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HomeMy WebLinkAbout894079After Recordmg RetumTo: COUNTRYWIDE HOME LOANS, INC. MS SV-79 DOCUMENT PROCESSING P.O.Box 10423 Van Nuys, CA 91410-0423 Prepared By: DAWN SLETTEN 89 079 RECEIVED LINCOLN COUNTY CLERK 0,"~ 0,gl -2 Pll 2: [Space Above This Line For Recm'dh~g Data] 0002153338209003 [Doc ID #] MORTGAGE 1VIIN 1000157-0002953449-8 DEFINITIONS Words used in multiple sections of this document m'e defined below and other words are defined in Sections 3, 11, 13, 18, 20 and 21. Certain roles regarding the usage of words used in this document ,are also provided in Section 16. (A) "Security Instrument" means this document, which is dated SEPTEMBER 26, with all Riders to this document. (B) "Borrower" is KELLY E TURNER, AND CHRISTINE TURNER, HUSBADN AND WIFE 2003 , together Borrower is the mortgagor under this Security Instrument. (C) "MERS" is Mortgage Electronic Registration Systems, Inc. MERS is a sepm'ate corporation that is acting solely as a nominee for Lender and Lender's successors and assigns. MERS is the mortgagee under this Security Instrument. MERS is organized and existing under the laws of Delawm'e, and has an address :md telephone number of P.O. Box 2026, Flint, MI 48501-2026, tel. (888) 679~MERS. (D) "Lender" is COUNTRYWIDE HOME LOANS, INC. Lender is a CORPORATION organized lind existing llnder the laxvs of NEW YORK Lender's address is 4500 Park Granada, Calabasas, CA 91302-1613 (E) "Note" means the promissory note signed by Bon'ower and dated SEPTEMBER 26, 2003 .The Note states that Bon'ower owes Lender FIFTY THOUSAND and 00/100 WYOMING-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT WITH MERS Page 1 of 11 (~)~>-6A(WY) (ooo5) CHL (08/00)(d) VMP MORTGAGE FORMS- (800)521-7291 CONV/VA Dollars(U.S. $ 50, 0OO.OO ) pi'us interest. Borrower has promised to pay this debt in regular Periodic Payments and to pay the debt in full not later than OCTOBER 0 1, 2 0 1 3 (F) "Property" means the property that is described below under lhe heading "Transfer of Rights in the Property." Initials...~ Form 3051 1/01 * 2 3 9 9 I * * 0 2 1 5 3 3 3 8 2 0 0 0 0 0 2 0 0 6,A * DOC ID #: 0002153338209003 (G) "Loan" me,'ms the debt evidenced by the Note, plus interest, any prepayment clmrges aud ]ate charges due under the Note, and all sums due under tiffs Security Instnnnent, pins interest. (Hi) "Riders" means all Riders to this Security Instrument that m'c executed by Borrower. The following Riders ,'u'e to be executed by Borrower [check box as applicable]: [--] Adjustable Rate Rider [---] Condominium Rider ~'] Second Home Rider [--~ Balloon Rider [-~ Planned Unit Development Rider [--] 1-4 Family Rider [---] VA Rider ['-] Biweekly Payment Rider ~ Other(s) [specify] (I) "Applicable Law" means all controlling applicable federal, state and local statutes, regulations, ordinances and administrative rules and orders (that bare the effect of law) as well *~s all applicable final, non-appealable judicial ()pinions. (J) "Community Associatinn Dues, Fees, and Assessments" means ,all dues, fees, assessments and other charges that are imposed on Borrower or the Property by a condominium associatiou, homeowners association or similar organization. (K) "Electronic FtmdsT~'ansler' " means any transfer of fimds, other than a transaction originated by check,' draft, or similm'.paper inslrument, which is initialed through an electronic terminal, telephonic instrument, computer, or magnetic tape so as to order, instruct, or authorize a financial institution to debit or credit an account. Such term includes, but is not limited to, point-of-sale u'ansfers, automated teller machine transactions, trans£ers initiated by telephone, wire transfers, and aulomated clearingt~ouse transfers. (L) "Escrow Items" means those items that are described in Section 3. tM) '!Miscellanenus Proceeds" means any compensation, settlement, award of damages, or proceeds paid by any third pm'fy (other than insurance proceeds paid under the coverages described in Section 5) fi)r: ti) damage tO, or destruction of, the Property; (ii) condemnation or other taking of all or any part of the Property; (iii) conveyance in lieu of condemnation; or (iv) misrepresenlations o[, or o~nissions as to, the valne and/or condition of the Property. tN) "Mortgage l,~surance" means insurance protecting Lender against the nonpayment of, or defanli on, tim Loan. (O) "Periodic Payment" means the regularly scheduled amount due for ti) principal and interest under the Note, plus (ii) any amounts under Section 3 of this Security Instrument. (P) "Pdt-SPA" means the Real Estate Setde~nent Procedures Act (12 U.S.C. Section 2601 et seq.) and its implementing regulation, Regulation X (24 C.F.R. Part 3500), as they might be amended fi'om time tO time, or any additional or successor legislation or regulation that governs the same subject matter. As nsed in this Security Instrument, "RESPA" refers to all requirements and restrictions that are imposed in regard to a "feder,flly related tno,-tgage loan" even if the Loan does not qu~ify as a "federally related mortgage loan" under RESPA. (Q) "Successor in Interesto1' Borrower" means any pm'ty that bas taken title to the Property, whether or not that party has assumed Borrowe~ s obligations under the Note and/or this Security Insmunent. TRANSFER OF RIGHTS IN THE PROPERTY This Security Instrument secures to Lender: ti) the repayment of the Loan, and all renewals, extensions and modifications of the Note; and.tit) the performance of Borrower's covenants and agreemenls under this Security hmtrnment and the Note. For this purpose, Borrower does hereb'y mortgage, grant ami convey to MERS (solely as nominee for Lender and Lender's successors and assigns) and to the successors and assigns of MERS, with power of sale, the following described property located in the COUNTY of LINCOLN . [Type of Recoi'ding Jurisdiction] [Name of Recording Jurisdiction] Lot 9 of Block 2 of the Lincoln Heighs 5th Addition, Second Filing, to the City of Kemmerer, Lincoln County, Wyoming as described o the official plat thereof. Pm'eel ID Number: 1221162330607700 1659 NATIONS COURT, [Street/City] Wyoming 8310 1 ("Property Address"): [Zip Code] (~®:6A(WY) (ooos) CHL (08/00) Page 2 of 11 which currently has the address of KEMMERER Form 3051 1/01 ' 20 DOC ID #: 0002:1-53338209003 TOGETttER WITH all the improvements now or hereafter erected on the property, and all easements, appurten,'mces, and fixtures now or hereafter a pm't of the property. All replacements and additions shall also be covered by this Security Instrument. All of