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HomeMy WebLinkAbout893688: :5::?: .:??2::::.: Return To: WELLS FARGO HOME MORTGAGE, INC. 3601 MINNESOTA DR. SUITE 200 BLOOMINGTON, MN 55435 Prepared By: WELLS FARGO HOME MORTGAGE, INC. 1919 DOUGLAS,, OMAHA, 681010000 NE [Space Above Tlds Line For Recordh~g Data] MORTGAGE .53 .i_ 779 E00K PR PAGE DEFINITIONS Words used in nmltiple sections of this document are defined below and other words are defined in Sections 3, 11, 13, 18, 20 and 21. Certain roles regarding the usage of words used in Otis document are also provided ill Section 16. (A) "Security Instrument" means this document, which is datedSEPTEMBER 17, 2003 together with all Riders to this document. (B) "Borrower" is LARRY DEASON AND RONDA K DEASON, HUSBAND AND WIFE Borrower is the mortgagor:under this Security Instrument. (C) "Lender" is WELLS FARGO HOME MORTGAGE, INC. Lender is a CORPORATION orga~fized and existing under the laws Of THE STATE OF CALIFORNIA 0032788937 WYOMING-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT 4~®-6(WY} Iooo5} Page 1 of 15 Initials: VMP MORTGAGE FORMS - (8001521-7291 Form 3051 1/01 Lender' s address is P.O. BOX 10304, DES MOINES, IA 503060304 Lender is the mortgagee under this Security Instrument. (D) "Note" means the promissory note signed by Borrower and datedSEPTEm~ER 17, 2003 The Note states that Borrower owes Lender SIXTY SEVEN TNOUSAND ONE HUNDRED AND 00/100 Dollars (U.S. $ *****6?, 100. O0 ) plus interest. Borrower has promised to pay this debt in regular Periodic Payments and to pay the debt in full not later than OCTOBER 01, 2018 (E) "Property" means the property that is described below under the heading "Transfer of Rights in the Property." (1i) "Loan" means the debt evidenced by the Note, plus interest, any prepayment charges and late charges due under the Note, and all sums due under this Security Instrument, plus interest. (G) "Riders" means all Riders to fids Security Instrument that are executed by Borrower. The lbllowing Riders are to be executed by Borrower [check box as applicable]: ~-] Adjustable Rate Rider ~ Condominium Rider ~ Second Hmne Rider ~-] Balloon Rider [--] Plam~ed Unit Development Rider [---] 1-4 Fanfily Rider [--] VA Rider ~ Biweekly Payment Rider [~] Other(s) [sPecify] 0t) "Applicable Law" means all controlling applicable federal, state and local statutes, regulations, ordinances and administrative roles and orders (that have the effect of law) as well as all applicable final, non-appealable judicial opinions. (1) "Community Association Dues, Fees, and Assessments" means all dues, fees, assessments and other charges that are imposed on Borrower or the Property by a condonfinium association, homeowners association or similar organization. (J) "Electronic Funds Transfer" means any transfer of funds, other than a transaction originated by check, draft, or similar paper instrument, which is initiated through an electronic terminal, telephonic i~tstrument, computer, or magnetic tape so as to order, instruct, or authorize a financial institution to debit or credit an account. Such term includes, but is not limited to, point-of-sale transfers, autonmted teller nmchine transactions, transfers initiated by telephone, wire transfers, and autonmted clearinghouse transfers. (K) "Escrow Ite~ns" means those items that are described in Section 3. (L) "Miscellaneous Proceeds" means any conrpensation, settlement, award of damages, or proceeds paid by any third party (other than insurance proceeds paid under tlm coverages described in Section 5) for: (i) damage to, or destruction of, the Property; (ii) condenumti0n or other taking of all or any part of the Property; (iii) conveyance in lieu of condermmtion; or (iv) nfisrepresentations of, or omissions as to, the value and/or condition of the Property. (M) "Mortgage Insurance" means insurance protecting Lender against the nonpayment of, or default on, the Loan. (N) "Periodic Payment" mea~ts the regularly scheduled amount due for (i) principal and interest uuder 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 amended from time to time, or any additional or successor legislation or regulation that governs the same subject nmtter. As used in this Security Instrumem, "RESPA" refers to all requirements and restrictions that are imposed in regard to a "federally related mortgage loan" even if the Loan does not qualify as a "federally related mortgage loan" under RESPA. (~-6(WY) Iooosl Page 2 of 15 ImtiaJs: Form 3051 1/01 781 (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 Instruxnent 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, the following described property located ~n the COUNTY of LINCOLN : [Type of Recording Jurisdiction] /Name of Recording Jurisdiction[ LOT 2 OF BLOCK i OF THE GARNET STREET ADDITION TO THE CITY OF KEMMERER, LINCOLN COUNTY, WYOMING AS DESCRIBED ON THE OFFICIAL PLAT THEREOF. TAX STATEMENTS SHOULD BE SENT TO: WELLS FARGO HOME MORTGAGE, INC., P.O. BOX 10304, DES MOINES, IA 503060304 ParcellD Number: 122116232012100 1505 GARNET STREET KEMM~RER ("Property Address"): which currently has the address of [Street] lCityl , Wyoming 8 3101 [Zip Code] TOGETHER WITH all the improvements now or hereafter erected on the property, and all ease~nents, appurtenances, aud fixtures now or hereafter a part of fl~e property. All replacements and additions shall also be covered by this Security Instrument. All of the foregoing is referred to in this Security Instrument as the "Property." BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has the right to mortgage, grant and