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HomeMy WebLinkAbout894055ReturnTo: WELLS FARGO HOME MORTGAGE, INC. 3601 MINNESOTA DR. SUITE 200 BLOOMINGTON, MN 55435 APN: 12-3619-15-4-00-322.00 Escrow: 142-2093151NMP Commitment No.: FA 1077I M Prepared By: WELLS FARGO HOME MORTGAGE, INC. 960 CAUGHLIN CROSSING,, RENO, NV 895090000 89h055 [Slmce Above Tiffs Line For RecordhJg Data] MORTGAGE RECEIVED , LINCOLN COUNTY CLERK; [13 n.r:T - 1 0 9 "49 PR 15AGE -;- DEFINITIONS Words used in multiple sections of tiffs document are defined below and off]er words are defined in Sections 3, 11, 13, 18, 20 and 21. Certain rules regarding the usage of words used in flfis document are also provided in Section 16. (A) "Security Instrument" means tiffs docmnent, which is dated SEPTEMBER 2 4, togefl]er wifl~ all Riders to tiffs document. (B) "Borrower" is RAYMOND P. HUNOLD, JR., A SINGLE PERSON 2003 Borrower is file mortgagor under flfis Security Instrument. (C) "Lender" is WELLS FARGO HOME MORTGAGE, INC. Lender is a CORPORATION Organized and existing under tile laws of THE STATE OF CALIFORNIA 0033453671 WYOMING-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 1/01 Lender's address is P.O. BOX 10304, DES MOINES, IA 503060304 Leuder is the mortgagee under this Security [nstrumeut. (D) "Note" means the pronfissory note signed by Borrower and dated SEPTEMBER 2 4, 2 0 0 3 The Note states that Borrower owes Lender EIGHTY TWO THOUSAND SEVEN HUNDRED FIFTY FIVE AND 00/100 Dollars (U.S. $ * * * * * 8 2,7 5 5.0 0 ) phis interest. Borrower has prmnised to pay this debt in regular Periodic Payments and to pay the debt in full not later than OCTOBER 01, 2 018 (E) "Property" means the property that is described below under the heading "Transfer of Rights in the Property." (F) "Loan" means the debt evidenced by the Note, plus interest, any prepayment charges and late charges due under the Note, and all sums due under this Security Instrument, plus interest. (G) "Riders" means all Riders to riffs Security Instrument that are executed by Borrower. The tbllowing Riders are to be executed by Borrower [check box as applicable[: [---] Adjustable Rate Rider ~ Condominium Rider [--] Second Home Rider ~-~ Balloon Rider ~-~ Plam~ed Unit Development Rider [--~ 1-4 Fanfily Rider ~-] VA Rider ~ Biweekly Payment Rider [---] Other(s) [specify] (Il) "Applicable Law" means all controlling applicable federal, state and local statutes, regulatimrs, ordinances and adnfinistrative rules and orders (that have die effect of law) as well as all applicable fi~ml, non-appealable judicial opinions. (1) "Community Association Dues, Fees, and Assessments" means all dues, tees, assessments and off, er charges that are imposed on Borrower or file Property by a condonfinium association, homeowners association or similar organization. (J) "Electrmfic Funds Transfer" means auy transfer of funds, other titan a transaction origilmted by check, draft, or similar paper instrument, which is initiated through an electronic temfinal, telephonic instrument, computer, or magnetic tape so as to order, instruct, or authorize a financial ilrstitution to debit or credit an account. Such term includes, but is not limited to, point-of-sale transfers, automated teller machine transactions, transfers initiated by telephone, wire transfers, and autonmted clearinghouse tra~rsfers. (K) "Escrow Items" means those itenrs that are described in Section 3. (L) "Miscellaneous Proceeds" means any compensation, settlement, award of danmges, or proceeds paid by any flfird party (oilier than insurauce proceeds paid under the coverages described in Section 5)/hr: (i) danmge to, or destruction of, the Property; (ii) condenmation or odler taking of all or any part of the Property; (iii) conveyance in lieu of condemitation; or (iv) misrepresentations of, or onfissions as to, the value and/or condition of die Property. (M) "Mortgage Insurance" means insurance protecting Lender against the nonpayment of, or default on, the iLoan. (N) "Periodic Payment" means the regularly scheduled amount due for (0 principal and interest under the Note, plus (ii) any amounts under Section 3 of this Security Instrument. (O) "RESPA" meaus fl~e Real Estate Setdement Procedures Act (12 U.S.C. Section 2601 et seq.) and its ilnplementing regulation, Regulation X (24 C.F.R. Part 3500), as they ~night be amended from time to time, or any additional or successor legislation or regulation flint governs the same subject matter. As used in this SecUrity Ii~stmment, "RESPA" refers to all requirements and restrictions flint 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) (ooos) ~,,~. 2 o* ~s Form 3051 1/01 (P) "Successor in Interest of Borrower" means any party that has taken title to die Property, whether or not that party has assumed Borrower's obligations 'under the Note and/or this Security Instrument. TRANSFER OF RIGHTS IN THE PROPERTY This Security Instrument secures to Lender: (i) the repayment of the Loan, and all renewals, extensions and modifications of the Note; and (ii) the performance of Borrower's covenants and agreements under this Security Instrmnent 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 Ibllowing described property located in the COUNTY of FREMONT : [Type of Recording Jurisdiction} [Name of Recording Jurisdiclion] A LEGAL DESCRIPTION DESCRIBED AS "EXHIBIT A" ATTACHED HERETO AND MADE A PART HEREOF. TAX STATEMENTS SHOULD BE SENT TO: WELLS FARGO HOME MORTGAGE, INC., P.O. BOX 10304, DES MOINES, IA 503060304 ParcelID Number: 12-3619-15-4-00-322 508 DELL CREEK ROAD. ETNA ("Property Address"): which cun'ently has the address of ]Street] [City] , Wyonfing 8 3118 [Zip Codel TOGETHER WITH all the improvements now or hereafter erected on the property, and all easements, appurtenances, and fixtures now or hereafter a part of the property. All replacements and additions shall also be covered by this Security Instrument. All of the foregoing is referred to in this Security Instrument as the "Property." BORROWER COVENANTS that