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HomeMy WebLinkAbout893367After ~cordingReturnTo: CITYWIDE FUNDING GROUP 903 W FLOATING FEATHER EAGLE, IDAHO 83616 Loan Nun~ber: 999634761 RECEIVED LINCOLN COUNTY CLERK 8 9 3 3 6 '1 03 fiFP 17 !.eot534 PRPAOE 519, [Space Above Tlds Line For Recordh~g Daia] MORTGAGE MIN: 1000525-9996347614-4 .' DEFINITIONS Words used in nmltiple sections of this document are defined below and other words are defined in Sections 3, 11, 13, 18, 20 and 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 SEPTEMBER 11 , 2 0 0 3, together with all Riders to riffs document. (B) "Borrower"is TERRY RODGERS AND LYNNE BP,~MMER JOINT TENANTS BorrOwer is the mortgagor under this Security Instrument. (C) "MERS" is Mortgage Electro~fic Registration Systems, Inc. MERS is a separate corporation that is acting solely as a nominee for Lender and Lender's successors and assigns. MERS is the mortgagee under this Security · Instrument, MERS is orgmfized and existing under the laws of Delaware, and has an address and telephone number of P.O. Box 2026, Flint, MI 48501-2026, tel. (888) 679-MERS. (D) "Leuder"is CITYWIDE FUNDING GROUP LLC Lender is a CORPORAT I ON orgmfized and existing under the laws of IDAHO Lender'saddressis 903 W FLOATING FEATHER, EAGLE, IDAHO 83616 (E) "Note" means the promissory note signed by Borrower and dated SEPTEMBER 1 1 ; 2 0 0 3. The Note states that Borrower owes Lender TH I RTY THOUSAND AND 0 0 / 1 0 0 Dollars (U.S. $ 3 0,0 0 0.0 0 ) plus imerest. Borrower has promised to pay tiffs debt in regular Periodic Payments and to pay the debt in full not later than OCTOBER 1, 2 0 3 B (F) "Property" means the property that is described below under the heading "Tra~tsfer of Rights in the Property." (G). "Loan" means the debt evidenced by the Note, plus interest, any prepayment charges and late charges due under the Note, and all sums due under this Security Instrument, plus interest. WYOMING-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT - MERS DocMagic ~ 800-649-1362 Form 3051 1/01 Page 1 of 12 www. docmagic, corn Wy30511 .mzm (H) "Riders" means all Riders to this Security Instrument that are executed by Borrower. The following Riders are to be executed by Borrower [check box as applicable]: [] Adjustable Rate Rider [] Balloon Rider [] 1-4 Family Rider [] Condo~ninium Rider [] Plam~ed Unit Development Rider [] Biweekly Payment Rider [] Second Home Rider [] Other(s) [specify] (I) "Applicable Law" means all controlling applicable federal, state and local statutes, regulations, ordinances and admi~fistrative rules and orders (that have the effect of law) as well as all applicable final, non-appealable judicial opinions. (J) "Community Association Dues, Fees, and Assessments" means all dues, fees, assessments and oflmr charges that are imposed on Borrower or the Property by a condo~ninium association, lmmeowners associatiou or si~nilar organization. (K) "Electronic Funds Transfer" means any transfer of funds, other than a transaction ohginated by check, draft, or sinfilar paper instrument, which is initiated through an electronic terminal, telephonic instrument, computer, or magnetic tape so as to order, instruct, or authorize a financial institution to debit or credit an account. Such term includes, but is not limited to, point-of-sale transfers, autonmted teller machine transactions, transfers initiated by telephone, wire transfers, and automated clearinghouse transfers. (L) "Escrow Items" means those iten~s that are described in Section 3. (M) "Miscellaneous Proceeds" means any compensation, settlement, award of datnages, 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, the Property; (ii) condemnation or other taking of all or any part of die Property; (iii) conveyance in lieu of condenmation; or (iv) misrepresentations of, or o~nissions as to, the value and/or condition of the Property. (N) "Mortgage Insurance" means insurance protecting Lender against the nonpayment of, or default on, the Loan. (O) "Periodic Payment" means the regularly scheduled amount due for (i) principal and interest under the Note, plus (ii) any amounts under Section 3 of this Security Instrument. (P) "RESPA" ~neans the Real Estate Settlement Procedures Act (12 U.S.C. §2601 et seq.) and its implementing regulation, Regulation X (24 C.F.R. Part 3500), as they ~night be amended from time to time, or any additional or successor legislation or regulation that governs the same subject matter. As used in this Security Instrument, "RESPA" refers to all requirements and restrictions that are imposed in regard to a "federally related mortgage loan" even if the Loan does not qualify as a "federally related mortgage loan" under RESPA. (Q) "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 tiffs Security Instrument. TRANSFER OF RIGHTS IN THE PROPERTY This SecUrity. Instrument secures to Lender: (i) the repayment of the Loan, and all renewals, extensions and modifications of the Note; and (ii) the pertbrmance of Borrower's covenants and agreements under this Security Instrument and the Note. For this pu~ose, Borrower does hereby mortgage, grant and convey to MERS (solely as nonfinee for Lender and Lender's successors and assigns) and to die successors and assigns of MERS, with power of sale, the following described property located in the COUNTY of L I NCOLN : [Type of Recording Jurisdiction] [Name of Recording Jurisdiction] PARCEL 58,' TO THE TOWN OF DIAMONDVILLE, LINCOLN COUNTY, WYOMING AS DESCRIBED ON THE OFFICIAL PLAT THEREOF. WYOMING--Single Family--Fannie Mae/Freddie Mac UNIFORM INSTRUMENT - MERS Form 3051 1/O1 Page 2 of '12 DocMagic~mm~ 8o0-649 1362 w