convey the Property and that the Property is unencumbered, except tbr encumbrances of record. Borrower warrants and will defend generally the title to the Property against all claims and denmnds, subject to any encumbrances of record. THIS SECURITY INSTRUMENT combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 1. Payment of Principal, Interest, Escrow Items, Prepayment Charges, and Late Charges. Borrower shall pay when due the principal of, and interest on, the debt evidenced by the Note and any prepayment charges and late charges due under the Note. Borrower shall also pay funds for Escrow Items pursuant to Section 3. Payments due under the Note and fids Security Instrument shall be nmde in U.S. currency. However, if any check or other instrument received by Lender as payment under the Note or fids Initials:__~__~__ (~-6(WY) (ooo51 Page 3 of lS Form 3051 1/01 Security Instrument is returned to Lender unpaid, Lender may require that any or all subsequent payments due under the Note and this Security Instrun]ent be made in one or more of the tbllowing forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, treasurer's check or caslfier's check, provided any such check is drawn upon an institution whose deposits are insured by a federal agency, instrumentality, or entity; or (d) Electroaic 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' payments are insufficient to bring the Loan current. Lender nmy accept any payment or partial payment insufficient to bring the Loan current, without waiver of any rights hereunder or prejudice to its rights to refuse such payment or partial payments in the future, but Lender is not obligated to apply such payments at the time such payments are accepted. If each Periodic Payment is applied as of its scheduled due date, then Lender need not pay interest on mmpplied funds. Lender may hold such mmpplied funds until Borrower makes payment to bring the Loan current. If Borrower does not do so within a reasonable period of time, Lender shall either apply such funds or return them to Borrower. If not applied earlier, such funds will be applied to the outstanding principal balance under the Note inunediately prior to foreclosure. No offset or claim which Borrower nfight have now or in the future against Lender shall relieve Borrower from nmking payments due under the Note and tiffs Security Instrument or perfornfing the covenants and agreements secured by this Security Instrument. 2. Application of Payments or Proceeds, Except as otherwise described in this Section 2, all payments accepted and applied by Lender shall be applied in the following order of priority: (a) interest due under the Note; (b) principal due under the Note; (c) amounts due under Section 3. Such payments shall be applied to each Periodic Payment in the order in which it became due. Any renmining amounts shall be applied first to late charges, second to any other amounts due under tlfis Security Instrunmnt, and then to reduce the principal balance of the Note. If Lender receives a payment from Borrower for a delinquent Periodic Payment which includes a sufficient amount to pay any late charge due, the payment may be applied to the delinquent payment and the late charge. If more than one Periodic Payment is outstanding, Lender may apply any payment received from Borrower to the repayment of the Periodic Payments if, and to the extent that, each payment can be paid in full. To the extent that any excess exists after the payment is applied to the full payment of one or more Periodic Payments, such excess may be applied to any late charges due. Voluntary prepayments shall be applied first to any prepayment charges and'then as described in the Note. Any application of payments, insurance proceeds, or Miscellaneous Proceeds to principal due under fl~e Note shall not extend or postpone the due date, or change the amount, of the Periodic Payments. 3. Funds for Escrow Items. Borrower shall pay to Lender on the day Periodic Paylnents are due under the 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 which can attain priority over this Security Instrument as a lien or encmnbrance on the Property; (b) leasehold payments or ground rents on the Property, if any; (c) premiums Ibr any and all insurance required by Lender under Section 5; attd (d) Mortgage Insurance prenfimns, if any, or any sums payable by Borrower to Lender in lieu of the payment of Mortgage Insurance premiums in accordance with the provisions of Section 10. These items are called "Escrow Items." At origination or at any time during the term of the Loan, Lender nkay require that Colmnunity Association Dues, Fees, and Assessments, if any, be escrowed by Borrower, and such dues, fees and assessments shall be an Escrow Item. Borrower shall promptly funfish to Lender all notices of amounts to be paid under this Section. Borrower shall pay Lender the Funds for Escrow Items mfless Lender waives Borrower's obligation to pay the Funds for any or all Escrow Items. Lender may waive Borrower's obligation to pay to Lender Funds tbr any or all Escrow Items at any time. Any such waiver nmy tuffy be in writing. In the event of such waiver, Borrower shall pay directly, when and where payable, the amounts Initials: ~ i~-6(WY) {ooo5) P~g~ 4 o~ ~ Form 3051 1/01 783 due for any Escrow Items for which payment of Funds has been waived by Lender and, if Lender requires, shall funfish to Lender receipts evidencing such payment within such time period as Lender xnay require. Borrower's obligation to make such payments and to provide receipts shall for all