Borrower is lawfidly seised of file estate hereby conveyed and has the right to mortgage, grant and convey the Property and that die Property is uneucumbered, except for encumbrances of record. Borrower warrants and will defend generally the title to the Property against all claims and demands, subject to any encumbrances of record. THIS SECURITY INSTRUMENT combines mfiform covenants for national use and non-uniform covenants with linfited variations by jurisdiction to constitute a unitbnn security instrument covering real property. UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 1~ Payment of Principal, Interest, Escrow Items, Prepayment Charges, aud 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 pursnant to Section 3. Paylnents due under the Note and this 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 this (~-6(WY) (ooos) P~ge 3 o~ lS Form 3051 1/01 ]52 Security Instrument is returned to Leuder unpaid, Lender may require that any or all subsequent payments due under the Note and this Security Instnm~ent be made in one or more of the following Ibrms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bauk check, treasurer's check or cashier's check, provided any such check is drawn upon an institution whose deposits are insured by a federal agency, instrumentality, or entity; or (d) Electroific Funds Transfer. Payments are deemed received by Lender when received at the location desig~mted 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 itksuflicient to bring the Loan current. Lender may accept any payment or partial paymeut insufficient to bring the Loan current, without waiver of any rights hereuuder or prejudice to its rights to refuse such payment or partia! 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 'unapplied funds. Lender nmy hold such unapplied funds until Borrower nkakes payment to bring fl~e Loan current. If Borrower does not do so wiflfin a reaso~mble period of time, Lender shall eiflmr 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 i~mnediately prior to foreclosure. No offset or claixn which Borrower nfigbt have now or in the future against Lender shall relieve Borrower /Yom making payments due under file Note and this Security Instnnnent or pertbrming the covelmnts and agreements secured by fids 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 file following order of priority: (a) interest due under the Note; (b) principal due uuder file Note; (c) amouuts due under Section 3. Such payments shall be applied to each Periodic Payment in the order in which it became due. Auy remaining amounts shall be applied first to late charges, second to any other amouuts due under fids Security Instrument, and then to reduce d~e principal balance of fl~e Note. If Lender receives a payment l¥om Borrower lbr a delinquent Periodic Payment whic!~ includes a sufficient amount to pay any late charge due, fl~e payment ~nay be applied to tim delinquent payment and the late charge. If more fl~an one Periodic Payment is outstanding, Lender may apply any payment received from Borrower to fl~e repayment of the Periodic Payments if, and to fl~e extent that, each payment can 'be paid in full. To file extent that any excess exists after file payment is applied to the full payment of one or nmre Periodic Payments, such excess nmy be applied to any late charges due. Voluntary prepayments shall be aPplied first to any prepayment charges and then as described in file Note. Any application of payments, insurance proceeds, or Miscellaneous Proceeds to priucipal due under the Note shall not extend or postpone the due date, or change the amount, of the Periodic Paymeuts. 3. Funds for Escrow Items. Borrower shall pay to Lender on the day Periodic Paymeuts are due under tile Note, until the Note is paid in full, a sum (file "Funds") to provide for payment of amouuts due lbr: (a) taxes and assessments and other items which can attain priority over fids Security Instrument as a lien or encumbrance on the Property; (b) leasehold payments or ground rents on file Property, if any; (c) prenfiums tbr any and all insurance required by Lender under Section 5; .and (d) Mortgage Insurance prenfiums, if any, or any sums payable by Borrower to Lender ill lieu of the payment of Mortgage Insurance prenfiums in accordance wifl~ file provisious of Section 10. These items are called "Escrow Items." At origination or at any time during tim term of fl~e Loan, Lender may require that Connnunity Association Dues, Fees, and Assessments, if any, be escrowed by Borrower, and such dues, tees and assessments shall be an Escrow Item. Borrower shall prompdy furnish to Lender all notices of amounts to be paid under this Section. Borrower shall pay Lender the Funds lbr Escrow Items mfless Lender waives Borrower's obligation to pay the Funds tbr any or all Escrow Items. Lender may waive Borrower's obligation to pay to Lender Funds for any or all Escrow Items at any thne. Any such waiver may tuffy be iu writing. In the event of such waiver, Borrower shall pay directly, when and where payable, fl~e anmunts (~-6(WY) (ooo5) Page 4 of ~s Form 3051 1/01 due for any Escrow Items lbr which payment of Fnnds has been waived by Lender and, if Lender requires, shall furnish to Lender receipts evidencing such payment within such time Period as Lender may require. Borrower's obligation to make such payments and to provide receipts shall Ibr all purposes be deemed to be a covenant and agreement contained in this Security Instrument, as the phrase "cove~tant 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 amount and Borrower shall then be obligated under Section 9 to repay to Lender any such amount. Lender may revoke the waiver as to any or all Escrow Items at any time by a notice given in accordance with Section 15 and, upon such revocation, Borrower shall pay to Lender all Funds, and in such amounts, that are then reqdired under fllis Section 3. Lender may, at any time, collect and hold Funds in an amount (a) sufficient to pernfit Lender to