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HomeMy WebLinkAbout893674SEP. i~. 2003 2:5?PM 04018476 Re~rn To: M AND T MORTGRGE M&T ,Mortgage Corporation Suite 465 Midvale, UT 84047 Pmpatud By: H0.935 P.5 6985 ~outh Union Park Center, Sui=e 465 Midvale, UT 84047' i4"L-" 695 'EOOK535 PR PAGE [Space Above This Line For R~ordlag Dalai MORTGAGB MIN 100050300001576983 DEBINITIONS Words used in multiple sections of this document are defined below and other words arc defined in Sections 3, 11, 13, 18, :20 and 21. Certain rules regarding tM usage of words used in this document are also provided in Section 16. (A) "Security Instrument" rn~ans this document, wlxich is datedssptmuber 15, 2003 together with all Riders m this document. (B) "Borrower" is ~udson L. v, ngl~nd. Carol ~n~lana, husband and wife Bon'ower is the mortgagor under tiffs Security hutmment. (C) "MERS" ii Mortgage Electronic Registration Systems, Inc. MERS is a separate corporation that is acting solely as a nominee for Lender and Lender's successors and assigns. MERS is the mortgagee under this Security hlstrument. MER$ is organizexi and existing und~ the Iaws of Delaware, and h~ an address and [elephone number of P.O. Box 2026, Niim, MI 48~01-2026, ~cl. (888) 679-MBRS. 10011450 WYOMING. SIngle F-rally-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT WITH MEFI$ (~-6AIWY) (ooo6l.O2 MORTGAGE FORMS , 1800,1~21-7291' 10011450 Form 3051 1101 SEP. 16.800B 2:$SPM M ~MD T MORTGAGE MO.gBS P.6 696 (D) "Lendex" is ~a? Mortgage Corporation L~nder is a CorporaCion organized and existing under the laws of New York Lender's address is 1 l~&T Plaza, Bu£~aZo, Iffy ~L420~ (E) "Note" means the promissory note signed by Borrower and datedssptember 15, 2003 The Note states that Borrower owes Lender Two Hundred fifty Your Thousand $$ven aundr$cl And zsro/100 Dollars (U.S. S 254,7 O 0.00 ) plus interest. Borrower has promised to pay this debt in regula~ Periodic Payments and to pay the debt in full not later than oot:ob~z 01, 20aa (F) "Property" means the p.roperty that is described below under the heading "Transfer or Rights in The Property." (G) "Loan" moans the debt evidenced by the Note, plus interest, any Jprepayment charges and late charges due under the Note, and all sumq due Iluder Qlis Security Instrument, plus interest. (FI) "Riders" .means all Riders to this Security Instrument that are executed by Borrower. Tho f°Ilowing Riders are to be executed by Borrower [check box as applicable]: ~ Adjustable Rate Rider ~ Condominium Rider [] Second Home Rider ~ Balloon Rider [~ Plmmed Unit Development Rider [---] 1-4 Family Pdder {---] VA Rider [] Biweekly Payment Rider _[~ Other(s) [specify] (I) 'Applicable Law" means all controlling applicable federal, state and local statutes, regulations, ordinances and administrative rules and orders (that have the effect of law) as well aa all applicable final, non-appealable judicial opinions. (,ri "CommnnitT Association Due$~ Fee% and AsSessments" means all dues, fees, assessmedlts and other charges that are imposed on Borrower or the property by a condomiMum association, homeowners association or similar organization. - (K) "EIectranlc Irunds Transfer" means any transfer of fund~, other than a transaction originated by check, draft, or similar paper instrument, which is initiated through an ele;tronic terminal, telephonic instrum,,at, computer, or magnetic tape so a~. to order, instruct, or authorize a financial institution to debit or credit an account. Such term includes, but is not limited to, point-of-sale mmsfers, automated teller machine tra~acQons, transfers initiated by telephone, wire transfers, and autommed clearinghouse transfers. (L) "]~erow Items" means those items that are described in Section 3. (M) "Miscellaneous laroeeeds,, matts any compensation, setQemcnt, award of damage~, or proceeds paid by any third party (other than i]3surance proceeds paid under the coverages descried in Section $) for: (i) damage to, or destruction of, tho Property; (ii) cox~demuation or other taking of all or any part of the Property; (iii) convoyance M lieu of condemnation; or (iv) mhrepreseutations of, or omissions as to, the value and~or condition of the Pwperty. (N) "Mortgage Insurance'' means insurance protecting Lender against the nonpayment of, or default On, the Loan. (O) "Periodic Payment" means the regularly scheduled amount due for (i) principal and interest under the Note, plus (ii) any amounts under Section 3 of this Security hastrumem. (P) "RICSPA" means the Real Estate Sett)ement Procedures Act (12 U.S.C. Section 2~01 et seq,) and its implementing regulation, Regulation X (24 C.F.R. Part 3500), nq they might be amended fzaam t/me to time, or any additional or successor legislation or regulation that governs the same azbject matter. As used in this Security Instrument, "RESPA" refers to all requirements and restrictions that are imposed in regard to a "foderally related mortgage loan" even if the Loan does not qualify ~s a 'federally related mortgage loan" under RESPA. (~-6A(WY) {ooos).o= Poo,~ 2 or 1 I~ Form 2051 1/01 SEP.16.2003~ 2:58PM M AMD T MORTGAGE M0.935 P.? (Q.) "Successor in Interest of Borrower" means any party that has tal~en title to the Property, whether or not that pan'y has assumed Borrower's obligations under the Note and/or rkis Security Instrument. TRANSFER OF RIGHTS IN THE PROPERTY This Security Instrumeat 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 agrevments und~ this Security Instrument and the Note. For this pmloese. Borrower does hereby mortgage, grant and convey to MERS (solely as nominee for I_~ader and Lender's successors and assigns) and to tho successors and assigns of MERS, with power of sale. the following described propm'ty located hl the ~ounty of Lincoln : [Typ~ of Recordln8 J'urJsdiction] [Name of Recording SurLMic~on] ~E~. A?TACREn L~.~AL Dg~ERIPT/ON, Exhibit A Parcel ID Number: 31192430052201, 903 Lancaster hana Afton ("Piup~rty Address'): which cu. rr~tly has the address of Wyoming 8-~ :1.10 [Zip TOGETHER WITH all the improvements now or hereafter erecw, d on the property, and all eascn'aents, appurtenances, and fixtures nov0 or hereafter a part. of the property. All replacements and additions shall also be covered by this Seourity Instrument. All of thc foregoing is referred to in this Security Ir~munent as thc "Property." Borrower Understands aacl agrees that MERS holds only legal title to thc interests granted by Borrower in this Security Instrument, but, if necessary to comply with law or custom, MERS (as nornince for Lender'and I-cadet's suocessors and assigns) has the righ~: to exercise any or all et th~se i~terests, including, but no~ limited to, the fight to foreclose and sell ~e Property; and to take any action requked of L~der including, but not limited to, releasing and canceling this Security Instrument. BORROWER COVENANTS that Borrower is lawfully aeised of the ~stare hereby conveyed and has the right to mortgage, gran~ and co~tvey the Property and that the Property is unencumbered, except for ~'mumbranc~s of r~cord. Borrower warrants and will defend generally the 'titl~ to thc Property against all claims and demands, subject to any eacumbrances of reoord. THIS SECURITY INSTRUMENT combines' uufform covananu for national use and nomunifonu covenants With limited variations by jurisdiction to constitut~ a uniform security insmunent covering real property. 