purposes be deemed to be a covenant and agreement contained in this Security Instrument, as the phrase "covenant and agreement" is used in Section 9. If Borrower is obligated to pay Escrow Items directly, pursuant to a waiver, and Borrower fails to pay the amount due for an Escrow Item, Lender may exercise its rights under Section 9 and pay such mnount and Borrower shall then be obligated under Section 9 to repay to Lender any such alnount. Lender ~nay 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, rut are then required under fids Section 3. Lender nmy, at any time, collect and hold Funds in an amount (a) sufficient to permit Lender to apply the Funds at the time specified under RESPA, and (b) not to exceed the maximum amount a lender can require under RESPA. Lender shall estimate the amount of Funds due on the basis of current data aud reasonable estinmtes of expenditures of future Escrow Items or otherwise in accordance wid~ Applicable Law. The Funds shall be held in an institution whose deposits are insured by a federal agency, instnnnentality, or entity (iucluding Lender, if Lender is an institution whose deposits are so insured) or in any Federal Home Loan Bank. Lender shall apply the Funds to pay the Escrow Items no later than the time specified under RESPA. Lender shall not charge Borrower for holding aud applying the Funds, annually analyzing the escrow account, or verifying the Escrow Items, unless Lender pays Borrower interest on the Funds and Applicable Law permits Lender to nuke such a charge. Unless an agreement is made iu writing or Applicable Law requkes interest to be paid on the Funds, Lender shall not be required to pay Borrower any interest or earnings on the Funds. Borrower and Lender can agree in writing, however, that interest shall be paid on the Funds. Lender shall give to Borrower, without charge, an amxual accounting of the Funds as required by RESPA. If there is a surplus of Fuuds held in escrow, as defined under RESPA, Lender shall account to Borrower for the excess funds in accordance wifl~ RESPA. If there is a slmrtage of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to make up the shortage in accordance with RESPA, but in no more than 12 monthly payments. If there is a deficiency of Funds held in escrow, as defined nnder RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to nuke up the deficiency in accordance with RESPA, but in no more than 12 monthly payments. Upon payment in full of all sums secured by this Security Instrument, Lender shall promptly refund to Borrower any Funds held by Lender. 4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines, and impositions attributable to the Propeity which can attain priority over Offs Security Instrument, leasehold payments or ground rents on the Property, if any, and Conumufity Association Dues, Fees, and Assessments, if any. To the extent that these items are Escrow Items, Borrower shall pay them in the mamxer 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 nmnner acceptable to Lender, but only so long as Borrower is perfornfing 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 the lien to this Security Instrument. If Lender determiues that any part of the Property is subject to a lien which can attain priority over fids Security Instrument, Lender may give Borrower a notice identifying the Initials: .~ (~-6(WY) (ooo~} P~g~ s o~ ~s Form 3051 1/01 784 lien. Within 10 days of the date on which that notice is given, Borrower shall satisfy the lien or take one or more of the actions set forth above in this Section 4. Lender may reqmre Borrower to pay a one-time charge for a real estate tax verification and/or reporting service used by Lender in com]ection with this Loan. 5. Property Insnrance, Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included within the term "extended coverage," and any other hazards including, but not limited to, earthquakes and floods, for which Lender requires insurance. This insurance shall be ~naintained in the a~nounts (including deductible levels) and for the periods that Lender requires. What Lender requires pursuant to the preceding sentences can change during the term of the Loan. The insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's right to disapprove Borrower's choice, which right shall not be exercised unreasonably. Lender may require Borrower to pay, in com~ection with this Loan, either: (a) a one:time charge /hr flood zone determination, certification and tracking services; or (b) a one-time charge for flood zone deterutination and certification services and subsequent charges each time remappings or sinfilar changes occur which reasonably might affect such determination or certification. Borrower shall also be responsible for the payment of any fees imposed by the Federal Emergency Management Agency in cmmection with the review of any flood zone deternfination resulting f¥om an objection by Borrower. If Borrower fails to nmintain any of the coverages described above, Lender may obtain insurance coverage, at Lender's option and Borrower's expense. Lender is under no obligation to purchase any particular type or amount of coverage. Therefore, such coverage shall cover Lender, but 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 nfight provide greater or lesser coverage than was previously in effect. Borrower acknowledges that the cost of the insurance coverage so obtained might significantly exceed the cost of insurance that Borrower could have obtained. Any amounts disbursed by Lender under this Section 5 shall becoine additional debt of