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HomeMy WebLinkAbout878311OZO156Zt Remm To: Prepared By: [Spac- Above This Lima For Re~ording Data] MORTGAGE DEFINITIONS Words used in multiple sections of this document a.re defined below and other words are defined in Sections 3, 11, 13, 18, 20 and 21. Certain rules regarding the usage of words used in this document are also provided in Section 16. (A) Securay lt, strtm~ent me,ms this docurn~;t, which is data Decembep 28 2001 together with ali R~ders to this document, (B) "Borrower" isHeryl N Pierce. A Single Person Borrower is tim mortgagor under this Security Instrummtt. (C) "Le,tder".is Major Mortgage orgmd×cd and existing under the laws of Wyomq ng P.[ERCE .MN JA 1012884 0 WYOM1NG.~inOIe Famiiv-F~nnl. M~elFreddle Mare UNIFORM INSTRUMENT Form 305~ 1/01 vMP MO~T~AO[ FO~M8, ([00)Bl1.~291 L:nder's addr~Sis 1920 Thomes Avenue Suite 200. Cheyenne, WY 82001 Lender is the mmlgagee under this Security Instrument. (D) "Note" means the promissory note signed by Borrower and dated December 28, 2001 The Note states that Borrower owes Lender Si xty Seven Thousand and no/100 Dollars (tJ,S. $ 67. 000.00 ) plus interest. Borrower los promised to pay this debt in regular Periodic Payments and to pay the debt in full not later than January ~., 2032 (E) "Property" means the property that is' described below under ate heading "Transfer of Rights in the Property." (F) "Loan" mearm 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) "Rtder~'r means ,ql Riders to this Security Instrument that are executed by Borrower. The following Riders are ~o be executed by Borrower [check box as applicable]: '[.~ Adjustalfle Rate Rider ~ Condomnium Rider [~ Second Home Rider Balloon Rider ~ Planned Unit Development Rider ~ 1-4 Family Rider [".,,] VA Rider Biweekly Payment Rider ~] Other(s) [specify] tH) "Applicable Law" means all controlling applicable federal., state and local statutes, regular[ohS, ortlinm~ces and administrative rules and orders (that have the effect of law) as well as all applicable final, non-appealable judicial opinions. (1) "Community A~,qociatlon Dues, Fees~ and A~,sessments" means all dues, fees, assessments and other cl~arges that are imposed on Borrower or the Property by a condominium ass0ciation, homeowners association or similar organization. (J) "Electronic lq. ods Transfer" means any transfer of funds, other thm~ a tran.qaction originated by cheek, draft, or similar paper instrument, which is initiated through an electronic terminal, telephonic instrument, compulcr, or nmgnetio tape so ~s to order, instruct, or authorize a financial institution to debit or credtt an accoum. Such term includes, but is no~ Umitcd to, poor-of-sale transfers, automated teller machh~e transactions, transfers init[areal by telephone, wire transfers and automated ¢learinghouse transfers. (K) "Escrow lten~.~" means those items that are described in Section 3. (L) "Miscellaneous Proceeds" means any compensation, settlement, award of damages, or proceeds pai(l by any third party (other than insurance proceeds paid under [he coverages described in Section 5) for: da.maRe to, or tlestruc[ion of, the Property; (U) condmnnation or other taking of all or any part of tb.e Proper~yl ([ii) convcym~cc m lieu of condemnation; or (iv) misrepresentations of, or omissions as ~o, the value m~d/or condition of the Property, (bi) "Mortgage Imam'artec" means insurm~ce protecting Lender against the nonpayment of, or default on, the I.oan. (N) "PeriodlePayment." means the regularly scheduled mnount due for ti) principal and interest under the Note, plus (il) any amounts under Section 3 of this Security Instrmnenr. (O) "RESPA" memos the Real Estate Settlement Procedttres Act (12 U.S.C. Section 2601 et seq.) and its implementing regulation, Regulation X (24 C.F,R. Part 3500), a8 they r~ght be amended from lime to time, or any additional or successor legislation or regulation that governs the stone subject matter. A~ used m [hi.~ S~Curity Instrument. "RESPA" refers to .all requirements and restrictions that are imposed In regard m a "federally related mortgage loan" even if the Loan does not qualify as a "federally related mortgage loan" under RESPA; PIERCE,MN dA 1012884 .,,~,,, .~rl.~_,~c~' 0 (~,6(WY) 1ooo5) eoao ~. o~ 'i~, Form 3051 1/01 25 5 5 0 (l') ~ucce~sor in lnter~;t of Borrower" means any party that has taken title to the Property, whether or not that patay has assxtmed Borrower's obligations under the Note and/or this Security Instrument. TRANSFER OF RIGHTS IN THE PROPERTY This Security Instrumc~t secures to Lender: (i) the repayment of the Loan, and all renewals, extensions a~d modilications of the Note; and (ii) the performance of Borrower's covenants and agreements nnder this Security Instrument ~nd the Note, For this purpose, Borrower does hereby mortgage, grant m~d convey to Lc,~der aad Lender's successors ,'md assigns, with power of sale, the followin g described property localcd in the of : [Type of Recording ;/uflsdietion] [Name of Recording Jurisdiction] Lot ~0, Robert Louis Strout Subciivision, being part of_ tlqe $~1/4 of Section 29, T37N. Rllgw, 6th P.M:, as shown by the Official Plat of said subdivision, filed ~n the Office of the Clerk of Lincoln County, Wyom~ ng. Parcel ID Number; 37182940222100 which currently h~s the address of [Street] 268 Sawmil 1 Road [city1 , Wyomk~g 83128 [zip Alpine ("Property TOGETHER WITH ~1 the improvements now or hereafter ¢rec¢ on ~e propetxy, ~d all easement,s, appumenmt6~s, and fixtures no~ or hereafter a part of ~e prop¢rty. All [epl~em~ts and ndditions shall nlso be covered by this Scarify Instn~nt, All of ~e foregoing is refert~ to in this Security Instrument ~ the "Property," BORROWER COVENANTS that Borrower is lawfally seised 0f ~ estate hereby conveyed ~d has the right m mortgage~ .gt~t ~d convey the ~openy ~d that the Property is unencumbered, e~cept for encumbt~ccs of record.' Borrower w~r~ts and will defend generMly d~e title to the Prope~y against all claims ~d d~ds, snbj~t to ~y encumbrances of record. THIS SECURITY INSTRUMENT combines