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HomeMy WebLinkAbout89352301018253 (04) Return To: NATIONAL CITY.MORTGAGE P.O. Box 8800 Dayton, OH 45401-8800 CO Pr~ared By: GINA STATHOPOULOS NATIONAL CITY MORTGAGE CO P.O. Box 8800 Dayton, OH 45401-8800 893q2° · ..,~x.I BOOK [Space Above This Line For Recording Data] MORTGAGE 0002720393 DEFINITIONS Words used m multiple sections of this document are defh~ed below and other words are defined in Sections 3~ 11, 13, 18, 20 and 21. Certain roles regarding the usage of words used in tiffs document are also provided in Section 16. (A) "Security Instrmnent" means tlfis document, wlfich is dated together with all Riders to this document. 03) "Borrower" is TYRONE L SCHIELE Unmarried September 12, 2003 , Borrower is the mortgagor m~der this Security Instrument. (C) "Lender" is National City Mortgage Co dba Commonwealth United Mortgage Company Lender is a corporation 0rganized and existing under the laws 0f The State of Ohio WYOiMING-Single Family-Fannie Mae/Freddie (~®-6(WY) VMP MORTGAGE FORMS - (8~)521-7291 Mac UNIFORbI INSTRLrblENT Form 3051 1/01 Lender's address is 3232 Newmark Drive, Miamisbur~I, OH 45342 Lender is the mortgagee under this Security histnnnent. ' (D) "Note" means the promissory note signed by Borrower and dated September 12, 2003 The Note states flint Borrower owes Lender ONE HUNDRED FIFTY TWO THOUSAND THREE HUNDRED TWENTY EIGHT & 00/~lars (U.S. $ 152,328.00 ) plus interest. Borrower has promised to pay this debt hi regular Periodic Payments and to pay the debt in full not later than January 1, 2034 '0g) "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 m~ler this Security Instrument, plus interest. (G) "Riders" means all Riders to this Security lnstrmnent that are executed by Borrower. Tile following Riders are to be executed by Borrower [check box as applicable]: ~ Adjustable Rate Rider [---1 Condominium Rider [---1 Second Home Rider ~-] Balloon Rider [--] Planned Unit Develop~nent Rider ~-] 1-4 Fatnily Rider [---] VA Rider [-'-] Biweekly. Payment Rider ~-~ Other(s) [specifyl CONST i~ERla RIDR OI) "Applicable Law" means all coutrolling applicable federal, state and local statutes, regulations, ordinances and adnfinistrative rules and orders (flat have the effect' of law) as well as all applicable fatal, non-appealable judicial opi~fions. (l) "Comnmnity Association Dues, Fees, and Assessments" means all dues, fees, assessments and other charges tlmt are imposed on Borrower or the Property by a condomhfium association, homeowners association or similar organization. (J) "Electronic Funds Transfer" means any transfer of funds, other than a transaction originated by check, draft, or similar paper instrument, which is initiated tl~rough an electronic temimal, telephonic instrument, computer, or magnetic tape so as to order, instruct, or authorize a financial h~stitution to debit or credit an account. Such term includes, but is not limited to, point-of-sale transfers, automated teller machh~e transactions, transfers initiated by telephone, wire transfers, and automated clearinghouse transfers. (K) "Escrow Items" means those items that are described in Section 3. (L) "Miscellaneous Proceeds" means m~y co~npensation, settlement, award of damages, or proceeds paid by any third party (other tim insurance proceeds paid under the coverages described in Sectim~ 5) for: (i) damage to, or destruction of, the Property; (ii) condeunmtion 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. (M) "Mortgage Insurance" means h~surance protecting Lender against the nonpayment of, or default on, the Loan. (Iq) "Periodic Payment" means the regularly scheduled amount due for (i) principal mr interest under the Note, plus (ii) any amom~ts under Section 3 of this Security Instrumeut. (O) "RESPA" means file Real Estate Settlement Procedures Act (12 U.S.C. Section 2601 et seq.) and its hnplementing regulation, Regulation X (24 C.F.R. Part 3500), as they might be amended from time to time, or m~y additional or successor legislation or regulation that governs the same subject ~natter. As used in this Security Instrument, "RESPA" refers to 'all requirements and restrictions flint are hnposed in regard to a "federally related mortgage loan" even if the Loan does not qualify as a "federally related mortgage loan" under RESPA. Iaitiala: ~ (0005) Page 2 of ~5 Form 3051 1/01 (P) "Successor in Interest of Borrower" means any party tlmt has taken title to the Property, whether or not that party has assumed Borrower's obligations under the Note and/or this Security Instrument. TRANSFER OF RIGHTS IN THE PROPERTY This Security Instrument secures to Lender: (i) the repayment of the Loan, and all renewals, extensions and modifications of the Note; and (ii) the performance of Borrower's covenants and agreements under this Security Instrument and the Note. For tiffs 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 Jurisdiction] Lot 9 of CMR Subdivision, Lincoln County, Wyoming, according to that plat filed in the Office of the Lincoln County Clerk on June 15, 1995, Instrument No. 803595, Plat No. 363. Parcel ID Number: ("prOPerty Address"): [City] , which currently has the address of [Street] Wyoming [Zip Codel 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 tiffs 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 Om right to mortgage, 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 demands, subject to any m~cumbrances of record. THIS SECURITY INSTRUMENT