the foregoing is refen'ed to iu this Security Insmunent as the "Property." Borrower understands and agrees that MERS holds only legal title to the interests granted by Bon'ower in this Security Instrument, but, if necessm'y to comply with law or custom, MERS (as nominee for Lender and Lender's successors and assigns) has the right: to exercise any or all of those interest, s, including, but not limited to, the right to foreclose and sell tile Property; and to take any action required of Lender including, but not limited to, releasing and canceling this Security Instrument. BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has die right to mortgage, grant and convey the Property and that the Property is unencumbered, except for encnmbrances 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 uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 1. Payment of Principal, Interest, Escrow Items, Prepay~nent Charges, and Late Charges. Borrower shall pay when due the principal of, and interest on, the debt evidenced by the Note and any prepayment charges and'late charges due under the Note. Borrower shall also pay funds for Escrow Items pursuant to Section 3. Payments due under the Note and tllis Security Instrument shall be made itl U.S. currency. However, if any check or other instrument received by Lender as payment under tile Note or this Security Iustrument is returned to Lender unpaid, Lender may require that any or all subsequent payments due under the Note and this Security'Instrnment be made in one or more of the following forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, treasurer's check or cashier's check, provided any such check is drawn npou an institution whose deposits m'e insured by a federal agency, insu:umenta]ity, 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 ill Section 15. Lender may return any payment or partial payment if the payment or partial payments are iusufficient to bring the Loan current. Lender may accept ~my payment or parti~fl payment insufficient to bring the Loan current, without waiver of any rights hereunder or prejudice to its rights to red, se such payment or partial payments in the filture, but Lender is not obligated to apply such payments at the time such payments m'e accepted, if each Periodic Payment is app!ied as of its scheduled due date, then Lender need not pay interest ou unapplied rinds. Lender may hold such unapplied fnnds until Borrower makes payment to hring the Loan current. If Borrower does not do so within a reasonable period of time, Lendel? sh~dl either apply such rinds or return them to Borrower. If not applied earlier, such funds will be applied to the outstanding principal balance nnder the Note i~nmediately prior to foreclosure. No ol'fset or claim which Borrower might have uow or iu the fl~ture against Lender shall relieve Bon'ower from makiug payments dne under the Note and this Secnri.ty Insmunent or performing the covenants and agreements secured by this Security Instrument.. 2. Applicati0n of Payments or Proceeds. Except as otherwise described in this Section 2, all payments accepted and applied by Lender shall be applied ill the following order of priority: (a) interest due under the Note; (b) principal due under the Note; (c) amounts due nnder Section 3. Such payments shall be applied to each Periodic Payment in the order in which it became dne. Any remaining amounts shrill be applied first to late charges, second to any other amounts doe under this Security Instrument, and then to reduce tile principal balance: of the Note. If Lender receives a payment from Borrower for a delinquent Periodic Payment which includes a sufficient amount to pay any late charge due, the payment may be applied to the delinqnent paymeut and the late charge. If more than one Periodic Payment is outstanding, Lender may apply any payment received fi'om Borrower to the repayment of tile Periodic Payments it', and to the extent that, each payment cml be paid in full. To the extent that any excess exists after tile payment is applied to the fldl payinent of one or more Periodic Payments, snch excess may be applied to any late charges due. Voluntm'y prepayments shall be applied first to any prepayment chm'ges and then as described itl tile Note. Any application Of payments, insurance proceeds, or Miscellaneous Proceeds to principal due under tile Note shall not extend or postpone the due date, or change the amount, of the Periodic Payments. 3. Funds l'or Escrow Items. Borrower shall pay lo Lender on the day Periodic Payments are due uuder the Note, until the Note is paid in full, a sum (the "Funds") to provide roi' payment of amounts due l~or: (a) taxes and assess~nents and other items which can attain priority over this Security Instrument as a lien or encumbrance on the Propm'ty; (b) leasehold payments or ground rents on the Property, if any; (c) premiums for ally and all idsurance required by Leuder under Section 5; and (d) Mortgage Insurance premiums, if any, or any snms payable by Borrower to Lender iu lieu of the payment of. Mortgage Insurance premiums in accord:race with the provisions of Section 10. These items m:e called "Escrow Items." At origination or at auy time during the term of the Loan, Lender 'may require that Community Association Dues, Fees, aud Assessments, if any, be escrowed by Bon'ower, and Snch dues, fees and assessments shall be an Escrow Item. Borrower shall promptly fln'nish to Lender all notices of amounts to be paid uncle? this Section. Borrower shall pay Lender the Funds for Escrow Items unless Lender w,'fives Borrower's obligation to pay the ?unds for any or all Escrow Items. Lender ~nay waive Borrower's obligation to pay to Lender Funds for auy or all Escrow Initials~ ' ~' (~®-6A(WY) (0005) CHL (08/00 Page3 of 11 ,,~ ¢::2,F~,,~m 3051 1/01 DOC ID #: 0002153338209003 Items at any time. An:y such waiver may only be in writing. In thc event of such waiver, Borrower shall pay directly, when aud where payable, the amouuts due for any Escrow Items for which payment of Funds has been waived by Leuder and, if Lender requires, shtdl furnish to Lender receipts evidencing such payment within such time period as Lender may require. Borrower's obligation to make such paylnents aud to provide receipts shall for all purposes be deemed to be a covemmt and agreement contained in this Security Instmnmnt, as the phrase "covemmt aud agreement" is used in Section 9. If Borrower is obligated to pay Escrow Items directly, pursutmt to a waiver, and Borrower fails to pay tile amount due for an Escrow item, Lender may exercise its ,'ights under