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HomeMy WebLinkAbout893502ReturnTo: WELLS FARGO HOME MORTGAGE, INC. 3601 MINNESOTA DR. SUITE 200 BLOOMINGTON, M/q' 55435 Prepared By: WELLS FARGO HOI~ MORTGAGE, INC. 1919 DOUGLAS,, OMAHA, 681010000 NE [Space Above Tiffs Line For Reconlhlg Data] MORTGAGE DEFINITIONS Words used in nmltiple sections o.f this document are defined below and other words are defined in Sections 3, 11, 13, 18, 20 and 21. Certain rules regarding the usage of words used in this document are also provided in Section 16. (A) "Security Instrument" means this document, which is dated SEPTEMBER 12, 2003 together with all Riders to this document. (B) "Borrower" is RICHARD K PERRIN AND DONNA M PERRIN, HUSBAND AND WIFE Borrower is the mortgagor under this Security hkstru~nent. (C) "Lender" is WELLS FARGO HOME MORTGAGE, INC. Leuder is a CORPORATION orgmfized and existing under the laws of THE STATE OF CALIFORNIA 0032271793 WYOMING-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT VMP MORTGAGE FORMS - {800)521-7291 Form 3051 1/01 Lender's address is P.O. BOX 10304, DES MOINES, IA 503060304 Lender is the mortgagee under this Security Instrument. (D) "Note" means the pronfissory note signed· by Borrower and datedSP. PTP..l~P..R 12, 2 0 03 The Note states that Borrower owes Lender ONE HUNDRP..D THIRTY THR~..~.. TI-IOUSAN'D SIX HUNDRED FIFTY AND' 00/100 Dollars (U.S. $ * * * * 13 3,6 5 0.0 0 ) plus interest. Borrower has promised to pay this debt in regular Periodic Payments and to pay the debt in full not later than OCTOBP..R 01, 2 0 3 3 (E) "Property" means the property that is described below under the heading "Transfer of Rights in the Property." (F) "Loan" means the debt evidenced by' the Note, plus interest, any prepayment charges and late charges due under the Note, and all sums due under this Security Instrument, plus interest. (G) "Riflers" means all Riders to this Security Instnnnent that are executed by Borrower. The following Riders are to be executed by Borrower [check box as applicable]: [] Adjustable Rate Rider [~] Condonfinium Rider ~] Second Home Rider [~ ~alloon Rider [~ elam~ed Unit Development Rider [] 1-4 Family Rider . [] VA Rider [~] Biweekly Payment Rider [--~ Other(s) [specifyl (}I) "Applicable Law" means all controlling applicable federal, state and local statutes, regulations, ordinances and adnfinistrative rules and orders (that have file effect of law) as well as all applicable final, non-appealable jndicial opinions. (I) "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. (J) "Electronic Fuuds Trausfer" means any transfer of funds, other than a transaction originated by check, draft, or si~nilar paper instrument, which is initiated through an electro]tic terminal, telepho~fic instrumeut, 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 lind]ed to, point-of-sale transfers, automated teller machine transactions, transfers initiated by telephone, wire transfers, and automated clearinghouse transfers. (K) "Escrow Ite~ns" means those items that are described in Section 3. (L) "Miscellaneous Proceeds" means any compensation, settlement, award of damages, or proceeds paid by any dfird party (other than insurance proceeds paid under the coverages described in Section 5) for: (i) danmge to, or destruction 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 coudition o f the Property. (M) "Mortgage Insurance" ~neans insurance protecting. Lender against file nonpayment of, or default on, the Loan. (N) "Periodic Payment" means the regularly scheduled amount due for (i) principal and interest under the Note, plus (ii) any amounts under Section 3 of fids Security Instrument. (O) "RESPA" means the Real Estate Settlement Procedures Act (12 U.S.C. Section 2601 et seq.) and its implementing regulation, Regulation X (24 C.F.R. Part 3500), as they might be amended from time to time, or any additional or successor legislation or regulation that governs the same subject matter. As used in this Security Instrument, "RESPA" refers to all requirements and restrictions that are imposed in regard to a "federally related mortgage loan" even if the Loan does not qualil~ as a "federally related mortgage loan" under RESPA. (~-6(WY) (ooo5) Page2o~' 15 Form 3051 1/01 (P) "Successor in Interest of Borrower" mea~ts any party that has taken title to the Property, whether or not that party has assmned Borrower's obligations under the Note and/or this Security Instrument. TRANSFER OF RIGHTS IN THE PROPERTY Tlfis Security Instrmnent secures to Lender: (i) the repayment of the Loan, and all renewals, extensions and m.odifications of the Note; and (ii) the perfonnauce of Borrower's covenants and .agreements under this Security htstrument and the Note. For this purpose, Borrower does hereby mortgage, grant and convey to Lender and Lender's successors and assigns, with power of sale, the following described property located in the COUNTY of LINCOLN [Type of Recording Jurisdiction] [Name of Recording Jorisdicti0n] LOT 45 OF STAR VALLEY RANCH PLAT 16, LINCOLN COUNTY. WYOMING AS DESCRIBED ON THE OFFICIAL PLAT THEREOF. *SEE ADJUSTABLE RATE RIDER TAX STATEMENTS SHOULD BE SENT TO: WELLS FARGO HOME MORTGAGE, BOX 10304, DES MOINES, IA 503060304 INC., P.O. Parcel ID Number: 535 CEDAR CREEK DR THAYNE ("Property Address"): Which currently has the address of [Street] [City] , Wyonfing 8 312 7 [Zip CodeI TOGETHER WITH all the improvements now or hereafter erected on the property, and all easements, appurtenances, and fixtures now or hereafter a part of the property. All replacements and additions shall also be covered by this Security Instrument. All of the foregoing is referred to in this Security Instrument as the "Property." BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has the right to mortgage, grant and convey the Property and that the Property is unencumbered, except for encumbrances of record. Borrower warrauts aud will defend generally the title to the Property against all claims and demands, subject to any encumbrances of record. THIS SECURITY INSTRUMENT combines uifiform cove~muts for ~mtional use and non-uniform covenants with limited variations by jurisdiction to constitute a unitbrm security instrument covering real property. 