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WHEN RECORDED, MAIL TO:
Bank of Jacksou Itole
Post Office Box 7000
Jackson, WYOMING 83002
This Instrument was prepared by:
Bank of Jackson Hole
Post Office Box 7000
Jacksou, WYOMING 83002
307-732-3050
Loan Number: Younkin, Harry
Order Number:
}BO:DK Sa 4 PR PAGE 7 3~7
(Space Above This Line For Recording Data)
M.ORTGAGE
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 16.
(A) "Security Instrument" means this document, which is dated September 11, 2003, together with all Riders to this document.
(B) "Borrower" is Harry K Younkin and Jean A Younkiu, husband and wiIe . Borrower is the mortgagor under this Security
Instrument.
(C) "Lender" is Bank of Jackson Hole, organized and existing under the laws of WYOMING.
Lender's address is Post Office Box 7000, Jackson, WYOMING 83002. Lender is the mortgagee under this Security Instrument.
(D) "Note" means the promissory note signed by Borrower and dated September 11, 2003. The Note states that Borrower owes Lender
ONE HUNDRED THIRTY-TWO THOUSAND and no/100 Dollars (U.S. $132,000.00) plus interest. Borrower has promised to pay this
debt in regular Periodic Payments aud to pay the debt in full not later than October 1, 2033.
(E) "Property" means the property that is described below under the heading ransfer of R,ghts in the Property."
(F) "Loan" means the debt evidenced by the Note, plus interest, any prepayment charges and late charges due under the Note, and all sums
due tinder this Security lustrument, plus interest.
(G) "Riders" means all Riders to this Security Instrument that are executed by Borrower. The following Riders are to be executed by
Borrower (check box as applicable):
[] Adjustable Rate Rider [] Condominium Rider [] Second Home Rider
[] Balloon Rider [] Planned Unit Develop~nent Rider [] VA Rider
[] 1-4 Family Rider [] Biweekly Payment Rider
[] Other (Specify) -
(H) "Applicable Law" means all 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) "COm~nunity Association Dues, Fees, and Assessments" ~neans all dues, fees, assessments and other charges that are imposed on
Bon'ower or the Property by a condominium association, homeowners association or similar organization.
(J) "Electronic Funds Transfer" means any transfer of funds, other than a transaction originated by check, draft, or similar paper
instrument, which is iuitiated 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, automated
teller machine transactions, transfers initiated by telephone, Wire transfers, and automated clearinghouse transfers.
(K) "Escrow Items" means those items that are described in Section 3.
(L) "Miscellaneous Proceeds" means any compensation, settlement, award of damages, or proceeds paid by any third party (other than
insurance proceeds paid under the coverages described in Section 5) for: (i) damage to, or destruction of, the Property; (ii) condenmation or
other taking of all or any part of the Property; (iii) conveyance in lieu ofcondeumation; or (iv) misrepresentations of; or omissions as to, the
value and/or condition of the Property.
(M) "Mortgage Insurance" means insurance protecting Lender against the nonpayment of, or default on, the Loan.
(N) "Periodic Payment" means the regularly scheduled amount dtle for (i) principal and interest under the Note, plus (ii) any amounts
under Section 3 of this Security Instrument.
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 ~SPA.
(P) "Successor in Interest of Borrower" means any pa~ that has taken title to the ProperS, whether or not that pa~ has assmned
Borrower's obligations under the Note and/or this Securi~ Instrument.
T~SFER OF ~GHTS ~ THE PROPERTY
This SecuriW Instrument secures to Lender: (i) the repa~nent of the Loan, and all renewals, extensions and modifications oftbe Note; and
(ii) the performance of Bo~ower's covenants and a~eements under this SecuriW lns~ment and the Note. For this pu~ose, Bo~ower does
hereby mo~gage, grant and convey to Lender and Lender's successors and assi~s, with power of sale, the following described properW
located in the Coun~ of Lincoln:
Lot 10, Palls Park Subdivision, Lincoln County, Wyoming
Parcel Identification Number:
which cu~ently has the address of: 182 West Mill Circle
Alpine, WYOMING 83128 ("ProperW Address"):
TOGETHER WITH all the improvements now or hereafter erected on the prope~, and all easements, appu~enances, and fixtures
now or hereafter a pa~ of the property. All replacements and additions shall also be covered by this SecuriW Instrument. All of the
foregoing is referred to in this SecuriW Instrument as the "Prope~."
BOR~ROWER COVENANTS that Borrower is la~xlly seized of the estate hereby conveyed and has the right to mo~gage, grant
and convey the Propel. and that the Prope~ is unencumbered, except for encumbrances of record. Bo~ower warrants and will defend
generally the title to the Prope~ against all claims and dmnands, subject to any encmnbrances of record.
THIS SECURITY INSTRUMENT combines unifo~ covenants for national use and non-unifo~ covenants with limited
variations by jurisdiction to cousti~te a uniform securi~ instrument coveriug real prope~.
~IFO~ CO~NANTS. Borrower and Lender covenaut and agree as follows:
1. Payment of Principal, Interest, Escrow Items, Prepaymeut Charges, aud Late Charges. Bon'ower shall pay when due the
principal of, and interest on, the debt evidenced by the Note and any prepa~ent charges and late charges due under the Note. Bo~ower
shall also pay hnds for Escrow Items pursuant to Section 3. Payments due under the Note and this Secufi~ Instrument shall be made in U.S.
currency. However, if any check or other instnunent received by Lender as pa~ent under the Note or this Securi~ Instmmeut is re~med to
Lender unpaid, Lender may require that any or all subsequent pa~nents due under the Note and this Securi~ Instrument be made in one or
more of the following forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, ba~ check, treasurer's check or cashier's
check, provided any such check is dram upon an institution whose deposits are insured by a federal agency, instmmentali~, or enti~; or (d)
Electronic Funds Transfer.
