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HomeMy WebLinkAbout893625Return To: WELLS FARGO HOME MORTGAGE, INC. 3601 MINNESOTA DR. SUITE 200 BLOOMINGTON, MN 55435 8 9 3 5 2 5 Prepared By: COMMUNITY FIRST MORTGAGE, LLC RECEIVED LI" ,"o~ '., ;' ',I ~"TY CLERK 808 3RD AVE SOUTH,, FARGO, 581030000 BOOK ND [Slmce Above Tlds Li.e For Recortlh~g Data] MORTGAGE DEFINITIONS · Words used in multiple sections of fids 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 iu this docmnent are also provided in Section 16. (A) "Security Instrument" means this document, which is datedSEPTEMBER 19, 2003 together with all Riders to this document. (B) "Borrower" is DANIEL SHUBERT AND JEANNE SI-IUBERT, HUSBAND AND WIFE Borrower is the mortgagor under this Security Instrument. (C) "Le,~der" is COMMUNITY FIRST MORTGAGE, LLC Lender is a LIMITED LIABILITY COMPANY organized and existing under the laws of THE STATE OF DELAWARE 0026552125 WYOMING-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Pago 1 of 15 ' initial x~ VMP MORTGAGE FORMS - {SO0)521-7291 Form 3051 1/O1 550 Lender?s address is P.O. BOX 10304, DES MOINES, IA 503060304 Lender is the mortgagee under this Security Instrument. (D) "Note" means the promissory note signed by Borrower and datedSEPTEMBER 19, 2 003 The Note states that Borrower owes Lender ONE HUNDRED FIVE THOUSAND SIX HUNDRED AND 00 / 100 Dollars (U,S. $ * * * * 105,600.00 ) plus interest. Borrower has pronfised to pay this debt in regular Periodic Payments and to pay the debt in full not later than OCTOBER 01, 2033 0g) "Property" means the property that is described below under the heading "Transfer of Rights in the Property." OD "Loau" means the debt evidenced by the Note, plus interest, any prepayment charges, and late charges due under the Note, aud all sums due under this Security Instrument, plus interest. (G) "Riders" means all Riders to this Security Instrument that are executed by Borrower. The following Riders are to be executed by Borrower [check box as applicable]: ' [-~ Adjustable Rate Rider ~ Condominium Rider ~ Second Hmne Rider [7 Balloon Rider ~'~ Plamled Unit Development Rider ~ 1-4 Family Rider ~ VA Rider [-~ Biweekly Payment Rider [x~ Other(s) [specify] Q/3 ~, ~,, ManufacturerHo~e Rider (It') "Applicable Law" means all controlliug applicable federal, state and local statutes, regulations, ordinances and administrative rules and orders (that have file effect of law) as well as all applicable final, non-appealable judicial opiaions. (I) "Commuuity Association Dues, Fees, and Assessments" means all dues, fees, assessments and other charges that are i~nposed on Borrower or the Property by a condomiifium association, homeowners association or si~nilar orgmfization. (ii) "Eiectrouic Funds Trausfer" means any transfer of funds, oilier than a transaction originated by check, draft, or similar paper instrument, which is initiated through an electrmfic termilml, telephmtic instrument, computer, or magnetic tape so as to order, instruct, or aufliorize a financial institution to debit or credit ali account. Such term includes, but is not linfited to, point-of-sale trm~sfers, autonmted teller machine transactions, transfers initiated by teleplmne, wire transfers, and automated clearinghouse transfers. (K) "Escrow Items" ~neans those items that are described in Section 3. (L) "Miscellaneous Proceeds" uleans any compensation, settlement, award of damages, or proceeds paid by any third party (other dian insurauce proceeds paid ruder the coverages described in Section 5) lbr: (i) dmnage to, or destruction of, the Property; (ii) condenuration or other taking of all or any part of the Property; (iii) conveyance in lieu of condemnation; or (iv) nfisrepresentations of, or onfissions as to, the value and/or condition of the Property. (M) "Mortgage Iusurance" means insurance protecting Lender against the nonpayment of, or default on, the Loan. (N) "Periodic Paymeut" means die regularly scheduled amount due for (i) principal and interest under the Note, plus (ii) any amounts under Section 3 of this 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 alnended from time to time, or any additional or successor legislation or regulation that governs the same subject nmtter. As used in this Security Instrument, "RESPA" refers to all requiremenk~ add restrictions that are imposed in regard to a "federally related mortgage loan" even if die Loau does not qualify as a "federally related mortgage loan" under RESPA. Initials:__~ (~-6(WY) (ooos} pag~ 2 o~' 15 Form 3051 1/01 (P) "Successor in Interest of Borrower" means any party that has taken title to the ProPerty, whether or not that party has assumed Borrower's obligations under the Note and/or this Security Instrument. 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 this purpose, Borrower does hereby mortgage, grant and convey to Lender and Lender's successors and assigns, with power of sale, file tbllowing described property located in the COUNTY of LINCOLN : [Type of Recording Jurisdiction] [Name of Recording Jurisdiction] LOTS 2, 3, AND 4 OF BLOCK 31 TO THE TOWN OF DIAMONDVILLE, LINCOLN COUNTY, wYOMING AS DESCRIBED ON THE OFFICIAL PLAT THEREOF. TAX STATEMENTS SHOULD BE sENT TO: WELLS FARGO HOME MORTGAGE, BOX 10304, DES MOINES, IA 503060304 INC , P. 0. Parcel ID Nun~er: 903 DIAMONDVILLE AVE DIAMONDVILLE ("Property Address"): which currently has the address of [Street] [City[ , Wyoming 8 31i 6 [Zip CodeI TOGETHER WITH all the improvements ]iow or hereafter erected on the property, and all easements, appurtemnces, and fixtures now or hereafter a part of the property. All rephtcements and additions shall also be covered by this Security Instrument. All of the foregoing is ret~rred 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 warrants and will defend generally fl~e title to the Property against all claims and demands, subject to any encmnbrances of record. THIS SECURITY INSTRUMENT