ww. docmagic, corn Wy30512.razm which currently has the address of 1 S CH I CAGO ST DIAMONDVILLE , Wyoming 8 3116 [City] [Zip Code] [Street} 521 ("Property Address"): TOGETHER 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 tiffs Security Instrument. All of the foregoing is referred to in this Security Instrument as the "Property." Borrower understands and agrees that MERS holds only legal title to the interests granted by Borrower in this Security Instrument, but, if necessary to comply with law or custom, MERS (as nominee for Lender aud Lender's successors and assigns) has the right: to exercise any or all of those interests, including, but not limited to, the right to tbreclose and sell tl~e Property; and to take any action required of Lender including, but not limited to, releasing and cauceling this Security Instrument. BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has the right to mortgage, grant and convey the Property and that the Property is unencmnbered, except for encumbrances of record. Borrower warrants and will defend generally fl~e title to the Property against all claims aud demands, subject to any encumbrances of record. THIS SECURITY INSTRUMENT combines mfiform covenants for national use aud non~unitbnn covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. UNIFORM COVENANTS. Borrower and Lender covemnt and agree as follows: 1. Payment of Principal, Interest, Escrow Items, Prepayment Charges, and Late Charges. Borrower shall pay when due the principal of, and interest on, the debt evidenced by the Note and any prepayment charges and late charges due under the Note. Borrower shall also pay funds tbr Escrow Items pursuant to Section 3. Payments due under the Note and this Security Instrument shall be made in U.S. currency. However, if any check or other instrument received by Lender as payment under the Note or this Security Instrument is returned to Lender unpaid, Lender nmy require that any or all subsequent payments due under the Note and this Security Instrument be made in one or more of the following forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bauk 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 accordauce with the notice provisions in Section 15. Lender may return any payment or partial payment if the payment or partial payments are insufficient to bring the Loan current. Lender may accept any payment or partial payment insufficient to bring the Loan current, 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 nmy hold such unapplied funds until Borrower nmkes payment to bring the Loan current. If Borrower does not do so within a reasonable period of time, Lender shall either apply such funds or return them to 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 fi'om making payments due under the Note and this Security Instrument or performing the covenants and agreements secured by this Security Instrument. 2. Application of Payments or Proceeds. 'Except as otherwise described in this Section 2, all payments accepted and applied by Lender shall be applied in the following order of priority: (a) interest due under the Note; (b) principal due under the Note; (c) amounts due under Section 3. Such payments shall be applied to each Periodic Payment in the order in which it became due. Any remai~fing amounts shall be applied first to late charges, second to any other amouuts due under this Security Instrument, and then to reduce the principal balance of the Note. If Lender receives a payment from Borrower for a delinquent Periodic Payment which includes a sufficient amount to pay any late charge due, the payment nkay be applied to the delinquent payment and the late charge. If WYOMING~-Single Family--Fannie Mae/Freddie Mac UNIFORM INSTRUMENT - MERS Form 3051 1101 Page 3 of 12 DocMagic ~om~ 800-649-1362 www. docrnagic, corn Wy30513.mzm more than one Periodic Payment is outstanding, Lender may apply any payment received frown Borrower to the repayment of the Periodic Payments if, and to fl~e extent that, each payment can be paid in full. To the extent that any excess exists after the payment is applied to the full payment of one or more Periodic Payments, such excess may be applied to any late charges due. Voluntary prepayments shall be applied first to any prepayment charges and 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 the Periodic Payments. 3. Fuuds for Escrow Items. Borrower shall pay to Lender on the day Periodic Payments are due under the Note, until the Note is paid in full, a sum (the "Funds") to provide ~br payment of amounts due for: (a) taxes and assessments and other items which can attain priority over tiffs 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) Mortgage Insurance premium~s, if any, or any stuns payable by Borrower to Lender in lieu of the payment of Mortgage Insurance premiums in accordance with the provisions of Section 10. These items are called "Escrow Items." At origination or at any time during the term of the Loan, Lender may require that Conmmnity Association Dues, Fees, and Assessmems, if any, be escrowed by Borrower, and such dues, tees and assessments shall be an Escrow Item. Borrower shall promptly furnish to Lender all notices of amounts to be paid under this Section. Borrower shall pay Lender the Funds fur Escrow Items unless Lender waives Borrower's obligation to pay the Funds lbr any or all Escrow Items. Lender may waive Borrower's obligation to pay to Lender Funds for any or all Escrow Items at any time. Any such waiver nmy only be in writing. In the event of such waiver, Borrower shall pay directly, when and where payable, the amounts due for any Escrow Items for