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HomeMy WebLinkAbout875100 0101.4780 -[he Jackson State Bank ..I~,~',,,,,~ CLERK 112 Center St. P0 Box L788875t00 el r; dacksor, SY 83005 .... Lea S. C apman [Space Above This Line For Recording Data[ MORTGAGE DEFINITIONS Words used in'multiple sections of this document are defined below and other words are defined in Sections 3, 11, 13, 18, 20 mid 21. Certain rules regarding the usage of words used in this document are also provided in Section 16. (A) "Security Instrument" means this document, which is dated Augus¢ _l. 2001 , together with all Riders to this docmnent. (B) "Borrower" is~Kqrrlb0r]y A. Camirand, A Singqe Woman and Er-lc D. Taft, A Sirlgle Man Borrower is the mortgagor under this Security Instrument. (C) "Lender" is ]'he Jackson State Bank Lender is a State Bank organized and existing under the laws of the State of Wyomi Fig. CAMIRAND/TAFT 8360616 0 WYOMING-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 1/01 Lender's address is 112 Center St., PO 8ox 1788. Jackson, WY 83001 Lender is the mortgagee under this Security Instrmnent. (D) "Note" ~neans the promissory note signed by Borrower mid dated August i, 200i The Note states that Borrower owes Lender 0vie }-Iu~dl-ed Twenty T}~loklsatld arld ~o/100 Dollars (U.S. $ ].20,000.00 ) plus interest. Borrower has promised to pay this debt in regular P~riodio Payments and to pay the debt in full not later than August '1., 203]. (E) "Property" means the property that is described below under tile heading "Trmlsfer of Rights in the Property." (F) "Loan" mem~s the debt evidenced by tile Note, plus interest, ,'my prepayment charges a~d late charges tine under the Note, m~d all sums due under this Security Instrument, plus interest. (G) ".Riders" means all Riders to'this Security Instrument that are executed by Borrower, The following Riflers are to be executed by Borrower [cheek box as applicable[: ' [7~ Adjustable Rate Rider ~] Condominium Rider Second Home Rider [~ Balloon Rider ~ Planned Unit Development Rider ~ 1-4 Family Rider [--~ VA Rider ['~ Biweekly Payment Rider ~ Other(s) [specify] Nort:gage Insurance Rider (H) "Applicable Law" Ineans ail controlliug applicable federal, state and local statutes, regulations, ordinauces aud administrative rules and orders (that have the effect of law) as well as all applicable final, non-appealable judicial opinious. (I) "Commuuity Association Dues, Fees, and Assessments" means all dues, fees, assessments and other charges that are imposed on Borrower or the Property by a condmninium association, homeowners association or similar organization. (J) "Electronic Funds Trausfer" means pray transfer of funds, other than a transaction origiuated by check, draft, or similar paper instrument, which is initiated through an electronic terminal, telephonic instrument, cm~puter, or magnetic tape so as to order, instruct, or authorize a financial institution to debit or credit mi accou, nt. Such term includes, but is not limited to, point-of-sale transfers, automated teller machine transactions, transfers initiated by telephone, wire trmlsfers, and automated clearinghouse transfers. (K) "Escrow Items" mea~s those items that are described in Section 3. (L) "Miscellaneons Proceeds" means any compensation, settlement, award of damages, or proceeds paid by any third party (other than insurance proceeds paid under the coverages described in Section 5) for: (i) damage to, or destruction of, tile Property; (ii) condenmation or other taking of ail or any part of the Property; (iii) conveyance in lieu of condemnation; or (iv) misrepresentations of, or omissions as to, the value and/or conditiou of tile Property. (M) "Mortgage Insurance" metals insurance protecting Lender against tile nonpayment of, or default on, the Loan. (N) "Perindie Payment" means the regularly scheduled amount due for (i) principal and interest under the Note, plus (ii) any amounts under Section 3 of this Security Instrmnent. (O) "RESPA" means the Real Estate Settlement Procedures Act (12 U.S.C. Section 2601 et seq.) and its implementing regulation, Regulation X (24 C.F.R. Part 3500), as they might.be amended from time to time, or m~y 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 i~nposed in regard to a "federally related mortgage loan" even if the Loan does not qualify as a "federally related mortgage loan" under RESPA. CAMIRAND/TAFT 8360616 0 . (~6(WV) Iooo~t Pa~ 2 o! ~ Form 3051 1/01 (P) "Successor in Interest of Borrower" means any party that has taken title to the Property, whether or not that party has assumed Borrower's obligations under the Note and/or this Security Instrument. TRANSFER OF RIGHTS IN TIlE PROPERTY This Security Instrument secures to Lender: fi) the repayment of the Loan, mid all renewals, extensions and modifications of the Note; and (ii) t'he performance of Borrower's covenants and agreements under this Security Instrmnent, and the Note. For this purpose, Borrower does hereby mortgage, grant and convey to Lender tod Lender s successors and assigns, with power of sale, the following described property lobbied in the Courlty of Li rico] p, : [Type of Recording Jurisdiction] [Name of Recording Jurisdiction] Lot 59, Palis Park Subdivisiorl, according to the official plat thereof and being part of N1/fSE1/4 and SW1/4NE1/4, Section 29, T37N. RiiSW, 6th P.M., Lir~co'ln Coun'Ly, Wyoming. Parcel ID Number: which currently has the address of 228 River Bench Road [street] A1 pi ne , [c~ty] , Wyoming 83~28[Zip Code] ("Property AddresS"): TOGETItER WITH all the improvements now or hereafter erected on the property, and all easements, appurtenances, and fixtures now or hereafter a part of the property. All replacements and additions shall also be covered by this Security Instrument. All of the foregoing is referred to in this Security Instrument as the "Property." BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has the right to mortgage, grant and convey the Property and that the Property is unencumbered, except for encumbrances of record. Borrower warrants m~d will defend generally the title to the Property against all claims m~d demands, subject to any encumbrances of record. THIS SECURITY INSTRUMENT combines uniform coven,'mts for national use and non-unifom~ covenants with limited variations by jurisdiction to constitute a uniform security instrument coveriug real property. UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 1. Payment of Principal, Interest, Escrow Items, Prepay~nent 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, Borrower shall also pay funds for Escrow Items pursuant to Section 3. Payments due under the Note and this Security Instrument shall be made in tLS. currency. However, if any check or other instrument received by Lender as payment under the Note or this CAM I RAND/TAFT 8360616 1{~-6(WY) 10005) P.,~e 3 of 15 Form 3051 1/01 Security Instrument is returned to Lender unpaid, Lender may require that ally 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, instrumentality, or entity; or (d) Electronic Funds Transfer. Payments are deemed received by Lender when received at the location designated in the Note or at such other location as may be designated by Lender in accordance with the notice provisions in Secti6i~ 15. Lender may return any payment or partial payment if the payment or partial payments are insufficient~to bring the Loan current. Lender may accept any payment or partial payment insufficient to bring tile Loan current, without waiver of any rights hereunder or prejudice to its rights to refuse such payment or partial payments in the future, but Lender is not obligated to apply such payments at the time such payments are accepted. If each Periodic Payment is applied as of its scheduled due date, then Lender need not pay interest on unapplied funds. Lender may hold such unapplied funds until Borrower makes payment to bring the Loan cra'rent. If Borrower does not do so within a reasonable period of time, Lender shall either apply such funds or return them to Borrower. If not applied earlier, such funds will be applied to the outstanding principal balance under the Note immediately prior to foreclosure. No offset or claim which Borrower might have now or in the future against Lender shall relieve Borrower frotn making payments due under the Note and this Security Instrument or perfornfing the covenants and agreements secured bv this Security Instrument. ~ 2. Application of Payments or Proceeds. Except as otherxvise described in this Section 2, all payments accepted and applied by Lender shall be applied in the l~llowing order of priority: (a) interest due under tile Note; (b) principal due under the Note; (c) mnounts due under Section 3. Such payments shall be applied to each Periodic Payment in the order in which it becvane due, Airy remaining amounts shall be applied first to late charges, second to any other amounts due under this Security Instrument, and then to reduce tile principal balance Of tile Note. If Lender receives a payment from Borrower for a delinquent Periodic Payment which includes a sufficient amount to pay any late charge due, the payment may be applied to the delinquent payment m~d the late charge. If more than on'e Periodic Payment is outstanding, Lender may apply ,'my payment received from Borrower to the repayment of the Periodic Payments if, and to the extent that, each payment ca~ be paid in full. To ~he extent that any'excess exists after the payment is applied to tile full payment of one or more Periodic Payn~ents, such excess may be applied to any late charges due. Voluntary prepayments shall be applied first to any prepayment charges aid then as described in the NOte. Any application of payments, insurance proceeds, or Miscellaneous Proceeds to principal due under the Note shall not extend or postpone the due date, or change the amount, of tile Periodic Payments. 3. Funds for Escrow Items. Borrower shall pay to Lender ori 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 amounts due for: (a) taxes and assessments and other items which can attain priority over this Security Instrument as a lien or encumbrance on the Property; (b) leasehold payments or ground rents on the Property, if any; (c) prenfiums for any and all insurance required by Lender under Section 5; and (d) IMortgage Insurance premiums, if any, or any sums payable by Borrower to Lender in lieu of the paymeot 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 ali 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 airy or all Escrow Items. Lender may waive Borrower's obligation to pay to Lender Funds for any or all Escrow Items at any time. Any such waiver may only be in writing. In the event of such waiver, Borrower shall pay directly, when and xvhere payable, the amounts CAHI~RAND/TAFT a3606~6 0 6(WYl(ooo~) pag~4~r~ Form3O~l 1/01 due for any Escrow Items for which payment of Funds has been waived by Lender ,'md, if Lender requires, shall furnish 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 ail purposes be deemed to be a covenant and agreement contained in this Security Instrument, as the phrase "covenant and agreenlent' is used in Section 9. If Borrower is obligated to pay Escrow Items directly, pursuant to a waiver, and Borrower fails to pay the amount due for an Escrow Item, LeDder may exercise its rights under Section 9 and pay such amount mid Borrower sbatl 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 givem in accordance with Section 15 and, upon such revocation, Borrower shall pay to Lender all Funds, aid in such mnounts, that are then required under this Section 3. Lender may, at any time, collect a~d hold Funds in an amount (a) sufficient to permit Lender to apply the Fuuds at the time specified under RESPA, and (b) not to exceed the maxiinum amount a lender can require under RESPA. Lender shall estimate the mnount 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 slmll not charge 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 charge. 