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 this Security Instrument shall be made in U.S. currency. However, if any check or other instrument received by Lender as payment under the Note or 6(WY} (0005) Page 3 of ~5 Form 3051 1/01 I05 Security Instrument is returned to Lender unpaid; Lender may require that any or all subsequent payments dne under the Note and fids 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 any such check is drawn upon an institution whose deposits are insured by a federal agency, instrumentality, or entity; or (d) Electronic Funds Transfer. Payments are deemed received by Lender when received at the location designated in the Note or at such other location as may be designated by Lender in accordance with flxe notice provisions in Section 15. Lender inay return any payment or partial payment if the payment or partial payments are insufficient to bring fire Loan current. Lender ~nay accept any payment or partial payment iosufficient to bring the Loan current, without waiver of any rights hereunder or prejudice to its rights to refuse such payment or partial payments in the future, but Lender is not obligated to aPply such payments at the time such payments are accepted. If each Periodic Payment is applied as of its scheduled due date, fl~en Lender need not pay interest on unapplied funds. Lender may hold such unapplied funds until Borrower nmkes payment to bring the Loan current. If Borrower does not do so within a reasonable period of time, Lender shall either apply such funds or return them to Borrower. If not applied earlier, such funds will be applied to the outstanding principal balance under the Note immediately prior to foreclosure. No offset or claim which Borrower might have now or in the future against Lender shall relieve Borrower from making payments due under the Note and this Security Instrument or perfornfing the covenants and agreements secured'by this Security Instrument. 2. Application of Payments or Proceeds. Except as otherwise described in this Section 2, all payments accepted and applied by Lender shall be applied in the following order of priority: (a) interest due uuder the Note; (b) principal due under the Note; (c) aInounts due mtder 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 nhay 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 pay~nent can be paid in full. To the extent that any excess exists after the paylnent 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 payinents, 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 fl~e day Periodic Payments are due under the Note, until the Note is paid in full, a sum (the "Fm~ds") to provide for payment' of amounts due for: (a) taxes and assessments and other items which can attain priority over this Security Instrument as a lien or encumbrance on the Property; (b) leasehold payments or ground rents on the Property, if any; (c) premiums for any and all insura~me required by Lender under Section 5; and (d) Mortgage Insurance premiums, if any, or any sums payable by Borrower to Lender in lien of the payment of Mortgage Insurance prenfiums iu accordance with the provisions of Section 10. These itmns are called "Escrow Ite~$." At origination or at any time during the term of the Loan, Lender nmy ·require that Community Association Dues, Fees, and Assessments, if any, be escrowed by Borrower, and such dues, fees and assessments shall be an Escrow Item. Borrower shall promptly furnish to Lender all notices of amounts to be paid under this Section. Borrower shall pay Lender the Funds for Escrow Iten~ unless Lender waives Borrower's obligation to pay the Funds for any or all Escrow Items. Lender may waive Borrower's obligation to pay to Lender Funds for any or all Escrow Items at any time. Any such waiver Inay o~fly be in writing. Iu the eveut of such waiver, Borrower shall pay directly, when and where payable, the amounts 6(WY) (ooo5l Page 4 of 15 Form 3051 1/01 due for any Escrow Items lbr which payment of Funds has been waived by Lender and, if Lender requires, shall furnish to Lender receipts evidenciug 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 in this Security Ii~strument, as the phrase "covenant and agreement" is used in Section 9. If Borrower is obligated to pay Escrow Items directly, pursuant to a waiver, and Borrower lhils to pay the amount due for an Escrow Item, Lender may exercise its rights under Section 9 and pay such amount attd Borrower shall then be obligated under Section 9 to repay to Lender any such amount. Lender tnay revoke the waiver as to any or all Escrow Items at auy time by a notice given in accordance with Section 15 and, upon such revocation, Borrower shall pay to Lender all Funds, and iu such a~nounts, that are then required under this Section 3. Lender may, at any time, collect and hold Funds in an amount (a) sufficient to permit Lender to apply the Funds at the time specified under RESPA, and (b) not to exceed the inaximum amount a lender cau require under RESPA. Lender shall estimate the amount of Funds due on the basis of current data aud reasonable estinu~tes of expenditures of future Escrow Items or otherwise in accordance with Applicable Law. The Funds shall be held itt an institution whose deposits are insured by a federal agency, instxumentality, or entity (including Lender, if Lender is an institution whose deposits are so insured) or in any Federal Home Loan Bani,:. Lender shall apply the Funds to pay the Escrow Items no later than the time specified under RESPA. Lender shall not charge Borrower for holding and applying the Funds, a~mually atU~lyzing the escrow account, or verifying the Escrow Items, unless Lender pays Borrower interest on rite Funds and Applicable Law permits Lender to make such a charge. Unless an agreement is nmde iu writing or Applicable Law requires interest to 'be paid on the Funds, Lender shall not be required to pay Borrower any interest or earnings on the Funds. Borrower and Lender can agree in writing, however, that interest shall be paid on rte Funds. Lender shall give to Borrower, without charge, an ammal accounting of the Funds as required by RESPA. If there is a snrplus of Funds held in escrow, as defined under RESPA, Lender shall account to Borrower for the excess funds in accordance with RESPA. If there is a shortage of F'unds 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 shortage in accordance with RESPA, but iu no more than 12 monthly payments. It' there is a deficiency of Funds held in escrow, as defined under.RESPA, Lender shall notify Borrower as required by RESPA, attd Borrower shall pay to Lender the amount necessary to make up the deficiency in accordance with RESPA, but in no more than 12 monthly payments. Upon payment in full of all sums secured by this Security Instrument, Lender shall promptly refund to Borrower any Funds held by Lender. 4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines, and impositions attributable to the Property which can attain priority over this Security Instrument, leasehold payments or ground rents on the Property, if any, and Community Association Dues, Fees, and Assessments, if any. To the extent that these items are Escrow Items, Borrower shall pay them in rite maturer provided in Section 3. Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a) agrees in writing to the payment of the obligation secured by rite lien in a maimer acceptable to Lender, but duly so long as Borrower is performing such agreement; (b) contests the lien in good faitli by, or defends against enIbrcement of the lien in, legal proceedings which in Lender's opinion operate to prevent the enforcement of the lien wlfile those proceedings are pending, but only until such proceedings are concluded; or (c) secures from the holder of the lien an agree~nent 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 6(WY) (ooos) Pag~ s o, ~s Form 3051 1/01 lien. Witlfin 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 com~ection with this Loan. 5. Property Insurance. Borrower shall keep the improvements now existing or hereafier erected on the Property insured against loss by fire, hazards included within the term "extended coverage," and any other hazards including, but not lilnited 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 precediug sentences can change during the term of file Loanl 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 com~ecti0n with this Loan, either: (a) a one-ti~ne charge for flood zone determination, certification and tracking services; or (b) a one-time charge for flood zone determination aud certification services and subsequent charges each time remappings or sinfilar changes occur ;vhich reasonably might affect such determination or certification. Borrower shall also be responsible for the payment of any fees imposed by the Federal Emergency Ma~hagement Agency in comlection with the review of any flood zone determi~ation resulting from an objection by Borrower. If Borrower fails to maintaiu any of file coverages described above, Lender may obtain insurance coverage, at Lender's option and Borrower's expense. Lender is under no obligation to purchase any particular type or amount of coverage. Therefore, such coverage shall cover Lender, but might or might not protect Borrower, Borrower's equity in the Property, or the contents of the Property, against any risk, hazard or liability and might.provide greater or lesser coverage than was previously in effect. Borrower acknowledges that the cost of the insurance coverage so obtained might significantly exceed the cost of insurance that Borrower could have obtained. Any amounts disbursed by Lender under this Section 5 shall become additional debt of Borrower secured by fltis Security Instrument. These amdunts shall bear interest at the Note rate from the date of disbursement and shall be payable, with such interest, upon notice frmn 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 ~nortgagee and/or as an addition'll 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 tbrm of insurance coverage, not otherwise required by Lender, lbr 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 ~nade prmnptly by Borrower. Unless Lender and Borrower otherwise agree in writing, any insurance proceeds, whether or uot the underlying insurance was required by Lender, shall be applied to restoration or repair of file Property, if the restoration or repair is econonfically feasible and Lender's security is not lessened. During such repair and restoration period, Lender shall have file 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 tnay disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as the work is completed. Unless an agreement is nmde in writing or Applicable Law requires interest to be paid on such insurance proceeds, Lender shall not be required to pay Borrower any interest or earlfings on such proceeds. Fees for public adjusters, or other third parties, retained by Borrower shall not be paid out of the insurance proceeds and shall be the sole obligation of Borrower. If the restoration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with 6(WY) tooosl P,,g. 6 o~ ~s Form 3051 1/01 the excess, if any, paid to Borrower. Such iiksurance proceeds shall be applied in the order provided for in Section 2. If Borrower abandons the Property, Lender may file, negotiate and settle any available insurance claim and related nmtters. 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 the notice is given.. In either event, or if Lender acquires the Property under Section 22 or otherwise, Borrower hereby assigns to Lender (a) Borrower's rights to any insurance proceeds in an amount not to exceed the amounts unpaid under the Note or this Security Instrument, and (b) any other of Borrower's rights (other than the right to any refund of unearned premiums paid by Borrower) under all insurance policies covering file Property, insofar as such rights are applicable to the coverage of die Property. Lender may use the insurance proceeds either to repair or restore the Property or to pay amounts unpaid Under the Note or tiffs Secnrity Instrument, whether or not then due. 6. Occupancy. Borrower shall occupy, establish, and use the Property as Borrower's principal residence withii] 60 days after the execution of this Security Instrument and shall continue to occupy the Property as Borrower's principal residence for at least one year after the date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be unreasonably withheld, or unless extenuating circumstances exist which are beyond Borrower's control. 7. Preservation, Maintenance and Protection of the Property; Inspections. Borrower shall not destroy, damage or impair the Property, allow the Property to deteriorate or conmfit waste on the Property. Whether or not Borrower is residing in file 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 deterufined pursuant to Section 5 that repair or restoration is not economically feasible, Borrower shall promptly repair the Property if dan~ged to avoid further deterioration or damage. If insurance or condenmation proceeds are paid in cmmection wifl~ damage to, or file taking of, file Property, Borrower shall be responsible for repairing or restoring the Property Olfly if Lender has released proceeds for such purposes. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as the work is completed. If the insurance or condelm~ation proceeds are not sufficient to repair or restore the Property, Borrower is not relieved of Borrower's obligation for the completion of such repair or restoration. Lender or its agent may make reasonable entries upon and inspections of the Property. If it has reasonable cause, Lender may inspect the interior of the improvements on file Property. Lender shall give Borrower notice at the time of or prior to such all interior inspection specifying such reasonable cause. 