HomeMy WebLinkAbout893027^ug-Z7-03 11:35~m From-Long Beach
+1303220511l T-OgO
P 01Z/045 F-753 Z~~-
When recorded, mail to:
LONG BEACH MORTGAGE COMPANY
P.O. BOX 201085
STOCKTON, CA 95202
LOAN NO. 5764147-7988
89o0 7
BOOK--PR PAGE 205
o,-iV
RE... c ED
LINCOLr:,I COUNTY CLERK
[Space Above Thls Line l~or Recorclhag Data]
MORTGAGE
THIS MORTGAGE ("Security Instrument") is given on 'August 26 , 2003
DUSTIE LYN STEED, A SINGLE WOMAN AS HER SOLE AND SEPARATE PROPERTY
· The mortgagor is
("Borrower"). This S~curity I~trument is given to
LONG BEACH MORTGAGE COMPANY
which is organized and existing under the laws of the State of Delaw~e , and whose
address is 1100 TOWN & COUNTRY ROAD, ORANGE, CA 92868
("Lender"). Borrower owes Lender the principal sum of
One Hundred One Thousand Six Hundred and no/100 ...................................................
Dollars (U.S. $ 101,600.00 ).
This debt is evidenced by Borrower's note dated the same date as thi~ Security Instrument ("Note"), which provides for
monthly payments, with the full debt, if not paid earlier, due and payable on Septembc~r i , 2033
This Security'Instrument secures to Lender: (a) the repayment of the debt evidenced by the Note, with interest, and all renewals,
extcmsions and modifications of the Note: (b) the payment of all other sums, with interest, advanced under paragraph 7 to
prot~t the security of this Security Instrument; and (c) the performance of Borrower's covenants and agreements tmdcr this
Security Insmunent and the Note. For this purpose, Borrower does hereby mortgage, grant and convey to Lender, with power
of sale, the following described property located in LINCOLN County, Wyoming:
LEGAL DESCRIPTION ATTACHED HERETO AND MADE A PART HEREOF
which has the address of 595 MADISON STREET
Wyoming 831 l0 ·
WYOMING-SMgle FamIIy-FNMA/FHLMC UNIFORM
INSTRUMENT Form 305'1 9/80
(~e-$HIWY} (~1403}.01 Amended 1 2/93
VMP MORTGAGE FORMS - (B00}$21
Page 1 of 8 TOWY1 (03,~01) LH
AFTON [S~eec. City].
[Zip Code] ("Property Address");
Aui-27-03 11:36arn From-Long Beach t, tortiage +13032Z05111 ..~.~ T-090 P.013/045 F-753
TOGETHER ~TH ~1 ~e improv~en~ now or herea~er er~t~ on ~e prope~, ~d ~1 e~em~, ~pp~en~ces, ~d
fix~es now or here~ a p~t of ~e propeny. All r~lacem~s ~d additions sh~ ~so be covered by ~is Se~i~
~ent. All of ~e forego~g is ref~ed m ~ ~is Security l~t~m ~ ~e "~opc~ty."
BO~OWER COVENANTS ~ Bo~ower i5 lewdly sebed of the estate hereby conveyed ~d ~ ~e fight to mngage,
gr~t ~d convey ~e Propeay .~d ~at ~e Property is ~cmbered, except for encmbr~ce5 of r~ord. Bo~ower w~
~d will deled gener~ly ~e fide to ~e Property agai~t ~1 claim~ ~d de~, subject to ~y ~cumbr~ces of record.
THIS SECURITY INSTRUMENT ~mbines ~fo~ coven~ts for nadon~ ~e ~d non-unifo~ coven~u wi~ ~ted
vafiadom by ju~dicdon to co~tfmte a unifo~ sec~i~ ~t~ment covering r~ prope~.
UNIFO~ COVENANTS. Bo~ower ~d Lender coven~t ~d agr~ ~ follow~: .
1. Pa~t oF ~dp~ ~d ~t~t; ~epa~ent ~d Late Charge. Bo~ow~ sh~l promptly pay when due ~e
pr~dp~ of ~d ~t~est on ~e debt evid~ced by ~e Note ~d my pr~ay~ ~d late ~ges due under ~e Nom.
2. ~ for T~ ~d ~ce. Subj~t to applicable law or m a wfitt~ w~v~ by ~nder, Bonower s~l pay m
~nder on ~e day ~n~y paymen~ ~e due und~ ~e Note, ~til ~e Note is p~d ~ ~11, a sm ('F~ds") for: (a) ye~ly ~cs
~d ascssmen~ w~ch may a~in p~ofity Over ~is Security I~t~t ~ a lien on ~c Prope~; ~) ye~ly leopold pa~en~
or ground renu on ~e Prop~, if ~y; (c) ye~ly h~d or property ~sur~ce pr~; (d) ye~ly flood i~ur~ pre~,
if ~y; (e) ye~ly mongage ins~ce pr~, if ~y; ~d (0 ~Y ~ payable by Bo~ower ~o ~nder, ~ accord~ce wi~
~e pmvbions of p~agraph 8, in lieu of ~e pa~ent of mortgage ~ce pre~u~. ~ese ite~ ~e c~l~ "Escrow Imn~."
~der ~y. a~ ~y t~, collec~ ~d hold F~ ~ ~ mount no~ to exceed ~e ~m ~ount a l~d~ for a feder~ly
related mortgage lo~ my require for Bo~owcr's escrow ac~t under ~e fed~ Re~ Estate S~emen~ ~o~dures Act of
1974 ~ ~ended t~om t~e ~o t~e, 12 U.S.C. Section 2601 er seq. ("RESPA"), ~ess ~o~er ~w ~ac applies to ~ F~
5e~ a lesser ~oun~. If so, ~der may, at ~y dine, collect ~d hold Funds in ~ ~o~t not to ~ceed ~e lesser ~o~.
