Loading...
HomeMy WebLinkAbout89345604018387' 24000058 Return To: Land Title Company 160 E. Broadway Jackson, WY 83001 Prepared By: Krissy Wachtman 2401 LAKE PARK DRIVE, SUITE 300, SMYRNA, GEORGIA 30080 893!- 56 lSpaee Above This Line For Reco,'di.g Data] MORTGAGE MIN 100065500000116029 DEF IN ITION S 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. Ce,'tain rules regarding the usage of words used in this document are also provided in Section 16. ~LISA N. WALKER ~ v/T~VIS P. WALKER (A) "Security lnstrmnent" means this document, which is dated September 15, together with all Riders to this document. (B) "Borrower" is a married woman , a married man 2003 Borrower is the mortgagor under this Secnrity Instrument. 8O2 (D) "Lender" is SUNSHINE MORTGAGE CORPORATION Lender is a CORPORATION organized and existing under the laws of The State of Georgia Lender's address is P.O. Box 9274, Marietta, GA 30065 (E) "Note" means the promissory note signed by Borrower aud dated September 15, 2003 The Note states that Borrower owes Lender two hundred three thousand three hundred and 00/100 Dollars (U.S. $ 203,300.00 ) plus interest. Borrower has promised to pay this debt in regular Periodic Payments and to pay the debt in full not later than October 1, 2033 (F) "Property" means the property that is described below under the heading "Transfer of Rights in the Property." (G) "Loan" meaus the debt evidenced by the Note, plus interest, any prepayment charges and late charges due under the Note, and all sums due under this Security Instrument, plus interest. (tt) "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 Development Rider F--] 1-4 Family Rider ~'] VA Rider ~'~ Biweekly Payment Rider F~ Other(s) [specify] (l) "Applicable Law" means al! controlling applicable federal, state and local statutes, regulations, ordinances aud administrative rules and orders (that have tile effect of law) as well as all applicable final, 'non-appealable judicial opinions. (J) "Community Association Dues, Fees, and Assessments" means all dues, fees, assessments and other charges that are imposed on Borrower or the Property by a condominium association, homeowners association or similar organization. (K) "Electronic Funds Transfer" means any transfer of fimds, other than a transaction originated by check, draft, or similar paper instrument, which is initiated through all 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 trausfers, automated teller machine transactions, transfers initiated by telephone, wire transfers, and automated clearinghouse transfers. (L) "Escrow Items" means those items that are described in Section 3. (M) "Miscellaueous Proceeds" ~neans 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 destrnction of, the Property; (ii) condemnation or other taking of all or any part of the Property; (iii) conveyance in lieu of condemnation; or (iv) misrepresentations of, or omissions as to, the value and/or c0udition of the Property. (N) "lVlortgage Insurance" means insurance protecting Lender against tile nonpayment of, or default on, the Loan. 8O3 (Q) "Successor in Interest of Borrowe,'" means any party that has taken title to the Property, whether or not that pa.'ty has assumed Borrower's obligations under the Note and/or this Security Instrument. TRANSFER OF RIGHTS IN THE PROPERTY This Security Instrument secures to Lender: (i) the repayment of the Loan, and all renewals, extensions and modifications of the Note; and (ii) the perfo.-mance of Borrower's covenants and agreements tinder this Security Instrument and the Note. For this purpose, Borrower does hereby mortgage, grant and convey to MERS (solely as nominee for Lender and Lender's successors and assigns) and to the successors and assigns of MERS, with power of sale, tile following described property located ill the COUNTY of LINCOLN : [Type of Recording Jurisdiction] [Name of Recording Jurisdiction] ALL THAT CERTAIN REAL PROPERTY AS MORE PARTICULARLY DESCRIBED ON EXHIBIT A ATTACHED HERETO AND MADE A PART HEREOF. Parcel ID Number: 467 GREY'S RIVER LOOP ALPINE ("Property Address"): which currently has the address of [Street] [City] , Wyoming ~3128 [Zip CodeI TOGETHER 'WITH all the improvements now or hereafter erected on the property, and all ease,nents, appurtenances, and fixtures now or hereafter a part of the property. All replacements and additions shall also be covered by this Security hlstrument. All of the foregoing is referred to in this Security Instrument as the "Property." Borrower understands and agrees that MERS holds only legal title to tile interests granted by Borrower in this Security Instrument, but, if necessary to comply with law or custom, MERS (as nominee for Lender and Lender's successors and assigns) has the right: to exercise any or all of those interests, including, but not limited to, the right to foreclose and sell tile Property; and to take any action required of Lender including, but not limited to, releasing and canceling this Security Instrument. 