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HomeMy WebLinkAbout894089Re/urn To: HOMECOMINGS FINANCIAL NETWORK, INC ONE MERIDIAN CROSSING, STE 100 MINNEAPOLIS, MN 55423 koan Number: 041-833570-9 Prepared By: HomeComings Financial Network 14850 Quorum Drive, Suite.500 Dallas, TX 75254 R[gF_ IVF_'_D COUNTy OLERK " ..... 232 iBOOK 3'7 PR FAGE · [Spfice Above This Line For Rec,,rding Data] MORTGAGE MIN 100062604183357096 DEFINITIONS Words used. in amir/pie sections ofdfis document are defined below and off,er words are defined iu Sections 3, 11, 13, 18, 20 and 21. Certain rules regarding the usage of words used in tiffs document are also provided in Section 16. (A) "Security Instrument" n]eans tiffs document, xvhich is dated together wifll all Riders to this document. (B) "Borrower" is IVLkRK V. DICKSON, AN UNNARRIED MAN SEPTEMBER 30TH, 2003 Borrower is the mortgagor under this Security Instrument. (C) "MERS" is Mortgage Electronic Reg:istration Systems, Inc. MERS is a separate coq~oration that ~s acti,g so. lely 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 fl~e laws of Delaware, and has an address and telephone number of P.O. Box 2026, Flint, MI 48501-2026, tel. (888) 679-MERS. WYOMING-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT WITH MERS MkW~Y7770 (11/00) I 041-833570-9 I~®-6A(WY) 1ooo51.o 1 . VMP MORTGAGE FORMS - (800)521-7291 Form 3051 1/01 (D) "Lender" is HOMECOMINGS FINANCIAL NETWORK INC. Lender is a CORPORATION organized and existing under the laws of DEI~3~WARE Lender's address is 14850 QUORUM DRIVE., SUITE 500 DALLAS, TX 75254 (E) "Note" means the pronfissorynote signed by BorroWer and dated SEPTEMBER 30TH, 2 003 The Note states that Borrower owes Lender ONE HUNDRED FORTY SEVEN THOUSAND TWO HUNDRED SIXTY FIVE AND 50/100 Dollars (U.S. $ 147,265.5 0 ) plus interest. Borrower has pronfised to pay this debt in regular Periodic Payments and to pay the debt in full not later than OCTOBER 1ST, 2033 (F) "Property" means the property dmt is described below under flxe heading "Transfer of Rights in the Property." ' (G) "Loan" means the debt evidenced by the Note, plus interest, any prepayment charges and late charges due under the Note, and all stuns due under this Security InsU'ument, plus interest. 01) "Riders" means al! Riders to this Secm-ity Instrument that are executed by Borrower. The following Riders are to be executed by Borrower [check box as applicable]: [~] Adjustable Rate Rider [~ Condominimn Rider' [~] Second Home Rider [~] Balloon Rider [] Phnmed [hfit Development Rider [~] l-4 Fanfily Rider ['--] VA Rider [] Biweekly Payment Rider ~-~ Omer(s) [specie] (1) "Applicable Law" means all controlling applicable federal, state aud local statutes, regulations, ordi~muces and admi~fistrative rules aud orders (that have tbe ett~ct of law) as well as all applicable final, non-appealable judicial opinimm. (J) "Com~nunity Association Dues, Fees, and Assessments" means all dues, lees, assessments and other charges that are imposed on Borrower or the Property by a condonfinimn association, homeowners association or sinfilar organization. (K) "Electronic Funds Transfer" meatus any transl~r of funds, other titan a transaction originated by check, dratl, or sinfilar paper instrument, which is initiated through an electro~fic ternfinal, telepholfic i~mtmment, computer, or nmgnetic tape so as to order, instruct, or auflmrize a financial iustimtion to debit or credit an acconnt. Such term includes, but is not linfited to, point-of-sale transt~rs, automated teller maclfine transactions, transt~rs ioitiated by telephone, wire translkrs, and automated clearinehouse transt~rs. ~ (L) "Escrow Items" means those items flint are described in Section 3. (M) "Miscellaneous Proceeds" means any compensation, settlement, award of damages, or proceeds paid by any [bird party (other than insurance proceeds paid under the coverages described in Section 5) Ibr: (i) damage to, or destruction of, the Property; (ii) condennmtion or other takiug of all or any part of the Property; (iii) conveyance in lieu of conde~mmtion; or (iv) misrepresentations of, or onfissions as to, the wdue and/or condition of the Property. (N) "Mortgage Insurance" uieams insurance protecting Lender against the nonpayment or', or default on, the Loan. (O) "Periodic Payment" means the regularly scheduled amount due tbr (i) principal and interest under the Note, plus (ii) any amounts under Section 3 of this Sccm-ity Instrument. (P) "RESPA" means the Real Estate Settlement ?rocedm:es Act (12 U.S.C. Section 2601 et seq.) and its implementing regulation, Regulation X (24 C.F.R. Part 3500), as they nfight be amended titan time to time, or any additional or successor legislation or regulation that governs the same subject ~m~tter. As used in this Secm'ity Instnunent, "~SPA" ret)rs to all r~quirements and ~:estfictions that are imposed in regard to a "federally related mortgage loan" even if the ~oan does nol qualit~ as a "t~derally related mortmtge loan" under RESPA. ~ MFWY7770 (11/00) / 041-833570-9 (~)-6A(WY) Iooosl.o~ Page 2 ot 15 Form 3051 1/01 (Q) "Successor in Interest of Borrower" means any party that has taken title to the Property, whether or not that party has assumed Borrower's obligations under the Note and/or this Security Instrument. TRANSFER OF RIGHTS IN THE PROPERTY This Security Instrument secures to Lender: (i) the repayment of the Loan, and all renewals, extensions and modifications of the Note; an.d.(ii) the pertbrmance of Borrower's covenants and agreements under this Security Instrument and the Note. For this propose, Borrower does hereby mortgage, grant and convey to MERS (solely as nominee ~b:r 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 Recording Jurisdiction] [Name of Recording Jurisdiction] LOT 88 OF THE PRATER C_b2,/yON ESTATES UNIT NO. 4, LINCOLN COUNTY, WYOMING AS DESCRIBED ON THE OFFICIAL PLAT THEREOF. Parcel ID Number: 35192510510600 18 PlUTE DRIVE THAYNE ("Property Address "): which currently has the address of , [Street} [City] , Wyonfing 83127 [Zip CodeI 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 understauds and agrees that MERS holds ouIy legal title to the interests granted by Borrower in this Security Instrument, but, if necessary to comply with law or custom, MERS (as nominee lbr Lender ai~d Lender's successors and assigns) has the fight: to exercise any or all of those interests, including, but not limited to, fl~e right to foreclose and sell the Property; and to take any action required of Lender inc.ludiog, but ~mt limited to, releasing and canceling this Security h~strument. BORROWER COVENANTS that Borrower is laWfully seised of the estate hereby conveyed and has the right to mortgage, grant and convey the Property and dmt the Property is unencumbered, except lbr encumbra~mes of record. Borrower warrants and will defend generally the title to the Property against all claims and demands, subject to auy encumbrances of record. THIS SECURITY INSTRUMENT combines uniform covenants for uational use and non-uniform covenants with limited variations by jurisdiction to constitute a mfitbrm security instrument covering real