unifom~ ~ven~ts for national use ~d non-uniform covenants wkh litMted variations by jurisdictio~ to constitute a untfo~ security instrument covcri~ renl propemy, UNIFORM COVENANTS. Borrower and ~nder coven~t and agree ~ follows: 1, Payment of ~nc[pal, Inter.t, E~crow It.s, ~epa~ment Charge, and Late Charge. Boffower shall pay when duo ~e pr~cipal .of, and interest on, ~e debt ¢vid~c~ by the Note and ~y prepayment charges ~d late charge~ due under the Note, Bo~owet shall Mso pay funds for Escrow pursaam to Scotian 3. Paym~ts due under the Note ~d this S~urity Instrument ~h~l be ~de in U,S, tuff.racy, However~ if any ch~k or o~et instrument r~e[v¢ by ~nder as payment under the Not~ or tht~ Security Instrument is returned to Lender unpaid, I.x:nder may require that any or all subsequent payments duc under thc Note and this Security lnstrumem be made in one or more of the following forms, as selected by Lender: (a) cash; (b) money orderl (e) certified cheek, bank cheek, treasurer's check or cashier's check, provided any sucl~ check is drawn upon an institution whose deposits are insure~l by a federal agency, instrumentality, or entity; or (d) Electronic Funds Transfer. Payments are deemed received by Lender when received at the location designated in the Note or at such other location as may be designated by Lender in accordance with the notice provisions in Section 15. l~mder may return any payn~ent or pa~ial payment if the payment or partial payments arc insufficient to bring the Loan current. Lender may accept any payment or pard~ payment insufficient to bring the Loan current, without waiver of any rights hereunder or prejudice to its righdq to refuse such payment or partial payments in the future, but Lender is not obligated to apply such payments at the time such payments ,'tre accepted. If each Periodic Payment ts applied as of its scheduled duc date, then l.ender need not pay mtere,qt on unapplied funds. Lender may hold such unapplied funds until Borrower makes payment tO bring thc Loan current. If Borrower does not do so within a reasonable periotl of time, Lender shall either apply suel~ funds or return them to Borrower. If not applied earlier, such funds will he applied.to the omstanding principal balmme under tile Note immediately prior to foreclosure. No offset er claim which Borrower might have now or in the future against Lender shall relieve Borrower from making payments due under thc Note and this Security Instrument or performing the covenants and agrcement~ secured by this Security Instrument, 2, Application of pa~ments or Proceeds. Except a~ otherwise described in this Section 2, all payments acx~.epted and applied by Lender shall be applied in the following order of priority: (a) interest duo under the Note; (h) principal duc under the Note; (c) amounts due under Section 3, Such payment.q shall be appli~ to each Periodic Payment in the order in wltich it became due. Any remaining amouats shall be applied first to late charges second to may other amounts doe under this Security Instrumcmt, a~d ther~ to reduce, tile principal balm~co of the Note. Ir Lender receives a paymeut from Borrower for a delinquent Periodic Payment which includes a sufficient mnount to pay ~ny late charge due. the payment may be applied to the delinquent payment and tim hie charge. If more than one Periodic Payment is outst~ding, Lender may apply any payment received from Borrower to the repayment et' the Periodic Payments if, and to the extent that, each payment c,'m be paid in full, TO tile extent that any excess exists after the paymeut is applied to the full payment of one or more Periodic Payment.q, sucli 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 paymeats, insurance proceeds, or Miscellaneous Proceeds to principal due under the Note shall uot extend or postpone the due date, or change the amount, of the Periodic Payments 3, Funds foe Escrow Items. Borrower shall pay to Lender on the day Periodic Payments arc duc under the Note, until tile Note is paid in full, a sum (the "Funds") to provide for payment of amounts due for: (a) taxes and assessments ~md other items which can attain priority over ti.is Security Instrument as a lien or eneumBrmtcc on Iht Propertyl (b) leasehold payments or ground rents on the Property, if any; (c) premiums for any ~uut all insurance required by Lender under SeCtion 51 and (d) Mortgage Insurance premiums, if any, or any sums payable by Borrower to Lender in lieu of the payment of Mortgage Insurance premiums in accord,'mce with the provisions of Section 10. These items are called "Escrow Items." At origination or at any time daring the term of the Loan, Lender may require that Community AssociatiOn Dues, Fees, and Assessments, if any, he escrowed by Borrower, and such dues, fees and assessments shall be an Escrow Item. Borrower shall promptly furnish to Lender ali notices of amounts to be paid under this Section'. Borrower shall pay Lender the Funds for Escrow Items unless Lender waives Borrower's obUgation to pay the Funds for ,any or all Escrow Items. Lender may waive Borrower's oblillation to pay to Lender Funds for any or ali Escrow Items at any time. A~y such waiver may.only be in writing. In the eYent of such waiver, Borrower shall pay directly, when and where payable, the mnounts PIERCE .MN JA 1012884 ~,~ 0 In,l~:~ Form 3061 1101 2,-/ DEO 28 2001 FRI 12,50 PM HAJOR MORTGAGE FAX NO, 13076347299 P 28 "' due for any Escrow Imms for which payment of Funds ha.'~ been waived by Lender and, if Lender requires, shall furnish to Lender receipts evidencing ~uch payment within such time period a.