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HomeMy WebLinkAbout893489After Recording Return To: SECURITYNATIONAL MORTGAGE COMPANY 5300 SOUTH 360 WEST SUITE 150 MURRAY, UTAH 84123 LOAN NO.: 187673 ESCROW NO.: TITLE NO.: FA 9940 M PARCEL NO.: 12-3518-21-2-05-019.00 MIN NO.: 1000317-0000187673-5 RECEIVED "4 CP!!)!TY CLERK 'BOOK ~3 ~tE~_pR PAGE 0 4 7 [SPACE ABOVE TIIIS LINE FOR RECORDING DATA] MORTGAGE DEFINITIONS Words used in multiple sections of tiffs docmnent are defined below and oflmr words are defined in Sections 3, 11, 13, 18, 20 and 21. Certain roles 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 with all Riders to tiffs document. 12 , 2003 , together (B) "Borrower" is ORVAL RICE AND NANCY RICE, Husband and ldlfe Borrower is the mortgagor under this Security Iustrmnent. -, (C) '!bIERS" is Mortgage Electronic Registration Systems, Inc. MERS is a separate corporation fl~at is acting solely as a nominee for Lender and Lender's successors and assigns. MERS is the mortgagee under this Security Instrument. MERS'is organized and existing under the laws of Delaware, and has an address and telephone number of P.O. Box 2026, Flint, MI 48501-2026, tel. (888) 679-MERS. (D) "Lender" is SECURITYNATIONAL MORTGAGE COMPANY, A UTAH CORPORATION Lender is a A UTAH CORPORATION of UTAH 5300 SOUTH 360 WEST SUITE 150; MURRAY, UTAH 84123 orgaifized and existing under the laws Lender's address is WYOMING-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT -MERS DOCPREP SERVICES'..[NC. FORM- MMTGW¥1-3151 Page 1 of 14 ORIGINAL Form 3051 1/01 048 (E) "Note" ~neans the promissory note signed by Borrower and dated SEPTEMBER 12 Note states that Borrower owes Lender ONE HUNDRED TWELVE THOUSAND FIVE HUNDRED AND 00/100 ...................... , 200~3 The Dollars (U.S. $ 112,500.00 ) plus interest. Borrower has promised to pay this debt in regular Periodic Payments and to pay the debt in full not later than OCTOBER 01 , 2033 (F) "ProPerty" means the property that is described below under the heading "Transfer of Rights in the Property." (G) "Loan" means the debt evidenced by the Note, plus interest, any prepaylnent charges and late charges due under the Note, and all sums due under this Security Instrument, plus interest. Ot) "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 [] Condomi~fium Rider [] Balloon Rider [] Plmmed Unit Development Rider --[~--1-4 Family Rider [] Biweekly Payment Rider [] Other(s) [specify]: PREPAYMENT PENAL'fY RIDER [] Second Home Rider [] Assumption Rider [] Inter Vivos Trust Rider (I) "Applicable Law" means all controlling applicable federal, state and local statutes, regulations, ordi;mnces and administrative :rules and orders (that have the effect of law) as well as all applicable final, non-appealable judicial opinions. (J) "Com~nunity 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 funds, other than a transaction originated by check, draft, or sinfilar paper instrument, which is itfitiated through an electronic terminal, telephonic instrument, computer, or magnetic tape so as to order, instruct, or authorize a fitmncial 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 tra~tsfers, and automated clearinghouse transfers. (L) "Escrow Items" means those items that are described in Section 3. (M) "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) condemnafon 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 condition of the Property. (N) "Mortgage Insurance" means insurance protecting Lender against the nonpayment of, or default on, the Loan. (O) "Periodic Payment" means the regularly scheduled amount due for (i) principal and interest under the Note, plus (ii) any amounts under Section 3 of this Security Instrument. (P) "RESPA" means the Real Estate Settlement Procedures Act (12 U.S.C. § 2601 et seq.) and its implementing regulation, Regulation X (24 C.F.R. Part 3500), as they might be amended frown time to time, or any additional or successor legislation or regulation that governs the same subject matter. As used in this Security Instrument, '"RESPA" refers to all requirements and restrictions that are imposed in regard to a "federa.lly related mortage Dan" even if the Loan does not qualify as a "federally related mortgage loan" under RESPA. (Q) "Successor in Interest of Borrower" means any party that has taken title to the Property, whether or not that party has assumed Borrower's obligations 'under the Note and/or this Security Instrument. LOANNO.: 187673 initials ~/ /~' , c~~_~ WYOMING-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT - MERS Form 3051 1/01 Doctors1, S~vtc~s. l~vc. ~,om~- mr,~TaWW-~s~ Page 2 of 14 ORIGINAL ,94 9 TRANSFER OF RIGHTS IN THE PROPERTY Tlfis Security Instrument secures to Lender: (i) the repayment of the Loan, and all renewals, extensions and modifications of the Note; and (ii)the performance of Borrower's covenants and agreements under 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 assigus) and to the successors and assigns of MERS, with power of sale, the following described property located in the COUNTY of LINCOLN : rlype of Recordi~g jUrisdidion] [Name of Recording Jurisdiction] LOT 20 OF THE STAR VALLEY RANCH PLAT 10, LINCOLN COUNTY, ~/OMING AS DESCRIBED ON THE OFFICIAL PLAT THEREOF. SECOND HOME RIDER ATTACHED HERETO AND MADE A PART HEREOF TWO PAGE PUD RIDER ATTACHED HERETO AND MADE A PART HEREOF PREPAYMENT RIDER ATTACHED HERETO AND MADE A PART HEREOF. PARCEL NO.: 12-3518-21-2-05-019.00 which currently has the address of 198 WALNUT DRIVE ; [Street] LINCOLN COUNTY , Wyoming 83127 ("Property Address"): [City/Areal [Zil~ Code] TOGETHER WITH ail the improvements now or hereafter erected on the property, and all easements, appurtenances, and fixtures now or hereafter a part of the property. All replacements and additions shall also be covered by this Security Instrument. All of the foregoing is referred to in this Security Instrument as the "Property." Borrower understands and agrees that MERS holds only legal title to the interests granted by Borrower in this Security Instrument; but, if necessary to comply with the law or custom, MERS (as nominee /'or Lender and Lender's successors and assigns) has the right: to exercise any or all those interests, including, but not limited to, the right to foreclose and sell the Property; and to take any action required of Lender including, but not limited to, releasing and canceling this Security Instrument. BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has the right to grant and convey the Property and that the Property is unencumbered, except for encumbrances of record. Borrower warrants and will defend generally the title to the Property against all claims and denmnds, subject to any encumbrances of record. THIS SECURITY INSTRUMENT combines uniform covenants for national use and non-uniform covenants wiflx limited variations by jurisdiction to constitute a mfilbnn security instrument covering real property. . LOANNO.: 187673 Initials _(~ ~ __ WYOMING-Stogie Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT - MERS Docv~v S~m~c~s. I~vc. ~o~4 MMTGWY1-31Sl Page 3 of 14 OR1GmAL Form 3051 1/01 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, the debt evidenced by the Note and any prepayment charges and late charges due under the Note. Borrower shall also pay funds for Escrow Items pursuant to Section 3. Payments due under the Note and fids Security Instrument shall be made in U.S. currency. However, if any check or other instrument received by Lender as payment under the Note or this Security Instrument is returued 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, ba~ check, treasurer's check or caslfier's check, provided any such check is drawn upon an institution whose deposits are insured by a federal agency, instrumentality, or entity; or (d) Electro~fic Funds Transfer. Payments are deemed received by Lender when received at the location designated in the Note or at such other location as may be designated by Lender in accordance with the notice provisions in Section 15. Lender may return any payment or partial payment if the payment or partial payment are insufficient to bring the Loan current. Lender may accept any payment or partial payment insufficient to bring the Loan cnrrent, with.out waiver of any rights hereunder or prejudice to its rights to refuse such payment or partial payments in the future, but Lender is not obligated to apply such payments at the time such payments are accepted: If each Periodic Payment is applied as of its scheduled due date, then Lender need not pay interest on unapplied funds. Lender maY hold such unapplied funds until Borrower nukes payment to bring the Loan current. If Borrower does not do so within a reasonable period of time, Lender shall either apply such funds or return fl~em to Borrower. If not applied earlier, such. funds will be applied to the outstanding principal balance uuder the Note immediately prior to foreclosure. No offset or claim xvhich Borrower might have now or in the future agai~st Lender shall relieve Borrower from making payments due under the Note and this Security Instrument or performing the covenants and agreements secured by this Security Instrument. 2. Application of Payments or Proceeds. Except as otherwise described in this Section 21 all payments accepted and applied by Lender shall be applied in the following order of priority: (a) interest due under the Note; (b) principal due under the Note; (c) amounts due under Section 3. Such payments shall be applied to each Periodic Payment in the order in which it became due. Any remai~fing amounts shall be applied first to late charges, second to any other amounts due under this Security Instrument, and then to reduce the principal balance of the Note. If Lender receives a payment from Borrower for a delinquent Periodic Payment which includes a sufficient amount to pay any late charge due, the payment may be applied to the delinquent payment and the late charge. If more than one Periodic Payment is outstanding, Lender may apply any payment received from Borrower to the repayment of the Periodic Payments if, and to the extent that, each payment can be paid in full. To the extent that any excess exists after the payment is applied to the full payment of one or more Periodic Payments, such excess may be applied to any late charges due. Voluntary prepayments shall be applied first to any prepayment charges and then as described in the Note. Any application of payments, insurance proceeds, or Miscellaneous Proceeds to principal due under the Note shall not extend or postpone the due date, or change the amount, of the Periodic Payments. 3. Funds for Escrow Items. Borrower shall pay to Lender on the day Periodic Payments are due under the Note, until the Note is paid in full, a stun (the "Funds') to provide for payment of amounts due for: (a) taxes.and assessments and other items which can attain priority over Offs Security Instrument as a lien or encumbrance on the Property; (b) leasehold payments or ground rents on the Property, if any; (c) premiums for any and all insurance req3fired by Lender under Section 5; and (d) Mortgage Insurance premiums, if any, or any sums payable by Borrower to Lender in lieu of the payment of Mortgage Insurance premiums in accordance LOAN NO.: 187673 Initials ~'~) fl/~ WYOMING-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT - MERS DocPnEpS~nvtc~s. INc. FO~M- I~{MTGWY1-3151 Page 4 of 14 ORIGINAL Form 3051 1/01 ,95 with the provisions of Section 10. These items are called "Escrow Items." At origination or at any time during the term of the Loan, Lender may require that Co~mnmfity Association Dues, Fees and Assessments, if any, be escrowed by Bo~ower, and such dues, fees and assess~nts shall be an Escrow I~em. Borrower shall promptly ~sh to Lender all notices of amounts to be paid under tiffs Section. Borrower shall pay Lender ~e Funds for Escrow Ite~ u~ess Lender waives Bo~ower's obligation to pay tim Funds for any or all Escrow Lender ~y waive Bo~ower's obligation to pay m Lender Funds tbr aW or all Escrow Ite~ at any time. Any such waiver n~y o~y be in writing. In the event of such waiver, Bo~ower shall pay directly, when and where payable, ~e amounts due for any Escrow Ite~ for which payment of Funds has been waived by Lender and, if Lender requires, shall ~sh to Lender receipts evidencing such payment within such time period as Lender ~y require. Bo~ower's obligation to ~ke such payments and to provide receipts shall for all pu~oses deemed to be a cove~nt and agreement contained in ~s Security I~trument, as ~e phrase "cove~nt and agreement" is used in SectiOn 9. If Borrower is obligated to pay Escrow Itex~ directly, pursuant to a waiver, and Borrower fails to pay the amount due for an Escrow Item, Lender n~y 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 n~y revoke ~e waiver as to any or all Escrow Itenu at any time by a notice given in accor~nce wi~ Section 15 and, upon such revocation, Borrower shall pay to Lender all Funds, and in such amounts, ~at are · en required under tiffs Section 3. Lender my, at any time, collect and hold Funds in an amount (a) sufficient to pernfit Lender to apply the Funds at ~e time specified under ~SPA, and (b) not to exceed the ~ximum amount a lender can require under ~SPA. Lender shall estirmte the amount of Funds due on the basis of current data and reasomble estinmtes of expenditures of ~mre Escrow Ite~ or otherwise iu accordance wi~ Applicable Law. The Funds shall be held in an i~utitution whose deposits are ii~ured by a federal agency; i~mtmmen~lity, or entity (including Lender,'if Lender is an i~titution whose deposits are so ix~ured) or in any Federal Home Loan Ba~. Lender shall apply the Funds to pay the Escrow Itenm no later than the time specified under ~SPA. Lender shall not charge BO~ower for holding and applying the Funds, ammally amlyzing the escrow account, or veri¢ing ~e Escrow Ite~, unless Lender pays Borrower interest on