apply the Funds at the tithe specified under RESPA, and (b) not to exceed the maximum amount a lender can require under RESPA. Lender shall estimate the amount of Fuuds due on the basis of current data and reasonable estimates of expenditures of future Escrow Items or otherwise in accordance with Applicable Law. ~ The Funds shall be held in an institution whose deposits are i~sured by a federal agency, iustrmnentality, or entity (including Lender, if Lender is an institution whose deposits are so insured) or in any Federal Hmne Loan Bank. Lender shall apply the Fnnds to pay file Escrow Items no later than fine time specified under RESPA2 Lender shall not charge Borrower tbr holdiog 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 pernfits Lender to make such a charge. Unless ali agreement is n]ade iu writing or Applicable Law requires 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 ammal accounting of fine 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 defiued under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to n]ake up the shortage in accordance with RESPA, but in no more than 12 ~nonthly payments. If there is a deficiency 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 u.p 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 Property which can attain priority over this Security Instrument, leasehold payments or ground rents on fl~e Property, if any, and Conunmfity Association Dues, Fees, and Assess~nents, if any. To the extent that 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 Instrulnent mfless Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a ~nanner acceptable to Lender, but only so long as Borrower is perfurnfing such agreement; (b) contests the lien in good Ihith by, or defends against euforcentent of tlie lien in, legal proceediugs which ii1 Leuder's opinion operate to prevent the enlbrceme:nt of the lien while those proceedings are pending, but only until such proceedings are concluded; or (c) secures tkom the holder of the lien an agreemeut satisfitctory to Lender subordinating the lien to this Security Instrument. If Lender deternfines that any part of the Property is subject to a lien which can attain priority over this Security Instrument, Lender ]nay give Borrower a notice identifying the (2~-61WY) 100051 ~ge 5 of Is Form 3051 1/01 lien. Wiflfin 10 days of the date on which rial notice is given, Borrower shall satisfy the lien or take one or more of the actions set Ibrth above in fids Section 4 Lender n~y require Borrower to pay a one-time charge for a real estate tax verification and/or reporting service used by Lender in cmmection with this Loan. 5. Property Insurance. 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," aud any other hazards including, but not linfited to, earthquakes and floods, lbr which Lender requires insurance. This insurance shall be maintained in the amounts (including deductible levels) and for the periods that Lender requires. What Lender requires pursuant to the preceding sentences can change during the tenn 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 um-easonably. Lender may reqnire Borrower to pay, iu connection with this Loan, either: (a) a one-time charge for flood zone determimttion, certification and tracking services; or (b) a one-time charge for flood zone detennination and certification services and subsequent charges each time renmppings or similar changes occur which reasonably nfight affect such detemfination 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 from au objection by Borrower. If Borrower fails to maintain any of the coverages described above, Lender nmy 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 Leuder, but might 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 file 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 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 fi'om Lender to Borrower requesting payment. All i~tsurance 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 mm~e 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 t.o Lender all receipts of paid premiums and renewal notices. If Borrower obtains any form of insurance coverage, not otherwise required by Lender, for danmge to, or destruction of, the Property, such policy shall include a standard mortgage clause and shall name Lender as mortgagee aud/or as an additional loss payee. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender nmy make proof of loss if not made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, any insurance proceeds, whether or not the underlying insurance was required by Lender, shall be applied to restoration or repair of the Property, if fire restoration or repair is ccononfically feasible and Lender's security is not lessened. During such repair and restoration period, Lender shall have the right to hold such insurauce proceeds nntil Lender has had an opportmfity to inspect such Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may disburse proceeds lbr the repairs and restoration in a single payment or in a series of progress payments as the work is completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such insurance proceeds, Lender shall not be required to pay Borrower any interest or earnings on such proceeds. Fees for public adjusters, or other dfird parties, retained by Borrower shall not be paid out of fl~e insurance proceeds and shall be fl~e 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, whefl~er or uot then due, with ~6(WY)(ooosl P~ge 6 °f~5 Form 3051 1/01 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 claiJn and related nmtters. If Borrower does not respond within 30 days to a notice fi'om Lender that the insurance carrier has offered to settle a claim, theu Lender may negotiate and settle tim 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) auy other of Borrower's rights (other than the right to any refund of unearned prenfiums paid by Borrowe0 under all insurance policies covering the Property, insofar as such rights are applicable to fl~e coverage of the Property. Lender ]nay use the insurance proceeds either to repair or restore the Property or to pay amonnts unpaid under the Note or this Security Instrument, whether or not then due. 6. Occupancy. Borrower shall occupy, establish, and use the Property as Borrower's principal residence within 60 days after the execution of this Security Instrument and shall continue to occupy the Property as Borrower's principal residence for at least one year after the date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be unreasonably withheld, or unless extenuating circumstances exist which are beyond Borrower's control. 