combines uniform covenants for national use and non-mfitbrin covenants with limited variations by jurisdiction to constitute a uniform security iustrument covering real property. UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 1. Payment of Principal, Interest, Escrow Items, Prepayment Charges, and Lat~ Charges. Borrower shall pay wheu due the principal of, and interest ou, 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. cm-rency. However, if any check or other instruxnent received by Lender as payment under the Note or this Initlal)~ (~-6{WY} {ooo61 Pag. 3 o* ~ Form 3051 1/01 552 Security Instrument is returned to Lender unpaid, Lender may require that any or all subsequent payments due under the Note and this Security Instrument be made in one or more of the following forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, treasurer's check or cashier's check, provided 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 the notice provisions in Section 15. Lender may return any payment or partial payment if the payment or partial pay~nents are insufficient to bring the Loan current. Lender may accept any payment or partial payment insufficient to bring file 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, Oxen Lender need lint 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 diem to Borrower. If not applied earlier, such funds will be applied to the outstanding principal balance under the Note inunediately prior to foreclosure. No offset or claim which Borrower nfight have now or in the future against Lender shall relieve Borrower from making payments due under file Note and fids Security Instrument or performing the covenants and agreements secured by fids Security Instrument. 2. Application of Payments or Proceeds. Except as otherwise described ill this Section 2, all payments accepted and applied by Lelder shall be applied ill the following order of priority: (a) interest due under the Note; (b) principal due ruder the Note; (c) amounts due under Section 3. Such paynmnts shall be applied to each Periodic Payment iu file order in which it became due. Any remailfing amounts shall be applied first tO late charges, second to any other amounts due ruder this Security Instrument, and then to reduce the px'incipal balance of the Note. If Lender receives a payment froln Borrower for a delinquent Periodic Payment which includes a sufficient amount to pay any late charge due, the payment may be applied to the delinquent payment and the late charge. If more than one Periodic Payment is outstanding, Lender may apply any payment received from Borrower to the repayment of the Periodic Payments if, and to the extent that, each payment can be paid in full. To tile extent flint any excess exists after the payment is applied to die 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 fl~en as described in the Note. Any application of payments, insurance proceeds, or Miscellaneous Proceeds to principal due under the Note shall not exteld or postpone the due date, or change file amount, of the Periodic Payments. 3. Fu,ds for Escrow Items. Borrower shall pay to Lender on file day Periodic Payments are due under fire Note, until the Note is paid in full, a sum (the "Funds") to provide for payment of amounts due for: (a) taxes and assessments and other items wlfich can attain priority over this Security Instrument as a lien or encmnbrance on fl~e Property; (b) leasehold payments or ground rents on the Property, if any; (c) prenfiums for any and all insurance required by Lender ruder Section 5; and (d) Mortgage Insurance prelniums, if any, or any sums payable by Borrower to Lender in lieu of the payment of Mortgage Insurance prenfiums 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 nmy require that Conununity Association Dues, Fees, and Assessments, if any, be escrowed by Borrower, and such dues, fees and assessments shall be an F_x~crow 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 tim Funds for any or all Escrow Items. Lender may waive Borrower's obligation to pay to Lender Funds for any or all F~crow Items at any time. Any such waiver may only be in writing. In the event of such waiver, Borrower shall pay directly, when and where payable, the amounts (~}~-6(WY} (oo0~) Page 4 of 15 Form 3051 1/0i due for any Escrow Items for which payment of Funds has been waived by Lender and, if Lender requires, shall furnish to Lender receipts evidencing such payment within such time period as Lender may require. Borrower's obligation to ~nake such payments and to provide receipts shall Ibr all purposes be dee~ned to be a cove~mnt and agreement contained in this Security Instrument, as the phrase "covenant and agreement" is used in Section 9. If Borrower is obligated to pay Escrow Items directly, pursuant to a waiver, and Borrower fails to pay rite amount due tbr an Escrow Item, Lender may exercise its rights under Section 9 and pay such amount and Borrower shall then be obligated under Section 9 to repay to Lender any such amount. Lender nmy revoke the waiver as to any or all Escrow Items at any time by a notice given in accordance with Section 15 and, upon such revocation, Borrower shall pay to Lender all Funds, and in such amounts, that are then required under fids Section 3. Lender nmy, at any time, collect and hold Funds in an amount (a) sufficient to perufit Lender to apply the Funds at the time specified under RESPA, and (b) not to exceed the nmxinm~n amount a lender can require under RESPA. Lender shall estimate the amount of Funds due on the basis of current data and reasonable estinmtes of expenditures of future Escrow Items or otherwise in accordance with Applicable Law. The Funds shall be held in an institution whose deposits are insured by a federal agency, instrumentality, or entity (including Lender, if Lender is an institution whose deposits are so insured) or in any Federal Home Loan Bank. Lender shall apply