Loading...
HomeMy WebLinkAbout878299 8 2 q' ....", !!:' ~':: .... ,:,, ~'' ::~: ,'"" Sharon Wa] her [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 and 21. Certain rules regarding the usage of words used in this document are also provided in Section 15. (A) "Security Instrument" means this documc~¢, wlfich is dated December 3!, 2001_ , togethe~ with all Riders to this document. (B) "Borrower" is ~J~ly ,)ames Wade and Stacey Wade, Husband and Wife Borrower is the mortgagor under tMs Security Instrument, (C) "Lender" is Major Mortgage Legder is a Wyoming Corporati om organized and existing under the laws of Wyomi ng WADE, B. AF 1061367 0 WYOMING-Sin~le Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 1/01 Lender's address is 1920 Thomes Avenue Suite 200, Cheyenne, i/Y 82001. Lender is the mortgagee nnder this Security Instrument. (D) "Note" means the promissory note sig[ed by Borrower and dated Decembep 30., ~00] The Note states that Borrower owes Lender 0Be Hundred Eighteen T~otl~aEG $9'¢03 ~.{undred and no/t00 Dollars (U.S. $118,700.00 ) plus interest. Borrower has promised to pay this debt in regular Periodic Payments and to pay the debt in Ball not later than January 1, 2032 (E) "Property" means the property that is described below under the heading "Transfer of Rights in the Property." (F) "Loan" means the debt evidenced by the Note, plus inlerest, any prepayment charges and late charges due under the Note, and ail sums due under this Security Instrument, plus interest. (G) "i~ders" 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 R/der I ] Condominium Rider [ ~ Second Home Rider ~ Banoon Rider f~ elmmed Unit Development Rider ~ 1-4 Family Rider ~ VA Rider ~ Biweekly Payment Rider ~ Other(s) [specif3q (It) "Applicable Law" means ail controlling applicable federal, state and local statutes, regulations, ordinances and administrative rules and orders (that have the effect of law) as well as all applicable final, non-appealable judicial opinions. (I) 'Cmnmunity Association Dues, Fees, and Assessments" means all dues, fees, assessments and ~ther charges that are hnposed on Borrower or the Property by a condonfinium association, homeowuers association or similar org~ization. (J) "Electronic Funds Transfer" means ~y transfer of ~nds, other dmn a lransaction originated by check, draft, or similar paper instrument, which is initiated through an electronic terminal, telephonic instrument, computer, or magnetic tape so as to order, instruct, or authorize a financial institutiou to debit or credit an account. Such term includes, but is not limited to, point-of-sale transfers, automated teller machine transactions, transfers initiated by telephone, wire transfers, and automated cleminghouse transfers. (K) "Escrow Items" means those items that are described in Section 3. (L) "Miscellaneous Proceeds" means any compensation, setdement, award of damages, or proceeds paid by any third party (other than insurance proceedz paid under the coverages described in Section 5) for: (i) damage to, or destruction of, the Property; (ii) don~e~mtion or other taking of all or m~y part of Property; (iii) couveyance in lieu of condemimtion; or (iv) misrepresentations of, or omissions as to, the wdue and/or condition of the P(operty. (M) "Mortgage Insurance" means insurance protectin~ Lm~der against the noupayment of, or default the Loan, (N) "Periodic Paymeut" means the regularly scheduled amount due for (i) principal and interest m'~der Note, plus (ii) any amounts under Section 3 of this Security Instrument. (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 tired, or ~y additional or successor legislation or regulation that governs lhe same ~:;bject tnatter. As used in this Security Instrument, "RESPA" refers to all requirements and restrictions that are impos~d in regard to a "federally related mortgage loan" even if the Loan does not quali~ as a "federally related mort?:ge loan" under RESPA. ~6(W',') (oo05} Paga 2 cf :5 Form 305'i 1/01 488 (P) ~Stlccessol' in Interest of Borrower" means any party that h~m taken title to the Preperty, whethc: or not ~hat party has assumed Borrower's obligations under the Note and/or this Secmity Instrnment. TRANSFER OF RIGHTS IN THE PROPERTY This Security Instrument secretes to Lender: (i) the repayment of the Loan, and all renewals, exmnsions and modifications of the Note; and (ii) the performance of Borrower's ccvenar~:s and agreements under this Security Instrument and the Note. For this pm'pose, Borrower does hereby mortgage, grant and convey to Lender ~d Lender's successors and assigns, with power of sale, thc; following described ?roperty located in the County of L1 nco~ n : [Type of Recording Jurisdiction] [Name of Recording Jurisdiction] See Schedule C attaclned hereto and made a part hereof. Parcel iD Number: no~ yet assigned which currently has the address oi: /76296 Higk:way 89 S~TIOOt [ci~] Wyoming 83126 [zi~ ("Property Address"): TOGETHER WITH all the improvements now or hereaRer erected on the property and all easements, appurtenm]ces, and fixtures now or hereafl:er a part of the property. All replacements and additions shall also be covered by this Securily instrument. All of the foregoing is referred to in this Security Instrument as the "Property." BORROWER COVENANTS that Borrower is law~lly seised of the estate hereby conveyed and has the right to mortgage, grant and convey the Property and that tl~e Property is nnencumbered, except for encumbrances of record. Borrower warrants a:,d will defend generally the title to the Property against clah:ns and demands, subject [o any encmnbrances o~' record. THIS SECURITY INSTRUMENT combines unifom~ covenants l'br national use and ntmLunif:)rm covenants with limited variations by jurisdiction to constitute a uniform security instrnment covering real prqperty. UNIFORM COVENANTS. Borrower ad Le::der covenant and agree as follows: 1. Payment of Principal, Interest, Escrow Items, Prepayment