrower in connection with this Security Instrument shall be deemed to have been given to Borrower when mailed 'by first class inail or when actually delivered to Borrower's notice address if sent by other means. Notice to any one Borrower shall constitute notice to all Borrowers unless Applicable Law expressly requires otherwise. The notice address shall be the Property Address unless Borrower has designated a substitute notice address by notice to Lender. Bon'ower shall promptly notify Lender of Borrower's change of address. If Lender specifies a procedure for reporting Borrower's change of address, then Borrower shall only report a change of address through that specified procedure. There may be only one designated notice address under this Security Insu'ument at any one time. Any notice to Lender shall be given by delivering it or by mailing it by first class [nail to Lender's address stated herein unless Lender has designated another address by notice to Borrower. Any notice in connection with this Security Instrument shall not be deemed to have been given to Lender until actually received by Lender. If any notice required by this Security Instrument is also required under Applicable Law, the Applicable Law requirement will satisfy tbe corresponding requirmnent under this Security Insu'ument. 16. Governing Law; Severability; Rules ot' Construction. This Security Insu'ument shah be governed by federal law and the law of the jurisdiction in which the Property is located. All rights and obligations contained iu this Security Instrument are subject to any requirements and limitations of ApPlicable Law. Applicable Law might explicitly or implicitly allow the parties to agree by contract or it might be silent, but such silence shall not be construed as a prohibition against agreement by contract. In the event that any provision or clause of this Security Instrument or the Note conflicts with Applicable Law, such conflict shall not affect other provisious of this Security Instrument or the Note which can be given effect without the conflicting provision. As used in this Security Instrument: (a) words of [he masculine gender shall inean 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 o1' the Property or a Beneficial Interest in Borrower. As used in this Section 18, "Interest in the Property" means any legal or beneficial interest in the Property, including, but not limited to, those beneficial interests transferred in a bond for deed, contract for deed, instalhnent 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 transfen'ed (or if Borrower is not a natural person and a beneficial interest in Borrower is sold or transfen'ed) without Lender's prior written consent, Lender may require immediate payment in full 'of all sulns 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. Initials:~ ~ (~)®-6A(WY) (0005) CHL (08100) Page 8 of 11 ~_Jt orm DOC :ED #: 000 95108003 19. Borrower's Right to Reinstate After Acceleration. If Borrower meets cex'tain conditions, Borrower shall have the right to have enforcement of this Security InsU'mnent discontinued at any time prior to the earliest of: (al 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 fei' the termination of Borrower's right to reinstate; or (c) entry of a judgment enforcing this Security Instrument. Those conditions are that Borrower: (al pays Lender 'all sums which then wonld be due under this Sec~rity Instrument and tile Note as if no acceleration had occurred; (b) cures any default of any other covenants or agreements; (c) pays all expenses incurred in enforcing this Security Instrument, including, but not limited to, reasouable attorneys' fees, property inspection and v',duation fees, 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 reqnire to'assure that Lender's interest in the Property and rights under this Security Instrument, and Borrower's obligation to pay the sums secured by this Security Instrument, shall continue unchanged. Lender may require that Borrower pay such reinstatement sums and expenses in one or more of the following forms, as selected by Lender: (al cash; (b) money order; (c) certified check, bank check, treasurer's check or cashier's check, provided any such check is drawn upon an institution whose deposits are insured by a federal agency, instrumentality or entity; or (d) Electronic Funds Transfer. Upon reinstatement by'Borrower, this Security Instrument and obligations secured hereby shall remain fully effective as if no acceleration had occun'ed. · However, this right to reinstate shall not apply in the case of acceleration under Section 18. 20. Sale of Note; Change of Loan Servicer; Notice of Grievance. The Note or a partial interest in the Note (together with this Security Instrument) c,'m be sold one or more times without prior notice to Borrower. A sale might result in a change in tile entity (known as the "Loan Servicer") that collects Periodic Payments due under the Note and this Security hlstrument and performs other mortgage loan servicing obligations under the Note, this Security Instrument, 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, Borrower will be given written notice of the change which will state the name and address of the new Loan Servicer, the address to which payments should be made and any other inforrnation RESPA requires in connection with a notice of transfer of servicing. If the Note is s01d and thereafter the Loan is serviced by a Loan Servicer other than the purchaser of the Note, the mortgage loan servicing obligations to Borrower will remain with the Loan Servicer or be transferred to a successor Loan Servicer and are not assumed by tile Note purchaser unless otherwise provided by the Note purchaser. Neither Borrower 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 from the other party's actions pursuant to this Security Instrument or that alleges that the other party has breached any provision of, or any duty owed by reason of, this Security Instrument, until such Borrower or Lender has notified the other party (with such notice given in . compliance with the requirements of Section 15) of such alleged breach and afforded the other party hereto a reasonable period after tile giving of such notice to take corrective action. If Applicable Law provides a time period which must elapse before certain action can be taken, that time period will be deemed to be reasonable for purposes of this paragraph. The notice of acceldration and opportunity 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 con'ective action provisions of this Section 20. 