the Funds to pay the Escrow Items no later than the ti]ne specified under RESPA. Lender shall not charge Borrower tbr holding and applying the Funds, ammally analyzing the escrow account, or verifying the Escrow Items, unless Lender pays Borrower interest on the Funds and Applicable Law pernfits Lender to nmke such a charge. Unless an agreement is nu~de in writing or Applicable Law requires interest to be paid on the Funds, Lender shall not be required to pay Borrower any interest or ear]tings on the Funds. Borrower and Lender can agree in writing, however, that interest shall be paid on the Funds. Lender shall give to Borrower, without charge, an ammal accounting of the Funds as requked by RESPA: If there is a surplus of Funds held in escrow, as defined under RESPA, Lender shall account to Borrower for the excess funds in accordance with RESPA. If there is a shortage of Funds held in escrow; as deftned under RESPA, Lender shah 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 ruonthly payments. If there is adeficiency of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to make up the deficiency in accordance with RESPA, but in no ]nore 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 Colmnutfity Association Dues, Fees, and Assessments, if any. To the extent that these items are Escrow Items, Borrower shall pay them in the ]nanner provided in Section 3. Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a nmlmer acceptable to Lender, but only so long as Borrower is performing such agreement; (b) contests the lien in good faith by, or defends against enforcement of the lien in, legal proceedings which in Lender's opinion operate to prevent the enforcement of the lien while those proceedings are pending, but only until such proceedings are concluded; or (c) secures from the holder of the lien an agreement satisfactory to Lender subordinating rite 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 Instrulnent, Lemler may give Borrower a notice identifying the Initi~l~ (~}~6(WY) 100061 Pago s of ~ Form 3051 1/01 lien. Within 10 days of the date on which that notice is given, Borrower shall satisfy the lien or take one or more of fire actions set forth above in fids Section 4. Lender nmy require Borrower to pay a one-time charge for a real estate tax verification and/or reporting service used by Lender in connection with this Loan. 5. Property Insurance. Borrower shall keep the improvements now existing or hereafter erected on fide Property insured against loss by fire, hazards included within the term "extended coverage," and any other hazards including, but not limited to, earthquakes and floods, for which Lender requires insurance. Tlfis insurance shall be maintained in fl~e amounts (including deductible levels) and for the periods that Lender requires. What Lender requires pursuant to fide preceding sentences can change during the term of the Loan. The insurance carrier providing the insurance shall be chosen by BorrOwer subject to Lender's right to disapprove Borrower's choice, which right shall not be exercised mtreasonably. Lender may req3fire Borrower to pay, in connection with fidis Loan, either: (a) a one-time charge for flood zone determination, certification and tracking services; or (b) a one-time charge for flood zone determination and certification services and subsequent charges each time redm~ppings or similar changes occur which reasonably nfight affect such deternfination or certification. Borrower shall also be responsible for the paynmnt of any fees imposed by the Federal Emergency Management Agency in com~ectiou 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 expelk~e. Lender is under no obligation to purchase any particular type or amount of coverage. Therefore, such coverage shall cover Lender, but nfight Or nfight 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 nfight significantly exceed the cost of insurance that Borrower could have obtained. Any amounts disbursed by Lender under this Section 5 shall become additimml debt of Borrower secured by this Security Instrument. These amounts shall bear interest at the Note rate from the date of disbursement and shall be payable, with such interest, upon notice from Lender to Borrower requesting payment. All insurance policies required by Lender and renewals of such policies shall be subject to Lender's right to disapprove such policies, shall include a standard mortgage clause, and shall ~mme 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 i~surance 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 file event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. LeJder may make proof of loss if not made promptly by Borrower. Uniess 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 econonfically feasible and Lender's security is not lessened. During such repair and restoration period, Lender shall have the right to hold such insurance proceeds until Lender has had an opportunity to inspect such Property to ensure the work has been completed to Lender's satisfaction, provided that such irkqpection shall be undertaken promptly. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as the work is completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such insurance proceeds, Lender shall not be required to pay Borrower any interest or' earnings on such proceeds. Fees for public adjusters, or other third parties, retained by Borrower shall not be paid out of the insurance proceeds and shall be the sole obligation of Borrower. If the restoration or repair is not econonfically feasible or Lender's security would be lessened, the insurance proceeds shall be applied to the sums secured by Otis Security Instrument, whether or not then due, with (~-6(WY} Iooosl ~ ~ o~ ~,~ Form 3051 1/01 555 the excess, if any, paid'to Borrower. Such insurance proceeds shall be applied in time order provided for in Section 2. If Borrower abandons the Property~ Lender may file, negotiate and settle any available insurance claim and related matters. If Borrower does not respond within 30 days to a notice from Lender that the insurance carrier has offered to settle a claim, then Lender may negotiate and settle the Claim. The 30~day period will begin when the notice is given. In either event, or if Lender acquires time 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 fl~e amounts unpaid under the Note or this Security Instrument, and (b) any other of Borrower's fights (other than the right to any refuud of unearned premiums paid by Borrower) under all insurance policies covering the Property, insofar as such rights are applicable to the coverage of the Property. Lender may use the insurance proceeds either to repair or restore the Property or to pay amounts unpaid under the Note or this Security Instrument, whether or not then due. 6. Occupancy. Borrower shall occupy, establish, and use the Property as Borrower's principal residence within 60 days after the execution of this Security Instrument and shall continue to occupy the Property as Borrower's .principal residence for at least one year after time date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be uureasonably withheld, or unless extenuating circumstances exist which are beyond Borrower's control. '7. Preservation, Maintenance and Protection of the Property; Inspectio,~s. Borrower shall not destroy, damage or impair time Property, allow the Property to deteriorate or conmfit waste ou the Property. Whether or not Borrower is residing in time 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 deternfined pursuant to Section 5 that repair or restoration is not econo~nically feasible, Borrower shall promptly repair the Property if danmged to avoid further deterioration or damage. If insurance or conde~m~ation proceeds are paid in coxmection with damage to, or the taking of, file Property, Borrower shall be responsible for repairing or restoring the Property only if Lender has released proceeds tbr 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 make reasonable entries upon and inspections of the Property. If it has reasonable cause, Lender may inspect the interior of the improvements on the Property. Lender shall give Borrower notice at the time of or prior to such an interior inspection specifying such reasonable cause. 8. Borrower's Loan Application. Borrower 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 knowledge or consent gave nmterially lhlse, nfisleadiug, or inaccurate intbnnation or statements to Lender (or failed to provide Lender with xnaterial information) in connection with time Loan. Material representations include, but are not li)~fited 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 Instrnment. If (a) Borrower fails to perform the covenants aM agreements contained in this Security Instrument, (b) there is a legal proceeding that nfight sig~fificantly affect Lender's interest in the Property and/or rights under this Security Instrument (such as a proceeding in banlcruptcy, probate, tbr condemnation or/i)rfeiture, e~fforcement of a lien which may attain priority over this Security Instrument or to enforce laws or regulations), or (c) Borrower has abandoned the Property, then Lender may do and pay for whatever is reasonable or appropriate to protect Lender's interest in the Property and rights under this Security Instrument, including protecting and/or assessing the value of the Property, and securing and/or repairing the Property. Lender's actions can include, but are not linfited to: (a) paying any sums secured by a lien which has priority over this Security Instrument; (b) appearing in court; and (c) paying reasonable (~-6(WY) Iooos) Pa0.7 o~ 15 Initial~ Form 3051 1/01 556 attorneys' fees to protect its interest in the Property and/or rights under this Security Inkstrmnent, including its secured position in a bankruptcy proceeding. Securing the Property includes, but is not linfited to, entering the Property to make repairs, chm~ge locks, replace or board up doors and windows, drain water from pipes, eliminate building or other code violations or dangerous conditio~ks, and have utilities turned on or off. Although Lender may take action under this Section 9, Lender does not have to do so and is not under any duty' or obligation to do so. It is agreed that Lender incurs no liability for not taking any or all actions auflmrized under this 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 the Note rate from the date of disbursement and shall be payable, with such interest, upon notice from Lender to Borrower requesting pay~nent. If this Security Instrument is on a leasehold, Borrower shall comply with all the provisions of the lease. If Borrower acquires fee title to the Property, the leasehold a~d the fee title shall not merge mfless Lender agrees to the merger in writing. 10. Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan, Borrower shall pay the premiums required to maintain the Mortgage Insurance in effect. If, for any reason, the Mortgage Insurance coverage required by Lender ceases to be available fromflm mortgage insurer that previously provided such insurance and Borrower was required to make separately designated payments toward the premimns for Mortgage Insurance, Borrower shall pay the prenfiums required to obtain coverage substantially equivalent to the Mortgage Insurance previously in effect, at a cost substantially equivalent to the cost to Borrower of the Mortgage Insurance previously iu effect, from an alternate mortgage insurer selected by Lender. If substantially equivalent Mortgage hk~urance coverage is not available, Borrower sball continue to pay to Lender the amount of the separately designated payments that were due when the insurauce coverage ceased to be in effect. Lender will accept, use and retain these payments as a ~mn-refundable loss reserve in lieu of