10011450 ~ 10011450 (~i~-6A{WY) {oo0;1,o2 Peas = ot is Form 3051 1101 SEP.l~.200B 2:$8PM M AMD T MORTGAGE M0.935 P.8 UNIFORM COYENA~TS. Borrower and Leader covenant and agree as follows: 1, Payment of Principal, Interest, l~scrow Items, Prepayment Charges, and Late Charges, Borrower shall pay when due the principal of, and interest on, the dcbt evidenced by the Note and any prepayment charges and late charges due under the Note. Borrower shall also pay fimds for Escrow Items pursuant to Sec~iun 3. Payments due under the Note and this Security Instrument shall be made in U.S. culrcncy. However, if any check or other instrument received by L~nder as payment unde~ the No[e or ~ds Security insmnnent is returned to l.~nd~r unpaid, Lender may require that any or ~l subsequent paymen[s due under the Note and ~his Security Instrument be made in one or more of the following forms, a~ selected by Lender: (a) cash; Co) money order; (c) cer~ffied check, bank check, treasurer's check or cashier's check, provided any such check is drawn upon au institution whose deposits a~e insured by a federal agency, instrumentality, or entity; or (d) l~lec~ronic Punds Transf~. Payments are deemed mce~ved by Lender when receiv~ at the location designated in the Note or a~ such or_her location as may be designamd by Lender in accordance with the notice provisions/n Section 1~. Lender may re~um any payment or partial payment if the payment or par~al paymen~ are insufficient to bring the Loan cun~nr. Lender may accept any payment or partial paym~t/nsufficiem to bring the Loan current, ~vithout waiver of any rights hereunder or prejudice to its rights to refuse such payment or parr/al paymems in the furore, but Lender is not obligated to apply such pa~n~nts at the ~ such paymen~ arc accepted. If each Periodic Payment is applied as of its scheduled due date, then Lender need not pay interes~ on unapplied funds. Lender may hold such unapplied funds until Borrower makes paym~t m bring the Loan current. If Borrower does not do so within a reasonable period of time, Lender shall either apply such funds or return them ~o Borrower. If nor applied earlier, such funds will be applied to the outstanding principal balance under ~he No~c immediately prior to foreclosure. No offse~ or cla/m which Borrower might have now or in the furore against Lender shall relieve Borrowe~ fvvm making payments due under the Note and this Security Instrument or performing the covenants and agrc~nents scoured by this Security Instrument. 2. Application of Payments or ProCeeds. Except as otherwise descn~bed in thi~ Section 2, all paymems ~ccepted and applied by Lender shall be applied in the following order of priority: (a) interest due under the No£e; (b) principal due under r_he Note; (c) amounts due under Section 3. Such payments shall be applied ~o each Periodic Payment in the order in which it became due. Any remzi,irtg amounts shall be applied first to late charges, second to any o~hcr amounts due under this Security Insuumcnt, and then £o reduce the principal balance of the Nom. If Lender receives a payment from Borrower for a delinquen£ Periodic Payment which includes a sufficient amount to pay any late charge due, thc payment may be appli~ [0 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 Pay~nents if, and to tim exmn~ that, each payment can be paid in full. To the extent that ~y ~cess exists a~er the payment is applied to the full payment of one or more Periodic Payments, such excess may be applied to any late charge~ due. Voluntary pr~ayments shall be applied first to any prepaynmm charges and th~n as described in the Note. Any application of payments, insurance proceeds, or Miscellaneous Proceeds to pr/ncipal due the Note shall not ex~end or postpone the due date, or change the amount, of ~he Periodic Payments. under ~. Funds for Escrow Items. Borrower shall pay to Le~der on the day Periodic Payments are due under the Note, until the No~e is paid in full, a sum (the "Funds") to provide for payment of amount~ due for: (a) [axes and assessments and other items which can a~in priority over this Securi~y lnsrcurnent as a lien or encumbrance on the P~perty; (b) leasehold payments or ground rents on the Property, if any; (c) premiun~ for any and all insurance required by Lender under Section 5; and (d) Mortgage Insuranc~ premiums, if any, or any sums payable by Borrower to Lender in lieu of the payment of Mortgage Insurance prc~niums in accordance with th~ provisions of Section 10. These items are called "]~scrow Items." At origination or at any time during the mnn of ~he Loan. Lender may require that Con,reunify Association Dues, Fees, and Assessments, if any, be ~crowed by Borrower, and such dues, fees and assessm~n[s sh~ll be an Escrow Item. Borrower shall promptly furni.~h to Lender all notices of amounts to be pa~d under this Section. Borrower shall pay Le~der the l:~unds for Escrow Items unless Lender waives Borrower's obligation to pay ~he Punds for any or all ~crow Items. Lend~' may waive Borrower's obl/ga~ion to pay m Lender Funds for z-ny or all Escrow Items a~ any t~me. Any such waiver may only be in writing. In the event of such waiver, Borrower shall pay dimcdy, when and where payable, the amounts ~.00~.~.4~ 0 ~ ~.0011450 (~t~-6A(WY) Ioo0s).o2 raga 4 H ~ e Form 3051 1101 SEP. 16.E003 E:59PM M AHD T MORTGAGE H0.935 P.9 due for any Escrow I~ems for which payment of Funds h~ b~..u wa/red by Lender and. if L~n&r req~s, s~ ~ish to ~nder r~ipts evi~nc~g su~ pay~n~ within su~ ~me pe~od ~ Len&r ~y require. Bo~wWs ob~gation to~e such payrolls ~d ~ provide r~iFs shah for ~ pu~os~ b~ d~ to be a cov~ ~d agr~t contorted in this S~uri~ ~tmm~nt, ~ ~e p~e "covert ~nd a~em~t" is us~ ~ Section 9. If Bo~owor is obligat~ to pay ~cmw It~ dff~tly, puget to a w~vor, Bo~wer f~ls to pay ~e ~ount ~ue for ~ Escrow Item, ~et may ~xorc~e i~ rights u~er Suction 9 ~d pay such ~oun~ add Bo~w~r sh~ ~on be oblig~ ~det S~ctlon 9 to r~ay to ~er ~y su~ ~ount. L~der may mvOko ~e w~v~r ~ ~o ~y or ~1 ~omw I~ms g ~y time by a no~ giv~ a~r~ce with 8~flon 15 ~d, upon such revocation, Bo~ow~r s~l pay to ~der ~1 F~, ~d such ~ounts, ~g ~ ~cn req~red under ~s S~tion 3. L~nder ~y, at ~y t~e, collect ~fl hold Fun~ ~ ~ ~ount (0 su~cient to pe~t ~ndor to apply the F~ds a~ ~e timo sp~ifie~ ~r R~PA, ~d (b) not to ~c~ ~ ~~ ~o~t a l~&r require ~d~r RESPA. ~nder s~ esfimge tho ~o~t of Funds duc on ~o b~h of ~nt data ~d re~onabl~ ~st~tes of o~ndi~s of ~r~ Escrow It,s or o~h~e in ~r~ wi~ Applicable ~w. The F~ds sh~l bc hdd ~ ~ [~fi~on whoso doposi~ ~e ~U~ by a fg~r~ ins~ity, or onti~ (~clud~$ L~n&r, ~ Le~er is ~ ~timdon whoso d~posi~ ~e so ~ed) or ~y F~er~ Homo ~ B~. Len&r sh~l apply ~e F~ds to pay ~e Escrow It~ no lat~ ~ ~g sp~c~M under ~SPA. ~der shaR not ~ge Bo~wor for hol~g ~d applying ~e Funds, ~u~y ~flY~ ~ os~ow accost, or v~ri~ing ~e Escrow It~, ~lms Len&r pays Bo~ower ~t~mst on ~e Funds ~d Applicable ~w p~mits L~nder to ~ such a ~ge. Unless ~ agreement ~ ~o ~ ~ifing or Applicable ~w roquir~s ~t~ to be p~d ou ~ ~n~, Lendor sh~ not be mqu~d to pay Bo~ow~r ~y ~gest or o~gs 0n ~e ~nds. Borrower ~d L~&r c~ agr~ ~ wfi~, howover, ~ intomst shall bo p~d on ~ ~ds. L~dor sh~l give to Bonow~r, wi~out ch~go, ~ ~ ~coun~g'of Funds as roqu~d by RESPA. If ~r~ ~ a s~lus of ~ds ~ld ia escrow, ~ defined un&r ~SPA. Len~r sh~ ~t to Bo~owor for ~e ex.ss ~ds ~ =co~auce wi~ ~SPA. If there is a ~onage of ~nds h~d ia ~ de.ed ~det RESPA, ~ndcr shall not~ Borrow= ~ req~rcd by ~SPA, ~d Bo~ower sh~ pay to ~ndor ~ ~o~t no~ss~ rd ~e up the ~o~age ~ ~ord~ wi~ RESPA, but ~ no mom ~ 12 monthly paYm~ts, ff ~=~ h a deficiency of ~ held ~ ~crow, ~ ~ ~&r ~SPA, Len&r no~ Bo~wer ~ mqn~cd by RESPA, ~d Bo~ower s~ll pay to ~oder ~= ~ necess~ to up ~e &fici~ncy in ~co~c~ wi~ ~SPA, but ~ no mor~ ~ 12 money pa~em. Upon paint ~ ~H of fll s~s s~urod by ~ Sec~W ~sau~nt, ~&r s~ promptly r~nd to Bo~ower ~y ~ h~d by ~n&r. 4. Chaq~; Li~s, Bo~owor sh~l pay ~ t~, ~essments, chgges, fines, ~d ~posifiom a~ibumblo to ~e Prop~ which c~ att~n prioflty over ~s S~fl~ ~ment, Ieas~old payments or gm~d r~ts on ~ Pmp~t~, if ~y. ~d Co~u~ ~s~iafion Du~, F~, ~d ~s~s. if ~y. To · e ~tent t~t ~oso items ge ~crow It~, Bo~ower sh~ pay ~ ~ the ms..er provided ~ S~flon 3. Bon'owcr sh~l promptly ~sc~ge ~y ~en whi~ h~ priority owr ~ ~fity Im~t ~ess Bo~owcr: (a) ~te~ in wiling to ~he payment of ~= oblig~o~ sec~ by ~e ~en ~ a m~= ac~le to ~ndor, but oily so long ~ Bo~w~ is p~rfom~ such ag~=nt; ~) con,em ~e lion in good by, or dof~s ag~nst e~or~nt of ~e H~ in, legal proc~d~gs which in ~d='s opi~on operate pmvont ~ ~forc~eut of ~ li=n w~e tho~e proceedings ~ p=a~g, but o~y ~tfi ~u& process ~ concluded; or (c) secures ~m ~e holder of ~ li~n ~ agr~m~nt s~isf~tow to ~der subord~a~ · = li~ ~o ~ $~ri~ I~'m~m~t. If Lender dote~ t~.