~uder ~y es~e ~e m~t of F~ds due on ~ b~b of c~em data ~d re~onable estates of expedites of ~mre
Escrow It~ or o~e~ise ~ ~cord~ce w[~ applicable law.
~e F~d~ sh~l be held m ~ i~dmtion whose d~osiu ~e ins~ed by a feder~ agent, inst~ity, or emity
(~cluding L~d~, if ~der is such ~ i~dmfion) or ~ ~y Federal Home Lo~ B~. ~der shM1 apply ~e F~ to pay ~e
Escrow Ite~. ~nder may not ch~ge Bo~ow~ for hold~g ~d appl~ng ~e F~, ~u~ly ~yz~g ~e escrow accost, or
veri~ing ~e Escrow Ite~, ~ess ~d~ pays Bo~ower ~terest on ~e Fun~ ~d applicable law pe~ts ~nder m ~c such
a ch~gc. Howler, ~d~ my requffe Bo~oWer to pay a one-t~e ~ge for ~ ~depend~t re~ estate ~ repon~g se~ice
used by Lender ~ ~ection wi~ ~b lo~, ~ess applicable law provides o~e~se. U~css ~ agrcemmt i5 male or
applicable law requires ~terest to be p~d, Lend~ 5h~l not be requir~ to pay Bo~ower ~y ~ter~t or e~gs on ~e Fun~.
Borrower ~d ~nder ~y agree ~ wfit~g, however, ~at in~es~ sh~l be p~d en ~e Funds. ~der sh~l give ~o Bo~ower,
wi~out ch~ge, ~ ~ acco~t~g of ~e Funds, showing cr~ ~d debi~ to ~e Funds ~d ~e pu~os.e for which ca~
debit to ~e Funds w~ ~e. ~e F~ds ~e pledged as addidon~ s~i~y for ~1 sTM secur~ by ~is S~fi~ I~ent.
If ~e F~ held by ~der ~c~d ~e mo~ pe~ued to be held by applicable law, ~der sh~l acco~ m Bo~ower
for ~e ~ce~5 F~ds ~ accord~cc wi~ ~e requir~en~ of applic~le law. If ~e ~o~t of ~e F~ held by ~nder a~ ~y
dine is not ~uffici~t m pay ~e Escrow It~ wh~ due, ~nder n~y so nofi~ Bo~ow~ ~ wring, ~d, ~ su~ case Bo~ower
sh~l pay m L~d~ ~e ~oum necess~ to ~e up ~e deficiency. Bo~owc~ sh~l ~C up ~e deficien~ ~ no more ~
~elve mou~ly paym~ts, a~ ~nder's sole discretion.
Upon pa~t ~ ~11 of ~1 su~ s~ed by ~ Se~ri~ Instant, Lend~' ~1 promptly re~d to Bo~ower my
Fun~ held by ~der. If, under p~agraph 21, ~nder sh~l acquire or sell ~e ~openy, L~der, prior to ~e acquisition or s~c
of ~e Propc~y, sh~l apply ~y F~ds held by ~der a~ ~e ~me of ~q~ifion or s~e as a credit agent ~c s~ se~r~ by
· b Securiw I~tmment.
3. App~don of Pa~. U~css applicable law provides o~c~ise, ~I paym~u rec~wd by Lender ~der p~agraphs
1 ~d 2 sh~l be applied: ~st, to ~y pr~a~ent ch~ges due under ~e Note; second, to ~oums pay~le ~der p~a~aph 2;
· ird. ~o inter~c due; fou~, to pr~p~ due; ~d l~t, to ~y late ch~g~ due ~der ~e Note.
' 4. Chugs; Li~. Bo~owcr ~1 pay ~1 ~cs, ~sessmen~, ch~ges~ fines ~d ~posido~ a~butable to ~c Prope~
which ~y a~t~ priority ov~ ~ Se~ri~ ~st~ment, ~d l~old pa~ents or gro~d ~n~, if my. Bo~ower sh~l pay
~ese obtigatio~ in ~e mann~ provided in p~agraph 2. or if no~ p~d ~ ~ac m~, Bo~ower ~1 pay ~ on time dir~tly
m ~e p~son owed payment. Bo~ow~ sh~l promptly ~sh to L~dc~ ~1 notices of ~o~ts m be p~d ~dc~ ~is p~raph.
If Bonower ~es ~e~e pa~cs direc~y, Borrower sh~l promptly furnish to L~der receipu evid~cing ~e paymenm
Bo~ower sh~l promptly disch~ge ~y lira whi~ has priority ovc~ ~b Security ~ent ~less Bo~ower: (a) agrees in
writing to ~e paym~t of ~e obligation ~ec~ed by ~e lien ~ a m~ acc~table to ~nder: ~) conms~ in good f~ ~e li~
by. or def~ds ag~nst ~forc~m of ~e lien ~, leg~ procee~gs w~ch ~ ~he ~nder's opi~on operate to prcven~ ~e
enforcer of ~e lien: or (c) set,es from ~e holder of ~e lien ~ agreement satbf~to~ to ~nder mbor~at~g ~e lien to
· is 'gec~i~ ~st~ment. If ~d~ de~emes ~at ~y p~ of ~e Prope~ ~ subject to a lien which ~y a~t~ priority over
fl~is SeC~ty.~stmm~t, ~nder n~y give Bo~ow~ a notice identi~iag ~e lien. Bo~ow~ sh~l s~tisfy ~c lien or ~e one or
rare of me a~io~ set fora ab0~e W~ 'i'0 ~'~ys'~f ~e' giving'of n°dce. ' ..............................