Bon'ower secured by this Security Instrument. These amounts shall bear interest at fl~e Note rate from the date of disbursement and shall be payable, with such interest, upon notice from Lender to Borrower requesting payment. All insurance policies required by Lender and renewals of such policies shall be subject to Lender's right to disapprove such policies, shall include a standard mortgage clause, and shall name Lender as mortgagee and/or as an additional loss payee. Lender shall have the right to hold the policies and renewal certificates. If Lender requires, Borrower shall promptly give to Lender all receipts of paid prentiums and renewal notices. If Borrower obtains any form of insurance coverage, not otherwise required by Lender, for damage to, or destruction of, the Property, such policy shall include a standard mortgage clause and shall name Lender as mortgagee and/or as an additional loss payee. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender ]nay make proof of loss if not nmde promptly by Borrower. U~fless 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 ecouonfically feasible and Lender's security is not lessened. During such repair and restoration period, Lender shall have the right to hold such insurance proceeds until Lender has had an opportunity to inspect such Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender nmy disburse proceeds fbr the repairs and restoration in a single payment or in a series of progress payments as the work is completed. U~fless an agreement is made in writing or Applicable Law requires interest to be paid ou such insurance proceeds, Lender shall not be required to pay Borrower any interest or eanfings on such proceeds. Fees for public adjusters, or other flfird parties, retained by Borrower shall not be paid out of the insurance proceeds and shall be the sole obligation of Borrower. If the restoration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with Initials: ~ I~;)~-6(WY) Iooo51 Page 6 of 15 Form 3051 1/01 t.}H'93 7 85 the excess, if any, paid to Borrower. Such insurance proceeds shall be applied in the order provided tbr 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 front Lender that the insurance carrier has offered to settle a claim, then Lender may negotiate and settle the claim. The 30-day period will begin when the notice is given. In either event, or if Lender acquires the Property under Section 22 or otherwise, Borrower hereby assigns to Lender (a) Borrower's rights to any insurance proceeds in an amount not to exceed the amounts unpaid under the Note or this Security Instrument, and (b) any other of Borrower's rights (other than the right to any refund of unearned premiums paid by Borrower) under all insurance policies covering the Property, insofar as such rights are applicable to d~e 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 resi,dence fur at least one year after the date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be um:easonably wiflfl~eld, or unless extenuating circumstances exist which are beyond Borrower's control. 7.' Preservation, Maintenance and Protection of the Property; Inspections. Borrower shall not destroy, danmge or impair the Property, allow the Property to deteriorate or cormnit waste ou the Property. Whether or not Borrower is residing in the Property, Borrower shall maintain the Property in order to prevent the Property from deteriorating or decreasing in value due to its condition. Unless it is deternfined pursuant to Section 5 that repair or restoration is not economically teasible, Borrower shall promptly repair the Property if damaged to avoid further deterioration or danmge. If insurance or condenmation proceeds are paid in com~ection with damage to, or the taking of, the Property, Borrower shall be responsible for repairing or restoring the Property only if Lender has released proceeds for such purposes. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as the work is completed. If fl~e insurance or condemnation proceeds are not sufficient to repair or restore the Property, Borrower is not relieved of Borrower's obligation for the completion of such repair or restoration. Lender or its agent may make reasonable entries upon and inspections of the Property. If it has reasonable cause, Lender may inspect the interior of the improvements on the Property. Lender shall give Borrower notice at the time of or prior to such an interior inspectiou 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 eutities acting at the direction of Borrower or with Borrower's knowledge or consent gave materially false, nfisleading, or inaccurate infom~ation or statements to Lender (or tailed to provide Lender with ~naterial information) in connection with the Loan. Material representations include, but are not limited to, representations concerning Borrower's occupancy of the Property as Borrower's principal residence. 