8O4 UNIFORM COVENANTS. Borrower and Lender 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, and interest on, tile debt evidenced by the Note and any prepaynlent charges and late charges due under tile Note. Borrmver shall also pay funds for Escrow Items pursuant to Section 3. Payments due under the Note and this Security Instrument shall be made in U.S. currency. However, if ally check or other instlxunent received by Lender as payment under the Note or this Security Instrument is returned to Lender unpaid, Lender may require that any or all subsequent payments due under,the Note and this Security Instrument be made in one or more of the following forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, treasurer's check or cashier's check, provided ally such check is drawn upon an institution xvhose deposits are insured by a federal agency, instrumentality, or entity; or (d) Electronic Funds Transfer. Payments are deemed received by Lender when received at the location designated in tile Note or at such other location as may be designated by Lender ill accordance with tile notice provisions in Section 1.5. Lender may return any payment or partial payment if the payment or partial payments are insufficient to bring tile Loan current. Lender may accept ally payment or partial payment insufficient to bring tile Loan current, without waiver of any rights herennder or prejudice to its rights to refuse such payment or partial payments ill the future, but Lender is not obligated to apply such payments at tile time such payments are accepted. If each Periodic payment is applied as of its scheduled due date, then Lender need not pay interest on unapplied funds. Lender may hold such unapplied funds until Borrower makes payment to bring the Loan current. If Borrower does not do so within a reasonable period of time, Lender shall either apply snch funds or return them to Borrower. If ,~ot applied earlier, such funds will be applied to the outstanding principal balance under tile Note immediately prior to foreclosure. No offset or claim which Borrower mig!lt have now or in tile future against Lender shall relieve Borrower fi'om making payments due under tile Note and this Security instrument or performing the covenants and agreements secured bY this Security ]nstrunmnt. 2. Application of Payments or Proceeds. Except as otherwise described in this Section 2, all payments accepted and applied by Lender shall be applied in tile following order of priority: (a) interest due nnder the Note; (b) principal due under the Note; (c) amounts due under Section 3. Such payments shall be applied to each Periodic Payment itl 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 Security Instrument, and then to reduce tile principal balance of the Note. If Lender receives a payment from Borrower for a delinquent Periodic Payment which includes a snfficient amount to pay any late charge due, tile payment rnay be applied to the delinquent payment and tile [ate charge. If more than one Periodic Payment is outstanding, Lender may apply any payment received fi'om Borrower to tim repayment of the Periodic Payments if, and to the extent that, each payment call be paid ill full. To the extent that any excess exists after the payment is applied to the full payment of one or more Periodic Payments, such excess may be applied to any late charges due. Voluntary prepaymeuts shall be applied firi;t to any prepayment Charges and then as described in the Note. Any application of payments, insurance proceeds, or Miscellaneous Proceeds to principal due under the Note shall not extend or postpone tile due date, or change the amount, of tile Periodic Payments. 3. Funds for Escrow Items. Borrower shall pay to Lender on the day Periodic Payments are due nnder the Note, nntil the Note is paid ill fidl, a sum (tile "Funds") to provide for payment of amounts due roi': (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 fol' any and all h~surance required by Lender under Section 5; and (d) Mortgage Insurance prenlitlnIs, if allY, or any SLInlS I~avable bv F~orrower to l,ender in lieu nf the navment nf N4nrtoncro 805 due for any Escrow Items for which payment of Funds has been waived by Lender and, if Lender requires, shall furnish to Lender receipts evidencing such payment within such time period as Lender may require. Borrower's obligation to make such.payments and to provide receipts shall for all purposes be deemed to be a covenant and agreement contained itl this Security Instrument, as the phrase "covenant and agreement" is used in Section 9. If Borrower is obligated to pay Escrow Items directly, purst,ant to a waiver, and Borrower fails to pay the amount due for an Escrow Item, Lende,' may exercise its rights under Section 9 and pay such amount and Borrower shall then be obligated under Section 9 to repay to Lender any such amount. Lender may revoke the'waiver as to any or all Escrow Items at any time by a n6tice 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 tile Fnnds at tile time specified under RESPA, and (b) not to exceed the maxinmm amount a lender call requi,-e under RESPA. Lender shall estimate the amount of Funds due oil 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 all institution whose deposit's are so insured) or in any Federal Home Loan Bank. Lender shall apply tile Funds to pay the Escrow Items no later than tile time specified under.RESPA. Lender shall not charge Borrower for liolding and applying the Funds, annually analyzing the escrow account, or verifying the Escrow ltems, 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 o,' earnings on the Fnnds. 