~ Lender may reqtfire, 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 "cow.'nant and agreement" is used in Section 9. I~' Borrower is obligated to pay Escrow Items directly, pursuant to a waiver, and Borrower fails to pay the amount due for au Escrow Item, Lender may exercise its rights under Section 9 and pay such amount and Borrower shall then be obligated under Section 9 to repay to Lender any such amount, Lender may revoke the walvet as to any or all Escrow Items at any time by a notice given in accordance with Section 15 and, upon such revocation, Borrower shill pay to Lender all Funds. and in sucl~ amounts, that are then required under this Section 3. Lender may, at any time, collect and hold Funds in an amoum (a) sufficient to permit Lender to apply the Funds at the time specified under RESPA, and (b) not to exceed tile maximum amount a lender can req~,ire under. RESPA. Lender shall estimate the muount of Funds due on the basis of current data and reasonable estimates of expenditures of future Escrow Items or otherwise in accordance with Applicable [,aW. The Funds shall be held in an institution whose deposits are i~sured by a federal ageucy, instrumentality, or entity (including Lender, if Lender is an institution whose deposits arc so insured) or in any Federal Home Loan Bank. Lender shall apply the Funds to pay the Escrow Items no later than thc time specified under RESPA. Lender shall not charge Borrower for holding and applying the Funds, annually analyzing the escrow account, or verifying the Escrow Items, unless Lender pays Borrower interest on the Funds and Applicable Law permlts Lender to make such a chaxge. Unless an agreement is made in writing at Appli~;able Law requires interest to be paid o~ the Funds, Lende~ 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 annual accounting of the Funds as required by RESPA. If there is a surplus of Funds held in escrow, as defined under RESPA Lender shall account to Borrower for the excess funds in accordance with RESPA. If there is a shortage of Funds held in escrow, as 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 m escrow, as defined under RESPA, Lender shall notify Borrower as requited by RESPA, and Borrower shall pay to Lender the amount necessary to make up the deficiency in accordance with RESPA, bus in no more tha,~ 12 monthly payments, Upon payment in full of all sums secur~.xl by this Security Instrument, Lender shall promptly refund to Borrower ;thy Funds Imld by Lender, 4, Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines, and imposition~ attributable to the Property which can attain priority ov;.~ this Security Instrument, leasehold payments or ground rents on the Property, tf any, and Community AssoCiation Dues, Fees, and Assesstnents, if any. To the extent lhat these items are Escrow Items, Borrower shall pay them in the manner 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 file obligatlon secured by the lien in a nm_nner aeceptt~ble to Lender, .but only so long as Borrower is performing such agreement; (b) contests Uae lien in good faith by, or del'raids against enforcement of tim lien in, legal proceedings which in Lender's opinion operate to prevent the enforcemcnt of the lien while those proceedings are pending, but only until such proceedings are concluded; or (¢) secures from the holder of the lien an agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender deterraines that any part of the Property is subject to a lien which can attain priority over this Security Instrument, Lender may give Borrower a notice identifying the 0 Form30~l lt01 ~-~(WY) ,00061 ..~. s o~ ~ 553 lien. Wilhin 10 days of the date on which that notice is given, Borrower shall satisfy the lien or take one or more o[' the actions set fortlt above in this Section 4. Lender may require Borrower to pay a one-time charge for a real estate tax verification and/or reporting setwicu used by Lettder in connection with this Loan. 5. Property Insurance. Borrower shall keep thc improvements now existing or hereafter erect~t on the property insured against los~ by fire, hazards included within the term "extended coverage, and any other haz. ards including, but not limited to, earthquakes and floods, for which Lender requires insurance. This insurance shall be maintained in the mnou~ts (including deductible levels) and for the periods t~at Lender requirus. What Lender requires pursuant to the preceding sentences can change during the term of the Loan. The t~sur~mee carrier providing the insurance shall be chosen by Borrower subject to Lender'~ right to disaP}~rove Borrower's choice, witich right shall not be exercised unreasonably. Lender may require Borrower to pay, in co~m~tion with this Loan, ~ither: (a) a one-time charge for floo¢ zone detennhsation, certification and track~.ng services; or (b) a one-time charge for flood rnne determination ~md certification services and subsequent charges each time remappings or similar changes occur which re;~sonably might affeei such delermlnation or eertii~cation. Borrower shall also be responsible for tl~e payment of any fees imposed by the Federal Emergency M~agement Agency in connection with thc review o1' a~y flood zone determination resulting from an o'0jection by Borrower. If Borrower fails to maintain m~y of the coverages described above, Lender may obtain insurance coverage, at I.ender's option and Borrower's expense, Lender is under no obligation to pur'dtasc any p~rticular type or amount or coverage. Therefore, such coverage shall cover Lender, but might or might nm protect Borrower Borrower's equity in the Property, or the contents of rile Property, against any risk, haard 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 tnsx~ranoe that Borrower could have obtained, Any mnoums disbursed by Lender under this Section ~ shall become additional debt of Borrower secured by this Security Instrument. These amounts shall bear interest at thc Note ram from the dale of disbursement and shall be payable, with such interest, upon notice from Lender to Borrower requesting paymc~nt. All insurance policies required by Lender and renewals of such policies shal be subject to Lender's right to dis~pprove such policies, shall include a standard mortgage clause, and shall name Lender a~ modgagee and/or as an additional loss payee. Lender shall have the right to hold the policies and rel~¢wal certificates. If I.