~ ~y pm of ~ ~pe~ ~ ~ubject to a H~ wM~ c~ au~ pfiori~ owr ~ $~ufity Inst~ont, ~d= ~y ~vo Bo~owg a ~ti~ ideat~ lnO::L1450 10011450 0~-6A~/~/¥) 1000si,02 P~gc 6 .i 1!1 Form 3051 1101 $EP.1~.2005 ~00PH H ~HD T ttORTG~GE H0.9~S P,10 700 lien. Within I0 days of the date on which that noticx~ 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 mai estate tax verification and/or reporting service used by Lender in connection'with this Loan. ~, Property hasurance. Borrower shall keep the improvements now existing or hemmer erected on the Property insured against loss by fire, hazards included with/n the term "extended coverage," and any other hazards including, but not limited to, earthquakes and floods, for which Lender requires insurance. This insurance shall be maintained in the amounts (including deductible levels) and for the periods that Lender requires. What Lender requires pursuant to the preceding sentences can change during the term of the Loan. The insurance carrier providing the insurance shall be chosen by Borrower subj,'ct £o Lender's fight to disapprove Bon'ower's choice, which right shall not be exemised unreasonably. Lender may require Borrower Co pay, in connection with thh Loan, either; (a) a one-t/me charge for flood zone determination, Certification and tracking services; or (b) a one-time charge for flood ZOne dctcrminatinn and certification services aud subsequent charges each time rernappings or similar changes occur which reasonably might affect such determination or certification. Borrower shall hlso 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 ~esulting from an objection'by Borrower. If Borrower fails to maintain auy of tho 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 antount of coverage. Therefore, such coverage shaT! cover Lender, but might or might not protect Borrower, Borrower's equity in the Property, or the contents of the Property, against any risk, h~ard or liability and might provide greater or lesser coverage than was previously in effect. Borrower acknowledges that the cost of the insurance coverage so obtained might significantly exceed the cost of insurance that Borrower could have obtained. Auy amounts disbursed by Lender under this Section 5 shall become additional debt of Borrower secured by this Security Instrttment. These amounts shall bear interest 'at the Note rate from the date of disbursement ~nd shall be payable, with such interest, upon notice from Lender to Borrower requesting payment. All insurance policies required by L~der and rmowais of such policies shall be subject to Lender's right to disapprove such policies, shall include a standard mortgage clause, and shall name Lender as mortgagee and/or as au additional loss payee. Lender shall have tho right to hold the policies and renewal certificates. If Lender requires, Borrower shall promptly give to Lender all receipts of paid premiums and renewal notices. If Borrower obtains any form of insurance coverage, not otherw/se requfi'ed 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 au additional loss payee. In tho event of loss, Borrower shall give prompt notice to the insurauce carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, any insurance proceeds, wh~ther or not the underlying insurance was required by Lender, shall be applied to restoration or repair of the property, if thc restoration or repair is ~onomically 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 Leuder's satisfaction, provided that such inspection shall be undertaken promptly. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments ss the work is completed. Unless an agreement is made in writing or AppLicable Law requires interest to be paid on su~ insurance proceeds, Leader shall not be required to pay Borrower auy 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 economically feasible or Lender's security xvould be lessened, the insurance proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with -100:1.1450 ~i~ :[001:1.450 (~)~-6A(WY) ~ooo~),o2 P.g~ s o~ ~s ~ Form 3051 1/01 SEP. 16. 2883 3: 00PM M AMD T MORTGAGE MO. 935 P. 11 701 the excess, if any, paid to Borrower. Such insurance proceeds shal/be applied in the order provided for in Section 2. If Borrower abandons the Pmper£~t, Lender may file, negotiate and settle any available insm~ance clahn and feinted markers. If Borrower does not respond within 30 days to a notice from Lender that the insurance carrier has offered to scrde a claim, then Lender may negotiate and settle the claim. The 30-day period will begin when the notice is given. In either event, or if Lender acquires the Pmpen'y 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 flxis Security Instrumc~nt, and Co) any other of Borrower's rights (other than tho 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. Lauder may use the insurance proceeds either to repair or restore the Property or to pay amounts unpaid under the Note or this Se~uri~ Instrument, whether or not then due. fi. Occupancy. Borrower shall occupy, establish, and use the Property as Borrower's principal residence w/thin 60 days after the execution of this Security Instrument and shall continue to occupy the Property as Borrower's princip~/residence for at least one year after the date of occupancy, unless Lender otherwise agrees in Writing, which consent shall not be unreasonably withheld, or unless extenuating circumstances exist which are beyond Borrower's control. 7. Preservation, Maintenance aaad Protection of the Property; Inspect/om. Borrower shall not destroy, damate or impair the Property, allow the Property to deteriorate or commit waste on the Property. Whether or not Borrower is residing in uae Property, Borrower shall maintain the Property in order to prevent the Property from deteriorating or decreasing in value due to its condition. Unless it is determined pursuant to .~eetion 5 that repair or restoration is not economically feasible, Borrower shall promptly repa/r the Property if damaged to avoid further deterioration or damage. If insurance or condem~don proceeds are paid in connection with damage to, or the taking of, the Property. Borrower shall be responsible for repairing or restoring the Property only if Lender has released proceeds for such purposes. Lender may disburse proceeds for the repairs aud restoration in a single payment or in a series of progress payments as the work is completed. Ii the insurance or condemnation proceeds are not sufficient to repaix or restore the Property, Borrower h not relieved of Borrower's obligation for the completion of such repair or restoration. Lender or its agen~ may make reasonable en~es upon and inspections of the Property. I/it has reasonable cause, Lender may inspect the imerior of the impmvemenU on the Proper~y. Lender shall give Borrower notice at the time of or prior to suela an interior inspee~on specifying such reasonable cause. g. Borrower's Loan Applieatlon. Borrower shifll be in default if, during the Loan application process, BorroWer or any persons or entities acting at the direction of Borrower or with Borrower's knowledge or consent gave materially false, misleading, or inaccurate information or statements to Lender (or failed to provide Lender with material inlormalion) in connection w/th the I~an. Material representations include, but are not limited to, representations cuneemin~ Borrower's occupancy of the Property as Borrower's principal residence. 