Form 30~/90
· Dw~t (~ao~',,. Lo~ No. 576414
:?:"2;': ..
";':.:::;iii::,
,.
Aug-2T-O:] ]1 ::~6am From-lon~' Beach ktortga~'a +1303zZ. O,5~L~] .,~ T-OB0 P.014/045 F-T5~
· 5. ~rd or ~ope~y I~ce. Borrower sh~l keep ~e improve~ now existing or her~tcr ere~ed on' ~e
Prop~y ~s~ed against loss by fire, h~ds ~cluded wi~in ~e term "ext~ded coverage" ~d ~y o~ h~. ~dud~g
floods or flood~g, for which ~er re~ke~ ~sur~ce. ~s insur~ce sh~l be mtmed in ~e ~ounU ~d for ~e pmods
~at ~der toques. ~e ~ee e~er proving ~e ins~mce sh~l be chos~ by Bo~ower subject to ~d~'s approv~
wMch sh~l not be ~re~°nably wi~eld. If Bo~ower f~ls to mt~ ~verage desefib~ above, ~der ~y, at ~nder's
option, ob~n coverage to protect Lend~'s figh~ ~ ~e Property ~ accor~e wi~ p~agraph 7.
All ~ur~ce poHeies ~d r~ew~s sh~ be acc~table to ~der ~d sh~l include a s~d~d mongage c~use. Lcmder
sh~l have ~e right to hold ~e policies ~d r~ew~s. If ~der requires, Bo~oxver sh~ promptly give to ~nd~ ~ receipts of
paid pre~u~ ~d renew~ notices, h ~e cyst of loss, Bonower sh~l give prompt notice to the 'i~ce c~er ~d ~nd~.
~nd~ ~y m~e proof of loss if not ~de promptly by Bonower.
U~ess Lmder ~d Bo~ower oSe~e agree in wfit~g, insilco pro~s s~l be applied to restoration or repair or' ~e
Prop~y ~ged, ~f ~e restoration or r~ is econo~c~ly fe~ible ~d Lend~'s securiw is not lessened. If ~e re~toradon or
roper is not econo~c~ly t~ible or L~der's security wo~d be less~ed, ~e insur~ce procee~ sh~l be appli~ to ~e su~
secured by this Security hst~ent, whe~ or not th~ due, with ~y excess paid ~o Bo~ower, It' Bonower ab~do~ ~e
Property, or does not ~wer wi~in 30 days a notice tom L~der ~at ~e i~ce c~ h~ offered to settle a cl~a, ~en
~nder ~y collect ~he i~ur~ce proceed. ~nder ~Y use ~e proceeds to r~r or restore ~e Prop~y or to Pay
secured by ~is Sec~ ~st~t, whe~er or not ~en due. ~e 3~day period will begin when ~e notice is given.
U~ess ~nd~ ~d Bonower o~e~ise agree ~ ~ting, ~y application of pro~eds to pr~cip~ sh~l not extend or
pos~one ~e due date of ~e ~n~y payments refeaed to ~ p~agrap~ 1 ~d 2 or ch~ge ~e m~t of ~e payroll. If
~dcx p~raph 21 ~e Property ~ acquired'by L~d~, Bo~ower's right to ~y insilco policies ~d proceeds resulting from
d~ge to ~e Property prior to ~e acquisition sh~l p~s to ~nd~ to ~e extent of ~e s~ sec~ed by ~ Securi~ Instm~t
i~ediately prior to ~e acquisition.
6. Occupancy, ~ervation, ~t~ee and ~ot~fion of ~e ~ope~; Bo~ower's ~ App~fion~ L~olds.
Bo~ower sh~l occupy, establ~h, ~d ~e ~e Prope~y ~ Bo~ower's p~eip~ residence wi~in ~ty days after ~e ex~ufion of
· is S~ufity ~t~t ~d sh~[ ~n~ue to occupy ~e Prop~ as Bo~wer's pr~cip~ residen~ for at l~t one ye~ ~er
· e date of occup~cy, u~ess Lender o~e~ise agrees ~ writing, which consent sh~[ not.be u~e~onably wi~eld, or ~ess
~muafing ~t~ces exist which ~e beyond Borrower's ~ntrol. Bo~ower sh~l not des~oy, d~ge or ~pair ~e
Prope~, ~low ~e ~op~y to d~efiorate, or co~t w~te on ~e Property. Bo~ower sh~l be ~ de~t if ~y fodei~e
action or proceeding, whether civil or c~n~, ~ be~ ~at in ~nder's good f~th judgment could r~ult ~ foffei~re of ~e
Prope~y or o~e~ise ~teri~y imp~r ~e lien created by ~ Sec~ty ~m~t or ~nd~'s seeufi~ ~terest. Bo~ower
c~e su~ a default ~d r~tate, ~ provid~ ~ p~agraph IS, by ea~g ~e action or proceed~g to be ~s~ wi~ a
· at, in L~der's good f~ detonation, precludes foff~t~e of ~e Bo~ower's ~terest in ~c P~pe~ or o~er ~tefi~
hup~ent of ~e lien crated by ~is Seedily ~tmment or L~der's sec~ty ~t~est. Bonow~ sh~l ~so be in delh~t
Bo~ower, d~g die lo~ application process, gave n~tefi~ly t'~e or inaccurate ~fom~fion or stat~nu to ~nder (or
to provide ~nder wi~.~y ~teri~ ~fomfion) ~ co~ection wi~ ~e 1o~ evid~ced by ~e Note, ~elud~g, but not
to, r~resentado~ eonce~ng Bo~ower's o~up~ey of the Prop~y ~ a pfincip~ residence. If ~is Sec~i~ ~tmm~t is on a
le~ehold, Bo~ow~ s~l comply wi~ ~1 ~e provgio~ of ~e le~e. If Bo~ower acqukes fee tire ~o ~e ~ope~y, ~e
le~ehold ~d ~e fee title sh~l not merge ~ess Lender a~ees to ~e m~g~ ~ writing.