~nder requires, Borrower shall promptly give to Le~der all receipts of paid preordains and renewal notices, Ii" Borrower obtains any form of insurance coverage, not otherwise required by Lender, for dm~mac to, or destruction o~, the Property, such policy shall include a standard mortgage clause and droll r~ame Lender as mortgagee and/or as an additional loss payee. In lite event o~ loss, Borrower shall ~.Ive prompt notice to the insurance carrier and Lender. Lender may rhake l~roof of loss if ~ot made p~omptly by Borrower, U~less Lender ~ fl Borrower otherwise agree in writing, any insurance proceeds', whether or not ate underlying insurance w~s requlrM by Lender, shall be applied to restoration or repair of the Property, if the restoration or repair is economically feasible anti Lender's security is t~ot lessened, During such repair and restoration period, Le~tder shall have the right to hold such insurance proceeds until Lender has had an opportunity to inspect such Property to enstu'e the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly, Lender rrmy disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as the work is completed. Unless an agreement is m~e in writing or Applicable Law requires inmrest to b~ paid on such insurance proceeds, l~mder shall not bc required to pay Borrower any interest or earnings on such proceeds. Fees for public adjusters, or other third parties, retained by Borrower shall ~mt be paid out of the insurance proceeds and shall be the sole obligation of Borrower. lr the r~storation or repair is not economically feasible or Lender's securi~.y would be lessened, the insurance proceeds shall be appl}ed lo the sums secured by ih~s Security Instrument, whether or not then d~c, with PIERCE, MN ,lA 1012884 i~i~i.~,,~. 0 Form 3051 1/01 29 the excess, ii any, paid to Borrower. SuCh insurance proceeds shall be applied in the order provided for in Section 2. If Borrower abandons the Property, Lender may file, negotiate and settle any available insurance claim and related matters. If Borrower does not respond within 30 days to a notice from Lender that the insurance carrier has offered to settle a claim, then Lender amy negotiate and settle the claim. The 30-day period will begin when the notice is given. In either event, or if Lender acquires thc Property under Section 22 or otherwise, Borrower hereby assigns to Lender (a) Borrower's rights to any insurance proceeds in an mount not to exceed the amounts unpaid under the Note or this Security Instrument, mxd (b) any other o1' BorroWc't's rights (other than the right to any rel'und of unearned premiums paid by Borrower) under all insuranCe policies covering the Property, insofar ~s such rights ate applicable to the coverage el' the Property. Lender may use the insurance proceeds either to repair or restore the Property or ~o pay amounts unpatd under the Note or this Security Instrument, wlmthet or not then due. ti. Occupancy. Borrower shall occupy, establish, and use the Property as Borrower's principal rcs~denc~ within 60 days after the execution of this Security Instrument and shall continue to occupy the Property as Borrower's principal residence for at least one year a~r the date of occupancy, unless Lender ~lherwise agrees in writing, which consent shall not be tmreasouably withheld, or unless extenuating ckcumstances exist which are beyond Borrower's control. 7, Pr~ervation, Maintenance' and Protection o1' the.Propertyl Inspections. Borrower shall not destroy, damage or impair the property, allow the Property to deteriorate or commit waste on the Property. Whether or not Borrower is residing in the Property, Borrower shall maintain the Property in ortler to prevent tim Proper~y from deteriorating or decreasing in value due' to its condition. Unless it determined pursuant to Section 5 that rep~r or restoration is not economically feasible, Borrower shall promptly repair the Property if damaged to avoid further deterioration or damage. If insurance or eondermmkm proceeds are paid in connection wXth damage to, or the taking of, the Property, Borrower shall be responsible for repairing or restoring the Property only if Leafier has released proceeds for such purposes. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progres~ payments as the work is comp!etcd. If the 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 insp~tions of *.he Property. If it ha.~ reasonable cause, Lender may inspect the interior of the tmprovemeuts on the Property, Lender shall give Borrower notice at the time or.or prior to such an interior inspection specifying such reasonable cause, 8, Borrower's Loan Application, Borrower shall be in default if, during the Loan application process, Borrower or ,'my persons or entities acting at the direction of Borrower or with Borrower's k~owledge or consent gave materially false, misleading, or inaccurate information or statements to Lender (or faired to provide Lender with material information) in connection with. the Loan. Material representations include, but are nm limited to, reprcsemations concerning Borrower's occupancy of the Property a~ Borrower's principal residence. 9, Protection of Lender's Interest in the Property and Rights Under thi~ Security Instrument, It' (a) Bo rrowet fails to perform the covenants and agreements contained in this Security Instrument, (b) there is a legal proceeding that might significantly affect Lender's interest in the Property and/or rights under this Security Instrutnent (such as a proceeding In bankruptcy, probate, for condemnation or ?orfeiture, for enforcement of allen which may attain priority over this Security Instrument or to enforce laws or regulations), or (c) Borrower has abandoned the Property, then Lender may do and pay for whatever Is reasonable or appropriate to protect. Lender's interest in the Property and rights under this S~.x~urity Instrument, including protecting and/or assessing the value of the Property, and securing and/or repairing the Property. Lender's action.q can Include, but are not limited t.o: (a) paying any sums secured by a lien which has priority over this Security Instrument; (b) appearing in coon; and (c) paying reasonable 0 PIERCE.