Section 9 and pay such amonnt and Bon'ower 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 ~my time by a notice given in accordance with Section 15 and, upon such revocation, Borrower shall pay to Lender all Fnnds, and in such mnounts, that are then required under this Section 3. Lender may, at rely time, collect and hold Funds in an amount (a) sufficient to permit Lender to apply tire Funds at tile time.specified under RESPA, and (b) not to exceed the maximmn amount a leuder can require under RESPA. Lender shall estimate the amount of Funds due on tile basis of current data mid reasonable estimates of expenditures of future Escrow Items or otherwise iu accordauce with Applicabl. e Law. The Funds shall be held in mi institution whose deposits a,'e insured by a federal agency, instrumentality, or entity (including Lender, if Leuder is ali institution whose deposits are so insured) or in any Federal Home Loan Bank. Lender shall apply the Funds to pay the Escrow Items no later than the time specified nnder RESPA. Lender shall not chm'ge Borrower .for holding and applying the Funds, annually amdyzing the escrow accoont, or verifying the Escrow Items, unless Lender pays Borrower interest on the Fnnds and Applicable Law permits Lender to make snch a charge. Unless an agreement is made in writing or Applicable Law requires interest to be paid on the Funds, Lender shall not be required to pay Borrower any interest or em-nings on the Funds. Borrower and Lender can agree itl writing, however, that interest shall be paid on the Funds. Lender shall give to Borrower, without chm'ge, an annual accounting of the Funds as required by RESPA. If there is a smplus 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, ns defined under RESPA, Lender shall notify Borrower as req~tired by RESPA, and Borrower shall pay to Lender the amount necessary tO make up the shortage iu accordance with RESPA, but in no more than 12 monthly payments. If there is a deficiency of Funds held itl escrow, as defined under RESPA, Lender shall uotify Borrower as reqnired by RESPA, and Borrower shall pay to Lender the amouut necessm.'y to make up the deficiency in accordauce 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 refi~nd to Borrower any Funds held by Lender. 4. Charges; Liens. Borrower shall pay all taxes, assessments, chm'ges, fines, and impositions attributable to the Property which can attain priority over this Security Instrument, leasehold payments or ground rents on the Property, if rely; and Community Association Dues, Fees, and Assessments, if any. To the extent that these items am Escrow Items, Borrower shall pay them in thc manner provided in Section 3. Bo~xower shall promptly discharge any lien which has priority over this Security Instnnnent unless Borrower: (a) agrees in writing to the payinent of the obligation secured by the lien itt a manner acceptable to Lender, but only so long as Borrower is performing such agreement; (b) contests the lien irt good fifith by, or defends against enforcement of the lien in, legal proceedings which itl Lender's opinion operate to prevent the enforcement of the lien while those proceedings ,'u'e pending, but only until snch proceedings m'e concluded; or (c) secures fi'om the holder of the lien an agreement satisfactory to Lender subordiuating the lieu to this Secnrity Instrument. If Lender determines that any part of the Property is sul~jec.t to a lien which can attain priority over this Security Insu'ument, Lender may give Borrower a notice identifying the lien. Widlin 10 days of the date on which that notice is given, Borrower shall satisfy the lien or take one or mom of tile actions set forth above in this Section 4. Lender. may require Borrower to pay a one-time charge for a real estate tax verification and/or reporting service used by Lender in connection with this Loan. 5. Property Insurance. Borrower shall keep the improvements now existiug or hereafter erected on the Property insured against loss by fire, hazm'ds included within the term "extended coverage," :md any other hazards including, but not limited to, earthquakes and floods, for which Lender requires insurance. This insurance shall be maintained in the amounts (includiug deductible levels) and l'or the periods that Lender requires. What Lender requires pursuant to the preceding sentences can chauge during the term of the Loan. The insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's fight to disapprove Borrower's choice, which fight shall not be exercised unreasonably. Lender may require Borrower to pay, in connection with this Loan, either: (a) a one-time chm'ge for flood zone determination, certification and tracking services; or (b) a one-time charge for flood zone determination and certification services and subsequent charges each time remappings or similm' changes occnr which reasonably might ar'feet such determination or certification. Bo,'rower shall also be responsible for the payment of any fees imposed by the Federal Emergency Maoagement Agency in connection with tile review of any flood zone determination resulting fi'om an objection by Borrower. If Bon'ower fails to maintain any of the coverages described above, Lender may obtain insnrance coverage, at Lender's option and Borrower's expense. Lender is under uo obligation to purchase any particular type or amount of coverage. Therefore, such coverage shall cover Lender, but lnight or might not protect Borrower, Bon'ower's equity in the Property, or the contents of the Property, against any risk, hazm'd i~®-6A(WY) (ooo5) CHL (08/00) Page 4. of 11 ' ' Form 3051 1/01 DOC rD #: 0002153338209003 or liability and might provide greater or lesser coverage than was previously in effect. Bon'ower acknowledges that the cost of the insurance coverage so obtained might significmltly exceed the cost of insurance that Borrower could have obt,'fined. Any amounts disbursed by Lender nnder this Section 5 shall become additional debt of Borrower secured by this Security Instrument. These amounts shall bear interest at the Note rate fi'om the date of disbursement and shall be payable, with such interest, upon notice from Lender to Borrower requesting payment. All insurance policies required by Lender and renewals of such policies shall be subject to Leuder's right to disapprove such policies, shall include a standard mortgage clause, and shall name Lender as mortgagee and/or as an additional loss payee. Lender shall have the right to hold the policies and renewal certificates. If Lender requires, Borrower shall prompdy give to Lender all receipts of paid premiums and renewal notices. If Borrower obtains any form of insurance coverage, not otherwise required by Lender, for damage to, or desu-nction of, the Property, such policy shall include a standm;d mortgage chmse and shall name Lender as mortgagee and/or as an additional loss payee.. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may ~nake proof of loss if not made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, auy insurance p[oceeds, whether or not the underlying insurance was required by Lender, 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 insurance proceeds uutil Lender has had au opportunity to inspect such Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Leuder may disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as the work is completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such insur~mce proceeds, Lender shall not be required to pay Borrower any interest or earnings on such proceeds. Fees for public adjusters, or o~her dfird p,'u;ties, retained by Borrower shall not be paid out of the insurance proceeds and shall be the sole obligation of Borrower. If the restoratiou or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. Such insurance proceeds sh,'dl be applied in the order provided for in Section 2. If Borrower abandons tile Property, Lender may file, negotiate and settle any awlilable insurance claim and related matters. If Borrower does not respond within 30 clays to a notice fi'om Leuder that the insurance carrier has offered to settle a claim, then Lender may negotiate aud settle the claim. The 30-day period will begin when tile notice is given. In either event, or if Lender acquires the Property under Section 22 or otherwise, Borrower hereby assigns to Lender (a) Bon'ower's rights to ally iusurance proceeds in an amonnt not to exceed the amounts unpaid under the Note or this Security Instrument, and (b) auy other of Borrower's rights (other than tile right to any refund of unem'ned premiums paid by Borrower) under all insurance policies covering the Property, insofar as such rights are applicable to tile coverage of the Property. Lender may use the insurance proceeds either to repair or restore the Property or to pay amounts unpaid under the Note or this Security Instrument, whether or not then due. 6. Occupancy. Borrower shall occupy, establish, and use the Property as Borrower's principal residence within 60 days alter the execution of this Security Instnmment and shall continue to occupy the Property as BorrOwer's .principal residence for at least one yem' after the date of occupancy, uuless Lender otherwise agrees in writing, which consent shall not be unreasonably withheld, or unless extenuating circumstauces exist which ~e beyond Borrower's control. 7. Preservation, Maintenance and Protection of the Property; Inspections. Borrower. shall :lot 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 order to prevent the Property fi'om deteriorating or decreasing in wflue due to its condition. Unless it is determined pursnant to Section 5 that repair or restoration is not economically feasible, Borrower shall promptly repair the Property if damaged to avoid timber deterioration or damage~ If insu,'ance or condemnation proceeds m'e paid in connection with damage to, or the taking of, the Property, Bon'ower shall be responsible, for repairing or restoring the Property only if Lender has released proceeds for such purposes. Lender may disburse proceeds for the repairs and restoration iu a single payment or in a series of progress payments as the work is completed. If the insur~mce or condemnation proceeds are not sufficient to repair or restore the Property, Borrower is not relieved of Borrower's obligatiou for the completion of such repair or restoration. Lender or its agent ]nay make reasonable entries upon and inspections of the Property. If it has reasonable cause, Lender may inspect the interior of the improvements on the Property. Lender shall give Borrower notice at the tinie of or prior to such an interior inspection specifying snch reasonable cause. 8. Borrower's Loan Application. Bon'ower shall be in default if, during the Loan applicatiou process, Borrower or any persons or entities acting at the direction of Borrower or with Borrower's knowledge or consent gave materi',flly false, misleading, or inaccurate information or statements to Lender (or failed to provide Lender with material informatiou) in connection with the Lo~m. Material represeutations include, but are not limited to, representations concerning Borrower's occupancy of the Property as Borrower's principal residence. {~®-6A(WY) (ooo5) CHL (08/00) Page 5 of 11 Form 3051 1/01 DOC ID ~: 0002153338209003 9. Protection o[' Lender's Interest in the Property and Rights Under this Secnrity Instnmmnt. If (a) Borrower fails to perform the covenm~ts m~d ag!;ecments contained in this Security Instrument, (b) there is a legal proceeding that might significantly affcct Lender's interest in thc Property and/or rights under this Security Instnnnent (such as a proceeding in bankruptcy, probate, for condemnatiou or fi)rfeimre, for enforcement of a lien which may attain priority over this Security Inamment or to enforce laws or' regulations), or (c) Bon'owcr has abandoned the Property, then Lender may do and pay for whatever is reasonable or appropriate to protect Lender's interest in the Propcrty and rights nnder this Security Instrument, including protecting and/or assessing the value of tile Property, and secnring and/or repairing tire Property. Leuder's actions can include, but are not limited to: (a) paying any sums secured by a lien which has priority over this Security Instrument; (b) appearing in court; and (c) paying reasonable attorneys' fees to protect its interest in the Property and/or rights under this Secnrky I,~stmment, including its secured position in a bankruptcy proceeding. Securing the Property includes, but is not limited to, entering tile Property to make repairs, change locks, replace or bom:d up doors and wiudows, drain water from pipes, elimi,mle building or other code violations or dangerous conditions, and have utilities mined on or off. Although Lender may take action under this Sectiou 9, Lender does not have to do so arid is not under any duty or obligation to do so. It is agreed that Lender incurs no liability for not taking any or all actions authorized under this Section 9. Any amounts disb'ursed by Lender under this Section 9 shall become additional debt of Bon'ower secured by this Security Instrument. These amounts shall bear interest at the Note rate from the date of disbursement and shall be payable, with such interest, upon notice from Lender to Borrower requesting payment. if this Security Instrument is on a leasehold, Borrower shall comply with all tile provisions of the lease. If Borrower acqnires fee title to the Property, the leasehold and the fee title shall not merge unless Lender agrees to the merger in writing. 10. Mnrtgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan, Borrower shall pay the premiums required to lnaintain the Mortgage Insur,'mce iu effect. If, for any reason, the Mortgage Insurauce coverage required by Lender ceases to be available from the mortgage insurer that previously provided such insurance and Borrower was required to make separately designated payments towm'd the premiums for Mortgage Insurance, Borrower shall pay the premiums required to obtain coverage substantially equivalent to the Mortgage Insurance previously in effect, at a cost substantially eqnivalent to the cost to Bon'ower of the Mortgage Insurance previously in effect, from an altcrnale mortgage insurer selected by Lender. If substautially eqnivalent Mortgage Insurance coverage is not availahle, Borrower shall contiuue to pay to Lender the mnonnt of the sepm'atcly designated payments that were due when the insurance coverage ceased to be in effect. Lender will accept, use and retain these payments as a non-rehmdable loss reserve in lieu of Mortgage Insurance. Such loss reserve shall be non-refundable, notwithstanding the fact that the Loau is nltimately p,'fid in full, and Leuder shall not be required to pay Borrower auy interest or em'nings on such loss reserve. Lender can no longer require loss reserve payments if Mortgage Insurance coverage (in the arnount aud for the period that Lender reqnires) provided by au insurer Selected by Leuder again becomes available, is obtained, aud Lender requires sepm'ately designated payments toward the premiums for Mortgage Insunmce. If Lender reqnired Mortgage Insurance as a condition of making the Lom~ aud Borrower was required to make sepm'ately designated payments towm'd the premiums for Mortgage Insurance, Borrower shall pay the premiums required to maintain Mortgage Insurance in effect, or to provide a non-refundable loss reserve, until Lender's requirement for Mortgage Iusurance ends in accordance with airy written agreement betWeen Borrower and Lender providing for such termination or until termination is required by Applicable Law. Nothing in this Section 10 affects Borrower's obligation to pay interest at the rate provided in the Note. Mortgage Insnrance reimburses Lender (or any entity that purchases the Note) for certain losses it may incur if Borrower does not repay the Loan as agreed. Bon'ower is not a party to the Mortgage Insurance. Mortgage insurers evaluate their total risk on all such insurauce in force from time to time, and may euter into agreements with other pm'ties that shm'e or modify their risk, or reduce losses. These agreements m'e on terms and conditions that m'e satisfi~ctory to the mortgage insurer and the other party (or parties) to these agreements. These agreements may require the mortgage insurer to make payments using any sonrce of funds that the mortgage insurer may have available (which may inclnde funds obtained f'rom Mortgage Insurance premimns). As a result of these agreemenks, Lender, {~ny purchaser of the Note, another insurer, any reinsurer, any other entity, or any ,affiliate of any of the foregoing, may receive (directly or indirectly) amounts that derive from (or might be characterized as) a portion of Borrower's paymeuts for Mortgage Insurance, iii exchauge for sharing or modifying the mortgage insurer's risk, or reducing losses. If such agreement provides that an affiliate of Lender takes a share of the insurer's risk in exchange for a shm'e of the premiums paid to the insnrer, the arrangement is oftell termed "captive reiusurance." Further: (a) Any such agreements will nut all'ect the amounts lhat Borrower has agreed tn pay for Mortgage Insurance, or any other terms o1' the Loau. Such agreements will not increase [lie amnunt Bnrrower will owe l'or Mortgage Insurauce, and they will not entire Borrower to any refund. (~®-6A(WY) (0005) CHL (08/00) Page 6 of 11 Form 3051 1/01 224 DOC ID #: 0002153338209003 (b) Any such agreements will not affect fl~e rights Borrower has - if any - with respect to the Mnrtgage Insurance under the Hmneowners Protection Act of 1998 or any other law. These rights may include the right to receive certain disdosnres, to request and obtain c,'mcellafion of the Mortgage Insurance, to have the Mortgage Insurance terminated automatically, and/or to receive a refnnd of any Mortgage Insurance premimns that were unearned at tine time of such cancellation or termination. 11. Assigmnent n.f Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigued to and shall be paid to Lender. . If the Property is damaged, such Miscellaneous Proceeds shall be applied to restoration or repair of the Property, if the restoration or repair is economically feasible aud Lender's secnrity is not lessened. During such repair and restoration period, Lender shall have the right to hold such Miscellaneous Proceeds until Lender has had an opportunity to inspect snch Property to ensure the work has been completed to Lender's satisfactiou, provided that such inspection shall be undertaken promptly. Lender may pay for the repairs and restoration in a single disbnrsement or iix a series of progress payments as the work is completed. Uuless an agreement is made in writing or Applicable Law reqnires interest to be paid on such Miscelhmeous Proceeds, Lender shall not be. required to pay Bon'ower any interest or earnings ou such Miscellaueous Proceeds. If the restorutiou or repair is not economically feasible or Lender's security would be lessened, thc Miscellaueous Proceeds shall be applied to the sums seem'ed by this Security Instrument, whether or not then due, with the excess, il' auy, paid to Borrower. Such Miscellaueous Proceeds shall be applied in the order provided for in Section 2. In the event of a total taking, destruction, or loss iu value of tine Property~ the Miscellm~eous Proceeds shall be applied to the sums secured by this Secnfity Insmm~ent, whether or oot then due, with the excess, if any, paid to Borrower. In the event of a partial taking, destruction, or loss in valne of the Property in which the fair market valne of the Property immediate, ly before the partial taking, destruction, or loss iu valne is equal to or greater thao the amount of the sums secured by this Security