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 Borrower 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 charge, an amual accounting of the Funds as required by RESPA. If there is a surplus of Funds held in escrow, as defined under RESPA, Lender shall account to BorroWer for the excess funds in accordance with RESPA. If there is a shortage of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the ainount necessary to make up the shortage in accordance with RESPA, but ii1 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 Yequired by RESPA, and Borrower shall pay to Lender the amount 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 Instrument, Lender shall promptly refund to Borrower any Funds held by Lender. 4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines, and impositions attributable to the Property which can attain priority over this Security Instrument, leasehold payments or ground rents on the Property, if any, and Community Association Dues, Fees, and Assessments. if any. To the extent that these items are Escrow Items, Borrower shall pay them iil the manner provided in' Section 3. Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a roamer acceptable to Lender, but only so long as Borrower is performing such agreement; (b) contests the lien iu good faith by, or defends against enforcement of the lien in, legal proceedings which in Leuder'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, Lemler may give Borrower a notice identifying the CAM I RAND/TAFT 8350~ 16 0 6(WY) fooos, P~ ~ o~ ~.~ Form 305;1 1t01 lien. Within I0 days of the date on which that notice is given, Borrower shall satisfy' tile lien or take one or more of the actions set forth above'in this Section 4. Lender may require Borrower =to pay a one-time charge for a real estate tax verification and/or reporting service used by Lender in connection with this Loan. 5. Property Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included within the term "extended coverage," anti any other h~ards including, but not limited to, earthquakes and floods, for which Lender requires insuf~ame. This insurance shall be maintained in the amounts (including deductible levels) m~d for tile periods that Lender requires. What Lender requires pursuant to the preceding sentences can change during the term of tile Loan. Tile insurance carrier providing the insurance shall be chosen by Borrower 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 charge for flood zone determination and certification services and subsequent charges each time remappings or similar ch,'mges 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 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. 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 or liability and might provide greater or lesser coverage than was previously in effect. Borrower acknowledges that the cost of the insurance coverage so obtained might significantly exceed the cost of insurance that Borrower could have obtained. Any amounts disbursed by Lender under this Section 5 shall become additional debt of Borrower secured by this Security Instrument. These amounts shall bear interest at the Note rate from the date of disbursement and shall be payable, with such interest, upon notice from Lender to Borrower requesting payment. All insurance policies required by Lender and renewals of such policies shall be subject to Lender's right to disapprgve such policies, shall include a standard mortgage clause, and shaI1 name Lender as mortgagee and/or a's an additional loss payee. Lender shall have the right to hold the policies and renewal certificates. If Lend'er requires, Borrower shall promptly give to Lender ail receipts of paid premiums and renewal notices. If Borrower obtains any form of insurance coverage, not otherwise required by Lender, for damage to, or destruction of, the Property, such policy Shall include a standard mortgage clause and shall name Lender as mortgagee and/or as an additional loss payee. In the event of loss, Borrower shall give prompt notice to the {nsurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, any insurance proceeds, whether or not the underlying insurance was required by Lender, shall be applied to restoration or repair of the Property, if the restoration or repair is economically feasible and Lender's security is not lessened. During such repair and restoration period, Lender shall have the right to hold such insurance proceeds until Lender has had an opportunity to inspect such Property to ensure the work has been completed to Lender's satishction, provided that such inspection shall be undertaken pro~nptly. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as the work is completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such insurance proceeds, Lender shall not be required to pay Borrower any interest or earnings on such proceeds. Fees for public adjusters, or other third parties, retained by Borrower shall not be paid ont of the insurance proceeds and shall be the 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, whether or not then due, with CA~IRAND/TAFT 8360656 6(WY) (ooos} P~ge 6 of I~ Form 30E;1 1101 the excess, if any, paid to Borrower. Such insurance proceeds shall be applied in the order provided for in Sectiou 2. If Borrower abandons the Property, Lender may file, negotiate and settle any available insurance elailn and related matters. If Borrower does not respond within 30 days to a notice from Lender that the insurance carrier has offered to settle a claim, then Lender may negotiate 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 assigns to Lender (a) Borrower's rights to any insurance proceeds in ail mnount not to exceed tile 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 premiums paid by Borrower) under all insurance policies covering the Property, insofar as such rights are applicable to the coverage of tile 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, wl!ether 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 connnit waste on the Property. Whether or not Borrower is residing iix 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 da. maged 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 has released proceeds for such purposes. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as the work is completed. If the insurance or condemnation proceeds are not sufficient to repair or restore the Property, Borrower is not relieved of Borrower's obligation for the completion of such repair or restoration. : Lender or its-agent may make reasonable entries upon and inspections of the Property. If it has reasonable cause,, Lender may inspect the interior of tile improvements on the Property. Lender shall give Borrower notice at the time of or prior to such an interior inspection specifying such reasonable cause, 8. Borrower's Loan Application. Borrower shall be in default if, during the Loan application process, Borrower or any persons or entities acting at the direction of Borrower or with Borrower's knowledge or consent gave materially false, misleading, or inaccurate information or statements to Lender (or hiled to provide Lender with material information) in coimection with the Loan. Material representations include, but are no't limited to, representations concerning Borrower's occupancy of the Property as Borrower's principal residence. 9, Protection of Lender's Interest in the Property and Rights Under this Security Instrument. If (a) Borrower fails to perform the covenants and agreements contained in this Security Instrument, (b) there is a legal proceeding that might significantly affect Lender's interest in the Property and/or rights under this Security Instrument (such as a proceeding in bankruptcy, probate, for condenmation or forfeiture, for enforcement of a lien which may attain priority over this Security Instrument or to enforce laws or regulations), or (c) Borrower has abandoned the Property, then Lcnder may do m~d pay for whatever is reasonable or appropriate to protect Lender's interest in the Property and rights under this Security Instrument, including protecting and/or assessing the value of the Property, and securing and/or repairing the Property. Lender's actions cml include, but are not limited to: (a) paying any sums secured by a lien which has priority over this Security Instrument; (b) appearing in court; and (c) paying reasonable CAHI RAND/TAFT 836063_6 0 ~6(WY)(ooo51 P~7of~S Form 3051 1/01 attorneys' fees to protect its interest in the Property and/or rights under this Security Instrument, including its secured position in a bm~kmptcy proceeding. Securing the Property includes, but is not limited to, enteriug the Property to make repairs, chtmge locks, replace or board up doors and windows, drain water fi'om pipes, eliminate building or other code violations or dangerous conditions, and have utilities tnrned on or off. Although Lender may take action under this Section 9, Lender does not have to do so and is not under any duty or obligation to do so. It is agreed that Lender incurs no liability for not taking any or all actions authorized under this Section 9. Any amounts disbursed by Lender under tlfis Section 9 shal[ become additional debt of Bor'~ower secured by this Security Instrument. These amounts shall bear interest at the Note rate from the date 'of disburse~nent and shall be payable, with such interest, upon notice from Lender to Borrower requesting payment. If this Security Instrument is on a leasehold, Borrower shall comply with all the provisions of the lease. If Borrower 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, Borrower shall pay the pre~niums required to maintain the IVlortgage Insurance in effect. If, for any reason, the Mortgage Insurance coverage required by Lender ceases to be available from the mortgage insurer that previonsly provided such insurance and Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiums required to obtain coverage substantially equivalent to the Mortgage Insurance previously in effect, at a cost substantially equivalent to the cost to Borrower of the Mortgage Insurance previously in effect, from an attemate mortgage insurer selected by Lender. If substantially equivalent Mortgage Insurance coverage is not available, Borrower shall continue to pay to Lender the an~ount of the separately designated paymenls that were. due when the insurance coverage ceased to be in effect. Lender will accept, use and retain these payments as a non-refundable loss reserve in lieu of Nlortgage Insurance. Such loss reserve shall be non-refimdable, notwithstanding the fact that the Loan is ultimately paid ii1 full, and Lender shall not be required to pay Borrower any interest or earnings on such loss reserve. Lender can no longer require loss reserve pay~nents if Mortgage Insurance coverage (in the amount and for the period that Lender requires) provided by an insurer selected by Lender again becomes available, is obtained, and Lender requires separately designated payments toward the premiums for Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan and Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiums required to maintaiu Mortgage. Insurance in effect, or to provide a non-refundable loss reserve, until Lender's requirement for Mortgage Insurance ends in accordance wittx any written agreement betweeu Borrower and Lender providing for such termination or until termination is required by Applicable Law. Nothing in this Section 