property. MFWY7770 (11/00) / 041-833570-9 (~-SAIW¥) Iooosl.o, Page3o[ 15 Form 30[~1 1/01 235 UNIFORM COVENANTS. Borrower and Lender covenant and agree as tbllows: 1. Payment of Principal, Interest, Escrow Items, Prepayment Charges, and Late Charges. Borrower shall Pay when due the principal of, and interest On, the debt evidenced by file Note and any prepayment charges and late charges due under the Note. Borrower shall also pay funds for Escrow Items pursuant to Segtion 3. Payments due under file Note and this Security Instrmnent shall be made in U.S. currency. However, if any check or other instrument received by Lender as payment under the Note or this Security Instrument is returned to Lender unpaid, Lender may require that any or all subsequent payments due under the Note and this Security Instrument be n~lde in one or more of the following Ibrms, as selected by Lender: (at cash; (bt money order; (ct certified check, bank check, treasurer's check or cashier's check, provided any such check is drawn upon an institution whose deposits are insured by a federal agency, instrumentality, or entity; or (d) Electronic Funds Transfer. Payments are deemed received by Lender when received at file location designated in the Note or at such other location as nmy be designated by Lender in accordance with fl~e notice provisions in Section 15. Lender may return any payment or partial payment if the payment or partial' payments are insufficient to bring the Loan current. Lender nmy accept any payment or partial payment insn[lScient to briug the Loan current, without, waiver of any rights hereunder or prejudice to its fights to refuse such payment or partial payments in rite future, but Lender is uot 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 umtpplied funds. Lender may hold such unapplied funds until Borrower makes payment to bring the Loan current. If Borrower does not do so within a reasonable period of time, Lender shall either apply such funds or return them tO Borrower. if not applied earlier, such funds will be applied to the outstauding principal balance under the Note immediately prior to lbreclosure. No offset or chfim which BOrrower nfight have now or in the future against Lender Shall relieve Borrower fronl making payments due under fl~e Note and this Security hkstmment or pertbrnfing the cove~mnts and agreements secured by this Security Instrument. 2. Application of Pay~nents or Proceeds. Except as otherwise described in tliis Section 2, all payments accepted and applied by Lender shall be applied in the ~bllowing order of priority: (at interest due under th.e Note; (bt principal due under rile Note; (ct amounts due under Section 3. Such payments shall be applied to each Periodic Paymeut iu fide order in which it became due. Any remaining amounts shall be applied first to late charges, second to any off, er amouuts due under dfis Security instrument, and titan to reduce rile principal balance of the Note. If Lender receives a payment fi'om Borrower for a delinquent Periodic Payment which includes a sufficient amount to pay any late charge due, the payment nmy be applied to the delinquent payment and fl~e late charge. If more than one Periodic Payment is outstanding, Lender may apply any payment received from Borrower to the repayment of rile Periodic Payments if, and to rile extent that, each payment can be paid in fidl. To the extent that any excess exists after the payment is applied to the full payment of one or more Periodic Payments, such excess may be applied to any late charges due. Voluntary prepayments shall be applied first to any prepayment charges and then as described iu the Note. Any application of payments, insurance proceeds, or Miscellaneous Proceeds to pri~mipal due under the Note shall uot extend or postpone the due date, or change the amount, of fl~e Periodic Payments. 3. ~Fnnds for Escrow Items. Borrower shall pay to Lender on the day Periodic Payments are due ruder the Note, until rile Note is paid in full, a sum (the "Funds") to provide tbr payment of alnounts clue Ibc: (at taxes and assessments and other items which can attain priority over this Security Instrmnent as a lien or encumbrance on the Property; (bt leasehold paynmnts or ground rents ou the Property, if any; (ct premimns for 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 in lieu of thc payment of Mortgage Insurance prenfiums in accordauce with the provisions of Section 10. These items are called "Escrow Items." At origination or at any time during the term of the Loan, Lender n~.ty require that Conumnfity Association Dues, Fees, and Assess~nents, it' any, be escrowed by Borrower, and such th~es, fees and assessments shall be an Escrow Item. Borrower shall promptly funfish to Lender all notices of amounts to be paid under fids Section. Borrower shall pay Lender fl~e Funds for Escrow Items unless Lender waives Borrower's obligatiou, to pay the Funds for any or all Escrow Items. Lender ~mly waive Bon'ower's obligation to pay to Lender Funds tbr any or all Escrow Items at any time. Any such waiver may only be in writing. In the event of such waiver, Borrower shall pay directly, when and where payable, the amounts MFWY7770 (11/00) / 041-833570-9 ~-6AiWY) Iooos).o~ Page 4 ot 15 Form 3051 1/01 236 due for ally EscrOw Items Ibr Which payment of FUnds has been waived by Lender and, if Lender requires, shall furnish to Lender receipts evidencing such payment witlfin Such time period as Lender may require. Borrower's obligation to make such payments and to provide receipts shall for all purposes be deemed to be a covenant and agreement contained in dfis Security Instrument, as the phrase "covenant and agreement" is used in Section 9. If BorrOwer is obligated to pay Escrow Items directly, pursuant to a waiver, and Borrower fails to pay the amount due Ibr 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 required under this Section 3. Lender may, at any tinie, collect and hold Funds in an amount (a) sufficient to pernfit Lender to apply the Funds at the time specified under RESPA, and (b) not to exceed the maxinmur amount a lender can reqnire under RESPA. Lender shall estimate the amount of Funds 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 insured by a federal agency, instrumentality, or entity (including Lender, if Lender is alt institution whose deposits are so insured) or in any Federal Home Loan Bank. Lender shall apply the Funds to pay rite Escrow Items no later than the time specified under RESPA. Lender shall'not charge Borrower for holding and applying the Funds, ammally analyzing the escrow account, o? verifying the Escrow Items, unless Lender pays Borrower interest on the Funds and Applicable Law permits Lender to make such a charge. Unless all agreement is lmlde in writing or Applicable Law requires interest to be paid on dm Funds, Lender slmll not be required to pay Borrower any interest or earlfings 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 am~ual accounting of the Funds as required by RESPA. If there is a surplus of Funds held in escrow, as defined under RESPA, Lender shall account to Borrower lbr tim excess funds Jn accordance with RESPA. If there is a shortage of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to make up the shortage in accordance with RESPA, but in .no more than 12 monthly payments. If there is a deficiency of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to make up the deficiency in accordance with RESPA, but itt no more than 12 monthly payments. Upon payment in lull of alt sums secured by this Security Instrun~ent, Lender shall promptly refund to Borrower ally 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 h~strument, leasehold payments or ground rents on the Property, if any, and Conmmnity Association Dues, Fees, and Assessments, it- any. To the extent fl~at these items are Escrow Items, Borrower shall pay dram in rite mamler provided in Section 3. Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a) agrees in writing to the payment of the obligation secured by file lien in a manner acceptable to Lender, but only so long as Borrower is performing such agreement; (b) contests the lien itl good faith by, or defends against enlbrcement of file lien in, legal, proceedings wlfich in Lender's opi~fion operate to iprevent file entbrcement of the lien while those proceedings are pending, but only until such proceedings are concluded; or (c) secures from the holder of the lien an agreement satisfactory to Lender subordinating the lien to this Security InsU'un~ent. If Lender determines fl~at any part of the Property is subject to a lien which can attain priority over this Security Instrument, Lender may give Borrower a notice identit3,ing the MFWY7770 (11/00) / 041-833570-9 (~-6AIWY) (ooosLol p,g. sof~s Form 3051 1/01 lien. Within 10 days of file date on which that notice is given, Borrower shall satisfy the lien or take one or more of the actions set thrill above in fids Section 4. Lender nmy require Borrower to pay a one-time charge for a real estate tax verification and/or reporting 'service used by Lender in com~ection with this Loan. · 5. Property Insurance. Borrower shall keep the improvements now existiug or hereafier erected ou the Property insured against loss by fire, hazards included wiflfin fire term "extended coverage," and an3' oilier hazards including, but not linfited to, earthquakes and floods, tbr which Lender requires insurance. This insurance shall be maintained in fl~e amounts (including deductible levels) and tier tim periods that Lender :requires. What Lender requires pursuant to the preceding sentences can change during the term of the Loan. The insurance carrier providing the iusm'auce 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 require Borrower to pay, in com~ection wifl~ dfis Loan, either: (a) a one-time charge tbr flood zone determinatiou, certification and tracking services; or (b) a one-time charge for flood zone determi~mtion and certification services and subsequent charges each time renmppings or similar changes occur which reasonably nfight affect such detemfiuation or certification. Bon'ower shall also be responsible tbr the payment of any fees imposed by fl~e Federal Emergency Management Agency in connection with fl~e review of any flood zone determi~mtion resulting from an objection by BOrrower. If Borrower fails to maintain any of fl~e coverages described above, Leader may obtain insurance coverage, at Lender's option and Bon'ower's expense. Lender is under no obligation to purchase any particular type or amount of coverage. Therefore, such coverage shall cover Lender, but nfigbt or nfight not protect Borrower, Borrower's equity in the Property, or the contents of fl~e Property, against any risk, hazard or liability and might provide greater or lesser coverage than was previously in effect. Borrower acknowledges that the cost of fl~e insurance coverage so obtained nfight significantly exceed the cost of insurance flint Borrower could have obtained. Any amounts disbursed by Lender under this Section 5 shall become additio~ml debt of Borrower secured by this Security Instrument. These amounts shall bear interest' at the Note rate from fl~e date of disbursement and shall be payable, wifl~ such interest, upon notice l¥om Lender to Borrower requesting payment. All insurance policies required by Lender and renewals of such policies shall be subject to Lender's right to disapprove such. policies, shall include a standard mortgage clause, and shall mane Lender as mortgagee and/or as an additional loss payee. Lender shall have the right to hold the policies and renewal certificates. It' Lender requires, Borrower shall promptly give to Lender all receipts or' paid premimns and renewal notices. If Borrower obtains any lbnn of insurance coverage, not otherwise reqnired by Lender, tbr damage to, or destruction of, file Property, such policy shall include a standard mortgage clause and shall name Lender as mortgagee and/or as an additional loss payee. In fl~e event of loss, Borrower shall give prompt notice to fl~e insurance carrier and Lender. Lender nn~y make proof of loss if not nmde prmnptly by Borrower. U]fless Lender and Borrower otherwise agree in writing, any insurance proceeds, whefl~er or not the underlying insurance was required by Lender, shall be applied to restoration or repair of the Property, if the restoration or repair is economically feasible and Lender's security is not lessened. During such repair and restoration period, Lender shall have fl~e right to hold such insurance proceeds until Lender has had an opp0rtmfity to inspect such Property to ensm'e fl~e work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender n~y disburse proceeds /hr the repairs and restoration in a single payment or in a series of progress payments as fl~e work is completed. U~fless an agreement is nn~de 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 lin- public adjusters, or other flfird parties, retained by Borrower shall ~mt be paid out of fl~e insurance proceeds aud shall be the sole obligation of Borrower. It' fire restoration or repair is not econonfically feasible or Lender's security would be lessened, the insurance proceeds shall be applied to fire sums secured by this Security Instrument, whefl~er or not then due, with MFVqY7770 (11/00) / 041-833570-9 (~-6~{WY) (ooo51 o~ Pa§e6of 15 Form 3051 1/01 238 the excess, if any, paid to Borrower. Such insurance proceeds shall be applied in dm order provided tbr in Secdon 2. If Borrower abandons the Property, Lender may file, negotiate and settle any available insurance claim and related matters. If Borrower does not respond within 30 days to a notice from Lender that the insurance carrier has offered to settle a claim, then Lender may negotiate and settle the claim. The 30-day period will begin when the notice is given. Iu 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 un.paid under the Note or this Security Instnunent, and (b) any oilmr of Borrower's rights (other than fl~e right to aW refund of unearned prenfiums paid by Borrower) under all insurance policies covering the Property, insofar as such rights are applicable to coverage of the Property. Lender may 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 al'ret fl~e execution of this Security Instrument and shall condnue to occupy the Property as Borrower's principal residence Ibr at least one year after the date of occupancy, mdess Lender otherwise agrees :in writing, which consent shall not be unreasonably wifl~held, or unless extenuating circumstances exist which are beyond Borrower's control. 