Insmunent iNnmediately before the pm-md t:fl,:ing, destruction, or loss in value, unless Borrower and Lender otherwise agree iu writing, the sums secured by this Security Instrument shall be reduced by the amount of the Miscellaneous Proceeds multiplied by the following fraction: (a) the total amount of the sums secured immediately before the pm'rial taking, destruction, or loss in wflue divided by (b) the fair m,'u'ket value of the Property intmediately before the partial taking, destruction, or loss in value. Any balance shall be paid to Borrower. In the event of a partial taking, destruction or loss in value of the Property in which the fair inarket value of the Property immediately before the partial taking, destruction, or loss in value is less than the amount of the sums secured immediately before the partial taking, destmctiou, or loss in value, unless Borrower aud Leuder otherwise agree in writing, the Miscelhmeous Proceeds shall be applied to the sums secured by this Security Instrument whether or uot the sums are then due. If the Property is abandoued by Borrower, or if, after notice by Lender to Borrower that the Opposing Party (as defined in the next sentence) offers to make an award to settle a chtim for damages, Borrower fails to respond to Leoder within 30 days after the date the notice is giveu, Lender is authorized to collect aud apply the Miscellaneous Proceeds either to restoration or repair of the Property or to the sums secured by this Security Iustrument, whether or not then dne. "Opposing Pm-ty" means the third pm'ty that owes Borrower Miscellaneous Proceeds or the p~u:ty against whom Borrower has a right of action in regard to Miscellaneons Proceeds. Borrower shall be in.default if any action or proceeding, whether civil or crimiual, is begun that, in Lender's judgment, could result in forfeiture of the Property or other material impairment of Lender's interest iu the Property or rights uuder this Secnrity Instrument. Borrower can cure such a default and, if acceleration has occun'ed, reinstate as provided in Section 19, by causing the actiou or proceeding to be dismissed with a ruling that, m Lender s judgment, precludes forfeiture of the Property or other material impairment of Leoder's interest in the Property or rights under this Security Instrument. The proceeds of any award or claim for damages that are attributable to the impairment of Lender's interest in the Properly m'e hereby assigned and shall be paid to Leoder. All Miscellaneous Proceeds that m'e not applied to restoration or repair of the Property shall be applied in the order provided for in Section 2. 12. llorrower Nut Released; Forbearance By Leuder Not a Waiver. Extensiou of the time for payment or modification of amortization of the sums secured by this Security Instrument granted by Lender to Borrower or any Successor in Interest of Borrower shall not Operate to release the liability of Borrower or auy Successors in Iuterest of Bon'ower. Lender shall not be required to commence proceedings against auy Successor in Interest of Borrower or to refuse to extend time for payment or otherwise modify amortization of the sums secured by this Security Instrument by reason of any demand made by the ofigiual Borrower or any Successors in Interest of Borrower. Any forbearance by Lender in exercising tiny right or rmnedy iuclnding; w'ithout limitation, Lender's acceptance of payments fi'om third persons, entities or Successors in Interest of Borrower or in amouuts less than the amount then dne, slufll not be a waiver of or preclude the exercise of any right or remedy. 13. Joint and Several Liability; Cn-signers; Successors and Assigns Bmmd. Borrower covenants and agrees that Borrower's obligations and liability shall be joint and several. However, any Borrower who co-signs this Security instrument but does not execute the Note (a "co-signer"): (a) is co-signing this Secm'ity (~®-6A(WY) (ooos) CHL (08/00) Page 7 ol 11 Form 3051 1/01 DOC ~D #: 0002153338209003 Instrument only to mortgage, grant ~nd convey the co-s]guer s interest in the Property uuder the terms of this Security Instrument; (b) is not personally obligated to pay the sams secured by this Security Instnm~ent; and (c) agrees that Lender and any other Borrower can agree to extend, modify, forbear or make any accommodations with regard to the terms of this Security Instrument or the Note withont the co-signer's consent. Subject to the provisions of Section 18, nny Successor in Interest of Borrower who assumes Borrower's obligations under this Security Instrument in writing, aud is approved by Lender, shall obtain all of Borrower's rights and benefits under tiffs Security Instrument. Borrower shall not be released fi'om Borrower's ob!igatious and liability under this Security Instrument unless Lender agrees to such release in writing. The covenants and agreements of this Security Instrument shall bind (except ns provided in Section 20) and benefit the successors and assigns of Lender. 14. Loan Charges. Lender may chm'ge Borrower fees for services performed m connection with Borrower's default, for the purpose of protecting Lender's interest iu the Property and rights under this Security Instrument, including, but not limited to, attorneys' fees, property inspection and valuntion fees. In regard to ~my other fees, the absence of express authority iu this Security Instnmmnt to charge a specific fee to Bon'ower shall not be construed-ns 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 maximmn loan chm'ges, and that law is finally interpreted so that the interest or other loan charges collected or to be collected in connection with the Loan exceed the permitted limits, then: (a) any such loan chm'ge shall be rednced by the amount necessary to reduce the charge to the permitted limit; and (b) any snms already collected from Borrower which exceeded permitted limits will be refunded to Borrower. Lender may choose to make this refund by reducing the in:incipal owed under the Note or by making n direct payment to Borrower. If a retired rednces lmncipal, the reduction will be treated as a partial prepayment withont any prepayment charge (whether or not n prepayment charge is provided for under the Note). Borrower's acceptance of m~y snch refund made by direct payment to Borrower will constitute a waiver of any right of action Bm'rower might have m'ising out of such overcharge. 