9, Protection of Lender's Interest in the Property and Rights Under thh Security h~strumeaat. If (a) Borrower fails to perform the covenants and agreements contained in this Security instnunent, (b) there is a legal proceeding that might significantly affect Lender's interest in the Property and/or fights under this Security Instrument (such as a proceeding in bankruptcy, probate, for condo-argon or forfeiture, for enforcement of a lien which may att/in 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 incinde, but are not limited to: (a)paying ~uy sums secured by a lien which has priority over this Security Insmtment; (b) appearing in court; and (c) paying reasonable 10011450 ~n~~ 10011450 SEP. l~.~003 3:O1PM M AMD T MORTgAgE M0.935 P.l~ attorneys' fees to protect its interest in the Property and/or riF, hts under this Security Instrument, including its secured position in a bankruptcy pwcceding. Securing the Property innludes, but is not Lin~ted to, entering ~he Property to make mpa/rs, ch~a§e locks, replace or board up doors and windows, drain water from pipes, elim/nata building or odaer code violations et dangerous conditions, ,,d have utilities ~ned on or off. Although Lender may 'take action under this Section 9, Lender does nec 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 takin~ any or all actions authorized uncler this Section 9. Are' amounts disbursed by Lender under this Section 9 shall become addir, i0nal debt of Borrower secured by this Security Instrument. These amounts shall bear interest at the Note rata from the date of disbursement and shall be payable, with such interest, upon notice from Lender to Borrower requesting payment. If this Security Instrument is on a leasehold, Borrower shall comply with all the pmvlsions of the lease. If Borrower acquires fee title to the Property, the leasehold and the fee title shall not merge unless Lender agrees to the merger in writing. I0. 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 ~ny reason, the Mortgage Insurance coverage required by Lender ceases to be available from the mortgage insurer that previously provided such insurance and Borrower was required to m~ke separately designated payments to,yard the premiums for Mortgage Insurance, Borrower shaft pay the premiums 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 in effect, from an alternate mortgage insurer selected by Lender. If substantially equivalent Mortgage Insurance coverage is not available, Ben, ewer shall C°ntinue to pay to Lender the amount of thc separately designated payments that were due when thc insurtmc~ coverage ceased to be in effect. Lender will accept, use and retain these payments as a non-refundable loss reserve in lieu of Mortgage Insurance. Such loss reseave shall be non-refundable, notwithstanding the f~t that the Loan is ultimately paid in ful/, and Lender shall not be required to pay Borrowex any interest or earnings on such loss reserve. Leader can no longer require loss reserve payments if Mortgage Insurance coverage (in the mount and for the period that Lender requires) provided by an insurer selected by Lender again becomes available, is obtaiued, and Lender requires separataly designated payments toward the premiUms for Mortgage Insurance, If Lender required Mortgage Insurance as a condition of making the Loan and Borrower was required to make separately de~ignatad payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiums required to maintain Mortgage Insumuce in effect, ox to provide a non-refundable loss reserve, until Lealder's requirement for Mortgage Insurance ends in accordance with any written agreement between Borxower and Lender providing for suc~ termination or until termination is required by Applicable Law, Nothing in r. his Section l0 affects Borrower's obligation to pay interes~ at tlae 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 no~ a party to the Mortgag~ Insurance. Mortgage insurers evaluate their total risk on ail such insurance in ~orce from rime to time, atld may enter into agreements wi~ other parties that share or modi~ 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 ~reements may require the mortgage insurer to make payments using any source of funds ~hat the mortgage insurer may have available (which may include funds obtained from Mortgage Insurance premiums). As a result of these agreements, Lender, any pumhaser of the Nora, another insurer, any reinsurer, any other entity, or any affiliate of any of the foregoing, may receive (direcdy or indirectly) amounts that derive from (or might be Characterized as) a pordon of Borrower's paymentS for Mortgage insurance, in exchange for sharing or modifying the mortgage insurer's risk, or reducing losses. If such agreement provides that an affiliate of Lender takes a share of the insurer's risk in exchange for a slmm of the premiums paid to the insurer, the arrangement is often termed 'caprJve 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 ~viil owe [or Mortgage Insurance, and they will not entitle Borrower to any refund. (~e"8A(wY} ,°°°sLO'~ Pmm~8 °~ 'S ~------ Fo,m 20Sl 1/01 SEP. 16.2003 3:01PM H ~HD T MORTGAGE N0.935 P.13 7O3 Co) Any such agreements will not afro[ the rights Borrow~ h~ - Me.gage Ias~an~ m~d~ the Hom~wn~ ~at~flau Act or ~98 or ~y other law. ~e Hgh~ ~y include ~e rl~t ~ r~lve c~n dlsclo~r~, to ~u~t ~d ob~ ~tioa of the Mortgage Imumu~, to have the Mortgage h~urau~ ~mina~ automfi~y, ~d/or to rec~ve a r~nd of any Mortgage h~surance p~miums that were ~mrn~ at tim time of su~ ~ncellafion or t~ination. ~signcd ~o ~d shall bc p~d re ~ndcr. If the Pmp~ is d~aged, su~ M~cell~eous ~ocee~ sh~l bo ~pli~ to resto~fion or the Propers, ff ~ restoration or r~r is econobay te~ible ~d ~d~'s s~i~ is no~ lessened. D~g su~ repot ~d mstor~ion period, ~nder s~l ~ve ~ right m hold su~ M~ll~eo~ Proceeds ~ ~n~r has had ~ oppomity re ~spccr s~h Pmpe~y ~ ~ ~e work h~ been ~mpl~d to ~r's sa~acfion, provided zhat su~ inspection s~l be ~~n promptly. ~r may pay for ~e rep~rs ~d restoration ~ a single disbarment or ~ a s~ies of pm~ess paym~ ~ fl~e work is ~mpleted. Unless ~ agr~n~ is mad~ ~ writing or Applicable ~w ~ interest to bo p~d on su~ Misc~ll~eous Proceeds, ~nder sh~l nor be requkcd to pay Bo~wor ~y ~r~z or omgs on such Mis~l~eous Proceeds. If ~e restoration or mp~r is not e~no~c~ly f~iblo or ~d~r's s~ty wo~d · ppdea ~ ~c eider p~ovidcd ~or in S~ction 2, ~ Ae ev~t of a tot~ rukl~g, des~cfion, or loss in v~ue of ~c Pmpe~, ~e Mis~ll~eous Proceeds sh~ be applied to &es~s secu~d by ~ Security Inst~mt, whe~r or not ~ due, wi~ · e excess, if my, pfid to Bo~wer. ~ ~e event of a p~i~ t~g, destmc~on, or loss in v~ue of ~e Propa~y v~ue of ~ Pmpe~y ~e~ately bolero ~e p~i~ t~, ~s~ction, or loss ~ v~ue is equ~ to or greater ~m ~e ~o~t of the su~ secured by ~is Se~i~ Ins~nt ~e&ately beforo t~i~, des~cfion, or loss in v~uo, ~less Bo~wer md ~nder o~he~so agree ~ wfl~g, ~ s~s sec~d by ~s Secu~ ~ent shill be redu~ by fl~e ~ount of ~e ~m~us Proce~ m~tipli~d by ~e following ~action: (a) ~e tot~ ~ount of ~e s~ s~red ~e~ately before p~i~ t~g, d~ction, or loss in v~ue divided by ~) tho i~;di~ely before ~e p~ t~g, destruction, or loss ~ value. ~y b~mc; ~1 bo p~d to Belwe. In the ev~t of a p~ t~ing, d~rmcfion, or Mss ~ v~uz of ~ Prope~ ~ whi~ ~ f~ ~ket v~u~ of ~he ~per~ i~iately befo~ ~e p~i~ t~g, destmc~an, or Io~ ~ount of ~e ~ s~d ~e~ately before ~e p~ ts~i,g, ~c~on, or loss ~ v~ue, u~ess Bo~ow~ and Lender o~;~ise ague in w~g, ~ Mh~Hm~us ~c~ sec~d by ~is Secufi~ Ins~ent whe~er or not ~e s~ ~e then due. If ~e ~pe~ is abmdon~d by Bo~wer, or if, ~er nofi~ by Lend~ to Bo~ower Oppos~g pray (~ ~e~ in ~e next sant~ce) offers to ~e m awed to settle a cl~ for d~ges, Bo~ower fills to ~spond to ~ndor wi~in B0 days ~fier ~e ~e ~ notice is given, ~r ~ autho~ to ~Hect md apply tho Miscoll~oous Premeds eider to ~stomfion or ~p~r of ~e Pmpe~ or to ~e sums s~rad by ~is S~ ~~, who~r or not ~en due. "~pos~g P~" · at owes Bo~wer M~cellm~ouS ~o~e~ or ~e p~ ag~.