Pa~nents are deemed received by Lender when received at the location desi~ated in the Note or at such other location as may be
desi~ated by Lender in accordance with the notice provisions in Section 15. Lender may re~rn any pa~ent or pa~ial pa~nent if the
pa~nent or partial pa~ents are iusufficient to bring the Loan current. Lender may accept any pa~ent or paaial pa~nent insufficient to
bring the Loan cu~ent, withont waiver of any rights hereunder or prejudice to its rights to refi~se such payment or pa~ial pa~ents in the
~atre, but Lender is not obligated to apply such pa~nents at the time suchpayments are accepted. If each Periodic Pa~ent is applied as of
its scheduled due date, then Lender need not pay interest on unapplied ~nds. Lender may hold such unapPlied fi~nds until Borrower makes
pa~nent to bring the Loau cu~ent. If Borrower does not do so within a reasonable period of time, Lender shall either apply such ~nds or
re~rn them to Bo~ower. lfnot applied earlier, such ~nds will be applied to the outstanding principal balance under the Note itmnediately
prior to foreclosure. No offset or claim which Bo~ower might have now or in the lucre against Lender shall relieve Bo~ower fi'om making
payments due under the Note and this Security Instrument or perforating the covenants and agreements secured by this Secufi~ Instm~nent.
2. Application of Payments or Proceeds. Except as othe~ise described in this Section 2, all pa~ents accepted and applied by
Lender shall be applied iu the following order ofpriori~: (a) iuterest due under the Note; (b) principal due under the Note; (c) amounts due
under Section 3. Such payments shall be applied to each Periodic Pa~ent in the order in which it became due. Any remaining amounts
shall be applied first to late charges, second to any other amounts due under this Securi~ Inst~ment, and then to reduce the principal
balance of the Note.
If Lender receives a pa~nent from Borrower for a delinquent Periodic Payment which includes a sufficient amount to pay any late
charge due, the pa~ent may be applied to the delinquent pa~ncnt and the late charge. If more than one Periodic Pa~ent is outstanding,
Lender may apply any pa~ent received from Borrower to the repa~nent of the Periodic Pa~ents if, and to the extent that, each pa~nent
can be paid in fi~ll. To the extent that any excess exists aaer the pa}~nent is applied to the ~11 pa~nent of one or more Periodic Pa~aents,
such excess may be applied to any late charges due. Voluntary prepayments shall be applied first to any prepa~ent charges and then as
described in the Note.
Any application ofpa~nents, insurance proceeds, or Miscellaneous Proceeds to principal due under the Note shall not extend or
postpoue the due date, or change [l~e amount, of the Periodic Pa~nents.
3. Funds for Escrow Items. Bo~ower shall pay to Lender on the day Periodic Patients are due under the Note, until the Note is
paid in hll, a sum (the "Funds") to provide for payment ofamonnts due for: (a) taxes and assessments and other items which can attain
priori~ over this Securi~ Instrument as a lien or encumbrance ou the Propeay; (b) leasehold pa~nents or ~ound rents on the ProperS, if
any; (c) premiums for any and all insurance required by Lender under Section 5; and (d) Mortgage Insurance premiums, if any, or any sums
payable by Borrower to Lender in lieu oFthe pa~pent of Mortgage Insurance premiums in accordance with the provisions of Section 10.
WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT
Page 2 of 8
IDS, Inc. - (800) 554-1872
Form 3051 1/01
Borrower(s) Initials j'2~_D__[;'~ ......
Oa.l.j343S 739
These items are called "Escrow Items." At origination or at any time during the term of the Loan, Lender may require that Community
Association Dues, Fees, and Assessments, if any, be escrowed by Borrower, and such dues, fees and assessments shall be an Escrow Item.
Borrower shall promptly furnish to Lender all notices of amounts to be paid under this Section. Borrower shall pay Lender the Funds for
Escrow Items unless Lender waives Borrower's obligation to pay the Funds for any or all Escrow Items. Lender ~nay waive Borrower's
obligation to pay to Lender Funds for any or all Escrow Items at any time. Any such waiver may only be in writing. In the event of such
waiver, Borrower shall pay directly, when and 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 sucb 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 and
agreement contained in this Security Instrument, as the phrase "covenant and agreement" is used in Section 9. If Borrower is obligated to
pay Escrow Items directly, pursuant to a waiver, and Borrower fails to pay the amount due for an Escrow Item, Lender may exercise its
rights nnder Section 9 and pay such amount and Borrower shall then be obligated under Section 9 to repay to Lender any such amount.
Lender may revoke the waiver as to any or all Escrow Items at any time by a notice given in accordance with Section 15 and, upon such
revocation, Borrower shall pay to Lender all Funds, and in such amounts, that are then required under this Section 3.
Lender may, at any time, collect and hold Funds in an amount (a) sufficient to permit Lender to apply the Funds at the time
specified under RESPA, and (b) not to exceed the maximum amount a lender can require under RESPA. Lender shall estimate the amount of
Funds due on the basis of current data and reasonable estimates of expenditures of future Escrow Items or otherwise in accordance with
Applicable Law.
The Funds shall be held in an institution whose deposits are insured by a federal agency, instrumentality, or entity (including
Lender, if Lender is an institution whose deposits are so insured) or in any Federal Home Loan Bank. Lender shall apply the Funds to pay
the Escro~v Items no later than the time specified under RESPA. Lender shall not charge Borrower for holding and applying the Funds,
annually analyzing the escrow account, or verifying the Escrow Items, unless Lender pays Borrower interest on the Funds and Applicable
Law permits Lender to make such a charge. Unless an agreement is made in writing or Applicable Law requires interest to be paid on the
Funds, Lender shall not be required to pay Borrower any interest or earnings on the Funds. Borrower and Lender can agree in writing,
however, that interest shall be paid on the Funds. Lender shall give to Borrower, without charge, an annual accounting of the Funds as
required by RESPA.
If there isa surplus of Funds held in escrow, as defined under RESPA, Lender shall account to Borrower for the excess funds in
accordance with RESPA. If there is a shortage of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as required
by RESPA, and Borrower shall pay to Lender the mnount 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 !o Lender the amount necessary to make up the deficiency in accordance with RESPA, but in
no more than 12 monthly payments.
Upon paylnent in full of all sums secured by this Security Instrument, Lender shall promptly refund to Borrower any Funds held by
Lender.
4. Charges; Liens. BorroWer shall pay all taxes, assessments, charges, fines, and impositions attributable to the Property which can
attain priority over this Security Instrument, leasehold payments or ground rents on the Property, if any, and Cmmnunity 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 unless Borrower: (a) agrees in writing
to the Payment of the obligation secured by the lien in a manner acceptable to Lender, but only so long as Borrower is performing such
agreement; (b) contests the lien in good faith by, or defends against enforcement of the lien in, legal proceedings which in Lender's opinion
operate to prevent the enforcement of the lien while those proceedings are pending, but only until such proceedings are concluded; or (c)
secures from the holder of the lien an agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender
determines that any part of the Property is subject to a lien which can attain priority over this Security Instrument, Lender may give
Borrower a notice identifying the lien. Within 10 days of the date on which that notice is given, Borrower shall satisfy the Iici] or take one or
more of the actions set forth above in this Section 4.