7. ~ot~fion of L~der's ~ghts ~ the ~ope~y. If Bo~ower ~ to peffo~ ~e coverts ~d agrem~ts cont~n~
~g Security Imment, or ~ere ~ a leg~ proceed~g ~at ~y sig~fic~fly ~ect L~der's ri~ ~ ~e Property (such ~ a
procee~g ~ b~pt~, probate, for cond~ation or foffeit~e or to enforce laws or relation), ~ ~nd~ ~y do ~d
pay for whatever is neeess~ to protect ~e v~ue of ~e Property ~d ~nder's fighu ~ ~e Property. ~nd~'s aetio~ ~y
include pay~g ~y' s~ secured by a lien which h~ priority over ~s S~ufity ~ment, appc~g ~ ~, pay~g
reportable anoints' fccs ~d ente~g on ~e Property to m~e rep~rs. Al~ough ~der ~y t~e action ~der ~is paragraph
.7,' ~nder does not have to do so.
~y. ~o~ disbursed by ~nd~ ~der ~is p~agraph 7 sh~l become ad~tion~ debt of Bo~ow~ 5e~ed by
Security hstm~t. U~ess Bo~ower ~d ~der agree to o~~ te~ of paym~t, ~ese ~o~ sh~l be~ in,est from
date of disb~s~nt at ~e Note rate ~d sh~l be payable, wi~ ~terest, upon noti~ from ~der to Bo~wer r~uest~g
payment.
8. Mortgage Instance. If ~nder requked mortgage ~ce ~ a condition of ~g ~e lo~ sec~ed bY ~is Sec~ty
~st~ent, Bo~owcr sh~l pay ~e pr~m~ required to ~intm ~e ~ng~e ~ur~ce in effect. If, for ~y re.on, ~e
mortgage i~ur~ coverage requked by Lender hpses or ce~es to be in effect, Bo~ower 5h~l pay ~e prc~ requir~ to
ob~n ~verage subst~ti~ly equiv~ent to ~e mortgage im~ce previo~ly ~ off. t, at a cott subst~ti~ly eq~v~ent to ~e
cost to Bo~wer of ~e mortgage ~urmce previously in effect, ~om ~ ~t~ate mortgage ~s~er approv~ by ~der. If
~ subst~ti~ly equiv~t moagage ~umce cover~e, is not av~able, Bo~ower shatl pay to Lender ~ mona a sm equ~ to
on~twel~ of ~c fc~ly mo~gage i~ce p~m b~g p~d by~ Bo~ow~ when ~e i~cc cov~age lapted or cc~
be in ~fect. ~der will accept, use ~d ret~ ~ese payments ~ a lo~s rese~e in li~ of mongage i~ur~ce. ~ss re5e~e
Form 30~
Au~-27-03
ll:37am From-Long Beach Mortgai'e +130'32.21~1~:~.~{.}~,~;.~-0g0 P.015/045~,65~3
~e~ts ~ ~o lo~e~ be [e~rcd, at ~c o~fio~ of L~d~, if mo~g~gc ~u~ce coverage (in ~c ~[ ~d for ~c ~edod
· at ~der' requ~s) provided by ~ i~er approved by ~nder ag~ b~omes av~lable ~d ~ obt~ed. Bo~ow~ s~l pay
~e pre~ required to ~n~m ~ngage inmr~ce M effect, or to provide a loss r~e, ~tH ~e requkement for mo~gage
i~ur~ce ends ~ accord~ce wi~ ~y wrinen agre~t between Bo~ower ~d ~nder Or applicable law.
9. ~p~fion. ~d~ or im agent ~y m~c reportable ~tries upon ~d 1nspectio~ of ~e P~peny. Lender ~h~l give
Bo~ow~ notice at ~e t~e of or p~or to ~ ~pemion speci~ing reportable ca~e for ~he ~tion.
10. Conde~afion. ~e proceeds of ~y awed or cl~ for ~ages, direct or co~equ~ti~, ~ co~cdon wi~ ~y
condition or o~er ~ng of ~y p~ of ~e Property, or for convince in l~eu of conde~fion, ~e hereby ~igned ~d
sh~l be p~d to ~nder.
In ~e event of a total ~ing of ~e Property, the proce~ sh~l be applied to ~e su~ Secured by ~is Security ~nt,
whe~ or not ~ due, wi~ ~y excess p~d to Bonower. In ~e ~t of a p~i~ t~g of ~e Property in whi~ ~e f~r
m~ket v~ue of ~e Pmpe~ i~ediately before ~e t~g is equ~ to or greater ~m ~e ~o~t of ~e s~ secured by ~s
Sec~i~ ~st~ent ~ed~ely before ~e t~g, u~s Bo~ower ~d ~der o~e~ise agree ~ writing, ~e s~ secured by
~ Security ~ment sh~l be reduced by~e ~ount of ~e proceeds mMtiplied by ~e fo~ow~g ~action: (a) ~e
~o~t of ~e s~ s~red ~ediaely berate ~e t~g, divided by ~) ~e ~r m~ket v~ue of ~e Prope~ ~diatMy
before ~e t~g. ~y b~ce shM1 be paid to Bo~ower. h ~e ev~t of a p~ ~ng of ~e Prop~y in whi~ ~e f~r
m~rket v~ue of ~e Prope~ ~diately before ~e t~ing ~ less ~ ~e ~t of ~e s~ secur~ i~ediately b~ore ~e
t~g, ~es~ Bo~ower ~d L~d~ o~e agree ~ ~ting or ~le~s applicable law o~e~e provides, ~e proc~ds sh~l
be applied ~o ~e snm~ secured by ~is Sec~y I~ment whe~er or not ~e s~ ~e ~en due.