21. Hazardous Substances. As used in this Section 21: (al "Hazardous Substances" are those substances defined as toxic or hazardous substances, pollutants/ or wastes by Environmental Law and the following substances: gasoline, kerosene, other flammable or toxic petroleum pi'oducts, toxic pesticides and herbicides, volatile solvents, 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 environmental protection; (c) "Environmental Cleanup" includes any response action, remedial action, or removal action, as defined in Environmental Law; and (d) an "Environmental Condition" means a condition that can cause, contribute to, or otherwise trigger an Environmental Cleanup. Borrower shall not cause or permit the presence, use, disposal, storage, or release of any Hazardous Substances, or threaten to release any Hazardous Substances, on or in tile Property. Borrower shall not do, nor allow anyone else to do, anything 'affecting the Property (al that is in ~iolation of any Environmental Law, (b) which creates an Environmental Condition, or (c) which, due to the presence, nse, or release of a Hazardous Substance, creates a condition that adversely affects the value of the ProPerty. The preceding two sentences shall not apply to the presence, use, or storage on the Property of small quantities of Hazardous Substances that are generally recognized to be appropriate to normal residential uses and to maintenance of the Property (including, but not limited to, hazardous substances in consumer products). Borrower shall promptly give Lender written notice of (al any investigation, claim, demand, lawsuit or other action by any governmental or regulato~3, agency or private party involving the Property and any Hazardous Substance or Environmental Law of which Borrower has actual knowledge, (b) any Enviromnental 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 Hazm'dous Substance affecting the Property is necessm-y, Borrower shall promptly take all necessm-y.remedial actions in accordance with Environmental Law. Nothing herein shall create any obligation on Lender for an Environmental Cleanup. {~j)®-6A(WY) (0005) CHL (08/00) Page 9 of 11 Initials',Z~ ~1 1/01 /- rm DOC ID #: 0003306295108003 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 agree:nent in this Security Instrument 0mt not prior to acceleration nuder Section 18 unless Applicable Law provides otherwise). The notice slmll specify: (a) the default; (b) the actiou required to cure the default; (c) a date, not less Ihan 30 days from the date the notice is given to Borrower, by which the default nmst be cured; and (d) that l'ailnre to cure the del'ault on or before the date speciiied in the notice may result in acceleration ti' the snms secured by Security Instrmnent and sale of the .Property. The notice shall fl]rther inform Borrower of the right to reinstate after acceleration and the right to hring a court action to assert the non-existence of a default or any other defense of Borrower to acceleration and sale. If the derault is not cured on or hefore the date specified in the notice, Lender at' its option may require immediate payment in lull of all sums secured by this Security Instrument without lhrtber demand and may invoke the power of sale and any other remedies permitted by Applicable Law. Lender shall be entitled to collect all expenses incurred in pursuing the remedies provided in tiffs Section 22, including, hut not limited to, reasonable attorneys'. fees and costs of title evidence. It' 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, il' different, in accordauce with Applicable Law. Lender shall give notice of tlie sale to Borrower in tim manner provided in Section 15. Lender shall publish the notice of sale, and the Property shall be sold in the manner prescribed by Applicable Law. Lender or its designee nmy purchase the Property at any sale. The proceeds of the sale shall be applied in the following order: (a) to all expenses of the sale, including, but not limited to, reasonable attorneys' fees; (b) to all stuns secured by this Security Instrument; and (c) any excess to' the person or persons legally entitled to it. · 23. Release. Upon payment of all sums seem'ed by this Security Instrument, Lender shall release this Security Instrument. Borrower shall pay any recordation costs. Lender may chat'ge Borrower a fee for releasing this Security Instrument, but only if the fee is paid to a third pat'ty for services rendered and the chm:ging of the fee is permitted under Applicable Law. 24. Waivers. Borrower releases and waives all rights under and by vi~lue of the homestead exemption · laws of Wyoming. BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this Security Instrument and in any Rkler executed by Borrower and recorded with it. Witnesses: (Seal) -Borrower (Setd) -Borrower (Seal) -Borrower (Seal) -Borrower (~®-6A(WY) (ooos) CHL (08/00) Page 10 of 11 Form 3051 1/01 STATE OF WYOMING, L±ncoln The foregoing instrument was acknowledged before me this by Glanda R. Young and Charles E. YOung DOC 23rd day :rD #i 0003306295:1.0800.3 County ss: of August, 2003 My, Commission Expires: February 2, J ~HOlI.~Ikkhl0~. NO?AI:IY PU~IC 2006 Notary Public (~®-6A(WY) (o0o5) CHL (08/00) Pagellof11