Lender ]nay require Borrower to pay a one-time charge for a real estate, tax verification and/or reporting service used by Lender in
connection with this Loan.
5. Property Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against
loss by fire, hazards included within the term "extended coverage," 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 connection with this Loan, either: (a) a one-time charge
for flood zone determination, certification and tracking services; or (b) a one-time charge for flood zone deterlnination and certification
services and subsequent charges each time remappings or similar changes occur which reasonably might affect such determination or
certification. Borrower shall also be responsible for the payment of any fees imposed by the Federal Emergency Management Agency in
connection with the review of any flood zone determination resulting from an objection by Borrower.
If Borrower fails to maintain any of the coverages described above, Lender may obtain insurance coverage, at Lender's option and
Borrower's expense. Lender is under no obligation to purchase any particular type or amount of coverage. Therefore, such coverage shall
cover Lender, but might or might not protect Borrower, Borrower's equity in the Property, or the contents of the Property, against any risk,
hazard or liability and might provide greater or lesser coverage than was previously in effect. Borrower acknowledges that the cost of the
insurance coverage so obtained might significantly exceed the cost of insurance that Borrower could have obtained. Any amounts disbursed
by Lender under this Section 5 shall become additional debt of Borrower secured by this Security Instrument. These amounts shall.bear
WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT
Page 3 of 8
lOS, inc. - (800) 554-~872
Form 3051 1101
Borrower(s) Ini(ials g_~_~_ ......
interest at the Note rate from the date of disbursement and shall be payable, with such interest, upon notice from Lender to Borrower
requesting payment.
All insurance policies required by Lender and renewals of such policies shall be subject, to Lender's right to disapprove such
policies, shall include a standard mortgage clause, and shall name Lender as mortgagee and/or as an additional loss payee. Lender shall have
the right to hold the policies and renewal certificates. If Lender requires, Borrower shall promptly give to Lender all receipts of paid
premiums and renewal notices. If Borrower obtains any form of insurance coverage, not otherwise required by Lender, for damage to, or
destruction of, the Property, such policy shall include a standard mortgage clause and shall name Lender as mortgagee and/or as an
additional loss payee.
In the event of loss, Borrower shall give prompt notice to the 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
economically feasible and Lender's security is not lessened. During such repair and restoration period, Lender shall have the right to hold
such insurance proceeds until Lender has had an opportunity to inspect such Property to ensure the work has been completed to Lender's
satishction, provided that such inspection shall be undertaken prmnptly. Lender may disburse proceeds for the repairs and restoration in a
single payment or in a series of progress payments as the work is completed. Unless an agreement is made in writing or Applicable Law
requires interest to be paid on such insurance proceeds, Lender shall not be required to pay Borrower any interest or earnings on such
proceeds. Fees for public adjusters, or other third parties, retained by Borrower shall not be paid out of the insurance proceeds and shall be
the sole obligation of Borrower. If the restoration or repair is not economically feasible or Lender's security would be lessened, the
insurance proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to
Borrower. Such insurance proceeds shall be applied in the order provided for in Section 2.
If Borrower abandons the Property, Lender may file, uegotiate and settle any available insurance claim and related matters. If
Borrower does not respond within 310 days to a notice from Lender that the insurance carrier has offered to settle a claim, then Lender may
negotiate and settle the claim. The 30-day period will begin when the notice is given. In either event, or if Lender acquires the Property
under Section 22 or otherwise, Borrower hereby assigns to Lender (a) Borrower's rights to any insurance proceeds in an amount not to
exceed the amounts unpaid under the Note or this Security Instrument, and (b) any other of Borrower's rights (other than the right to any
refuod of unearned premimns paid by Borrower) tinder all insurance policies covering the Property, insofar as such rights are applicable to
the coverage of the Property. Lender may use the insurance proceeds either to repair or restore the Property or to pay amounts unpaid under
the Note or this Security Instrmnent, whether or not then due.
6. Occupancy. Borrower shall occupy, establish, and use the Property as Borrower's principal residence within 60 days after the
execution of this Security Instrument and shall continue to occupy the Property as Borrower's principal residence for at least one year after
the date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be unreasonably withheld, or unless extenuating
circumstances exist which are beyond Borrower's control.
7. Preservatiou, Maintenance and Protection of the Property; Inspections. Borrower shall not destroy, damage or impair the
Property, allow the Property to deteriorate or commit waste on tile Property. Whether or not Borrower is residing in thc Property, Borrower
shall maintain the Property in order to prevent the Property from deteriorating or decreasing in value due to its condition. Unless it is
determined pursuant to Section 5 that repair or restoration is not economically feasible, Borrower shall promptly repair the Property if
damaged to avoid further deterioration or damage. If insurance or condemnation proceeds are paid in connection with damage to, or the
taking of, the Property, Borrower shall be responsible for repairing or restoring the Property only if Lender 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 m~ke reasonable entries upon and inspections of the Property. If it has reasonable cause, Lender may
inspect the interior of the improvements on tile 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 tile Loan application process, Borrower or anypersons or
entities acting at the direction of Borrower or with Borrower's knowledge or consent gave materially false, misleading, or inaccurate
information or statements to Lender (or failed to provide Lender with material information) in cmmection with the Loan. Material
represeutations include, but are not limited to, representations concerning Borrower'soccupancy of the Property as Borrower's principal
residence.
9. Protection of Lender's Interest in tile Property and Rights Under this Security Instrument. If(a) Borrower fails to perform
the covenants and agreements contained in this Security Instrument, (b) there is a legal proceeding that might significantly affect Lender's
interest in the Property and/or rights under this Security Instrument (such as a proceeding in bankruptcy, probate, for condenmation or
forfeiture, for enforcement of a lien which may attain priority over this Security Instrument or to enforce laws or regulations), or
(c) Borrower has abandoned the Property, then Lender may do and pay for whatever is reasonable or appropriate to protect Lender's interest
iii tile Property and rights under this Security Instrument, including protecting and/or assessing the value of the Property, and securing
and/or repairing the Property. Lender's actions can include, but are not limited to: (a) paying any sums secured by a lien which has priority
over this Security Instrument; (b) appearing in court; and (c) paying reasonable attorneys' fees 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, eliminate
building or other code violations or dangerous conditions, and have utilities turned on or off. Although Lender may take action under this
Section 9, Lender does not have to do so and is not under any 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.
WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT
Page 4 of 8
IDS, Inc.- (800) 554-1872
Form 3051 1/01
Borrower(s) Initials _],,J..~_~_{.~t ......
741
Any amounts disbursed by Lender under this Section 9 shall become additional debt of Borrower secured by this Secm'ity
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.
If this Security Instrument is on a leasehold, Borrower shall comply with all the provisions of the lease. Borrower shall not
surrender the leasehold estate and interests herein conveyed or terminate or cancel the ground lease. Borrower shall not, without the express
written consent of Lender, alter or amend the ground lease. If Borrower acquires fee title to the Property, the leasehold and the fee title shall
not merge unless Lender agrees to the merger in writing.
10. Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan, Borrower shall pay the
premiums required to maintain the Mortgage Insurance 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 for Mortgage Insurance, Borrower shall pay the premiums required to obtain coverage
substantially eqnivalent to the Mortgage Insurance previously in effect, at a cost substantially equivalent to the cost to Borrower of the
Mortgage Insurance previously in effect, from an 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-refundable loss reserve
in lieu of Mortgage Insurance. Such loss reserve shall be non-refundable, notwithstanding the fact that the Loan is ulti~natelypaid 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 premiums for Mortgage Insurance. If
Lender required Mortgage Insurance as a condition of making the Loan and Borrower was required to make separately designated payments
toward the premiums for Mortgage Insurance, Borrower shall pay the premiums required to maintain 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 tern:ination or until termination is required by Applicable Law. Nothing in this Section 10
affects Borrower's obligation to pay interest at the rate provided in the Note.
Mortgage Insurance reimburses Lender (or any entity that purchases the Note) for certain losses it may incur if Borrower does not
repay the Loan as agreed. Borrower is not a party to the Mortgage Insurance.
Mortgage insurers evaluate their total risk on all such insurance in force from time to time, and may enter into agreements with
Other parties that share or modify their risk, or reduce losses. These agreements are on terms and conditions that are satisfactory to the
mortgage insurer and the other party (or parties) to these agree~nents. These agreements may require the mortgage insurer to make payments
using any source of funds that the mortgage insurer may have available (which may include funds obtained from Mortgage Insurance
premimns).
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) ainounts that derive from (or Might be characterized as) a portion of Borruwer's
payments for Mortgage Insurance, in exchange for sharing or modifying the mortgage insurer's risk, or reducing losses. If such agreement
provides that an affiliate of Lender takes a share of the insurer's risk in exchange for a share of the premimns paid to the insurer, the
arrangement is often termed "captive reinsurance." Further:
(a) Any such agreements will not affect the amounts that Borrower has agreed to pay for Mortgage Insurance, or any
other terms of the Loan. Such agreements will not increase the amount Borrower will owe for Mortgage Insurance, and they will
not entitle Borrower to any 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 Miscel!aneous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned to and shall be paid to
Lender.
If the Property is damaged, such Miscellaneous Proceeds shall be applied to restoration or repair of the Property, if the restoration
or repair is economically feasible and Lender's security is not lessened. During such repair and restoration period; Lender shall have the
right to hold such Miscellaneous Proceeds until Lender has had an opportunity to inspect sucli'Property to ensure the work has been
completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may pay for the repairs and
restoration in a single disbursement or in a series of progress payments as the work is completed. Unless an agreement is made in writing or
Applicable Law requires interest to be paid on such Miscellaneous Proceeds, Lender shall not be required to pay Borrower any interest or
earnings on such Miscellaneous Proceeds. If the restoration or repair is not economically feasible or Lender's security would be lessened,
the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if
any, paid to Borrower. Such Miscellaneous Proceeds shall be applied in the order provided for in Section 2.
In the event ora total taking, destruction, or loss in value of the Property, the Miscellaneous Proceeds shall be applied to the sums
secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower.
In the event of a partial taking, destruction, or loss in value of the Property in which the fair market value of the Property
immediately before the partial taking, destruction, or loss in value is equal to or greater than the amount of the sums secured by this Security
Instrument ilmnediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the
sums secured by this Security Instrument shall be reduced by the amount of the Miscellaneous Proceeds multiplied by the following
fraction: (a) the total amount of the sums secured imanediately before the partial taking, destrnction, or loss in value divided by (b) the fair
market value of the Property immediately before the partial taking, destruction, or loss in value. Any balance shall be paid to Borrower.
WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT
Page 5 of 8
IDS, Inc. - (800) 554-1872
Form 3051 t/01
Borrower(s, initials __~g_l~_ .......
In tile event of a partial taking, destruction, or loss in value of the Property in which the fair market value of the Property
immediately before the partial taking, destruction, or loss iu value is less than the amount of the sums secured immediately before tile partial
taking, destruction, or loss in value, uhless Borrower and Lender otherwise agree in writing, the Miscellaneotrs Proceeds shall be applied to
the sums secured by this Security Instrument whether or not the sums are then due.
If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the Opposing Party (as defined 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 whom Borrower has a right of action in regard to Miscellaneous Proceeds.
Borrower shall be in default i f any action or proceeding, whether civil or criminal, is begun that, in Lender's judgment, could result
in forfeiture of the Property or other material impairment of Lender's interest in the Property or rights under this Security Instn~ment.
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 dismissed with a ruling that, in Lender's judgment, precludes forfeiture of the Property or other material impairment of Lender's
interest in the Property or rights under this Security Instrument. The proceeds of any award or claim for damages that are attributable to the
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 restoratiou or repair of the Property shall be applied in the order provided for in
Section 2.
12. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or modification of
amortization of the sums secured by this Security Instrument granted by Lender to Borrower or any Successor in Interest of Borrower shall
not operate to release the liability of Borrower or any Successors in lnterest of Borrower. Lender shall not be required to commence
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 reason of any demaud 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 Borro~ver or in amounts less than the amount then due, shall not be a waiver of or
preclude the exercise of any right or remedy.