7. Preservation, Maintenance and Protection of the Property.; Inspections. Borrower shall not destroy, damage o.r impair the Property, allow the Property to deteriorate or co~m~fit waste on the Property. Whether or not Borrower is residing in the Property, Borrower shall maintain the Property in order to prevent the Property from deteriorating Or decreasing in value due to its condition. U~fless it is deternfined pursuant to Section 5 fl~at repair or restoration is not econo.nfically feasible, Borrower shall promptly repair the Property if damaged to avoid further deterioration or damage. If insurance or condennmfion proceeds are paid iu connection with damage to, or the taking of, the Property, Borrower shall be responsible for repairing or restoring the Property only it' Lender has released proceeds for such purposes. Lender may disburse proceeds Ibr fl~e repairs and restoration in a single payment or in a series of .progress paynrents as fl~e work is completed. If the insurance or condemnation proceeds are not sufficient to repair or restore the Property, Borrower is not relieved of Borrower's obligation ~br the completion of such repair or restoration. Lender or its agent may make reasonable entries upon and inspections of the Property. If it has reasonable cause, Lender may inspect the interior of the improvements on tim Property. Lender shall give Borrower notice at the time of or prior to such an interior inspection specie'lng snch reasonable cause. 8. Borrower's Loan Application. Borrower shall be in default if, during the Loan application process, Borrower or any persons or entities acting at the direction of Borrower or with Borrower's knowledge or consent gave materially false, nfisleading, or inaccurate intbrmation or statenrents to Lender (or failed to provide Lender with material information) in commction with fl~e Loan. Material representations include, but are not limited to, representations concenfing Borrower's occupancy of the Property as Borrower's principal residence. 9. Protection of Lender's Interest in the Property and Rights Under this Security Instrument. If (a) Borrower fails to perform fl~e covenants and agreements contained in this Security Instrument, (b) fl~ere 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 condennmfiou or fbrfeiture, for enforcemen.t of a lien which may attain priority over this Security Instrument or to mfforce laws or regulations), or (c) Borrower has abandoned the Property, then Lender may do and pay lbr whatever is reasonable or appropriate to protect Lender's interest in the Property and rights under this Secm:ity lnstrunmnt, including protecting and/or assessiug 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 this Security Instrument; (b) appearing in court; and (c) paying reasonable Mr:WY7770 (1//00) / 041-833570~9 (~-6A(WY) Page7o~ ~5 Form 3051 1/01 attorueys' fees to protect its interest in fire Property and/or rigl!ts under tiffs Security Instrument, including its secured position in a bankruptcy proceeding. Securing fl~e Property includes, but is not linfited to, entering fl~e Property to make repairs, change locks, replace or board up doors and windows, drain water titan pipes, elinfi~mte building or off,er code violations or dangerous conditim~s, and have utilities turned on or off. Alflmugh Lender umy take action under tiffs Section 9, Lender does not have to do so and is not under any duty or obligation to do so. It is agreed flint Lender incurs no liability fin' not taking any or all actions auflmdzed under tiffs Section 9. Any amounts disbursed by Lender uuder fltis Section 9 shall become additional debt of Borrower secured by tiffs Security instrmnent. These mnounts shall bear interest at fl~e Note rate fi'om tim date of disbm'sement and shall be payable, wifl~ such interest, upon notice from Lender to Borrower requesting payment. If tiffs Security Instrument is on a leasehold, Borrower shall comply with all the provisions of fl~e lease. If Borrower acquires fee title to fl~e Property, tim leasehold and fl~e l~e title shall not meree unless Lender agrees to the merger in writing. ~ 10. Mortguge Insurance. If Lender required Mortgage Insurance as a condition of nmking fire Loan, Borrower shall pay fl~e prenfiulns required to maintain the Mortgage Insurance iu eflkct, l f, for any reason, the Mortgage Insm'ance coverage required by Lender ceases to be available titan fl~e mortmt~e insurer that previously provided'such insm'ance and Borrower was required to ~m~ke separately designated payments toward tim premiums fbr Mortgage Insurance, Borrower shall pay fl~e premiums required to obtain coverage substantially equivalent to fl~e Mortgage hksurance previously in effect, at a cost substantially equivalent to fl~e cost to Borrower of fl'~e Mortgage Insurance previously iu efikct, fi'om an altenmte mortgage insurer selected by Lender. If substantially equivalent Mortgage Insurance coverage is not available, Bom)wer shall continue to pay to Lender fl~e amount of fl~e separately desig~mted paymeuts flint were due when fl~e insurauce coverage ceased to be in effect. Lender will accept, use aud retain these payments as a non-refundable loss reserve in lieu of Mortgage Insurance. Such loss reserve shall be non-refundable, notwifl~standing fl~e fact fi'mt tim Loan is ultimately paid in fi'dl, 'and Lender shall not be required to pay Borrower any interest or earni~lgs on such loss reserve. Lender can no loneer require loss reserve payments if Mortgage Insurance coverage (in the amount and lbr the period that ~ender requires) provided by an insurer selected by Leuder again becomes available, is obtained, and Lender requires separately desig~mted payments toward the prenfiums lbr Mortgage Insurance. If Lender required Mortgage Insurance as a condition of umking dm Loan and Borrower was required to make separately desiguated payments toward rite premimns tin- Mortgage Insurance, Borrower shall pay rite prenfiums required to nmintain Mortgage Insurance in ef}kct, or to provide a non-re~ndable loss reserve, until Lender's requirement ibr Mortgage Insm'aoce ends in accordance wifl'~ any written agreement between Borrower and Lender providing lbr such ternfi~mtion or until ternfination is required by Applicable Law. Noflfing in this Section 10 aflkcts Borrower's obligation to pay interest at d~e rate provided in the Note. Mortgage Insurance reilnburses Lender (or any entity that purchases fl~e Note) Ibr certain losses it nmy incur if Borrower does not repay fl'~e Loan as agreed. Borrower is not a party to tim Mortgage hlsurance. Mortgage insurers evaluate fl~eir total risk on all such insurauce in lbrce fi'om time to time, and may enter into agreements wifl~ off,er parties flint share or moditk their risk, or reduce losses. These agreements are on terms and conditions flint