~qN dA 1012884 DE0-28-2001FRI 12:52 PM MAJOR MORTGAGE FAX NO, 13076347299 P 31 , , · , ' ro ertv and/or rights under this Security Instramem, t~eluding attorneys' fees to pro!cdt tls mieres, t tn the P! ..P_~_ '~..,..,~h.~, the Prooetl~ tncladeS, but is not limited to, lB secured ~si[ion m a b~kmp~cy preceding ......... -- ~d windows, drain water entering the Prope~y [o ~ke repMrS, chide locks, repl~e or bo~d up doors from pipes, eliminate building or o~er code ~iol~[on~ or d~gerous conditions. ~d have utilities turned on or off, Al~ough ~nder may t~e action under ~is Section 9, ~mder does not have to do so }m~ is not under my duty o[ obligation to do so, It ts a~reed ~at ~nder incurs no liability for not taking any or ~i actious authoriz~o under this Section 9. Any ~lounls disbursed by ~der under this Sction 9 sh¢l become ~ditio~al debt of Bo~ower secured by thi~ Security Instrument. These ~ounts shall hear imerest a~ the Note rate from the date of dislmrsemem and shall be payable, with such interest, upon notice t~om ~nd~ to Borrower reqaesting payment, If this Security Ins~m~nt is on a leasehold, Bo~ower shall comply with MI the provisions of lbo lease. If Borrower acquires fee title to the Propemy, thc leasehold m~d ~e fee title sh~ not merge unless Imnder agree~ to the m~rger in writing. 10, Me.gage lmuraace. If ~nder rcquirM Moggage Insur~ce as a condition of m~ing the ~, Borrower ~h~l pay the premiums required to maimain the Mortgage I~surance in effect. If, for any re. on, the Mortgage Iasar~ce mverag¢ required by ~nder ceases to be available from the momgage insurer that previously provided such i~urmce ~d Borrower w~ required to m~e s~a~el7 designated paymcmts tow~trd t. he pren?~t~ for Mortgage ln~urm~, Bo~ower shall pay the pre. urns required to obtain coverage subst~ua y equivalent to the Mortgage Insurance previously in eff~t, at a cost sub~t~tialty equivalent [o the cos~ to Borrower of ~e Mortgage Insurance previously in eff~t, fronl m alternate mortgage i~surer selected by ~nder, If subst~ti~ly equivocal Mortgage Insur~ce mverage b not o a to ~nd~ the ~oant of the ~eparately designated paymems ~at available, Bo~ower shall cominue ~ p y · · ........ '.'r Will a~e"t, use ~d retain dmso were duc when thc hlsur~c¢ ~veragc ceased to o~ m elrCC~. ~nuc v payments a~ a non-refimdable loss rese~e in lieu of Moggage Insur~ce. Such loss rescue shall be nOn-refundable, no~ithnanding the fact ~at ~c ~ is ultimately paid in ~11. and ~nder sh~l not be required to pay Borrower ~y intere,,t or e~nlags on such loss reserve. ~nder c~ no longer requi~ loss reserve payments if Mortgage lnsur~ce coverage (In ~e amount md for the period tttat ~der requires) provided by m insurer selected by ~nder again beco~s available, is obtaln~, ~d Lender requires separately designated paymen[~ towed the pre.urns for Mortgage In,urine, If ~nder required Modgage Insurance as a co~dkion of ~ing the ~ and Bo~wer was required to ~c separately designa~d payments ~owarO d~e premiums for Mortgage Insura~, Borrower shall pay the pre[urns required to maintain MmXgage Insurance ia ef¢~t, or to provide a non-refundable loss reserve, until ~nder's requirement for Mortgage Insurmcc en~ tn ~cord~c¢ wi~ ~y writt~ agr~mem between Bo~ower ~d I ~nder providing for sucl~ tennin~ion or until [ern~nation is re, quire by Applicable ~w, No¢llng in ~t8 Section l0 affects BorroweCs obligation to pay interest a~ ~c rate provide in the Note. Mortgage Insur~ce reimburses ~nder (or ~y emily that purchases the Note) for crtain lease* it ~y incur if Borrower does no~ repay ~e ~m as agreed, Bo~owcr is not a pony to the Motl$age Mortgage insurer~ evalaate their total risk on all such insurmlce in fo~ from time to time, and may enter into ngr~mcmts wid~ o¢~er p~i~q that share or nmdify their risk, or r~uce tosse~, ~ese agreemenls are on te~s and ~ndidom that are satisfactow to the modgag* insurer and the off, er pray (or pmies) to ¢~ese agrccr~nts. ~ese agreements ~Y require thc mortgage iamrer to make payment~ using any soume of funds that the mortgage insurer may have available (which may include ~nds obtained from Mortgage: Insurm~ premiums), As a result of th'ese age.menu. ~nder; ~y purchaser of the Note, ~other insurer, any reiosurer, of the foregoing, may receive (dirtily or indirectly) amounts that any o~her entity, or any affiliate of ~Y as) a portion o¢ Bo~ower's payt~tS for Mortgage Insur~c¢, in derive from (or ~ght be ch~acted¢ cxd~ange for sharlng o~ modifying the moggage insurer's risk, or ~ueing losses. If such agrcment provides that an affiliate of Lender t~es a share o¢ th~ insurer's risk in exchm~ge for a share of the premiums paid to d~e insurer, the arrmgement is often termed "captive ~insurm~," Farther; (a) Any such a~ments will not a[f~t the amounts that Borrow~ has agr~d to pay for Mortgage Insurance, or an~ other t~m~ o[ thc l.oan, Such agr~ment~ will not incr~se the amount Borrower ~ll owe for Mortgage l~mrance, and thef wgl not m~ti[lc Borrnwer to anf rotund. 0 PIERCE, MN dA 1012884 ~ ~ Form 3051 1~01 Po;o 5 of 1 B 31 RTG~qGE FAX NO, 13076347299 F, o: (b) Any such agreements will not affect thc rights Borrower has - if any - with respect to the Mortgage lnsurauce under the llomeowners Protection Act of 1998 or any other law. These rights may inehtde the right to receive certain disclosures, to request and obtain cancellation of the Moctgnge Insurance, to have the Mortgage Insurance terminated automatically, and/or to receive a rebind of any Mortgage Insurance premiums that were unearned at the time of such cancellation or termination. II. Assignment of Miscellaneous Proceeds; Forl'eiture. All Miscellaneous Proceeds ~e hereby assigned to and shall be pilot to Lender. If the Proper~y is damaged, such Miscellaneous Proceeds shall be applied to restoration or repair of the Property, ir thc 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 an opportunity to inspect such Property to ensure the work has been completed untilLcnder, sl,cndersatisFaction,has had provided that such inspection shall be undertaken promptly, Lender nuay pay for the rep.'drs and restoration in a single disbursement or in a 'series of progress payments as the work is completed. Unle.