10 affects Borrower's obligation to pay interest at the rate provided in the Note. Mortgage Insurance reimburses Lender (or any entity that purchases tile Note) for certain losses it may incur if Borrower does not repay the Loan as agreed. Borrower is not a party to the Mortgage Insurance. Mortgage insurers evaluate their total risk on all such insurm~ce in force from time to time, and may enter into agreements with other parties that share or modify their risk, or reduce losses. These agreements are on terms and conditions that are satisfactm'y to the mortgage insurer and the other party (or parties) to these agreements. These agreements may require the mortgage insurer to make payments using auy source of funds that the mortgage insurer may have available (which may include funds obtained from Mortgage lnsurant~e prenfiums). As a result of these agreements, Lender, any purchaser of the Note, another insurer, any reinsurer, any other entity, or ,'my affiliate of any of the foregoing, may receive (directly or indirectly) mnounts that derive from (or might be characterized as) a portion of Borrower's payments fbr Mortgage Insurance, in exchange for sharing or modifying the mortgage insurer's risk, or reducing losses. If such agreement provides that an affiliate of Lender takes a share of the insurer's risk in exchange for a share of the premiums paid to the insurer, the arrangement is often termed "captive reinsurance." Further: (a) Any such agreements ~511 not affect the amounts that Borrower has agreed to pay for Mortgage Insurance, or any other terms of the Loan. Snch agreements will not increase the amount Borrower will owe for Mortgage Insurance, and they will not entitle Borrower to any refund. CAt"lI RAND/TAFT 8360616 0 6(WY) Iooo~} page a or 1~ Form 30~1 1/01 (b) Any such agreements will not affect the rights Borrower has - if any - with respect to the Mortgage Insurance under the Homeowners Protection Act of 1998 or any tither law. rrhese rights may include the right to receive certain disclosures, to request and obtain cancellation of the Mortgage Insurance, to have the Mortgage Insurance terminated automatically, and/or to receive a refuud of any Mortgage Insurance premimns that were unearned at the time of such cancellation or termination. 11. Assignment of Miscellaneous Proceeds; Fm'feiture. All Miscellaneous Proceeds are hereby assigned to and shall be paid to Lender. If the Property is damaged, such Miscellm~eous Proceeds shall be applied to restoration or repair~of the Property, if the restoration or repair is economically feasible tuld Lender's security is not lessened. During such repair m~d 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 promptIy. Lender may pay for the repairs and restoration in a single disbursement 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 stuns secured by this Security Instrument, whether or not then due, with tile excess, if any, paid to Borrower. In the event of a partial taking, destruction, or loss in value of the Property in which the fair market value of the Property immediately before the partial taking, destruction, or loss in value is equal to or greater than the amount of the sums secured by this Security Instrument immediately before the partial taking, destruction, or loss in value, unless Borrower m~d Lender otherwise agree in ~vriting, the sums secured by this Security Instrument shall be reduced by tile amount of the Miscellaneous Proceeds multiplied by the following fraction: (a) the total amomfi of the sums secured immediately before the partial taking, destruction, or loss in value divided by (b) the fair market value of (he 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 tile partial taking, destruction, or loss in valne, unless Borrower and Lender otherwise agree in writing, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instnnnent whether tlr 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 in the next sentence) offers to make m~ award to settle a claim for damages, Borrower fails m respond to Lender within 30 days after the date the notice is given, Lender is authorized to collect and apply the Miscellanbous Proceeds either to restoration or repair of the Property or to the sums secured by this Security Instnunent, whether or not then due. "Opposing Party" metros the third party that owes Borrower Miscellaneous Proceeds or tile party against whom Borrower has a right of action in regard to Miscellaueous 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. Borrower can cure such a default and, if acceleration has occurred, reinstate' as provided in Section t9, by causing the action or proceeding to be dismissed with a ruling that, in Lender's judgment, precludes forfeiture of tile Property tlr other material impaim~ent 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 impairment of Leuder's interest in the Property are hereby assigned and shall be paid to Lender. All Miscellaueous Proceeds that are not applied to restoration or repair of the Property shall be applied iI~ the order provided for in Section 2. CAMIi: AND/TAFT 8360616 0 I~I~6(WY) Iooo~ ~'~ ~ ~f ~'~ Form 3051 II01 1.2. Borrower Not Released; Forbearance By Lender Not a Waiver. Exteusion of tile time for payment or modification of amortization of the sums seem'ed by this Security Instrument grmxted by Lender to Borrower or any Successor in Interest of Borrower shall not operate to release the liability of Borrower or any Successors in Interest of Borrower. Lender shall not be required to commence proceedings against any Successor in Interest of Borro~ver or to refuse to extend time for payment or otherwise modify amortization of the sums secured by this Security Instrument by reason of any demand made by tile original Borrower or any Successors in Interest of Borrower. Any forbearance by Lender ii1 exercising any right or remedy