co~nbines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. UNIFORM COVENANTS. Borrower and Lender covenant ,'md 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 Sectiou 3. Payments due under the Note and this Security Instrument shall be made in U.S. currency. However, ff any check or other instrument received by Lender as payment under the Note or this ~-6(WY) (ooo~) P,g, ~ oe ~ Form 3051 1/01 Security hxstrmnent is returned to Lender unpaid, Lender may reqmre that any or all subsequent pay~nents due raider the Note and fids Security Instrument be made hi 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 caslfier's check, provided any such check is drawn upon an institution whose deposits are insured by a federal agency, h~strumentality, or entity; or (d) Electronic Funds Transfer. Payments are deemed received by Lender when received at the location desig~hated hi 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 payments are insufficient to bring the Loan current. Lender may accept any payment or partial payment insufficient to bring the Loan current, without waiver of any fights hereunder or prejudice to its fights to refuse such payment or partial payments in the future, but Lender is not obligated to apply such payments at the thne such payments are accepted. If each Periodic Payment is applied as of its scheduled due date, then Lender need not pay interest on unapplied funds. Lender may hold such unapplied funds until Borrower makes payment to bring the Loan current. If Borrower does not do so wiflfin 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 wlfich Borrower might have now or in the future against Lender shall relieve Borrower from making payments due under the Note and this Security ~ Instrmnent or performing the covenants mu.l agreements secured by this Security Instrument. ' 2. Application of Payments or Proceeds. Except as otherwise described h~ tiffs Section 2, all payments accepted and applied by Lender shall be applied in the following order of priority: (a) interest due under the Note; (b) principal due under the Note; (c) amounts due under Section 3. Such payments shall be applied to each Periodic Payment in the order in wlfich it becan~e due. Any remaining amom~ts shall be applied first to late charges, second to any other amounts due ruder tlfis Security Instrument, and then to reduce the principal balance of the Note. If Lender receives a payment from Borrower for a delinquent Periodic Payment wlficli includes a sufficient amount to pay any late charge due, the payment may be applied to the delh~qnent payment and the late charge. If more tlmu 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. '3my 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 sum (the "Funds") to provide for payment of amounts due fur: (a) taxes and assessments and other items wlfich can attain priority over tlfis Security Instrument as a lien'or encumbrance on the Property; (b) leasehold payments or ground rents On the Property, if any; (c) preminms Ibr any and all insurance required by Lender under Section 5; and (d) Mortgage h~surance pre~niums, ff any, or any sun,s payable by Borrower to Lender in lieu of the payment of Mortgage Insurance premiums in accordance with the provisions of Section 10. These items are called "Escrow Items." At origination or at any time during the term of the Loan, Lender may require that Conlmnnity Association Dues, Fees, and Assessments, if any, be escrowed by Borrower, and such dues, fees 'and assessments shall be an Escrow Item. Borrower shall promptly furnish to Lender all notices of amounts to be paid under this Section. Borrower shall pay Lender the Funds for Escrow Items unless Lender waives Borrower's obligation to pay the FmCs 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 nhay only be in writing, h~ the event of such waiver, Borrower shall pay directly, when and where payable, the amounts due for any Escrow Items for wlfich payment of ]Initials: i~-6(WY) (ooo~) ~age,~ or ~s ¥onu 3051 1/01 Funds has been waived by Lender and, if Lender requires, shall furnish to Lender receipts evidencing such payment Within such time period as Lender may require. Borrower's obligation to make such payments and to provide receipts shall for all purposes be deemed to be a covenant and agreement contained in this Security Instrument, as the phrase "covenant and agreemenff 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 exercise4ts rights under Section 9 and pay such amount and Borrower shall then be obligated under Section 9 to repay to Lender any such amount. Lender may revoke the waiver as to any or all Escrow Items at any true by a notice given in accordance with Section 15 and, upon ~uch revocation, Borrower shall pay to Lender all Funds, and in such mnouuts, that are then required under tlils Section 3. Lender my, at any tinm, collect and hold Funds in an amount (a) sufficient to permit Lender to apply the Funds at the time specified under RESPA, and (b) not to exceed the maximum amom~t a lender can require under RESPA. Lender shall estimate the amount of Funds due on the basis of current data and reasomble esthnates of expenditures of future Escrow Items or otherwise in accordance with Applicable Law. The Funds shall be held inan institution whose deposits are insured by a federal age,my, instrumentality, or entity (including Lender, if Lender is an institution whose deposits are so insured) or in any Federal Home Loan Bank. Lender shall apply the Funds to pay the Escrow Items no later than the