are satislhctory to fl~e mortgage insm'er and fl~e other party (or parties) to fl~ese agreements. These agreements may require fl~e mortgage insurer to make paymenis using any source of fimds flint ~e mortgage insurer nmy have awfilable (which may include ~ntls obtained front Mortgage Insurance prenfiums). As a result of fl~ese agreements, Lender, any purchaser of fl~e Note, anod~er insurer, any reinsnrei',' any off,er entity, or any affiliate of any of tl~e foregoiug, may receive (directly or indirectly) amounts that derive fi'om (or nfight be characterized as) a portion of Borrower's payments fbr Mortgage Insurance, in exchange for sharing or modifying fl~e mortgage insurer's risk, or reducing losses. If such agreement provides flint an affiliate of Lender takes a share of fl~e insurer's risk in exchange tbr a share of fl~e premiun~s paid to fl~e insurer, fl~e arrangement is often termed .... capttve' remsulance.' '" Further: (a) Any such ugreements will not affect the amonnts that Borrower has agreed to pay for Mortgage Insurance, or any other terms of the Loan. Such agreements will not increase the amount Borrower will owe for Mortgage Insurance, and they will not entitle Borrower to any refund. ~6A(WY) (oo051.ol Page 8oi ~5 Form 3051 1/01 (b) Any such agreements will not affect tile rights Borrower has - if any - with respect to the Mortgage Insurance under th.e Homeowners Protection Act of 1998 or any other law. These rights may include the right to receive certaiu disclosures, to request aud obtain cancellatiou of tile Mortgage Insurance, to have tile Mortgage Insurance terminated automatically, and/or to receive a refund of any Mortgage Insurauce premiums that were unearned at tile time of such cancellation or termination. . 11. Assignment of Miscellaneous Procei~ds; Forfeiture. All Miscellaneous Proceeds are hereby assigned 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, Jf the restoration or repair is econonfically feasible and Lender's security is not lessened. Dufing such repair and restoration period, Lender shall have the right to hold such Miscellaneous Proceeds until 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 pay for the 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 wfiting or Applicable Law requires interest to be paid on such. Miscellaneous Proceeds, Lender shall not be required to pay Borrower any interest or earaings ou such Miscellaneous Proceeds. If tile restoration or repair is not econonfically feasible or Lender's security would be lessened, the Miscellaneous Proceeds shall be applied to fl:~e sums secured by this Security Instrument, whether or not then clue, with the excess, Jf any, paid to Bon'ower. Such Miscellaneous Proceeds shall be . applied in the order provided for in Section 2. In the event of a total taking, destruction, or loss Jn wfiue of the Property, fl~e Miscellaneot,s Proceeds shall be 'applied to the sums secured by this Security Instrument, whether or not then due, with fl~e excess, if any, paid to Borrower. In the event of a partial taking, destruction, or loss in value of the Property in which the l~ir market wflue of the Property inunediately before the partial taking, desu'action, or I0ss in wdue is equal to or greater thau fl~e am.ount of file sums secured by this Security h~strument innnediately before the partial taking, destpaction, or loss in wdue, mfless Borrower and Lender otherwise agree in writing, the sums secured by this Security Iustnm~ent shall be reduced by the anlount of the Miscellaneous Proceeds multiplied by the following fraction: (a) the total amount of file sums secured immediately belbre the partial taking, destn~ctkm, or loss in wdue divided by (b) the fair market value of the Property innnediatel, y before the partial taking, destruction, or loss in value. Any balance shall be paid to Borrower. Iu the event of a partial taking, destnlction, or loss iu value of the Property in which th.e thir market value of' file Property immediately belbre the partial taking, destt~action, or loss in value is less than the amount of the sums secured i~mnediately before the partial taking, destn~ction, or loss in value, unless Borrower and Lender otherwise agree in writing, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument whether or n.ot the sums are then due. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the Opposing Party (as defined in the next sentence) offers to make an award to settle a claim for d;,mages, Borrower fails to respood to Lender within 30 days after fl~e date the notice is given, Lender is authorized to collect and apply the Miscellaneous Proceeds either to restoration or repair of tlae Property or to the sums secured by tiffs Security Instrument, whefl~er or not then due. "Opposing Party" means the fllird party that owes Borrower Miscellaneous Proceeds or the party against whom Borrower has a right of action in regard to Miscellaneous Proceeds. Borrower shall be in default if aw action or proceeding, whether civil or criminal, is begun that, in Lender's judgment, could, result in lbrfeiture of the Property or other material impairment of Lender's interest iu the Property or rights under this Security Instnm~ent. Borrower can cure such a default and, if acceleration has occurred, reinstate as provided in Section 19, by causing the action or proceeding to be disufissed wifl~ a rifling that, in Lender's judgment, precludes forfeiture of the Property or other material impairment of Lender's interest in the Property or fights under tiffs Security Instrument. The proceeds of any award or claim for damages that are attributable to the impairment of Lender's interest in the Property are hereby assigned and shall be paid to Lender. All Miscellaneous Proceeds that are not applied to restoration or repair of fl~e Property shall be applied in th.e order provided for in Section 2. MFWY7770 (11/00) / 041-833570-9 (~-6AIWY} {ooosko~ Form 3051 1/01 12. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or modification of amortization of file stuns secured by this Security Instrument 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 or to refuse to extend time for payment or otherwise modify amortization of the sums secured by this Security Instrmnent by reason of auy demand made by fl~e original Borrower or any Successors in Interest of Borrower. Any forbearance by Lender in exercising any right or remedy including, without linfitation, Lender's acceptance of payments fi'om third persons, entities or Successors in Interest of Borrower or in amounts less fl~an the amount then due, shall not be a waiver of or preclude file exercise of any right or remedy. 