9. Protection of Lender's Interest in the Property and Rights Under this Security Instrument. If (a) Borrower fails to perform the covenants and agreements contained in this Security Instrument, (b) there is a legal proceeding that might sigxfificantly affect Lender's interest in the Property and/or rights under this Security Instrument (such as a proceeding' in bankruptcy, probate, for condenumtion or tbrfeiture, tbr enforcement of a lien which may attain priority over fids Security Iustrument or to entbrce 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 limited to: (a) paying any sums secured by a lien which has priority over this Security Instrument; (b) appearing in court; and (c) paying reasonable Initials: I~-6(WY) Iooo~l Page 7 of 15 Form 3051 1/01 attorneys' fees to protect its interest in the Property and/or rights under this Security Instrument, including its secured position in a bankruptcy proceeding. Securing the Property includes, but is not limited to, entering the Property to make repairs, change locks, replace or board up doors and windows, drain water from pipes, eliminate building or other code violations or dangerous conditions, and have utilities turned on or off. Although Lender may take action under this Section 9, Lender does not have to do so and is not under any duty or obligation to do so. It is agreed that Lender incurs no liability for not taking any or all actions authorized under this Section 9. Any amounts disbursed by Lender under this Section 9 shall become additional debt of Borrower secured by this Security Instrument. These amounts shall bear interest at the Note rate from the date of disbursement and shall be payable, with such interest, upon notice from Lender to Borrower requesting payment. If this Security Instrument is on a leasehold, Borrower shall comply with all the provisions of the lease. If Borrower acquires fee title to the Property, the leasehold and the fee title shall not merge mfless Lender agrees to tim merger in writing. 10. Mortgage Insurance. If Lender required Mortgage Insurance as a condition of nmking tile Loan, Borrower shall pay tim premiums required to maintain the Mortgage Insurance in effect. If, Ibr auy reason, the Mortgage Insurance coverage required by Lender ceases to be available t¥om the mortgage insurer that previously provided such insurance and Borrower was required to make separately designated payments toward the prenfiums for Mortgage Insurance, Borrower shall pay the prenfimns required to obtain coverage substantially equivalent to the Mortgage Insurance previously in effect, at a cost substantially eqnivalent 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, Borrower shall continue to pay to Lender the amount of the separately designated payments that were due when the insurance coverage ceased to be in effect. Lender will accept, use and retain these payments as a non-refundable loss reserve in lieu of Mortgage Insurance. Such loss reserve shall be non-refundable, notwithstanding the fact that the Loan is ultimately paid in full, and Lender shall not be required to pay Borrower airy interest or earnings on such loss reserve. Lender can no longer require loss reserve payments if Mortgage Insurance coverage (in dxe amount and for the period that Lender requires) provided by an insurer selected by Lender again becomes available, is obtained, and Lender requires separately designated payments toward the prenfiums for Mortgage Insurance. If Lender required IVlortgage Insurance as a condition of making the Loan and Borrower was required to nmke separately designated payments toward the premiums for Mortgage Insnrance, Borrower shall pay the prenfiums required to maintain Mortgage Insurance in effect, or to provide a non-refundable loss reserve, until Lender's requirement for Mortgage Insurance ends in accordauce with 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 reinthurses 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 umy enter into agreements with other parties that share or modify their risk, or reduce losses. These agreements are on terms and conditions that are satisfactory to the mortgage insurer and die oflmr party (or parties) to these agreements. These agreements nmy require tile mortgage iusurer to make payments using any source of funds that the mortgage insurer may have available (which n~y include funds obtaiued t¥om Mortgage Insurance prenfimns). As a result of these agreements, Lender, any purchaser of the Note, mmther insurer, any reinsurer, any oliver entity, or any affiliate of any of the foregoing, amy receive (directly or indirectly) amounts that derive from (or might be characterized as) a portion of Borrower's payments for. Mortgage Insuralme, in exchange for sharing or modifying the mortgage insurer's risk, or reducing losses. If such agreement provides fl~at an affiliate of Lender takes a share of the insurer's risk in exchange /hr a share of the preufiulns paid to fl~e insurer, the arrangemeut 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. Initials: ~ (~i~-6(WY) 1ooo5~ Page e of ~5 ' Form 3051 1/01 (b) Any such agreements will not affect the rights Borrower bas - if'any - with respect to tile Mortgage Insurance under the Homeowners Protection Act of 1998 or any other law. These rights may include the right to receive certain disclosures, to request and obtain cancellation of the Mortgage Insurance, to have the Mortgage Insurance terminated automatically, and/or to receive a red, nd 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 danmged, such Miscellaneous Proceeds shall be applied to restoration or repair of the Property, if the restoration or repair is economically feasible and Lender's security is not lessened. During such repair and restoration period, Lender shall have the right to hold such Miscellaneous Proceeds until Lender has had an opportunity to inspect such Property to ensure the work bas been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly, Lender may pay tbr the repairs and restoration in a single disbursement or ill a series of progress payments as the work is completed. U~fless an agreement is made in writing or Applicable Law requires interest to be paid on such Miscellaneous Proceeds; Leuder shall not be