including, without limitation, Lender's acceptance of payments from third persons, entiti~s or Successors in Interest of Borrower or in amounts less than the amount then due, shall not be a waiver or,or preclude ihe exercise of any right or remedy. I3, .loint and Several Liability; Co-signers; Successors and Assigns llound, Borrower covenants and agrees that Borrower's obligations and liability shall be joint trod several. However, any Borrower who co-signs this Security Instrument 'but does not ~xecute the Note (a "co-signer"): (a) is co-signing this ' Secu[ity 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 tbat Lender and any other Borrower can agree to extend, modify, forbear or make any accommodations with regard to the terms of this Security Instrument or the Note withont 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, arid is approved by Lender, shall obtain all of Borrower's rights and benefits under this Security Instrument, Borrower shall not be released from Borrower's obligations and liability under this Security Instrument unless Lender agrees to such release in writing. The covenants and agreements of this Security Instrument shall bind (except as provided in Section 20) and benefit the successors and assigns of Lender. 14. Loan Charges. Lender may charge Borrower fees for services performed in conuection with Borrower's default, for the purpose of protecting Lender's interest in the Property and rights under this Security lnstmmeut, 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 Security Instrument or by Applicable Law. If the Loan is subject to a law which sets maximum loan charges, and that law is finally interpreted so that the interest..or other loan charges collected or to be collected in connection with the Loan exceed the permitted limits;, ttlen: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to the pemlitted limit; and (b) any sums already collected from Borrower which exceeded pemfitted 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 retired reduces principal, the reduction will be treated as a partial prepayment without any prepayment charge (whether or not a prepayment charge is provided for under the Noie). Borrower'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. Ail notices given by Borrower or Lender in connection with this Security Inst~am-~ent must be in writing. Any notice to Borrower in connection with this Security Instrument shall be deemed to have been given to Borrower when mailed by first class mail or when actually-delivered to Borrower's notice address if sent by other means. Notice to any one Borrower shall constitute notice to all Borrowers nnless Applicable Law expressly requires otherwise. The notice address shall be the Property Address unless Borrower has designated a substitute notice address by notice to Lender. Borrower shall promptly notify Lender of Borrower's chauge 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 Instrument 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 has designated another address by notice to Borrower. Any notice in counection with this Security Instrument shall not be deemed to have been given to Lender u~til actually received by Lender. If any notice required by this Security Instrument is also required under Applicable Law. the Applicable Law requirement will satisfy tile corresponding requirement under this Security hlstrument, CAHIRAND/TAFT 83606_q_6 0 (~II~-6(WY} {ooos} %.~e lO of 15 Form 305'~ 1/01 1.6. Governing Law; Severability; Rules of Construction. This Securitv Instrument shall be governed by federal law and the law of the jurisdiction in which the ProPerty is iocated. Ail rights and obligations contained in this Secdrity Instrument are subject to any requirements and Iinfitations of Applicable Law. Applicable Law ~ght explicitly or implicitly allow the parties to agree by contract or it might be silent, but such silence shall not be construcd as a prohibition against agreement by contract. In the event that any provision or clause of this Security Insttmnent or the Note conflicts with Applicable Law, such conflict sh~l not affect other provisious of ttiis Security Instrument or the Note which cm~ be given effect without the conflicting provision. As used in this Security lnstnunent: (a) words of the masculine gender shall mean and include corresponding neuter words or words of the feminine gender; (b) words in the singular shall mean m~d 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 mid of this Security Instrmnent. 18. Transfer of the Property or a Beneficial Interest in Borrower, As used in this Section 18, "Interest in the Property" memos any legal or beneficial illterest in the Property, including, but not lin~ted to, those beneficial interests transferred in a bond for deed, contract for deed, installment sales contract or escrow agreement, the intent of which is the transfer of title by Borrower at a ~ature date to a purchaser. If all or m~y part of the Property or any Interest in the Property is sold or transferred (or if Borrower is not a natural person m~d a beneficial interest in Borrower is sold or trm~sfcrred) without Lender's prior written consent, Lender may require immediate payment in full of all sums secured by this Security Instrument. However, Ii, is 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 lhe notice is given in accordance with Section 15 within which Borrower must pay all sums secured by this Security Instrument, If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies permitted by this Security Instrument without further notice or demand on Borrower. 