8. Borrower's Loan Application. Borrower shall be in default if, during the Loan application process, Borrower or any persons or entities acting at the direction of Borrower or with Borrower's ka]owledge or consent gave materially false, misleading, or inaccurate infornmtion or statements to Lender (or failed to provide Lender with material infornmtion) in connection with the Loan. Material representations include, bnt 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 agreements contained in this Security Instrument, (b) there is a legal proceeding that nfight significantly affect Lender's interest in the Property and/or rights under this Security Instrument (such as a proceeding in bankruptcy, probate, for condemnation or forfeiture, for enforcement of a lien which, may attain priority over this Security Instruxnent 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 rights under this Security Instrument, including protecting and/or assessing file value of the Property, and securing and/or repairing the Property. Lender's actions cai] include, but are not limited to: (a) paying any sums secured by a lien which has priority over this Security Instrulnent; (b) appearing in court; and (c) paying reasonable 6(WY) (ooo5~ page 7 oi' ~5 Form 3051 1/01 attorneys' fees to protect its interest ii1 the Property and/or fights under this Security Instrument, iucluding its secured position in a bankruptcy proceeding. Securing the Property includes, but is not linfited to, entering the Property to make repairs, change locks, replace or board up doors and windows, drain water from pipes, elinfinate 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 tbr 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 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 froth Lender to Borrower requesting payment. If tlfis 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. 1.0. Mortgage Iusurance. If Lender required Mortgage Insurance as a condition of making die Loan, Borrower shall pay the premiunis required to maintain the Mortgage Insurance in effect. If, for any reason, the Mortgage Insurance coverage required by Lender ceases to be available from the mortgage insurer that previously provided such insurance and Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiums required to obtain coverage substantially equivaleut to the Mortgage Insurance previously ill effect, at a cost substantially equivalent to the cost to Borrower of the Mortgage Insurance previously in effect, from an alteruate mortgage insurer selected by Lender. If substantially equivalent Mortgage Insurance Coverage is not available, Borrower shall continue to pay to Lender file amount of'the separately designated payments that were due when the insurance coverage ceased to be in effect. Leuder 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 diat the Loau is ultimately paid in dill, and Lender shall not be required to pay Borrower any interest or earnings on such loss reserve. Lender can no longer require loss reserve payments if Mortgage Insurance coverage (in the amount and/hr 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 lVlortgage Insurance as a condition of inaking the Loan and Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiums required to maintain Mortgage Insurance in effect, or to provide a non-refundable loss reserve, until Leuder's requirement tbr Mortgage Insurance ends in accordance with any written agreement between Borrower and Lender providing for such ternfination or until ternfination is required by Applicable Law. Nothiug 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) tbr 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 oil all such insurance in force tYom time to time, and may enter into agreements with other parties that share or modify their risk, or reduce losses. These agreements are on terms and conditions that are satisfactory to file mortgage insurer and the oilier party (or parties) to these agreements. These agreelnents may require the mortgage insurer to make payments using auy source of funds that tile mortgage insurer ~nay have available (which may include flmds obtained from Mortgage Insurance prenfiums). As a result of these agreements, Lender, any purchaser of the Note, another insurer, auy reinsurer, any oilier entity, or any affiliate of any of the foregoing, may receive (directly or indirectly) amounts 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 alt affiliate of Lender takes a share of the insurer's risk in exchauge for a share of the premiums paid to the insurer, rite arrangement is often termed "captive reinsurance." Further: (a) Auy 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. 6(WY) Iooos} ~ a o~ ~5 Form 3051 1/01 11 0 (b) Any such agreements will not affect the rights Borrower has - if any - with respect to the Mortgage Insurance under the Homeowners Protection Act of 1998 or any other law. These rights may include the right to receive certain disclosures, to request and obtain cancellation of the Mortgage Insurance, to have the Mortgage Insnrance terminated automatically, and/or to receive a refund of any Mortgage Insurance premiums that were unearned at the time of such cancellation or termination. 11. Assignment or Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned to and shall be paid to Lender. If the Property is damaged, such Miscellaneons Proceeds shall be applied to restoration or repair of the Property, if die restoration or repair is econonfically feasible and Lender's 'security is not lessened. During such repair and restoration period, Lender shall have the right to hold such Miscellaueous 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 nndertaken promptly. Lender nuy 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 nmde in writing or Applicable Law requires interest to be paid on such Miscellaneous Proceeds, Lender shall uot be required to pay Borrower any interest or earnings on such Miscellaueons Proceeds. If die restoration or repair is not econonfically 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 auy, paid to Borrower. Such Miscellaneous Proceeds shall be applied iu the order provided for in Section 2. In the event of a total taking, destruction, or loss in value of the Property, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. In the event of a partial taking, destmctiou, or loss in value of the Property in which die fair nmrket value of the Property inm~ediately before die partial taking, destruction, or loss in value is equal to or greater than the amount of the sums secured by this Security instrument immediately before the partial taking, destruction, or loss in value, mdess Borrower and Lender otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by the amount of the Miscellaneous Proceeds multiplied by the following lYaction: (a) the total amount of the sums secured inmlediately before the partial taking, destruction, or loss in value divided by (b) the fair nurket value of the Property immediately before the partial taking, destructiou, or loss in value. Any balance shall be paid tO Borrower. . lu the event of a partial taking, destruction, or loss id value of the Property in which the fair ~narket value of die Property innnediately before the partial taking, destruction, or loss in value is less than the a~nount Of the sums secured inunediately before the partial taking, destruction, or loss in value, mdess Borrower aud Lender otherwise agree in writing, die 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 nmke an award to settle a claim for danuges, Borrower fails to respond to Lender within 30 days