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 is a surplus of Funds held in escrow, as defined under RESPA, Lender shall account to Borrower roi' 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 amount necessary to make tip the sho,'tage in accordance with RESPA, but in ilo 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 necessary to make up the deficiency in accordance with RESPA, but in no more than 12 mo,lthly payments. Upon payment itl fidl 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 attribt,table to the Property which Can attain priority over this Security Instrument, leasehold payments or ground rents on the Property, if any, and Community Association Dues, Fees, and Assessments, if any. To the extent that these items are Escrow Items, Borrower shall pay them in the manner provided in Section 3. Borrower shall promptly discharge any lieu 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 lien. Within 10 days of the date on which that notice is given,' Borrower shall satisfy the lien or take one or more of the actions set forth above in this Section 4. Lender may require Borrower to pay a one-time charge for a real estate tax verification and/or reporting service used by Lender in connection with this Loan. 5. Property lusurance. Borrower shall keel) 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 iucluding, but not limited to, earthquakes and floods, for which Lender requires insurance. This insurance shall be maintained in the amonnts (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 determination 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 Leuder's option and Borrower's expense. Lender is under no obligation to pu~: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 the Property, or tile contents of tim Property, against any risk, hazard or liability and might provide greater or lesser coverage d~an was previoUsly in effect. Borrower acknowledges that the cost of the insurance coverage so obtained might significantly exceed the cost of insurance that Borrower could have obtained. Any amounts disbursed by Lender under this Section 5 shall become additional debt of Borrower secured by this Security Instrument. These amounts shall bear interest at the Note rate fi'om the date of disbursement and shall be payable, with such interest, upon notice from Lel~der 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, aud 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 aud 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. Duril~g such repair and restoratiou 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 satisfaction, orovided' that snch insuection shall be undertaken 807 the excess, if any, paid to Borrower. Such insnrance proceeds shall be applied in tile order provided for Section 2. If Borrower abandons the Property, Lender may file, negotiate and settle any available insurance claim and related matters. If Borrower does not respond within 30 days to a notice 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 tile notice is given. [n either event, o,' if Lender acquires tile 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 nnpaid under the Note or this Security Instrument, and (b) any other of Borrower's rights (other than the right to any refund of unearned' premiums paid by Borrower) under all insurance policies covering the Property, insofar as snch 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 tmpaid under the Note or this Security Instrument, whether or not tben due. 6. Occupancy. Borrower shall occupy, establisb, and use the Property as Borrower's principal residence within 60 days after file execution of this Security Instrument and shall continue to occupy the Property as Bo,'rower' s principal i'esidence for at least one year after the date of occupancy, unless Leoder otherwise agrees in writing, which consent shall not be unreasonably withheld, or unless extenuating circumstances exist which are beyond Borrower's control. 7. Preservation, Mai,~tenance aud Protection of the Property; Inspections. Borrower shall not' destroy, damage or impair the. Property, allow tile Property to deteriorate or commit waste on the Property. Whether or not Borrowe,- is residing ill the P,'operty, Borrower shall maintaiu the Property in order to prevent the Property fi'om 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, Borrowe,' shall promptly repair the Property if damaged to avoid fiu'ther 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 roi- such purposes. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progress paymeots 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 sucb repair or restoration. Lender or its agent may make reasonable entries upon and inspections of the Property. If it bas 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 sball be in default if, during the Loan application process, Borrower or any persons or entities acting at the direction of Borrower or with Borrower's knowledge or consent gave materially false, misleading, or inaccurate information or statements to Lender (or 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 Lender's Interest in the Property and Rights Under this Secnrity Instrument. If (a) Borrower fails to perform tile covenants and agreements contained in this Security Instrument, (b) there is a leoal nrnct~cllno that mloht 808 attorneys' fees to protect its interest in the Property and/or rights under tiffs Security Instrument, including its secured position iii a bankruptcy proceeding. Securing the Property includes, but is not limited to, entering the Proper~ to make repairs, change locks, replace or board up doors and windows, drain water fi'om pipes, eliminate building or other code violations or dangerous conditions, and have utilities 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. Any amounts disbursed by Lender under this Section 9 shall become additional debt of Borrower se'cured by this Security Instrument. These amounts shall bear interest at the Note rate from the date of disbursement and shall be payable, with such iuterest, upon notice from Lender to Borrower requesting payment. If tiffs Security Instrument is on a leasehold, Borrower shall comply with all the provisions of the lease. If Borrower acquires fee title to the Property, the leasehold and the fee tide shall not merge unless Lender agrees to the merger in writiug. 10. Mortgage insurance. If Lender required Mortgage Insurance as a condition of making the Loan, Borrower shall pay the premiums required to maintaiu the Mortgage Insurance in effect. IE, for any reason, the Mortgage Insurance coverage required by Lender ceases to be available from the mortgage insurer that previously provided such iusurance and Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiums required to obtain coverage substantially equivalent to tbe Mortgage Insurance previously in effect, at a cost substantially equivalent to the cost to Borrower of the Mortgage Insurance previously in effect, from au alternate mortgage insurer selected by Lender. If substantially equivalent Mortgage Insurance coverage is not available, Borrower shall continue to pay to Lender the amount of the separately designated payments that were due when the insurance coverage ceased to be in effect. Lender will accept, use and retain these payments as a non-refimdable loss reserve in lieu of Mortgage Insurance. Such loss reserve shall be non-refundable, notwithstanding the t~ct that the Loan is ultimately paid in full, and Lender shall not be required to pay Borrower any interest or earnings on such loss reserve. Lender can no longer require loss reserve payments if Mortgage Insurance coverage (in tbe amouut and for the period that Lender requires) provided by an insurer selected by Lender again becomes available, is obtained, and Lender requires separately designated payments toward the prenfiums 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 tim premiums for Mortgage Insurance, Borrower shall pay the premiums required to maintain Mortgage Insurance in eftEct, or to provide a non-refundable loss reserve, until Lender's reqniremeut for Mortgage Insurance ends in accordance with any written agreement between Borro~ver aud Lender providing for such termination or until termination is required by Applicable Law. Nothing in this Section 10 affects Borrower's obligatiou to pay interest at the rate provided in tbe Note. Mortgage Insurance reimburses Lender (or auy eutity tbat 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 aud conditions that are satishctory to the mortgage insurer and the other par~ (or parties) to these agreements. These agreements may require the mortgage insurer to make payments using any source of fimds that the mortgage insurer may have available (which may include funds obtained from Mortgage Insurance premiums). As a result of these apreementg l.enrler nnv n~lrchnqer or thv ~ntp nnnfhvr ;ncHrpr an~/ r~inel,rbr 8O9 (b) Any such agreements will ,lot affect tile rights Borrower has - if an), - with respect to the Mortgage Insurance uuder the Homeowners Protection Act of 1998 or aoy other law. These rights ,nay include the right to receive certain disclosures, to request and obtain cancellation of the Mortgage Insurance, to bare the Mortgage Insurance terminated automatically, and/or to receive a refund of any Mortgage Insurance pre~niums that were uuearned at tile time of such cancellation or termination. 