13. Joint and Several Liability; Co-signers; Successors and Assigus Bound. Borrower covenants and agrees that Borrower's obligations and liability shall be joint and several. However, any Borrower who co-signs this Security Instrument but does not execute the Note (a "co-signer"): (a) is co-signing this Security Instrument o~fly to mortgage, grant and convey the co-signer's interest iu the Property under the terms of fids Security Instrulnent; (b) is not persomdly obligated to pay the sums secured by this Security Instrun~ent; and (c) agrees that Lender and any other Borrower can agree to extend, modify, tbrbear or n~ke any accommodatioi~s with regard to fl~e terms of this Security Instrument or the Note without the co-signer's consent, Subject to the provisions of Section 18, any Successor in Interest o'f Borrower who assumes Borrower's obligations under this Security h~strument iu writing, .'md is approved by Leuder, shall obtain all of Borrower's rights and benefits under fids Security instrument. Borrower shall not be released fi-om Borrower's obligations and liability under riffs Security Instrument unless Lender agrees to such release iu writing. The covenants and agreements of this Security Instrument shall bind (except as provided in Section 20) and benefit the successors and assigns of Lender. 14. Loan Charges. Lender nmy cl[arge Borrower Ices'for services pertbrmed in connection with Borrower's default, tbr the purpose of protecting Lender's interest in fl~e Property and rights under this Security Instrument, including, but not liufited to, attorneys' tees, property inspection and v:duation tees. In regard to any other tees, the absence of express authority in this Secm'ity Instrument to chart, e a specific tee to Borrower shall not be construed as a prohibition on the charging of such fee. Lender ma~ not charge lees fl~at are expressly prohibited by fids Security instrument or by Applicable Law. If the Loan is subject to a law which sets maxinmln loan charges, and that law is finally interpreted so fllat the interest or off, er loan charges collected or to be collected in comlection with the Loan exceed the pemfitted liufits, dieu: (a) any such loan charge shall be reduced by the amount necessary to reduce file charge to the permitted limit; and (b) any sums already collected fi'om Borrower which exceeded permitted linfits will be refunded to Borrower. Lender n~y choose to make fids refund by reducing the principal owed under.the Note or by making a direct payment to Borrower. If a retired reduces principal, the reduction will be treated as a partial prepayment without auy prepayment charge (whether t)r not a prepayment charge is provided tbr under file Note). Borrower's acceptance of any such refu'nd made by direct payment to Borrower will constitute a waiver of aoy right of action Borrower nfigbt have arising out of such overcharge. 15. Notices. All notices given by Borrower or Lender in comiection wifl~ this Security Insmnnent must be in writing. Any notice to Borrower in counection with this Security Instrument shall be deemed to have been given to Borrower when mailed by first class mail or when actually delivered to Borrower's notice address if sent by other means. Nodce to any one Borrower shall constitute notice to all Borrowers unless Applicable Law expressly requires otherwise. The notice address shall be the Property Address mfless Borrower has designated a substitute notice address by notice to Lender. Borrower shall pron~ptly notify Lender of Borrower's change of address. If Lender specifies a procedure tbr reporting Borrower's change of address, then Borrower shall only report a change of address through that specified procedure. There nray be only one desigmtted notice address uuder fids Security lnstrmnent at any one time. Any notice to Lender shall be given by delivering it or by nmiling it by first class mail to Lender's address stated herein unless Leoder has desigm, ed anofi~er address by notice to Borrower. Any uotice in connection with this Secm'ity Instrument shall not be deemed to have been given to Lender until actually received by Lender. If any notice required by this Security Instrmnent is also required under Applicable Law, the Applicable Law requirement will satist}, the con'csponding requirement under fids Secmity Instrulnent. MFWY7770 (11/00) / 04D833570-9 (~c~-6A{WY) Iooosl.o~ Page 10 of 15 Form 3051 1/01 16. Governing Law; Severability; Rules of Construction. This Security Instrument shall be governed by federal law and tl]e law of the jurisdiction in which die 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 tbe parties to agree by contract or it might be silent, but such silence shall not be construed as a prohibition against agreement by contract, h! the event that any provision or clause of this Security Instrument or fl~e Note conflicts with Applicable Law, such conflict shall not affect other provisions of this Security Instrument or the Note which cai] be given effect without the conflicting provision. As used .in Otis Security Instmn]eut'. (a) words of the masculine gender shall meau and include corresponding neuter words or words of the feral]fine gender; (b) words in the singular shall mean and include th.e plural and Vice versa; and (c) the word "may" gives sole discretion witlmut any obligation to take any action. 17. Borrower's Copy. Borrower shall be give]] one cop>, of the Note and of this Security Instrument. 18. Trausfer of the Property or a Beneficial Interest iu Borrower. As used in this Section 18, "hiterest in the Property" means any legal or beneficial interest in the Property, including, but not limited to, those beneficial interests transferred iu a bond for deed, contract for deed, i]kstalhnent sales contract or ?crow agreement, the intent of which is the transfer of title by Borrower at a futnre date to a purchaser. If all or any part of die Property or any Interest in the Property is sold or transferred (or if Borro~ver is n.ot a natural 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 Otis Security Instrument. However, this option shall not be exercised by Lender if such exercise is prohibited by Applicable Law. If Lender exercises this optiou, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days titan the date the notice is given iu accordance with Section 15 within which Borrower must pay all sums secured by this Security Instrument. H' Borrower thils to pay these sums prior to the expiration of this period, Lender may invoke any remedies pemfitted by fids Security Instrument Witlrout further notice or demand on Borrower. 