13. Joint and Several Liability; Co-signers; Successors aud 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 Instrument but does not execute the
Note (a "co-signer"): (a) is co-signing this Security Instrument only to mortgage, grant and convey the co-signer's interest in the Property
under tile 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 accommodations with regard to the terms of
this Security Instrument or the Note without tile co-signer's consent.
Subject to the provisions of Section 18, any Successor in Interest of Borrower who assumes Borrower's obligations under this
Security Instrument in writing, and is approved by Lender, shall obtain all of Borrower's rights and benefits under this Security Instrument.
Borrower shall not be released from Borrower's obligations and liability under this Security Instrument unless Lender agrees to such release
in writing. The covenants and agreements of this Security Instrument shall bind (except as provided in Section 20) and benefit the
successors and assigns of Lender.
14. Loan Charges. Lender may charge Borrower fees for services performed in connection with Borrower's default, for the
purpose 0fprotecting Lender's interest in the Property and rights under this Security Instrument, including, but not limited to, attorneys'
fees, property inspectiou and valuation fees. In regard to any other fees, the absence of express authority in this Security Instrument to
charge a specific fee to Borrower shall not be construed as a prohibition on the charging of such fee. Lender may not charge fees that are
expressly prohibited by this Security Instrument or by Applicable Law.
If the Loan is subject to a law which sets maximum loan charges, and that law is finally interpreted so that the interest or other loan
charges collected or to be collected in connection with the Loan exceed the permitted limits, 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 Borro~ver which exceeded
permitted limits will be refunded to Borrower. Lender may choose to make this refund by reducing the principal owed under the Note or by
making a direct payment to Borrower. If a refund reduces principal, the reduction will be treated as a partial prepayment ~vithout any
prepayment charge (whether or not a prepayment charge is provided for under the Note). Borrower's acceptance of any such refund made
by direct pa3~nent to Borrower will constitute a waiver of any right of action Borrower might have arising out of such overcharge.
15. Notices. All notices given by Borro~ver or Lenddr in connection with this Security Instrument 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
Borro~ve,-s 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 ofaddress through that
Specified procedure. There may be only one desiguated notice address under this Security Instrument at any one time. Any notice to Lender
shall be given by delivering it or by nrailing it by first class mail to Lender's address stated herein unless Lender has designated another
address by notice to Borrower. Any notice iu connection with this Security Instrument shall not be deemed to have been given to Lender
until actually received by Lender. If any notice required by this Security Instrument is also required under Applicable Law, the Applicable
Law requirement will satisfy the corresponding requirement under this Security Instrument.
16. Governing Law; Severability; Rules of Constrnction. This Security Instrument shall be governed by federal law and the law
of the jurisdictiou in which the Property is located. All rights and obligations contained itl this Security Instrument are subject to any
requiremeuts and limitations of Applicable Law. Applicable Law might explicitly or implicitly allow the parties to agree by contract or it
WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT
Page 6 of 8
IDS, Inc.- (800) 554-1872
Form 305i 1/01
Borrower(s) Initials _/-~-~_~ .....
might be silent, but such silence shall not be construed as a prohibition against agreement by contract. In the event that any provision or
clause of this Security Instrument or the Note conflicts with Applicable Law, such conflict shall not affect other provisions of this Security
Instrunrent or the Note which can be given effect without thc 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 feminine gender; (b) Words in the singular shall mean and include the plural and vice versa; and (c) the word "mar' gives sole
discretion without any obligation to take any action.
17. Borrower's Copy. Borrower shall be given one copy of the Note and of this Security Instrument.
18. Transfer of the Property or a Beneficial Interest in Borrower. As used in this Section 1 g, "Interest in the Property" means
any legal or beneficial interest in the Property, including, but not limited to, those beneficial interests transferred in a bond for deed, contract
for deed, installment sales contract or escrow agreement, the intent of which is the transfer of title by Borrower at a furore date to a
purchaser.
Ifatl or any part of the 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 i~mnediate payment in
of all sums secured by this Security instrument. However, this option shall not be exercised by Lender if such exercise is prohibited by
Applicable Law.
If Lender exercises this option, Lender shall give Boo,rower 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 sinus secured by this Security
Instrmnent. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies permitted by this
Security Instrument without further notice or demand on Borrower.
191 Borrower's Right to Reinstate After Acceleration. If Borrower meets certain conditions, Borrower shall have the right to
have enforcement of this Security Instrument discontinned at any time prior to the earliest of: (a) five days before sale of the Properly
pursuant to any 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 ~hat
Borrower: (a) pays Lender all sums which then would bc due under this Security Instrument 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 enfurcing this Security Instrument, including,
but not limited to, reasonable 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 Instrume~t; and (d) takes such action as Lender ~nay reasonably require to
assure that Lender's interest in the Property and rights under this Security Instrument, and Borrower's obligation to pay the sums secured by
this Security Instrument, shall continue unchanged. Lender may require that Borrower pay such reinstatement sums and expenses in one or
more of the following funns, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, treasurer's check or cashier's
check, provided any such check is drawn upon an institution whose deposits are insured by a federal agency, instrumentality or entity; or
(d) Electronic Funds Transfer. 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 l g.
20. Sale of Note; Change of Loan Servicer; Notice of Grievance. The Note or a partial interest in the Note (together with this
Security Instrument) can be sold one or more times without prior notice to Borrower. A sale mi§hr 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 other mortgage loan
servicing obligations under the Note, this Security Instrument, and Applicable Law. There also might be one or more cimnges of the Loan
Servicer unrelated to a sale of the Note. If there is a change of the Loan Servicer, Borrower will be given written notice of the change which
will state the name and address of the new Loan Servicer, the address to which payments should be made and any other reformation ILESPA
requires in connection with a notice of transfer of servicing. If the Note is sold and thereafter the Loan is serviced by a Luau Servicer other
than the purchaser of the Note, the mortgage loan servicing obligations to Borrower will remain with the Loan Servicer or be transferred to a
successor Loan Servicer and are not assumed by the Note purchaser unless otherwise provided by the Note purchaser.