11. Assignment of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned to and shall be paid to Lender. If the Property is damaged, such Miscellaneous Proceeds shall be applied to restoration or repair of tile Property, if the restoration or repair is economically feasible and Lender's security is not lessened. Du,'ing such repair and restoration period, Lender shall have the right to hold such Miscellaneous Proceeds until Lender has had an opportunity to inspect such Prope,'ty 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 ill a single disbursement or id 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 lnstrt, ment, whether or not then due, with the excess, if any, paid to Bo,'rower. Such Miscellaneous Proceeds shall be applied in the order provided for in Section 2. In the event of a total taking, destrtlction, or loss in value of the Property, the Miscellaneous Proceeds shall be applied to the sams secured by this Security Instrument, whethe,' 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 wliich the fair market value of the Prope,'ty immediately before the partial taking, destruction, or loss in value is equal to or greater than the amot, nt of the sums secured by this Security Instrument immediately 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 immediately before the partial taking, destruction, 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 balm~ce shall be paid to Borrower. In the event of a partial taking, destruction, or loss ill value of tile Property in which the fair market value of tile Property immediately before the partial taking, destruction, or loss in value is less than the amount of the sums sect,,:ed immediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the Miscellaneous Proceeds shall be applied to the 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 tile Miscellaneous Proceeds either to restoration or repair of the Property or to the sums secured by this Security Instrument, whethe,' 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 if any action or proceeding, whether civil or criminal, is begnn that, in Lender's judgment, could result in forfeiture of the Property oil. other material impai.rmen,t ~of,Lender's 810 12. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the ti~ne 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 tile liability of Borrower or any Successors in Interest 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 demand made by the original Borrower or auy Successors in Interest of Borrower. Any forbearance by Lender in exercising any right or remedy including, without limitation, Lender's acceptance of payments from third persons, entities or Successors in Interest of Borrower or in amounts less tban tile 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 and Assigns Bound. Borrower covenants and agrees that Borrower's obligations and liability shall be joint and several. However, any Borrower who co-signs this Securi.ty Instrument but does not execnte tile 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 the terms of this Security Instrument; (b) is not personally obligated to pay tile sums secured by this Security h~strument; and (c) agrees that Lender and any other Borrower can agree to extend, modify, forbear or make ally accommodations xvith regard to the terms of this Security Instrument or the Note without the co-signer' s consent. Subject to the provisions of Section 18, any Successor in Interest of Borrower who assumes Borrower's obligations under this Security Instrument in writing, 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 lnstrmnent unless Lender agrees to such release in writing. The covenants and agreements of this Security Instrument shall bind (except as provided in Section 20) aud benefit the successors and assigns of Lender. 14. Loan Charges. Lender may charge Borrower Fees for services performed in connection with Borrower's default, for the purpose of protecting Lender's interest in the Property and rights under this Security Instrument, including, but not limited to, attorneys' fees, property inspection and valuation fee's. In regard to any other fees, the absence of express authority ill 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 tile 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 tile permitted limits, then: (a) any sncb loan charge shall be reduced by the amount necessary to reduce tile charge to the permitted limit; and (b) any sums already collected from Borrower which exceeded permitted limits will be refunded to Borrower. Lender may choose to make this refuud by reducing tile principal owed under the Note or by making a direct paylnent to Borrower. If a refund reduces principal, tile reduction will be treated as a partial prepayment without any prepayment charge (whether or not a prepayment charge is provided For under tile Note). Borrower's acceptance of any such retired made by direct payment to Borrower will constitute a waiver of any right olr action Borrower might have arising out of such overcharge. 