7. P,'eservation, Maintenance and Protection of the Property; Inspections. Borrower shall not destroy, damage or impair the Property, allow the Property to deteriorate or comnfit waste on the Property. Whether or not Borrower is residing in the Property, Borrower shall nmintain the Property in order to prevent the Property fi'om deteriorating or decreasing in value due to its condition. U]dess it is determined pursuant to Section 5 that repair or restoration is not econonfically feasible, Borrower shall promptly repair the Property if damaged to avoid further deterioration or danmge. If insurance or condenmation proceeds are paid in connection with damage to, or the taking of, the Property, Borrower shall be responsible Ibr repairing or restoring the Property o~dy if Lender has released proceeds for such purPoses. Leuder nmy disburse proceeds for fl~e repairs and restoration in a single payment or in a series of progress payments as fl~e work is completed. If the insm'ance or condemnation proceeds are not sufficient to repair or restore fl~e Property, Borrower is not relieved of Borrower's obligation tbr file completion of such repair or restoration. Lender or its agent nuty make reasonable entries upon and inspections of fl~e Property. If it has reasonable cause, Lender may inspect the interior of the improvements on fl~e Property. Lender shall give Borrower notice at the time of or prior to such an interior inspection specifying such-reasonable cause. 8. Borrower's Loan Application. Borrower shall be in default if, during tim Loan application process, Borrower or any persons or entities acting at the direction of Borrower or with Borrower's knowledge or consent gave materially false, nfisleading, or inaccurate information or statements to Lender (or failed to provide Lender with material information) in cmmection with .the Loan. Material representations include, but are not linfited to, representations concenfir~g Borrower's occupancy of fl~e Property as Borrower's principal residence. 9. Protection of Lender's Interest iu the Property and Rights Under this Security Instrument. If (a) Borrower fails to pertbrm the covenauts and agreements contained in this Security Instmmeut, (b) there is a legal proceeding that nfight sig]fificantly affect Lender's interest in the Property and/or rights under this Security Instrument (such as a proceeding in bankruptcy, probate, for condemnation or lbrfeiture, /'or enforcement of a lien which may attain priority over fids Security Instrument or to enforce laws or regulations), or (c) Borrower has abandoned file Property, fl~en Lender may do and pay for whatever is reasonable or appropriate to protect Lender's interest in the Property and rights under f/tis Security Instrument, including protecting and/or assessing the value of fl~e 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 fids Security Instrument; (b) appearing in court; and (C) paying reasonable 6(WY) (ooo5) Page 7 of ~5 Form 3051 1/01 156 attorneys' fees to protect its iuterest in d~e Property and/or rights under riffs Security Instrument, including its secured position in a bm~mptcy proceeding. Securiug the Property includes, but is not liufited to, entering d~e Property to make repairs, change locks, replace or board up doors and windows, drain water fi'om pipes, eli~mte building or od~er code violations or dangerous conditions, and have utilities turned on or off. Alflmugh Lender nmy 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 d~at Lender incurs no liability for not taking auy or all actions audmfized under tiffs Section 9. Any amounts disbursed by Lender under ~fis Section 9 shall become additio~l debt of Borrower secured by tiffs Security Instrument. These amounts shall bear interest at the Note rate tYom the date of disbursement and shall be payable, wid~ such interest, upon notice from Lender to Borrower requesting payment. If riffs Security Instrument is on a leasehold, Borrower shall comply wide'all d~e provisions of fl~e lease. If Borrower acquires fee title to ~e Property, d~e leasehold and the l~e title shall not mer~e mfless Lender agrees to d~e merger in writing. 10. Mortgage Insurance. If Lender required Mortgage Insurauce as a condition of nmkin~ d~e Loan, Borrower shall pay d~e premiums required to n~intain d~e Mortgage Insurauce in effect. If, for any reason, the Mortgage Insurance c0vera~e required by Lender ceases to be available from the mortgage insurer d~at previously provided such insurance and Borrower was required to nmke separately designated payments toward fl~e prenfiums for Mortgage Insurance, Borrower shall pay fl~e premiums required to obtain coverage substantially equivalent to dm Mortgage Insurance previously in effect, at a cost substantially equivalent to fl~e cost to Borrower of fl~e Mortgage Insurance previously in et]~ct, from an altenmte mortgage insurer selected by Lender. If substantially equivalent Mortgage Insurance coverage is not available, Borrower shall continue to pay to Lender d~e amount of d~e separately designated paymeuts dmt were due when ~e insurance coverage ceased to be iu effect. Lender will accept, use and retain d~ese payments as a non-re,ridable loss reserve in lieu of Mortgage Insurance. Such loss reserve shall be non-refimdable, notwifl~standing d~e t~act fl~at .d~e Loan is ultinmtely paid in ~11, and Lender shall not be