Neither Borrower nor Lender may commence, join, or be joined to any judicial action (as either an individual litigant or the
member of a class) that arises from the other party's actions pursuant to this Security Instrument or that alleges that the other party has
breached any provision of, Or any duty owed by reason of, this Security Instrument, until such Borrower or Lender has notified the other
party (with such notice given in compliance with the requirements of Section 15) of such alleged breach and afforded the other party hereto
a reasonable period after the giving of such notice to take corrective action. If Applicable Law provides a time period which must elapse
before certain action can be taken, that time period will be deemed to be reasonable for purposes of this paragraph. The notice of
acceleration and opportunity to cure given to Borrower pursuant to Section 22 and the notice of acceleration given to Borrower pursuant to
Section 18 shall be deemed to satisfy the notice and oppormnitylto take corrective action provisions of this Section 20.
:~1. Hazardous Substances. As used in this Section 21: (a) "Hazardous Substances" are those substances defined as toxic or
hazardous substances, pollutants, or wastes by Environmental Law and the following substances: gasoline, kerosene, other flam~nable or
toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or formaldehyde, and radioactive
materials; (b) "Environmental Law" means federal laws and laws of the jurisdiction where the Property is located that relat~ to health, safety
or envirom~rental protection; (c) "Environmental Cleanup" includes any response action, remedial action, or removal action, as defined in
Environmental Law; and (d) an "Environmental Condition" means a condition that can cause, contribute to, or otherwise trigger an
Environmental Cleanup.
Borrower shall not cause or permit the presence, use, disposal, storage, or release of any Hazardous Substances, or threaten
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-Environmental Law, (b) which creates an Environmental Condition, or (c) which, due to the presence, use, or
release ufa Hazardous Substance, creates a condition that adversely affects the value of the Property. The preceding two sentences shall not
apply to the presence, use, or storage on the Property of small quantities of Hazardous Substances that are generally recognized to be
WYOMING - Single Family- Fannie Mae/Freddie Mac UNIFORM INSTRUMENT
Page 7 of 8
IDS, Inc. - (800) 554-1872
Form 3051 1/01
Borrower(s) Initials _~-~[J_~ .......
appropriate to normal residential uses and to maintenance of the Property (including, but not limited to, hazardous substances in consmner
products).
Borrower shall promptly give Lender written uotice of (a) any investigation, claim, demand, lawsuit or other action by any
goverumental or regulatory agency or private party involving the Property and any Hazardous Substance or Environmental Law of which
Borrower has actual knowledge, (b) any Environmental Condition, including but not limited to, any spilling, leaking, discharge, release or
threat of release of any Hazardous Substance, and (c) any condition caused by the presence, use or release o fa Hazardous Substance which
adversely affects the value of the Property. If Borrower learns, or is notified by any govermnental 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
Enviroamental Cleanup.
NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows:
22. Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration following Borrower's breach of any
covenant or agreement in this Security lnstrnment (but not prior to acceleration under Section 18 unless Applicable Law provides
otherwise). The notice shall specify: (a) the default; (b) the action required to cure the default; (c) a date, not less than 30 days from
the date the notice is giveu to Borrower, by which the default must be cured; and (d) that failure to cure the default on or before
the date specified in the notice may result in acceleration of the SUlnS secured by this Security Instrument and sale of the ProperS'.
The notice shall h~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 tbe notice, Lender at its option may require immediate payment in full of ali sums secured by this Security
Instrument withont 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 in 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 to 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
manuer provided in Section 15. Lender shall publish the notice ofsale, and the Property shall be sold in the ~nanner prescribed by
Applicable Law. Lender or its desiguee may purchase the Property at any sale. The proceeds of the sale shall be applied in
following order: (a) to all expenses of the sale, including, but not limited to, reasonable attorneys' fees; (b) to all sums secured by
tbls 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 only if the fee is
paid to a third party for services rendered and the charging of the fee is permitted under Applicable Law.
24. Waivers. Borrower releases and waives all rights under and by virtue of the homestead exemption laws of Wyoming.
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 with it.
Witnesses:
Itari K Yd, n' n f '
Je6~n A ¥ounkin ("
(Seal)
-Borrower
· (Seal)
-Borrower
(date)
STATE OF WYOMING,4~nroIn County ss:
The foregoing instrument was ackoowledged before me this ~//~/~ ,..~/-~
by Harry K Younldn, and Jean A Younkin.
My conunission expires:. Not(ar~ Public
WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT
Page 8 ot 8
IDS, Inc. - (800) 554-1872
Form 3051 1/01
Loan Number: Younkin, Harry
1-4 FAMILY RIDER
(Assignment of Rents)
THIS 1-4 FAMILY RIDER'is made this llth day of Septemberl 2003, and is incorporated into and shall be
deemed to amend and supplement the Mortgage, Deed of Trust, or Security Deed (the "Security Instnm~ent") of the same
date given by the undersigned (the "Borrower") to secure Borrower's Note to
Bank of Jac ~kson Hole
(the "Lender") of the same date and covering the Property desc~fbed in the Security Instrument and located at:
182 West Mill Circle
Alpiue, WYOMING 83128
(Property Address)
1-4 FAMILY COVENANTS. In addition to the covenants and agreements made in the Security Instrument,
Borrower and Lender fm'ther covenant and agree as follows:
A. ADDITIONAL PROPERTY SUBJECT TO THE SECURITY INSTRUMENT. In addition to the
Property described in Security Instrument, the following items now or hereafter attached to the Property to the extent they
are fixtures are added to the Property description, and shall also constitute the Prope~Xy covered by the Security
Insn'mneut: building materials, appliances and goods of every nature whatsoever now or hereafter located in, on, or used,
or intended to be used in connection with the Property, including, but not limited to, those for the purposes of supplying
or distributing heating, cooling, electricity, gas, water, air and light, fire prevention and extinguishing aPparatus, security
and access control apparatus, plumbing, bath tubs, water heaters, water closets, sinks, ranges, stoves, refi'igerators,
dishwashers, disposals, washers, dryers, awnings, storm windows, storm doors, screens, blinds, shades, cmxains and
curtain rods, attached mirrors, cabinets, paneling and attached floor coverings, all of which, including replacements and
additions thereto, shall be deemed to be and remain a part of the Property covered by the Security Instnunent. All of the
foregoing together with the Property described in the Security Instrument (or the leasehold estate if the Security
Instrument is on a leasehold) are referred to in this 1-4 Family Rider and the Security lnstrmnent as the "Property."