~t whom Bo~w~r h~ a right of ~on in reg~ to Mis~ll~ous ~o~. Bo~w~r ~I bo in d~fa~t if my ration or pmaee~g~ whe~er ci~l or Lender's judgm~t, ~uld r~t in foffeitu~ of ~e Pmpe~ or other ~t~ri~ ~pa~t of ~nder's inte~st ~ ~e ~per~ or figh~ ~der thh Sec~ty ~nt. Bo~wer acc~eration has occu~ed, re.rate as provided ~ Section ~9, by ~g dismissed wi~ a ming ~, in ~ndar's judgment, preclud;s foffei~e of impfi~nt of L~nd~'s interost ~ ~e ~ope~ or rights ~d~ ~s ~ my awed or claim for ~ge~ &at ~e at~ibutable to ~ ~p~ent of ~n~r's ~t~st in ~ Prope~y ~e h~by resigned md ~1 be p~d to ~r. All M~Hmeom ~ads ~at ~ not applied to restoration or rcp~ of ~ Pmpe~ sh~ be appli~ ~ ~e order pmvi~d for in Soction 2. ~0011450 ~ 10013.450 1(~-6A(WY) ;00051.02 Poge 9 ot 15 Form 3051 1101 SEP. l~.2003 3:08PH H ~HDT HORTG~GE H0,~35 P.14 12, Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or modification of mnottization of the sums secured by this Security/nstrumcat granted by Lender to Borrower or any Successor in Interest of Borrower shall hoc operate to release r. he liability of Borrower or auy Successors in Interest of Borrower. Lender shall not be required to commence proceedings against any Successor in Interest ot Borrower or to refuse to extend time for payment or otherwise modify amortization of the sum.~ securud by this Se~.~rity Instrument by reason of any demand made by the original Borrower or any Successors in Interest of Borrower. Any forbearance by Lender in exercising any right or remedy including, without limitation, Lender's acceptance of payments from third perSons, entities or Successors in Interest of Borrower or in amounts less than file amount then due, shall not be a waiver of or preclude the exercise of any right or remedy, 13. Joint and Severul Liabtl|ty; 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 no~ exc~-'ute the Non: (a "co-signer"): (a) is co-signing this Security Insu'u~ant only to mortgage, grant and convey thc co-signer's interest in the Property under the terms of this Security Instrument; (b) is not personally obhgated 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 accommodations with regard to the terms of this Security Instrumen~ or the Note without thc 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 Ins~ment in writing, and is approved by Lender, shall obtain all of Borrower's rights ~ld benefits under this Security Instrument. Borrower .~h~u not be released from Borrower's obligations and I/ability under this Security Instrument unless Lender agrees to such release in writing. The covenants and agreements of this Security Instrument shall bind (except as provided in Section 20) and benefit the successors and assigns of Louder. 14, Loan Charges. Lender may charge Boo, wet fees for services performed in commcrion with Borrower's default, for the purpose of protecting Lender's in,crest in the Property and rights under this Security Instntmenr, including, bur not limimd to, attorneys' fees. prope~r~y inspection and valuation fees. In regard to any other fees. the absence of express amhori~y in this Security Instrument to charge a specific fee to Borrower shall not be construed as a prohibition on the charging of such fee, Lender may not charge fees that are expressly prohibited by this Security Instrument or by Applicable Law. If the Loan is subject to a law which sera maximum loan charges, and that law is finally interpreted so ~bat the intel'est or other loan charges collected or to be collected in counecfion with the Loan exceed the Permitted limits, then: (a) any such loan charge shall be reduced by the atnounI necessary to reduce the charge to the perm/ned limit; and Co) any sums already collected from Borrower which exceeded penni~ed IL-nits will be refunded to Borrower. I.~mder may choose ~o make this refund by reducing the principal owed under the Note or by making a direct payment ro Borrower. If a refund reduces principal, the reduction will be treated as a pat-dui prepayment without any prepayment charge (whether or not a prepayment charge is Provided for under the Note). Borrower's acc~tance of any such refund n~de by direct payment to Borrower will constltu~e a waiver of any right of action Borrower m/ght have arising out of such overcharge. 15. Notices. All notices given by Borrower or Lender io connection with this Security Instnunent must be in writing. Any notice to Borrower in connection with this Security Insu'ument shall be deemed to have been given to Borrower when mailed by first class mail or when actually delivered to Borrower's notice ~dress if sent by other means. Notice to any one Borrower shall constitute notice to all Borrowers unless Applicable Law expressly r~quires otherwise. The notice address shall be r. he Property Address unless Borrower has d~signated a substitute notice address by notice to Lender. Borrower shall promptly notify Lender of Borrower's change of address. If Lender specifies a procedure for reporting Borrower's change of address, then Borrower shall only report a change of address through that specified procedure. There may be only one designated notice address under this Security Ins~m~.nt at any one time. Any notice to Lender shall be given by delivering it or by m~ilj~g it by Etrs~ class mail to Lender's address stated herein unless 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 actuaily received by Lender. If any notice required by uhis Security Insurument is also required under Applicable Law, the Applicable Law requirement will satisfy the corresponding requirern~t under this Secmity 3.001~.450 ~ 10011450 Ir{ti 4~-6A(WY{ (ooo5).o2 P~;. ~o o; ms Form 3061 1101 SEP. 16,2003 B:OBPM M~MD T MORTGAGE HO.gB5 P;15 705 16. Governing Law; Sevcrability; Rules of Construction. This Security Instv,ment shall be governed by federal law and thc law of the jurisdiction in which the Pmpexry is located. All rights and obligations contained in this Security Instrument arc subject to any requimm~ and limitations of Applicable Law. Applicable Law might explicitly or implicitly allow the parties m agr~ by contract or it might be sil~, but such silence shall not bc construed az a prohibition against agreemaevx by contracx. In the event that any provision or clause of this Security Instrument or the Note conflicts with Applicable Law, such conflict shall .not affect other provisions of this Security Instrument or the Note which can be given effect without the conflicting provision. As used in dais Security Instrument: (a) words of the ms~culine gender shall mean a.tt include corresponding neuter words or words of the feminine gemder; Co) words in the singular shall zncan 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, I~orrow~ shall be given one copy of thc Note and of this Secuflty Insrxument. lg. Transfer of the Property or a Beneficial Iliterest in Borrower. As used in this Section · "Interest in l~e Property, means any legal or beneficial interest in the Property, inchidin~, but not lhnited to, those beneficial inmresrs trausferred in a bond for clued, conrxact for deed, installment sales contract or escrow agreem8nt, the intent of which is the transfer of title by Borrower at a furore date to a purchaser, If all or any part of th~ property or any Interest in the Property is ~old or transferred (or if Borrower is not a natural person and a beneficial in~erest in Borrower is sold or transferred) without Lender's prior written con.