the Funds and Applicable Law pernfits Lender to nmke such a charge. Unless an agreement is rode in writing or Applicable Law requires interest to be paid on ~e Funds, Lender shall not be required to pay Bo~ower any interest or eanfings on the Funds. Bo~ower and Lender can agree in writing, however, ~at interest shall be paid on the Funds. Lender shall give to Borrower, without charge, an a~ual accouuting of the Funds as required by ~SPA. If ~ere is a surplus of Funds held in escrow, as defined under ~SPA, Lender shall account to Bo~ower for the excess hnds in accordance wi~ ~SPA. If there is a shortage of Funds held in escrow, as defined under RESPA, Lender shallnotify Bo~ower as required by ~SPA, and Borrower shall pay to Lm~er the amount necessary to rake up ~e shortage in accordance wi~ ~SPA, but in no more ~an 12 monthly payments. If there is a deficiency of Funds held in escrow, as defined under ~SPA, Lender shall noti¢ Bo~ower as required by ~SPA, and Bo~ower shall pay to LeMer ~e amount necessary to nmke up the deficiency in accordance with ~SPA, but in no more ~an 12 mon~ly payments. Upon payment in ~11 of all su~ secured by ~is Security hmtmment, Lender shall promptly refund to Bo~ower 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 Instmnient, leasehold payments or ground rents on the Property, if any, and Conmmnity Association Dues, Fees, and Assessments, if auy. To the extent that these items are Escrow Items, Borrower shall pay them in the manner provided iu 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, LOANNO.: 187673 Initials& ~ WYOMING-Single Family-Fanaie Mae/Freddie Mac UNIFORM INSTRUMENT - MERS DocPnE~S~v~c~s. I~c. ~oP.~ ~rrowvxms~ Page 5 of 14 ORIGINAL Form 3051 1/01 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 wlfich 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 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 inchiding, but not linfited 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 deternfination, certification and tracking services; or (b)a one-ti:me charge tbr flood zone determination and certification services and subsequent charges each time remappings or silnilar 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 nfight provide greater or lesser coverage than was previously in effect. Borrower acknowledges that the cost of the insurance coverage so obtained might significantly exceed the cost of insurance that Borrower could have obtained. Any amounts disbursed by Lender under this Section 5 shall become additional debt of Borrower secured by this Security Instrument. These amounts shall bear interest at the Note rate from the date of disbursement and shall be payable, with such interest, upon notice from Lender to Borrower requesting payment. All insurance policies required by Lender and renewals of such policies shall be subject to Lender's right to 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, xvhether 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 econo~nically 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 satisfaction, provided that such inspection shall be undertaken promptly. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as the WYOMING-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT - MERS Form 3051 1/01 Doc~, S~wc~s. INc. m~u- ~m'mw-~-~m Page 6 of 14 ORIGINAL work is completed. Unless .an agreement is made in writing or Applicable Law requires iuterest to be paid on such insurauce 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 econonfically feasible or Lender's security Would be lessened, the insurance proceeds shall be applied to rite 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 nhay file, negotiate and settle any available insurance claim and related matters. If Borrovcer does not respond within 30 days to a notice froxn 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 rite 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 tiffs 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 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 Instrument, whether or not then due. 6..Occupancy. Borrower shall Occupy, establish, and use the Property as Borrower's principal residence wiflfin 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 unreaso~hably withheld, or unless extenuating circumstances exist which are beyond Borrower's control. 7. Preservation, Maintenance and Protection of the Property; Inspections. Borrower shall not destroy, da~nage or impair the Property, allow the Property to deteriorate or comnfit waste on the Property. Whether or not Borrower is residing in the Property, Borrower shall maintain the Property in order to prevent the Property from deteriorating or decreasing in value due to its condition. 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 com~ection 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 n~y disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as the work is completed. If the insurance or condemnation proceeds are not sufficient to repair or restore the Property, Borrower is not relieved of Borrower's obligation for the completion of such repair or restoration. Lender or its agent may make reasonable entries upon and inspections of the Property. If it has reasonable cause, Lender may inspect the interior of the intprovements on the Property. Lender shall give Borrower notice at the time of or prior to such an interior inspection specifying such reasonable cause. 8. Borrower's Loan Application. Borrower shall be iu default if, during the Loan application process, Borrower or any persons or entities acting at the direction of Borrower or with Borrowe?'s kitowledge or consent gave nmterially false, misleading, or inaccurate infornuttion 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 Security Instrument. If (a) Borrower fails to perform the covenants and agreemems contained in this Security Instrument, (b) there is a legal proceeding that ~night significantly affect Lender's interest in the Property and/or rights under this WYOMING-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT - MERS Form 3051 1/01 DocPRE?SERvIc£.s', iNC. FORM-MM'rGWY~t-a~S~. Page 7 oi' 14 ORIGINAL (754 Security Instrument (such as a proceeding in bankruptcy, probate, for condemnation or forfeiture, for enforcement of a lien wlfich 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 in the Property and fights 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 ally or all actions authorized under this Section 9. Any amounts disbursed by Lender under this Section 9 shall become additional debt of Borrower secured by this Security Instrument. These amounts shall bear interest at the Note rate from the date of disbursement and shall be payable, with such interest, upon notice from Lender to Borrower requesting payment. If this Security Instrument is on a leasehold, BorroWer shall comply with all the provisions of the lease. If Borrower acquires fee title to the Property, the leasehold and the fee title Shall not merge unless Lender agrees to the merger in writing; 10. Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan, Borrower shall pay the prenfiums 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 insuraime and Borrower was required to make separately designated paylnents toward the premiums for Mortgagd Insurance, Borrower shall pay tlm premiums required to obtain coverage substantially equivalent to file Mortgage Insurance previously in effect, at a cost substantially equivalent to the cost to Borrower of file Mortgage Insurance previously ill 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 ultimately paid ii1 full, and Lender shall not be required to pay Borrower any interest or earnings on such loss reserve. Lender call 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 htsurance, Borrower shall pay the premiums required to maintain Mortgage Insurance in effect, or to provide a non-refundable loss reserve, until the Lender's requirement for Mortgage Insurance euds in accordance with any written agreement between Borrower and Lender providing for such ternfination or until temfination 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 inay enter into agreements with other parties that share or modify their risk, or reduce losses. These agree~nents are on terms and conditions that are satisfactory to the mortgage insurer and the other party (or parties) to these agreements. These agreements may require the mortgage insurer to make payments using any source of funds that the ~nortgage insurer may have available (which may include funds obtained from Mortgage Insurance premiums). LOAN NO.: 187673 hfitials ~(~ ~ WYOMiNG-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT - MERS DocPlqlrv SEI~vIcE& INc. FORM- M~trGW¥1OlSl Page 8 of 14 ORIGINAL Form 3051 1/01 t8. }34a 055 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, ~nay receive (directly or indirectly) amonnts that derive from (or might be characterized as) 'a portion of Borrower's payments for Mortgage Insurance, in exchange for sharing or modifying the mortgage insurer's risk, or reducing losses. If such agreement provides that an affiliate of Lender takes a share of the insurer's risk in exchange for a share of the premiums paid to the insurer, the arrangement is often termed "captive reinsurance.' Further: (a) Any such agreements will not affect the amounts that Borrower has agreed to pay for Mortgage InSUrance, or any other terms of the Loan. Such agreements will not increase the amount Borrower will owe for Mortgage Insurance, and they will not entitle Borrower to any 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 M°rtgage Insurance, to have the Mortgage Insurance terminated automatically, and/or to receive a refund of any Mortgage Insurauce premiums that were unearned .at the time of such cancellation or termination. 11~ Assignment of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned to and shall be paid to Lender. 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 such 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 econmnically feasible or Lender's security would be lessened, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. Such Miscellaneous Proceeds shall be applied in the order provided for in Section 2. In the event of a total taking, destruction or loss in value of the ProPerty, the Miscellaneous Proceeds shall be applied to the stuns 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 fife fair market value of the ProPerty innnediately before the partial taking, destruction, or loss in value is equal to or greater than the amount of the sums secured by this Security Instrument immediately before the partial taking, destruction, or loss in value, unless Borrower and Lende} otherwise agree in writing, the sun, S secured by this Security Instrument shall be reduced by the arnount of the Miscellaneous Proceeds multiplied by the following fraction: (a) the total amount of the sums secured imn~ediately be/bre the partial taking, destruction, or loss in value divided by (b) the fair market value of the Property ixmnediately before the partial taking, destruction, or loss in value. Any balance shall be paid to Borrower. In the event of a partial taking, destruction, or loss in value of the Property in which the fair market value of the Property inunediately before the partial taking, destruction, or loss in value is less than the amount of the sums secured 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. LOANNO.: 187673 Ilfitials (~ ~ WYOMING-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT - MERS Docv~vS~wces, INc. ~omd- MIVlTGWY1-3151 Page 9 of 14 ORIGINAL Form 3051 1/01 If tile 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 agaitkst 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 begun that, in Lender's judgment, could result in forfeiture of the Property or other material ilnpairment of Lender's interest in the Property or rights under this Security Instrument. Borrower can cure such a default and, if acceleration has occurred, reinstate as provided in Section 19, by causing the action or proceeding to be 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 danhages that are attributable to the impairment of Lender's interest in the Property are hereby assigned and shall be paid to Lender. All Miscellaneous PrOceeds that are not applied to restoration or repair of the Property shall be applied in the order provided for in Section 2. 12. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or modification of amortization of the sums secured by this Security Instrument granted by Lender to Borrower or any Successor in Interest of Borrower shall not operate to release the liability of Borrower or any Successors in Interest of Borrower. Lender shall not be required to commence proceedings against any Successor in Interest of Borrower or to refuse to extend time for payment or otherwise modify amortization of the sums secured by tlfis Security Instrument by reason of any demand made by the original Borrower or any Successors in Interest of Borrower. Any forbearance by Lender in. exercising any right or remedy including, without limitation, Lender's acceptance of payments from tlfird persons, entities or Successors in Interest of Borrower or in amounts less than the amount then due, shall not be a waiver of or preclude the exercise of any 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 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-siguer's interest in the Property under the terms of this Security Instrument; (b) is not personally obligated to pay the surm~ secured by tiffs Security Instrument; and (c) agrees that Lender and any other Borrower can agree to extend, modify, forbear or rnake any accommodations with regard to tbe 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 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 colmection with Borrower's default, for file 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 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. LOAN NO.: 187673 Initials ~ /~ WYOMING-Single Fmnily-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT - MERS DOCPREP SERVICES, INC. FORM- M1HTOW¥1-3151 Page 10 of 14 ORIGINAL Form 3051 1/01 O5 7 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 pernfitted limits, then: (a) any such loan charge shall be reduced by the~ amount necessary to reduce the charge to the permitted limit; and (b) any sums already collected from Borrower which exceeded pernfitted limits will be refunded to Borrower. Lender ~nay choose to make tiffs refund by reducing the prinCipal owed under the Note or by making a direct payment to Borrower. If a refund reduces principal, the reduction will be treated as a partial prepayment without any prepayment charge (whether or not a prepayment charge is provided for under the Note). Borrower's acceptance of any such refund made by direct payment to Borrower will constitute a waiver of any right of action Borrower might have arising out of such overcharge. 