Charges, and Late Charges. Borrower shall pay when due the principal of, m~d interest on, the debt evident'sd by the Not. e and any prepayment charges and late charges due under the Note. Borrower shall also pay fimds for Escrow Items pursuant to Section 3. Payments due under the Note and this Security Instn~ment shall be made in currency. Ho,vever, if a-¥~. check or other !nstrnment received by Lender as payment under thc Note or this Security Instrument is returned to Lender unpaid, Lender' may require that an5' or ali subsequent 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 cheek, provided ~y such check is drawn upon an institution whose deposits are insured 'by a federal agency; instrumentality, or entity; or (d) Electronic Funds Trasfer. Payments are deemed received by Lender when received at the Ioc~tion designated in the Note or at such other location as may be designated by Lender in accordance with the notice provisions in Section 15. Lender may return any payment ur partial payment if the payment or partial payments are insufl%ient 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 re,se such payment or partial payments in the 'l~ture, but Lender is not obligated to apply suct~ payments at fl~e time such payments are accep:l,z& If each Periodic Payment is applied as of its scheduled due dat~ ~Sen Lender need 7,:: ;..ay inl'~:rest on nnapplied ~nds. Lender may hold such unapplied ~nds until Borrower makes payment to bring the Loan current. If Borrower does not do so within a reasonable period of time, Lender shall either apply such 15~nds or return them to Borrower. i1' not applied earlier, such hnds will be applied to the outstanding principal balance ur~der the Note immediately prior to foreclosure. No ofx'~c[ or claim which Borrower rnight have now or in the future against Lender shall relieve Borrower from making payments due nnder the Note and this Security Instrument or perIbrming the covenants and a?eeme~:t.s secured by this Sec~rity Instrument. 2. Application of Payments or Proceeds. Except as otherwise describt-d 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. ¢uch payments shall be applied to each Periodic Payment in the order in which it became due, Any remaining amonnts shall be applied first to late charges, second to any other amounts du~~ under this :~ecnrity Instrument, and then to reduce the principal bala~tce of the Note. if Lender receives a payment fi'om Borrower for a delinquent Periodic Payment whicI: '.nclndes a sufficient amount to pay ~y late charge due, the pay~aent may be applied to the delinquent payment and the late charge. If more than one Periodic Payment is outstanding, Lender may apply any payment received from Borrower to the repayment of the P~riodfc Payments if, and to the extent that, each payment ca;~ be paid in ~I1. To the extent that any excess exists alter the payment is applied to the fifll payment :~f one or more Periodic Payments, such excess may be applied to any late charges due. Voluntary prepayments shall be applied first to any prepayment cl~arges and then as described in the Note. Any application of payments, insurance proceeds, or Miscella~eous Proceeds to principal due under the Note shall not extend or postpone the due date, qr change the amonnt, of the Periodic Payments. 3. Funds for Escrow Items. Borrower shall pay to Lender on the day Periodic Payments are due · under the Note, until the Note is paid in ~I1, 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) premiums for any and all insurance required by Lender under Section 5; and (d) Mortgage Ins;~rance premiums, if ~y, or ~y sums payable by Borrower to Lender in lieu of the payment of Mortgage Insurance premiums in accordance with the provisions of Section 10. These items are called : "Escrow Items." At origination or z~t any time during the term of t!xe Loan, Lender may require that Communit,' As~ociation Dues, Fees, aud Assessments, if any, be escrowed by Borrox'.er, and such dues, fees a~ assessments shall be ~ Escrow Item. Borrower shal! promptly ~mish to Lender all notices of amounts to be Oaid under this Section. Borrower shall pay Lender the Funds for Escrow Items unless Lender waives Borrower's obligation to pay tim Funds fbr any or all Escrow Items. Lender may waive Borrower's obligation to pay to Lender Funds ~br any or all Escrow Items at m~y time. Any such waiver may only be in writing. In the event of such waiver, Borrower shall pay directly, when and where payable, the amounts ?~ADE B AF 1061367 ~,. 0 !nirlai ~6(WY) poos) p~ge 4 of :a ~-- Form 305 ~ 1/01 due for any Escrow Items for which payment of Ftmds has been waived by Len:!::r and, if Lender requires, shall ~rnish to Lender receipts evidencing such payment within such time period as Lender may require. Borrower's obligation to make such payments ~.:~d to provide receipts shall for all purposes be deen;c :t to be a covenant and agreement contained in this Security Instrument, as the phrase "covenant and is ~]sed in Sectiou 9. It' Borrower is obligated to pay Escrow items directly, pursuant to ~: waiver, and Borrower fails to pay the amount due for an Escrow Item, Lender may exercise its rights under Section 9 and pa}, such amount and Borrower shall then be obligated under Section 9 to repay to Lender any such amount. Lender may revoke the waiver as to any or all Escrow Items at an}' time by a notice given 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) satTicient to permi~ Lender io apply the Funds at the time specified under RESPA, and (b) not to exceed the maximum amount a lender can require under RESPA. Lender shall estimate the amount of Funds due on the basis of current data and reasonable estimates of expenditures of future Escro:,: Items or otherwise in accordance with Applicable Law. The Funds shall be held in an institution whose deposits are inst~red by a federal agency, instr~memality, or entity (including Lender, if Lender is an