required to pay Borrower a~w interest or earuiugs on such loss reserve. Lender can no longer require loss reserve payments if Mortgage Insurance coverage (in 0~e amount and t~r fl~e period fl~at Lender requires) provided by an insurer selected by Lender again becomes available, is obtained, and Lender requires separately designated payments toward d~e preufiums I~r Mortgage I~urance. If Lender required Mortgage Insurance as a condition of making d~e Loan and Borrower was required to make separately desiderated payments toward fl~e premiums for Mortgage Insurance, Borrower shall pay d~e preufiums required to · maintain Mortgage Insm'ance in effect, or to provide a non-re~ndable loss reserve, until Lender's requirement for Mortgage Insurance ends in accordance wid~ any written agreement between Borrower and Lender providing l~r such temfination or until temfi~mtion is required by Applicable Law. Nodfing in riffs Section 10 afl~cts Borrower's Obligation to pay interest at d~e rate provided in d~e Note. Mortgage Insurance reimburses Lender (or any entity d~at purchases ~e Note) for certain losses it may incur if Borrower does not repay ~e Loan as agreed. Borrower is not a party to d~e Mortgage Insurance. Mortgage insurers evaluate O~eir total risk ou all such insurance in lbrce fi'om ti~ne to time, and nmy enter into agreements wifl~ o~er parties flint share or modify fl~eir risk, or reduce losses. These agreements are ou terms and conditions flint are satisfactory to O~e mortgage insurer and fl~e off, er party (or parties) to fl~ese agreements. These agreements nmy require ~e mortgage insurer to ~nake paYments using any source of ~nds fl~at fl~e mortgage iusurer nmy have available (which umy incl'ude ~nds obtained l¥om Mortgage Iusurance prenfiums). As a result of ~ese agremnents, Lender, any purchaser of the Note, anoflmr insurer, any rei~ksurer, any oO~er entity, 'or any affiliate of any of fl~e foregoing, may receive (directly or indirectly) amounts ~at derive ~om (or might be characterized as) a portion of Borrower's payments for Mortgage Insurance, in exchange for sharing or modifying fl~e mortgage insurer's risk, or reducing losses. If such agreement provides flint au affiliate of Lender takes a ghare of O~e insurer's risk. in exchange ibr a share of prenfiums paid to fl~e insurer, ~e arrangement is ollen termed "captive reinsurance." Furfl~er: (a) Any such agreements will not affect the amounts that Borrower has agreed t0 pay for Mortgage Insurauce, or any other terms of the Loan. Such agreements will not increase the amount Borrower will owe for Mortgage Insurance, and they will not eutitle Borrower to any refund. ~6(WY) {ooosl p~. u o~ is ' ' ' ~ Form 3051 1/01 i57 (b) Any such agreements will not affect the rights Borrower has - if any - with respect to tile ~Vlortg:lge Insurance under the Homeowners Protection Act of 1998 or any other law. These rights may include the right to receive certaiu disclosures, to request and obtain cancellation of tile JVIortgage insurance, to have the Nlortgage Insurance terminated automatically, and/or to receive a refund of any ]Vlortgage Insurance premiums that were unearned at tile time of such cancellation or termination. 11. Assignmeut of IVliscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned to and shall be' paid to Lender. If tile Property is damaged, such/v[iscellaneous Proceeds shall be applied to restoration or repair of tile 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 au opportmfity to inspect such Property to ensure the work has been completed to Lender's satisfactio~t, provided that such inspection shall be undertaken promptly. Lender may pay for tile repairs and restoration in a single disbursement or in a series of progress payments as fl~e work is completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such Miscellaneous Proceeds, Lender shall not be required to pay Borrower any interest or eanfings on such Miscellaneous Proceeds. If tile restoration or repair is not economically feasible or Lender's security would be lessened, the Miscelhmeous Proceeds shall be applied to fl~e stuns secured by this Security h~strument, whether or uot fl~en due, with the excess, if any, paid to Borrower. Such Miscellaneous Proceeds shall be applied in tile order provided for ill Section 2. In file event of a total taking, destruction, or loss in value of thc Property, the Ivliscctlancous Proceeds shall be applied to the sums secured by fids Security Instrunlent, whether or not then due, wifl~ the excess, :if any, paid to Bon'ower. In thc event of a partial taking, destruction, or loss in value of the Property in which the fair market value of the Property immediately before tile partial taking, destruction, or toss in value is equal to or greater than file amount of the sums secured by this Security Instrument immediately before fl~e partial taking, destruction, or loss in value, mfless Borrower and Lender ofl~erwise agree in writing, the sums secured by fids Security Instrument shall be reduced by thc mnount of the Miscellaneous Proceeds multiplied by thc following fraction: (a) the tota'l amount of the sums secured immediately before tile partial taking, destruction, or loss in value divided by (b) tile lair market value of thc 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 ill value of the Property in which the fair market value of the Property immediately before fl~c partial taking, destruction, or loss in value is less than the amotmt of the sums secured innnediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the Miscellaneous Proceeds shall be applied to fl~e sums secured by this Security instrument xvhether or not the stuns arc then due. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower flint the Opposing Party (as defined in the next sentence) offers to nmke an award to settle a claim for damages, Borrower fails to respond to Lender within 30 days alter the date the notice is given, Lender is aud~orizcd to collect and apply file Miscellaneous Proceeds either to restoration or repair of thc Property or to the sums secured by this Security Instrument, whether or not fl~en due. "Opposin~ Party" means tile third party that owes Borrower Miscellaneous Proceeds or tile party against whom Borrower has a right of action in regard to Miscellaneous Proceeds. Borrower shall be in default if any action or proceeding, whefl]er civil or crinfilml, is begun that, in Lender's judgment, could result in forfeiture of tile Property or other material impairment of Lender's interest in tile Property or rights under this Security h]strument. Borrower can cure such a default and, if acceleration has occurred, reinstate as provided ill Section 19, by causing file action or proceeding to be disnfissed with a riding that, in Lender's judgment, precludes forfeiture of thc Property or other material impairment of Lender's interest in fl~e Property or rights under this Security Iustrument. Tile proceeds of a~w award or claim for damages fl~at are attributable to the impairment of Lender's interest in fl~e Property arc 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. 6(WY) (ooosl Pagegof ~5 Form 3051 1/01 _:_58 12. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or modification of amortization of fl~e stuns secured by tiffs Security Insmm~ent granted by Lender to Borrower or any Successor in Interest of Borrower shall not operate to release fl~e liability of Borrower or any Successors in Interest of Borrower. Lender shall not be required to commence proceedings against any Successor in Interest of Borrower 0r to refi~se to extend time tbr payment or ofl~erwise modify amortization of fl~e sums secured by tiffs Security Instrument by reason of any denmnd nmde by fl~e original Borrower or any Successors in Interest of Bogower. Any forbearance by Lender in exercising any right or remedy including, wiflmut limitation, Lender's acceptance of payments t~om flfird persons, entities or Successors in Interest of Borrower or in amounts less fl~an fl~e amount fl~en due, shall not be a waiver of or preclude fl~e exercise of:any right or remedy. 13. 3oint 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 tiffs Security Instrument but does not execute flae Note (a "co-signer'): (a) is co-sighting tiffs Security Instrument tuffy to mortgage, grant and convey fl~e co-signer's interest in fl~e Property under the terms of tiffs Security Instrument; (b) is not persomdly obligated to pay fl~e sums secured by tiffs Security Instrument; and (c) agrees fl~at Lender and any ofl~er Borrower can agree to extend, modil~, fro'bear or make any acconunodations wifl~ regard to the terms of Otis Security Instrument or the Note wiflmut flxe co-signer's consent. Subject to fl~e provisions of Section 18, any Successor in Interest of Borrower who assumes Borrower's obligations 'ui~der this Security Instrument in writing, and is approved by Lender, shall obtain all of Borrower's rights and benefits under this Security Instrument. Borrower shall not be released from Borrower's obligations and liability under this Security Instrument mfless Lender agrees to such release in writing. The cove~mnts and agreements of riffs Security Instrument shall bind (except as provided in Section 20) and benefit fl~e successors and assigns of Lender. 14. Loan Charges. Lender nmy charge Borrower ~es for services performed in connection wifl~ Borrower's del:ault, fi)r fl~e propose of protecting Lender's interest in fl~e Property and rights under Security Instrument, including, but not linfited to, attorneys' fees, property inspection and valuation i~es. In regard to any other l~es, the absence of express aufl~ority in tiffs Security h~stnnnent to charge a specific fee to Bo~ower shall not be cmstmed as a prohibition on tim charging of such t~e. Lender nmy not charge ~bes fl~at are expressly prohibited by this Security Instrument or by Applicable Law. If fl~e Loan is subject to a law which sets nmfimum loan charges, and fl~at law is fi~mlly interpreted so that fl~e interest or ofl~er loan charges collected or to be collected in cmmection wifl~ fl~e Loan exceed the pernfitted linfits, fl~en: (a) any such loan charge shall be reduced by the amount necessary to reduce fl~e charge to the permitted lix~t; aud (b) any sums already collected t~om Borrower which exceeded permitted limits will be re~nded to Borrower. Lender may choose to make tiffs re,nd by reducing tim principal owed under fl~e Note or by making a direct payment to Borrower. If a re,nd reduces principal, fl~e reduction will be treated as a partial prepayment wifl~out any prepayment charge (whether or not a prepaylnent charge is provided tbr under tim Note). Borrower's acceptance of any such refund made by direct payment to Borrower will constitute a waiver of any right of action Borrower might have arising out of snch overcharge. 15. Notices. Ail notices given by Borrower or Lender in com~ection wifl~ this Security h~stnnnent must be in writing. Any notice to Borrower in coxmection wifl~ this Security Instrument shall be deemed to have been given to BorrOwer when nmiled by first class mail or when actually delivered to Borrower's notice address if sent by off,er means. Notice to any one Borrower shall consdtnte notice to all Borrowers mfless Applicable Law expressly requires ofl~erwise. The notice address shall be flxe Property Address mfless Borrower has designated a substitute re)rice address by notice to Lender. Borrower shall promptly notify Lender of Borrower's change of address. If Lender specifies a procedure lbr reporting Borrower's change of address, fl~en Borrower shall tuffy report a change of address fl~rough flint specified procedure. .There may be only mm desig~mted notice address under tiffs Security Instrument at any one time. Any notice to Lender shall be given by delivering it or by mailing it by first class mail to Lender's address stated herein unless Lender has designated anofl~er address by notice to Borrower. Any notice in co~mection with tiffs Security Imm~ment