15. Notices. All notices given by Borrower or Lender in connection with this Security Instrument ~nnst be in writing. Any notice to Borrower in connection with this Security Instrument shall be deemed to have been given to Borrower wl~en mailed by first class mail or when actually delivered to Borrower's notice address if sent by other means. Notice to any one Borrower shall constitute notice to all Borrowers unless Applicable Law expressly requires otherwise. The notice address shall be the Property Address unless Borrower has designated' a substitute notice address by notice to Lender. Borrower shall promptly notify Lender of Borrower's change of address. If Lender specifies a procedure for reporting Borrower's change of address, then Borrower shall only report a change of address through that specified procedure. There may be only one designated notice address under this Security Instrument at any one time. Any notice to Lender shall be given by delivering it or by mailing it by first class mail to Lender's address stated herein mfless Lender has designated another address by notice to Borrower. Any notice in connection with this Security Instrument shall not be deemed to have been given to Lender until actually received by Lender. If any notice required by this Security Instrument is also required under Applicable Law, the Applicable Law requirement will satisfy dm corresponding requirement under this Security Instrument. '. 16. Governing Law; Severability; Rules of Construction. This Security Instrument shall be governed by federal law and the law of the jurisdiction in which the Property is located. All rights and obligations contained in this Security Instrmnent 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 auy provision or clause of this Security Instrument or the Note conflicts with Applicable Law, such conflict shall not affect other ' provisions of this Security Instrument or the Note Milch can be given effect without the conflicting provision. As used in this'Security Instrument: (a) words of the masculine gender shall mean and include corresponding neuter words or words of the feminine gender; (b) words in the singular shall mean and include the plural and vice versa; and (c) the word "may" gives sole discretion without any obligation to take any action. 17. Borrower's Copy. Borrower shall be given one copy of the Note and of this Security Instrument. 18. Transfer of the Property or a Beneficial Interest in Borrower. As used in tlfis 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, 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 tiffs Security Instrument. However, this option shall not be exercised by Lender if such exercise is prohibited by Applicable Law. LOANNO.: 187673 Initials(~ /~ WYOMING-Single Family-Fanuie Mae/Freddie Mac UNIFORM INSTRUMENT - MERS Docv~s~ S~mtcss. Itqc. vorm- MMTGWY1-3151 Page 1 1 of 14 ORIGINAL Form 3051 1/0i O58 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. 19. Borrower's Right to Reinstate After Acceleration. 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 Property pursuant to Section 22 of this Security Instrument; (b) such other period as Applicable Law nfight specify for the termination of Borrower's fight to reinstate; or (c) entry of a judgment enforcing tlfis Security Instrument. Those conditions are that Borrower: (a) pays Lender all sums which then would be 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 enforcing this Security Instrument, indluding, but not linfited to, reasonable attorneys' fees, property inspection and valuation fees, and other fees inCnrred for the purpose of protecting Lender's interest in the Property and fights under tiffs Security Instru]nent; and (d) takes such action as Lender may reasonably require to assure that Lender's interest in the Property and rights under this Security Instrument, and Borrower's obligation to pay the sums secured by this Security Instrument, shall continue unchanged unless as otherwise provided under Applicable Law. Lender ]nay require that Borrower pay such reinstatement sums and expenses in one or more of the following forms, as selected by Le]der: (a) cash; (b) money order; (c) certified check, bank check, treasurer's check or caslfier's check, provided any such check is drawn upon an i~kstitution whose deposits are insured by a federal agency, instrumentality or entity; or (d) Electronic Funds Transfer. Upon reinstatmnent by Borrower, this Security Instrument and obligations secured hereby shall remain fully effective as if no acceleration had occurred. However, this right to reinstate shall not apply in the case of acceleration under Section 18. 20. Sale of Note; Change of Loan Servicer; Notice of Grievance. The Note or a partial interest in the Note (together with this Security Instrument) can be sold one or more times without prior notice to Borrower. A sale might result in a change in the entity (known as the "Loan Servicer") that collects Periodic Payments due under the Note and this Security Instrument and performs other mortgage loan servicing obligations under the Note, this Security Instrument, and Applicable Law. There also might be one or more changes of the Loan 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 ~mme and address of the new Loan Servicer, the address to which payments should be made and any other information RESPA requires in connection with a notice of transfer of servicing. If the Note is sold and thereafter the Loan is serviced by a Loan Servicer other than the purchaser of the Note, the mortgage loan servicing obligations to Borrower will remain with the Loan Servicer or be transferred to a successor Loan Servicer and are not assmned by the Note purchaser unless otherwise provided by the Note purchaser. Neither Borrower nor Lender may conunence, 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 lnstrumem 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 reasooable period after the