which payment of Funds has been waived by Lender and, 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 all purposes be deemed to be a covenant aud agreement contained in tiffs Security Instrument, as the phrase "covenant and agreement" 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, Lender may exercise its rights under Section 9 and pay Such amount and Borrower shall then be obligated under Section 9 to repay to Lender any such amount. Lender may revoke the waiver as to any or al! Escrow Items at any time by a notice given in accordance with Section 15 and, upon such revocation, Borrower shall pay to Lender all Funds, and in such amounts, that are then required under this Section 3. Lender may, at any time, collect and hold Funds in an amount (a) sufficient to pernfit Lender to apply the Funds at the time specified under RESPA, and (b) not to exceed the nkaximum amount a lender can require under RESPA. Lender shall estimate the amount of Funds due on the basis of current data and reasonable estimates of expenditures of future Escrow Items or otherwise in accordance with Applicable Law. The Funds shall be held in an institution whose deposits are insured by a federal agency, instrumentality, or entity (including Lender, if Lender is an institution whose deposits are so insured) or in any Federal Home Loau Bank. Lender shall apply the Funds to pay the Escrow Items no later than the time specified under RESPA. Lender shall not charge Borrower for holding and applying the Funds, ammaily analyzing the escrow account, or verifying the Escrow Items, unless Lender pays Borrower interest on the Funds and Applicable Law permits Lender to nutke 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 and Lender can agree in writing, however, that interest shall be paid on the Funds. Lender shall give to Borrower, without charge, an mmual 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 iu escrow, as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to make up the shortage in accordance with RESPA, but in no more than 12 montldy payments. If there is a deficiency of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to nmke 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 proxnptly refund to Borrower auy Funds held by Lender. WYOMING--Single Family--Fannie Mae/Freddie Mac UNIFORM INSTRUMENT - MERS Form 3051 1/01 Page4 of 12 DocMagic~ 800-649-~ 362 www. docmagic, corn Wy30514.nmn 4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines, and impositions attributable to the Property which can attain priority over this Security Instrument, leasehold payments or ground rents on the Property, if any, and Community Association Dues, Fees, and Assessments, if any. To the extent that these items are Escrow Items, Borrower shall pay them in the manner provided in Section 3. Borrower shall promptlY discharge any lien which has priority over this Security Instrument uMess Bon'ower: (a) agrees in writing to the payment of the obligation secured by the lien in a maturer acceptable to Lender, but only so long as Borrower is performing such agreement; (b) contests the lien in good faith by, or defends against entbrcement of file lien in, legal proceedings which in Lender's opinion operate to prevent the enforcement o f 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 subordi~mting the lien to this Security Instrument. If Lender determines that any part of the Property is subject to a lien which can attain priority over this Security Instrument, Lender umy give Borrower a notice identifying the lien. Within 10 days of the date on which that notice is given, Borrower shall satisfy the lien or take one or more of file actions set Ibrtb 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 com~ection with fids Loan. 5. Property Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included witlfin the term "extended coverage," and any other hazards including, but not limited to, earthquakes and floods, for which Lender requires insurance. This insurance shall be maintained in the amounts (including deductible levels) and for the periods that Lender requires. What Lender requires pursuant to the preceding sentences can change during the term of the Loan. The 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 cmmection with this Loan, either: (a) a one- time charge for flood zone deterufination, certification and tracking services; or (b) a one-time charge for flood zone determination and certification services and subseqnent charges each time remappings or sinfilar changes occur which reasonably might affect such determination or certification. Borrower shall also be responsible for the payment of any fees imposed by the Federal Emergency Management Agency in cmmection with tim 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. There~bre; such coverage shall cover Lender, bnt 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 file 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 tlts Security Instrument. These amounts shall bear interest at the Note rate from the date of disbursement and shall be payable, with such interest, upon notice from Lender to Borrower requesting payment. All insurance policies required by Lender and renewals of such policies shall be subject to Lender's right to disapprove such policies, shall include a standard mortgage clause, and shall ~mme Lender as mortgagee and/or as an additional loss payee. Lender shall have tim right to hold the policies and renewal certificates. If Lender requires, Borrower shall promptly give to Lender all receipts of paid prenfiums and renewal notices. If Borrower obtains any form of insurance coverage, not otherwise required by Lender, for danmge to, or destruction of, the Property, such policy shall include a standard mortgage clause and shall name Lender as mortgagee and/or as an additional loss payee. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. Unless Lender and 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 econmnically feasible and Lender's secnrity 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 satislhction, provided that such inspection shall be undertaken promptly. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as the work is colnpleted. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such insurance proceeds, Lmder shall not be WYOMING--Single Family--Fannie Mae/Freddie Mac UNIFORM INSTRUMENT - MERS Form 3051 1/O1 Page5 of 12 DocMagic~b-~a'am~ 8oo-649-t362 www. docmaEic, corn Wy305lS.mzm required to pay Borrower any interest or earnings on snch proceeds. Fees tbr public adjusters, or other third parties, retained by Borrower shall not be paid out of the insurance proceeds andshall 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 the excess, if any, paid to Borrower. Such insuranc'e proceeds shall be applied in the order provided for in Section 2. If Borrower abandons the Property, Lender may file, negotiate and settle any available insurance claim and related matters. If Borrower does not respond within 30 days to a notice/Yom 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 notice is given. In either event, or if Lender acquires the Property under Section 22 or otherwise, Borrower hereby assigns to Lender (a) Borrower's rights to any insurance proceeds in an amount not to exceed the amounts unpaid under the Note or dfis Security Instrmnent, and (b) any other of Borrower's rights (other than the right to any refund of unearned pre~niums paid by Borrower) under all insurance policies covering the Property, insofar as such rights are applicable to the coverage of the Propertyl Lender may use the insurance proceeds either to repair or restore the Property or to pay amounts unpaid under the Note or fids Security Instrument, whether or not then due. 6. Occupancy. Borrower shall occupy, establish, and use the Property as Borrower's principal residence within 60 days after the execution of d/is Security Instrument and shall continue to occupy the Property as Borrower's principal residence/bt at least one year after the date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be m~reasonably wi/Iff/eld, or unless extenuating circumstances exist which are beyond Borrower's control. 7. Preservation, Maintenance and Protection of the Property; Inspections. Borrower shall not destroy, dmnage or impair the PropertY, allow the Property to deteriorate or commit waste on the Property. Whether or not Borrower is residing in the Property, Borrower shall nhaintain the Property in order to prevent the Property from deteriorating or decreasing in value due to its condition. Unless it is determined pursuant to Section 5 that repair or restoration is not economically feasible, Borrower shall promptly repair the Property if damaged to avoid further deterioration or damage. If insUrance or condenmation proceeds are paid in cmmection 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 the 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 i~ffornxation or statements to Lender (or failed to provide Lender with nhaterial information) in connection with the Loan. Material representations include, but are not lind/ed to, representatimks 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/'ails to perform the covenants and agreements contained in this Security Instrmnent, (b) there is a legal proceeding that ~night significantly affect Lender's interest in the Property and/or rights under this Security Instrulnent (such as a proceeding in bankruptcy, probate, tbr condemnation or ibrfeiture, for en/brcement of a lien which nmy attain priority over this Security Instrument or to enforce laws or regulations), or (c) Borrower has abandoned the Property, then Lender nmy do and pay lbr whatever is reasonable or appropriate to protect Lender's interest in the Property and rights under fids Security Instrument, including protecting and/or assessing the value of the Property, and securing and/or repairing the Property. Lender's actions can include, but are not linfited to: (a) paying any sums secured by a lien wirier has priority over this Security Instrument; (b) appearing in court; and (c) paying reasonable attorneys' tees to protect its interest in the Property and/or rights under this Security Instrument, including its secured position in a bankruptcy proceeding. Securing the Property includes, but is not limited to, entering the Property to make repairs, change locks, replace or board up doors and windows, drain water from pipes, eli~ninate building or other code violations or dangerous conditions, and have utilities turned on or off. Although Lender may take action WYOMiNG--Single Family--Fannie Mae/Freddie Mac UNIFORM INSTRUMENT - MERS Form 3051 1/01 Page 6 of 12 DocMagic~l~Jg~ a00-64~-1362 wwwo Eocmagic. corn Wy3OSl6.1nzan 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 a~nounts disbursed by Lender under this Section 9 shall become additimml 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 froxn Leuder 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 mfless 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 prmniums required to nmintain the Mortgage lusurance in effect. If, for any reason, the Mortgage Insurance coverage required by Lender ceases to be available from the mortgage insurer that previously provided such insurance and