If ~e ~op~ ~ ab~doned by Bo~ower, or if, Mt~ notice by ~nder to Bo~ower ~at ~e conde~or off~s to ~e
awed or settle a elm for d~ages, Bo~ower f~l~ to ~pond to ~der wi~ 30 ~ys a~er ~e date ~e notice ~ give,
~der is au~ofized to collem ~d apply ~e proce~, at i~ option, ~er m restoration or r~r of ~e P~p~ or to ~e s~
secured by ~ Sec~ty ~ment, whe~er or not ~en due.
U~ess ~der ~d Bo~ower o~e~e agree ~ wfit~g, ~y application of proceeds to p~cipM ~1 not ext~d or
Pos~on~ ~e due date of ~e mon~ly pay~ r~ed to ~ p~agrap~ 1 ~d 2 or ch~ge ~e ~o~t of su~ payroll.
11. Bo~ower Not RM~ed; Forb~ranee By Leader Not a W~v~. Ext~ion of ~e t~e for pa~t or modi~cation
of mn~tion of ~e s~ secured by ~s Sec~v ~t~nt grated by Lender m ~y successor ~ ~t~est of Bo~ower ~h~l
not opiate to ~le~e ~e l~bility of ~e ofig~ Bo~ower Or Borrow~'s successors in interest. ~d~ s~l not be requk~
com~ce proceed~s ag~t ~y successor in interest or te~e to ~t~d t~e for paint or othe~ise mo~fy ~ordzafion
of ~e s~ se~ed by ~s Secufiw I~t~t by re,on of ~y demand ~de by ~e ofig~ Bo~ower or Bonowcr's
successors ~ int~est. ~y forb~r~ce by L~der ~ ~c~g ~y fi~ or r~dy sh~l no~ be a w~ver of or prelude ~e
~erei~e of ay right or remedy.
1~. ~ee~sors ~d As~ Bo~d; Joint ~d S~ Lia~ty; Co~ign~s. ~e coven~ts ~d agreements of
Sec~ty ~me~ sh~l b~d ~d benefit ~e successors ~d ~si~ of ~der ~d Bonower, subj~t ~ ~e provisions of
p~agraph 17. Bo~weFs cov~m ~d ag~eem~ts sh~l be joint ~d seruM. Any Bonower who co-sig~ ~ Se~fi~y
~t~t but does not excite ~e Note: (a) is co-s~gnlng ~s SecufiV Inst~ent only to mngage, ~t ~d convey
Bonower's interest in ~e Property und~ ~e te~ of ~is Se~ ~nt; ~) ~ not person~y obli~ted to pay ~e s~
sec~ed by ~ SecnfiV Instrument; ~d (e) agrees ~at ~nder ~d ~y o~ Bo~ow~ ~y agree to ex~end, mdi~, forbe~ or
m~e ~y acco~dado~ wi~ reg~d ~ ~e t~ of ~s Sec~ty ~nt or ~e Note wi~out ~at Bo~ow~'s cogent.
13. La~ Chugs. If ~e lo~ sec~ed by ~ Sec~i~ ~t~t ~ subject to a law which scm ~imm lo~ ~ge~,
~d ~at law is fin~ly interfered so ~at ~e ~t~es~ or o~ lo~ ~ges ~ll~ted or m be coll~t~ in ~cction wi~ ~e
lo~ exceed ~e p~tt~ l~ts, then: (a) ~y ~uch lo~ ch~gc shM1 be reduced by ~he ~o~t n~ss~ to redu~ ~e ~gc
to ~e p~tted li~q ~d (b) ~y s~ Mr~dy colleaed from Boaower w~ exceeded pe~ued li~t~ will be re~d~ to
Bo~ower. L~d~ ~y ~oose ~o m~e ~is ~d by reduc~g ~e pr~cipM owed under ~e Note or by ~g a ~ect
pay~nt to Bo~ow~. If'a re,nd r~es p~ip~, ~e reduction w~l be tr~d ~ a p~iM pr~ay~nt wi~out ~y
pr~ayment ~ge ~der ~e Note.
l& No~c~. Any notice to Bo~ower provided for in ~is Security In,mt ~hM[ be given by delivet~g it or by ~ling
it by firs~ cl~s ~1 ~less applicable law req~e~ use of ~o~er me,od. ~e notice ~l be d~ected to ~e Prope~ Address
or ~y o~er ~dress Bo~ow~ designates by notice to ~nder. Any nofi~ to Lcmd~ sh~l be giv~ by f~st cl~s ~1
Lender's addres~ ~tated h~e~ or ~y o~er address ~nder designat~ by notice to Bo~ower. ~y notice provided for ~ ~is
Se~ty I~t~ent shill be deemed to have been given to Bo~ower or Lender wh~ giv~ ~ provid~ ~ ~s p~a~aph.
15. Gov~g Law; Sev~ab~ty. ~is Security I~t sh~ be gored by federfl law ~d ~e law of the
j~isdicfion in w~ch ~e Prope~ ~ located. In ~e event ~t ~y prov~ion or c~e of ~ 5~i~ ~t~t or ~e Note
conflic~ wi~ applicable law, su~ ~nflict shill not affect o~er provisio~ of ~ S~mi~ ~nt or ~e Note whi~ c~ be
given effect wi~out ~e conflict~g provision. To ~is end ~e provisio~ of ~ Se~i~ ~st~m~t ~d ~e Note ~e decided
to be s~ablc.