giving of such notice to take'corrective action. If ApPlicable Law provides a time period which must elapse before certain action can be taken, that time period will be deemed to be reasonable for purposes of this paragraph. The notice of acceleration and opportunity to cure given to Borrower pursuant to Section 22 and the notice of acceleration given to Borrower pursuant to Section 18 shall be deemed to satisfy the notice and opportunity to take corrective action provisions of this Section 20. LOANNO.: 187673 initials~) ~ WYOMING-Single Family-Fmmie Mae/Freddie Mac UNIFORM INSTRUMENT - MERS Doc~,~?S~nvzc~s, I~c. ~o~_ ~rr~ww-~m Page 12 of 14 ORIGINAL Form 3051 1/01 2]. Hazardous Substances. As used ill this Section 2l: (a) "Hazardous Substances" are ~mse substances defined as to~c or hazardous substances, porte,ams, o~ was[es by ~vimmn=mal Law and ~ foHoMn~ substances: gasoline, kerosene, ofl~er flammble or toxic petroleum products, to~c pesticides and herbicides, volat? s01vents; ~mtefials coumi~ng asbestos or formldehyde, axd radioactive nmterials; ¢) "Environmental Law' ~ea~m federal laws and laws of ~e jurisdiction where ~e Property is located fl~at relate to healflx, safety or enwromental protection; (c) "Environmental Cleanup" includes any respo~e action, remedial action} or removal action, as defined in Environmental Law; and (d) an "Enviromnental Condition" mea~ a condition ~at can cause, contribute to, or o~erwise trigger an Enviromental Cleanup. Bo~ower shall not cause or pe~t ~e presence, use, disposal, storage, or release of any Hazardous Substances, or ~reaten to release any Hazardous Subs~mes, on or in ~e Property. Borrower shall not do, nor allow anyone else to do, any~ng affecting ~e Property (a) ~at is in violation of any Enviromnenml Law, (b) which creates an Environmental Condition, or (c) which, due to ~e presence, use, or release of a Hazardous Substance, creates a condition flint adversely affects ~e value of fl~e Property. The preceding two sentences shall not apply to ~e presence, use, or storage on ~e Prope~y of stall q~ntities of Ha~rdous Subsances ~at are generally recog~zed to be appropriate to nonml residential uses and to ~intemnce of fl~e Property (including, but not li~ted to,. hazardous substances in co~umer products). Bo~ower shall promptly give Lender written notice of (a) any investigation, claim, den~nd, lawsuit or ofl~er action by any govemnental or regulatory agency or private party involving fl~e Property and any Hazardous Substance or Environmental Law of which Bo~ower has actual ~owledge, (b) any Enviromnental Condition, including but not li~ted to, any spilling, leahng, discharge, release or fl~reat of release of any Hazardous ~bstance, and (c) any ~oMition caused by ~e presence, use or release of a Hazardous Substance which adversely affects ~e value of ~e Property. If Borrower lear~, or is notified by any govermnental regulatory auflmfity, or any private pa~y, ~at any removal or o~er remediation of any Hazardous ~bstance affecting ~e Property is necessary, Bm~ower shall promptly rake all necessary remedial actio~ in accord~ce wifl~ Enviromenal Law. NoOfing herein shall create any obligation on Lender fbr an Environmental Cleanup. NON-U~O~ COVENANTS. Borrower and Lender ~er covemnt and agree as follows: 22. Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration following Borrower's breach of any covenant or agreement in this Security Instrument (but not prior to acceleration under Section 18 unless Applicable Law provides othe~ise). The notice shall specify: (a) the default; (b) the action required to cure the default; (c) a date, not l~s than 30 days from the date the notice is given 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 r~ult in acceleration of the su~ secured by' this Security Instrument and sale of the Property. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to bring a court action to assert the non-existence of a default or any other defense of Borrower to acceleration and sale. If the default is not cured on or before the date specified in the notice, Lender at its option may require immediate payment in full of all su~ secured by this Security Instrument without further demand and may invoke the power of sale and any other remedies permitted by Applicable Law. Lender shall be entitled to collect all expenses incurred in pursuing the remedi~ provided in this Section 22, including, but not limited to, reasonable attorneys' fe~ 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 poss~sion of the Property, if different, in accordance with Applicable Law. Lender shall give notice of the sale to Borrower in the manner provided in Section 15. Lender shall publish the notice of sale, and the Property shall be sold in the manner prescribed by Applicable Law. Lender or its d~ignee may purch~e the ~operty at any sale. The procee~ of the sale shall be applied in the following order: (a) to all expenses 0f the sale, including, but not limited to, r~sonable attorneys' fe~; (b) to all su~ secured by this Security Instrument; and (0 any execs to the person or persons legally entitled to it. 23. Release. Upon payment of all sunu secured by tiffs Security h~tmment, Lender shall release Security hmtmment. Borrower shall pay any recordation costs. Lender n~y charge Borrower a t~e releasing ~is Security Instrument, but only if fl~e t~e is paid to a flfird party for services rendered and charging of ~e fee is per~tted under Applicable Law. LOANNOX 187673 Initials ~ ~9 WYOMING-Single Family:Fannie Mae/Freddie Mac UNIFORM INSTRUMENT - MERS Docl'R~,S~m~c~s.I~c ~o~ MMTOWW-~S~ Page 13 of 14 ORIGINAL Form 3051 1/01 ,- PREPAYMENT RIDER (Multi-State) ..'.:r~ ~ 0 This Prepayment Rider is made this 12TH day of SEPTEMBER , 2003 and is itmorporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust or Security Deed (thc 'Security Instrument") of the same date given by thc undersigned (the "Borrower") to secure Borrower's Note (the "Note") to SECURITk~ATIONAL, MORTGAGE COMPANY, A UTAH CORPORATION (the "Lender") of the same date and covering thc propcrty described in the Security h]stmment and located at 198 WALNUT DRiVE LINCOt,lX COUNTY, WYOMING 83127 ! [ , ' (the , Kddmonal Covenants. Notwithstanding anyth]ing to the contrat~, set }oah in /he Note or Security Instrument, Borrower and Lender further covenant a~d agree as follows:. ' Borrower has the right to make payments oflprincipal at any time befo3e they are due. A payment of principal only is kmo;m~ as a "p,'epayment." A "full prepayment" is fl~d prepayment of thc r-alice unpaid ! principal due under the Note. A payment of on!y part of the unplai& p~qncipal i-q known as 'a "parlial prepayment" ' ' If, within the SIX MONTH ' , I ] , period begmnlng with the Hate Borrower executes the Note (the "Penalty Period"), Borrower maiee.q a full prepayment, or I~artial prepayment in any (6) SIX month period that exceeds 20% of the o~rlgtnal prhtelpal loan a'monnt, Borrower will pay a prepayment charge