19. Borrower's Right to Reinstate After Acceleration. If Borrower meets certain conditions, Borrower shall have the right to ,have enforcement of fids Security Instrument 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 Secnrity Instrnmeut; (b) such other period as Applicable Law nfight specify tbr the ternfination of Borrower's right to reinstate; or (c) entry of a judgment enforcing fids Security Instrument. Those conditions are that Borrower: (a) pays Lender all sums which then would be due under this Security Instrument and the Note as if no acceleration had occurred; (b) cures any default of any other covenants or agreements; (c) pays all expenses incurred in enforcing this Security Instrument, inch]ding, but not limited to, reasonable attorneys' fees, property inspection and valuation lees, and other fees incurred for fire purpose of protecting Lender's interest in. the Property and rights under tltis Security Iustmnmnt; and (d) takes such action as Lender ]nay reasonably require to assure that Lender's interest iu the Property and rights under this Security Instrument, and Borrower's obligation to pay the sums secured by this Security Instrument, shall continue unchanged. Lender may require that Borrower Pay such reinstatement sums and expenses in one or more of the following forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, treasurer's check or ca~luers ' 's check, provided any such check is drawn upon an institution whose deposits are insured by a federal agency, instrumentality or entity; or (d) Electro]tic Funds Transfer. Upon reinstatement by Borrower, this 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 interest in the Note (together with this Security Instrument) canbe sold one or more times without prior notice to Borrower. A sale might result in a change iu die entity (known as the "Loan Servicer") that collects Periodic Payments due under the Note and this Securit~ Instrun]ent and performs other mortgage loan servicing obligations under the Note, this 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 fl~e name and address of the new Loan Servicer, the address to Milch payments should be made and any 'other inIbrmation RESPA MFWY7770 (11/00) / 041-833570 9 (~)~-6AIWY) (ooo~).ol Page 11 o[ 15 Form 3051 1/01 requires in cmmection with a notice of transfer of servicing. If the NOte is sold and thereafter the Loan is serviced by a Loan Servicer other than the pm-chaser of the Note, d~e mortgage loan serviciug obligations to Borrower will renmin with the Loan Servicer or be transferred to a successor Loau Servicer and are not assmued by the Note purchaser mdess otherwise provided by the Note purchaser. Neither Borrower nor Lender may connnence, join, or be joined to m~y judicial action (as either an individual litigant or the member of a class) that arises from fl-~e other party's actions pursuant to Security Instrument or that alleges that the other party has breached any provisiou of, or any duty owed by reason of, riffs Security Instrmnent, until such Borrower or Lender has notified the other party (with such notice given in compliance wifl~ the requirements of Secdon 15) of such alleged breach and afforded the other party hereto a reasouable period after the giviug of such notice to take con-ective action. If Applicable Law provides a time period which must elapse before certaiu action can be taken, that time period will be deemed to be reasonable for purposes of this paragraph. The notice of acceleration and opportmfity to cure given to Borrower pursuant to Section 22 and die notice of acceleration given to Borrower pursuant to Section 18 shall be deemed to satisfy d~e notice and opportmfity to take corrective action provisions of riffs Section 20. 21. Hazardous Substances. As used in dfis Section 21: (a) "Hazardous Substances" are those substances defined as toxic or hazardous substances, pollutants, or wastes by Environmental Law and the following substances: gasoline, kerosene, other flannmible or toxic petroleum products, toxic Pesticides and herbicides, volatile solvents, n~ttefials contai~fing asbestos or Ibrlnaldehyde, and radioactive nn]terials; (b) "Environmental Law" means federal laws dud laws of the jurisdiction where the Property is located that relate to health, safety or envirmm~ental protection; (c) "Enviromnental Cleanup" includes any response action, remedial action, or removal action, as defined in Enviromnental Law; and (d) an "Environmental Condition'! means a condition that can cause, contribute to, or otherwise trigger an Environmental Cleanup. Borrower shall not cause or pernfit the presence, use, disposal, storage, or release of any Hazardous Substances, or threaten to release any Hazardous Substances, on or in the Property. Borrower shall not do, nor allow auyo]m else to do, auythiug affecting the Property (a) that is in violation of any Environmental Law, (b) which creates an Envirmm~ental Condition, or (c) which, due to the presence, use, or release of a Hazardous Substance, creates a condition that adversely affects the value of the Property. The preceding two sentences shall not apply to the presence, use, or storage on the Property of small quantities of Hazardous Substances that are generally recog]fized to be ~ appropriate to normal residential uses and to nmintenance of the Property (including, but not liufitcd to, hazardous substances iu consumer products). Borrower shall promptly give Lender written notice of (a) any investigation, claim, demand, lawsuit or other action by any governmental or regulatory agency or priwtte party involviug the Property aud any Hazardous Substance or Enviromnental Law of wlfich 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 Hazardous Substance which adversely affects the value of the Property. Il' Borrower learns, or is notified by any governmental or regulatory authority, or any private party, that any renrowd or other remediation of any Hazardous Substance affecting the Property is necessary, Borrower shall promptly take all necessary remedial actions in accordance with Enviromnemal Law. Nothing herein shall create any obligation on Lender tbr an l~nviromnental Cleanup. MFWY7770 (11/00) / 041-833570-9 (~-6AIWY) (ooo5).ol Pag.]2o~5 Form 3051 1/01 NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as Ibllows: 22. Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration following Borrower's breach of any covenant or agreement iu this Secnrity Instrmnent (but uot prior to acceleratiou under Section 18 uuless Applicable Law provides otherwise). The notice shall specify: (a) the default; (b) the action required to cure the default; (c) a date, not less than 30 days from the date the notice is given to Borrower, by which the default must be cured; and (d) that failure to cure the defanlt on or before the date specified in the notice may result in acceleratiou of the stuns secured by this Security Instrument and sale of the Property. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to bring a court action to assert the oou-existence of a default or auy other defense of Borrower to acceleration and sale. If the defanlt is not cured on or before the date specified in the notice, Lender at its option may require immediate payment iu fnll of all snms secured by this Security h]strnment withont fnrther demand and may invoke the power of sale and any other remedies permitted by Applicable Law. Lender shall be entitled to collect all expenses incnrred in pursuing the remedies provided in this Section 22, including, bnt not limited to, reasonable attorneys' fees and costs of title evidence. If Lender invokes the power of sale, Lender shall give notice of inten~ to foreclose to Borrower aud to the person iu possession of the Property, if different, in accordance with Applicable Law. Lender shall give notice of the sale to Borrower in the manner provided iu Section 1.5. Lender shall Imblish the notice of sale, and the Property shall be sold in the manuer prescribed by Applicable Law. Lender or its designee may pm'chase the Property at any sale. The proceeds of the sale shall be applied iu the following order: (a) to all expenses of the sale, iucluding, but not limited to, reasouable attorneys' fees; (b) to all sums secured by this Security Instrument; aud (c) any excess to the person or persons legally eutitled to it. 23. Release. Upon payment of all sums secured by tiffs Security Instmlnent, Lender shall release this Security lnstrumem. Borrower shall pay any recordation costs. Lender may charge Borrower a I~e for releasing this Security Instrument, but oifly if the fee is paid to a flfird party for ser¥ices rendered and the charging of the fee is pernfitted uuder Applicable Law.