15. Notices. All notices given by Borrower or Lender in connection with this Security Iusmnnenl must be in writing. Any notice to Borrowe,' m connection with this Security Instrument shall be deemed to have been given to Borrower when mailed hy first class mail or when actually delivered to Bom)we,:'s nolice address if sent by olher means. Notice to any one Borrower shall constitute notice to all Borrowers unless Applicable Law expressly requires otherwise. The notice address shall be the Property Address unless Borrower has designnted a substitute notice address by notice to Lender. Borrower shall promptly notify Lender of Borrower's change of address. If Lender specifies a procednre for reporting Borrower's change of address, then Borro~ver shall only report a change of address through that specified procednre. There may be only one designated notice address under this Secm'ity 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 hereto nuless Lender has designated another address by notice to Borrower. Any notice in connection wifl~ this Security Instrument shall not be deemed to have been given to Lender until actually received by Lender. If any notice required by this Security Insmm~ent is also required under Applicable Law, the Applicable Law requirement will satisfy the corresponding requirement under this Security h~strumelm 16. Governing Law; Severability; Rnles of Cnnstrnction. This Security Instrument shall be governed by federal law mid the law of the jndsdictiou in which the Property is located. All rights m~d obligations contained in this Security Instrument are subject to any requirements and lixnitations of Applicable Law. Applicable Law might explicitlY or implicitly allow the parties to agree by cont,'act or it might be silent, but such silence shall not be construed as a prohibition against agreelnent by contract. In the event that any provision or chmse of this Security Instnm~ent or the Note conflicts with Apl)licable Law, such conflict shall not affect other provisions of this Security Instrument or the Note which can be given effect withont the conflicting provision. As used in this Security Instl'Ulnent: (a) words of the masculine gender shall mean and include corresponding neuter words or words of the feminine gender; (b) words in the siugnlar shall mean and include the plnral ,and vice versa; and (c) the word "may" gives sole discretion without rely obligation to take any action. 17. Borrnwer's Cnpy. Borrower shall be given one copy of the Note and of this Security Instrutnent. .18. Transrer nr the Property or a Benellciai Interest in Borrower. As used in this Section 18, "Interest in the Property" means any legal or beneficial interest in the Property, including, but not limited to, those beneficial interests transfen'ed iu a boud for deed, contract for deed, insmlhncnt sales contract or escrow agreement, the intent of which is the u'ausfer of title by Borrower at a future date to a pnrChaser. If all or m~y part of the Property or any Interest in the Property is sold or mmsferred (or if Borrower is not a natnral person and a beneficial interest in Borrower is sold or transferred) without Lender's prior written cOnsent, Lender may require immediate payment in full of all sums secured by this Security Insmmmnt. However, this option shall not be exercised by Lender if such exercise is prohibited by Applicable Law. If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days fi'om the date the 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 stuns prior to the expiration of this period, Lender may invoke any remedies pm'mitted by this Security Instrument without timber notice or demand on Borrower. I~)®-fiA(WY) (ooo5) CHL (08/00) Page 8 of 11 Form 3051 1/01 DOC ID #: 0002153338209003 19. Borrower's Right to Reinstate After Acceleration. If Bm~ower meets certain conditions, Borrower shall have the right to have enforcement of this Security Instrument discontinued at any time prior to the em'liest 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 for the termination of Bon'ower's right to reinstate; or (c) entry of a judgment enforcing this Security Instrnment. Those comlitions are that Borrower: (a) pays Lender all sums which then would be due under this Security Instrument and tile Note as if no acceleration had occurred; (b) cures any default .of any other covenants or agreements; (c) pays all expenses incurred in euforcing this Security Instrnment, including, but not limited to, reasonable attorneys' fees, property inspection and w~luation fees, and other fees incurred for tile purpose of protecting Lender's iuterest itl the Property and rights under this Security lnstmn~ent; and (d) takes such action as Lender may reasonably require to assure that Lender's interest in tile Property and fights under this Security Instrnment, and Borrower's obligation to pay the stuns secured by this Security Instnlment, shall continue nnchanged. Lender may require that Borrower pay such reinstateinent sums and expenses in one or more of the following forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, treasurer's check or cashier's check, provided any such check is drawn upon an institution whose deposits are insured by a federal agency, instruinenmlity or entity; or (d) Electronic Fnnds Transfer. Upon reinstatement by Borrower, this Security Instrmnent and obligations secured hereby shall remain hilly effective as if no ficceleration had occurred. However, this right to reinstate shall not apply in the case of acceleration under Section 18. 20. Sale o1' Note; Change of Loan Servicer; Notice of Grievance. The Note or a partial interest in tile Note (together with this Security Instrument) can be sold one or more times without prior notice to Borrower. A sale might result iii a change in the entity (known as the "Loan Servicer") that collects Periodic Payments due under the Note and this Security Instrument and perlbrms other mortgage loan servicing obligations nnder the Note, thig Security Instrument, and Applicable Law. There also might be one or more changes of the Loan Servicer unrelated to a sale of the NOte. If there is a change of the Loan Servicer, Borrower will be given written notice of the change which will state tile name and address of the new Loan Servicer, tile address to which payments should be made and any other information RESPA requires in conuection with a notice of transfer of servicing. If tile Note is sold and thereafter the Loan is serviced by a Loan Servicer other than tile purchaser of the Note, the mortgage loan servicing obligations to Borrower will remain with the Loan Servicer o,' be transferred to a successor Loan Servicer and are not assumed by tile Note purchaser unless otherwise provided by tile Note purchaser. Neither Bon'ower nor Lender may commence, join, or be joined to any judicial action (as either an individual litigant or the member of a class) that arises from tile other pm'ty'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 pm'ty (with such notice given m 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 uotice to take corrective action. If Applicable Law provides a time period which must elapse before certain action can be laken, that time pehod will be deemed to be reasonable for pm'poses of this p~agraph. The notice of acceleration and opportunity to cure given to Bo,'rower pursuant to Section 22 and tile notice of acceleration given to Borrower pursuant to Section 18 shall be deemed to satisfy the notice mid opportunity to take corrective action provisions of this Section 20. 