1~. Bo~ower?s Copy. Bo~ower sh~l be giv~ one confo~d copy of ~e Note ~d of ~i~ ~ec~iw Inst~ment.
Form ~1
T~W~ (~o~n. ~. Lo~ No. 5764147-~ -
205
17. Transfer o1' the l'~'opert)' or a Benel'ieial Interest in Borrower. Ii' all or an), part ox' the ?roperS, or an), imerest in it
iS sold or transferred (or L5 a beneficial interest in Borrower is sold or transferred and Borrower is not a natural person) without
Lender's prior wnaen consent, Lender ma),, ar its option, require immediate pa),ment in full ox' all sums s~ured b), this
Seedily Instrument. However, tl~is option shall not bo ex~cisecl b), Lender it' exemse is prohibited b), federal law as of the date
of this Security Instrument.
Ix' Lender exercises this option, Lender shall give Borrower notice of acceleration. Tine notice shall provide a period of not
less'tha~ 30 da),s x'rom the ~te the notice is delivered or mailed withLa which Borrower rrmst pa3' all snm~ secured by vhiu
Securi£), Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender may involve un3' remedies
permitted b), t~is Sea.u-it)' Inset without ~urtlaer notice or demand on Borrower.
18. Borrower's tLight to RL~nstate. If Borrower meets certain conditions, Borrower shall have the right to bare
erfforcemem ox' this Seem-iS, Imsmunem discontinued at an)' time prior to the earli~ ol': (a) 5 days (or such other period as
applicable law ma), specff3' for reinstatement) before sale ox' the Propert)' pursuant to any pawer of sale contained in this
Security Instrument; or Co) emr7 o~ ajudgmem enforcing thi~ Secusi~ In~strument. Those conditions are that Borrower: (a) pa),s
Lender all sums which ~en woulcl be due ~mdc,-r this Secure3' I.n.m'ument and the Note as if no acceleration had oceurred: Co)
cures m), default of any other covenants or agreements; (c) pays all expenses incurred in enfor~ng this Secutig, Instrument,
including, but not limited to, reammble attorneys' lees; and (d) takes such action as Lender ma3, reasonabl3, require to assure
that the lien of this Securig, Instrument, Ler~der's rights La the Propers, and Borrower's obligation to pa:/the sums secured by
~ Security Instrument shall continue unchangecl. Upon reinstatement b), Borrower, th.is Security I. nsu'm, nent and ~e
obligations secured l~ereb), shall remain full), ~£ective as if no acceleration had oecd-red. However, this right to reinstate sl~all
· not appl3' La the case ox' acceleration reader paragraph 17.
19. Sale of Note; Change ~ Loan Servicer. Tla¢ Note or a partial interest in the Note (together wi~ il-tis Securit)'
InstrUment) ma), be sold one or more times without prior notice to Borrower. A sale may reset in a change in the emit), go, own
as the "Loan Servicer") vhat collems moadzl), pa3q'nems due mater the Note and this Seeurit), Instrument. There also ma],, be one
or more changes of the Loan Servicer u~r¢larecl to a sale of the Note. If daere is a change ox' the Loan Servicer, Borrower will be
given written notice of the change in accordunee with paragraph 14 above and applicable law. The notice will state the name ant1
~ddress of the new Loan Servicer and the adcLress to which payments should be made. The notice will also eomalJa any other
inx'ormation required b), applicable law.
20. l~zurdous S~bstances. Borrower shall not cause or permit ~e presence, use, disposal, storage, or release ox' an),
Ha2ard0us Substances on or ~ ~e PropertT. Borrower shall not do, nor allow anyone else to do, anything affecting the
Properey that is in violation of an), Environmental Law. The preceding two sentences shall not ~pply to ~e presence, use, or
storage on the Propert3, of small quantkies of Hazardous 5~ubs~ances that are generally recognized to be appropriate to nom'xal
residential uses and to maintenance of ~e Propert3'.
Borrower shall promptl3' give Lender written notice ox' an3' Lavesdgadoa, e]~im, demand, lawS~Lit or other action by an)'
governmental or regulator3' agency or private part3' involving the Propert)' and an), Hazardous Substance or ~nvironmental Law
ox' wlfich Borrower has actual k~owledge. Il' Borrower lemms, or is notified by an), governmental or regulator~ authorit),, that
an)' removal or other remediatiou of an3, Hazardous Substance affecting the Propert)' is necessar3', Borrower shall promptly take
all necessar7 remedial actions in accordance wi~ Environmental Law.
As used ~ this paragraph 20, "H. azardons Substances" are those s~bstances defined as toxic or hazardo~ substances
'Environrncnt~l Law and the following substances: gasoline, kerosene, o~er flammable or toxic petroleum produeu, toxic
pesticides and herbicides, volatile solvents, materials ¢ontainlng asbestos or x'ormaldeh),de, and radioactive materials. As used in
· is paragraph 20, "Envirom'nen~al Law' meanu x'¢deral laws and laws of the jurisdiction where the Property is located
relute to health, saJ'egr or environmental protection.
NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows:
21. Acceleration; Reme~es. Lender shall give notice to Borrower prior to acceleration l'ollowing ~orrow~'s breach
of ~n), eovena, nt or agreement in tl~s Securit), In.strurnent Cout not prior to acceleration under paragraph 17 unless
applicable law provides otherwise). The notice shall specify: (a) the del'a~t; (b) the action required to cure the defaLflt;
(c) a date, not less than 30 days from the date the notice is given to Borrower, by which the default must be cured; and
(d) that failure to cure the det'aalt on or before the date specified in the notice may result in acceleration otr the snm~
secured by this Security Instrument and sale of the Property. The notice shall further inform Borrower of the right to
rehastate after acceleration and the right to bring a court action to assert the non-e.'dstence of a default or any other
defense of Borrower to acceleration and sale. If the default is not cured on or before the date specified in the notice,
Lender, at its option, may require immediate payment in l~fll of all sums secured by this Security Instrument without
further demand mad may invoke the power of sale and any other remedies permitted by applicable law. Lender shall be
entitled to collect all expenses incurred in pursuing the remedies provided in this paragraph 21, ix~cluding~ but not limited
to, reasonable attorneys' fees and costs of title evidence.
If Leader invokes the power ot sale, Lender shall give notice o1' intent to foreclose to Borrower and to the persort in
possession of the Property, if dffferent~ ia accordance with applicable law. Lender shall give notice of the sale to
Form- 3L.O~ 919 0
men, s (o~a~) t~ Loan No. 5764147-7988
Aug-2T-03 11:39am From-Long Beach Mortgag, +1303Z295111 T-O~O P.Oll/04§ F~T53
Borrower in the manner provided in paragraph 14. Lender shall publish thc notice of sale, and the Property shall be sold
in the manner prescribed by applicable law. Lender or its designee may purchase the Property at any ~ale. The proceeds
ot 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 s,rn~ secured by this Security Instrument; and (c) any excess to the person or persons legally
entitled to it.
22. Release. Upon payment of all sums secured by this Security Instrument, Lender shall release this Security Instrument
to Borrower. Borrower shall pay any recordation costs. Lender may charge Borrower a fee for releasing this Security
Instrument, but only if the fee is paid to a third parry for services rendered and the charging of the fee is permitted, trader
applicable law.
23. Waivers. Borrower waives all rights of homestead exemption in the Property and relinquishes all fights of curtesy and
dower in the Property.
24. Riders to this Security Inst~ent. If one or more riders axe executed by Borrower and recorded together with this
Security Imtmment. the covenants and agreements of each such rider shall he incorporated into and shall amend and supplement
the covenants and agreements of this Security hasmmaent as if the rider(s) were a part of t_his Security Instrument.
[Check applicable box(es)]
~-~ Adjustable Rate Rider [~ Condomixfium Rider [~ 1-4 Family Rider
~ Graduated Payment Rider [~ Planned Unit Development Rider [~ Biweekly Payment Rider
~ Balloon Rider ~ ~] Rate Improvement Rider ~ Second Home Rider
~ V.A. Rider ~-~ Other(s) [specify]
BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants cortrained in this Security ImLmment and
Witnesses:in any rider(s) executed by Borrower and recorded with it. (~'~l~r'~/'~.~--, (Seal)
- D U S'O-'~T~ LY~ST~:UEflD' / .Borrower
(Seal)
-BOrTOW~r
(Seal) ($e~l)
-]~oIIowcf -~orrower
STATE OF WYOMING, LINCOLN
The foregoing instrument was acknowledged before'me this 27 th
by DUSTIE LYN STEED
(person acknowledging)
My Commission Expires: February 2, 2006
I~)~-6H(WY)
TDWY6 (03,'30/~'' ' ~' :
No m.ry l>ubllc
~laOe 6 of 6
County ss:
day of August, 2003 (dam)
Form 3051 9190
Loan No. 5764147-7988
211
LEGAL DESCRIPTION
Part of Lot 3 of Block 26 of the Afton Townsite, Lincoln
County, Wyoming being more particularly described as follows:
BEGINNING at the Southwest corner of said Block 26 and
running thence North 9.5 rods;
thence East 7 rods;
thence South 9.5 rods;
thence West 7 rods to the POINT OF BEGINNING.
Aug-27-03
ll:40am From-Long Beach Bort[age
+1303220511I T-O§O P.018/045 F-75~
Lea= No. 5764147-7988
FIXED/ADJUSTABLE RATE RIDER
(LIBOR Index - Rate Caps)
THIS FIXED/ADJUSTABLE RATE RIDER is made on this 26th day of August ,
2003 , and is incorporated into and shall be deemed to amend and supplemem the Mortgage, Deed of
Trust or Security Deed (the "Security InsLmment") of the same date givm by the undersigned (the "Borrower") to
secure Borrower's Fixed/Adjustable Rate Note (the "Note") to:
LONG BEACH MORTGAGE COMPANY
(the"Lender") of the same dare and covering the property described in the Security Insmunent and located at:
595 MADISON STREET
AFTON, WY 83110
[?rope~ry Address]
THE NOTE PROVIDES FOR A CHANGE IN THE BORROWER'S FIXED INTEREST
RATE AND TO AN ADJUSTABLE INTEREST RATE. THE NOTE LIMITS THE
AMOUNT .THE BORROWEWS..ADJUSTABLE RATE CAN CHANGE AT ANY ONE
TIME AND THE MAXIMUM RATE THE BORROWER Must PAY. ' ....
ADDITIONAL COVENANTS. In addition to bbc covenants and agreemems made in the Security lnqtmment,
Borrower and L~dc~ further covenant and agree as follows:
A., ADJUSTABLE RATE AND MONTffLY PAYMENT CIIANGES
The Note provides for an initial fixed interest rate of
a change in the initial fixed rate to an adjustable interest rate, as follows:
6.325
%. The Note also provides for
1. ADJUSTABLE INTEREST RATE AND MONTIILY PAYMENT CHANGES
(a) Change Dates
The irfitial f~ed interest rate will change to an adjustable interest rate on ~he first day of September ,
2005 , and on the first day of the month every 6th month thereafter. Each date on wlfich the adjustable
interest rate could change is called a "Change Date."