time specified under RESPA. Lender shall not charge Borrower for holding and applying the Funds, annually analyzing the escrow account, or verifying the Escrow Items, mdess Lender pays Borrower interest on the Funds and Applicable Law permits Lender to make such a charge. Unless an agreement is made in writing or Applicable Law requires interest to be paid on the Funds, Lender shall not be required to pay Borrower any interest or eanfings on the Fm~ds. Borrower and Lender can agree in writing, however, that interest shall be paid on the Funds. Lender shall give to Borrower, without charge, an am~ual accounting of the Funds as required by RESPA. If tlmre is a surplus of Funds held in escrow, as deffmed under RESPA, Lender shall account to Borrower for tim excess funds in accordance with RESPA. If there is a shortage of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to make up the shortage in accordance with RESPA, but in no more than 12 monthly payments. If there is a deficiency of Funds lmld in escrow, as de£med under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lm~der the amount necessary to make up the deficiency in accordance with RESPA, but in no more rum 12 ~nontlfly payments. Upon payment in full of all sums secured by tiffs Security Instrument, Lender shall promptly refund to Borrower any Funds held by Lender. 4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, frees, and impositions attributable to the Property wlilcli can attain priority over this Security h~stmment, leaseliold payments or ground rents on the Property, if any, and Community Association Dues, Fees; and Assessments, ff any. To the extent that these items are Escrow Items, Borrower shall pay them in the n~mner provided in Section 3. Borrower shall promptly discharge any lien which has priority over tiffs Security Instrument unless Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a mmmer acceptable to Lender, but only so long as Borrower is performing such agreement; (b) contests the lien in good faith by, or defends against e~fforcemm~t of the lien in, legal proceedings whicli in Lender's opinion operate to prevent the enfurcement of the lien Mille those proceedfl~gs are pending, but only until such proceedings are co~mluded; or (c) secures from the holder of the lien an agreement satisfactory to Lender subordinating the hen to this Security Instrument. If Lender determines that any part of the Property is subject to a lien wlilcl~t can attain priority over tiffs Security Instrument, Lender may give Borrower a notice identifying the lien. Within 10 (000.5) Page 5 o1' 15 FO]FIll 3051 1/01 days of the date on which that notice is given, Borrower shall satisfy the lien or take one or more of the actions set forth above in this Section 4. Lender may require Borrower to pay a one-time charge for a real'estate tax verification and/or reporting service used by Lender in cmmection with tlfis Loan. 5. Property Insurance. Borrower shall keep the improvements now existing or hereafter erected on dm Property insured against loss by fire, hazards included within the term "extended coverage," and any other hazards including, but not limited to, earthquakes and floods, for wlfich Lender requires insurance. This insurance shall be maintahhed in the anmunts (including deductible levels) mhd for the periods that Lender requires. What Lender requires pursuant to the preceding sentences can change during the term of die Loan. The insurance carrier providing the insurance shall be chosen by Borrower subject tO Lender's right to disapprove Borrower's choice, wlfich right shall not be exercised unreasonably. 'Lender may require Burrower to pay, in co~mection with this LOan, either: (a) a one-thne charge for flood zone deten~fination, certification and tracking services; or Co) a one-time charge for flood zone determination and certification services and subsequent charges each time renhappings or similar changes occur which reasonably might affect such determination or certification. Borrower shall also be responsible for the payment of any fees imposed by the Federal Emergency Management Agency in connection with the review of any flood zone determination resulting from an objection by Borrower. If Borrower fails to maintain any of the coverages described above, Lender may obtain insurance coverage, at Lender's option and Borrower's expense. Lender is under no obligation to purchase any particular type or mnount 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 hh 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 tiffs Section 5 shall become additional debt of Borrower secured by this Security h~stmment. 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 pohcies shall be subject to Lender's right to disapprove such pohcies, shall include a standard mortgage clause, mhd shall nmne 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 prenfiums 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 Lemler. Lender may make proof of loss if not made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, any insurance proceeds, whether or not the underlying insurance was required by Lender, shall be applied to restoration or repair of the Property, if the restoration or repair is economically feasible and Lender's security is not lessened. During such repair ',md restoration period, Lender shall have the right to hold such insurance proceeds until Lender has had an opporm~fity to inspect such Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be m~dertaken