Borrower was required to make separately designated payments toward the premiums /hr Mortgage Insurance, Borrower shall pay the premimns required to obtain coverage substantially equivalent to the Mortgage Insurance previously iu effect, at a cost substantially equivalent to the cost to Borrower of the Mortgage Insurance previously in effect, frmn au alternate mortgage insurer selected by Lender. If substantially equivalent Mortgage Insurance coverage is not available, Borrower shall continue to pay to Lender the amount of the separately designated payments that were due when the insurance coverage ceased to be in effect. Lender will accept, use and retain these payments as a non-refuudable loss reserve in lieu of Mortgage Insurance. Such loss reserve shall be non- refundable, notwithstanding the fact that the Loan is ultinmtely paid in full, and Lender shall not be required to pay Borrower any interest or earnings on such loss reserve. Lender can no longer require loss reserve payments if Mortgage Insurance coverage (in the amount and 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 prenfiums lbr Mortgage InSurance. If Lender required Mortgage Insurmme as a condition of making the Loau and Borrower was required to make separately designated payments toward the prmniunzs fur Mortgage Insurance, Borrower shall pay the premiums required to nmintain Mortgage Insurance in effect, or to provide a non-refundable loss reserve, until Lender's requirement for Mortgage Insurance ends in accordance with any written agreement between Borrower and Lender providing for such 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 Insurauce reimburses Lender (or any entity that purchases the Note) fbr certain losses it may incur if Borrower does not repay the Loan as agreed. Borrower is not a party to the Mortgage Insurance. Mortgage insurers evaluate their total risk on all such insurance in force from time to time, and may enter into agreements with other parties that share or modify their risk, or reduce losses. These ,'tgreements are on tern~g and conditions that are satisfactory to the mortgage insurer and the other party (or parties) to these agreements. These agreements nmy require the mortgage insurer to lnake payments using any source of funds that the lnortgage insurer nmy 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 auy of the foregoing, 1nay receive (directly or indirectly) amounts that derive from (or might be characterized as) a portion of Borrower's payments for Mortgage Insurance, in exchange/bt 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 exchinge 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 Insurauce, or any other terms or the Loan. Such agreements will not increase the amount Borrower will owe for Mortgage Insurance, mad they will not entitle Borrower to any refund. (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 obtain cancellation of the Mortgage Insurance, to have the Mortgage Insurance terminated automatically, and/or to receive a refund of any Mortgage Insurance premiums that were unearned at the time of such cancellation or termination. 11. Assignment of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned to and shall be paid to Lender. WYOMING--Single Family--Fannie Mae/Freddie Mac UNIFORM INSTRUMENT - MERS Form 3051 1/O1 Page 7 of 12 DocMagic~ 800-649-1362 w ww. doctnagic, corn Wy30517 nvan If the Property is damaged, such Miscellaneous Proceeds shall be applied to restoration or repair of the Property, if the restoration or repair is economically feasible and Lender's security is not lessened. During such repair and restoration period, Lender shall have the right to hold such Miscellaneous Proceeds until Lender has had au opportunity to inspect such Property to ensure the work has been completed to Lender's satisfaction, provided that suchinspectionshallbeundertakenprompfly. Lender maypay for the repairs and restoradon 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 eanfings on such Miscellaneous Proceeds. If file restoration or repair is not econmnically feasible or Lender's security would be lessened, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. Such Miscellaneous' Proceeds shall be applied in the order provided for in Section 2. In the event of a total taking, destruction, or loss in value of the Property, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrumeut, whether or not then due, with the excess, if any, paid to Borrower. In the event of a partial taking, destruction, or loss in value of the Property in which the fair market value of the Property i~mnediately betbre 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, mdess Borrower and Lender otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by the amount of the Miscellaneous Proceeds umltiplied by the following fraction: (a) the total amount of the sums secured immediately before the partial taking, destructiou, or loss in value divided by (b) the lhir market value of the Property immediately before the partial taking, destruction, or loss in value. Any balance shall be paid to Borrower. In the event of a partial taking, destruction, or loss in value of the Property in wlfich the fair market value of · the Property inunediately before the Partial taking, destruction, or loss in value is less than die amount of the sums secured intmediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the Miscellaneous Proceeds shall be applied to the stuns secured by dlis Security Instrument whether or not the sums are then due. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the Opposing Party (as defined in the next sentence) offers to make an award to settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date the notice is given, Lender is authorized to collect and apply the Miscellaneous Proceeds either to restoration or repair of the Property or to the sums secured by this Security Instrument, whether or not then due. "Opposing Party" means the third party that owes Borrower Miscellaneous Proceeds or the party against wl~om Borrower has a right of action in regard to Miscellaneous Proceeds. Borrower shall be in default if any action or proceediug, whether civil or cfinfinal, is begun that, in Lender's judgment, could result in'forfeiture of file Property or oilier 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 19, by causing the action or proceeding to be disnfissed with a ruling that, in Lender's judgment, precludes forfeiture of the Property or other nmtefial impairment of Lender's interest in the Property or rights under this Security Instmment. The proceeds of any award or claim for danmges that are attributable to the impairment of Lender's interest in the Property are hereby assigned and shall be paid to Lender. All Miscellaneous Proceeds that are not applied to restoration or repair of the Property shall be applied in the order provided for in Section 2. 12. BorroWer Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or modification of amortization of the sums secured by this Security Instrument granted by Lender to Borrower or auy 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 conunence proceedings against any Successor in Interest of Borrower or to refuse to extend time for payment or otherwise modify amortization of the sums secured by this Security Instrument by reasou of any demand made by the original Borrower or any Successors in Interest of Borrower. Any forbearance by Lender in exercising any right or remedy including, without limitation, Lender's acceptance of payments from third persons, entities or Successors in Interest of Borrower or in amounts less than the amount then due, shall not be a waiver of or preclude the exercise of any fight or remedy. 13. Joint and Several Liability; Co-signers; Successors and Assigns Bound. Borrower covenants and agrees that Borrower's obligations and liability shall be joint and several. However, any Borrower who co-signs this Security WYOMtNG~-SingIe Family--Fannie Mae/Freddie Mac UNIFORM INSTRUMENT - MERS Form 3051 1/O1 Page8 of 12 DocMaglc~lT~71~ 800-649-1362 w ww. docrnagic, corn Wy30518.mzm 527 Instrument but does not execute the Note (a "co-signer"): (a) is co-sighting this Security Instrument only to mortgage, grant and. convey the co-signer's interest in the Property under the terms of this Security Instrument; (b) is not personally obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower can agree to extend, modify, forbear or make any acconm~odations with regard to the terms of this Security Instrument or the Note without the co-signer's consent. Subject to the provisions of Section 181 any Successor in Interest of Borrower who assumes Borrower's obligations under this Security Instrument in writing, and is approved by Lender, shall obtain all of Borrower's rights and benefits under this Security Instrument. Borrower shall not be released from Borrower's obligations and liability under this Security Instrument nnless 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 connection with Borrower's default, for the purpose of protecting Lender's interest in the Property and rights under tiffs Security Instrument, including, but not limited to, attorneys' fees, property inspection and valuation fees. In regard to any other lees, the absence of express authority in this Security Instrument to charge a specific tee to Borrower shall not be construed as a prohibition on the charging of such tee. Lender may not charge fees that are expressly prolfibited 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 com~ection with the Loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to the permitted limit; and (b) any sums already collected from Borrower which exceeded permitted limits will be refunded to Borrower. Lender may choose to make tiffs refund by reducing the principal owed under the Note or by making a direct payment to Borrower. If a refund reduces principal, the reduction will be treated as a partial prepayment without any prepayment charge (whether or not a prepayment charge is provided tbr under the Note). Borrower's acceptance of any such refund made by direct payment to Borrower will constitute a waiver of any right of action Borrower ufight have arising out of such overcharge. 15. Notices. All notices given by Borrower or Lender in connection with this Security Instrument must~be in writing. Any notice to Borrower in coxmecfion 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 unless Applicable Law expressly requires otherwise. The notice address shall be the Property Address unless Borrower has designated a substitute notice address by notice to Lender. Borrower shall promptly notify Lender of Borrower's change of address. If Lender specifies a procedure for reporting Borrower's change of address, then Borrower shall only report a change of address through that specified procedure. There nmy 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 nmil to Lender's address stated herein unless Lender has designated another address by notice to Borrower. Any notice in connection with fltis Security Instrument shall not be deemed to have been given to Lender until actually received by Lender. If any notice required by dfis Security Instrument is also required under Applicable Law, the Applicable Law requirement will satisfy the con'esponding requirement under this Security Instrument. 