as consideration for the [Narc Holder's acceptance of such prepayment. The prepayment charge will equal the amount of interest that would accrue during a six [6)-month period on the amount prepaid' that exceeds 20% of the original principal balance of the Note, calculated at the rat'e of interest in effect under the terms of the Note at the time of the prepayment, unless otberwiae prohibited by applicable law or regulation. No prepayment charge will be assessed for any prepayment occurring after the Penalty Period. Notwithstanding the forego[ne, in the event of a full prepayment concurrent witl~ a bona fide sale of the Property to an unrelated lhird party after the fLrst SIX MONTHS of the term of the Note, no prepayment penalty will be assessed. In that event, Borrower agrees to Provide the Note Holder with evidence acceptable to the Note Holder of such sale. By signing below. Borrower accepts and agrees to tl~e terms and covenants contained in this Prepayment Rider. ORVAL RICE ALS-603B2 Multi-State Rider DoCriLEI~ SERVICE~, I. NC. ALS603B/ 1981 (Seal) -Borrower LOAN NO.: 187673 .(Seal) .Borrower 1 OG ! 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 tiffs Security Instrument and in any Rider executed by Borrower and recorded with it. wimesses: N'~N(~ RICE ~/J . (seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower LOAN NO,: 187673 (Seal) -Borrower [Space Below This Line For Acknowledgment] (Seal) STATE OF ~, was acknowledged before me this ~-~, The foregoing instrument by ORVAL RICE AND NANCY RICE CO'UNTY SS: (date) -Borrower (person acknowledging) WYOMING-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT - MERS Docv~v S~Rvtc~,~; INc. vov,~- MMTGW¥1-31$1 Page 14 of 14 ORIGINAL Form 3051 1/01 SECOND HOME RIDER THIS SECOND HOME RIDER is made this 12TH day of SEPTEMBER , 2003 , and is incorPorated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust, or Security Deed (the "Security Instrument") of the stone date' given by the undersigned (the "Borrower," whether there are one or more persons undersigned) to secure Borrower's Note to SECURITYNATIONAL MORTGAGE COMPANY, A UTAH CORPORATION (the "Lender") of the same date and covering thc Property described in the Security Instrument (the "Property"), which is located at: 198 WALNUT DRIVE LINCOLN COUNTY, WYOMING 83127 [Property Address] In addition to the covenants and agreements made in the Security Instrument, Borrower and Lender further covenant and agree that Sections 6 and 8 of the Security Instrument are deleted and are replaced by the following: 6. Occupancy. Borrower shall occupy, and shall only use, the Property as Borrower's second home. Borrower shall keep the Property available for Borrower's exclusive use and enjoy~nent at all times, and shall not subject the Property to any timesharing or other shared ownership arrangement or to any rental pool or agreement that requires Borrower either to rent the Property or give a management finn or any other person any control over the occupancy or use of the Property. 8. Borrower's Loan Application. Borrower shall be in default if, during the Loan application process, Borrower or any persons or entities acting at the direction of the 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 informatiot0 in connection with the Loan. Material representations include, but are not linfited to, representations concerning Borrower's occupancy of the Property as Borrower's second home. BY SIGNING BELOW, Borrower accepts and agrees to the terms and provisions contained in this Second Home Rider. ORVAL RICE (Seal) .~/~/~ ~ ~ (Seal) -Borrower NANC~ RiCE ~ ' -Borrower (Seal) (Seal) -Borrower -Borrower (Seal) .(Seal) -Borrower -Borrower LOAN NO.: 187673 MULTISTATE SECOND HOME RIDER-Single Family- Fmmie Mae/Freddie Mac UNIFORM INSTRUMENT DocPREP SERVICES, INC, FORM - bK~890N-3503 ORIGINAL Form 3890 1/01 063 G. ASSIGNlVIENT OF LEASES. Upon Lender's request after default, Borrower shall assign to Lender all leases of the Property and all security deposits made in com]ection with leases of the Property. Upon the assignment, Lender shall have the right to modify, extend or ternfinate 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. 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 Rents 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 assigmnent 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 Borrower shall be held by Borrower as trustee for 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 written demand to the tenant; (iv) u. nless 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 ~nanaging the Property and collecting the Rents, including, but not Ii,niter to, attorneys' 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) Lemler, 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 tnanage the Property and collect the Rents and profits derived 1¥om 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 tahng 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 assignment 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 Borrower. 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 hzstrument are paid in full. I. CROSS-DEFAULT PROVISION. Borrower's default or breach under any note or agreement iu which Lender has an interest shall be a breach under the Security Instrument and Lender may invoke any of the remedies permitted by the Security Instrument. BY SIGNING BELOW, Borrower accepts and agrees to the temps and provisions contained in fids 1-4 Family Rider. -Borrower ' -Borrower ORVAL RICE NANCY RICE {J .(Seal) (Seal) -Borrower -Borrower (Seal) -Borrower LOAN NO.: 187673 MULTISTATE 1-4 FAMILY RIDER - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Docv~vSe~vtc~s.I~vc. voa~t-ras~,o~-~so2 Page 2 or2 ORIGINAL (Seal) -Borrower Form 3170 1/01 C G4 PLANNED UNIT DEVELOPMENT RIDER THIS PLANNED UNIT DEVELOPMENT RIDER is made this 12TH day of SEPTEMBER , 2003 , and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust, or Security Deed (the "Security Instrument") of the same date, given by the undersigned (the "Borrower") to secure Borrower's Note to SECURITYNATIONAL MORTGAGE COMPANY, A UTAH CORPORATION (the "Lender") of the same date and covering the Property described in the Security Instrument and }ocated at: 198 WALNUT DRIVE LINCOLN COUNTY, WYOMING 83127 .