promptly. Lender may disburse proceeds for the repairs m~l 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 earnings on such proceeds. Fees for public adjusters, or oilier tlfird 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 hfitblls~ (~-6(WY) (ooo~) ?a~e 6 of ~ Form 3051 1/01 tim sums secured by this Security Instrument, whether or not then due, with' the excess, ff any, paid .to Borrower. Such insurance proceeds shall be applied in the order provided for in Section 2. ff Borrower abandons the Property, Lender may file; negotiate and settle any available insurance claim and related matters. If Borrower does not respond within 30 days to a notice from Lender that the insurance carrier has offered to settle a claim, then Lender may negotiate mid settle the claim. The 30-day period will begin when the notice is given. In either event, or ff 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 CO) any other of Borrower's fights (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 an~ounts unpaid under the Note or this Security Instrument, whether or not then due. 6. Occul~ancy. Borrower shall occupy, establish, and use the Property as Borrower's principal residence witlfin 60 days after the execution of Offs Security Instrument and shall continue to occupy the Property as Borrower's principal res;de,me for at least one year after the date of occupancy, mfless Lender otherwise agrees hi writing, wldch consent shall not be unreasoihably 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 commit waste on the Property. Whether or not Borrower is residing in the Property, Borrower shall maintain tile Property in order to prevent the Property from deteriorating or decreasing in value due to its condition. U~fless it is deternfined pursuant to Section 5 that repair or restoration is not econonfically feasible, Borrower shall promptly repair the Property if damaged to avoid further deterioration or damage. If insurance or condenmation 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 tuffy 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 condenmation 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 nmke reasonable entries upon and inspections of the Property. If it has reaso~mble cause, Lender nmy inspect the interior of file improvements on the Property. Lender shall give Borrower notice at the time of or prior to such an interior inspection specifying such reasonable cause. 8. Borrower's Loan Application. Borrower shall be in default if, during tim Loan application process, Borrower or any persons or entities acting at the direction of Borrower or with Borrower's knowledge or consent gave materially false; misleading,, or inaccurate i~fformafion or statements' to Lender (or failed to provide Lender with material information) in com~ection 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 agremnents contained in tiffs Security Instrument, CO) there is a legal proceeding that nfight significantly affect Lender's interest in the Property mid/or rights under this Security Instrument (such as a proceeding in bamkmptcy, probate, for condemnation or forfeiture, for enforcement of a lien whicli may attain priority over this Security Instrmnent or to e~fforce laws or regulations), or (c) Borrower has abeadoned the Property, then Lender may do a~d pay for wlzatever is reasouable or appropriate .to protect Lender's interest in the Property mid fights under tiffs Security Instrument, including protecting and/or assessing file value of the Property, and securing and/or repairing the Property. Lender's actions cml include, but are not limited to: (a) paying any stuns secured by a lien which has priority over tiffs Security Instrument; Co) appearing in court; and (c) paying reasonable Initials: ~ (~-6(WY) (ooo~) V~ge ? or ~5 Form 3051 1/01 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 bruited to, entering the Property to make repairs, change locks, replace or board up doors and windows, drain water from pipes, elirni,mte 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 m~der any duty or obligation to do so. It is agreed that Lender incurs no liability for not taking any or all actions authorized under Ohs Section 9. Any amounts disbursed by Lender under this Section 9 shall become additional debt of Borrower secured by tiffs Security Instrument. These amounts shall bear interest at tlm Note rate from the date of disbursement and shall be payable, with such interest, upou notice from Lende? 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 slrall not merge mfless Lender agrees to fl~e merger in writing. 10. Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan, Borrower shall pay the premimns 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 tlhat previously provided such insurance and Borrower was required to make separately designated payments toward the premimns for Mortgage Insurance, Borrower shall pay the prenfimns required to obtain coverage substantially equivalent to the Mortgage h~surance previously in effect, at a cost substantially equivalent to the cost to Borrower of the Mortgage Insurance previously in effect, from mx alternate mortgage insurer selected by Lender. If substantially equivalent Mortgage Insurance coverage is not available, Borrower skall 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 m~l retain these payments as a nOn~refmulable loss reserve in heu of Mortgage Insurance. Such loss reserve shall be non-refundable, notwithstanding the fact that the Loan is