shall not be deemed to have been given to Lender until actually received by Lender. If any notice required by tiffs Security hz~tmment is also required under Applicable Law, fl~e Applicable Law requirement will satist~ fl~e corresponding requirement under tiffs Security Instrument. ~6(WY) Iooq5) Page lO o~ ~s Form 3051 1/01 159 16. Governing Law; Severability; Rules of Constrnction. This Security lnstmmeut shall be governed by federal law and die law of file jurisdiction iii 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 might be silent, but such silence shall not be construed as a prohibition against agreement by contract. Ill the event that any provision, or clause of this Security Instrument or the Note conflicts wifli Applicable Law, such conflict shall not affect other provisions of this Security Instrument or die Note which can be given effect without the conflictiug provision. As used iii dfis Security instrument: (a) words of file masculine gender shall meau and include corresponding neuter words or words of file fenfinine geuder; (b) words ill file singular shall mean and include the plural and vice versa; and (c) the word "may" gives sole discretion without any obligation to take any action. 17. Borrower's Copy. Borrower shall be given one copy of the Note arid of this Security Instrument. 18. Transfer of the Property or a Beneficial Interest in Borrower. As used iii dfis Section 18, "Interest iu the Property" means any legal or beneficial interest in file Property, including, but not'linfited to, fl~ose beneficial interests transferred iii a bond Ibr deed, contract for deed, installment sales contract or escrow agreement, die intent of which is file transfer of title by Borrower at a future date to a purchaser. If all or any part of die Property or airy Interest iii the Property is sold or transferred (or if Borrower is not a natural person and a beneficial interest iu Borrower is sold or transferred) without Lender's prior written consent, Lender may require immediate payment in full of all sums secured by fids 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 dian 30 days fi'om the date die notice is given in accordance with Section 15 within which Borrower must pay all sums secured by this Security Instrument. If Borrower fails to pay these sums prior to file expiration of fills period, Lender may invoke any remedies permitted by Security Instmmeut widlout further notice or demand on Borrower. 19. Borrower's Right to Reinstate After Acceleratiou. If Borrower meets certain conditions, Borrower shall have the right to have enforcement of this Security lnstrumeut discontinued at any time prior to the earliest of: (a) five days before sale of the Property pursuant to any power of sale contained in this Security Instrument; (b) such other period as Applicable Law might specify fur the ternfi~mtion of Borrower's right to reinstate; or (c) entry of a judgment enforcing fids Security Instrunrent. Those conditions are that Borrower: (a) pays Lender all sums which dieu would be due under this Security h~strument aud the Note as if no acceleration had occurred; (b) cures any default of any odier covenants or agreements; (c) pays all expenses incurred in entbrcing this Security Instrument, including, but not limited to, reasonable attorneys' fees, property inspectiou and valuation lees, aud other lees incurred for purpose of protecting Lender's interest iii the Property and rights under this Security Instrument; and (d) takes such action as Lender may reasoimbly require to assure that Lender's interest in die Property and rights under this Security Iustrument, and Borrower's obligation to pa5' die sums secured by this Security Instrument, shall continue unchanged. Lender may require diat Borrower pay such reinstatement sunrs and expenses in one or more of the following forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, batik check, treasurer's check or cashier's check, provided any such check is draxvn upon an institution whose deposits are insured by a federal agency, instnnnentality or entity; or (d) Electro~'fic Funds Transfer. Upon reinstatement by Borrower, fills Security Instrument and obligations secured hereby shall remain fully effective as if no acceleration had occurred. However, this right to reinstate shall not apply in the case of acceleration under Section 18. 20. Sale of Note; Change of Loan Servicer; Notice of Grievance. The Note or a partial iuterest in fl~e Note (together with fids Security Instrument) can be sold one or more times without prior notice to Borrower. A sale nfight result in a change in file entity (known as file "Loan Servicer") that collects Periodic Payments due under the Note and fids Security Instmmeut and perforlns oilier mortgage loan servicing obligations under file Note, fliis .Security Instrument, and Applicable Law. There also might be one or more changes of file Loan Servicer nnrelated to a sale of file Note. If there is a change of die Loan Servicer, Borrower will be given written notice of die change which will state file name and address of new Loan Servicer, file address to which payments should be made and any other intbrmation RESPA ~-6(WY) (ooos) v.g, 11 of ~5 Form 3051 1/01 requires ill connection with a notice of transfer of servicing. If file Note is sold and thereafter the Loan is serviced by a Loan Servicer other than the purchaser of the Note, fl~e mortgage loan servicing obligations to Borrower will renmin with file 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 ~mr Lender may conm~ence, join, or be joined to any judicial action (as either an individual litigant or the member of a class) that arises from file other party's acridl~s pursuant to this Security Instrument or that alleges that the other party has breached any provision of, or ally 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 re3so~mble period after the giving of such notice to take corrective action. If Applicable Law provides a time period wlfich must elapse belbre 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 dee~ned to satisfy the notice and opportunity to take corrective action provisions of this Section 20. 