B. USE OF PROPERTY; COMPLIANCE WITII LAW. Borrower shall not seek, agree to or make a change
in the use of the Property or its zoning classification, unless Lender has agreed in writing to the change. Borrower shall
comply with all laws, ordinances, regulations and requirements of any governmental body applicable to the Properly.
C. SUBORDINATE LIENS. Except as permitted by federal law, Borrower s ~all not allow any lien inferior to
the Security Instrument to be perfected against the Properly without Lender's prior written permissiou.
D. RENT LOSS INSURANCE. Borrower shall maintain insurance against rent loss in addition to the other
hazards for which insurance is required by Section 5.
E. "BORROWER'S RIGttT TO REINSTATE" DELETED. Section 19 is deleted.
F. BORROWER'S OCCUPANCY.' Unless Lender and Borrower otherwise agree in writing, Section 6
concerning Borrower's occupancy of the Property is deleted.
G. ASSIGNMENT OF LEASES. Upon Lender's request after default, Borrower shall assign to Lender all
leases of the Property and all security deposits made in connection with leases of the Property. Upon the assignment,
Lender shall have the right to modify, extend or terminate the existing leases and to execute new leases, in Lender's sole
discretion. As used in this paragraph G, the word "lease" shall mean "sublease" if the Security Instrument is on a
leasehold.
MULTISTATE 1-4 FAMILY RIDER-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT
Page 1 of 2
IDS, Inc. - (8,00) 554-1872
Form 3170 1/01
Loan Number: YoUnkin, Harry
H. ASSIGNMENT OF RENTS; APPOINTMENT OF RECEIVER; LENDER IN POSSESSION.
Borrower absolutely and unconditionally assigns and transfers to Lender all the rents and revenues ("Rents") of the
Property, regardless of to whom the iRents of the Property are payable. Borrower authorizes Lender or Lender's agents to
collect the Rents, and agrees that each tenant of the Property shall pay the Rents to Lender or Lender's agents. However,
Borrower shall receive the Rents until (i) Lender has given BorroWer notice of default pursuant to Section 22 of the
Security Instrument and (ii) Lender has given notice to the tenant(s) that the Rents are to be paid to Lender or Lender's
agent. This assignment of Rents constitutes an absolute assignment and not an assignment for additional security only.
If Lender gives notice of default to Borrower: (i) all Rents received by Bon'ower shall be held by Borrower as
trustee fur the benefit of Lender only, to be applied to the sums secured by the Security Instrument; (ii) Lender shall be
entitled to collect and receive all of the Rents of the Property; (iii) Borrower agrees that each tenant of the Property shall
pay all Rents due and unpaid to Lender or Lender's agents upon Lender's '~witten demand to the tenant; (iv) unless
applicable law provides otherwise, all Rents collected by Lender or Lender's agents shall be applied first to the costs of
taking control of and managing the Property and collecting the Rents, including, but not limited to, attorney's fees,
receiver's fees, premiums on receiver's bonds, repair and maintenance costs, insurance premiums, taxes, assessments and
other charges on the Property, and then to the sums secured by the Security Instrument; (v) Lender, Lender's agents or
any judicially appointed receiver shall be liable to account for only those Rents actually received; and (vi) Lender shall be
entitled to have a receiver appointed to take possession of and manage the Property and collect the Rents and profits
derived from the Property without any showing as to the inadequacy of the Property as security.
If the Rents of the Property are not sufficient to cover the costs of taking control of and managing the Property
and of collecting the Rents any funds expended by Lender for such purposes shall become indebtedness of Borrower to
Lender secured by the Security Instrument pursuant to Section 9.
Borrower represents and warrants that Borrower has not executed any prior assigmnent of the Rents and has not
performed~ and will not perform, any act that would prevent Lender from exercising its rights under this paragraph.
Lender, or Lender's agents or a judicially appointed receiver, shall not be required to enter upon, take control of
or maintain the Property before or after giving notice of default to Bon'ower. However, Lender, or Lender's agents or a
judicially appointed receiver, may do so at any time when a default occurs. Any application of Rents shall not cure or
waive any default or invalidate any other right or remedy of Lender. This assignment of Rents of the Property shall
terminate when all the sums secured by the Security Instrument are paid in full.
I. CROSS-DEFAULT PROVISION. Borrower's default or breach under any note or agreement in which
Lender has an interest shall be a breach under the Security Instnunent and Lender may invoke any of the remedies
permitted by the Security Iostmment.
BY SIGNING BELOW, Borrower accepts and agrees to the terms and provisions contained in this 1-4 Family Rider.
Ilarry K '~unl~
(Seal) . (. _J-d~, ~Z~ff..J[d'~ (Seal)
-Borrower Jeafi/A Younkin :'/ ~
~./ {f/ -Borrower
MULTISTATE 1-4 FAMILY RIDER-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT
IDS, Inc. - (800} 554-1872 Page 2 of 2
Form 3170 1/01
Loan Number: Younkin, }larry
FIXED/ADJUSTABLE RATE RIDER
(LIBOR One-Year Index (As Published Ill The IFall Street Journal)-Rate Caps)
THIS FIXED/ADJUSTABLE RATE RIDER is made this llth day of September, 2003, and is
incorporated into and shall be deelned to amend and supplement the Mortgage, Deed of Trust, or Security Deed (the
"Security Instrument") of the same date given by the undersigned ("Borrower") to secure Borrower's
Fixed/Adjustable Rate Note (the "Note") to
Bank of Jackson Hole
("Lender") of the same date and covering the property described in the Security Instrument and located at:
182 West Mill Circle
Alpine, WYOMING 83128
(Property Address)
THE NOTE PROVIDES FOR A CHANGE IN BORROWER'S FIXED INTEREST RATE
TO AN ADJUSTABLE INTEREST RATE. THE NOTE LIMITS THE AMOUNT
BORROWER'S ADJUSTABLE INTEREST RATE CAN CHANGE AT ANY ONE TIME
AND THE MAXIMUM RATE BORROWER MUST PAY,
ADDITIONAL COVENANTS. In addition to the covenants and agreements made in tile Security
Instnuneot, Borrower and Lender fm-ther covenant and agree as follows:
A. ADJUSTABLE RATE AND MONTHLY PAYMENT CHANGES
The Note provides for an initial fixed interest rate of 5.250%. The Note also provides for a change in the
initial fixed rate t° an adjustable interest rate, as follows:
4. ADJUSTABLE INTEREST RATE AND MONTHLY PAYMENT CHANGES (A) Change Dates
The initial fixed interest rate I will pay will change to an adjustable interest rate on the 1st day of October,
2008, and the adjustable interest rate I will pay may change on that day every 12th ~nonth thereafter. The date on
which my initial fixed interest rate changes to an adjustable interest rate, and each date on which my adjustable
interest rate could change, is called a "Change Date." (B) Tile Index
Beginning with the first Change Date, my adjustable interest rate will be based on an Index. The "Index" is
the average of interbank offered rates for one-year U.S. dollar-denominated deposits in the London market
("LIBOR;'), as published in The Wall Street Journal. The most recent Index figure available as of the date 45 days
before each Change Date is called the "Current Index."