ultimately paid in full, and Lender shall not be required to pay Borrower any interest or earnings on such loss reserve. Lender can no longer require loss reserve payments if Mortgage Insurance coverage (in 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 desigmated payments toward the premiums for Mortgage Insurance. If Lender required Mortgage h~surance as a condition of making the Loan and Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiums ~required to maintain Mortgage h~surance in effect, or to provide a non-refundable loss reserve, m~fil Lender's requirement for Mortgage Insurance ends in accordance with any written agreement between Borrower and Lender providing for such termination or until termination is required by Applicable Law. Nothing in tiffs Section 10 affects Borrower's obligation to pay interest at the rate provided in the Note. Mortgage Insurance reimburses Lender (or any entity that purclutses the Note) for certain losses it ~nay incur if Borrower does not repay the Loan as agreed. Borrower is not a party to the Mortgage Insurance. Mortgage insurers evaluate their total risk on all such insurance in force from time to time, and may enter into agreements wifl~ other parties that share or modify their risk, or reduce losses. These agreements are on terms and conditions that are satisfactory to the mortgage insurer and the other party (or parties) to these ' agreements. These agreements may require the mortgage insurer to make payments using any source of funds that the mortgage insurer may have available (winch may include funds obtained from Mortgage Insurance premiums). As a result of these agreements, Lender, any purchaser of the Note, another insurer, any reinsurer, any other entity, or any affiliate of any of the foregoing, may receive (directly or indirectly) amounts that derive from (or might be characterized as) a portion of Borrower's payments for Mortgage Insurance, in exc ~hange 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 rebind. Initials: ~ ~-6(~V"l.r) (0oo5) Page 8 of ~5 Form 3051 1/01 (b) Any such agreelnents 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 of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned to affd shall be paid to Lender. If the Property is dmnaged, 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 Leoder has had mt opportunity to inspect such Property to ensure the work has been completed to Lender's satisfaction, provided that such h~spection 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 earrth~gs on such Miscellaneous Proceeds. If the restoration or repair is not economically feasible or Lender's security would be lessened, the Miscellaneous Proceeds shall be applied to the sums secured by tiffs Security h~strument, 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 hutmment, whether or not then due, with the excess, ff any, paid to Borrower. In the event of a partial taking, destruction, or loss in value of the Property iix wlfich the fair market value of file Property hmnediately before file partial talo~g, destruction, or loss in value is equal to or greater than the amount of the stuns secured by this Security instrument inunediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the sums secured by tiffs Security Instrument shall be reduced by the amount of the Miscellaneous 'Proceeds multiplied by the following fraction: (a)the total amount of the sums secured immediately before the partial taking, destruction., or loss hr value divided by (b) the fair market value of the Property inm~ediately before the partial taking, destruction, or loss in value. Any balance shall be paid to Borrower. hi the event of a partial taking, destruction, or loss in value of the Property in wlfich the fair market value of fire Property inunediately before the partial talolg, destruction, or loss in value is less than the amount of the sums secured immediately betbre the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree iii writhig, the Miscellaneous Proceeds shall be applied to the sums secured by tiffs Security Instrument whether or not the sums are then due. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the Opposing Party (as defined in the next sentence) offers to make mi award to settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date thc 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 file tlfird party that owes Borrower Miscellaneous Proceeds or the party against whom Borrower has a right of action in regard to Miscellaneous Proceeds. Borrower shall be in default if any action or proceeding, whether civil or criminal, is begun that, in Lender's judgment, could result in forfeiture of the Property or other material impairment of Lender's interest in the Property or rights under this Security Instrument. Borrower can cure such a default and, ff 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 tlre Property or rights under this Security Instrument. The proceeds of any award or claim for damages that are attributable to the impairumnt of Lender's interest hi 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 hr the order provided for hr Section 2. lnitiab: '~ I~-6(WY) (ooos> e~g, 9 o~ Form 3051 1/01 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 stuns secured by this 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 lhnitation, 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-sig~g this Security' Instrmnent only to mortgage, grant and convey the co-signer's interest in the Property under the terms of