institution whose deposits are so insure~) or i~ any Federal ttome Loan Bank. Lender shall appb' the Funds to pay the Escrow Items no later than the tinlc specified under RESPA. Lender shall not charge Borrower for holding and applying the Funds, annually nnalyzing the escrow account, or veritying 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 writiag or Applicable Law requires interest to be paid on the Funds, Lender shall not b:, required to pay Borrower ai0~ interest or earnings on the Funds. Borrower and Lender can agree in writing, however, that in!crest shall be paid on the Funds. Lender shall give to Borrower, without charge, an annual acco~mting of the F~mds as recNired by RESPA. If there is a sm'plus of Funds h. eld in escrow, a~; defined under RESPA, Lender .;liall actor:ut Borrower for the excess fimds 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 Lender the amount necessary to make up the shortage in accordance with RESPA, but in no more than 12 monthly payments. If there is a deficiency of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount ~,:;cessary 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 retired to Borrower any Fnuds held by Lender. 4. Charges; Liens. Borrower shall pay all taxes, assessments, clmrges, lines, and impositions attributable to tile Property which can attain priority over this Security Instrumc:,t, leasdmld payments or grou,id 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 then: in the nmnner provided in Section Borrower shall promptly discharge an',.,, 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 mare',er acceplnble to Lender, but only so long as Borrower is performing such agreement; (b) contests the lieu in good faith by, or defends against enforcement of the lien in, legal proceedings which in Lender's opinion operate to prgvent the enforcement of the lien while those proceedings are pending, but only until suc!~ proceedings are concluded; or (c) secures from the holder of the lien an agreemc,~t satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determines ti:at any part of the Property is sub.iect to a lien which can attain priority over this Secm'ity Instrument, Lender may give Borrower a notice identiiyin:; the z00~_367 Ir/:tlai ~--6(WY) [0005) pagesoft,~ Form 3051 'ilo lien. Within 10 days of the date on wi~ich that notice is given, Borrower shalt saris%, the lien or take on~. or more of the actions set forth, above in this Section 4. Lender n'my require Borrower to pay a one-time charge for a real ';;ta~e 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 fl~e Property insured against loss by fire, hazards included within the mrm 'exlended coverage," and any other hazards including, but not lin~ted to, earthquakes and floods, 10~' which Lender requires insnrance. This insurance shall be maintained in the amounts (including deductible levels) and for the periods: ll~at Lender requires. What Lender requires pursuant to the preceding sentences can change during the term of the Loan. The insurmme 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 fo~ flood zone determination, certification and tracking services; or (b) a one-time charge for flood zone determinadm~ and certification services and subsequent charges e:~;h time remappings or similar changes occur which re~sonably 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 IYom an objection by Burrower. If Borrower fails ro maintain any of the coverages described above, Lender may obtain insur;mce coverage, at Lender's option and Borrower's expense. Lender is under no obligation m pm'chase any particular type or amount of coverage. Therefore, such coverage shall cover Lender, but might or might not protect Borrower, Borrower's equity in d~e Property, or the contents of the Property, agai?st any risk, h:~ard or liaNlity and might provide greater or lesser coverage than was previously in effect. Borrow:~z- acknowledges that the cost of the insurance coverage so obtained might significantly exceed the cost insurance that Borrower could have ,~btained. Any mnounts disbursed by Lender nnder this Section 5 shall become additional debt of Borrower secured by this Security Instrument. These amounts shall bear iater~,st at the Note rate from the date of disbursement and shall be payable, with such interest, upon notice from Lender to Borrower requesting payment. All insurance policies required by Lender and renewals of such policies shall be subject to Lender's right to disapprove such policies, shall include a standard mortgage clause, and shall name Lender mortgagee and/or as m~ addi{ional loss payee. Lender shall !rove the right to hold the policies and renewal certificates. If Lender requires, Borrower shall promptly give to Lender 311 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 clm~se and shall name Lender as mortgagee and/or as an additionM loss payee. In the event of loss, Borrower shall give prompt notice to the insurance carrier ~d Lender. Lender may make proof of loss if not made promptly by Borrow'er. Unless Lender and Borrower otherwise agree in writing, any insurance proceeds, whether or not the underlying insnrance was required hy Lender, shall be applied to restoration or repair of the Property, if the restoration or repair is economically feasible 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 work has been comple;ed to Lender's satisfaction, provided that such inspection shall be urfdertaken promptly. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as 1he work is completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such insurance proceeds, Lender shall nos be required to pay Borrower any interest or earnings on such proceeds. Fees for public adjusters, or otNer third parties, retained by Borrower shall not be paid out of the insurance proceeds and shall be the sole obligation of Borrowe:' the restorgtion or repair is not econmnicaIly feasible or Lender's security would be lessened, the msurnnce proceeds shall be applied to the sums secured by this Security Instrumeht, whether or not then due, with WADE, B. AF 1061367 ~,,~ 0 ~fi(WY) ~ooo5) P~ge e at :5 Form 3051 1101 tile excess, if any, paid to Borrower. Such insurance proceeds shall be applied in the order provided !'or in Section 2. If Borrower abandons the Property, .Lender may file, negotiate and settle any available insur.;tnce cIaim and related matters. If Borrower does not respond within 30 days to a notice !'rom Lender that the insurance carrier has offered to settle a claim, then Lender may negotiate and settle a~e claim The 30-day period will begin wt;en the notice is given. In either event, or it' Lender ac~lui~es the Proper~.y under Section 22. or oiherwise, Borrower hereby assigns to Lender (a) Borrower's rights to ~:y instn~:ncc proceeds in an amount not to exceed the amounts unpaid under tile N'ote or this Se(rarity lnstr'.nnent, and (b) any other of Borrower's rights (other titan the right to any ret\md of unearned ~[n'emimns paid hy Borrower) under all insurance policies covering the Property, insofar as such rights are app!icab].e to the c~ver~-~ge of the Property. Lender may use the inst[ranee proceeds either to repair or restore tile Properiy or to pay amounts unpaid nnder the Note or this Security Instrument, whether or not thet~ 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 dale of occt~?a~cy, unless Lender otherwise agrees in writing, which consent shall not be nnreasonably withheld, or unie~,s extenuatin3 circumstances exist which are beyond Borrower's control. 7. Preservation, Maintenance aml 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 maintain the Property in order to prevent the Property from deteriorating or decreasing in value due to its condition. U~:!~ss it is determined pursuant to Section 5 that repair or restoration is not economically feasible, Bor:ower shaII promptly repair the Property if damaged to avoid further deterioration or damage. If insurance or condemnation proceeds are paid in com~ection with damage to, or the taking of, the Property, I'}orrf)wc~ 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 pay~nent or in a series 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 o~' Borrower's obligation for the completiou such repair or restoration. Lender or its agenl may make reasonable entries upon and inspections of tile 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 rl, e Loan application process, Borrower or any persons or entities acting at the direction of Bon-ower or with Borrower's knowledge or consent gaYe materially false, misleading, or inaccurate information or statements tu Lender (or failed to provide Lender with material information) in connection with the Loan. Material representations include, but are not limited to, representations concerning Borrower's occupancy of the Property as Borrower's principal residence. 9. Protection of LendePs Interest in the Property ~nd Rights Under this Security Instrmnent. If (a) Borrower fails to perform thc covenants and agreements contained in this Security Instrument, (b) ~here is a legal proceeding that might significantly affect Lender's interest in the Property and/o~: riglits under this Security Instrument (such as a proceeding in bankruptcy, probate, for condemnation or forfeiture, for en~forcement of a lien wl:i,;h may attain priority over this Security Instrument or to enforce laws or regulations), or (c) Borrower has abandoned the Property, then Lender may do ~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 am!/or repz:iring thc Property. Lender's at:dons can include, but are not limited to: (a) paying auy sums secured by a which has priority over this Security Instrument; (b) appearing in court; and (c) paying reasonable ~,,/AD ~E, B. AF !_052367 ,: ,-,eX/ /;?. !.,", i ,. ,,, ~ O (~?(WY) (oooa) pa~3, ',' of ';5 ii/'" Form 3051 1/01 attorneys' tees to protect its interest in the Property and/or rights under this Security Instrument, inch,ling 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, dr:'i~: from pipes, eliminate bt~.ilding or other code violations or dangerous conditions, and have utilities turned on or of/:'. Although Lender may take action under this Section 9, Lender does not have to do so and is under any duty or obligation to do so. It is agreed that Lender incurs no liability for not taking any or ali actions authorized under this Section 9. Any amounts disbursed by Lender under this Section 9 shall become additienal debt of Borrower seem'ed by this Security I::strument. These amo,,mts 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. If this Security Instrument is on a leasehold, Borrower shall comply with all the .provisions of lease. If Borrower acquires fee title to the Property, the leasehold and the fee title shall not merge unless Lender agrees to thc: merger in writing. 10. Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan, Borrower shall pay the premk,ns requ~.red to maintain the Mortgage Insurance in effect; If, for any rc~son, the ivlortgage Insurance coverage required by Lender ceases to be available from the mortgage insurer that previously provided such insurance and Borrower was required to make sepa~'ately desi}nated payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiun~s 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 klortgage Insurance previously in effect, fi-om an alternate nmrlgage insurer selected by Lender. If substantially equivalent Mortgage Insurance coverage is not available, Borrower shall continue to pay to Lender the amount of 1he separately des!gnatcd payments Ihat were due when the insurance coverage ceased to be in etfect. Lender will a(,:;pt, use and retain lbest,~ pay~t~xis as a non-refundable loss reserve in lieu of Mortgage Insurance. Such loss reserve shall be non-.refundable, no[withstanding the fact thaL the Loan is ultimately paid in full, and Lender shall not he required to pay Porrower any interest or earnings on such loss reserve. Lender can no longer require reserve payments if Mortgage Insurance coverage (in the amount and for the period *~at Lender requires) pi'¢vided by an insurer selected by Lender again becomes available, is obtained, and Lender requires separately designated payments toward the premimns for Mortgage Insurance. If 7.cnder required IvIortgage Insm'anee as a condition of making the Loan and Borrower was required to m.'