If the Index is no longer available, the Note Holder will choose a new index that is based upon comparable
information. The Note Holder will give me notice of this choice. (C) Calculation of Changes
Before each Change Date, the Note Holder will calculate my new interest rate by adding TWO AND ONE
FOURTH percentage points (Z250%) to the Current Index. The Note Holder will then round the result of this
MULTISTATE FIXED/ADJUSTABLE RATE RIDER - WSJ One-Year LIBOR - Single Family - Fannie Mae UNIFORM INSTRUMENT
Page lof3 F~_r~_~ 6/01
IDS, Inc.- {800) 554-1872 Borrower(s) Initials
D 343S 7 4 8
Loan Number: Younkin, Harry
addition to the nearest one-eightli of one percentage point (0.125%). Subject' to the lilnits stated in Section 4(D)
below, this rounded amount will be my new interest rate until the next Change Date.
The Note Holder will then determine the amount of the monthly payment that would be sufficient to repay
the unpaid principal that I am expected to owe at the Change Date in full on the Maturity Date at my new interest
rate in substantially equal payments. The result of this calculation will be the new amount of my monthly payment.
(D) Limits on Interest Rate Changes
The interest rate I am required to pay at the first Change Date will not be greater than 7.250% or less than
5.250%. Thereafter, my adjustable interest rate will never be increased or decreased on any single Change Date by
more than TWO percentage points from the rate of interest I have been paying for the preceding TWELVE months.
My interest rate will never be greater than 11.250%. (E) Effective Date of Changes
My new interest rate will become effective on each Change Date. I will pay the amount of my new monthly
pa3qnent beginning ou the first monthly payment date after the Change Date until the amount of my monthly
payment changes again.
(F) Notice of Changes
The Note Holder will deliver or mail to me a notice of any changes in my initial fixed interest rate to an
adjustable interest rate and of any chauges in my adjustable interest rate before the effective date of any change. The
notice will include the amount of my monthly payment, any information required by law to be given to me and also
the title and telephone number of a person who will answer any question I may have regarding the notice.
B. TRANSFER OF THE PROPERTY OR A BENEFICIAL INTEREST IN BORROWER
1. Until Borrower's initial fixed interest rate changes to an adjustable interest rate under the terms stated in
Section A above, Uniform Covenant 18 of the Security Instrument shall read as folloxvs:
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 limited to, those beneficial interests transferred in a bond for deed, contract for deed,
installment sales contract or escrow agreement, tbe iutent of which is the transfer of title by
Borrower at a future date to a purchaser.
If all or any part of the Property or any Interest in the Property is sold or 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 pay]nent in full of all sums
secured by this Security Instrument. However, this optiou shall not be exercised by Lender if such
exercise is prohibited by Applicable Law.
If Lender exercises this option, Lender shall give Borrower notice of acceleration. The
notice shall provide a period of not less than 30 days from the date the notice is given in
accordance with Section 15 within which Borrower must pay all sums secured by this Security
Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender may
invoke any remedies permitted by this Security Instrument without further notice or demand on
Borrower.
2. When Borrower's initial fixed interest rate changes to an adjustable interest rate under the terms stated in
Section A above, Uniform Covenant 18 of the Security Instrument described in Section B 1 above shall then cease to
be in effect, and the provisions of Uniform Covenant 18 of the Security Instrument shall be amended to read as
follows:
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 limited to, those beneficial interests transferred in a bond for deed, contract for deed,
installment sales contract or escrow agreement, the intent of which is the transfer of title by
Borrower at a future date to a purchaser.
MULTISTATE FIXED/ADJUSTABLE RATE RIDER - WSJ One-Year LIBOR - Single Family - Fannie Mae UNIFORM INSTRUMENT
IDS, Inc. - (800) 554-1872
Page 2 of 3
F~7 6101
Borrower(s) Initials .
749
Loan Number: Younkin, Harry
If all or any part of the 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 im,nediate payment iu full of all sums
secured by this Security Instrument. However, this option shall not be exercised by Lender if such
exercise is prohibited by Applicable Law. Lender also shall not exercise this option if:
(a) Borrower causes to be submitted to Lender information required by Lender to evaluate the
intended transferee as if a new loan were being made to the transferee; and (b) Lender reasonably
determines that Lender's security will not be impaired by the loan assumption and that the risk of
a breach of any covenant or agreement in this Security Instrument is acceptable to Lender.
To the extent permitted by Applicable Law, Lender may charge a reasouable fee as a
condition to Lender's consent to the loan assumption. Lender also may require the transferee to
sign an assumption agreement that is acceptable to Lender and that obligates the transferee to keep
all the promises and agreements made in the Note and in this Security Instrument. Borrower will
continue to be obligated under the Note and this Security Instrument unless Lender releases
Borrower in writing.
If Lender exercises the option to require immediate payment in full, 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 ~nust pay all
sums secured by t!fis Security Instrument. If Borrower fails to pay these stuns prior to the
expiration of this period, Lender may invoke any remedies permitted by this Security Instrument
without further notice or demand ou Borrower.
BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this
Fixed/Adjustable Rate Rider.
~,.~v.J~]~ /4) 4'~ //Wa.,vV)&'~ (Seal)
:y ~,dun~n /'' -Borrower
Je a n~ ¥-o-u-n kin
/.,~,:oT/7ff. z~' (Seal)
/" ' ' -Borrower
(Sign Original Only)
MULTISTATE FIXED/ADJUSTABLE RATE RIDER - WSJ One-Year LIBOR - Single Family - Fannie Mae UNIFORM INSTRUMENT
iDS, Inc.-(a00) 554-1872 Page 3 of 3 Form 3187 6/01