tiffs Security Instrument; (b) is not personally obligated to pay the stuns secured by this Security Instrument; and (c) agrees that Lender and any other Borrower can agree to extend, modi~, tbrbear or ~mtlce any accommodations with regard to the terms of this Security Instrument or the Note without the co-signer's consent. Subject to the provisions of Section 18, any Successor in Interest of Borrower who assumes Borrower's obligations under tiffs Security Instrument in writing, a~l 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 tt~ Security Instrmnent uuless Lender agrees to such release in writing. The covenants ',md 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 perfi)rmed in connection with Borrower's default, for the purpose of protecting Lender's interest in the Property and rights under tiffs 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 tiffs Security Instrument to charge a specific fee to Borrower shall not be construed as a prolfibition on the charging of such fee. Lender may not charge fees that are expressly prohibited by tiffs Security Instrument or by Applicable Law. If the Loan is subject to a law which sets maxhnum loan charges, and that law is finally interpreted so flint the.interest or other loan charges collected or to be collected in connection with the Loan exceed the permitted linfits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the clmrge to the pernfftted linfit; and (b) any sums already collected from Borrower wlfich exceeded permitted limits will be refunded to Borrower. Lender may choose to n~ke this refund by reducing tl~e principal owed under the Note or by ruaking a direct payment to Borrower. It' 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 sucli 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 must be in writing. Any notice to Borrower in connection with this Security Instrument shall be deemed to have been given to Borrower when ~nailed by first class mail or wlien 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 file Property Address unless Borrower has designated a substitute notice address by notice to Lender. Borrower slmll promptly notify Lender of Borrower's .change of address. If Lender specifies a procedure for reporting Borrower's cl~mge of address, then Borrower shall only report a change of address through that specified procedure. There nmy be only one resin,mated notice address under tiffs Security Instrmnent at any one time. Any notice to Lender shall be given by delivering it or by maibng it by first class mail to Lender's address stated herein unless Le~er has designated another address by notice to Borrower. Any notice in connection with tiffs Security Instrument shall not be deemed to have been given to Lender until actually received by Lender. If any notice required by this Security Instrument is also required under Applicable Law, the Applicable Law requirement will satisfy the corresponding requirement under this Security Instrument. ~d6(WY) (ooo~) Initials: Page 10 of 15 FOFlll 3051 1/01 16. Governing Law; SeVerability; Rules of ConStruction. This Security lnstrmnent shall be governed by federal law and the law of the jurisdiction in which file Property is located. Ail rights and obligations contained in this Security Instrument are subject to any requirements and limitations of Applicable Law. Applicable Law might explicitly or implicitly allow fl~e parties to agree by Contract or it might be silent, but such silence shall not be construed as a prohibition against agreement by contract. In tile event that any provision or clause of fltiS Security Instrument or the Note conflicts with Applicable Law, such conflict shall not affect other provisions of this Security Instrument or the Note wlfich can be given effect without the colfflicting provision. As used in tiffs Security hzstrument: (a) words of the masculine gender shall mean and include corresponding neuter words or words of the feminine gender; Co) words in tile 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 this Section 18, "interest in the Property" means any legal or beneficial interest in the Property, including, but not hinited to, those beneficial interests transferred in a bond for deed, contract for deed, installment sales contract or escrow agreement, the intent of which is the transfer of title by Borrower at a future date to a purchaser. If all or any part of the Property or any Interest in the Property is sold or transferred (or ff 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 in full of all sums secured by this Security Instrument. However, this option shall not be exercised by Lender if such exercise is prohibited by Applicable Law. If Lender exercises tiffs option, Lender shall give Borrower notice of acceleration. The notice shall provide a period of uot less than 30 days from the date the notice is given in accordance with Section 15 widtin which Borrower must pay all sums secured by this Security Instrument. 