Mortgage Insurance. Such loss reserve shall be ~mn-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 anmunt and for the period that Lender requires) provided by an insurer selected by Lender again becomes available, is obtained, and Lender requires separately designated paynmnts toward the premiums for Mortgage Insurance. If Lender required Mortgage Insurance as a condition of nmking the Loan and Borrower was required to make separately desigmated Payments toward tbe premiums for Mortgage Insurance, Borrower shall pay the premiums required to maintain Mortgage Insurance in effect, or to provide a non-refundable loss reserve, until Lender's requirement for Mortgage Insurance ends in accordance wiflr any written agreement between Borrower and Lender providing for such termination or until termination is required by Applicable Law. Nothing in this Section 10 affects Borrower's obligation to pay interest at the rate provided in the Note. Mortgage Insurance reimburses Lender (or any entity that purchases the Note) for certain losses it may' incur if Borrower does not repay the Loan as agreed. Borrower is not a party to the Mortgage Insurance. Mortgage insurers evaluate their total risk on all such insurance in force from time to time, and may enter into agree~nents with oflmr parties that share or modify their risk, or reduce losses. These agreements are on ter~ns and conditions that are satisfactory to the mortgage insurer and the other party (or parties) to these agreements. These agreements may requi[e the mortgage insurer to make payments using any source of funds that the lnortgage insurer may have available (which nmy include funds obtained from Mortgage Insurance premiuurs). As a result of these agreements, Lender, any purchaser of the Note, another insurer, any reinsurer, any other entity, or airy affiliate of any of fire foregoing, may receive (directly or il]directly) amounts that derive from (or nfight be characterized as) a portion of Borrower's payments for Mortgage hkqurance, in exchange for sharing or modifying the mortgage insurer's risk, or reducing losses. If such agreenrent provides that an affiliate of Lender takes a share of the i~tsurer's risk in exchange for. a share of the premiums paid to the insurer, the arraugement is often termed "captive reinsurance." Further: (a) Any such agreements will not affect the amounts that Borrower has agreed to pay for Mortgage Insurance, or any other terms of the Loan. Such agreements will not increase the amount Borrower will owe for Mortgage Insurance, and they will not entitle Borrower to any refund. (~;}~-6(WY) looo5} Page a of ~S Form 3051 1/01 55? (b) Any such agreements will not affect tile 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 rigl!t to receive certain disclosures, to request and obtain cancellation of the Mortgage Insurance,· to have the Mortgage Insurance terminated automatically, and/or to receive a refund of any Mortgage Insurance premiums that were unearned at the time of such cancellation or termination. 11. Assignment of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned to and shall be paid to Lender. If the Property is damaged, such Miscellaneous Proceeds shall be applied to restoration or repair of the Property, if the restoration or repair is economically feasib~le and Lender's security is not lessened. During such repair and restoration period, Lender shall have the right to lmld such Miscellaneous Proceeds until Lender has had an opportunity to inspect such Property to ensure the work has been completed to Lender's satis/hction, provided that such inspection shall be undertaken promptly. Lender may pay for the repairs and restm'ation 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 Bm'rower any interest or earnings on such Miscellaneous Proceeds. If the restoration or repair is not economically feasible or Lender's security would be lessened, the Miscellaneous Proceeds shall be applied to file sums secured by this Security Iustrument, whether or not titan due, with the excess, if any, paid to Borrower. Such Miscellaneous Proceeds shall be applied in the order provided for in Section 2. In file event of a total taking, destruction, or loss in wdue of the Property, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. In the event of a partial taking, destruction, or loss in value of file Property in which the fair market value of the Property i~mnediately before the partial taking, destruction, or loss in value is equal to or greater than the amount of the sums secured by tiffs Security Insmnnent immediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, file stuns secured by this Security Instrument shall be reduced~by the amount of the Miscellaneous Proceeds multiplied by the folI0wing fraction: (a) the total amount of fl~e stuns secured inunediately betbre the partial taking, destruction, or loss in value divided by (b) the Ihir market value of the Property ilmnediately before the partial taking, destruction, or loss in value. Any balance shall be paid to Borrower. In the event of a partial taking, destruction, or loss in value of the Property in which file fifir market value of the Property innnediately before file partial taking, destruction, or loss in value is less thau file amount of the stuns secured inunediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the Miscellaneous Proceeds shall be applied to the stuns 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 an award t° settle a claim tbr damages, Borrower fails to respond to Lender within 30 days after file date the notice is given, Lender is authorized to collect and apply the Miscellaneous Proceeds either to restoration or repair of the Property or to the stuns secured by tiffs Security Iustrument, 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 proceeding, whether civil or crinfi~ml, 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, if acceleration has occurred, reinstate as provided in Section 19, by causing the action or proceeding to be dismissed with a ruling that, in Lender's judgment, precludes forfeiture of the Property or other material impairment of Lender's interest in the Property or rights under this Security Instrument. The proceeds of any award or claim for damages that are attributable to the impairment of Lender's interest in file Property are hereby assigned and shall be paid to Lender. All Miscellaneous Proceeds that are not applied to restoration or repair of the Property shall be applied in the order provided for in Section 2. · Inifials~ (~-6(WY) Iooo~l Page 9 of 1~ Form 3051 1/01 558 12. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or modification of amortization of the sunks secured by tiffs 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 conunence proceedings against any Successor in Interest of Borrower or to refuse to extend time for payment or otherwise modify amortization of the sums secured by this Security hkstrument by reason of any demand made by the original Borrower or any Successors in Interest of Borrower. Any forbearance by Lender in exercising any right or remedy including, without limitation, Lender's acceptance of payments from third persons, entities or Successors iu Interest of Borrower or iii 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-sighting this Security Instrmnent only to mortgage, grant and convey the co-signer's interest in the Property under the tenus of fids Security Instrument; (b) is not personally obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower can agree to extend, modify, forbear or make any acconunodations with regard to file terms of this Security Instrument or the Note without the co-signer's consent. Subject to the provisions of Section 18, any Successor in Interest of Borrower who assumes Borrower's obligations under this Security Instrument in writing, and is approved by Lender, shall obtain all of Borrower's rights and benefits under fltis Security Instrument. Borrower shall not be released fi'om Borrower's obligatious and liability under this Security Instrument mfless Lender agrees to such release in writing. The covenants and agreements of this Security Instrument shall bind (except as provided in Section 20) and benefit the successors and assigns of Lender. 14/Loan Charges. Lender may charge Borrower fees for services performed in connection with Borrower's &fault, for the purpose of protecting Lender's interest in the Property and rights under this Security Instrument, including, but not limited to, attorneys' fees, property inspection and valuation fees. Iu regard to any other'fees, the absence of express authority in fids Security Instrument to charge a specific tee to Borrower shall not be constnxed as a prohibition on the charging of such fee. Lender may not charge fees that are expressly prohibited by this Security Instrument or by Applicable Law. If file Loan is subject to a law which sets maxilnum loan charges, and flxat law is finally interpreted so that the interest or other loan charges collected or to be collected in connection with the Loan exceed the pernfitted linfits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to fire permitted limit; and (b) any sums already collected from Borrower which exceeded permitted linfits will be refunded to Borrower. Lender may choose to make this refund by reducing the principal owed under the Note or by Inaking a direct payment to Borrower. If a ]:efund 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 auy such refund made by direct payment to Borrower will constitute a waiver of any right of action Borrower nfight have arising out Of such overcharge. 15. Notices. All notices given by Borrower or Lender iu coxmection with this Security Instrument must be in writing. Any notice to Borrower in connection with this Security Instrument shall be deemed to have been given to Borrower when mailed by first class mail or when actually delivered to Borrower's notice address if sent by other means. Notice to any one Borrower shall constitute notice to all Borrowers mfless Applicable Law expressly requires otherwise. The notice address shall be the Property Address unless Borrower has designated a substitute notice address by notice to Lender. Borrower shall promptly notify Lender of Borrower's change of address. If Lender specifies a procedure for reporting Borrower's· change of address, then Borrower shall only report a change of address through that specified procedure. There may be only one designated notice address uuder this Security Instrument at any one time. Any notice to Lender shall be given by delivering it or by mailing it by first class nmil to Lender's address stated herein nnless Lender has designated another address by notice to Borrower. Any notice in connection with this Security Instrument shall not be deemed to have been given to Lender until actually · received by Lender. If any notice required by this Security Instrument is also required under Applicable Law, the Applicable Law requirement will satisfy the corresponding requirement under this Security Instrument. (~)~-6(WY) mo0sl Pag, 10 of 15 Form 3051 1/01 16. Governing Law; Severability; Rules of Construction. This Security Instrument shall be governed by federal law and the law of the jurisdiction in which the Property is located. All rights and obligations contained in tiffs Security Instrument are subject to any requirements and linfitations of Applicable Law. Applicable Law nfight explicitly or implicitly allow the parties to agree by contract m' it ufight be silent, but such silence shall not be construed as a prohibition against agreement by contract. In the event that any provision or clause of this Security Instrunlent or file Note conflicts with Applicable Law, such conflict shall not affect other provisions of this Security Instrument or file Note which can be given effect without the conflicting provision. As used in this Security Instrument: (a) words of file masculine gender shall meaix and include corresponding neuter words or words of the fenfinine gender; CO) words in file 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 fltis Security Instrument. 