required to pay Borrower 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 the sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. Such Miscellaneous Proceeds shall be applied in the order provided for in Section 2. In the event of a total taking, destruction, or loss in value of the Property, the Miscellaneous Proceeds shall be applied to the sums secured by fids Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. In the event of a partial taking, destruction, or loss in value of the Property in which the fair market value of tl~e Property immediately before the partial taking, destruction, or loss iu value is equal to or greater than the amount of the stuns secured by this Security Instrument inunediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the sums secured by tiffs Security Instrument shall be reduced by the amount of the Miscellaneous Proceeds multiplied by the following fraction: (a) the total amoum of the sums secured inunediately before the partial taking, destruction, or loss in value divided by (b) the fair nmrket value of the Property ilmnediately before the partial taking, destruction, or loss in value. Any balance shall be paid to Borrower. In the event ora partial taking, destruction, or loss in value of the Property in which the fair nharket value of the Property innnediately before the partial taking, destruction, or loss in value is less than the mnount of the sums secured innnediately before the partial taking, destruction, or loss in value, mdess Borrower and Lender otherwise agree in writing, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrunmnt 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 iu the next sentence) offers to make an award to settle a claim for damages, Borrower fails to respond to Lender witlfin 30 days after the date the notice is given, Lender is authorized to collect and apply the Miscellaneous Proceeds either to restoration or repair of the Property or to the sums secured by tiffs Security Instrument, whether or not then due. "Opposiug Party" means the third party that owes Borrower Miscellaneous Proceeds or the party against whmn Borrower has a right of action in regard to Miscellaneous Proceeds. Borrower shall be in default if any action or proceeding, whether civil or criminal, is begun that, in Lender's judgment, could result in forfeiture of the Property or other material i~npairment of Lender's interest in the Property or rights under this Security Instrument. Borrower can cure such a delhult 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 nmterial 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 the Property are hereby assigned and shall be paid to Lender. All Miscellaneous Proceeds that are not applied to restoration or repair of the Property shall be applied in the order provided for in Section 2: Initials: (~-6(WY) Iooo~1 Page 90116 ' Form 3051 1/01 788 12. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or modification of amortization of the sums secured by this Security Instrument granted by Lender to Borrower or any Successor in Interest of Borrower shall not operate to release the liability of Borrower or any Successors in Interest of Borrower. Lender shall not be required to 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 Instrument by reason of any demand made by the original Borrower or any Successors in Interest of Borrower. Any Ibrbearance by Lender in exercising any right or remedy including, without linfitation, Lender's acceptance of payments from flfird persons, entities or Successors in Interest of Borrower or in a~nounts 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 fids Security Instrument only to mortgage, grant and convey the co-signer's interest in the Property under the terms 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 accommodations with regard to the terms of this Security Instrument or the Note without the co-signer's consent. Subject to the provisions of Section 18, any Successor in Interest of Borrower who assumes Borrower's obligations under this Security Instrument in writing, and is approved by Lender, shall obtain all of Bon'ower's rights and benefits under tltis Security Instrument. Borrower shall not be released from Borrower's obligations and liability under this Security Instrument unless Lender agrees to such release in writing. The covenants and agreements of this Security Instrument shall bind (except as provided in Section 20) and benefit the successors and assigns of Lender. 14. Loan Charges. Lender ~nay charge Borrower fees for services performed in connection with · Borrower's default, 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. In regard to any Other fees, the absence of express authority in this Security Instrument to charge a specific fee to Borrower shall not be construed as a prohibition on the charging of such fee. Lender nmy not charge fees that are expressly prohibited by this Security Instrument or by Applicable Law. If fire Loan is subject to a law which sets n~aximum loan charges, and that law is finally interpreted so that the interest or other loan charges collected or to be collected in connection with the Loan exceed the pernfitted limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to the permitted limit; and (b) any sums already collected from Borrower which exceeded pernfitted limits will be refunded to Borrower. Lender may choose to make this refund by reducing the principal owed under the Note or by making a direct payment to Borrower. If a refund reduces principal, the reduction will be treated as a partial prepayment without any prepayment charge (whether or not a prepayment charge is provided ~br under the Note). Borrower's acceptance of any such refund made by direct payment to Borrower will constitute a waiver of any right of action Borrowe/nfight have arising out of such overcharge. 