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 meets certain conditions, Borrower shall have the right to have enfbrcement of this Security Instrument discontinued at any time prior to the earliest of: (a) five days before sale of the Property pursuant to anY power of sale contained in this Security Instrument; Co) such other period as Applicable Law might specify for the termination of Borrower's right to reinstate; or (c) entry of a judgment enforcing this Security Instrument. Those conditions are that Borrower: (a) pays Lender all stuns which then would be due under this Security hkstrnment 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 Instnmlent, including, but not limited to, reasonable attorneys' fees, property inspection and valuation fees, and other fees incurred for the purpose of protecting Lender's interest in the Property and rights under this Security hzstrument; and (d) takes such action as Lender nmy reaso~mbly 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 tiffs Security Instrument, shall continue unchanged. Lender may require that Borrower pay such reinstatement sums and expenses in one or more of the following forms, as selected by Lender: (a) cash; CO) money order; (c) certified check, ba~ check, treasurer's check or casIfier's check, provided any such check is drawn upon an institution whose deposits are insured by a federal agency, instrmnentality or entity; or (d) Electronic Funds Transfer. Upon reh~statement by Borrower, this Security Instrument mid obligations secured hereby shall remain fully effective as if no acceleration had occurred. However, tlfis 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 tiffs Security Instrument) can be sold one or more times without prior notice to Borrower. A sale might result in a change in file entity (Blown as the "Loan Servicer") that collects Periodic Payments due under file Note and this Security Instrument and performs other mortgage loan servicing obligations under the Note, tlfis Security lnstrmnent, and Applicable Law. There also inight be one or more clmnges of the Loan. Servicer unrelated to a sale of file Note. If there is a clmnge of the Loan Servicer, Borrower will be given written notice of the change wlfich will state the name and address of the new Loan Servicer, tile address to which payments should be made and any other information RESPA requires in colmection with a Initials: ~ I~-6(WY) (ooo.~) l'ag~ ii or13 Form 3051 1/01 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 obhgations to Borrower will remain with the Loan Servicer or be transferred to a successor Loan Servicer and are not assumed by file Note purchaser m~less 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 h~strument or that alleges that tim other party has breached any provision of, or any duty owed by reason of, tiffs 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 ofl~er party hereto a reasonable period after the giving of such notice to take corrective action. If Applicable Law provides a time period which must elapse before certain action can be taken, that time period will be deemed to be reasonable for purposes of tlfis paragraph. The notice of acceleration and opportmfity to cure given to Borrower pursuant to Section 22 and the notice of acceleration given to Borrower pursuant to Section I8 shall be deemed to satisfy the notice and opportmfity to take corrective action provisions of this Section 20. 21. Hazardous Substances. As used in tiffs Section 21: (a) "Hazardous Substances" are those substances defined as toxic or hazardous substances, pollutants, or wastes by Environmental Law a~ul the following substances: gasoline, kerosene, other flanm~able or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, ~naterials containing asbestos or formaldehyde, and radioactive materials; (b) "Envirmnnental Law" means federal laws and laws of the jurisdiction where the Property is located that relate to health, safety or enviromnental protection; (c) "Environmental Cleanup" includes any response action, remedial action, or removal action, as defined in Environmental Law; ami (d) an "Environmental Condition" means a condition tuft 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 Enviromnental Law, (b) which creates an Enviromnental Condition, or (c) wlfich, due to the presence, use, or release of a Hazardous Substance, creates a condition flint adversely affects the value of the Property. The preceding two sentences shall not apply to the presence, use, or storage on the Property of small quantities of Hazardous Substances that are generally recognized to be appropriate to normal resideutial uses and to maintemmce of the Property (including, but not limited to, hazardous subs 'tances in consmner productS). Borrower shall promPtly give Lemler written notice of (a) any investigation, claim, den~md, lawsuit or other action by any governmental or regulatory agency or private party involving the Property and any Hazardous Substance or Enviro~unental Law of wlfich 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 co~u. lition caused by the presence, use or release of a Hazardous Substance which adversely affects the value of the Property. If Borrower learns, or is notified by any govermnental or regulatory authority, or any private party, that any removal or other remediation of any Hazardous Substance affecting the Property is necessary, Borrower shall promptly take all necessary remedial actions in accordance with Environmental Law. Noflfing herein shall create any obligation on Lender for an Environmental Cleanup. Form 3051 1/01 23O NON-UN[FORM COVENANTS. Borrower and Lender further covenant and agree as follows: 22. Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration following Borrower's breach of any covenant or agreement in this Security Instrument (but not prior to acceleration under Section 18 unless Applicable Law provides otherwise). The notice shall specify: (a) the defanlt; (b) the action required to cure the defanlt; (c) a date, not less 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 result in acceleration of the sums secured by this Security htstrument 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 sums secured by this Security Instrument without fi~rther demand and may invoke the power of sale and any other remedies per~nitted by Applicable Law. Lender shall be entitled to collect all expenses incurred in pursuing the remedies provided in this Section 22, including, but not limited to, reasonable attorneys' fees and costs of title evidence2 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. Lender or its designee may purchase the Property at any sale. The proceeds of the sale shall be applied in the follmving 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 Instrument, Lender shall release Otis Security h~strument. Borrower shall pay any recordation costs. Lender may charge Borrower a fee for releasiug tiffs Security Instrument, but oIfly if fl~e fee is paid to a tlfird party for services rendered and the charghxg of the fee is permitted under Applicable Law. 24. Waivers. Borrower releases m~d waives all rights under and by virtue of the homestead exemption laws of Wyomh~g. Initials: ~ ~'~lil/~-6(WY) (ooo~) ~'~ ~3 or~ Form 3051 1/01 231 BY SIGNING BELOW, Borrower accepts and agrees to the terms and covm Security Instrument and in any Rider executed by Wimesses: n~nts c~tained in this B°rr°wer 7//~c°rded withit. // / / ~' (Seal) T/R~ -q CHIELg Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower Page 14 of 15 Form 3051 1/01 STATE OF WYOMING, The foregoing instrmnent was acknowledged before me this 232 County SS: My Comnfission Expires: Notary Public (~-6(WY) (ooo~) Page 15 o[ 15 Itfilia~: ~) Form 3051 1/01 BORROWER OCCUPANCY RIDER This Borrower Occupancy 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 said borrower's Note to National City Mortgage Co dba, 3232 Newmark Drive, Mtamisburg, OH 45342 (the "Lender") of the same date and covering the property described in the Security Instrument and located at: LOT 9 CMR SUBDIVISION ETNA, Wyoming 83118 Additional Covenants. In addition to the covenants and'agreements made in the Security Instrument, BorrOwer and Lender further covenant and agree as follows: BORROWER OCCUPANCY COVENANT Borrower agrees to occupy the property as borrower's principal residence within sixty (60) days after the date of the Security Instrument. If Borrower does not so occupy the property, Lender 'may, at its option, require immediate payment in full of all sums secured by this Security Instrument. However, this option shall not be exercised by Lender if exercise is Prohibited by law as of the date of the Security Instrument. ,fl~ s~gmng belo~/,~iro~/er accepts and agrees to the terms and covenants contained in this ow cup Bor~/' - Borrower Borrower Borrower Borrower Borrower Borrower Borrower OCCRIDER 0002720393 CONSTRUCTION/PERMANENT RIDER 2.34 THIS CONSTRUCTION/PERMANENT 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 samedate given by the undersigned (the "Borrower") to secure Borrower's Note to National City Mort~a~Te Co c~ba (the"Lender")of the same date and covering the property described in the Security Instrument and known as: LOT 9 CMR SUBDIVISION, ETNA, Wyomin~ 83118 Lincoln (Property Addresslncluding County) ADDITIONAL COVENANTS: In addition to the covenants and agreements made in the Security Instrument and Note, Borrower and Lender further covenant and agree as follows: 1. Borrower and Lender have executed a Construction/Permanent Loan Agreement of even date. The terms of said Construction/Permanent Loan Agreement unless otherwise stated are incorporated herein by reference. 2. Borrower as owner, will construct a residence in accordance with the plans and specifications set forth in the Construction/Permanent Loan Agreement on the real property described in the Security Instrument. 3. Construction of the residence set out above shall be completed on or before , · If construction is not completed on that date, upon request of Lender, Borrower agrees to execute a modification agreement in form and substance satisfactory to Lender. 4. Borrower agrees that during the time of the construction of the Improvements as set forth in the Construction/Permanent Loan Agreement, interest only will be charged on the amounts of the Loan actually disbursed. Upon completion of construction of the Improvements, but in any event no later than , , whether or not the construction of the Improvements is completed, Borrower agrees to make payments of principal and interest set forth in the Note. 5. Borrower agrees that the proceeds of the loan evidenced by the Note will be disbursed pursuant to the Construction/Permanent Loan Agreement and Borrower further agrees to provide Lender with all documentation required under the Construction/Permanent Loan Agreement prior to requesting any disbursement. 6. Borrower agrees that this Construction/Permanent Rider will be null and void upon completion of the construction of the Improvements and/or the beginning of the amortization of principal as set forth in the Note and in any event at the time the loan is sold in whole or in part to Federal National Mortgages Association, Government National Mortgage Association, Federal Home Loan Mortgage Corporation or any other purchaser which so requires. NCM Form 1138 4/96 ~=' BY I~G I~.NG_Bd, Bo o,~/wwe~accepts and agrees tothe terms and covenants contained in this //~ ~~ ~ ~ (Seal) (Seal) ~~ SCH~ELE Borrower 7 Borrower (Seal) (Seal) Borrower Borrower