15. Notices. All notices given by Borrower or Lender iii counection with this Security Instrument nmst 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 il: sent by other means. Notice to any one Borrower shall constitute notice to all Borrowers unless Applicable Law expressly requires otherwise. Tile notice address shall be the Property Address unless Borrower has designated a substitute notice address by notice to Lender. Borrower shall promptly 16. Goveruing Law; Severability; Rules of Coustruction. This Secm'ity Instrument shall be governed by federal law and the law of the jurisdiction in which tile Property is located. All rights and obligations contained in this Security lnstrnment are subject to any requirements and limitations of Applicable Law. Applicable Law might explicitly or implicitly allow the parties to agree by contract or it 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 Secnrity Instrument or tile Note which can be given effect without the conflicting p,'ovision. As used in this Security Instrmnent: (a) words of the masculine gender shall mean and include corresponding neuter words or words of the feminine gender; (b) words in the singula,' shall mean and include the plural and vice versa; and (c) the word "may" gives sole discretion witbont any obligatioq to take any action. 17. Borrower's Copy. Borrower shall be given one copy of the Note and of this Security l,~strument. 18. Transfer of the Property or a Beneficial Interest in Borrower. As used in this Section 18, "Interest in the Property" meang 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, instalhnent sales contract or escrow agreement, the intent of which is the transfer of title by Borrower at a future date to a purchaser. If all or any part of the Property or any Interest in the Property is sold o,' trausferred (or if Borrower is not a natural person and a beneficial inte,'est in Borrower is sold or transfer,'ed) without Lender's prior written Consent, Lender may require immediate payment in full of all sums secured by this Security lnstrumem. However, this option shall not be exe,'cised 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 fi'om the date the notice is given in accordance with Section 15 within which Bon'ower must pay all sums secured by this Security Instrument. If Borrower fails to pay these sores prior to the expiration of this period, Lender may invoke any remedies permitted by this Secu,'ity Instrument without further notice or demand on Borrower. 19. Borrower's Right to Reinstate After Accelerntion. If Borrower meets certain conditions, Borrower shall have the right to have enforcement of this Security instrument discontinued at any time prior to the earliest of: (a) five days before sale of the Propei'ty pursuant to any power of sale contained in this Secnrity 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 euforcing this Security Instrument. Those conditions are that Borrower: (a) pays Lender all sums which then wonld be due under this Security Instrument and the Note as if no acceleration bad occu,'red; (b) cures any default of any other covenants or agreements; (c) pays all expenses incurred in enforcing this Security Instrument, including, but not limited to, ,'easonable attorneys' fees, property inspection and valnation fees, and otbe,' fees incurred for the purpose of protecting Lender's interest in the Property and rights under this Security lnst,'ument; and (d) takes snch action as Lender may reasonably require to assure that Lender's interest in the Property and rights under this Secnrity lnstrumeut, and Borrower's obligation to pay the sums secured by this Security Instrument, shall continue unchanged. Lender may require that Borrower pay such reinstatement su,ns and expenses in one or more of tile following forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, treasurer's check or casbie,"s check, provided any sucb ctieck is drawn upon an institution whose deposits are insured by a federal agency, inst,-umentality or entity; or (d) Electronic Funds Transfer. Upon reinstatement by Bor,'ower, this Security Instrnment and obligations secured hereby shall remain fully effective as if no acceleration had occurred. However, this right to reinstate shall not ~n~'~lxt in tha r,~ea ale car. c.~lo,-atinn nnrl~r Q.r. tinn 1 ~ 812 requires in connection with a notice of transfer of servicing. If tile Note is sold and thereafter tile Loan is serviced by a Loan Servicer othe,' than the purchaser of tile Note, the mortgage loan servicing obligations to Borrower will remain with the Loau Servicer or be transferred to a snccessor 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 fi'om tile other party's actions pursuant to this Secnrity Instrument or that alleges that the other party has breached any provision of, or any duty owed by reason of, this Security lustrument, until such Borrower or Lender has notified tile 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. Tile notice of acceleration and opportunity to cure given to Borrower pursuant to Section 22 and tile notice of acceleration given to Borrower pursuant to Section 18 shall be deemed to satisfy the notice and opportunity to take corrective action provisions of this Section 20. 