21. Hazardous Substances. As used in tiffs Section 21: (a) "Hazardous Substances" are those substances defined as toxic or hazardous substances, pollutants, or wastes by Environmental Law and the fbllowing substances: gasoline, kerosene, other flanunable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials contailfing asbestos or tbrnmldehyde, 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) "Euviromueutal Cleanup" includes any response action, remedial action, or removal action, as defined in Enviromnental Law; and (d) au "Envirolmlental Condition" means a condition that can cause, coutribute to, or otherwise trigger an Euviromnental Cleanup. Borrower shall not cause or pernfit the presence, use, disposal, storage, or release of any Hazardous Substalmes, or threaten to release any Hazardous Substances, on or iu the Property. Borrower shall not do, nor allow anyone else to do,' anything affecting the Property (a) fllat is in violation of any Enviromnental 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 the presence, use, or storage on the Property of small quaudties of Hazardous Substances that are generally recog~fized to be appropriate to normal residential uses and to maintetmnce of the Property (including, but not limited to, hazardous substances iu consumer products). Borrower shall promptly give Lender writteu notice of (a) ally investigation, claim, demand, lawsuit or other action by ally govermnental or regulatory agency or private party involving the Property and any Hazardous Substance or Envirotm~ental Law or' which Borrower has actual knowledge, (b) any Enviromnental Condition, including but not limited to, any spilling, leaking, discharge, release or threat of release of any Hazardous Substance, and (c) any condition caused by the presence, use or release of a Hazardous Substance which adversely affects the value of file Property. If Borrower learns, or is notified by any govenm~ental 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 create any obligation on Lender for an Envirolm~ental Clea~mp. 6(WY) (ooos) Page ~2or ~s 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 an), covenant or agreement in this Security Instrumeut (but not prior to acceleration'under Section 18 unless Applicable Law provides otherwise). The notice shall specify: (a) the defanlt; (b) the action reqnired to cure the default; (c) a date, not less than 30 days from the date the notice is given to Borrower, by which the del'ault must be cured; and (d) that failure to cure the default on or before the date specified in the notice ma, y result in acceleration of the sums secured by this Secnrity Instrument and sale of the Property. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to briug a court action to assert the non-existence of a default or any other defense of Borrower to acceleratiou and sale. If the default is uot 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 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 inteut to foreclose to Borrower and to the persou in possession of the Property, if different, iu accordance with Applicable Law. Lender shall give notice of the sale to Borrower in the manuer provided in Section 15. Lender shall pnblish the uotice of sale, and the Property shall be sold in the mauner prescribed by Applicable Law. Lender or its designee may pnrchase the Property at any sale. The proceeds of the sale shall be apl)lied in the following .order: (a) to all expenses of the sale, including, bnt not limited to, reasonable attorneys' fees; (b) to ali sums secnred by this Security Iustrument; and (c) any excess to the person or persons legally entitled to it. 23. Release. Upon payment of all sums secured by this Security hkstrument, Lender shall release tiffs Security Instrument. Borrower shall pay any recordation costs. Lender nmy charge Borrower a fee for releasing tiffs Security Instrument, but only if fl~e fee is paid to a third party for services rendered and file chargiug of tim lee is permitted under Applicable Law. 24. Waivers. Borrower releases and waives all rights under and by virtue of the homestead exemption laws of Wyonfing. (~-6(WY) Iooo51 ~'ag. ~3 o¢ ~ ' Form 3051 1/01 BY SIGNING BELOW, Borrower accepts and agrees to file terms and covenants contained in tiffs Secm-ity h]strmnent and in any Rider executed by Borrower and recorded with it. Wimesses: (Seal) -Borrower (Seal) -Borrower (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Borrower -Borrower (~l~6(WY) Iooo5~ Page 14 oi' 15 Form 3051 1/01 STATE OF-¥CqOM-ING, DOUGLAS by 163 County ss: The foregoing instrument ~vas acknowledged before me dfis r~(.~ -~O~0_~ ~t?'~ ~ RAYMOND P. HUNOr. D, ,JR. My COnllnission Expires: ~/~//~J{ (~-6G(WY) Iooos} Page 15 of 15 Form 30,51 1/01 ALTA COMMITMENT - 1982 - WY Com~nitment No.' FA 10771 M SCHEDULE C The land referred to in this commitinent is situated in the State of Wyoming, County of Lincoln, and is described as follows: That part of the WHSW~ of Section 14 and that part o.f the EHSEM of Section 15, T36N RllgW of the 6th P.M., Lincoln County,' Wyoming, being part of that tract of record in the Office of the Clerk of Lincoln County in Book 292PR on page 142, described as follows: BEGINNING at the southeast corner of said E~SEM, and running thence S 89°36'20'' E, 35.37 feet, along the south line of said W~SWM, to the southeast point of said tract; thence N 00008'32'' E, 1088.53 feet, along the east line 0f said tract, to a spike on the centerline of Dell Creek Road; thence coursing said centerline as follows: S 72°12~25'' W, 249.11 feet, to a spike N 69°22'13'' W, 367.30 feet, to a spike on the west line of said tract; thence S 00°08'18" W, 1141.07 feet, along said west line, to the southwest point of said tract, on the south line of said E~SEM; thence S 89056'49" E, 545.62 feet, along said south line, to the CORNER OF BEGINNING.