16. Governing Law; Severability; Rules of Construction. This Security Instrument shall be governed by federal law and the law of the jurisdiction in which the Property is located. All rights and obligations contained in this Security Instrument are subject to any requirements and limitations of Applicable Law. Applicable Law might explicitly or implicitly allow the parties to agree by contract or it nfight be silent, but such silence shall not be construed as a prohibition against agreement by contract. In the event that any provision or clause of this Security Instrument or the Note conflicts with Applicable Law, such conflict shall not affect off,er provisions of tiffs Security Instrument or fl~e Note which can be given effect without the conflicting provision. As used in this Security Instrument: (a) words of the masculine gender shall mean and include corresponding neuter words or words of the femi~fine gender; (b) words in the singular shall mean and include the plural and vice versa; and (c) fl~e word "may" gives sole discretion wifl~out any obligation to take any action. 17. Borrower's Copy. Borrower shall be given one copy of the Note and of this Security Instrument. 18. Transfer of the Property or a Beneficial Interest in Borrower. As used in this Section 18, "Interest in the Property" means any legal or beneficial interest in the Property, including, but not linfited to, those beneficial WYOMING--Single Family--Fannie Mae/Freddie Mac UNIFORM INSTRUMENT - MERS Form 3051 1/01 Page 9 of 12 DocMagic ~lT~ ~oo-649- ~ 362 www. docmagic, corn Wy30519.m, zm interests transferred in a bond for deed, contract for deed, installment sales contract or escrow agreement, the intent of which is the transfer of title by Borrower at a future date to a purchaser. If all or any part of file Property or any Interest in the Property is sold or transferred (or if Borrower is not a natural person and a beneficial interest in Borrower is sold or transferred) without Lender's prior written consent, Lender may require immediate payment in full of all sums secured by this Security Instrument. However, fltis option shall not be exercised by Lender if such exercise is prohibited by Applicable Law. If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days from the date the notice is given in accordance with Section 15 within which Borrower must pay all sums secured by this Security Instrument. If Borrower fails to pay these sulns prior to the expiration of this period, Lender may invoke any remedies permitted by this Security Instrument without further notice or demand on Borrower. 19. Borrower's Right to Reinstate After Acceleration. If Borrower meets Certain conditions, Borrower shall have the right to have enforcement of this Security Instrnment discontinued at any time prior to the earliest of: (a) five days betbre sale of the Property pursuant to any power of sale contained in this Security Instrument; (b) such other period as Applicable Law nfight 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 file Note as if no acceleration had occurred; (b) cures any default Of any other cOvenants or agreements; (c) pays all expenses incurred in enlbrcing this Security Instrument, including, but not limited to, reasomble attorneys' fees, Property inspection and valuation fees, and other fees incurred for the purpose of protecting Lender's interest in the Property and rights under this Security Instrument; and (d) takes such action as Lender may reasonably require to assure that Lender's interest in the Property and rights under this Security Instrument, and Borrower's obligation to pay the stuns secured by fids Security Instrument, shall continue unchanged. Lender may require that Borrower pay such reinstatement sums a~d expenses in one or more of the tbllowing 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 b)~ a federal agency, instrumentality or entity; or (d) Electronic Funds Transfer. Upon reinstatement by Borrower, this Security Instrument and obligations secured hereby shall remain fully effective as if no acceleration had occurred. However, this right to reinstate shall not apply in the case of acceleration under Section 18. 20. Sale of Note; Change of Loan Servicer; Notice of Grievance. The Note or a partial interest in the Note (together wifl~ this Security Instrument) canbe 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 and per/brnn other ~nortgage loau servicing obligations under the Note, this Security Instrument, and Applicable Law. There also might be one or more changes of the Loan Servicer unrelated to a sale of the Note. If there is a change of the Loan Servicer, Borrower will be given written notice of the change which will state the name and address of the new Loan Servicer, the address to which payments should be nmde and any other intbrmation RESPA requires in connection 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 wi:th the Loan Servicer or be transferred to a successor Loan Servicer and are not assumed by the Note purchaser unless otherwise provided by the Note purchaser. Neither Borrower nor Lender nmy conm~ence, join, or be joined to any judicial action (as either an individual litigant or the member of a class) that arises/Yom the ofl~er party's actions pursuant to this Security Instrument or that alleges that the other party has breached any provision of, or any duty owed by reason of, this Security Instrument, until such Borrower or Lender has notified the other party (with such notice given in compliance with the requirements of Section 15) of such alleged breach and afforded the other party hereto a reasonable period alter the giving of such notice to take corrective actiom 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 opportuifity 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 fids Section 20. 