21. Hazardous Substances. As used ill this Section 21: (a) "Hazardous Substances" are those substances defined as toxic or h,~'tz,'u'dous substances, pollutants, or wastes by Environmental Law and thc following substances: gasoline, kerosene, other flammable or toxic petroleum'producc% toxic pesticides and herbicides, volatile solvents, materials cont~fining asbestos or formaldehyde, and radioactive materials; (b) "Environmental Law" means federal laws and laws of tile jurisdiction where tile Property is located that relate to health, s~ffcty or environmental protection; (c) "Environmental Cleanup" includes any response action, remedial action, or removal action, as defined in Environmental Law; and (d) an "Enviromnental Coudition" 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 Hazm'dous Substances, or threaten to i'elease any Haztu'dons Substances, ou or in the Property. Borrower shall not do, nor allow anyone else to do, anything ~fffecting the Property 00 that is in violation of any Environmental Law, (b) which creates an Environmental Condition, or (c) which, duc to tile presence, use, or release of a Hazm'dous Substance, creates a condition that adversely affects tile value of the Property. The preceding two sentences shall not apply to the presence, use, or storage on tile Property of small quantities of Hazardous Substances that are generally recogniied to be appropriate to normal residential uses mid to maintenance of the Property (including, but not limited to, hazardous snbsmnces in consumer products). Borrower shall promptly give Lender written notice of (a) any investigation, claim, demand, lawsuit or other actiou by any governmental or regulatoL'y agency or private pm'ty involving the Property and any Hazardous Substance or Environmental Law of which Bon'ower has actual knowledge, (b) any Environmental Condition, including but not Iiinited to, any spilling, leaking, discharge, release or threat of release of any · Hazardous Substance, aud (c) any condition caused by the presence, use or release of a Hazardous Substance which adversely ,'fffects the value of the Property. If Borrower learns, or is notified by any governmenttfl or regulatory authority, or any private party, that auy removal or other remediation of any Hazm'dous Substance affecting the Property is necessm'y, Borrower shall promptly take all necessm'y remedial actions in accordance with Environmental Law. Nothing hereiu shall create any obligation on Lender for an Environmental Cleanup. (~®-6A(WY) (ooo5) GIlL (08/00) Page 9 of 11 Form 3051 1/01 DOC ID #: 0002153338209003 NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows: 22. Acceleration; Re~nedies. Lender shall give notice to Borrower prior to acceleration folh:mfng Borrower's breach of any covenaut or agreemeut in this Security Instrument (bnt not prior to acceleratiou uuder Sectiou 18 uuless Applicable Law provides uther;~Sse). The notice shall spec![y: (a) the defmdt; (b) the action required to cure the default; (c) a date, not less than 30 days from the date the notice is giveu to Borrower, hy which the default must lye cured; and (d) that failure to cure the default on or before the date,specified iu the notice may result in acceleratiou oi' the stuns secured hy this Security Instrument and sale o1~ the Property. The notice shall further inl'onn Borrower or the right to reinstate al]er acceleration and the right to bring a cour! actiou to assert !lie non-existeuce of a del'ault or auy other defense of Borrower to acceleration aud sale. 1l' the default is not cured on or hefore the date spec!lied in the notice, Lender at its optiou may require !tamed!ale payment in ful.l ol' all sums secured by this Security Instrument without further demand aud may invoke the power ol' sale and auy other remedies permitted hy Applicable Law. Lender shall be entitled to collect all expenses iucnrred in pursuing the remedies provided in this Section 22, inchlding, but uot lilnited to, reasonable attorneys' fees and costs of title evidence. If Lender invokes lhe pnwer of salel Lender shall give notice ol'intent to foreclose to Borrower and to the person iu possession o1' the Property, it' ditlerent, in accordance x~4th Applicable Law. Lender shall give uotice of the sale to Borrower iu the manner provided iu Sectiou 15. Lender shall publish tile uotice of sale, and the Property shall be sold in tile manner prescribed hy Applicable Law. Lender or its desiguee ri!ay purchase the Property at any sale. The proceeds or file sale shall be applied in the following order: (a) to all expenses of the sale, including, but not limited lo, re~,sonahle attorneys' fees; (h) to all stuns secured by'this Security Instrmnent; and (c) any excess to the person or persnns legally entitled tn it. 23. Release. Upon payment of all sums secured by this SecuritY Instmmeut, Lender shall release this Secnrity Instrument. Borrower shall pay any recordation costs. Lender may chm'ge Bon'ower a fee l'or releasing this Secnrity Instrument, but only if the fee is paid to a third party for services rendered and the chm'ging of the fee is permitted under Applicable Law. 24. Waivers. Borrower releases and waives all fights under and by virtue of the homestead exemption laws of Wyoming. BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this Security Instrmnent aud in any Rider executed by Borrower and recorded with it. Witnesses: (Seal) -Borrower (Seal) CHRISTINE TURNER -Borrower (Seal) -Borrower (Seal) -Boltower (~®-6A(WY) (ooo5) CHL (08/00) Page 10 of 11 Form 3051 1/01 228 STATE OF WYOMING, DOC Lincoln by The foregoing instrument was acknowledged before me this Kelly E. Turner and Chr±st±ne Turner ID ~: 0002153338209003 County ss: 26th day of September, 2003 My Commission Expires: February 2, ' 2006 Notary Public (~®-6A(WY) (ooo5) CHL (08/00) Pagellof11