~s an agreement is made in writing or Applicable Law requires interest to be paid on such Miscellaneous Proceeds, Lender shall ~ot be required to pay Borrower any interest or earnings on suc. h. .Miscellaneous Proceeds. If the restoration or repair is not economically feasible or Lender's security woula be lessened, the Miscellaneous Proceeds shill be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if ~y, paid to Borrower. Such Miscellaneous Proceeds shall be applied in ~he order provifl~ for in Section 2 In the event of a total taking, destruction, or loss in value of the Proper~y, thc Miscellaneous Pr?coeds sh~l be applied to the sums seeueed by this Security Instrument, whether or not then duc, 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 v~lue o~ the Property immediately before the partial taking, destruction; or loss in value is equal to or greatcr than the amount of the sums secured by this Security Instrument immediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by the amount of the Miscellaneous Proceeds multiplied by the following fraction: (a) thc total amount of the sums secured immediately before tt~e partial taking, destruction or loss in value divided by (b) the fair market value of the Property immediately before the partial taking, destruction, or loss in value. Any balance shall be paid to Borrower. In the event of a partial taking, destruction, or loss in value of thc Property in which the fair n~arket ~alue of the Property immediately before the partial taking, destruction, or loss in value is less than the amoum of thc sums secured immediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument whether or not the sums are tt~en dtie. ~ tYd~in,~ai~ednebxYt Borrower, or if, after notice by Lender rd Borrower that the Oppol.~lltg ~;P(e;s sentence) Offers to make ~ award to settle a claim for damages. Borrower fails ~o respond to Lender within 30 days after the dare'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 this Security Instrument, whether or not then due. "Opposing Party" means the third party that owes Borrower Miscellaneous Proceeds or the party against whom Borrower has a right of action ~n regard rd Miscellaneous Proceeds. Borrower shall be in default il~ any action or proceeding, whether civil or criminal is begun that, in of Lender's Lender. judgment, could result in forfeiture dC the Property or other rrmterial impairment interest in the Property or rigl~ts under'this Security Instrument. Borrower can cure such a default ~md, if acceleration has occurred, reinstate as provided in Section 19, by causing the action or proceeding to bc dismissed with a ruling that, in Lender's judgment, precludes forfeiture of the Property or other material hnpairm~t of Lender's interest in the Property or rights under this Security Instrument. ~xe 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. PIERCE .MN dA 1012884 (~-6[WY} .ooor'l pu~ 9 ,~r 15 Form ;3051 1/01 12, Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or modification of amortization or 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 o~ Borrower, Lender shall not be required to commence proceedings against any Successor in Intere.~t of Borrower or to refuse to extend time for payment or otherwise modify ammtlzation of the sum.~ secured by this Security Instrument by reason of any demand made by the original Borrower or any Successors in Interest of Borrower, Any forbearance by Lender in exercising any right or remedy including, without limitation, Lender's acceptance of payments from third persons, entities or Successors in Interest of Borrower or in amounts less thm~ the amount then duc, shall not be a waiver of or preclude the exercise of may right or remedy, 13, Joint anti Several Lmb hty, Ce.signers; Successors and Assigns Bound, Borrower covcnams and agrees that Borrower's obligations and liability shall be joint and several. However, any Borrower who ¢o..signs this Security Instrument but does not execute the Note (a "co-signer"): (a) is co-signing this Security Instrument tuffy to mortgage, grant and convey the co-signer's interest in the Property under the terms of this Security Instrument; Co) 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 m~y accontmodafions with regard to the terms of this Security Instrument or the Note without thc co-slgner's consent. Subject to the provisions of Section 18, any SuCcessor in Interest of Borrower who assumes Borrower's oblii;ations under this Security Instrument in writing, and is approved by Lender, shall obtain all o~' Borrower's rights and benefits under this Security Instrument. Borrower shall not be released from Borrower's obligations and liability ur der this Security Instrument unless Lender agrees to such release in wrlttng, The covenants and agreements of this Security Instrument shall bind (except as provided Section 20) and benefit the successors and assigns of Lender. 14, Loan Charges, Lender may charge Bo/tower fees for services perform~ in connection with Borrower's default, for the put,pose 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 chasge 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, sets maximum loan charges, and that law is finally interpreted so that thc interest or other loan charges collected or to be collected in connection with the Loan exceed the pem~itted 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 e~ceeded permitted Im~its wtll 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 ts provided for under the Note). BorroWer's acceptance of any such ref~md made by direct payment to Borrower will constitute a waiver of any right of action Borrower n'2.ght have arising out of'such overcharge, 15. Notices. Ali notices given by Borrower or Lender in connection with this Security Instrument must be in writing. Any notice to Borrower in connection with this Security Instrument shill be deemed to lmve been given to Borrower when mailed by first class mail or when actually delivered to Borrower's ~totice Mdress if sent by other mea~s. Notice to any one Borrower shall constitute notice to nil Borrowers unless Applicable Law expressly requires otherwise, The notice address shall be the Property Address unless ~rrower has designated a substitute notice address by nailer to Lender, Borrower shall prompdy notify Lender of Borrower's change of address. If Lender specifies a procedure for reporting Borr°wer'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 Instramem at any one ti. mc. Any notice to Ix:rider shall be given by delivering it or by mailing it by first class mail to Lender's address stated herein unless Lender has designated another address by notice to Borrower, Any notice m connection with this Security Instrument shall not be deemed to have been given to Lender until actually received by I.