~t, Lender may r~quire immediat~ paymc~x in full of all sums secur~ by this Security Instrument. However, this option shall no£ be exercised by Leader if such exercise is prokibiw~d by Applicable Law. If Landex exen~ises fl'As option, Lender shall give Borrower notice of acceleration, The notice shall provide a period of nor less than 30 days from the date the notice is given in accordance with $~ction IS within which Borrower must pay all sums scoured by tl~ Security Imtmment. If Borrower fails' to pay these sums prior to the expiration of thi~ period, Lender may invoke any rexnetiies permitted by this Security l. usmuuent without further notice or demand on Borrower. 19. Borrower's Right to Reinstate After Acceleration. If Borrower m~ta certain conditions, Borrower shall have the right to have enforcement of this Security InsW~m~-~. discontinued at any thne prior to the earlbs£ of: (a) five days b~fom sale of the Property pursuant to any power of sale contained in [his Security Instmm~r; (b) such other period as Applicable Law might specify for the termination of Borrower's right to reinstate; or (c) entry of a judgm~ enforcing this Security Instmmm~t. Those conditions are that Borrower: (a) pays Lender all sums which then would be due under this ~ecudty Ius~maent and the Note az if no accc, leradon had occurred; (b) cures any dcfaul[ of any other covenants or agreements; (c) pays all expenses incurred in enforcing this Security Instrument, including, but n~t limit~ to, reasonable attorneys' fees, property inspection and valuation fe~s, and other fees incurred for the purpose of protecting Lender's interest in the Property and rights under this Security Instrument; and (d) takes such action as Lender may reasonably require ta assure that l.~nder's interest in the Property and rights under' th/s Security Instrument, and Borrower's obligation to pay the sums secured by this Security Instrument, shall continue unchanged. Lender may requhre that Borrower pay such reinstatement sums and expgnses in cna 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 ~ency, instrumentality or entity; or (d) Electronic Punds Transfer. Upon reinstatement by Borrower, this Security Instrument and obligations secured hereby shall remain fully effecfiw as if no acceleration had occurred. However, ~ right to r~instate shall nor apply in the ca~e of acceleration under $~tion 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 Instmmen0 can be sold one or mom times without prior notice to Borrower. A sale might result in a change in the e, nfity (known as the 'Loan Servicer") that collects Periodic Payments due under the Not~ sad this Secur/ty Insmun~t and performs other mortgage loan servicing obligations under the Note, this Security Immunent, and Applicable Law, There also might be one or more changes of the Loan Servicer unrelated to a sale of the Note. If [here is a change of th~ Lean Servicer, Borrower will be given written notice of the change which will state the name and address of the new Loan Servicer, the address to which payments should be rn~de and any other information RI~SPA 10011450 ~ 1l~ 01~.,~,50 ~)~-6A(WY) Io0os~.o2 ~ao, ~ at ~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 puruhaser of the Note, th,, mortgage loan servicing obligations to Bon'ower will n~main with the Loan Serviemr or be transferred to a successor Loan Service~ and are not assumed by the Note purchaser unless otherwise provided by the Note purchaser. Neither Borrower nor Lender may commence, join, or be joined to any judicial action (as either an individual litigant or r. he member of a class) that arises from the other party's actions pursuant to this Security Instrummt or that alleges that the other pm'fy has breached any provision of, or any duty ow~ by reason of, this Security Instrument, until such Borrower or Lender has notified the other party (with such notice given in compliance with the requirements of Section 15) of such alleg~ br'eack and afforded the other party hereto a r~asonable per/od al%r the giving of such notice to take corrective action. If Applicable Law provides a time period which must elapse before certain action can be talceu, that time period will be deomed to be reasonable for purposes of this paragraph. The notice of acceleration and opportunity to cure given to Borrower pursuant to Section 22 and the notice of acceleration given to Borrower pursuant to Section 18 shall be deemed to satisfy the notice and opportunity to take corrective action provisions of this Section 20.. 21. Hazardous ,qub~funees. A~ used .in this Section 21: (a) "Hazardous Substances"' are those substances defined as toxic or hazardous substances, pollutants, or wastes by Environmental Law and the following substances: gasoline, keroseale, other flammable or toxic pala-oleum products, toxic pesticides md ha-bicides, volatile solvents, materials containing asbestos or formaldehyde, and radioactive materials; (b) "Environmental Law" means federal laws and laws of the jurisdiction whe~ the Property is located that relate to health, safety or environmental protection; (c) "Environmc-ntal Cleaaup" includes uny response action, remedial ~tion, or removal action, as defined ia Environmmtal Imw; and (d) aa 'Environmental ' Condition" means a condition that can 'cause, contribute to, or otherwise trigger an l]nvironmental Cleanup. Borrower shall not c. ause or pen:uit the pres~mce, use, d~sposal, storage, Or release of any Hazardous Substances, or threaten to release any Hazardous Substances, on or in the ProPerty. Borrowe~ shall not do, nor allow anyone else to do, unytl~g affecting the Property (a) that is in violation of any Environm~ntat Law, (b) which ~.ates an Environmental Condition, or (c) which, due to the preston, e, use, or r~lease o~ a Hazardous Substance, creat~ a condition that adversely affects th~- value of the Property. The preceding two sentences shall not apply to the presence, use, or storage on the Property of small quantifies of Hazardous Substances that are generally recognized to be appropriate to normal residential us~s and to maintenance of the Property (including, but not limited to, hazardotis substances in co~umer products). Borrower shall promPtly give Lender written notice of (a) any investigation, Claim, demand, lawsuit or other action by any govemmaatal or regulatory agenw or private party involving the Property and any Hazardou~ Substance or Environmental Law of which Borrower has actual knowledge, (b) any Environmental Condition, including but not limited to~ any spilling, leaking, dischm'ge, r~lease or threat of release of any Flaz~dous Substance, ~nd (¢) any condition caused by the presence, use or relea~ of a Hazardous Substance which adversely affects the value of the Property. If Borrower learns, or is notified by any govemmea~tal or regulatory authority, or any private p~r~y, that any re~noval or e~er ~mediation of any Hazardous Substan~ aff~.cfing the Pmpe~7 is necessary, Borrower sh~ll promptly take all necessary remedial actions in accordance with Environmental Law. Nothing herein shall create a~ty obligation on Lender for an l]nvironn~ntal Cleanup. :tooi:t45o (~-6AIW¥) IOOO51.o~ P~{~G 12 o1' 15 10011450 Form 3051 1/01 3DUD±~OW ± ~NU W WdEO:£ E002'gT'd3S SEP. ~6, a003 :3: O~PM M AMD T MORTGAGE N0.935 P.i? 707 NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows: 22. Acceleration; Remedies. Lender shall give notice to Borrower prior to accfleration Bol'rower*s breach of fl . . , . . following ny covenant or agreement m this Security Instrument (but not prior to acceleration under Section 18 unless Applicable Law provides otherwise). The notice shah speeit~: (a) the default; (b) the action required to cure the default; (c) a date, not less than 30 days from the date rite notice is given to Borrower, by which the default must be cured; and (d) that failure to cure the default on or before rite date specified in the notice may result in acceleration of the sums secured by tiffs Security Instrument and sale of the Property. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to bring a court action to assert the non-existence of a default or any other defense of Borrower to acceleration and sale. If the default is not cured on or before the date specified in the notice, Lender at its option may require immediate payment in full of all 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 he entitled to collect all expeases incurred in pursuing the remedies provided in this Section 22, including, but not limited to, x~asonable attorneys* fees and costs of title evidence. If Lender invokes the power of sale, Lender shah give notice of intent to foreclose to Borrower attd to the pexaon in possession of the Property, ii' different, in accordance with Applicable Law. Lender shall give notice of thc sale to Borrower in the manner Provided in Section 15. Lender shall pt~blish the notice of sale, and the Property shall be sold in the manner prescribed by Applicable Law. Lender or its designee may purchase thc Property at any sale.. The'proceeds of the sale shall he applied in rite following order: (a) to all expenses of the sale, including, but not limited to, reasonable attorneys* fccs; (b) to all sums secured by this Security Instrument; and (c) any excess to thc person or persons legally entitled to it. 23. Release. Upon payment of all sm-as secureA by l~b Security Insrxumont, !~.nder shall release this Security Instrument. Borrower shall pay any recordation costs. Lender may charge Borrower a fee for releasing this Security Instrument,_but only if the fee is paid to a third party for services rendered and the charging of the fee is pernfitted,under Applicable Law. 24. Waivers. Borrower releases and waives all fights under and by virtue of the homestead exeanption laws of Wyoming. ~.0011450 ~ 3L0013.450' (~-6A(WY) (ooo5).OZ P~;, ~ of is Form 3051 1101 SEP, :1.~, E003 3-' 04PH M AMD T MORTgAgE R0,935 P.18 ?05 BY SIGNING BELOW, Bo~ower accepts aud agrees ~o ~he terms and covenants conu~,ued in this Security Instrument and in aay Rider execu[ed by Borrower s~d recorded with it, Wimesse~: ud~on ~ - (Seal) -Ro~ower -Borrower (Seal) (Seal) -Borrower (Seal) -~orrower (Seal) -Borrumver (Seal) -Borrower (Seal) 100114~0 i~6AiW¥! (00061,02 ~.0 0:{.:{.4 5 0 Form 3051 1/01 3:O~PM M AMD T MORTGAGE M01935 P.19 STATE OF WYOMING,~J~ '-F~-7-~ County foregoing instrument was acknowledged before m~ this Set~tembe~- ~,~ O~ by Hudson L. England and Carol England No~Y Pubi~ :L0011450 (~])~-6A(WYI Iooos),o2 Page 10011450 Form 3051 1/01 SEP.1~.~003 3:04PM M RMD T MORTGRGE M0.935 P,~O 710 FIXED/ADJUSTABLE RATE RIDER (One-Year Treasury Index - Rate Caps) THIS FIXED/ADJusTABLE RATE RIDER is made this lSt:h day of t~ep~:e~abe~:, 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 sam~ date given by the undersigned ("Borrower') to secure Borrower's Fixed/Adjustable Rate Note (the "Note") to ~ goxtgage Corporation ("Lender') of the same date and covering the property described in the Security Imtmment and located at: 903 h~l~Casb~r L~.ne, A~ton, 1~' G3110 [Property Address] THE NOTE PROVIDES FOR A CHANGE IN BORROWER'S FIXED INTEREST RATE TO AN ADJUSTABLE INTEREST RATE. THE NOTE LIMITS THE AMOUNT BORROWER'S ADJUSTABLE INTEREST RATE CAN CHANGE AT ANY ONE TIME AND THE MAXIMUM RATE BORROWER MUST PAY. ADDITIONAL COVENANTS. In addition to dae covenants and agreements made ha the Security Instrument, Borrower and Lender further covenant and agree as follows: A. ADJUSTABLE RATE AND MONTHLY pAIrMENT CHANGES The Note provides for an initial fixed interest rate of 4,750 %. The Note also provides for a change in the init'iai fixed rate to an adjustable interest rate, as follows: 4. ADJUSTABLE INTEREST RATE AND MONTHLY PAYMF. J~ CHANGES (A) Change Dates The initial fixed interest rate I will pay will change to an adjustable interest rare on the first day of Oci;ober, 2008 , and the adjustable interest rate I will pay may nhnnge on that day every I2fl~ month thereafter. The date on which my initial fixed interest rate changes tO an adjustable interest rate, and each date on which my adjustable interest rate could change, is called a 'Change Date." 100Z1450 10011450 MULTISTATE FIXED/ADJUSTABLE RATE RIDER. ONE-YEaR TREASURY INDI-'X- 8ingle Family - Fennie Ma~ Uniform Ins~rum,m~ (~-B43R (000~} O~ Form 311~2 1/0~ SEP. 16.~003 3:05PM M ~MD T MORTGAGE M0.935 P.~I 711 (B) The Index Beginning with the first Change Date, my adjustable/nteres~ rate wiil be bas~ on an Index, The "Index" is the weekly average yleld on United Stat~s Treasury se~rities adjusted to a constant msturity of one year, as made available by the Federal Reserve Board. The mos~ recent I~d~x ~ available as of the date 45 days before each Change Date is called the 'Ct=rent Index.' If ~he Index is no longer available, ~he Note Holder will choose a new index that is ba~d upon comparable informaion. The Note Holder will give m~ notice of this choice. (C) Calculation of Changes Bcfor~ each Chante Date, the Note Holder will cakulate my new int~r~t rate'by addi~ Two and ~:hre8 cluarl:ors pcrce~ragepoints ( 2.750 %) to the Current Index. The Note Holder will then round the result of this addition ~o the nearest o~te-ei~hth of one percentage point (0.125 %). Subject to the limits stated in Section 4(D) below, this rounded amouni will be my new intercs~ ram until the nex~ Change Da~. The Note Holder ,,rill thc~ determine the amount of the monthly payment that would be sufficient to r~pay the unpaid principal that I am expected ~o owe at tho Cha~e Date in full on th-, Maturity Date at my new interest rate in substantially equal payments. The r~suk of this calculation will be the new amount of my monthly paymanL (D) Limits on/nlerCgt Ra~ Chan~cs The int~res~ rate I am required to pay at the firs£ Change Date Will no~ be great= dian s. 75o % or less than ~. ?50 %. Thercaf~r, my adjustable interest rata will never be increased or decreased on any sin§lc Chau~e Da~e by more than two percentage poinLS from the rate of interest I have b~'n payin~ for the preceding 12 mo-~hs. My interest rate will never be great= than s.75o %. (E) Effective Date of Changes My ~w interes~ rate will become effective on each Chute Date. I will pay the ammml of my new monthly paym~'n~ bc~iug on the firs£ monthly payment date al~er the Chute Da~ u~til the amou~ off my monthly paym~a~ daanges again. ('~ Notice of Changes The Note Holder will deliver or mail to mc a notice of any changes iu my initial fix~l inter~st rate m au adjUStable inl~r=s£ rate and of any cha~es in my adjustable interest rate before the effective date of any change. The notice will include the amount of my monthly payment, any informs~ion requir~l by law ~o be given to mc and also the title and ~elephonc number of a person who will answer any question I may have fete'ding the notice. B, TRANSFER OF THF~ PROPERTY OR A BENEFICIAL INTER~ST IN BORROWER 1. Until Bon-ower's initial fixed interes£ rare changes ~o ~ adjustable interest rate under the terms srmed in Section A above, Uniform Covenant 1S of the S~urit%, Insin~uent shall mad as follows: 10011tN0 I~lflal~ 10011450 (~l~4aR (O006LO~ ~atle ~ of 4 Form 3'18a SEP.