18. Transfer of the Property or a Beneficial Interest in Borro~ver. As used in this Section 18, "Interest in file Property'~ means any legal or bene/icial interest in the Property, including, but not liufited to, those beneficial interests transferred in a bond for deed, contract for deed, installment sales contract or escrow agreement, file intent of which is file transfer of title by Borrower at a future date to a purchaser. If all or any part of the Property or any Interest iix the Property is sold or t~'ansferred (or if Borrower is not a natural person and a beneficial interest in Borrower is sold or transferred) without Lende~-'s prior written consent, Lender :nay require inunediate payment in full of all suing secured by this Security Instrument. However, 'this option shall not be exercised by Lender if such exercise is prohibited by Applicable Law. If Lender exercises this option, Lender shall give 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 wifll Section 15 within which Borrower must pay all sums secured by this Security Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies permitted by this Security Instrument wifl~out further notice or demand on Borrower. 19. Borro~ver's Right to Reinstate After Acceleration. If Borrower meets certain conditions, Borrower shall have the right to have enforcement of this Security Instrument discontinued at any time prior to the earliest of: (a) five days before sale of file Property pursuant to any power or' sale contained ill this Security Instrument; (b) such other period as Applicable Law might specify tbr the termination of Borrower's right to reinstate; or (c) entry of a judgment entbrcing this Security Instrument. Those conditions are that Borrower: (a) pays Lender all stuns which then would be due under this Secm-ity Instrument and file Note as if no acceleration had occurred; Co) cures any default of any other covenants or agreements; (c) pays all expenses incurred in enforcing this Security Instrument, including, but not limited to, reasonable attorneys' fees, property il~spection and valuation lees, and other fees incurred tbr the purpose of protecting Lender's interest in the Property and rights under fids Security Instrument; and (d) takes such action as Lender may reasonably require to assure that Lender's interest in file Property and rights under this Security Instrument, and Borrower's obligation to pay the sums secured by fids Security Instrument, shall continue unchanged. Lender may require that Borrower pay such reinstatement stnns and expenses in one or more of the following /brms, 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 ilrsured by a federal agency, instrumentality or entity; or (d) Electro~fic Funds Transfer. Upon reinstatement by Borrower, this Security Instrument and obligations secured hereby shall remain fully effective as if no acceleration had occurred. However, this right to reinstate shall not apply in the case of acceleration under Section 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 Instrumen0 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 file Note and this Security Instrument ancl performs other mortgage loan servicing obligations under the Note, this Secm-ity Instrument, and Applicable Law. There also might be one or more changes of file Loan Servicer mn:elated to a sale of the Note. If tbere is a change of the Loan Servicer, Borrower will be given written notice of the change which will state the name and address of file new Loan Servicer, the address to which paymelits should be nmde and any other i~dornmtion RESPA Initials~ ~-6(WY) (oo061 pag~ 1~ of ~s Form 3051 1/01 requires in connection with a notice of transfer of servicing. If the Note is sold and thereafter the Loan is serviced by a Loan Servicer other than the purchaser of the Note, the mortgage loan servicing obligations to Bon'ower 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 conmlence, join, or be joined to any judicial action (as either an individual litigant or the member of a class) that arises from the other party's actions pursuant to this Security Instrument or that alleges that the other party has breached any provision of, or any duty owed by reason of, this Security Instrument, until such Borrower or Lender has notified the oilier party (with such notice given in compliance with the requirements of Section 15) of such alleged breach and afforded the other party hereto a reasonable period after the giving of such notice to take corrective action. If Applicable Law provides a time period which nmst 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 opporm~fity 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 Enviromuental Law and the following substances: gasoline, kerosene, other flamnkable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials contai~fing asbestos or fornmldehyde, and radioactive materials; (b) "Enviromnental Law" means federal laws and laws of the jurisdiction where the Property is located that relate to health, safety or environmental protection; (c) "Enviromnental Cleam~p" includes any response action, remedial action, or removal action, as defined in Enviro~mlental Law; and (d) an "Enviromnental Condition" means a condition that can cause, contribute to, or otherwise trigger an Environmental CleanUp. Borrower shall not cause or permit the presence, use, disposal, storage, or release of any Hazardous Substances, or threaten to release any Hazardous Substances, on or in the Property. Borrower shall not do, nor allow anyone else to do, anytlfing affecting die Property (a) that is in violation of any Environmental