- 24. Waivers. Borrower releases and waives all rights uuder and by virtue of the homestead exemption laws of Wyonfing. MFWY7770 (11/00) / 041-833570-9 (~-6A(WY) {O005LO 1 fnitial~~/~ Page 13ol 15 Form 3051 1/01 P45 BY SIGNING BELOW, Borrower accepts and agrees to the ternm and covemints contained iii dfis Security Instrmnent and iii any Rider executed by Borrower and recorded wifli it. Witnesses: MARl( V. DICKSON -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrowel (Seal) -BoiTower (Seal) -Borrower MFWY7770 (11/00) / 041-833570-9 ~6AIWY) (ooos}.ol Pa9~ 14 Df 16 Form 3051 1/01 STATE OF WYOMING, LincOln The foregoing instrument was acknowledged before me tiffs by September MARK V. DICKSON, AN UNMARRIED MAN 30, COUl~ty $$: 2003 My Conmfission Expires: February 2, 2006 Nolary Public MFWY7770 (11/00) 041-833570-9 I~-6A(WY) Iooos).o~ Page 15 of 15 Form 3051 1/01 PLANNED UNIT DEVELOPMENT RIDER THIS PLANNED UNiT DEVELOPMENT RIDER is made fills 3 0TH day of SEPTEMBER, 2003 , and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust, or Security Deed (fl~e "Secm'ity Instnnnent") of file same date, given by file undersigned (the "Borrower") to secure Borrower's Note to HOMECOMINGS FINANCIAL NETWORK INC. (the "Lender") of the same date and covering the Property described in the Security Instrument and located at: 18 PIUTE DRIVE THAYNE, WY 83127 [Property Address] The Property includes, but is not linfited to, a parcel of land improved with a dwelling, together with other such parcels and certain common areas and facilities, as described in COVENANTS, CONDITIONS, AND RESTRICTIONS (the "Declaration"). The Property is a part of a planned unit development known as PRATER CANYON ESTATES UNIT #4 [Name of Plam~ed L/nit Development] (fl{e "PUD"). The Property also includes Borrower's interest in the homeowners association or equivalent entity owning or mamtging the common areas and facilities of the PUD (the "Owners Association") and the uses, benefits and proceeds of Bon:ower's interest. PUD COVENANTS. In addition to file covemtnts and agreements nmde in the Security Instrmnent, Borrower and Lender further cove~mnt and agree as Ibllows: A. PUD Obligations. Borrower shall perfimn all of Borrower's obligations under fl~e PUD's Constituent Documents. The "Constituent Docmnents" are fl~e (i) Declaratiou; (ii) articles of incorporation, trust instrument or any equivalent docmnent which creates the Owners Association; and (iii) any by-laws or other rules or regulations of file Owners Association. Borrower shall promptly pay, when due, all dues and assessments imposed pursuant to fl~e Constituent Docmnents. MULTISTATE PUD RIDER - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT '.,'///).-t Form 3150 1/01 (~7R (0008) VMP MORTGAGE FORMS - (800)521-7291 B. Property Insurance. So long as the Owners Association maintains, witll a generally accepted insurance carrier, a"master" or "bla~tket" policy insuring ti~e Property which is satisfactory to Lender and which provides insurance coverage in fl~e amounts (including deductible levels), tbr the pehods, and against loss by fire, hazards included within the term "extended coverage," and any off,er hazards, includi~g, but not limited to, earthquakes and floods, for which Lender requires insura~ce, then: (i) Lender waives the provision iii Section 3 ibr the Periodic Payment to Lender of fl~e yearly prenfium installments for property i~surai~ce on the Property; and (ii) Borrower's obligation under Section $ to maintain property insurance coverage on the Property is deemed satisfied to fl~e extent that the requil-ed coverage ~s provided by tile Owners Association policy. What Lender requires as a condition of tiffs waiver can cha~ge during the term of the loan. Borrower sliall Give Lel~der prompt notice of any lapse iii required property insurance coverage provided by tile master or blanket p°licy. Iu tile event of a distfibutio~l of property insurance proceeds in lieu of restoration or repair tbllowing a loss to ti~e Property, or to common areas and hcilities of fl~e PUD, any proceeds payable to Borrower are hereby assigned and shall be paid to Lender. Lender shall apply file proceeds to file sums secured by ti~e Security Instrument, whether or not tilen due, with tile excess, if ally, paid to Borrower. C. Public Liability lnst,,'ance. Borrower shall take such actions as may be reasonable to iusure that the Owners Association maintaius a public liability insurance policy acceptable in form, amount, and extent of coverage to Lender. D. Condemnation. The proceeds of any award or claim for damages, direct or conseque~ltial, payable tO Borrower in. colmection with ally co~denmation or other taking of all or any part of ti~e Property or ti~e co.umion areas and facilities of the PUD, or for any conveyance in lien of col~delmmtion, are hereby assig~ed and shall be paid to Lender. Such proceeds shall be applied by Lender to the sums secnred by fire Security Instrument as provided in Section 11. E. Lender's Prior: Consent~ Borrower shall not, except after notice to Lel~der and with Lender's prior written cot~sent, either partition or subdivide the Property or conse~t to: (i) file abandomnent or ternfination of the PUD, except for aba~domnent or termination required by law in the case of snbstantial destruction by fire or other casualty or in. the case of a taking bs' condeumation or eminent domain; (ii) any amendmem to any provision of the "Constituent Docmnents" if ti~e provision is for tile express bel~efit of Lender; (iii) terminatiol'l of professiol~al management and assumptiou of self-management of ti~e Owners Association; or (iv) a~ly action which would have file effect of rendering the public liability iusurance coverage maintained by tile Owners Association unacceptable to Lender. F. Remedies. If Borrower does not pay PUD dues and assessments when due, ti~en Lender may pay tilem. Any amounts disbursed by Lender under this paragraph F shall become additional debt of Borrower secured by the Security Instrument. Unless Borrower and Lender agree to otiler terms of payment, these amonnts shall bear interest from the date of disbursement at the Note rate and shall be payable, witi~ interest, upon notice from Lender to Borrower requestblg payment. MFCDS066 - {4/01) / 041-833670-9 ~7. Iooo~l Page 2 of 3 Form 3150 1/01 BY SIGNING BELOW, Borrower accepts and agrees to fl~e terms and provisions contained in this PUD Rider. MARK V. DICKSON (Seal) (Seal) -Borrower -Borrower (Seal) -Borrower (Seal) (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borl'OWCT Ml=COtlO65 -14/01) I 041-833670-9 I~7R (0008) Page 3 of 3 Form 3150 1i01