19. Borrower's Right to Reinstate After Acceleration. If Borrower meets certain conditions, Borrower shall have the right lo have enforcement of this Security Instrument discontinued at any time prior to the earliest of: (a) five days before sale of the Property pursuant to any power of sale contained in this Security Instrnment; (b) such other period as Applicable Law might specify for the ternfination of Borrower's right to reinstate; or (c) entry of a judgment enforcing this Security Instrument. Those conditions are that Borrower: (a) pays Lender all sums which then would be due under this Security Instrument and th'e 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, reasonable attorneys' fees, property inspection ~d valuation fees, and other fees incurred t~r the purpose of protecting Lender's interest in the Property and rights under this Security Instrument; and (d) takes such action as Lender may reasonably require to assure that Lender's interest in the Property and rights under this Security Inst~ment, and Borrower's obligation to pay the sums secured by this Security Instrument, shall continue unchanged. Lender may require that Borrower pay such reinstatement sums and expenses in one or more of the following forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bm~k check, treasurer's check or cashier's check, provided any such check is drawn upon an institution whose deposits are insured by a federal agency, instrumentality or entity; or (d) Electronic Funds Transfer. Upon reinstatement by Borrower, this Security Inst~vment and obligations secured hereby shall remain fully effective as if no acceleration had occurred. However, this right to reinstate shall not apply in the case of acceleration under Section 18. 20. Sale of Notel Change of Loan Servicer; Notice of Grievance. The Note or a partial interest in the Note (together with this Security Insmnnent) 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 Servicer") that collects Periodic Payments due under the Note and this Security Instrument m~d 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 S~rvicer 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 m~y other information RESPA · CAN I RAND / TAFT 83606 L 6 0 6(WY) (ooosl P~g~ ~] of 15 Form 3051 1/01 137 requires iu connectiou with a notice of transfer of servicing, If the Note is sold and thereafter the Loan is serviced by a Loan Servicer other than the purchaser of the Note, the mortgage loan servicing obligations to Borrower will remain wid~ the Loan Servicer or be transferred to a successor Loan Servicer ~ld are not assumed by tile Note purchaser unless otherwise provided by the Not~ purchasen Neither Borrower nor Lender may' commence, join, or be joined to any judidal action (as either an individual litigant or the member of a class) that arises from the other party's actions pursuant to, tills Security Instrumeut or that alleges that tile other party has breached any provision of, or any duty owed joy reason of, this Security Instrument, undl such Borrower or Lender has notified the other party (with such notice given in compliance with tile requirement~ of Section 15) of such alleged breach and afforded the other party hereto a reasonable period after the giving of such notice to take corrective action. If Applicable Law provides a time period which must elapse before certain action can be taken, that time period will be deemed to be reasonable for purposes of this paragraph, The notice of acceleration and 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 corrective action provisions of this Section 20~ ;~1. Hazardous Substances. As used in this Section 21: (a) "Hazardous Substances" are those substances defined as toxic or hazardous substances, pollutants, or wastes by Environmental Law and the following substances: 6asoline, kerosene, other flammable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or formaldehyde, and radioactive materials; (b) 'Euvironmental Law" means federal laws and laws of tile jurisdiction where the Property is located that relate to health, safety or environmental protection; (c) 'Envirmunental Cleanup' includes any response action, remedial action, or removal action, as defined in EnvironmentaI Law; and (d) an "Enviromnental 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 anyon~ else to do, rmything affecting the Property (a) that is in violation of any Environmental Law, (b) which creates an Enviromnental Condition, or (c) which, due to the presence, use, or release of a Hazardous Substance, creates a condition that adversely affects tile valne of the Property, 'File preceding two sentences shall not apply to dm 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 (a) any investigation, claim, demand, laxvsuit or other action by any governmental or regulatory agency or private party involving tl~e Property and any Hazardous Substance or Environmental Law of which Borrower has actual knowledge, (b) any Environmental Condition, including ~but not limited to, any spilling, leaking, discharge, release or threat of release of any Hazardous Substance, and (c) any condition caused by the presence, use or release of a Hazardous Substance which adversely affects the value of the Property. If Borrower learns, or is notified by any governmental or regulatory anthority, or any private party, that any removal or other remediation of any Haardous Substance affecting the Property is necessary, Borrower shall promptly take all necessary remedial actions in accordance with Environmental Law. Nothing herein shall create any obligation on Lender lbr an Environmental Cleannp. 