15. Notices. All notices given by Borrower or Lender in connection with fids Security Instrument must be in writing. Any notice to Borrower in com~ection 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 unless Applicable Law expressly requires othe~,ise. 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 tbr reporting Borrower's change of address, then Borrower shall only report a change of address through flint specified procedure. There lnay be only one desigxmted notice address under this Security Instrument at any one time. Any notice to Lender shall be given by delivering it or by lnailing it by first 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 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. (WY) (ooo5) v~e ioof is Form 3051 1/01 789 16. Governing Law; Severability; Rules of Construction. This SecUrity Instrument shall be governed by federal law and the law of the jurisdiction in which the Property is located. All rights and obligations contained in this Security Instrument are subject to any requirements and limitations of Applicable Law. Applicable Law might explicitly or implicitly allow the parties to agree by contract or it nfight be silent, but such silence shall not be construed as a prohibition against agreement by contract. In file 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 tiffs Security Instrument: (a) words of the masculine gender shall mean and include corresponding neuter words or words of the femi~fine gender; (b) words in the singular shall mean and include the plural aid vice versa; and (c) the word "~nay" 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 Borrower. As used in this Section 18, "Interest in the Property". means any legal or beneficial interest ia the Property, including, but not limited to, those beneficial interests transferred in a bond for deed, contract for deed, installment sales contract or escrow agreement, the intent of which is the transfer of title by Borrower at a future date to a purchaser. If all or auy part of the Property or auy Interest in the Property is sold or transferred (or if Borrower is not a natural person and a beneficial interest in Borrower is sold or transferred) without Lender's prior written consent, Lender may require inunediate payment in full of all stuns 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 file notice is given in accordance with Section 15 Within which Borrower nmst pay all sums secured by this Security Instru~nent. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies pernfitted by this Security Instrument without further notice or demand on Borrower. 19. Borrower's Right to Reinstate After Acceleration. If Borrower meets certain conditions, Borrower shall have the right to have enforcement of this Security Instrument discontinued at any time prior to the earliest of: (a) five days before sale of the Property pursuant to auy power of sale contained in this Security Instrument; (b) such other period as Applicable Law might specify for the ternfimtion of Borrower's right to reinstate; or (c) entry of a judgment enforcing this Security Instrument. Those conditions are that Borrower: (a) pays Lender all stuns which then would be due under tiffs Security Instrument and the Note as if ~m acceleration had occurred; (b) cures auy default of any other covenants or agreements; (c) pays all expenses incurred in enlbrcing this Security Instrument, includiug, but not limited to, reasonable attorneys' tees, property inspection and valuation lees, and other lees incurred for the purpose of protecting Lender's interest in the Property and rights under this Security Instrument; and (d) takes such action as Lender may reasonably require to assure that Lender's interest in the Property and rights under this Security Instrument, and Borrower's obligation to pay the sums secured by this Security Instrument, shall continue unchauged. Lender may require that Borrower pay such reinstatement sums and expenses 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 eutity; or (d) Electro~fic Funds Transfer. Upon reinstatement by Borrower, this Security Instrument and obligations secured hereby shall renmin 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 ~night result in a change in the entity (k~mwn as the "Loan Servicer") that collects Periodic Payments due under the Note and this Security Instru~nent and performs other mortgage loan servicing obligations under the Note, this Security Instrument, and Applicable Law. There also ~night be one or ~nore changes of the Loan Servicer unrelated to a sale of the Note. If there is a change of the Loan Servicer, Borrower will be given written notice of the change which will state the name and address of the new Loan Servicer, the address to wkich payments should be nmde and any other ixztbrnmtion RESPA (~I~-6(WY) (ooos} P~g. 11 of 1'5 Form 3051 1/01 ?90 requires in com~ection with a notice of transfer of servicing. If the Note is sold and thereafter the Loan is serviced by a Loan Servicer other than the purchaser of the Note, the mortgage loan servicing obligations to Borrower will renmin with the Loan Servicer or be transferred to a successor Loan Servicer and are not assumed by the Note purchaser mfless otherwise provided by the Note purchaser. Neither Borrower nor Lender