[Property Address] The Property includes, but is not limited to, a parcel of land improved with a dwelling, together wifl~ other such parcels and certain common areas and facilities, as described in COVENANTS, CONDITIONS AND RESTRICTIONS RECORDED: , INSTRUMENT ]NO.: (the "Declaration"). The Property is a part of a planned unit development known as STAR VALLEY RANCH [Name of Planned Unit Development] (the "PUD"). The Property also includes Borrower's interest in the homeowners association or equivalent entity owning o:r managing the common areas and facilities of the PUD (the "Owners Association") and the uses, benefits and proceeds of Borrower's interest. PUD COVENANTS. In addition to the covenants and agreements made in the Security Instrument, Borrower and Lender further covenant and agree as follows: A. PUD Obligations. Borrower shall perform all of Borrower's obligations under the PUD's Constituent Documents. The "Constituent Documents" are the (i) Declaration; (ii) articles of 'incorporation, trust instrument or any equivalent document which creates the Owners Association; and (iii) any by-laws or other rules or regulations of the Owners Association. Borrower shall promptly pay, when due, all dues and assessments imposed pursuant to the Constituent Documents. B. Property Insurance. So long as the Owners Association maintains, with a generally accepted insurance carrier, a "master" or "blanket" policy in~ring the Property which is satisfactory to Lender and which provides insurance coverage in the amounts (including deductible levels), for the periods, and against loss by fire, hazards included wiflfin the term "extended coverage," and any other hazards, including, but not limited to, earthquakes and floods, for which Lender requires insura~me, then: (i) Lender waives the provision in Section 3 for file Periodic Payment to Lender of the yearly premium installments for property insurance on the Property; and (ii) Borrower's obligation under Section 5 to maintain property insurance coverage on the Property is deemed satisfied to the extent that the required coverage is provided by the Owners Association policy. What Lender requires as a condition of this waiver can change during the term of the loan. LOAN NO.: 187673 Initials MULTISTATE PUD RIDER - Single Family - Fmmie Mae/Freddie Mac UNIFORM INSTRUMENT DOCPREP SERVICES, Ilvc. FORM- MS3150N-35Ol Page 1 of 2 ORIGINAL FORM 3150 1/01 065 Borrower shall give Lender prompt notice of any lapse in required property insurance coverage provided by the master or blanket policy. In the event of a distribution of property insurance proceeds in lieu of restoration or repair following a loss to the Property, or to common areas and facilities of the PUD, any proceeds payable to Borrower are hereby assigned and shall be paid to Lender. Lender shall apply the proceeds to the sums secured by the Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. C. Public Liability Insurance. Borrower shall take such actions as may be reasonable to insure that the Owners Association ~naintains a public liability insurance policy acceptable in form, amount, and extent of coverage to Lender. D. Condemnation. The proceeds of any award or claim for damages, direct or consequential, payable to Borrower in connection with any condemnation or other taking of all or any part of the Property or the common areas and facilities of the PUD, or for any conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. Such proceeds shall be applied by Lender to the sums secured by the Security Instrument as provided in Section 11. E. Lender's Prior Consent. Borrower shall not, except after notice to Lender and with Lender's prior written consent, either partition or subdivide the Property or consent to: (i) the abandOmnent or termination of the PUD, except for abandonment or termination required by law in the case of substantial destruction by fire or other casualty or in the case of a taking by condeumation or eminent domain; (ii) any amendment to any provision of the "Constituent Documents" if the provision is for the express benefit of Lender; (iii) termination of professional management and assumption of self-~nanagement of the Owners Association; or (iv) any action which would have the effect of rendering the public liability insurance coverage maintained by the Owners Association unacceptable to Lender. F. Remedies. If Borrower does not pay PUD dues and assessments when due, then Lender may pay them. Any amounts disbursed by Lender under this paragraph F shall become additional debt of Borrower secured by the Security Instrument. U~fless Borrower and Lender agree to other terms of payment, these amounts shall bear interest from the date of disbursement at the Note rate and shall .be payable, with interest, upon notice from Lender to Borrower requesting payment. BY SIGNING BELOW, Borrower accepts and agrees to the terms aud provisions contained in tlfis PUD Rider. ORVAL RICE -Borrower NAN~Y RICE ~ -Borrower (Seal) (Seal) -Borrower -Borrower .(Seal) (Seal) -Borrower -Borrower LOAN NO.: 187673 MULTISTATE PUD RIDER - Single Family - Famde Mae/Freddie Mac UNIFORM INS~I'RUMENT DocPRRV S£1~vlcgs', INC. VORM- M~SOr~-~S0]L Page 2 of 2 ORIGINAL FORM 3150 1/01 PREPAYMENT RIDER (Multi-State) This Prepayment Rider i~ made this 12TItday of SEPTEMBER , 2003 and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust or Security Dccd (thc "Security Instrnment") of the same date given by the undersigned (the "Borrower") to secure Borrower's Note (the "Note") to SECURITYNATIONAL MORTGAGE COMPANY, A [FI'AIl cor%PORATION (the "Lender*') of the same date and cowring thc property described in the Security Instrument and located at 198 WALNUT DRiVE LINCOL1Nr COUNTY, 5VYOMING 83127 I I ' I (thc "P~'operty"). , Kddmonal CovenantS. Notwithstanding anyt ing to the' contra~ rset forth in the Note or Security Instalment, Borrower and Lender further covenant aid agree as followsi, Borrower has the right to make payn~ents oflprincipal at any time befobe they are due. A payment of principal only is Imown as a '!prepayment." A "f, nll'.prepayment" is ihe~ prepayment of thc entire unpaid principal due under the Note. A paymentof on!y part of the unpaid principal i.~ know~ as la "par{ltd prepayment." . " ' If ~wthmthe SIX MONTH e ' ~ [ ' , ' ' p tied beginnlng with the date Borro;ver executes the Note (the "Penalty Period,'). Borrower makes a full t prepayment, or l~artial prepayment in any (6) six month perlod that exceeds 20% of the o,'rlginal principal loan a'~nonnt. Borrower will pay a prepayment charge as consideration for the INote I-folder's acceptance of such prepaynncnt. The prepayment charge will equal the amount of interest that would accrue during a six (6)-month period ou/he amount prepaid that exceeds 20% of the original principal balance of tlm Note, calculated at the rate of interest in effect under the terms of the Note at the time of the prepayment, unless ~tberwise 15rohlbltefl by applicable law or regulation. No prepayment charge will be assessed for any prepayment occurrlng after thc Penalty Period. Notwithstanding the foregoing, in the event of a full prepayment concurrent witl~ a bona fide sale of the Property to an unrelated third party after the fzrst S IX MONTHS of the term of the Note, no prepayment penalty will be assessed, rn that event, Borrower agrees to provide the Note Holder with evidence acceptable to thc Note Holder of such sale. By signing below, Borrower accepts and agrees to tl]e terms and covenants contained in this Prepayment Rider. ORVAL RICE -BOlTOWef -Borrower NA1NI{YY RICE d ALS-603B2 Multi-State Rider .($~al) -Borrower LOAN NO.: 187673 .(Seal) -BmTower 11/15199