~mder. If any notice required by this Security Instrument is ~so required u~der Applicable Law, the Applicable Law requirement will satisfy the corresponding requirement under this Security Instrument. 0 f'IERCE,HN dA 1012884 Farm 'gO,~'l 1/01  .$(WYI tooo~ ~,uo lo o~ ~ 33 DE0-28-2001 '; .......... · ...................... ' ...................... ......... ..... ................................................................ FRI 12,54 Pil YIAJOR NORTGC~GE FAX NO, 13078347299 P, 34 16. Governing I,aw; Scverabllity; Rui~ 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 ohllgatlon,q contained in this Security Instrumcng are subject to any requirements and limitations of Applicable Law. Applicable Law might explicitly or implicitly allow thc parties to agree by contract or it m~gi~t be silent, but such alienor shall not be construed as a prohibition against agreement by contract. In tile' 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 eft'oct without the conflicting provision. As used ia this Security Instrument: (a) words of the masculine gender shall mean and Include corresponding neuter words or words of the feminine gender; (b) words in the singular shall mean and include the plural and vice versa; ,'md(e) tile word "may" gives sole discretion without any obligation to take any action. 17, Borrower's Copy, Borrower shall be given one copy of the Note and of this Security Instrument, 18. Transfer of the Property or a Beneficial Interest tn Borrower, As used in this Section 15, "Interest in the property" means any legal or beneficial interest in the Property, including, but not limited to, those beneficial interests transferred in a bond for deed, contract for deed, installment sales contract or escrow agreement, tile intent of which is the transfer of title by Borrower at a future date to a purchaser. If alt or any p art o f the Propert .y or, any Interest. in the Property, is sold or transferred. (or if Borrower, . is not a natural person and a beneficial ~nterest m Borrower ~s sold or transferred) w~thout Lender s prior wrilten consent, Lender may require immediate payme~t in full of all sums secured by this Security Instrument. However, this option shall not be exercised by Lender if such exercise is prohibited by Appli cable L aw. If l. xrnder exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days fronl the date the notice is given in accordance with Section i5 within which Borrower must pay all sums secured by this Security Instrument If Borrower Falls to pay these sums prior to the expiration of this period, Lender may invoke any rcTnedies penrdttcd by this Security I~strument without further notice or demand on Borrower, 19, B0rroweffs Right to Reinstate After Acceleration, If Borrower meets certain conditions, Borrower shall have the right to have ~forcement of this Security Instrument discontinued at any time prior to thc earliest of: (a) five.days before sale of the ProperW pursuant to any power of sale contained in this S~urity Instrut~r~nt; (b) such other period as Applicable Law might specify for the terndrmtion of Borrower's right to reinstate: or (c) entry of a judgment enforcing this Security Instrument, Those conditlons are that Borrower: (a) pays l~nder all sums which then would be due under this Security Instrument and the NOte as if no acceleration had occurred: (b) cure.~ any default of any other covenants or agreetnems; (c) pays all expenses incurred tn enforcing this Security Instrument, including, but not limited to, reasonable attorneys' fees, property inspection ~md valuation fees, and other fees incurred for the pm'pose of protecting Lender's interest in the Property and rights under this Security Instrument; and (d) t~cs such action as Lender may reasonably require to unsure 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 InstrumenL shall continue unchanged. Lender may require that Borrower pay such reinstatement sums and expenses in one or more Of the following l'onns, as selected by Lender; (a) cash; (b) money order: (e) certified check, bank check, treasurer's check or cashier's check, provided any such cheek ts drawn upon aa institution' whose deposits are insured by a federal agency, instrumentality or entity: or (d) Electronic Funds Transfer. Upon reinstatement by Borrower, this Security In~tmment and obligations secured hereby shall remain fully effective as if no acceleration had occurred, However, this right to reinstate shall not apply in thc ease of acceleration under Section 18, 20. Sale of Note; Change of Loan Servicerl Notice o~ Grievance. The Note or a partial interest in Ihe Note (together with this Security Instrument) can be sold one or more times without prior notice to norrower, A sale ~ght result in a ~ange in the entity (known as the "Loan Serviceff) that collects Periodic Payments due under thc Note and this Security Instrument and performs other mortgage loan servicing Obligations under the Note, .this Security Instrument, and Applicable Law. There als0 might be one or more changes or the Loan Servicer unrelated to a stir of the Note. If there is a change of the Loan Servicer, Borrower will be given written notice of thc change which will state the name and address of the new loan Servicer, the address to which payments should be made and any oLher information RESPA 0 PI ERCE,ltN dA 1012884 (~6(WYI ¢oo~1 P~ ~ o~ l:orm 3051 1/01 