after the date the notice is giveu, Lender is attthorized to collect and apply the Miscellaneous Proceeds either to restoration or repair of the Property or to the sums secured by this Security Instrument, whether or not then due. "Opposing Party" means the third party that. owes Borrower Miscellaneous Proceeds or the party against whom Borrower has a right of action in regard to Miscellaneous Proceeds. Borrower shall be in default if any action or proceediug; whefl]er civil or crimiiml, is begun fl~at, in Lender's judglnent, could result in forfeiture of the Property or other material ilnpainneut of Lender's interest in the Property or rights under tiffs Security Instrument. Borrower can cure such a default and, if acceleratiou has occurred, reinstate as provided itl Section 19, by causing the action or proceeding to be disnfissed with a ruling that, in Lender's judgment, precludes forfeiture of the Property or other material impairment of Lender's inte. rest Jn fl~e Property or rights under this Security Instrument. The proceeds of any award or claim for damages that are attributable to the impairment of Lender's interest in die Property are hereby assigned and shall be paid to Lender. All Miscellaneons Proceeds that are not applied to restoration or repair of the Property shall be applied in the order provided for in Section 2. (~<~,~6(WY) {ooo~1 Page 9 of 15 Initial'~~~/ Form 3051 1/01 111 12. Borrower Not Released; Forbearance By Lender Not a V~aiver. Extension of payment or modification of amortization of &e sulns secured by ~is Security Instrument granted by Lender to Borrower or auy Successor in Interest of Borrower shall not operate to release the liability of Bo~ower or any Successors in Interest of Borrower. Lender shall not be required to con~ence proceedings agai~mt any Successor in Interest of Borrower or to re~se to extend time for payment or'ofi~erwise modify mnortization of ~e sums secured by tiffs Security Instrument by reason of any deinand ~mde by fl~e original Borrower or any Successors in Interest of Borrower. Any forbearance by Lender in exercising any right or remedy including, wifl~ont limitation,Lender's acceptance of payments from flfird persons, entities or Successors in Interest of Bo~ower or in amounts less ~an fl~e amount ~en due, shall not be a waiver of or preclude flxe exercise of any right or remedy. 13. Joint and Several Liability; Co-signers; Successors and Assigns Bound. Borrower covemnts and agrees .flint Bonower's obligatio~ and liability shall be joint and several. However, any Bo~ower who co-sig~ tiffs Security Instrument but does not execute tim Note (a "co-signer"): (a) is co-sighting tiffs Security Instrument o~y to mortgage, grant and convey ~e co-sight's interest in fl~e Property under fl~e terms of tiffs Security Instrument; (b) is not persomlly obligated to pay ~e sums secured by tiffs Security hkstmment; and (c) agrees ~at Lender and any oflxer Bo~ower can agree to extend, modify, forbear or nmke any accommodatim~ wifl~ regard to fl~e temps of tiffs Security I~tmment or fl~e Note wi~out fl~e co-signer's cmksent. Subject to ~e provisions of Section 18, any Successor in Interest of BOnower who assumes Borrower's obligations under tiffs Security Instrument iu writing, and is approved by Lender, shall obtain all of Borrower's rights and benefits under tiffs Security I~tmment. Borrower shall not be released from Borrower's obligations and liability under this Security Instrument u~ess Lender agrees to such release in writing. The covemnts and agreements of tiffs Security Instrument shall bind (except as provided in Section 20) and benefit fl~e successors and assigns of Lender. 14. Loan Charge. Lender n~y charge Borrower fees for services performed in cmmection wi~ Borrower's dethult, for the pu~ose of protecting Lender's interest iu ~e Property and rights under ~s Security Instrument, including, but not li~ted to, attorneys' fees, property inspection and valuation fees. In regard to any off,er fees, fl~e absence of express aufl~ority iu tiffs Security Instrument to charge a specific fee to Borrower shall not be co~tmed as a prohibition on ~e charging of such fee. Lender nuy not charge fees flint are expressly prohibited by tiffs Security Instrument or by Applicable Law. If ~e Loan is subject to a law which sets n~hmum loan charges, and ~at law is fi~mlly inte~reted so fl~at flxe interest or other 10an charges collected or to be collected in connection wifl~ ~e Loan exceed fl~e permitted limits, fl~eu: (a) any such loan charge shall be reduced by fl~e amount necessary to reduce ~e charge to fl~e pemfitted limit; and (b) any sums already collected ~om Bo~ower which exceeded perx~tted linfits will be re~nded to Borrower. Lender nmy choose to rake ~is rehnd by reducing fl~e principal owed under fl~e Note or by raking a direct payment to Borrower. If a retired reduces principal, ~e reduction will be treated as a partial prepayment wiO~out any prepayment charge (whe~er or not a prepayment charge is provided for under fl~e Note). Borrower's acceptance of any such rehnd made by direct payment to Borrower will co~timte a waiver of any right of action Boirower ~ght have arising out of such overcharge. 15. Notice. Ail notices given by Bo~ower or Lender in connection wifl~ tiffs Security Instrument must be in writing. Any notice to Bo~ower in co~ection wifl~ tiffs Security Instrument shall be deemed to have been given to Borrower when roiled by first class mail or when actually delivered to Borrower's notice address if sent by off, er means. Notice to any one Borrower shall constitute notice to all Borrowers unless Applicable Law expressly requires ofl~erwise. The notice address shall be fl~e Property Address unless Borrower has desigmted 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 Bo~ower's change of address, flten Borrower shall otfly report a change of address ~ough fl~at specified procedure. There ~my be tuffy one designated notice address under ~is Security I~tmment at any one time. Any notice to Lender shall be given by delivering it or by xmiling it by first class nmil to Lender's address stated herein unless Lender has deSignated another address by notice to Borrower. Any notice in cmmection wiflt tiffs Security Instrument shall not be deemed to have been given to Lender until actually received by Lender. If any-notice required by tiffs Security I~trument is also required under Applicable Law, fl~e Applicable Law requirement will satisfy ~e corresponding requirement under ~s Security I~stmment. ~G(WY) (goos) Page lO of IS Form 3051 1/01 16. Governing Law; Severability; Rules of Construction. This Security Instrnment shall be governed by federal law and the law of the jurisdiction in which the Property is located. All rights and obligations contained in. this Security Instrument are subject to any requirements and limitations of ~Applicable Law. Applicable Law might explicitly or impl~icitly alloW the parties to agree by contract or it nfight be silent, but snch silence shall not be construed as a prohibition against agreement by contract. Iii the eveut that any provision or clause of this Security Instrument or the Note conflicts with Applicable Law, such conflict shall not affect other provisions of this Security Instrmnent or die Note which can be given effect without the conflicting provision. As used in this Security Instrument: (a) words of the masculine gender shall mean and include corresponding neuter words or words of the feminine gender; (b) words in the singular shall mean aud 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 tiffs Secmity Instrument. 