~G~003 3:05PH H 9HD T HORTGRGE H0.935 P.~ 712 , Transfer of the Property or a Beneficial Interest in Borrower As used i 'Inter ' " · a this Section 18, est in thc Property means any legal or beneficial interest ha the Property, including, but not hmlted to, those beneficial interests transferred in abond for deed, contract for deed, installment sales contract or es~ow agreement, the intent of which is the tramfer of tide by Borrower at a future date to a purchaser. If all or any part of the Property or any Interest in rite Property is sold or tmmferred (or if B.o..rrow~ is .no,t a npmral l~erson and a beneficial interest in Borrower is sold or transferred) ~wiu~sOgcu~.er s.p..no_r wq!tm) consent, .I~.nder may_ ~equire ~umedia~ p.yment in full of e urea oy mis ~ecunty lns[rumeat, rlowcvcr, this option shall not bc exercised by Lender if such exercise is prohibited by Applicable Law. et' If .I_e~..der ex.?cises t.his option, Lender shall give Borrower notic~ of acceleration. The n ~ce snau provl~ a period of not less than B0 days from the date the notice is given in accordance with Section 15 wi~in which Borrower must pay all sum~ secured by rigs Security Imtmment. If Borrower fails m pay these sums prior to rile eztpiration of this period, Lender may invoke any remedies permmed by this Security Instrument without further notice or demand on BorrOwer. 2. When Borrower's initial fixed interest rate changes to an adjustable interest rale under the mrms sated in Section A above, Uniform Covenant 18 of rile Security Insuument described in Section B1 above ~h.~l._~_e~n_c~e.a_sc_t_o? in~ .effect, and the provisions of Uniform Cov~aut lS of the Security Instrument shall Transfer of the Property or a Benellcial Interest in Borrower As used in thi.~ Section 1~," ' " ' ' * Interest m the Property means any legal or beneficial mterest in the Propelty, including, but not limited w, those beneficial interests tran.~ferred in a bond for deed, contract for deed, /nstallmem sale~ contract or escrow agreement, the intent of which is the tra~fer of title by Borrower at a future date to a parchaser. If all or any part of the Property or any Interest in the Property is sold or trausferred (or if B.o.rrow?.r is .no~ a aa.. tural ~o. emon and a beneficial interes[ in Borrower is sold or u'an~ferred) wimout cenrler s prior written consent, Lender may require immed/ate payment in full of all sums secured by this Security Instrument. However, this option shall not be exerched by Lender if such eXercise is prohibited by Applicable Law. Lender also shnl! not exercise this opt/on if: (a) Borrower causes re be subm/tte~to Lender information required by Lender to evaluate the intended transferee ss if a new loan were being made to the transferee; and (b) Lender reasormbly determines that Lender's security w/ii no~ he impaired by the loan assumption and e~. risk of a breach of any covenant or agreement in ~ Secur/ty'ln&mmlent is acceptable to To the extent permitted by Applicable Law, Lender may ehnrge a reasonable fee as a c.ondition to Lender's consent tq the loan assumption. Lender also ma~ mqu/re the transferee to sign an assm'npdon agreement that is acceptable w Lender and that obligates tho tra~feree to keep all the promises and asreemen~s made in the Note and in 'this Security Instmmeot. .Bert.ewer. will- c..ontinue ~ be obligated under the Note and th/s Security I~trament unless z.enaer releases norrower in writing. t~r~If Lende. r exerche_s the option to require immediate payment in full, I_t~der shall give wer_.not~, of .acc~.lerafi. on. Tlm_noQce s, hall provide a period of no; less than 30 days from ate me nonce is gtven m accordance with Section 15 within which Borrower must pay all ;I. 0011450 (~84.3R (0008).01 Inltlals.~~. 10011450 Form 3182 1/Ol SEP. 16.2003 3:06PM M AMD T MORTGAGE M0.'935 P.23 713 sums secured by rt~is Security Ir~strumeat. l/Borrower fails to pay ~ese sum, prior m t~e expiration of this pe4-iod, Lender may invoke auy remedies permitted by rhls Securi~ Iustrum~nt without further xlotice or demand on Borrower. BY SIGNING BELOW, Borrower a~cept~ and agrees ;to the tera~ md coveaants contained in this Fixed/Adjustable Rate Rider. ruaBon r. ~ BOrrower .(se~) -Borrower (Seal) -Borrower (s~) -]~orfowl~r -FIOITOW~r .(seal) (s~) -8o~wer -Bon~wer ZOOZ:L45O 0~843Fi (0006).01 P]ge 4 of 4 10011450 Form 3182 1101 TRACT To-wit: That part of the SW~SW~ of Section 24, T31N, RllgW, Lincoln County, Wyoming, described as follows: B£OINNIRO at a point N23o-SB,-00.E 923.75 feet from the southwest corner of said section 24, found as described in the Corner Record filsd in said office; thencs S~3"-42'-22,,E, 208.72 feet to a point; thence N2~"-17'-2~,E, 417.42 feat to a point: thence N~]e_42,.22,,W, ~08.7~ feet to a point; thence S26"~17'-2~,,W, 417.42 feet to the POINT OF BEGI}~ING; TOGETHER with the right of ingress and egrss~ and public utilities over and across a strip of land thirty feet in width. with th~ centerline described as follows; BEGIM~{IN~ at a spike S~6'-17' -2~-~., ~35.77 feet, from the easterly corner of the above described tract~ thence S89"~~'-03,,E, 63.79 £eet, to th~ b~innin9 of a circular curve to the right; thence southeasterly, along said circular curve, 93.26 feet, through a central angle of 5~"-~'-44, with a radius of 95.00 feet; thence S33o.29,.19,,E, 143.45 £eet, to the beginning of a circular curve to the left; thence easterly, alon~ said circular curve, 137.~1 feet, through a central angle of 68"-33'-43" with a radius of 115.0~ feet; thence N77"-5~'-58,,E, 70.15 feet, to the beginning of a circular curve to the left; thence northeasterlY, along said circular curve, 76.60 feet, through a central angle of 29°-15,-~7. with a radius of 150 00 feet; · thence N48"-41'-31"E, 80.10 feet, to the beginning of a circular curve to the right; thence northeasterly, along said circular curve. 40.72 feet, through a c~ntral angle of 30"-15!'-0~, with a radius of 77.1~ feet, to the westerly right-of-way line of Lancaster Lane County Ro~d No. ]~-]47; "l,'loclilicallon In ~ny w~¥ ol 1he I'o,E~oin~ de,,c~lpllon lel, mln~le.% IL~bihty ol the ~,l,rve,for" DESCRIPTIO}T FOR HUDSON L. EN~-LANI~ kNB CAROL EIIOLAND TRACT A- 2 PAGE TWO the northerly and southerl ri - _ ~mscrihed easemen~ to ~- ~-~ ~h% of way line6 of the above co meet ~he we.tar].. ~TS~"~:uanea.?r lengthened as necessa¢,- County Road No. 12-147 and th~ southeasterly boundary line of the above described acre tract; ~UBJECT to eamements of sight and of record; the BASE BEARING for this survey is the north line o~ the of said Sec~lon 2~, bein~ each "point,, marked by a 5/8" x 24" a 2~ · . .u:m[ re~forcln9 rod with aluminum cap ~nscribed "SURVEYOR SCHERRE LT~ BIG PINEY PLS 5368,, with appropriate details; each "spike" marked by a 3/8' x 12' steel spike referenced bg two (2~ 5/8" x ~4" steel reinforcing rods with 2" aluminum cap Inscribed "SURVEYOR SCHERBEL LTD BIG PItnEY WY PLS 5368". with appropriate de,ails; all i~l accordance with the plat prepared t~ be fi]ed In the Office of the Clerk of Lincoln Cou~t~ titled PLAT TO ACCO~4P~]Y PARCEL DIVISION APPLICATION FOR }{UDSON L. ENGI,AHD ~ND CAROL El]GLAND WITHIN THE WWSWW SECTION 2~ T31N Rllgw LINCOLN HYOMIN~,,, da~