21. Hazardons 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 flammable 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 tile Property is located that relate to !~ealth, safety or environmental protection; (c) "Envi,'onmental 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 presefice, use, disposal, storage, or release of any Hazardous Substances, or threaten to release any Hazardous Substances, on or in the Property. Borrower shall not do, nor allow anyone else to do, anything affecting tile Property (a) that is in violation of any Environmental Law, (b) which creates m~ Environmental Condition, or (c) which, due to the presence, use, or release of a Hazardous Substance, creates a condition that adversely affects the value of the Property. Tile 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 appropriate to normal residential uses and to maintenance of the Property (including, but not limited to, hazardous substances in consumer products). Borrower shall promptly give Lender written notice of (a) any investigation, claim, demand, lawsuit or other action by any governmental or regulatory agency or private party involving tile Property and any Hazardous Substance or Environmental Law of which Borrower has actual knowledge, (b) any Enviromnental Coudition~ includiug but not limited to, any spilling, leaking, discharge, release or threat of release of any Hazardous Substance, and (c) any condition caused by the presence, use or release of a 81 3 NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows: 22. Acceleration; Remedies. Lender shall give notice to Borrower prior' to acceleration following Borrower's breach of any covenant or agreement in this Security Instrument (but not prior to acceleration under Sectiou 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 given to Borrower, by which the default must be cured; dud (d) that failure to cure the default on or before the date specified in the notice may result in acceleration of the sums secured by this Security Instrument and sale of tile Property. The notice shall further 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 auy other defense of Borrower to acceleration and sale. Il' the default is not cured on or before the date specified in the notice, Lender at its option may require immediate payment in fnll of all sums secured by this SecUrity Instrument without further demand and may invoke the power of sale and ally other remedies permitted by Applicable Law. Leoder shall be entitled to collect all expenses iucurred in pursuing the remedies provided in this Section 22, including, but not limited to, reasonable attorneys' fees and costs of title evidence. If Lender invoices the powqr 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 iu the manner provided in Section 15. Lender shall publish the notice of sale, and the Property shall be sold in the manner prescribed by Applicable Law. Lender or its designee may purchase the Property at auy sale. The proceeds of tbe sale shall be applied iu the following order: (a) to all expenses of the sale, iocluding; but not limited to, reasonable attorneys' fees; (b) to all sums secured by this Security Instrument; and (c) any excess to the person or persous 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 recordatiou costs. Lender may charge Bon'ower 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 tile homestead exemption laws of Wyoming. 814 BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this Security Instrument and inany Rider executed by Borrower and recorded with it. Witnesses: LISA N. WALKER (Seal) -Borrower (Seal) -Borrower (Seal) (Seal) -Borrower . -Borrower (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Borrower -Elorrower S~A~ °F WVOMi~NC, The foregoing instrument was acknowledged before me this 815 County ss: My Commission Expires: Notary Public 000058 816 FIXED/ADJUSTABLE RATE RIDER (One-Year Treasury Inde× - Rate Caps) THISFIXED/ADJUSTABLE RATE RIDER is madetbislSth day of September, 2003 , aud is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust, or Security Deed (the "Security Instrument") of tile same date given by the Undersigned ("Borrower") to secure Borrower's Fixed/Adjustable Rate Note (the "Note") to SUNSHINE MORTGAGE CORPOI:UkTION ("Lender") of the same date and covering the property described in the Security Instrument and located at: 467 GREY'S RIVER LOOP, ALPINE, WY 83128 [Property Address] THE NOTE PROVIDES FOR A CHANGE IN BORROWER'S FIXED INTEREST RATE TO AN ADJUSTABLE INTEREST RATE. THE NOTE L]]VlITS THE AHOUNT BORROWER'S ADJUSTABLE INTEREST RATE CAN CHANGE AT ANY ONE TitlE AND THE HAX]/vlUH RATE BORROWER MUST PAY. ADDITIONAL COVENANTS. In addition to the covenants and agreements made in tile Security Instrument, Borrower and Lender further covenant and agree as follows: A. ADJUSTABLE RATE AND MONTHLY PAYMENT CHANGES Tile Note provides roi' an initial fixed interest rate of 5. 