18. Transfer of the Property or a Beneficial Interest in Borrower. As used in this Section 18, "Interest in the Property" means any legal or beneficial interest in the Property, including, but not linfited to, those beneficial intexests 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 'itmnediate payment iii full of all sums secured by this Security Ius'trument. However, this option shall not be exercised by L~nder if such exercise is prohibited by Applicable Law. If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days from the date the notice is given in accordance with Section 15 within which Borrower must pay all sums secured by this Security Instmlnent. If Borrower fails to pay these sums prior to file 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 lneets certain conditions, Borrower shall have the right to have entbrcement of this Security Instrument discontinued at any time prior to the earliest of: (a) five days be/bre sale of the Property pursuant to any power of sale contained in this Security Instrument; (b) such other period as Applicable Law might specifY for the temfination of Borrower's right to reinstate; or (c) entry of a judgment enforcing this Security Instrument. Those conditions are that Borrower: (a) pays Lender all sums which then would be due under this Security Instrument and the Note as if no acceleration had occurred; (b) cures any default of any oilier covenants or agreements; (c) pays all expenses incurred in euforcing this Security Instrument, iucluding, but not limited to, reasonable attorneys' fees, property inspection and valuation fees, and other tees incurred for the purpose of Protecting Lender's interest in the Property and rights under this Security Instrument; and (d) takes such action as Lender may reasonably require to assure that Lender's interest in the Property and rights under this Security Instrument, and Borrower's obligation to pay the sums secured by this Security Instrument, shall continue unchauged. Lender may require that Borrower pay such reinstatement sums and expenses iii 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 any such check is drawn npon au institution whose deposits are insured by a federal agency, instrumentality or entity; or (d) Electronic Funds Transfer. Upon reinstatement by Borrower, tiffs 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 Instrnment, and Applicable Law. There also might be one or more changes of the Loan Service? 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 oilier information RESPA 6(WY) 1ooo5} Page 11 of 15 Form 3051 1/01 requires in cmmection with a notice of transfer of servicing. If the Note is sold arid 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 assumed by the Note purchaser mfless otherwise provided by the Note purchaser. Neither Borrower nor Lender may commence, join, or be joined to any judicial action (as either an individual litigant or the member of a class) that arises from the other party's actions pursuant to this Security Instnunent or that alleges that the other party has breached any provision of, or any duty oxved by reason of, this Security Instrument, until such Borrower or Lender has notified the other party (with such notice given in compliance with the requiremeuts 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 wlfich 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. 21. Hazardous Substances. As used in this Section 21: (a) "Hazardous Substances" are those substances defined as toxic or hazardous substances, pollutants, or wastes by Envirmm~ental Law and the following substances: gasoline, kerosene, other flmmnable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or fornkaldehyde, and radioactive ~naterials; (b) nwromnental Law" means federal laws and laws of the jurisdiction where the Property is located that relate to health, safety or environmeutal protection; (c) "Environmental Cleannp" includes any response action, remedial action, or removal action, as defined in Enviromnental Law; and (d) an "Environmental Condition" meaus a condition that can cause, contribute to, or otherwise trigger an Enviromnental Cleanup. Borrower shall not cause or permit the presence, use, disposal, storage, or release of any Hazardous Substances, or threaten to release any Hazardous Substances, on or in the Property. Borrower shall not do, nor allow anyone else to do, anything affecting the Property (a) that .is in violation of any Envirmm~ental Law, (b) Which creates an Enviromnental 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. The preceding two sentences shall not apply to the presence, use, or storage on the Property of snmll 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 the Property and any Hazardous Substance or Environmental Law of which Borrower has actual knowledge, (b) any Enviromnental Condition, including but not limited to, any spilling, leaking, discharge, release or threat of release of any Hazardous Substance, and (c) any condition caused by the presence, use or release of a Hazardous Substance wtfich adversely affects the value of the Property. If Borrower learn& or is notified by any govermnental or regulatory authority, or any private party, that any removal or other remediation of any Hazardous Substance affecting the Property is necessary, Borrower shall promptly take all necessary remediaI actions in accordance with Enviromnental Law. Notlfing herein shall create any obligation on Lender for an Envirmm~ental Cleanup. (~6(WY) Iooos) Pag~ ~2 of ~s Form 3051 1/01 NON-UNIFORM COVENANTS. Borrower and Lender further covmmnt and agree as follows: 22. Acceleration; Remedies. Lender shall give uotice to Borrower prior to acceleration following Borrower's breach of auy covenant or agreement in this Security Instrument (but not prior to acceleratiou under Section 18 unless Applicable Law provides otherwise). The notice shall specify: (a) the default; (b) the action required to cure the default; (c) a date, not less thnn 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 uotice may result iu acceleration of the sums secured bi}' this Security Instrument and sale of the Property. The notice shall further iuform Borrower of the right to reiustate after acceleration and the