21. Hazardous Substances. As used in this Section 21: (a) "Hazardous Substances" are those substances defined as toxic or hazardous substances, pollutants, or wastes by Environmental Law and the following substances: gasoline, kerosene, other flamnmble or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, WYOMING--Single Family--Fannie Mae/Freddie Mac UNIFORM INSTRUMENT - MERS Form 3051 1/O1 Page DO of 12 DocMagic ~z~ aoo 6 4 9- t 3 6 2 www. docmagic, com Wy305110.mzm nuaterials containing asbestos or for~naldehyde, and radioactive materials; (b) "Enviromnental Law" mearkq federal laws and laws of the jurisdiction where the Property is located fl~at relate to health, safety or enviromnental protection; (c) "Enviromnental Cleanup" includes any response action, remedial action, or removal action, as defined in Enviromnental Law; and (d) an "Environmental Condition" means a condition that can cause, contribute to, or otherwise trigger an Eaviromnental 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 the Property. Borrower shall not do, nor allow anyone else to do, anything affecting the Property (a) that is in violation of any Enviro~m~ental Law, (b) which creates an Enviromnental Condition, or (c) which, due to the presence, use, or release of a Hazardous Substauce, creates a condition that adversely affects the value of the Property. The preceding two sentences shall not apply to the presence, use, or storage on the Property of small quantities of Hazardous Substances that are generally recogxfized to be appropriate to ~mnnal residential uses and to mainte~mnce of the Property (includiug, but not limited to, hazardous substances in consumer products). Borrower shall prompdy give Lender written notice of (a) any investigation, claim, demand, lawsuit or other action by any governmental or regulatory agency or private party involving the Property and any Hazardous Substance or Enviromnental Law of which Borrower has actual knowledge, (b) any Envirmmaental 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 learm% or is notified by any governmental or regulatory authority, or any private party, that any removal or other remediation of any Hazardous Substance affecting the Property is necessary, Borrower shall promptly take all necessary remedial actions in accordance with Environmental Law. Nothing herein shall create any obligation on Lender for an Enviro,maental Cleanup. NON-UNIFORM COVENANTS. Borrower and Lender further covemant and agree as tbllows: 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 uuless Applicable Law provides othenvise). The notice shall specify: (a) the default; (b) tbe action required to cure the default; (c) a date, not less than 30 days from the date the notice is given to Borrower, by which the default must b6 cured; and (d) that failure to cure the default on or before the date specified in the notice may result in acceleration of the sums secured by this Security Instrument and sale of the Property. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to bring a conrt action to assert the 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 this Security Instrument without further demand and may invoke the power of sale and any other remedies permitted by Applicable Law. Lender shall be entitled to collect all expenses incurred iu pursuing the remedies provided in this Section 22, including, but not limited to, reasonable ~ attorneys' fees and costs Of title evidence, If Lender invokes the power of sale, Lender shall give notice of intent to foreclose t° Borrower and to the person in possession of the Property, if different, in accordance with Applicable Law. Lender shall give notice of the sale to Borrower in the manner provided in Section 15. Lender shall publish the notice of sale, and the Property shall be sold 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 attorneys' fees; (b) to all sums secured by this Security Instrument; and (c) any excess to the person or persons legally entitled to it. 23. Release. Upon payment of all sums secured by this Security Instrument, Lender shall release this Security Instrument. Borrower shall pay any recordation costs. Lender may charge Borrower a fee for releasing this Security Instrument, but otdy il' the fee is paid to a third party for services rendered and the charging of the tee is permitted under Applicable Law. 24. Waivers. Borrower releases and waives all rights under and by virtue of the homestead exemption laws of Wyoming. WYOMING--Single Family--Fannie Mae/Freddie Mac UNIFORM INSTRUMENT - MERS Form 3051 1/O1 Page 11 of 12 DocMagic ~,~ 800~649- ~ 362 www. docn~agic, corn Wy305111 .m~n 530 BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this Security Instrument and in any Rider executed by Borrower and recorded wifl~ it. ~ODGERS ~ -Borrower T~RY ;Borrowe~//~i~/YNi~'E- 'BR~MER .... ea,) (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Borrower -Borrower Witness: Witness: State of Wyoming ) County of LINCOLN ) The foregoing instm~nent was acknowledged before me by BRAMMER TERRY RODGERS, LYNNE this llth day of September, 2003 Witness my hand and official seal. IL $H~ ~ - NOTA~ PU~UO ~/~ ~ '~- N~otary Public Shelley SAndall Print or Type Name (Seal) My connmssion expires: February 2, 2006 WYOMING--Single Family--Fannie Mae/Freddie Mac UNIFORM INSTRUMENT - MERS Form 3051 1/O1 Page 12 of 12 DocMagic~ 800-6494362 www. docmagic, corn Wy3O5112.mzm