(b) The Index
Beginning with the first Change Date, the interest rate will be based on an Index. The "Index" is the average
of the London interbank offered rates Ibr six month dollar deposits in the London market based on quotations at
five major banks ("LIBOR"), as set forth i.n the "Money Rates" section of The Wall Street Journal, or if the
Money Rates section ccase9 to be published or becomes unavailable for any reason, then as. set forth in a
comparable publication selected by the Lender. The most recent Index figure available as of the date 45 days
before each Change Date is called the "Current Indcx."
(c) Calculation of'Change~
Before each Change Date, the Lender will calculate my nM' interest rate by adding Four and Ninety
Nine Hundredths percentage point(s) ( 4.990 %) to the
Current Index. The Lender will the~ round the result of this addition to the nearest one-eighth of one percentage
pelt (0.125%). Subject to thc limits stated in Section l(d) on the following page, ~ rmmded amount will be the
new intc-rcst rate umil the next Change Date.
F~xedlAdjustable Rate Rider - Libor
~-,1, 956016 Isslo~
ELECTRONIC LA~ER FOR~S. INC. · [800)327~O$~-5
Aui-ZT-03 ll:40am From-Loni Beach Mortlaie
+13032205111
T-090 P.019/045 F-753
The Leader will then de~ermine the amount of the monthly payment that would be sufficient to repay the
unpaid principal balance as of the Change Date in full on the Maturity Date at the new interest rate in
substantially equal payments. The result of this calculation will be the new monthly payment,
(d) Limits on Interest Rate Changes
The interest rate at the first Change Date will not be greater than 7.325 % or less than
6.325 %. Thereafter, the adjustable interest rate will never be increased or decreased on any
single Change Date by more than One
percentage points ( 1.000 %) from the rate of interest applicable during the preceding 6 mouths. The
adjustable interest rate' will never be greater than 12.325 %, which is called the "Maximum Rate"
or less than 6.325 % which is called the "Minimum Rate".
(e) Effective Date of Changes
Each new adjustable interest rate will become effective on each Change Dare. The amount of each new
monthly paymem will be due and payable on the first monthly payment date after the Change Date until the
amount of the monthly payment changes again.
(f) Notice of Changes
The Lender will deliver or mail a notice of any changes in the adjustable interest rote and the amount of the
new monthly payment to the Borrower before the effective date of any change. The notice will include
information required by law to be given [o the Borrower and also the fide and telephone number of a person who
will answer any questions regarding the notice.
B- TRANSFER OF'TIlE PROPERTY OR A BENEFICIAL INTEREST IN BORROWER
1. Until Borrower's initial fixed interest rate changes to an adjustable interest rate under the terms stated in
Section A above, Uniform Covenant 17 of the Security Imtmment. pmvides as follows:
Transfer of the ProperBr or a Beneficial Interest in Borrower. If all or any part of the Property or any
interest in it is sold or transferred (or if a beneficial interest in Borrower is sold or transferred and Borrower is not
a natural person) without Lender's prior written consent, Lender may, at its option, require immcmliate payment in
full of all sums secured by this Security l. nstrumenr. However, this option shall not be exercised by Lender if
exercise is prohibited by federal law as of the date of this Security Instrument:
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 Me notice is delivered or mailed within which Borrower must pay all
sums secured by this Secur/~y Instrument. If Borrower fails to pay these sums prior to the expiration of this
period, Lender n~y invoke any remedies permitted by this Security Instrument without further notice or demand
on Borrower.
2. When Borrower's initial fixed interest rate changes to an adjustable interest rate under the terms stated in
Section A above, Uniform Covenani 17 of the Security Instrument contained in Section B(1) above shall then
cease to be in effect, and Uniform Covenant 17 of the Security Instrument shall be amended to read as follows:
Transfer of the Property or a Beneficial Interest in Borrower. If all °r any part of the Property or any
interest in it is sold or transferred(or if a beneficial interest in Borrower is sold or transferred and Borrower is not
a natural person) without Lender's prior wrinen coasemt, Lender may, at its option, require immediate payment in
full of all s,m~ secured by tiffs Security Instrument. However, dais option shall not be exercised by Lender if
Fixefl/Adjugtable Rate Rider - Libor
11:40a~
From-Loni Beach Mortgage
+13032205111 T-0g0 P.020/045 F-753
Loan No. S764147-7988
exermse is prohibited by federal law as of the date of th.is Security Instrument. Leader also shall not exerckse tkis
option if: (a) Borrower causes to be submitted :o Leader information required by Lender to evaluate the intended
transferee as if a new loan were being made to the transferee; and (b) Leader reasonably deten~6.nes that L~nder's
security will not be impaired by the loan assumption and that the risk of a breach of any covenant or agreement in
this Security Instrument is acceptable to Lender.
. To the extent permitted by applicable law, Lender may charge a reasonable fee as a condition to Lender's
consent to the loan assumption. Lender also may require the transferee to sign an assumption agreement that is
acceptable to Lender and that obligates the transferee to keep all the promises and agreements made in the Note
and ia ti:is Secttrity Instrument. Borrower will continue to be obligated under the Note and Security Insn-ument
unless Leader releases Borrower in writing.
ff Lender exercises the option to require immediate payment in full, Lender shill give Borrower notice of
acceleration. T'ae notice shall provide a period of not less man 30 days from the date the notice is delivered or
mailed within which Borrower must pay,ali 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.
BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this
Fixed/Adjustable Rate Rider.
(Seal) (Seal)
DUSTIE LYN S~EED -Borro~ver -Borrower
(Seal) '(Seal)
-Borrower -Borrower
[Sign Original Only]
Paoe 3 of 3