-rke separately designated payments toward tt~e premiums 'for Mortgage Insurauce, Borrower shall pay the premiums required to maintain Mortgage Insurance in effect, or to provide a non-refundable loss reserve, unlil Lender's requirement for Mortgage insxrance ends in accordance with any written agreement between Borrower and Lender providing for such termination or until termination is required by A?plicable Law. Nothing in this Section i O affects Borrower's obligation to pay interest at the rate provided in the Note. Mortgage Insurance reimburses Lender (or an5, er:~!ty mat purchases the Note) for certain losses it may incur if Borrower does not repay tt~e Loan as agreed. Borrower is not a party to tile Mortgage Insurance. Mortgage insurers eyaluate their total risk on all such insurance in {brce 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 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 auy source of t5~nds that the mortgage insurer may have available (which may include fl:ntis 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 :hat derive from (or might be characterized as) a portion of Borrower's payments for Mortgage Insurance: in exchange for sharing or modifying the mortgage insurer's risk, or reducing losses. If such agreement progides 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 o2en termed "captive reinsurance." Further: (a) Any such agreements will not affect the amounts that Borrower has agreed to pa)' for Mortgage Insurance, or any other terms of the Loan. Such agreemems will not increase the ammmt Borrower will owe for Mortgage Insurance, and they will not eutitle Borrower to any rd'und. WADE, B. AF 1061367 O !.q!t]a! (~-6(WY) <0oo5) pavia a ~f :~, ~- Form 305i 1/01 (b) Any such agreements wiI! not affect the rights Borrower has ~ if any - with respec! to the Mortgage Insurance m~der the Homeowners Protection Act of 1998 or aiD, other law. These rights may include the right to receive certain disclosures, to request and obtain cancellation of the Mortgage Insurance, to have the Mbrtgage Insurance terminated automatically, and/or to rec~:~ve a refund of any Mortgage In~.~:rance premiums that were unearned at the time of such cancellation or termination. 11. Assigmnent of 5fiscellaneous Proceeds; Forfeiture. Ali Miscellaneous Proceeds are hereby assigned to and sha~l be paid to Lender. If the Property is damaged, such Miscellaneous Proceeds shall he app!ied 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 sh~ll have tlxe right to hold such Misccllaneous Proceeds until Lender has had an opportnnity to inspect such Property to ens,are the work has been Lender's satisfaction, provided that such inspection shall be undert~en promptly. Lender may pa~ for the repairs and restoration in a single disbursement or in a series of progress payments as tl~e work is completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such Miscellaneous P:oceeds, Lender shall not be required to pay Borrower any interesl 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 lo the sums secured hy this Security Inarument, whellmr or not then due, with the excess, if ay, paid to Borrower. Such Miscellaneous Proceeds sh;:. applied in the order provided ibr in Section 2. In the event of a totaI taking, destruction, or loss in value of the Property, the Miscellaneous Proceeds shall be applied to the sums secured by thi: Security Instrmnent, 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 5fi: marker valt~e of the Property immediately before the partial taking, destructinn, or loss i~: value is equal ~ or greater than the amount of the sums secured by thi~ Security Instrument immediately before th.. partial taking, destruction, or loss in value, unless Borrower and !.ender otherwise agree iu writing, the sums secured by this Security Instrument shall be reduced by the mount of the M~scellaneous Proceeds multiplied by the following fraction: (a) the tot~ amount of tlxe sums secured immediately before the partial raking, destruction, or loss in value divided by (b) the fair market wdue 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, dest~ction, u: loss in value of the Property in which the fair nzarket vakte of the Property immediately before the partial t~ing, destmctio~h or loss in value is less than the amount of the sums secured immediately before the partial taking, destruction, al loss in value, unless Borrower and Lender otherwise agree, in writing, the Miscellaneous Proceeds shall b(¢ applied to the sums secured by this Sec~:rity Instrmnent whether or not the sums are then due. If the Property is abandoned by Borrower, or if, a[:ter notice by Lender Opposing Party (as defined in the next sentence) ot¢krs to make an a,,vam to settle a claim t~r damages, Borrower fails to respond to Lender within 30 days after tlm date the notice is given, Lender is amho~ized 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 th:ird party that owes Borrower Miscellaneous Proceeds or the party against whom Borrower has a right of action regard to Miscellaneous Proceeds. Borrower shall be in dehult if any action or proceeding, whether civL or criminal, is begun that, i,' Lender's judgment, could result in forfeiture of the Property or other material impa:.x'ment of Lender's interest in the Prope~y or rights under t~;is Security Instnnnent. Borrower can cure such a defanit and, if acceleration has occurred, reinstate as provided in Section 19, by causing the action or proceeding