of any Hazardous Substance affecting the Property is necessary, Borrower shall promptly take all necessary remedial actions in accordance with Environmental law, Nothing h~rein shall create any obligation on Lender for an Environmental Cleanup. PIERCE,MN dA 1012884 ..,.,,,,.:~,~¢ 0 (~e, 6[WY) 10oo~l P~,-.o 12 O~ 15 Farm 3051 1/01 DEC-28- ti 02 57 ...... FAX NO, - ..... P, 02 requires in connection with a notice of transfcr of servicing. If the Note is sold and tllcreaRer the Loan is serviced by a Loan Servicer other titan the purchaser of the Note, the mortgage loan servicing obligations to Borrower will remain with the Loan Servicer orbe transferred to a successor Loan Servicer 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 judicia~ action (as either an individual litigant or the member of a class) that arises from the other party's actions pursuant to this Security Instrument or that alleges that the other party has breached any provision of, or any duty owed by reason of, this Security Instrument, until such Borrower or Lender has notified the 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 action. If Applicable Law provides a time period which must elapse before certain action can be taken, that time period will be deemed to be reasonable for purposes of this paragraph. The notice of acceleration and opportunity to cure given to Borrower pursuant to Section 22 and the notice of acceleration given to Borrower pursuant to Section 18 shall be deemed to satisfy the notice and opPortunity to take corrective action provisions of this Section 20. 21. Hazardous Substances. As used in this SectiOn 21: (a) "Hazardous Substances" are those substances defined as toxic or hazardous substances, pollutants, or wastes by Environmental Law and the following substances: gasoline, kerosene, other flammable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestOs or formaldehyde, and radioactive materials; (b) "Environmental Law" means federal laws and laws of the jurisdiction where the Property is located that relate to health, safety or environmental protection; (e) "Environmental Cleanup" includes any response action, remedial action, or removal act/on, as defined in Environmental Law; and (d) an "Environmental Condition" means a condition that can cause, contribute to, or otherwise trigger an Environmental Cleanup. Borrower shall not cause or permit the presence, use, disposal, storage, or release of any H~ardous Substances, or threaten to release any Hazardous Substances, on or ltl the Property, Borrower shall not do, nor allow anyone else to do, anything affecting the Property (a) that is in violation of any Environmental Law, (b) which creates an Environmental Condition, or (c) which, due to the presence, use, or release of a Hazardous Substance, creates a condition that adversely affects the value of the Property. The preceding two sentences shall not apply to the presence, use, or storage on the Property of small quantities of Hazardous Substances that are generally recognized to be appropriate to normal residential uses and to maintenance of the Property (including, but not limited to, hazardous substances in consumer products). Borrower shall promptly give Lender written notice of (a) any investigation, claim, demand, lawsuit or other action by any governmental or regulatory agency or private party involving the Property and any Hazardous Substance or Environmental Law of which Borrower has actual knowledge, (b) any Environmental 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 remediation of any Hazardous Substance affecting the Property is necessary, Borrower shall promptly take all necessary remedial actions in accordance with Environmental Law. Nothing herein shall crcate any obligation on Lender for an Environmental Cleanup. Form 3081 1/01 um - - uut PH FaX NO, P, 03 NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows: 22. Acceleration; Remedies. Lender shall give notice to Borrower prior to accel eratton 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 defalflt; (b) the action required to cure the' default; (c) a date, not less than 30 days from the date the notice is given to Borrower, by which the default must be cured; and (d) thai failure to cure the default on or before the date specified in the notice may result in acceleration of the sums secured by this Security 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 'be entitled to collect all expenses incurred in pursuing the remedies provided in this Section 22, including, but not limited to, reasonable attorneys' fees and costs of title evidence. If Lender invokes the power of sale, Lender shall give notice of intent to foreclose to Borrower and to the person in possession of the Property, if different, in accordance with Applicahie Law. Lender shall give notice of the sale to Borrower in the manner provided In Section 15.-Lender shall publish the notice of sale, and the Property shall be sold in the manner prescribed by Applicable Law. Lender or its designee may purchase the Property at any sale. The proceeds, of the sale shall be applied la 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 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 permitted under Applicable Law. 24. Waivers. Borrower releases and waives all rights under and by virtue of the homestead exemption laws of Wyoming. PIERCE,MN JA ~012884 0 Form 3051 1/01 BY SIGNING BEI.,OW, Borrower accepts az~d agrees £o thc tem~ and covenants conlaincd h~ this Security Instrument and in m~y Rider executed by Borrower and recorded with it, Witne~s;es: -~ormwer (Seal) '~Orrow~r (Seal) -l~ormwer (Seal) -Botr,,~wcr (Seal) -Borrower - ~ (Seal) -~Or~w~'F "-- ,. (Seal) -Borruwcr (Seal) -Borrower PI[!RCE,HN JA 1012884 0 I~fl(WY) {00o~1 P,~ 1,**f ~ Form 3051 1/01 51 STATE OF WYO~G, LINCOLN County ss: Thc foregoing instrument was acknowkdged before me this December 28 2001 byMeryl N Plerce , My Comnfis,~ion Expires: 09/05/05 /2 TRACY MATTHEWS · NOTARY PUBLIC ':~ · ~ · ' ,~. Notary ]h. lblJo' '"' " -- ~ Commlssion~ m ~' '~ PIERCE, HN ,IA 1012884 ~Oel~cIls Form3051 1t01