may commence, join, or be joined to any judicial action (as either an individual litigant or the ~nember of a class) that arises frmn 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 other party (with such notice given in compliance with the requirements of Section 15) of such alleged breach and afforded the other party hereto a reasonable period after the giving of such notice to take corrective actiou. If Applicable Law provides a time period which must elapse before certain action can be taken, that time period will be deemed to be reasonable for purposes of this paragraph. The notice of acceleration and opportunity to cure given to Borrower pursuant to Section 22 and the notice of acceleration given to Borrower pursuant to Section 18 shall be deemed to satisfy the notice and opportunity to take corrective action provisions of this Section 20. 21. Hazardous Substances. As used iu this Section 21: (a) "Hazardous Substauces" are those substances defined as toxic or hazardous substances, pollutauts, or wastes by Euvirmm~ental Law and the following substances: gasoline, kerosene, .other flamumble or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or formaldehyde, 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 enviromnental protection; (c) "Enviromnental Clemmp" includes any response action, remedial action, or removal action, as defined in Enviromnental Law; and (d) au "Enviromnental Coudition" ~neans a condition that can cause, contribute to, or otherwise trigger an Environmental Cleanup. Borrower shall not cause or pernfit the presence, use, disposal, storage, or release of any Hazardous Substances, or threaten to release any Hazardous Substances, on or in the Property. Borrower shall not do, nor allow anyone else to do, anything affecting the Property (a) that is in violation of any Euviromuental Law, (b) which creates an Enviromnental Condition, or (c) which, due to the presence, use, or release of a Hazardous Substance, creates a condition that adversely affects the value of the Property. The preceding two sentences shall not apply to fl~e presence,. use, or storage on the Property of snhall quantities of Hazardous Substances that are generally recognized to be appropriate to nonml residential uses and to maintenance of the Property (including, but not lixnited 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 govenunental or regulatory agency or private party involving the Property and any Hazardous Substance or Environmental Law of which Borrower has actual knowledge, (b) auy Enviro~m~ental Condition, including but not limited to, any spilling, leaking, discharge, release or threat of release of any Hazardous Substance, and (c) any condition caused by the presence, use or release of a Hazardous Substance which adversely affects the value of the Property. If Borrower learns, or is notified by any governmental or regulatory authority, or any private party, that any removal or other re~nediation of any Hazardous Substance affecting the Property is necessary, Borrower shall promptly take all necessary rmnedial actions in accordance with Envirmunental Law. Nothing herein shall create any obligation on Lender tbr an Enviro~m~ental Clea~mp. Initial~: ,~ I~)~-6(WY) 1ooo5) Page ~2 o~ lS Form 3051 1/01 NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows: 22. Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration following Borrower's breach of any covenant or agreement in this Security Instrument (but not prior to acceleration under Section 18 unless Applicable Law provides otherwise). The notice shall specify: (a) the default; (b) the action required to cure the default; (c) a date, not less than 30 days from tbe date the notice is given to Borrower, by which the default must be cured; and (d) that failure to cure the default on or before tbe date specified in the notice may result in acceleration of the sums secured by this Security Instrument and sale of the Property. The notice shall further inform Borrower of the rigbt 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 tbe (late 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 ali 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 slmll 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 purcbase the Property at any sale. The proceeds of the sale shall be applied in the following order: (a) to all expenses of the sale, including, but not limited to, reasonable attorneys' fees; (b) to all sums secured by this Security Instrument; and (c) any excess to the person or persons legally entitled to it. 23. Release. Upon payment of all sums secured by this Security Instrument, Lender shall release this Security IrkStrument. Borrower shall pay any recordation costs. Lender nmy 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 permitted under Applicable Law. 24, Waivers. Borrower releases and waives all rights under and by virtue of the holnestead exemption laws of Wyonfing. Initials: Page 13 of 15 Form 3051 1/01 -;::::5:::.::' C:.-?: ' ': BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained ill this Security Instrument and in any Rider executed by Borrower and recorded with it. Witnesses: ~Seal) -Borrower RONDA K DEASON -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (~)~;6(WY) Iooo~1 Page 14 of 15 Form 3051 1/01 STATE OF WYOMING, L±ncoln County ss: The foregoing instrument was acknowledged before me this 17th day of September, 2003 by LARRY DEASON AND RONDA K DEASON My Commission Expires: February 2, 2006 ~~-AND/~.L. NOV-~YPUB1JC Notary Public Initials: ~'~ (~-6G(WYllooos! PagelSof15 Form 3051 1/01