to be d~smissed with a ruling that, in Lender's judgment, ,)reclndes forfeiture of the Property or other material imf)airment of Lender's interest in the Property or rights under fids Secm'ity h~strument. The proceeds of any award or claim for damages that are attributable to the impairment of Lender's interest in the Property are hereby assigned and shall be paid to Lender. Ali L'[iscellaneous Proceeds that are not appEed to restoration or repair of the Property sh;~ll be a~,plied in the order provided for in Section 2. !2A, DE, B. ),,F 1061367 ../,~ .,.:-., 0 (~")~-6{WY) (ooo5) Page s of ~5 Form 3051 1/01 12. Bo:;awer Not Released; Forbearance By Lender Not a Waiver. Extension of thc :!n'~c payment or modification of amortization of ~hc sums secured by th~s Security Insmunent grained by to Borrower or a~y Successor in Interest of Bon'ower shall not operate to release the liabiii[y oi' Bonower or any Successors in Interest of Borrower. Lender shall not be required to commence proceedb~gs agains~ any Successor in Interest of Borrower or to refuse to extend time fi)r payment or othar.vise moclif~ anortization of the sums secured by this Security Inst~'mnent by reason of anv demand rix:de by the ori~final Borrower or any Successors in ~nterest of Borrower. Any forbearance by Lender in exercising any rigI~t remedy including, withc;~ iin~tation, Lender's acceptance of payments from third person:;, entities or Successors in Interest of Borrower or in amounts less tlla~ the amount then due, shall not be a waiver of or preclude tl~e exercise of any ril)~t or remedy. 13. Joint and Several Liability; Co-signers; Successors and Assigns Bmmd. Borrower covenants and agrees that Borrower's oNigations and liability shall be joint and several. However, any Borrower who co-sigus fids Security Inst; .ment but does not execrate the Note (a 'co-signc~")' (a) is co-signing this Sec~:rity' Instrument only to ~nortgage, grant and convey the co-signer's interest in the Property tmde~ terms of this Security Insmnnent; (b) is not personally obligated to pay the sums secured by this Security Instn;ment; and (c) agrees that Lender and a 5' other Borrower can agree to extend,.modifv, forbear make any accommod~tions with regard to'the terms of this Security Instrument or the Note witLout the co-signer's consent. Su(ject to the provisio2: of Section 18, any Suo"essor in Interest of Borrower who assumes Borrower's obligations under this Security Instrument in writing, and is approved by Lender, shall all of Borrower's rights ~d benefits under this Security Instrument. Borrower shall not be released frown Borrower's obligations and liability under this Security Instrmnent unless Lender agrees to snch release in writing. The covenants m~d agreements of this Security Instrument shall bind (except as provided in Section 20) and benefit the s~ccessors and assigns of Lender. 14. Loan Charges. Lender may charge Borrower fees for services performed ix connection Borrower's default, for the purpose of protecting Lender's interest in the Property and rights trader this Security instrument, including, but not limited to, attorneys' fees, property inspection and valuation iaes. In regard to any other fees, the absence of express authority in this Security I~strument to charge a specific: fee to Borrower sh~l not be construed as a prohibition on the charging of stx:h 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 interfered sa that the interest or other loan charges collected or to be collected in connection with the Loan exceed thc permitted limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to the n~:~rmitted limit; and (b) ~y sums already collected from Borrower which exceeded permitted limits will be reflmded to Borrower. Lender may choose to make this re,,md by reducing the principal owed under the Note or by m~ing 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 Note). Borrower's acceptance of any such retired made by direct payment to Borrower will constitute a waiver bf mxy right of action Borrower might have arising out of such overcharge. 15. Notices. All notices given by Borrower or Lender in connet:tion v/i[!q this Security lnstrumenl: 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 unless Applicable Law expressly iequires othe~ise. The notice address shall be the ?~.operty Address unless Borrower has designated a substitute notice address by notice to Lender. Borrower shall promptly nodl:y Lender of Borrower's change of address. If Lender specifies a procedure for ,eporting Borrower's change of address, then Borrower shall only report a change of address through that specified procednre. Ttfere may be only one designated notice address under this Security Instrument at any one time. Any r~c~t, ce to Lender st:a~ll 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 connection with this Security Instrument shall not be deemed to have been given to Lender until actually received by Lez~:~ ~r. If any notice required by this Security Instrument is also required nnder Appli~ able Law, the Applicable Laxv requirement will satis~, the corresponding requirement under this Secnrity Instrumeut. : ~, B. AW 1061367 I : ' ~,,~t~ ~/'7i:./ ~6{~,,~.",'} {ooos) ;:age :o of:s 7:: Form 3051 1/01 16. Governing Law; Severability; Rules of Construction. Tiffs Security Instrumem shall be governed by federal law anti the law of the jurisdiction in which the Property is located. All rights amd obligations contained in this Security iustrument are subject to any requirements and limit,:dons A?!)licable Law. Applicable Law might explicitly or implicitly allow tl~e parties to agree by contract or it might be silent, but such silence shall not be construed as a prohibition against agreement by contract. the event that any provision or clause of this Security instrument or the Note conflicts with Applicable Law, such conflict shall not affect other provisions of this Security Instrument or tl~.e Note which c~[r: given effect without the conflicting provision. As used in this Security Instrument: (a) words of the masculine gender shall mean anti include corresponding neuter words or words of the feminine gender; (b) words in the singnh:: shall mean and it~':h'ide the plural anti vice versa; and (c) the word "may" gives sole distraction,, without :!ny obtigati'?', to take any action. 