right to bring a court action to assert the non-existence of n default or any other defense of Borrower to acceleration anti sale. If the default is not cured on or before the date specified in the notice, Lender at its option may require innnediate payment in full of all sums secured by tbis Security Instrmnent without further demand and ~nay invoke the power of sale and any other remedies permitted by Applicable Law. Lender shall be entitled to collect all expenses incurred in pursuing the remedies provided iu this Section 22, including, but not limited to, reasouable attorneys' fees and costs of title evideuce. If Lender invokes the power of sale, Lender shall give notice of intent to foreclose to Borrower and to the person in possession of the Property, if different, in accordance with Applicable Law. Lender shall give notice of the sale to Borrower in the 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. Leuder or its designee may purchase the Property at any sale. The Proceeds of the sale shall be applied in the following order: (a) to all expenses of the sale, including, but not limited to, reasonable attorneys' fees; (b) to all sums secured by this Security Instrument; and (c) any excess to the person or persons legally entitled to it. 23. Release. Upon payment of all sums secured by this Security Instm~nent, Lender shall release this Security Instrument. Borrower shall pay any recordation costs. Lender may charge Borrower a fee for releasing riffs Security Instrument, but only if the tee is paid to a third party for services rendered and the charging of the fee is permitted under Applicable Law. 24. Waivers. Borrower releases and waives all rights under and by virtue of the homestead exemption laws of Wyoming. (~6(WY) {ooos} P,~, ~a o* ~s 1/01 O&, ,3y30h 115 \ BY SIGNING BELLOW, Borrower accepts and agrees to the terms and covenants contained in this S6curity Instrument and in any Rider executed by Borrower and recorded with it. Witnesses: RICHARD K ~..RRIN - (Seal) -Borrower ONNA M PE~RIN (Seal) -Borrower (Seal) (Seal) -Borrower -Borrower (Seal) . (Seal) -Borrower -Borrower (Seal) (Seal) -Borrower -Borrower (~6(WY) (ooos Page 14 o! 15 Form 3051 1/01 STATE OF WYOMING, LINCOLN The foregoing instrument was acknowledged before me this by RICHARD K PERRIN AND DONNA M PERRIN 12th day County ss: of September, 2003 My Commission Expires: ,nitials:+~ Form 3051 (~)~-6G(WY) IooosI Page tS of ~,~ 1/01 FIXED/ADJUSTABLE RATE RIDER (One-Year Treasury Index - Rate Caps) Tills FIXED/ADJUSTABLE RATE RIDER is made tiffs 12TH day of SEPTEMBER, and is incorporated into and shall be deemed to amend aud supplement the Mortgage, Deed of Trust, or Security Deed (the "Security hkstrument") of the same date given by the undersigned ("Borrower") to secure Borrower's Fixed/Adjustable Rate Note (the "Note") to WELLS FARGO HOME MORTGAGE, INC. ("Lender") of the same date and covering the property described in the Security Instrument and located at: 535 CEDAR CREEK DR, THAYNE, WY 83127 [Property Address] THE NOTE PROVIDES FOR A CHANGE IN BORROWER'S FIXED INTEREST RATE TO AN ADJUSTABLE INTEREST RATE. THE NOTE LIMITS THE AMOUNT BORROWER'S ADJUSTABLE INTEREST RATE CAN CHANGE AT ANY ONE TIME AND THE MAXIMUM RATE BORROWER MUST PAY. ADDITIONAL COVENANTS. Iu addition to the covenants and agreements nude in the Security Instrun.~ent, Borrower and Lender further covenant and agree as follows: A. ADJUSTABLE RATE AND MONTHLY PAYMENT CHANGES The Note provides for an initial fixed interest rate of 4.8 7 5 %. The Note also provides for a change in the itfitial fixed rate to an adjustable interest rate, as follows: 4. ADJUSTABLE INTEREST RATE AND MONTHLY PAYMENT CHANGES (A) Change Dates The i~fitial fixed interest rate I will pay will chauge to an adjustable interest rate on the first day of OCTOBER, 2 010 , and the adjustable interest rate I will pay ]nay change on that day every 12th month thereafter. The date on which my initial fixed interest rate changes to an adjustable imerest rate, and each date on which my adjustable interest rate could change, is called a "Change Date." 0032271793 MULTISTATE FIXED/ADJUSTABLE RATE RIDER - ONE-YEAR TREASURY INDEX- Single Family - Fannie IV]ae Uniform Instrument (~-843R (0006) Form 3182 1/(Y1 ^ VMP MORTGAGE FORMS - (800)521-~291 (B) The Index Beginning with the first Change 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 ilffornmtion. 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 addiug TWO AND THREE-QUARTERS percentage points ( 2. 750 %) to the Current Index. The Note Holder will then round the result of this addition to the nearest one-eighth of one percentage point (0.125 %). Subject to the linfits stated in Section 4(D) below, this rounded amount will be my new interest rate mttil the next Change Date. The Note Holder will then determine the amount of rite nlonthly payment that would be sufficient to repay the unpaid principal that I am expected to owe at the Change Date in dill on the Maturity Date at my new iuterest rate in substantially equal payments. The result of this calculation will be the new amount of my monthly payment. (D) Linfits on Interest Rate Changes The iuterest rate I am required to pay at the first Change Date will not be greater than 9.8 7 5. % or less than 2.7 5 0 %. Thereafter, my adjustable interest rate will never be increased or decreased on any single Change Date by more than two percentage points front the rate of interest I have been paying for the preceding 12 months. My interest rate Mil never be greater than 9.875 %. (E) Effective Date of Changes My new interest rate Will become effective on each Change Date. I will pay the amount of mynew monthly payment begi~ming on the first monthly payment date after the Change Date until the amount of my monthly payment changes again. (F) Notice of Changes The Note Holder will deliver or mail to me a notice of any changes in my initial fixed interest rate to an adjustable interest rate and of any changes in my adjustable interest rate belbre the effective date of any change. The notice will include the amount of my monthly payment, any intbrmation required by law to be given to me and also the title and telephone number of a person who will answer any question I may have regarding the notice. B. TRANSFER OF TItE PROPERTY OR A BENEFICIAL INTEREST IN BORROWER I. Until Borrower's initial fixed interest rate changes to an adjustable interest rate under the terms stated in Section A above, U~fiform Cove~tant 18 of the Security Instrument shall read as tbllows: (~843R (0006) Page 2 of 4 Form 3182 1/0i Transfer of the Property or a Beneficial Interest in Borrower. As used in this Section 18, "Interest in fire Property" means any legal or beneficial interest in the Property, including, but not limited to, th6se beneficial interests transferred in a bond for deed, contract for deed, installment sales contract or escrow agreement, the intent of which is the transfer of title by Borrower at a future (late 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) withont Lender's prior written consent, Lender may require itmnediate payment in full of all sunxs secnred by fids Security Instrument. However, this option shall not be exercised by Lender if such exercise is prohibited by Applicable Law. If Lender exercises this option, Lender shall give 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 Bon'ower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies pernfitted by tiffs Security Instrument w~thOut further notice or demand on Borrower. 