125 %. The Note also provides for a change in the initial fixed rate to all 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 first day of Octob,r, 2010 , and the adjustable interest rate I will pay may change on that day every 12th month thereafter. The date on which my initial fixed interest rate changes to all adjustable interest rate, and each date on which niy adjustable interest rate could change, is called a "Change Date." 817 (B) The Index Beginning with the first Cbange Date, my adjustable interest rate will be based on an Index. The "Index" is the weekly average yield on United States Treasury securities adjusted to a constant maturity of one year, as made available by the Federal Reserve Board. 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 three-quarters percentage points ( 2. 750 %) to the Current Index. The Note Holder will then round the result of this addition to tile nearest one-eighth of one percentage point (0. 125%). Subject to the limits stated in Section 4(D) below, this rounded amount will be my new interest rate until the next Change Date. The Note Holder will tben determine the amount of the monthly pay~nent that would be sufficient to repay the unpaid principal that I am expected to owe at the Change Date in full on theMaturity Date at my new interest ,'ate 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 ,'ate I am required to pay at tile first Change Date will not be greater than 10. 125 % or less than 2. 750 %. Thereafter, my adjustable interest rate will never be increased or decreased on any single Change Date by more than two percentage points fi'om tile rate of interest I have been paying for the preceding 12 months. My interest rate will never be greater than 10. 125 %. (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 payment beginning on the first monthly payment date after the Cliange Date until the amount of my monthly payment changes again. (F) Notice of Changes The Note Holder will .deliver or ,nail to ,ne a notice of any changes in my initial fixed interest rate to an adjustable interest rate and of any changes 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 mnnber 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 Transfer of the Property or a Beneficial Interest in Borrower. As used in tiffs Section 18, "Interest in the Property" means any legal or beneficial interest iu the Property, including, but not limited to, those beneficial interests transferred in a bond for deed, contract for deed, instalhnent sales contract or escrow agreement, the intent of which is the transfer of title by Borrower at a future date to a purchaser. If all or any part of 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 payment in 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. If Lender exercises this option, Leuder shall give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days fi'om the date the notice is given iu 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 demaud 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 BI above shall then cease to be in effect, and the provisions of Uniform Covenant 18 of the Secnrity 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 beueficial interests transferred in a bond for deed, contract for deed, instalhnent sales contract or escrow agreement, the intent of which is the transfer of title by Borrower at a future date to a purchaser. If all or any part of the Property or auy Interest in the Property is sold or transferred (or if Borrower is not a natural person and a beneficial interest in Borrower is sold or transferred) without Lender's prior written consent, Lender may require immediate payment in full of all sums secured by this Security Instrument. However, 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 iuformation required by Leuder to evaluate the intended transferee as if a uew 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 agreemeut in this Security Instrument is acceptable to Lender. To the extent permitted by Applicable Law, Lender may charge a reasonable fee as a condition to Lender's consent to the loan assumption. Lender also may require the transferee to sign an assumption agreement that 'is acceptable to Lender and that 6bligates 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 tmless Lender releases Borrower in writing. If Lender exercises tile option to require immediate payment in flfll, Lender shall give 819 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 Instrt,ment without fiu-ther notice or demand on Borrower. BY SIGN1NG BELow, Borrower accepts and agrees 'to the terms and covenants contained in this Fixed/Adjustable Rate Ride/'. (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Borrower -Borrower (~843 R (0006).01 Page 4 of 4 Form 3182 1/01 82O Attached Legal Description Lots 7 & 8 Greys River Village Addition to the Town of Alpine, within the NW1/4SWl/4 of Section 28 and NE1/4SE1/4 of Section 29, T37N, Rll8W, according to that plat filed in the Office of County Clerk, Lincoln CountY, Wyoming.