6(W¥l fooos} ,a~;~ 12tlf15 Form 20~1 1/01 NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows: 22. Acceleration; Remedies, Lender shall give notice to Borrower prior to acceleration following Borrower's breach of any covenant or agreement in this Security Instrument (but not prior to acceleration under Section 18 unless Applicable Law provides otherwise). The notice shall specify: (a) the default; (b) the action required to cure the default; (c) a date, not less than 30 flays from the date the notice is giveu to Borrower, by which the default must be cured; and (d) that failure to cure the default on or before the date specified in the notice may result ill acceleration of the sums secure~d, by this Security Instrument and sale of the Property. The notice shall further inform Borrower of the right to reiustate after acceleration anti tile right to bring a court action to assert tile non-existence 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 full of all sums secured by tiffs Security Instrument without further demand and may invoke the power of sale and any other remedies permitted by Applicable Law. Lender shall he entitled to collect all expenses incurred in pursuing the remedies provided iu this Section 22, including, but not limited to~ reasonable attorneys' fees and costs of title evidence. If Lender invokes the power of sale, Lender shall give notice of intent to foreclose to Borrower and to tile person in possession of the Property~ if different, in accordance with Applicable Law. Lender shall give notice of the sale to Borrower in the manner provided in Section 15. Lender shall publish the notice of sale, and tire Property shall be sold in the manner prescribed by Applicable Law. Lender or its designee may purchase the Property at any sale. The proceeds of the sale shall be applied in the following order: (a) to all expenses of the sale, including, but not limited to, reasonable attorueys' fees; (b) to all suing secured by this Security Instrmnent; anti (c) any excess to the persou or persons legally entitled to it. 23. Release. Upon payment of all stuns secured by this Security Instrument, Lender shall release this Security I:u.'strument. Borrower shall pay any recordation costs. Lender may charge Borrower a fee for releasing this Security Instrmnent, but only if the fee is paid to a third party for services rendered and the charging of the fee is permitted under Applicable Law. 24. Waivers. Borrower releases and waives all rights under and by virtue of the homestead exemption laws of Wyoming, CAMIRAND/TAFT 83606].6 0 ~6iWY) tooo51 pa~el:~or~S Form 305i 1/01 BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained iii this Secm'ity Instrmnent and in m~y Rider executed by Borrower and recorded with it, Wimesses: ~ ~ (Seal) ~'~ -Borrower (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Borrower -Borrower (Seal) ~ _ (Seal) -Borrower -Borrower CA~IRAND/TAb'T 8360616 0 (~6(WY}(ooo~; P~e14orlS Fo~m 30~1 1/01 0 .~ 9'~909~8 I~V_L/ONV~INVg 141 MORTGAGE INSURANCE RIDER This Mortgage Insurance Rider is made this 1St day of August, 200~ and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust, or Security Deed (the "Security Instrument") of the same date given by the undersigned (' Bmrower") to secure Borrower's Fi xed Rate/Fi xed Term Loan [identify type of note, e.g. fixed rate] note (the "Note") to-['be Jackson State Bank a S~ate Bank ("Lender") of the same date and covering the Property described in the Security Instrument and located at: 228 River Bench Road,Alpine,WY 83~28 [Property Address] The Security Instrument is amended by adding the following at the end of Section 10 (if the Security Instrument has a form date at the lower right corner of 3/99 or later) or Section'8 (if the Security Iustrument has a form date at the lower right corner that is earlier than 3/99): Mortgage Insurance reimbm'ses Lender (or any entity that purchases the Note) for certain losses it may incur if Borrower does not repay the Loan as agreed. Borrower is not a party to the Mortgage Insurance. Mortgage insurers evaluate their total risk on all such insurance in fi~rce t¥om time to time, and may euter into agreements with other parties that share or motii~ their risk, or reduce losses. These agreements are on terms and conditions that are satisfactory to the mortgage insurer and the other party (or parties) to these agreements. These agreements may require the mortgage insurer to make payments using any source of funds that the mortgage insurer may have available (which may include funds obtained from Mortgage Insurance premiums). As a result of these agreements, Lender, any purchaser of the Note, another insurer, any reinsurer, any other entity, or any affiliate of any of the 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 sharing or modi£ying the mortgage insurer's CAMI RANF3 / TAFT 83606 ~[ 6 0 Multistate Mortgage Insurance Rider~Sirigle Family-Fannie Mae Uniform Instrument ~11R (0004) Form 3160 4/00 VMP MORTGAGE FORMS - (800)521-7291 risk, or reducing losses. If such agreement provides that an affiliate of Lender takes a share of the insurer's risk in exchange for a share of the premiums paid to the insurer, the arrangement is often termed "captive reinsurance." Further: (A) Any such agreements will not affect the amounts that Borrower has agreed to pay for Mortgage Insurance~ or any other terms of the Loan. Such agreements will not increase the amount Borrower will owe for Mortgage Insurance, and they will not entitle Borrower to any rebind. (B) Any such agreements will not affect the rights Borrower has - if any - with respect to the Mortgage Insurance under the Homeowners Protection Act of 1998 or any other law. These rights may include the right to receive certain disclosures, to request and ohtain cancellation of the Mortgage Insurance, to have the Mortgage Insurance terminated automatically, and/or to receive a refund of any Mortgage Insurance premiums that were unearned at the time of such cancellation or termination. C,A,?I I RAND/TAFT 83o06.~ 6 0 (~®-11R (0004) Page 2 of 3 '~ Form 31a0 4/00 By signing below, Borrower accepts this Mortgage Insurance Rider and agrees that it amends and supplements the Security Instrument. - ~ (Seal) (Seal) .(Seal) 4torrower -Borrower (Seal) (Seal) -Borrower -Borrower __ (Seal) (Seal) -Borrower -Borrower CAHIRAND/TAFT 8360616 0 (~11R (0004) Page 3 of 3 Form 3160 4/00