17. Borrower's Copy. Borrower shall be given one cop}' of the Note a~::i off this Security !nstrtmnent. 18. Tt'ansfer of the Property <;r a Beneficial Interest in Borrower. As used in this Sectio_.'z "Interest in thc Property" means any legal or beneficial interest in tl:e Property, ir:cludi~xg, but not li~:aitc(l to, those bem:ficia! interests transfer*'ed in a bond for deed, contract fl~r deed, install,_ne~,t sales cc~:~ ,:', escrow agreement; the intent of which is the transfer of ~itle by Borrower at a t'utltre date !o a :.urchas~:: If al! or any part of the Property or any Interest in thc i rot;erty is sold or transferred (m' if Borrower is m~t a natural person aud a beneficial interest in Borro,ver is soId or transferred) without Lender's prior written consent, I. ender may require immediate payment in full of all sums ser:~red by tiffs Security Instrument. However, this option shall not be exercised by Lender if such exercise is im:!fibile:l by Applicable Law. If Lender exercises this option, Lender shall give Borrower notir? of ?,cce!er?.tion. The notice ?:pride a period of not less than 30 days frc, n~ the date tl~e noticz is given in accordance with Section 15 within whic~x i~orrower must pay all sums secured by !his Security Instnnnent. If Borrower fails to pay these sums prior tO the expiration of this period, Lender may invoke any remedies permit,:ed by this Security Instrument without further notice or demand on Borrower. 19. Borrower's Right' to Reinstate At'tot Acceleration. If Borrower meets certain co,,~diiions, Borrower shall have the right to have enforcement of this Security Instrun-~ent discontinued at any time prior to the earliest of: (a) five days before sale of the ?report) purst:ant to an}, power of sale contained in this Security Instrument; (b) such other period as Applicable Law might specify for the termination 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 Instrmnent and the 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, includixg, but not limited to, reasonable attorneys' fees, property inspection and valuation fees, and other fees incurred fix' the purpose of protecting Lender's interest in the Property and rights under this Security Insi~ument; and (d) takes such action as Lender may reasonably require to assure that Lender's interest in the Property and rigl~ts under this Security Instrument, and Borrower's obligation to pay the sums secured by this Security Instrument, shall continue unchanged. Lender may require that Borrower pay such reinstatement sums and expenses in one or more of the ibllowing forms, as selected bi" Lender: (a) cash; (b) money order; certified check, bank check, treasurer's check or cashier's check, provided any such check is drawn upo~i an institution whose deposits are insured by a federal agency, instn~mentality or entity; or (d) Eteclronie 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 slmll not apply in the case of acceleration under Section 18. 20. Sale of Note; Change ot' Loan Servicer; Notice of Grievance. The Note or a partial interest in the Note (together with this Security Instrument) can be sold one or more times without prior notice to BoYrower. 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 performs oil',er mortgage loan servici~lg obligatio~s under the Note, this Security instrument, t, nd Applicable [.aw. 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 ti~e Servicer, Borrower will be given written notice of the change which will state the nmne and address of the nc,v Loan Servicer, the address to whiclx, payments should be made and any other inl'ormation RESPA [~JADE, B. AF 1061357 0 (~-6(WY) {c, ooa) P~.ge, ': of: 5 ~/ t F~: ,m 3051 '1/01 requires in connection with a-notice of transfer of servicing. If the Note is sold and there:,,fler the Loan is serviced by a Loan Servicer other than the pnrchaser of the Note, !he mortgage loaf servicing obligations to Borrower will remain with the Loan Servicer or b: transferred to a successor Loa~ Service: and are not assumed by the Note purchaser unless otherwise provided by the Note purchaser, Neither Borrower nc~' Lender may commence, join, or be joined to any judicial action (as eiiher an individual litigant or the menqoer of a class) that arises from the other party's actions pursuant to Security Instrument or that alleges that ~he other party has breached any provision of, or any d~ty 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 affbrded the other party hereto a reasonable period after the giving of such notice to take corrective actim:. If Applicable Law provides a time period which nmst elapse before certain action can be taken, ti'mt 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 lg shall be deemed to satisfy the notice and opportunity to take corx'ec, t ive action provisions of this Section 20. 21. Hazardous Substances. As used in this Section 21: (a) "Hazardous S"bstances' are those substances defined as toxic or hazardous substances, pollutants, or wastes by En¥ironmental Law and lhe :following substances: gasoline, kerosene, other flammable or toxic petrolemn products, toxic: pesticides and herbicides, volatile solvents, materials containing asbestos or formaldehyde, and radioactive materials; (b) "Environmental Law" means fedora! laws an,_! laws of the jurisdiction where the Property is iocated that relate to hu'alth, safety or enviro~m~ental protection; (c) "Enviromnental Cleanup" includes any response aclion, remedial action, or removal action, .as defined in Environmental Law; and (d) an "Environmental Condition" means a condition that can cause, contribute to, or otherwise trigger an EnTironmentxl Cleanup. ~ox'~'3wer shall not ca, se or permit the presence, use, disposal, storage, or release of arC }Iazardoua Subs~anees, or threaten to ~elease any Hazardous Substances, on or in the Property. Barrower shall not do, nor allow anyone else to do, anything affecting the P?'