Law, (b) which creates an Enviromnental Condition, or (c) which, due to die 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 small quantities of Hazardous Substances that are generally recog~fized 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 govermnental or regulatory agency or private party involving the Property and any Hazardous Substance or Enviromnental Law of which BorrOwer has actual knowledge, (b) any Enviromnental Condition, including but not linfited to, aw spilling, leaking, discharge, release or threat of release of any Hazardous Substance, aud (c) any condition caused by the presence, use or release of a Hazardous 'Substance which adversely affects the value of the Property. If Borrower leank% or is notified by any governmental 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 Envirotunental Law. Nothing herein shall create any obligation on Lender for an Enviromneutal Cleanup. (~-6(WY) Iooosl P.~. ~2 o~ ~s Form 3051 1/01 NON-UNIFORM COVENANTS. Bon-ower and Lender further covmmnt and agree as tbllows: 22. Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration following Borrower's breach of any covenant or agreement in this Security Instrnment (but not prior to acceleration under Section 18 nnless Applicable Law provides otherwise). The notice shall specify: (a) the default; (b) the action reqnired to cure the default; (c) a {late, 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 defanlt on or before the date specified in the notice may result in acceleration of the sums secnred by this Security Instrument and sale of the Property. The notice shall further ioform Borrower of the right to reinstate after acceleration aud 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 further demand and may invoke the power of sale and any other remedies permitted by Applicable Law. Lender shall be entitled to collect all expenses incurred in pursuing the remedies provided in this Section 22, including, but not limited to, reasonable attorneys' fees and costs of title evidence. If Lender invokes the power of sale, Lender shall give notice of intent to foreclose to Borrower and to the person in possession of the Property, if different, in accordance with Applicable Law.' Lender shall give notice of the sale to Borrower in the 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 tlie 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 ali 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 this Security Instrument. Borrower shall pay any recordation costs. Lender may charge Borrower a fee tbr releasing this Security Instrument, but only if the tee is Paid to a fltird party tbr 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 file hmnestead exemption laws of Wyonfing. (~-6{WY) 1ooo61 Page 13 o116 Form 3051 1/01 BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this Security InsU'ument and in any Rider executed by Borrower and recorded with it. Witnesses: ~~ -~~~'- (Seal) DANIEL SHUBERT -Borrower JE~E SHUBERT -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (seal) -Borrower (Seal) -Borrower (Seal) ZBorrower (~l~6(WY) looo~] Page 14 of 15 Form 3051 1/01 STATE OF WYOMING, Linc oIn The foregoing instmmem was acknowledged before ~ne this by DANIEL SHUBERT AND JEANNE SHUBERT 563 County ss: 19th day 'of September, 2003 My Co~mnissionExpires: February 2, 2006 8HEU.EY SN~ON.L - NOT,~Y PUBLIC Nota~ Public (~-6G(WY) (ooo5) Page 15 of 15 Initials~__._ Form 3051 1/01 0026552125 5 6,4 MANUFACTURED HOME RIDER TO THE MORTGAGE/DEED OF TRUST/SECURITY DEED This Rider is made this SEPTEMBER 19, 2003 , and is incorporated into and amends and supplements the Mortgage/Deed of Trust/Security Deed (the "Security Instrument") of the same date, given by the undersigned (the "Borrower") to secure Borrower's Note to COMMUNITY FIRST MORTGAGE, LLC (the "Lender") of the same date (the "Note") and covering the Property described in the Security Instrument and located at: 903 DIAMONDVILLE AVE, DIAMONDVILLE, WY 83116 IProperty Address) Borrower and Lender agree that the Security Instrument is amended and supplemented to read as follows: The Property covered by the Security Instrument (referred to as "Property" in the Security Instrument) includes, but is not limited to, the Manufactured Home (Serial Number, if required, ) affixed to the property legally described in the Security Instrument. B. Additional C6venants of Borrower Borrower will comply with all state and local laws and regulations regarding the affixation of the Manufactured Home to the property described in the Security Instrument including, but not limited to, surrendering the Certificate of Title (if required) and obtaining the requisite governmental approval and accompanying documentation necessary to classify the Manufactured Home as real property under state and local law. The Manufactured Home described above will be, at all times and for all purposes, permanently affixed to and part of the property described in the Security Instrument. o Affixing the Manufactured Home to the property described in the Security Instrument does not violate any zoning laws or other local requirements applicable to manufactured homes. NMFL #3322 03101 Page 1 of 2 565 By signing below, Borrower accepts and agrees to the terms and Covenants contained in this Manufactured Home Rider. (Seal) ~t ~.~L (Seal) -Borrower ~-'. 'S~m-~-~T -Bo~ower (Seal) ~L~ ~,~r~ (Seal) -Borrower JE~qNE SHUBERT -Borrower (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Borrower -Borrower STATE OF WYOMING ) )ss. COUNTY OF .) I, the undersigned Notary Public, in and for the aforesaid State and County, do hereby certify that DANIEL S~TJBERT AND JEAlqlN-E SHUBERT Borrower(s), personally appeared before me in said County ~ ~)cknowledged the within instrument to be their act and deed. Given under my hand ~anc~eal this 19T~,.~ day of s-.~.~.~ ,' 2003 . ~~ -- No~r~ ~lic My commission expires: NMFL ~3322 03/O1 ~ ~E~~HO~~ 2