2. When Borrower's initial fixed interest rate changes to an adjustable interest rate under the terms stated in Section A above, U~fiform Coveaant 18 of the Security Instrument described in Section B1 above shall then cease to be in effect, and the provisions of Ulffform Cove~hant 18 of the Security Instrument shall be amended to read as follows: Transfer of the Property or a Beneficial Interest in Borrower. As used in this Section 18, "Interest in the Property" means any legal or beneficial interest in the Property, including, but not limited to, those beneficial interests transferred in a bond for deed, contract for deed, 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 die 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 nxay require inunediate 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 tiffs option if: (a) Borrower causes to be subnfitted to Lender inlbrmation required by Lender to evaluate the intended transferee as if a new loan were being made to the transferee; and (b) Lender reasonably determines that Lender's security will not be impaired by the loan assumption and that the risk of a breach of any covenant or agreement in this Security Instrument is acceptable to Lender. To the extent permitted by Applicable Law, Lender may charge a reasmmble fee as a condition to Lender's consent to the loan assmnption. Lender also may require the transferee to sign air assumption agreement that is acceptable to Lender and that obligates the transferee to keep all the promises and agreements nmde in the Note and in tiffs Security Instrument. Borrower will continue to be obligated under the Note and tiffs Security Instrument unless Lender releases Borrower in writing. If Lender exercises the option to require immediate payment in full, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days from the date the notice is given in accordance with Section 15 within which Borrower ~nust pay all 11~843R (0006) Page 3 of 4 Form 3182 1/01 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 dentand on Borrower. BY SIGNING BELOW, Borrower'accepts and agrees to the terms and covelmnts contained in this F~ffjustable Ra~ (Seal) / (Seal) RICHARD K PERRIN -Borrower D~NA M PERR~N -Borrower (Seal) (Seal) -Borrower -Borrower . (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (~843R (0006) Page 4 of 4 Form 3182 1/01 121 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 hkstrmnent") of the same date, given by the undersigned (the "Borrower") to secure Borrower's Note to WELLS FARGO HOME MORTGAGE, INC. (the "Lender") of the same date and covering the Property described in the Security Instrument and located at: 535 CEDAR CREEK DR, THAYNE, WY 83127 [Property Address] The Property includes, but is not limited to, a parcel of land improved with a dwelling, together with other such parcels and certain common areas and facilities, as described in¢OVENkNTS, CONDITIONS Jklq'D RESTRICTIONS (the "Declaration"). The Property is a part of a planned unit development known as STAR VALLEY RANCH [Name of Planned Unit Development] (fl~e "PUD"): The Property also includes Borrower's iuterest in the homeowners association or equivalent entity owning or managing the conmmn areas and hcilities 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 nude 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. 0032271793 MULTISTATE PUD RIDER - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT .. F~rm 3150 1/O1 (0008) ' VMP MORTGAGE FORMS - (800)521-7291 / / B. Property Insnrance. So long as the Owners Association nmintains, with a generally accepted insurance carrier, a "master" or "blanket" policy insuring file Property which is satisfactory to Lender ,'md which provides insurance coverage in the amounts (including deductible levels)~ for the periods, and against loss by fire, hazards included within the term "extended coverage," and any other hazards, including, but not limited to, earthquakes and floods, for which Lender requires insurance, then: (i) Lender waives the provision in Section 3 for the 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 terln of the loan. 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 connnon areas and facilities of the PUD, any proceeds payable to Borrower are hereby assigned and shall be paid to Lender. Lender shall apply file proceeds to the sums secured by the Security Instrumentl whether or not then due, with the excess, if any, paid to Borroxver. C. Public Liability Insurance. Borrower Shall take such actions as may be reasonable to iusure that the Owners Association maintains a public liability insurance policy acceptable in form, a~nount, and extent of coverage to Lender. D. Condemnation. The proceeds of any award or claim for dankages, direct or consequential, payable to Borrower in comrection with any conderm~ation or other taking of all or any part of the Property or the connnon 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 tile Security I~tstmment 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 file Property or consent to: (i) file abandonment or terminatiou of the PUD, except for abandonment or ternfination required by law in the case of substantial destruction by fire or other casualty or in the case of a taking by condemnation or enfinent domain; (ii) ally amendlnent to any provision of the "Constituent Documents" if file provision is for file express benefit of Lender; (iii) ternfination of professional management and assumption of self-nmlmgement of the Owners Association; or (iv) any action which would have the effect of rendering fl~e 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 n~ay pay them. Any amounts disbursed by Lender under this paragraph F shall become additio~al debt of Borrower secured by file Security Instrument. Unless Borrower and Lender agree to other ternks of payment, these amounts shall bear interest I¥om the date of disbursement at the Note rate and shall be payable, with interest, upon notice fi'om Lender to Borrower requesting payment. (0008) Page 2 of 3 Form 3150 1/01 123 BY SIGNING BELOW, Borrower accepts and agrees to the temps and provisions contained in this PUD Rider. (Seal) (Seal) RICH. ARD K PERRIN -Borrower l~lfflgA M PER/RIN -Borrower (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Borrower -Borrower (~;7R (0008) Page 3 of 3 Form 3150 1/01