?erty (a) that is in violation of any Environme~:tal Law, (b) which creates an Environmental Condition, or (c) which, due to the presence, nsc, or release of a Hazardous Substance, creates a condition that adversely affects the v'Aue of the Property. The preceding tx.,.,'.:) sentences shall not apply to the presence~ use, or storage on the Prope:'t.y of small quantitiez of Idazardous Substances that are generally recognized to be appropriate to norms1 residential uses :md to maintenance of the Property (inclnding, but not limited to hazardous substances ix. eo:',sumer pxoducts). Borrower shall promptly give Lender written notice of (a) any investigadop., claim, demand, lawsuit or other action by any governmental or regulatory agency or private party involving the Prop~:_.'ty and any Hazardo,,~ Substance or Environmental Law of which Borrower has actual knowledge, (b) any Environmental Condition, including hut not limited to, any spilling, leaking, discharge, release or ~hre:~t of release of any Hazardous Substance, and (c) any condition caused by the presence, use or release of a Ha:'.;'dous Substance which adversely affects the valse of the Property. If Borrower learns, or is nod?ed by, any governmental or regulatory authority, or any private party, tha an}, removal or other remediation of spy hazardous Substance affecting the Property is necessary, Borrower shall promptly take ail necessary rem,"~dial actions in accordanc~e with Environmental L~w. Nothing herein sl',zdl creae any obligation on Lender for an Environmental Cleanup. ~4ADE, B. AF J_061.367 .,~ .__., 0 (~2-6(WY) (oo0,51 pa;a '.2 cf :5 Form 3951 1/01 ?JON-UNIFORM COVENANTS. Borrower and Lender further covenpm and agrt'.~ as follows: 22. Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration f, llowing l? (,:rower's breach of an)' covent:nt or agreement iu this Security Instrument (but not prior to acceleration tinder Section 18 unless Applical:le Law provides ot!~:rwise). The notice shall specify: (a) the default; (b) tim action required to cure the default; (c) a date, not less than 30 days fi'om iI~e date the notice is givm~ to Borrower, by which the default m'~st he cured; and (d) that failm.: to cure the default on or before the date specified in the notice may result in acceleration of ibc stuns secure~t by this Security instrument and sale of the Property. The notice shall fl~rther inform Borrower of the right to reinstate after acceleration and the right to bring a court 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 al: its option may require immediate payment in h:ll of all sums secured by this Security lnstrmnent without further demand and nm,~ invoke th,. ixm'er of sale and any other remedies permitted by Applicable Law. Lender shall lie entit!cd to col!eel all expenses incurred in pursuing the remedies provided in dtis Section 22, including, but not l!mited 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 Bom awer and to the person in possession of the Property, if different, in acct,~'dance with Applicable !aw. Lender shall give notice of the sale to Borrower in the manner provided in Section 15. Lender ::hall publish the notice of sale, aad the Property shall be s:(;id in the manner prescrihed l;y Applic~able Law. Lender or its designee may purchase the Pro~:erty 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 lnstrmnent; and (c) any excess ~o the person or persons legally entitled to it. 23. Release. Upon payment of all sums secured by this Security h~strxment, Lender shall release thio Security Instrument. Borrower shall pay any recordation costs. Lender may charge Borrower a fee for releasing this Security Instrument, but only if the fee is paid to a third party for services rendered and the charging of the fee is permitted under Applicable La.::. 24. Waivers. Borrower re!cases mid waives all rights under and by vitiate, of the homcsle~d exemption laws of Wyoming. BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants comained in this Security Instrument and in any Rider executed ?G' Borrower and recorded ,,,. :.;~7 it. Witnesses: · -!}01: (Se~) ($cml) -Borrower - Borro,,, :' (Seal) (Seal) -Borrower -Borrower (Seal) ' (Seal) ~Borrower Borrower · NADE, 8, AF 1061367 t~d~6(WY) (ooosl page 'a af ~ Forn: 305~ ;/01 STATE OF WYOMING, ,~' r~c ,~/~_.~ Cmmty ss: The foregoing h!strument was acknowled~ed before me this 5¢ce~be',' 3!, 2001 by B-il]y James Wade and Stacey Wade My Commission Expires: $ ~/z/-~/-7/ ' f~ Lincoln '~;l~ Wyoming ~ ~y Public WAD}i, B. ,AF 1061367 0 Initia!s: (~'~'6(WY) (000~} P~g~ ~ ~ ~5 Form 3051 1/01 ALTA COMMITMENT - 1982- WY Commitment No.' FA 831(; OM SCHEDULE C The land referred 'to in this commitment is situated in the State of Wyoming, County of I ,incoln, and is described as follows: That part of the N~SW~NW~{ of Section 8, T30N P. llSW of the 6th P.M., Lincoln County,. Wyoming being ali. of that tract of record in the Office of the Clerk of Lincoln County in Book 466PR on page 607 and part of that tract, of record in said Office in Book 441PR on page 414 d,~.scribed as follows: ' BEGINNING at the southwest o~ c .... net of said N~SW~AAw~ thence N 00°09'59" E, 332.30 feet, along the west _~_ne'~ of said Ar~SW~/g%TW~, to the northwest corner of the SSfN~SWS¢fWM of said Section 8; thence N 89°50'31" E, 41.4.83 feet, along an existing fence line, in part, to a point; thence S 01o00'02" E, 362.76 feet, along an existing fence lin:~, to a point on the south line of said N~SW~ANW~; thence N 89054'58'' W, 422.20 feet, along said south line to the . CORNER OF BEGINT~ING.